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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Portfolio composition
Portfolio composition
As of December 31,
($ in millions)20212020
Fixed income securities, at fair value$42,136 $42,565 
Equity securities, at fair value7,061 3,168 
Mortgage loans, net821 746 
Limited partnership interests8,018 4,563 
Short-term investments, at fair value4,009 6,807 
Other investments, net2,656 1,691 
Total$64,701 $59,540 
Schedule of amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
Amortized
cost, net		Gross unrealized
Fair
value
($ in millions)GainsLosses
December 31, 2021
U.S. government and agencies$6,287 $12 $(26)$6,273 
Municipal6,130 279 (16)6,393 
Corporate26,834 688 (192)27,330 
Foreign government982 9 (6)985 
ABS1,143 14 (2)1,155 
Total fixed income securities$41,376 $1,002 $(242)$42,136 
December 31, 2020
U.S. government and agencies$2,058 $50 $(1)$2,107 
Municipal7,100 480 (2)7,578 
Corporate29,057 1,986 (26)31,017 
Foreign government921 37 — 958 
ABS898 10 (3)905 
Total fixed income securities$40,034 $2,563 $(32)$42,565 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
As of December 31, 2021
($ in millions)Amortized
cost, net
Fair
value
Due in one year or less$1,105 $1,111 
Due after one year through five years21,039 21,291 
Due after five years through ten years13,808 14,079 
Due after ten years4,281 4,500 
40,233 40,981 
ABS1,143 1,155 
Total$41,376 $42,136 
Realized gain (loss) on investments
Net investment income
For the years ended December 31,
($ in millions)202120202019
Fixed income securities$1,148 $1,232 $1,201 
Equity securities100 78 175 
Mortgage loans43 34 27 
Limited partnership interests1,973 238 296 
Short-term investments5 17 70 
Other investments195 124 131 
Investment income, before expense3,464 1,723 1,900 
Investment expense(171)(133)(172)
Net investment income$3,293 $1,590 $1,728 
Gross realized gains (losses) on sales of fixed income securities
For the years ended December 31,
($ in millions)202120202019
Gross realized gains$587 $1,105 $541 
Gross realized losses(158)(177)(99)
The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of December 31, 2021 and 2020, respectively.
Net appreciation (decline) recognized in net income
For the years ended December 31,
($ in millions)20212020
Equity securities$377 $247 
Limited partnership interests carried at fair value435 150 
Total
$812 $397 
Schedule of realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives by asset type
For the years ended December 31,
($ in millions)202120202019
Fixed income securities$425 $925 $433 
Equity securities520 117 930 
Mortgage loans20 (1)— 
Limited partnership interests(52)(14)157 
Derivatives49 49 (26)
Other investments122 11 44 
Net gains (losses) on investments and derivatives$1,084 $1,087 $1,538 
Schedule of realized capital gains and losses by transaction type
Net gains (losses) on investments and derivatives by transaction type
For the years ended December 31,
($ in millions)202120202019
Sales$578 $974 $519 
Credit losses(42)(32)(26)
Valuation change of equity investments (1)
499 96 1,071 
Valuation change and settlements of derivatives49 49 (26)
Net gains (losses) on investments and derivatives$1,084 $1,087 $1,538 
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of other-than-temporary impairment losses by asset type
Credit losses recognized in net income
For the years ended December 31,
($ in millions)202120202019
Assets
Fixed income securities:
Corporate$(5)$(1)$(6)
ABS1 (2)(3)
Total fixed income securities(4)(3)(9)
Mortgage loans18 (1)— 
Limited partnership interests(34)(6)(4)
Other investments
  Bank loans(22)(23)(13)
Total credit losses by asset type$(42)$(33)$(26)
Liabilities
Commitments to fund commercial mortgage loans and bank loans— 1 — 
Total $(42)$(32)$(26)
Schedule of unrealized net capital gains and losses
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealizedUnrealized net gains (losses)
December 31, 2021GainsLosses
Fixed income securities$42,136 $1,002 $(242)$760 
Short-term investments4,009 — — — 
Derivative instruments— — (3)(3)
EMA limited partnerships (1)
(1)
Investments classified as held for sale— 
Unrealized net capital gains and losses, pre-tax756 
Amounts recognized for:
Insurance reserves (2)
— 
DAC and DSI (3)
1 
Reclassification of noncontrolling interest4 
Amounts recognized5 
Deferred income taxes(163)
Unrealized net capital gains and losses, after-tax$598 
December 31, 2020
Fixed income securities$42,565 $2,563 $(32)$2,531 
Short-term investments6,807 — — — 
Derivative instruments— — (3)(3)
EMA limited partnerships(1)
Investments classified as held for sale2,369 
Unrealized net capital gains and losses, pre-tax4,896 
Amounts recognized for:
Insurance reserves (2)
(496)
DAC and DSI (3)
(364)
Amounts recognized(860)
Deferred income taxes(856)
Unrealized net capital gains and losses, after-tax$3,180 
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at lower interest rates, resulting in a premium deficiency. This adjustment primarily relates to structured settlement annuities with life contingencies (a type of immediate fixed annuity), classified as held for sale as of December 31, 2020.
