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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Schedule of portfolio composition
Portfolio composition
($ in millions)March 31, 2023December 31, 2022
Fixed income securities, at fair value$44,103 $42,485 
Equity securities, at fair value2,174 4,567 
Mortgage loans, net781 762 
Limited partnership interests 7,971 8,114 
Short-term investments, at fair value6,722 4,173 
Other investments, net1,724 1,728 
Total$63,475 $61,829 
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
March 31, 2023    
U.S. government and agencies$7,826 $21 $(152)$7,695 
Municipal6,499 65 (240)6,324 
Corporate29,705 118 (1,787)28,036 
Foreign government1,112 3 (24)1,091 
ABS978 4 (25)957 
Total fixed income securities$46,120 $211 $(2,228)$44,103 
December 31, 2022    
U.S. government and agencies$8,123 $6 $(231)$7,898 
Municipal6,500 36 (326)6,210 
Corporate28,562 46 (2,345)26,263 
Foreign government997 — (40)957 
ABS1,188 4 (35)1,157 
Total fixed income securities$45,370 $92 $(2,977)$42,485 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
($ in millions)March 31, 2023December 31, 2022
Amortized cost, net Fair valueAmortized cost, netFair value
Due in one year or less$3,754 $3,697 $2,870 $2,836 
Due after one year through five years24,766 23,771 26,546 25,217 
Due after five years through ten years11,461 10,697 11,035 9,870 
Due after ten years5,161 4,981 3,731 3,405 
 45,142 43,146 44,182 41,328 
ABS978 957 1,188 1,157 
Total$46,120 $44,103 $45,370 $42,485 
Schedule of net investment income
Net investment income
($ in millions)Three months ended March 31,
20232022
Fixed income securities$390 $267 
Equity securities11 36 
Mortgage loans8 8 
Limited partnership interests134 292 
Short-term investments66 2 
Other investments41 40 
Investment income, before expense650 645 
Investment expense(75)(51)
Net investment income
$575 $594 
Schedule of realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended March 31,
20232022
Fixed income securities$(136)$(152)
Equity securities167 (347)
Mortgage loans— (1)
Limited partnership interests22 (101)
Derivatives(52)318 
Other investments13 16 
Net gains (losses) on investments and derivatives$14 $(267)
Schedule of realized capital gains and losses by transaction type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended March 31,
20232022
Sales$(120)$(127)
Credit losses(12)(11)
Valuation change of equity investments (1)
198 (447)
Valuation change and settlements of derivatives(52)318 
Net gains (losses) on investments and derivatives$14 $(267)
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of gross realized gains (losses) on sales of fixed income securities
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended March 31,
20232022
Gross realized gains$46 $66 
Gross realized losses (173)(218)
Schedule of valuation changes included in net income for investments
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended March 31,
20232022
Equity securities$20 $(92)
Limited partnership interests carried at fair value
16 38 
Total$36 $(54)
Schedule of credit losses on fixed income securities recognized in earnings
Credit losses recognized in net income
($ in millions)Three months ended March 31,
20232022
Assets
Fixed income securities:  
Corporate$(9)$— 
Total fixed income securities(9)— 
Mortgage loans— (1)
Other investments
Bank loans(3)(10)
Total credit losses by asset type$(12)$(11)
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — 
Total $(12)$(11)
Schedule of unrealized net capital gains and losses
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
March 31, 2023GainsLosses
Fixed income securities$44,103 $211 $(2,228)$(2,017)
Short-term investments6,722 — — — 
Derivative instruments— — (2)(2)
Limited partnership interests (1)
   4 
Unrealized net capital gains and losses, pre-tax   (2,015)
Other unrealized net capital gains and losses, pre-tax (2)
   18 
Deferred income taxes   424 
Unrealized net capital gains and losses, after-tax   $(1,573)
December 31, 2022
Fixed income securities$42,485 $92 $(2,977)$(2,885)
Short-term investments4,173 — (1)(1)
Derivative instruments — — (3)(3)
Limited partnership interests (1)
 
 
 
2 
Unrealized net capital gains and losses, pre-tax   (2,887)
Other unrealized net capital gains and losses, pre-tax (2)
   23 
Deferred income taxes   609 
Unrealized net capital gains and losses, after-tax   $(2,255)
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of the equity method of accounting (“EMA”) limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)Includes amounts recognized for the reclassification of unrealized gains and losses related to noncontrolling interest.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
($ in millions)Three months ended March 31, 2023
Fixed income securities$868 
Short-term investments1 
Derivative instruments1 
