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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2023 and December 31, 2022 (dollars in millions):
March 31, 2023:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$39,621 $69 $255 $4,330 $35,477 63.3 %
Canadian government3,345 — 455 45 3,755 6.7 
Japanese government3,749 — 9 315 3,443 6.1 
ABS4,470 10 8 365 4,103 7.3 
CMBS1,882 — — 212 1,670 3.0 
RMBS1,120 — 2 98 1,024 1.8 
U.S. government1,923 — 6 184 1,745 3.1 
State and political subdivisions1,261 — 9 132 1,138 2.0 
Other foreign government4,123 — 31 424 3,730 6.7 
Total fixed maturity securities$61,494 $79 $775 $6,105 $56,085 100.0 %
December 31, 2022:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$38,963 $27 $168 $5,135 $33,969 64.2 %
Canadian government3,311 — 381 66 3,626 6.9 
Japanese government3,033 — 4 478 2,559 4.8 
ABS4,324 10 4 440 3,878 7.3 
CMBS1,835 — — 212 1,623 3.1 
RMBS1,054 — 1 114 941 1.8 
U.S. government1,690 — 4 212 1,482 2.8 
State and political subdivisions1,282 — 10 173 1,119 2.1 
Other foreign government4,171 — 22 489 3,704 7.0 
Total fixed maturity securities$59,663 $37 $594 $7,319 $52,901 100.0 %
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2023 and December 31, 2022 (dollars in millions):
March 31, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities pledged as collateral$414 $366 $355 $292 
Fixed maturity securities received as collateraln/a1,506 n/a1,428 
Assets in trust held to satisfy collateral requirements31,586 28,622 31,510 27,817 
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies and the Japanese government and its agencies, as well as the securities disclosed below, as of March 31, 2023 and December 31, 2022 (dollars in millions).
March 31, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Canadian province of Quebec$1,388 $1,642 $1,436 $1,649 
Canadian province of Ontario1,033 1,146 982 1,068 
Investments Classified By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2023, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$1,899 $1,849 
Due after one year through five years10,092 9,879 
Due after five years through ten years11,375 10,513 
Due after ten years30,656 27,047 
Structured securities7,472 6,797 
Total$61,494 $56,085 
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2023 and December 31, 2022 (dollars in millions): 
March 31, 2023: Estimated 
 Amortized CostFair Value% of Total
Finance$14,732 $13,043 36.8 %
Industrial19,945 18,108 51.0 
Utility4,944 4,326 12.2 
Total$39,621 $35,477 100.0 %
December 31, 2022: Estimated 
 Amortized CostFair Value% of Total
Finance$14,551 $12,680 37.3 %
Industrial19,624 17,257 50.8 
Utility4,788 4,032 11.9 
Total$38,963 $33,969 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2023 and 2022 (dollars in millions):
For the three months ended March 31, 2023:
 CorporateABSCMBSOther Foreign GovernmentTotal
Balance, beginning of year$27 $10 $— $— $37 
Credit losses recognized on securities for which credit losses were not previously recorded43 — — — 43 
Reductions for securities sold during the period(3)— — — (3)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period2 — — — 2 
Balance, end of period$69 $10 $— $— $79 
For the three months ended March 31, 2022:
 CorporateABSCMBSOther Foreign GovernmentTotal
Balance, beginning of year$26 $— $1 $4 $31 
Credit losses recognized on securities for which credit losses were not previously recorded6 5 — — 11 
Reductions for securities sold during the period(1)— — (1)(2)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period2 — — — 2 
Balance, end of period$33 $5 $1 $3 $42 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