(3)The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. This adjustment relates primarily to life insurance products, which are classified as held for sale as of December 31, 2020.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
 For the years ended December 31,
($ in millions)202120202019
Fixed income securities$(1,771)$2,152 $2,715 
EMA limited partnerships— — (4)
Investments classified as held for sale(2,369)— — 
Total(4,140)2,152 2,711 
Amounts recognized for:
Insurance reserves496 (370)(126)
DAC and DSI365 (140)(191)
Reclassification of noncontrolling interest4 — — 
Amounts recognized865 (510)(317)
Deferred income taxes693 (349)(505)
(Decrease) increase in unrealized net capital gains and losses, after-tax$(2,582)$1,293 $1,889 
Mortgage loans The Company’s mortgage loans are commercial mortgage loans collateralized by a variety of commercial real estate property types located across the United States and totaled $821 million and $746 million, net of credit loss allowance, as of December 31, 2021 and 2020, respectively. Substantially all of the commercial mortgage loans are non-recourse to the borrower.
Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)20212020
Texas20.4 %22.0 %
California19.6 15.6 
Illinois6.7 2.4 
Florida6.0 8.6 
Massachusetts5.7 3.6 
Tennessee5.7 4.7 
Ohio5.3 7.2 
Missouri4.4 5.7 
Types of properties collateralizing the mortgage loan portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)20212020
Apartment complex35.3 %53.2 %
Retail23.8 7.9 
Office18.5 21.8 
Warehouse11.0 14.2 
Other11.4 2.9 
Total100.0 %100.0 %
Contractual maturities of the mortgage loan portfolio
As of December 31, 2021
($ in millions)Number of loansAmortized cost, netPercent
20225 $98 11.9 %
20236 44 5.4 
20245 89 10.8 
20257 115 14.0 
Thereafter30 475 57.9 
Total53 $821 100.0 %
Carrying value for limited partnership interests
Carrying value for limited partnership interests
As of December 31, 2021As of December 31, 2020
($ in millions)EMAFair ValueTotalEMAFair Value Total
Private equity$4,905 $1,434 $6,339 $2,667 $988 $3,655 
Real estate823 97 920 623 74 697 
Other (1)
759 — 759 211 — 211 
Total (2)
$6,487 $1,531 $8,018 $3,501 $1,062 $4,563 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
(2)Carrying value for limited partnership interests as of December 31, 2021, includes certain investments classified as assets held for sale as of December 31, 2020 and March 31, 2021, and transferred to continuing operations in the first and second quarter of 2021, respectively.
Principal geographic distribution of municipal bond
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
As of December 31,
(% of municipal bond portfolio carrying value)20212020
California11.8 %11.8 %
Texas8.7 9.5 
Pennsylvania5.4 5.8 
New York5.1 5.2 
Colorado4.4 5.5 
Florida4.2 5.5 
Schedule of other investments, by type
Other investments by asset type
As of December 31,
($ in millions)20212020
Bank loans, net$1,574 $772 
Real estate809 659 
Policy loans148 181 
Derivatives12 20 
Other113 59 
Total (1)
$2,656 $1,691 
(1)Other investments as of December 31, 2021 include certain real estate and other investments classified as held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021.
Allowance for credit loss
Rollforward of credit loss allowance for premium installment receivables
For the years ended December 31,
($ in millions)
2021
2020
Beginning balance$(153)$(91)
Increase in the provision for credit losses(293)(223)
Write-off of uncollectible premium installment receivable amounts339 161 
Ending balance$(107)$(153)
Allowance for credit losses
As of December 31,
($ in millions)20212020
Fixed income securities$6 $2 
Mortgage loans (1)
6 67 
Bank loans (1)
61 67 
Investments73 136 
Premium installment receivables107 153 
Reinsurance recoverables74 60 
Other assets26 17 
Assets280 366 
Commitments to fund mortgage loans and bank loans— 1 
Liabilities— 1 
Total$280 $367 
(1)Includes credit loss allowance for investments that are classified as held for sale as of December 31, 2020.
