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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
($ in millions)March 31, 2024December 31, 2023
Fixed income securities, at fair value$50,777 $48,865 
Equity securities, at fair value2,383 2,411 
Mortgage loans, net815 822 
Limited partnership interests 8,562 8,380 
Short-term investments, at fair value4,318 5,144 
Other investments, net1,004 1,055 
Total$67,859 $66,677 
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
March 31, 2024    
U.S. government and agencies$10,142 $56 $(168)$10,030 
Municipal5,491 61 (160)5,392 
Corporate33,110 273 (1,114)32,269 
Foreign government1,255 4 (19)1,240 
ABS1,839 14 (7)1,846 
Total fixed income securities$51,837 $408 $(1,468)$50,777 
December 31, 2023    
U.S. government and agencies$8,624 $114 $(119)$8,619 
Municipal6,049 109 (152)6,006 
Corporate31,951 397 (1,143)31,205 
Foreign government1,286 17 (13)1,290 
ABS1,739 13 (7)1,745 
Total fixed income securities$49,649 $650 $(1,434)$48,865 
Schedule of Maturities for Fixed Income Securities
Scheduled maturities for fixed income securities
($ in millions)March 31, 2024December 31, 2023
Amortized cost, net
Fair
value
Amortized cost, net
Fair
value
Due in one year or less$3,374 $3,333 $3,422 $3,374 
Due after one year through five years23,324 22,678 23,218 22,614 
Due after five years through ten years14,894 14,560 12,553 12,273 
Due after ten years8,406 8,360 8,717 8,859 
 49,998 48,931 47,910 47,120 
ABS1,839 1,846 1,739 1,745 
Total$51,837 $50,777 $49,649 $48,865 
Schedule of Net Investment Income
Net investment income
($ in millions)Three months ended March 31,
20242023
Fixed income securities$526 $390 
Equity securities15 11 
Mortgage loans9 8 
Limited partnership interests199 134 
Short-term investments67 66 
Other investments21 41 
Investment income, before expense837 650 
Investment expense(73)(75)
Net investment income
$764 $575 
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended March 31,
20242023
Fixed income securities$(101)$(136)
Equity securities62 167 
Limited partnership interests8 22 
Derivatives(8)(52)
Other investments(2)13 
Other (1)
(123)— 
Net gains (losses) on investments and derivatives$(164)$14 
(1)Related to the valuation allowance established for the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”). See Note 7 for further detail.
Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended March 31,
20242023
Sales$(111)$(120)
Credit losses(115)(12)
Valuation change of equity investments (1)
70 198 
Valuation change and settlements of derivatives(8)(52)
Net gains (losses) on investments and derivatives$(164)$14 
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended March 31,
20242023
Gross realized gains$41 $46 
Gross realized losses (146)(173)
Schedule of Net Appreciation (Decline) Recognized in Net Income
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended March 31,
20242023
Equity securities$61 $20 
Limited partnership interests carried at fair value
30 16 
Total$91 $36 
Schedule of Credit Losses Recognized in Net Income
Credit losses recognized in net income
($ in millions)Three months ended March 31,
20242023
Assets
Fixed income securities:  
Corporate$4 $(9)
Total fixed income securities4 (9)
Other investments
Bank loans3 (3)
Other
(123)— 
Total credit losses by asset type$(116)$(12)
Liabilities
Commitments to fund commercial mortgage loans and bank loans1 — 
Total $(115)$(12)
Schedule of Unrealized Net Capital Gains and Losses Included in AOCI
Unrealized net capital gains and losses included in Accumulated Other Comprehensive Income (“AOCI”)
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
March 31, 2024GainsLosses
Fixed income securities$50,777 $408 $(1,468)$(1,060)
Short-term investments4,318 — (2)(2)
Derivative instruments— — (2)(2)
Limited partnership interests
   — 
Unrealized net capital gains and losses, pre-tax   (1,064)
Reclassification of noncontrolling interest   12 
Deferred income taxes   233 
Unrealized net capital gains and losses, after-tax   $(819)
December 31, 2023
Fixed income securities$48,865 $650 $(1,434)$(784)
Short-term investments5,144 — (1)(1)
Derivative instruments — — (2)(2)
Limited partnership interests (1)
 
 
 
(4)
Unrealized net capital gains and losses, pre-tax   (791)
Reclassification of noncontrolling interest   13 
Deferred income taxes   174 
Unrealized net capital gains and losses, after-tax   $(604)
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of the equity method of accounting (“EMA”) limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
Schedule of Change in Unrealized Net Capital Gains (Losses)
Change in unrealized net capital gains (losses)
($ in millions)Three months ended March 31, 2024
Fixed income securities$(276)
