Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis

Assets and liabilities measured at fair value
	As of December 31, 2022
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	7,878		$	20		$	—					$	7,898
Municipal	—			6,189			21						6,210
Corporate - public	—			18,547			69						18,616
Corporate - privately placed	—			7,592			55						7,647
Foreign government	—			957			—						957
ABS	—			1,129			28						1,157
Total fixed income securities	7,878			34,434			173						42,485
Equity securities	3,936			298			333						4,567
Short-term investments	508			3,659			6						4,173
Other investments	—			23			3			$	(22)		4
Other assets	3			—			103						106
Total recurring basis assets	12,325			38,414			618			(22)			51,335
Non-recurring basis	—			—			23						23
Total assets at fair value	$	12,325		$	38,414		$	641		$	(22)		$	51,358
% of total assets at fair value	24.0		%	74.8		%	1.2		%	—		%	100.0		%
Investments reported at NAV													1,246
Total													$	52,604
Liabilities
Other liabilities	$	(1)		$	(25)		$	—		$	21		$	(5)
Total recurring basis liabilities	(1)			(25)			—			21			(5)
Total liabilities at fair value	$	(1)		$	(25)		$	—		$	21		$	(5)
% of total liabilities at fair value	20.0		%	500.0		%	—		%	(420.0)		%	100.0		%

Assets and liabilities measured at fair value
	As of December 31, 2021
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	6,247		$	26		$	—					$	6,273
Municipal	—			6,375			18						6,393
Corporate - public	—			16,569			20						16,589
Corporate - privately placed	—			10,675			66						10,741
Foreign government	—			985			—						985
ABS	—			1,115			40						1,155
Total fixed income securities	6,247			35,745			144						42,136
Equity securities	6,312			400			349						7,061
Short-term investments	1,140			2,864			5						4,009
Other investments	—			34			2			$	(22)		14
Other assets	1			—			65						66
Total recurring basis assets	13,700			39,043			565			(22)			53,286
Non-recurring basis	—			—			32						32
Total assets at fair value	$	13,700		$	39,043		$	597		$	(22)		$	53,318
% of total assets at fair value	25.7		%	73.2		%	1.1		%	—		%	100.0		%
Investments reported at NAV													1,531
Total													$	54,849
Liabilities
Other liabilities	$	(3)		$	(12)		$	—		$	7		$	(8)
Total recurring basis liabilities	(3)			(12)			—			7			(8)
Total liabilities at fair value	$	(3)		$	(12)		$	—		$	7		$	(8)
% of total liabilities at fair value	37.5		%	150.0		%	—		%	(87.5)		%	100.0		%

Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis

Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2022
	Balance as of December 31, 2021		Total gains (losses) included in:				Transfers												Balance as of December 31, 2022
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	18	$	—	$	1	$	2	$	—	$	2	$	—	$	—	$	(2)	$	21
Corporate - public	20		—		(5)		—		—		66		(10)		—		(2)		69
Corporate - privately placed	66		19		2		—		—		34		(65)		—		(1)		55
ABS	40		1		—		—		(28)		17		—		—		(2)		28
Total fixed income securities	144		20		(2)		2		(28)		119		(75)		—		(7)		173
Equity securities	349		16		—		—		—		13		(45)		—		—		333
Short-term investments	5		—		—		—		—		23		—		—		(22)		6
Other investments	2		2		—		—		—		—		(1)		—		—		3
Other assets	65		38		—		—		—		—		—		—		—		103
Total recurring Level 3 assets	565		76		(2)		2		(28)		155		(121)		—		(29)		618
Liabilities
Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2021
	Balance as of December 31, 2020		Total gains (losses) included in:				Transfers												Balance as of December 31, 2021
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	17	$	—	$	—	$	1	$	—	$	3	$	—	$	—	$	(3)	$	18
Corporate - public	67		1		(1)		—		—		13		(53)		—		—		20
Corporate - privately placed	63		(2)		3		10		—		6		(23)		—		(5)		66
ABS	79		—		1		4		(32)		47		(5)		—		(54)		40
Total fixed income securities	226		(1)		3		15		(32)		69		(81)		—		(62)		144
Equity securities	304		61		—		—		—		43		(160)		—		—		349
Short-term investments	35		—		—		—		—		5		—		—		(35)		5
Other investments	—		—		—		—		—		3		(1)		—		—		2
Other assets	—		65		—		—		—		—		—		—		—		65
Assets held for sale	267		3		(1)		17		(13)		4		(163)		—		(6)		—
Total recurring Level 3 assets	832		128		2		32		(45)		124		(405)		—		(103)		565
Liabilities
Liabilities held for sale	(516)		35		—		—		—		—		492		(28)		17		—
Total recurring Level 3 liabilities	$	(516)	$	35	$	—	$	—	$	—	$	—	$	492	$	(28)	$	17	$	—

Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020
	Balance as of December 31, 2019		Total gains (losses) included in:				Transfers												Balance as of December 31, 2020
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	22	$	—	$	—	$	—	$	—	$	—	$	(3)	$	—	$	(2)	$	17
Corporate - public	36		—		1		1		—		48		(19)		—		—		67
Corporate - privately placed	32		—		(5)		21		—		17		(2)		—		—		63
ABS	84		(1)		—		54		(49)		59		(26)		—		(42)		79
Total fixed income securities	174		(1)		(4)		76		(49)		124		(50)		—		(44)		226
Equity securities	255		—		—		—		—		57		(8)		—		—		304
Short-term investments	25		—		—		—		(25)		35		—		—		—		35
Assets held for sale	284		1		(8)		52		(42)		24		(37)		—		(7)		267
Total recurring Level 3 assets	738		—		(12)		128		(116)		240		(95)		—		(51)		832
Liabilities
Liabilities held for sale	(462)		(43)		—		—		—		—		—		(34)		23		(516)
Total recurring Level 3 liabilities	$	(462)	$	(43)	$	—	$	—	$	—	$	—	$	—	$	(34)	$	23	$	(516)

Total Level 3 gains (losses) included in net income
	For the years ended December 31,
($ in millions)	2022		2021		2020
Net investment income	$	15	$	1	$	(16)
Net gains (losses) on investments and derivatives	61		124		15

Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date

Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2022		2021		2020
Assets
Fixed income securities:
Corporate - public	$	—	$	—	$	(1)
Corporate - privately placed	1		(2)		—
Total fixed income securities	1		(2)		(1)
Equity securities	14		28		(1)
Other investments	2		—		—
Other assets	38		65		—
Total recurring Level 3 assets	$	55	$	91	$	(2)
Liabilities
Liabilities held for sale	$	—	$	—	$	(43)
Total recurring Level 3 liabilities	—		—		(43)
Total included in net income	$	55	$	91	$	(45)
Components of net income
Net investment income	$	14	$	1	$	(16)
Net gains (losses) on investments and derivatives	41		90		14
Total included in net income	$	55	$	91	$	(2)
Assets
Municipal	$	1	$	—	$	—
Corporate - public	(5)		—		1
Corporate - privately placed	—		3		(5)
Assets held for sale	—		—		(5)
Changes in unrealized net capital gains and losses reported in OCI	$	(4)	$	3	$	(9)

Schedule of carrying values and fair value estimates of financial instruments not carried at fair value

Financial instruments not carried at fair value
($ in millions)		December 31, 2022				December 31, 2021
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	762	$	700	$	821	$	853
Bank loans	Level 3	686		686		1,574		1,634
Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	50	$	50	$	55	$	55
Debt	Level 2	7,964		7,449		7,976		9,150
Liability for collateral	Level 2	2,011		2,011		1,444		1,444

(1)Represents the amounts reported on the Consolidated Statements of Financial Position.