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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
As of December 31,
($ in millions)20242023
Fixed income securities, at fair value$52,747 $48,865 
Equity securities, at fair value4,463 2,411 
Mortgage loans, net784 822 
Limited partnership interests9,255 8,380 
Short-term investments, at fair value4,537 5,144 
Other investments, net824 1,055 
Total$72,610 $66,677 
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
Amortized
cost, net		Gross unrealized
Fair
value
($ in millions)GainsLosses
December 31, 2024
U.S. government and agencies$11,423 $15 $(330)$11,108 
Municipal8,985 33 (176)8,842 
Corporate30,630 272 (710)30,192 
Foreign government1,352 22 (10)1,364 
ABS1,226 19 (4)1,241 
Total fixed income securities$53,616 $361 $(1,230)$52,747 
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)$48,865 
Schedule of Maturities for Fixed Income Securities
Scheduled maturities for fixed income securities
As of December 31, 2024As of December 31, 2023
($ in millions)Amortized
cost, net
Fair
value
Amortized
cost, net		Fair
value
Due in one year or less$1,544 $1,531 $3,422 $3,374 
Due after one year through five years22,889 22,595 23,218 22,614 
Due after five years through ten years17,431 17,130 12,553 12,273 
Due after ten years10,526 10,250 8,717 8,859 
52,390 51,506 47,910 47,120 
ABS1,226 1,241 1,739 1,745 
Total$53,616 $52,747 $49,649 $48,865 
Schedule of Net Investment Income
Net investment income
For the years ended December 31,
($ in millions)202420232022
Fixed income securities$2,298 $1,761 $1,255 
Equity securities77 75 132 
Mortgage loans36 35 33 
Limited partnership interests600 499 985 
Short-term investments290 253 82 
Other investments106 169 162 
Investment income, before expense3,407 2,792 2,649 
Investment expense(315)(314)(246)
Net investment income$3,092 $2,478 $2,403 
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type
Net gains (losses) on investments and derivatives by asset type
For the years ended December 31,
($ in millions)202420232022
Fixed income securities$(200)$(540)$(875)
Equity securities82 282 (900)
Mortgage loans(1)(4)(1)
Limited partnership interests(9)4 (191)
Derivatives(14)(84)874 
Other investments40 42 21 
Other (1)
(123)— — 
Net gains (losses) on investments and derivatives$(225)$(300)$(1,072)
(1)Related to the loss for the carrying value of the surplus notes issued by Adirondack and New Jersey Skylands Insurance Association (“Skylands”). See Note 9 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
For the years ended December 31,
($ in millions)202420232022
Sales$(160)$(433)$(832)
Credit losses(146)(99)(54)
Valuation change of equity investments (1)
95 316 (1,060)
Valuation change and settlements of derivatives(14)(84)874 
Net gains (losses) on investments and derivatives$(225)$(300)$(1,072)
(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
For the years ended December 31,
($ in millions)202420232022
Gross realized gains$340 $115 $136 
Gross realized losses(537)(633)(1,004)
Schedule of Net Appreciation (Decline) Recognized in Net Income for Assets that are Still Held
Net appreciation (decline) recognized in net income for assets that are still held
For the years ended December 31,
($ in millions)202420232022
Equity securities$37 $151 $(466)
Limited partnership interests carried at fair value76 85 (5)
Total
$113 $236 $(471)
Schedule of Credit Losses Recognized in Net Income
Credit losses recognized in net income
For the years ended December 31,
($ in millions)202420232022
Assets
Fixed income securities:
Municipal$(2)$— $— 
Corporate(1)(24)(6)
ABS— 2 (1)
Total fixed income securities(3)(22)(7)
Mortgage loans(1)(4)(1)
Limited partnership interests(24)(25)(4)
Other investments
Bank loans6 (18)(26)
Real estate(2)(29)(16)
Other assets
(123)— — 
Total credit losses by asset type$(147)$(98)$(54)
Liabilities