March 31, 2023:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$9,861 $486 $18,130 $3,705 $27,991 $4,191 
Canadian government395 15 165 30 560 45 
Japanese government379 4 2,291 311 2,670 315 
ABS811 38 2,777 311 3,588 349 
CMBS341 20 1,271 188 1,612 208 
RMBS332 16 513 82 845 98 
U.S. government909 5 606 179 1,515 184 
State and political subdivisions350 10 635 122 985 132 
Other foreign government1,073 38 1,763 325 2,836 363 
Total investment grade securities14,451 632 28,151 5,253 42,602 5,885 
 
Below investment grade securities:
Corporate550 58 546 79 1,096 $137 
ABS45 3 46 10 91 13 
Other foreign government— — 187 61 187 61 
Total below investment grade securities595 61 779 150 1,374 211 
Total fixed maturity securities$15,046 $693 $28,930 $5,403 $43,976 $6,096 
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
December 31, 2022:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$21,867 $2,756 $6,840 $2,225 $28,707 $4,981 
Canadian government554 42 71 23 625 65 
Japanese government815 86 1,694 392 2,509 478 
ABS1,596 153 1,931 269 3,527 422 
CMBS1,314 144 281 65 1,595 209 
RMBS664 62 181 53 845 115 
U.S. government1,202 64 253 148 1,455 212 
State and political subdivisions819 124 131 50 950 174 
Other foreign government1,942 167 1,026 260 2,968 427 
Total investment grade securities30,773 3,598 12,408 3,485 43,181 7,083 
Below investment grade securities:
Corporate767 87 305 61 1,072 148 
ABS52 6 38 9 90 15 
Other foreign government39 2 164 60 203 62 
Total below investment grade securities858 95 507 130 1,365 225 
Total fixed maturity securities$31,631 $3,693 $12,915 $3,615 $44,546 $7,308 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended March 31,
 20232022
Fixed maturity securities available-for-sale$645 $533 
Equity securities2 2 
Mortgage loans74 73 
Policy loans13 13 
Funds withheld at interest72 51 
Limited partnerships and real estate joint ventures54 161 
Short-term investments and cash and cash equivalents21 2 
Other invested assets9 2 
Investment income890 837 
Investment expense(34)(27)
Net investment income$856 $810 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended March 31,
 20232022
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(42)$(11)
Impairments on fixed maturities(1)(1)
Realized gains on investment activity31 11 
Realized losses on investment activity(75)(36)
Net gains (losses) on equity securities2 (8)
Change in mortgage loan allowance for credit losses3 (2)
Change in fair value of certain limited partnership investments(3)19 
Other, net2 8 
Net gains (losses) on derivatives6 (119)
Total investment related gains (losses), net$(77)$(139)
Schedule of Repurchase Agreements [Table Text Block]
The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of March 31, 2023 and December 31, 2022 (dollars in millions):
March 31, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Securities borrowing agreements:
Securities borrowed (1)
n/a$930 n/a$852 
Securities pledged as collateral (2)
922 804 859 693 
Securities lending agreements:
Securities loaned (2)
60 56 59 55 
Securities received as collateral (3)
n/a66 n/a66 
Repurchase/reverse repurchase agreements:
Securities sold (2)
1,071 964 898 779 
Securities purchased (3)
n/a629 n/a619 
Cash received (4)
248 248 149 149 
(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.
(2)Securities loaned, pledged or sold to counterparties are included within fixed maturity securities.
(3)Securities received as collateral or purchased from counterparties are not reflected on the condensed consolidated financial statements.