Limited partnership interests2 
Total872 
Other unrealized net capital gains and losses, pre-tax(5)
Deferred income taxes(185)
Increase in unrealized net capital gains and losses, after-tax$682 
Schedule of carrying value for limited partnership interests
Carrying value for limited partnership interests
($ in millions)March 31, 2023December 31, 2022
EMAFair ValueTotalEMAFair ValueTotal
Private equity$5,546 $1,199 $6,745 $5,372 $1,217 $6,589 
Real estate1,019 29 1,048 1,013 29 1,042 
Other (1)
178 — 178 483 — 483 
Total$6,743 $1,228 $7,971 $6,868 $1,246 $8,114 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of other investments by type
Other investments by asset type
($ in millions)March 31, 2023December 31, 2022
Bank loans, net$698 $686 
Real estate790 813 
Policy loans120 120 
Derivatives10 1 
Other106 108 
Total$1,724 $1,728 
Schedule of allowance for credit loss
Rollforward of credit loss allowance for fixed income securities
Three months ended March 31,
($ in millions)20232022
Beginning balance$(13)$(6)
Credit losses on securities for which credit losses not previously reported— — 
Net increases related to credit losses previously reported(9)— 
Reduction of allowance related to sales— — 
Write-offs— — 
Ending balance$(22)$(6)
Components of credit loss allowance
Corporate bonds$(20)$(6)
ABS(2)— 
Total$(22)$(6)
Rollforward of credit loss allowance for mortgage loans
Three months ended March 31,
($ in millions)20232022
Beginning balance$(7)$(6)
Net increases related to credit losses— (1)
Write-offs— — 
Ending balance
$(7)$(7)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended March 31,
20232022
Beginning balance$(57)$(61)
Net increases related to credit losses(3)(10)
Reduction of allowance related to sales5 3 
Write-offs3 — 
Ending balance
$(52)$(68)
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
($ in millions)Less than 12 months12 months or more
Total
unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
March 31, 2023       
Fixed income securities       
U.S. government and agencies70 $2,576 $(41)104 $3,216 $(111)$(152)
Municipal1,183 1,632 (27)1,860 2,376 (213)(240)
Corporate970 8,673 (286)1,777 14,543 (1,501)(1,787)
Foreign government15 197 (1)87 452 (23)(24)
ABS74 160 (5)152 669 (20)(25)
Total fixed income securities2,312 $13,238 $(360)3,980 $21,256 $(1,868)$(2,228)
Investment grade fixed income securities2,132 $12,415 $(313)3,601 $18,633 $(1,509)$(1,822)
Below investment grade fixed income securities180 823 (47)379 2,623 (359)(406)
Total fixed income securities2,312 $13,238 $(360)3,980 $21,256 $(1,868)$(2,228)
December 31, 2022       
Fixed income securities       
U.S. government and agencies112 $4,900 $(138)75 $2,393 $(93)$(231)
Municipal3,015 3,944 (215)507 740 (111)(326)
Corporate2,085 18,072 (1,389)845 6,105 (956)(2,345)
Foreign government74 739 (22)42 200 (18)(40)
ABS194 874 (27)83 109 (8)(35)
Total fixed income securities5,480 $28,529 $(1,791)1,552 $9,547 $(1,186)$(2,977)
Investment grade fixed income securities4,959 $25,487 $(1,409)1,437 $8,791 $(1,009)$(2,418)
Below investment grade fixed income securities521 3,042 (382)115 756 (177)(559)
Total fixed income securities5,480 $28,529 $(1,791)1,552 $9,547 $(1,186)$(2,977)
Schedule of carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution
Gross unrealized losses by unrealized loss position and credit quality as of March 31, 2023
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(1,669)$(296)$(1,965)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(153)(110)(263)
Total unrealized losses$(1,822)$(406)$(2,228)
(1)Below investment grade fixed income securities include $41 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)Below investment grade fixed income securities include $104 million that have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of accrued interest
Accrued interest
($ in millions)March 31,December 31,
20232022
Mortgage loans$3 $3 
Bank Loans4 3 
Schedule of mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
March 31, 2023December 31, 2022
($ in millions)2018 and prior2019202020212022CurrentTotalTotal
Below 1.0$— $— $— $— $18 $— $18 $18 
1.0 - 1.2510 — 10 — — — 20 42 
1.26 - 1.5041 66 — 12 7 8 134 151 
Above 1.50108 172 42 185 77 32 616 558 
Amortized cost before allowance$159 $238 $52 $197 $102 $40 $788 $769 
Allowance(7)(7)
Amortized cost, net$781 $762 
Schedule of bank loans amortized cost by credit quality and year of origination
Bank loans amortized cost by credit rating and year of origination
March 31, 2023December 31, 2022
($ in millions)2018 and prior2019202020212022CurrentTotalTotal
NAIC 2 / BBB $— $7 $5 $45 $4 $— $61 $54 
NAIC 3 / BB5 4 3 202 16 22 252 266 
NAIC 4 / B22 17 15 223 38 32 347 329 
NAIC 5-6/ CCC and below31 34 1 16 6 2 90 94 
Amortized cost before allowance$58 $62 $24 $486 $64 $56 $750 $743 
Allowance(52)(57)
Amortized cost, net$698 $686