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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2023
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis    
Fixed maturities, AFS    
Asset-backed securities ("ABS")$3,320 $— $3,320 $— 
Collateralized loan obligations ("CLO")3,090 — 2,977 113 
Commercial mortgage-backed securities ("CMBS")3,125 — 2,898 227 
Corporate17,866 — 16,005 1,861 
Foreign government/government agencies562 — 562 — 
Municipal6,039 — 6,039 — 
Residential mortgage-backed securities ("RMBS")4,287 — 4,251 36 
U.S. Treasuries1,529 18 1,511 — 
Total fixed maturities, AFS39,818 18 37,563 2,237 
Fixed maturities, FVO327 — 160 167 
Equity securities, at fair value864 333 473 58 
Derivative assets
Credit derivatives(10)— (10)— 
Foreign exchange derivatives9 — 9 — 
Total derivative assets [1](1)— (1)— 
Short-term investments3,850 1,400 2,425 25 
Total assets accounted for at fair value on a recurring basis$44,858 $1,751 $40,620 $2,487 
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities    
Credit derivatives$10 $— $10 $— 
Foreign exchange derivatives4 — 4 — 
Interest rate derivatives(6)— (6)— 
Total derivative liabilities [2]8 — 8 — 
Total liabilities accounted for at fair value on a recurring basis$8 $— $8 $— 
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2022
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis    
Fixed maturities, AFS    
ABS$1,941 $— $1,911 $30 
CLO2,941 — 2,826 115 
CMBS3,368 — 3,146 222 
Corporate15,233 — 13,644 1,589 
Foreign government/government agencies547 — 547 — 
Municipal6,296 — 6,296 — 
RMBS3,708 — 3,613 95 
U.S. Treasuries2,197 — 2,197 — 
Total fixed maturities, AFS36,231 — 34,180 2,051 
Fixed maturities, FVO333 — 155 178 
Equity securities, at fair value1,801 1,261 479 61 
Derivative assets
Credit derivatives2 — 2 — 
Foreign exchange derivatives32 — 32 — 
Total derivative assets [1]34 — 34 — 
Short-term investments3,859 1,429 2,237 193 
Total assets accounted for at fair value on a recurring basis$42,258 $2,690 $37,085 $2,483 
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities    
Credit derivatives$(2)$— $(2)$— 
Foreign exchange derivatives21 — 21 — 
Interest rate derivatives(6)— (6)— 
Total derivative liabilities [2]13 — 13 — 
Total liabilities accounted for at fair value on a recurring basis$13 $— $13 $— 
[1]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 2 to this table for derivative liabilities.
[2]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
Fair Value Inputs, Assets, Quantitative Information
Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basisFair ValuePredominant Valuation TechniqueSignificant Unobservable InputMinimumMaximumWeighted Average [1]Impact of Increase in Input on Fair Value [2]
As of December 31, 2023
CLO [3]$98 Discounted cash flowsSpread268 bps270 bps269 bpsDecrease
CMBS [3]$226 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)365 bps1,315 bps509 bpsDecrease
Corporate [4]$1,741 Discounted cash flowsSpread49 bps743 bps323 bpsDecrease
RMBS$36 Discounted cash flowsSpread [6]32 bps298 bps161 bpsDecrease
Constant prepayment rate [6]1%5%4%Decrease [5]
Constant default rate [6]1%5%2%Decrease
Loss severity [6]10 bps70 bps41 bpsDecrease
Short-term investments [3]$15 Discounted cash flowsSpread579 bps1,254 bps1,225 bpsDecrease
As of December 31, 2022
CLO$115 Discounted cash flowsSpread337 bps337 bps337 bpsDecrease
CMBS [3]$219 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)419 bps1,307 bps527 bpsDecrease
Corporate [4]$1,541 Discounted cash flowsSpread77 bps642 bps360 bpsDecrease
RMBS [3]$65 Discounted cash flowsSpread [6]62 bps249 bps160 bpsDecrease
Constant prepayment rate [6]1%10%7%Decrease [5]
Constant default rate [6]1%4%2%Decrease
Loss severity [6]10%100%38%Decrease
    
[1]The weighted average is determined based on the fair value of the securities.
[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[3]Excludes securities for which the Company bases fair value on broker quotations.
[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.
[5]Decrease for above market rate coupons and increase for below market rate coupons.
[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Year Ended December 31, 2023
Total realized/unrealized gains (losses)
Fair value as of January 1, 2023Included in net income [1]Included in OCI [2]PurchasesSettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of December 31, 2023
Assets
Fixed maturities, AFS
ABS$30 $— $— $82 $— $— $— $(112)$— 
CLO115 — — 102 (49)— — (55)113 
CMBS222 (2)3 6 (18)(5)21 — 227 
Corporate1,589 (5)71 458 (196)(11)50 (95)1,861 
RMBS95 — — 40 (29)— — (70)36 
Total fixed maturities, AFS2,051 (7)74 688 (292)(16)71 (332)2,237 
Fixed maturities, FVO178 (1)— — (10)— — — 167 
Equity securities, at fair value61 (1)— 1 (3)— — — 58 
Short-term investments193 — — 48 (216)— — — 25 
Total Assets$2,483 $(9)$74 $737 $(521)$(16)$71 $(332)$2,487 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Year Ended December 31, 2022
Total realized/unrealized gains (losses)
Fair value as of January 1, 2022Included in net income [1]Included in OCI [2]PurchasesSettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of December 31, 2022
Assets
Fixed maturities, AFS
ABS$— $— $— $49 $— $— $— $(19)$30 
CLO257 — (2)113 (62)— — (191)115 
CMBS196 — (15)51 (10)— — — 222 
Corporate1,618 — (174)524 (274)(40)45 (110)1,589 
Foreign Govt./Govt. Agencies5 (1)— — — (7)3 — — 
RMBS328 — (14)137 (95)— — (261)95 
Total fixed maturities, AFS2,404 (1)(205)874 (441)(47)48 (581)2,051 
Fixed maturities, FVO160 (24)— 55 (13)— — — 178 
Equity securities, at fair value64 11 — 2 (16)— — — 61 
Short-term investments80 — — 284 (121)— — (50)193 
Total Assets$2,708 $(14)$(205)$1,215 $(591)$(47)$48 $(631)$2,483 
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.
[2]All amounts are before income taxes.
[3]Transfers into and/or (out of) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at Year End
December 31, 2023December 31, 2022
Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
CLO$— $1 $— $(1)
CMBS— 2 — (15)
Corporate(6)71 (3)(170)
RMBS— — — (13)
Total fixed maturities, AFS(6)74 (3)(199)
Fixed maturities, FVO(1)— (24)— 
Equity securities, at fair value(1)— 2 — 
Total Assets$(8)$74 $(25)$(199)
[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.
[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.
[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Consolidated Statements of Comprehensive Income.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Financial Assets and Liabilities Not Carried at Fair Value
December 31, 2023December 31, 2022
 Fair Value Hierarchy LevelCarrying Amount [1]Fair ValueFair Value Hierarchy LevelCarrying Amount [1]Fair Value
Assets
Mortgage loansLevel 3$6,087 $5,584 Level 3$6,000 $5,362 
Liabilities
Other policyholder funds and benefits payable Level 3$638 $639 Level 3$658 $658 
Senior notes [2]Level 2$3,863 $3,533 Level 2$3,858 $3,339 
Junior subordinated debentures [2]Level 2$499 $429 Level 2$499 $419 
[1]As of December 31, 2023 and December 31, 2022, the carrying amount of mortgage loans is net of ACL of $51 and $36, respectively
[2]Included in long-term debt in the Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.