Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value
	March 31, 2024
($ 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	$	10,016		$	14		$	—					$	10,030
Municipal	—			5,384			8						5,392
Corporate - public	—			23,847			23						23,870
Corporate - privately placed	—			8,345			54						8,399
Foreign government	—			1,240			—						1,240
ABS	—			1,788			58						1,846
Total fixed income securities	10,016			40,618			143						50,777
Equity securities (1)	1,607			218			408						2,233
Short-term investments	2,120			2,177			21						4,318
Other investments	—			5			2			$	(4)		3
Other assets	1			—			120						121
Total recurring basis assets	13,744			43,018			694			(4)			57,452
Non-recurring basis	—			—			—						—
Total assets at fair value	$	13,744		$	43,018		$	694		$	(4)		$	57,452
% of total assets at fair value	23.9		%	74.9		%	1.2		%	—		%	100.0		%
Investments reported at NAV													1,146
Total													$	58,598
Liabilities
Other liabilities	$	(2)		$	(4)		$	—		$	3		$	(3)
Total recurring basis liabilities	(2)			(4)			—			3			(3)
Total liabilities at fair value	$	(2)		$	(4)		$	—		$	3		$	(3)
% of total liabilities at fair value	66.7		%	133.3		%	—		%	(100.0)		%	100.0		%

(1)Excludes $150 million of preferred stock measured at cost.

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)Excludes $150 million of preferred stock measured at cost.

Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value

Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2024
	Balance as of  December 31, 2023		Total gains (losses) included in:				Transfers												Balance as of  March 31, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	11	$	—	$	—	$	—	$	—	$	—	$	(1)	$	—	$	(2)	$	8
Corporate - public	26		—		2		—		—		—		(5)		—		—		23
Corporate - privately placed	58		(4)		—		—		—		—		—		—		—		54
ABS	58		—		—		—		—		—		—		—		—		58
Total fixed income securities	153		(4)		2		—		—		—		(6)		—		(2)		143
Equity securities	402		9		—		—		—		—		(3)		—		—		408
Short-term investments	1		—		—		—		—		20		—		—		—		21
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	118		2		—		—		—		—		—		—		—		120
Total recurring Level 3 assets	$	676	$	7	$	2	$	—	$	—	$	20	$	(9)	$	—	$	(2)	$	694

Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2023
	Balance as of  December 31, 2022		Total gains (losses)  included in:				Transfers												Balance as of  March 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)	$	17
Corporate - public	69		(1)		2		—		—		—		(41)		—		—		29
Corporate - privately placed	55		(4)		—		—		—		—		(2)		—		—		49
ABS	28		—		—		—		—		—		—		—		(1)		27
Total fixed income securities	173		(5)		2		—		—		—		(46)		—		(2)		122
Equity securities	333		—		—		—		—		42		(17)		—		—		358
Short-term investments	6		—		—		—		—		—		—		—		—		6
Other investments	3		(1)		—		—		—		—		—		—		—		2
Other assets	103		9		—		—		—		—		—		—		—		112
Total recurring Level 3 assets	$	618	$	3	$	2	$	—	$	—	$	42	$	(63)	$	—	$	(2)	$	600

Total Level 3 gains (losses) included in net income
	Three months ended March 31,
($ in millions)	2024		2023
Net investment income	$	—	$	(5)
Net gains (losses) on investments and derivatives (1)	5		(1)
Operating costs and expenses (1)	2		9

(1)Prior to the first quarter of 2024, level 3 gains (losses) included in operating costs and expenses were reported in this table within net gains (losses) on investments and derivatives. Historical results have been updated to conform with this presentation.

Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities

Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of March 31,
	Three months ended March 31,
($ in millions)	2024		2023
Assets
Fixed income securities:
Corporate - privately placed	$	(4)	$	(4)
Total fixed income securities	(4)		(4)
Equity securities	9		(1)
Other investments	—		(1)
Other assets	2		9
Total recurring Level 3 assets	$	7	$	3
Total included in net income	$	7	$	3
Components of net income
Net investment income	$	—	$	(5)
Net gains (losses) on investments and derivatives	5		(1)
Operating costs and expenses	2		9
Total included in net income	$	7	$	3
Assets
Corporate - public	2		1
Changes in unrealized net capital gains and losses reported in OCI	$	2	$	1

Schedule of Financial Instruments Not Carried at Fair Value

Financial instruments not carried at fair value
($ in millions)		March 31, 2024				December 31, 2023
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	815	$	762	$	822	$	769
Bank loans	Level 3	164		177		224		238
Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	44	$	44	$	46	$	46
Debt	Level 2	7,938		7,590		7,942		7,655
Liability for collateral	Level 2	2,049		2,049		1,891		1,891

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