Rollforward of credit loss allowance for fixed income securities
For the years ended December 31,
($ in millions)20212020
Beginning balance$(2)$— 
Credit losses on securities for which credit losses not previously reported(5)(2)
Net decreases related to credit losses previously reported
1 — 
Reduction of allowance related to sales— — 
Write-offs— — 
Ending balance (1)
$(6)$(2)
(1)Allowance for fixed income securities as of December 31, 2021 comprised $6 million of corporate bonds. Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $1 million of corporate bonds and ABS, respectively.
Rollforward of credit loss allowance for mortgage loans
For the years ended December 31,
($ in millions)20212020
Beginning balance$(67)$(3)
Cumulative effect of change in accounting principle— (42)
Net decreases related to credit losses
40 (39)
Reduction of allowance related to sales21 17 
Write-offs— — 
Ending balance (1)
$(6)$(67)
(1)Includes $59 million of credit loss allowance for mortgage loans that are classified as held for sale as of December 31, 2020.
Rollforward of credit loss allowance for bank loans
For the years ended December 31,
($ in millions)20212020
Beginning balance$(67)$— 
Cumulative effect of change in accounting principle— (53)
Net increases related to credit losses
(15)(28)
Reduction of allowance related to sales21 9 
Write-offs— 5 
Ending balance (1)
$(61)$(67)
(1)Includes $16 million of credit loss allowance for bank loans that are classified as held for sale as of December 31, 2020.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
Less than 12 months12 months or more
($ in millions)Number of issuesFair valueUnrealized lossesNumber of issuesFair valueUnrealized lossesTotal unrealized losses
December 31, 2021
Fixed income securities
U.S. government and agencies112 $5,451 $(24)4 $72 $(2)$(26)
Municipal767 1,213 (15)2 14 (1)(16)
Corporate1,197 9,725 (176)22 130 (16)(192)
Foreign government51 415 (6)4 3 — (6)
ABS80 500 (2)53 8 — (2)
Total fixed income securities2,207 $17,304 $(223)85 $227 $(19)$(242)
Investment grade fixed income securities1,993 $15,391 $(188)71 $183 $(8)$(196)
Below investment grade fixed income securities214 1,913 (35)14 44 (11)(46)
Total fixed income securities2,207 $17,304 $(223)85 $227 $(19)$(242)
December 31, 2020
Fixed income securities
U.S. government and agencies26 $215 $(1)— $— $— $(1)
Municipal43 116 (2)— — — (2)
Corporate107 730 (21)14 46 (5)(26)
Foreign government7 7 — — — — — 
ABS32 157 (2)69 43 (1)(3)
Total fixed income securities215 $1,225 $(26)83 $89 $(6)$(32)
Investment grade fixed income securities146 $855 $(8)66 $45 $— $(8)
Below investment grade fixed income securities69 370 (18)17 44 (6)(24)
Total fixed income securities215 $1,225 $(26)83 $89 $(6)$(32)
Carrying value of non-impaired fixed and variable rate mortgage loans amortized cost by debt service coverage ratio distribution
Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2021
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(196)$(35)$(231)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
— (11)(11)
Total unrealized losses$(196)$(46)$(242)
(1)Below investment grade fixed income securities include $33 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
December 31, 2021December 31, 2020
($ in millions)2016 and prior 2017201820192020CurrentTotalTotal
Below 1.0$— $— $— $— $— $— $— $— 
1.0 - 1.2511 — — 25 10 — 46 46 
1.26 - 1.5039 5 — 104 — 12 160 201 
Above 1.5065 39 106 141 67 203 621 507 
Amortized cost before allowance$115 $44 $106 $270 $77 $215 $827 $754 
Allowance
(6)(8)
Amortized cost, net$821 $746 
Bank loans amortized cost by credit quality and year of origination

Bank loans amortized cost by credit rating and year of origination
($ in millions)December 31, 2021December 31, 2020
2016 and prior 2017201820192020CurrentTotalTotal
BBB$— $— $5 $14 $7 $60 $86 $38 
BB9 16 15 24 31 561 656 168 
B— 18 47 34 63 606 768 456 
CCC and below 3 21 18 40 9 34 125 161 
Amortized cost before allowance$12 $55 $85 $112 $110 $1,261 $1,635 $823 
Allowance (61)(51)
Amortized cost, net$1,574 $772 
Schedule of accrued interest
Accrued interest
As of December 31,
($ in millions)20212020
Mortgage loans$2 $2 
Bank Loans4 3