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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023


Assets and liabilities measured at fair value
	December 31, 2023
($ 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	$	8,606		$	13		$	—					$	8,619
Municipal	—			5,995			11						6,006
Corporate - public	—			23,272			26						23,298
Corporate - privately placed	—			7,849			58						7,907
Foreign government	—			1,290			—						1,290
ABS	—			1,687			58						1,745
Total fixed income securities	8,606			40,106			153						48,865
Equity securities (1)	1,656			203			402						2,261
Short-term investments	1,676			3,467			1						5,144
Other investments	—			3			2			$	(2)		3
Other assets	3			—			118						121
Total recurring basis assets	11,941			43,779			676			(2)			56,394
Non-recurring basis	—			—			15						15
Total assets at fair value	$	11,941		$	43,779		$	691		$	(2)		$	56,409
% of total assets at fair value	21.2		%	77.6		%	1.2		%	—		%	100.0		%

Investments reported at NAV													1,165
Total													$	57,574
Liabilities
Other liabilities	$	(2)		$	(10)		$	—		$	8		$	(4)
Total recurring basis liabilities	(2)			(10)			—			8			(4)
Total liabilities at fair value	$	(2)		$	(10)		$	—		$	8		$	(4)
% of total liabilities at fair value	50.0		%	250.0		%	—		%	(200.0)		%	100.0		%

(1)As of December 31, 2023, equity securities exclude $150 million of preferred stock measured at cost.


Assets and liabilities measured at fair value
	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		%


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2023
	Balance as of December 31, 2022		Total gains (losses) included in:				Transfers																Balance as of December 31, 2023
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Issues			Settlements
Assets
Fixed income securities:
Municipal	$	21	$	3	$	(1)	$	—	$	—		$	—		$	(10)		$	—		$	(2)	$	11
Corporate - public	69		(1)		2		—		—			—			(44)			—			—		26
Corporate - privately placed	55		(12)		1		16		—			1			(3)			—			—		58
ABS	28		—		—		—		—			31			—			—			(1)		58
Total fixed income securities	173		(10)		2		16		—			32			(57)			—			(3)		153
Equity securities	333		36		—		—		—			77			(44)			—			—		402
Short-term investments	6		—		—		—		—			13			—			—			(18)		1
Other investments	3		(1)		—		—		—			—			—			—			—		2
Other assets	103		15		—		—		—			—			—			—			—		118

Total recurring Level 3 assets	618		40		2		16		—			122			(101)			—			(21)		676
Liabilities

Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—		$	—	$	—


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	$	—


Total Level 3 gains (losses) included in net income
	For the years ended December 31,
($ in millions)	2023		2022		2021
Net investment income	$	(1)	$	15	$	1
Net gains (losses) on investments and derivatives	41		61		124


Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2023		2022		2021
Assets
Fixed income securities:


Corporate - privately placed	$	(12)	$	1	$	(2)

Total fixed income securities	(12)		1		(2)
Equity securities	35		14		28

Other investments	(1)		2		—
Other assets	15		38		65
Total recurring Level 3 assets	$	37	$	55	$	91



Total included in net income	$	37	$	55	$	91

Components of net income
Net investment income	$	(1)	$	14	$	1
Net gains (losses) on investments and derivatives	38		41		90
Total included in net income	$	37	$	55	$	91

Assets
Municipal	$	—	$	1	$	—
Corporate - public	1		(5)		—
Corporate - privately placed	2		—		3


Changes in unrealized net capital gains and losses reported in OCI	$	3	$	(4)	$	3


Financial instruments not carried at fair value
($ in millions)		December 31, 2023				December 31, 2022
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	822	$	769	$	762	$	700
Bank loans	Level 3	224		238		686		686

Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	46	$	46	$	50	$	50
Debt	Level 2	7,942		7,655		7,964		7,449
Liability for collateral	Level 2	1,891		1,891		2,011		2,011

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