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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
($ in millions)June 30, 2024December 31, 2023
Fixed income securities, at fair value$52,576 $48,865 
Equity securities, at fair value2,216 2,411 
Mortgage loans, net815 822 
Limited partnership interests 8,730 8,380 
Short-term investments, at fair value5,288 5,144 
Other investments, net979 1,055 
Total$70,604 $66,677 
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
June 30, 2024    
U.S. government and agencies$10,724 $34 $(194)$10,564 
Municipal6,661 46 (169)6,538 
Corporate33,443 191 (1,120)32,514 
Foreign government1,299 5 (15)1,289 
ABS1,661 16 (6)1,671 
Total fixed income securities$53,788 $292 $(1,504)$52,576 
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)June 30, 2024December 31, 2023
Amortized cost, net
Fair
value
Amortized cost, net
Fair
value
Due in one year or less$2,692 $2,655 $3,422 $3,374 
Due after one year through five years23,799 23,172 23,218 22,614 
Due after five years through ten years16,675 16,305 12,553 12,273 
Due after ten years8,961 8,773 8,717 8,859 
 52,127 50,905 47,910 47,120 
ABS1,661 1,671 1,739 1,745 
Total$53,788 $52,576 $49,649 $48,865 
Schedule of Net Investment Income
Net investment income
($ in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Fixed income securities$571 $422 $1,097 $812 
Equity securities18 21 33 32 
Mortgage loans9 8 18 16 
Limited partnership interests103 122 302 256 
Short-term investments62 69 129 135 
Other investments25 39 46 80 
Investment income, before expense788 681 1,625 1,331 
Investment expense(76)(71)(149)(146)
Net investment income
$712 $610 $1,476 $1,185 
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Fixed income securities$(96)$(132)$(197)$(268)
Equity securities14 21 76 188 
Mortgage loans1 (3)1 (3)
Limited partnership interests(13)(15)(5)7 
Derivatives(15)(7)(23)(59)
Other investments6 (15)4 (2)
Other (1)
— — (123)— 
Net gains (losses) on investments and derivatives$(103)$(151)$(267)$(137)
(1)Related to the loss for the carrying value of 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 June 30,Six months ended June 30,
2024202320242023
Sales$(90)$(130)$(201)$(250)
Credit losses(16)(37)(131)(49)
Valuation change of equity investments (1)
18 23 88 221 
Valuation change and settlements of derivatives(15)(7)(23)(59)
Net gains (losses) on investments and derivatives$(103)$(151)$(267)$(137)
(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 June 30,Six months ended June 30,
2024202320242023
Gross realized gains$33 $28 $74 $74 
Gross realized losses (124)(153)(270)(326)
Schedule of Net Appreciation (Decline) Recognized in Net Income
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Equity securities$18 $19 $78 $66 
Limited partnership interests carried at fair value
17 32 47 48 
Total$35 $51 $125 $114 
Schedule of Credit Losses Recognized in Net Income
Credit losses recognized in net income
($ in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Assets
Fixed income securities:    
Corporate$(5)$(7)$(1)$(16)
Total fixed income securities(5)(7)(1)(16)
Mortgage loans1 (3)1 (3)
Limited partnership interests(16)(16)(16)(16)
Other investments
Bank loans2 (11)5 (14)
Real estate
2 — 2 — 
Other assets
— — (123)— 
Total credit losses by asset type$(16)$(37)$(132)$(49)
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — 1 — 
Total $(16)$(37)$(131)$(49)
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)
June 30, 2024GainsLosses
Fixed income securities$52,576 $292 $(1,504)$(1,212)
Short-term investments5,288 — (2)(2)
Derivative instruments— — (2)(2)
Limited partnership interests
   — 
Unrealized net capital gains and losses, pre-tax   (1,216)
Reclassification of noncontrolling interest   12 
Deferred income taxes   266 
Unrealized net capital gains and losses, after-tax   $(938)
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)Six months ended June 30, 2024
Fixed income securities$(428)