Short-term investments(1)
Derivative instruments— 
Limited partnership interests4 
Total(273)
Reclassification of noncontrolling interest(1)
Deferred income taxes59 
Change in unrealized net capital gains and losses, after-tax
$(215)
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
($ in millions)March 31, 2024December 31, 2023
EMAFair ValueTotalEMAFair ValueTotal
Private equity$6,144 $1,122 $7,266 $6,015 $1,139 $7,154 
Real estate1,114 24 1,138 1,059 26 1,085 
Other (1)
158 — 158 141 — 141 
Total$7,416 $1,146 $8,562 $7,215 $1,165 $8,380 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Other investments by Asset Type
Other investments by asset type
($ in millions)March 31, 2024December 31, 2023
Bank loans, net$164 $224 
Real estate717 709 
Policy loans120 119 
Derivatives1 1 
Other2 2 
Total$1,004 $1,055 
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans
Rollforward of credit loss allowance for fixed income securities
Three months ended March 31,
($ in millions)20242023
Beginning balance$(36)$(13)
Credit losses on securities for which credit losses not previously reported(3)— 
Net (increases) decreases related to credit losses previously reported4 (9)
(Increase) decrease of allowance related to sales and other
3 — 
Write-offs15 — 
Ending balance$(17)$(22)
Components of credit loss allowance as of March 31
Corporate bonds$(16)$(20)
ABS(1)(2)
Total$(17)$(22)
Rollforward of credit loss allowance for mortgage loans
Three months ended March 31,
($ in millions)20242023
Beginning balance$(11)$(7)
Net increases related to credit losses— — 
Write-offs— — 
Ending balance
$(11)$(7)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended March 31,
20242023
Beginning balance$(22)$(57)
Net (increases) decreases related to credit losses3 (3)
Reduction of allowance related to sales— 5 
Write-offs6 3 
Ending balance
$(13)$(52)
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ 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, 2024       
Fixed income securities       
U.S. government and agencies118 $3,867 $(85)104 $2,196 $(83)$(168)
Municipal397 915 (9)1,600 2,106 (151)(160)
Corporate493 5,317 (84)1,962 15,133 (1,030)(1,114)
Foreign government40 453 (3)74 327 (16)(19)
ABS48 214 (2)118 141 (5)(7)
Total fixed income securities1,096 $10,766 $(183)3,858 $19,903 $(1,285)$(1,468)
Investment grade fixed income securities1,032 $10,551 $(173)3,518 $17,647 $(1,121)$(1,294)
Below investment grade fixed income securities64 215 (10)340 2,256 (164)(174)
Total fixed income securities1,096 $10,766 $(183)3,858 $19,903 $(1,285)$(1,468)
December 31, 2023       
Fixed income securities       
U.S. government and agencies63 $2,554 $(38)117 $2,513 $(81)$(119)
Municipal271 400 (4)1,784 2,245 (148)(152)
Corporate251 2,225 (48)2,106 17,319 (1,095)(1,143)
Foreign government7 31 — 75 356 (13)(13)
ABS19 64 (1)150 584 (6)(7)
Total fixed income securities611 $5,274 $(91)4,232 $23,017 $(1,343)$(1,434)
Investment grade fixed income securities568 $5,061 $(83)3,864 $20,429 $(1,151)$(1,234)
Below investment grade fixed income securities43 213 (8)368 2,588 (192)(200)
Total fixed income securities611 $5,274 $(91)4,232 $23,017 $(1,343)$(1,434)
(1)Includes fixed income securities with fair values of $3 million and $32 million and unrealized losses of zero and $3 million with credit loss allowances of $1 million and $8 million as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality
Gross unrealized losses by unrealized loss position and credit quality as of March 31, 2024
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)
$(1,226)$(150)$(1,376)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)
(68)(24)(92)
Total unrealized losses$(1,294)$(174)$(1,468)
(1)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.
(2)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,
20242023
Mortgage loans$3 $3 
Bank Loans3 3 
Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
March 31, 2024December 31, 2023
($ in millions)2019 and prior2020202120222023CurrentTotalTotal
Below 1.0$— $— $— $— $— $— $— $13 
1.0 - 1.2539 — — 13 2 — 54 41 
1.26 - 1.5027 10 — 30 65 — 132 133 
Above 1.50279 42 183 60 76 — 640 646 
Amortized cost before allowance$345 $52 $183 $103 $143 $— $826 $833 
Allowance(11)(11)
Amortized cost, net$815 $822 
Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination
Bank loans amortized cost by credit rating and year of origination
March 31, 2024December 31, 2023
($ in millions)2019 and prior2020202120222023CurrentTotalTotal
NAIC 2 / BBB $— $2 $— $— $— $2 $4 $9 
NAIC 3 / BB— — 4 — 9 7 20 38 
NAIC 4 / B24 1 17 6 71 15 134 153 
NAIC 5-6 / CCC and below8 — 5 — 5 1 19 46 
Amortized cost before allowance$32 $3 $26 $6 $85 $25 $177 $246 
Allowance(13)(22)
Amortized cost, net$164 $224