Commitments to fund commercial mortgage loans and bank loans1 (1)— 
Total $(146)$(99)$(54)
Schedule of Unrealized Net Capital Gains and Losses Included in AOCI
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealizedUnrealized net gains (losses)
December 31, 2024GainsLosses
Fixed income securities$52,747 $361 $(1,230)$(869)
Short-term investments4,537 — (2)(2)
Derivative instruments— — (2)(2)
Limited partnership interests
— 
Investments classified as held for sale(110)
Unrealized net capital gains and losses, pre-tax(983)
Reclassification of noncontrolling interest3 
Deferred income taxes209 
Unrealized net capital gains and losses, after-tax$(771)
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 interest13 
Deferred income taxes174 
Unrealized net capital gains and losses, after-tax$(604)
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
Schedule of Change in Unrealized Net Capital Gains (Losses) and Principal Geographic Distribution of Commercial Real Estate Exceeding 5% of the Mortgage Loans Portfolio and Types of Properties Collateralizing the Mortgage Loan Portfolio and Contractual Maturities of the Mortgage Loan Portfolio
Change in unrealized net capital gains (losses)
 For the years ended December 31,
($ in millions)202420232022
Fixed income securities$(85)$2,101 $(3,645)
Short-term investments(1)— (1)
Derivative instruments— 1 — 
Limited partnerships interests4 (6)3 
Investments classified as held for sale(110)— — 
Total(192)2,096 (3,643)
Reclassification of noncontrolling interest
(10)(10)19 
Deferred income taxes35 (435)771 
(Decrease) increase in unrealized net capital gains and losses, after-tax$(167)$1,651 $(2,853)
Principal geographic distribution of commercial real estate exceeding 5% of the commercial mortgage loans portfolio
As of December 31,
(% of commercial mortgage loan portfolio carrying value)
20242023
California22.9 %21.9 %
Texas13.8 17.9 
Florida8.5 7.5 
Tennessee6.2 5.6 
Virginia6.1 1.2 
Ohio5.4 5.0 
Washington3.2 5.8 
Types of properties collateralizing the commercial mortgage loan portfolio
As of December 31,
(% of commercial mortgage loan portfolio carrying value)
20242023
Apartment complex26.6 %30.6 %
Retail22.7 25.0 
Warehouse22.4 20.0 
Office15.4 15.2 
Other12.9 9.2 
Total100.0 %100.0 %
Contractual maturities of the commercial mortgage loan portfolio
As of December 31, 2024
($ in millions)Number of loansAmortized cost, netPercent
20255 $56 7.7 %
202610 151 20.9 
20275 51 7.1 
202813 189 26.1 
Thereafter18 276 38.2 
Total51 $723 100.0 %
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
As of December 31,
($ in millions)20242023
Private equity$7,734 $7,154 
Real estate1,236 1,085 
Other (1)
285 141 
Total $9,255 $8,380 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Principal Geographic Distribution of Municipal Bond Issuers Exceeding 5% of the Portfolio
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
As of December 31,
(% of municipal bond portfolio carrying value)20242023
Texas12.8 %12.8 %
California6.8 7.7 
Florida6.5 4.8 
Washington6.5 3.1 
Illinois6.1 5.4 
New York6.0 6.3 
Pennsylvania4.0 5.4 
Schedule of Other Investments by Asset Type
Other investments by asset type
As of December 31,
($ in millions)20242023
Bank loans, net$201 $224 
Real estate620 709 
Policy loans (1)
— 119 
Other3 3 
Total $824 $1,055 
(1)As of December 31, 2024, policy loans are classified as held for sale.
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities and Mortgage Loans and Bank Loans
Rollforward of credit loss allowance for premium installment receivables
For the years ended December 31,
($ in millions)
2024
2023
Beginning balance$(138)$(132)
Increase in the provision for credit losses(414)(348)
Write-off of uncollectible premium installment receivable amounts (1)
365 342 
Ending balance$(187)$(138)
(1)Represents the portion of allowance that is reversed when premiums receivable are written off.