Short-term investments(1)
Derivative instruments— 
Limited partnership interests4 
Total(425)
Reclassification of noncontrolling interest(1)
Deferred income taxes92 
Change in unrealized net capital gains and losses, after-tax
$(334)
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
($ in millions)June 30, 2024December 31, 2023
Private equity$7,426 $7,154 
Real estate1,142 1,085 
Other (1)
162 141 
Total$8,730 $8,380 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Other investments by Asset Type
Other investments by asset type
($ in millions)June 30, 2024December 31, 2023
Bank loans, net$149 $224 
Real estate708 709 
Policy loans120 119 
Other2 3 
Total$979 $1,055 
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans
Rollforward of credit loss allowance for fixed income securities
Three months ended June 30,Six months ended June 30,
($ in millions)2024202320242023
Beginning balance$(17)$(22)$(36)$(13)
Credit losses on securities for which credit losses not previously reported(4)(4)(7)(4)
Net (increases) decreases related to credit losses previously reported(1)(3)3 (12)
(Increase) decrease of allowance related to sales and other
— — 3 — 
Write-offs3 — 18 — 
Ending balance$(19)$(29)$(19)$(29)
Components of credit loss allowance as of June 30
Corporate bonds$(18)$(27)
ABS(1)(2)
Total$(19)$(29)
Rollforward of credit loss allowance for mortgage loans
Three months ended June 30,Six months ended June 30,
($ in millions)2024202320242023
Beginning balance$(11)$(7)$(11)$(7)
Net (increases) decreases related to credit losses1 (3)1 (3)
Write-offs— — — — 
Ending balance
$(10)$(10)$(10)$(10)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Beginning balance$(13)$(52)$(22)$(57)
Net (increases) decreases related to credit losses2 (11)5 (14)
Reduction of allowance related to sales— 1 — 6 
Write-offs— — 6 3 
Ending balance
$(11)$(62)$(11)$(62)
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
June 30, 2024       
Fixed income securities       
U.S. government and agencies106 $3,935 $(64)135 $3,297 $(130)$(194)
Municipal629 2,063 (19)1,525 2,060 (150)(169)
Corporate712 7,939 (119)1,883 14,087 (1,001)(1,120)
Foreign government36 257 (2)76 286 (13)(15)
ABS72 345 (2)98 92 (4)(6)
Total fixed income securities1,555 $14,539 $(206)3,717 $19,822 $(1,298)$(1,504)
Investment grade fixed income securities1,462 $14,107 $(196)3,404 $17,754 $(1,148)$(1,344)
Below investment grade fixed income securities93 432 (10)313 2,068 (150)(160)
Total fixed income securities1,555 $14,539 $(206)3,717 $19,822 $(1,298)$(1,504)
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 $24 million and $32 million and unrealized losses of $6 million and $3 million with credit loss allowances of $4 million and $8 million as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality
Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2024
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)
$(1,266)$(134)$(1,400)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)
(78)(26)(104)
Total unrealized losses$(1,344)$(160)$(1,504)
(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 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
June 30, 2024December 31, 2023
($ in millions)2019 and prior2020202120222023CurrentTotalTotal
Below 1.0$— $— $— $13 $— $— $13 $13 
1.0 - 1.2539 — — — 2 — 41 41 
1.26 - 1.5074 10 — 30 66 — 180 133 
Above 1.50230 42 183 60 76 — 591 646 
Amortized cost before allowance$343 $52 $183 $103 $144 $— $825 $833 
Allowance(10)(11)
Amortized cost, net$815 $822 
Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination
Bank loans amortized cost by credit rating and year of origination
June 30, 2024December 31, 2023
($ in millions)2019 and prior2020202120222023CurrentTotalTotal
NAIC 2 / BBB $— $1 $— $— $1 $1 $3 $9 
NAIC 3 / BB— — 1 — 5 12 18 38 
NAIC 4 / B24 1 8 3 49 39 124 153 
NAIC 5-6 / CCC and below8 — 2 — 2 3 15 46 
Amortized cost before allowance$32 $2 $11 $3 $57 $55 $160 $246 
Allowance(11)(22)
Amortized cost, net$149 $224