(4)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following tables present information on the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2023 and December 31, 2022 (dollars in millions):
March 31, 2023
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $40 $40 
Canadian government— — — 5 5 
State and political subdivisions— — — 6 6 
Other foreign government— — — 5 5 
Total— — — 56 56 
Repurchase agreements:
Corporate— — — 342 342 
Japanese government— — — 290 290 
ABS— — — 57 57 
CMBS— — — 111 111 
RMBS— — — 53 53 
U.S. government— — — 13 13 
Other foreign government— — — 98 98 
Total— — — 964 964 
Total agreements$— $— $— $1,020 $1,020 
December 31, 2022
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $42 $42 
Canadian government— — — 5 5 
State and political subdivisions— — — 3 3 
Other foreign government— — — 5 5 
Total— — — 55 55 
Repurchase agreements:
Corporate— — — 279 279 
Japanese government— — — 278 278 
ABS— — — 54 54 
CMBS— — — 63 63 
RMBS— — — 10 10 
U.S. government— — — — — 
Other foreign government— — — 95 95 
Total— — — 779 779 
Total agreements$— $— $— $834 $834 
Disclosure Of Real Estate Holdings By Property Type [Table Text Block]
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2023 and December 31, 2022 (dollars in millions):
 March 31, 2023December 31, 2022
 Property type:Carrying Value% of Total Carrying Value% of Total
Office$1,710 24.8 %$1,706 25.6 %
Retail2,319 33.6 2,290 34.4 
Industrial1,602 23.3 1,518 22.8 
Apartment835 12.1 763 11.5 
Other commercial429 6.2 376 5.7 
Recorded investment6,895 100.0 %6,653 100.0 %
Unamortized balance of loan origination fees and expenses(14)(12)
Allowance for credit losses(48)(51)
Total mortgage loans$6,833 $6,590 
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions):
March 31, 2023December 31, 2022
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$2,827 41.0 %$2,652 39.9 %
Due after five years through ten years3,101 45.0 2,930 44.0 
Due after ten years967 14.0 1,071 16.1 
Total$6,895 100.0 %$6,653 100.0 %
Mortgage Loan Internal Credit Risk Grade [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
March 31, 2023:
Loan-to-Value Ratio
0% – 59.99%$3,740 $210 $82 $30 $4,062 58.9 %
60% – 69.99%1,811 140 70 — 2,021 29.3 
70% – 79.99%529 41 21 — 591 8.6 
80% or greater59 30 132 — 221 3.2 
Total$6,139 $421 $305 $30 $6,895 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2022:
Loan-to-Value Ratio
0% – 59.99%$3,466 $215 $56 $18 $3,755 56.4 %
60% – 69.99%1,894 119 71 — 2,084 31.3 
70% – 79.99%475 49 91 — 615 9.3 
80% or greater81 — 118 — 199 3.0 
Total$5,916 $383 $336 $18 $6,653 100.0 %
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions):
Recorded Investment
Year of Origination
20232022202120202019PriorTotal
March 31, 2023:
Internal credit quality grade:
High investment grade$66 $694 $676 $335 $531 $1,944 $4,246 
Investment grade245 599 283 238 306 754 2,425 
Average— — 6 — 39 160 205 
Watch list— — — — — — — 
In or near default— — — — — 19 19 
Total$311 $1,293 $965 $573 $876 $2,877 $6,895 
Recorded Investment
Year of Origination
20222021202020192018PriorTotal
December 31, 2022:
Internal credit quality grade:
High investment grade$698 $684 $327 $561 $422 $1,565 $4,257 
Investment grade586 284 248 279 252 531 2,180 
Average— 6 — 39 52 83 180 
Watch list— — — — — — — 
In or near default— — — — — 36 36 
Total$1,284 $974 $575 $879 $726 $2,215 $6,653 
Financing Receivable, Past Due [Table Text Block]
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022.
 March 31, 2023December 31, 2022
Current$6,869 $6,617 
31 – 60 days past due7 — 
Greater than 90 days past due
19 36 
Total$6,895 $6,653 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2023 and 2022 (dollars in millions):
 Three months ended March 31,
 20232022
Balance, beginning of period$51 $35 
Change in allowance for credit losses(3)2 
Balance, end of period$48 $37 
Limited Partnership And Joint Ventures Table Text Block
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of March 31, 2023 and December 31, 2022 are as follows (dollars in millions):
March 31, 2023December 31, 2022
Limited partnerships – equity method$970 $934 
Limited partnerships – fair value726 683 
Limited partnerships – cost method54 49 
Real estate joint ventures655661 
Total limited partnerships and real estate joint ventures$2,405 $2,327 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of March 31, 2023 and December 31, 2022 are as follows (dollars in millions):
March 31, 2023December 31, 2022
Lifetime mortgages$897 $868 
Derivatives100 170 
Other114 102 
Total other invested assets$1,111 $1,140