Allowance for credit losses
As of December 31,
($ in millions)20242023
Fixed income securities$17 $36 
Mortgage loans 12 11 
Bank loans 10 22 
Investments39 69 
Premium installment receivables187 138 
Reinsurance recoverables63 65 
Other assets14 18 
Assets303 290 
Commitments to fund mortgage loans and bank loans— 1 
Liabilities— 1 
Total$303 $291 
Rollforward of credit loss allowance for fixed income securities
For the years ended December 31,
($ in millions)202420232022
Beginning balance$(36)$(13)$(6)
Credit losses on securities for which credit losses not previously reported(8)(11)(1)
Net decreases (increases) related to credit losses previously reported2 (11)(6)
Decrease (increase) related to sales and other3 (1)— 
Write-offs22 — — 
Ending balance$(17)$(36)$(13)
Components of credit loss allowance as of December 31
Corporate bonds
(16)(35)(11)
ABS(1)(1)(2)
Total$(17)$(36)$(13)
Rollforward of credit loss allowance for mortgage loans
For the years ended December 31,
($ in millions)202420232022
Beginning balance$(11)$(7)$(6)
Net increases related to credit losses(1)(4)(1)
Write-offs— — — 
Ending balance
$(12)$(11)$(7)
Rollforward of credit loss allowance for bank loans
For the years ended December 31,
($ in millions)202420232022
Beginning balance$(22)$(57)$(61)
Net decreases (increases) related to credit losses6 (18)(26)
Reduction related to sales
— 50 30 
Write-offs6 3 — 
Ending balance
$(10)$(22)$(57)
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
Less than 12 months12 months or more
($ in millions)Number of issuesFair valueUnrealized lossesNumber of issuesFair valueUnrealized lossesTotal unrealized losses
December 31, 2024
Fixed income securities
U.S. government and agencies179 $8,520 $(256)99 $801 $(74)$(330)
Municipal990 4,889 (67)1,089 1,693 (109)(176)
Corporate943 9,178 (166)1,237 7,877 (544)(710)
Foreign government42 159 (2)73 73 (8)(10)
ABS50 78 — 85 56 (4)(4)
Total fixed income securities2,204 $22,824 $(491)2,583 $10,500 $(739)$(1,230)
Investment grade fixed income securities2,002 $21,846 $(473)2,367 $9,281 $(655)$(1,128)
Below investment grade fixed income securities202 978 (18)216 1,219 (84)(102)
Total fixed income securities2,204 $22,824 $(491)2,583 $10,500 $(739)$(1,230)
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 $16 million and $32 million and unrealized losses of $1 million and $3 million with credit loss allowances of $3 million and $8 million as of December 31, 2024, and 2023, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality
Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2024
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)
$(1,092)$(100)$(1,192)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)
(36)(2)(38)
Total unrealized losses$(1,128)$(102)$(1,230)
(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 Commercial Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination
Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
December 31, 2024December 31, 2023
($ in millions)2019 and prior20202021202220232024TotalTotal
Below 1.0$— $— $— $— $— $— $— $13 
1.0 - 1.2559 — — 18 25 35 137 41 
1.26 - 1.5047 10 — 30 18 — 105 133 
Above 1.50144 42 165 42 86 14 493 646 
Amortized cost before allowance$250 $52 $165 $90 $129 $49 $735 $833 
Allowance
(12)(11)
Amortized cost, net$723 $822 
Schedule of Bank Loans Amortized Cost by Credit Quality and Year of Origination
Bank loans amortized cost by credit rating and year of origination
($ in millions)December 31, 2024December 31, 2023
2019 and prior20202021202220232024TotalTotal
NAIC 1 / A$— $— $— $— $— $45 $45 $— 
NAIC 2 / BBB— — — — — 6 6 9 
NAIC 3 / BB— — 2 — 2 23 27 38 
NAIC 4 / B25 1 2 4 35 55 122 153 
NAIC 5-6 / CCC and below — — — — 8 3 11 46 
Amortized cost before allowance$25 $1 $4 $4 $45 $132 $211 $246 
Allowance (10)(22)
Amortized cost, net$201 $224