Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value
	December 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	$	11,099		$	9		$	—					$	11,108
Municipal	—			8,840			2						8,842
Corporate - public	—			21,211			22						21,233
Corporate - privately placed	—			8,849			110						8,959
Foreign government	—			1,364			—						1,364
ABS	—			1,127			114						1,241
Total fixed income securities	11,099			41,400			248						52,747
Equity securities (1)	3,600			306			407						4,313
Short-term investments	2,016			2,516			5						4,537
Other investments	—			21			1			$	(19)		3
Other assets	—			—			134						134
Assets held for sale	241			1,536			7						1,784
Total recurring basis assets	16,956			45,779			802			(19)			63,518
Non-recurring basis	—			—			3						3
Total assets at fair value	$	16,956		$	45,779		$	805		$	(19)		$	63,521
% of total assets at fair value	26.7		%	72.0		%	1.3		%	—		%	100.0		%
Investments reported at NAV													1,096
Total													$	64,617
Liabilities
Other liabilities	$	(1)		$	(1)		$	—		$	1		$	(1)
Total recurring basis liabilities	(1)			(1)			—			1			(1)
Total liabilities at fair value	$	(1)		$	(1)		$	—		$	1		$	(1)
% of total liabilities at fair value	100.0		%	100.0		%	—		%	(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 year ended December 31, 2024
	Balance as of December 31, 2023		Total gains (losses) included in:				Transfers				Transfers (to) from held for sale										Balance as of December 31, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	11	$	(2)	$	1	$	—	$	—	$	—	$	—	$	(5)	$	—	$	(3)	$	2
Corporate - public	26		1		—		—		—		(7)		16		(14)		—		—		22
Corporate - privately placed	58		(6)		(2)		—		—		—		64		(2)		—		(2)		110
ABS	58		—		—		—		—		—		59		—		—		(3)		114
Total fixed income securities	153		(7)		(1)		—		—		(7)		139		(21)		—		(8)		248
Equity securities	402		8		—		—		—		—		25		(28)		—		—		407
Short-term investments	1		—		—		—		—		—		27		(20)		—		(3)		5
Other investments	2		6		—		—		—		—		—		(7)		—		—		1
Other assets	118		16		—		—		—		—		—		—		—		—		134
Assets held for sale	—		—		—		—		—		7		—		—		—		—		7
Total recurring Level 3 assets	$	676	$	23	$	(1)	$	—	$	—	$	—	$	191	$	(76)	$	—	$	(11)	$	802

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

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

Total Level 3 gains (losses) included in net income
	For the years ended December 31,
($ in millions)	2024		2023		2022
Net investment income	$	(8)	$	(1)	$	15
Net gains (losses) on investments and derivatives (1)	15		26		23
Operating costs and expenses (1)	16		15		38

(1)Prior to 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 Held

Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2024		2023		2022
Assets
Fixed income securities:
Municipal	$	(2)	$	—	$	—
Corporate - public	1		—		—
Corporate - privately placed	(6)		(12)		1
Total fixed income securities	(7)		(12)		1
Equity securities	13		35		14
Other investments	—		(1)		2
Other assets	16		15		38
Total recurring Level 3 assets	$	22	$	37	$	55
Total included in net income	$	22	$	37	$	55
Components of net income
Net investment income	$	(8)	$	(1)	$	14
Net gains (losses) on investments and derivatives	14		23		3
Operating costs and expenses	16		15		38
Total included in net income	$	22	$	37	$	55
Assets
Municipal	$	—	$	—	$	1
Corporate - public	—		1		(5)
Corporate - privately placed	(1)		2		—
Changes in unrealized net capital gains and losses reported in OCI	$	(1)	$	3	$	(4)

Schedule of Financial Instruments Not Carried at Fair Value

Financial instruments not carried at fair value
($ in millions)		December 31, 2024				December 31, 2023
Financial assets	Fair value level	Amortized cost, net (2)		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	784	$	746	$	822	$	769
Bank loans	Level 3	201		207		224		238
Financial liabilities	Fair value level	Carrying value (2)		Fair value		Carrying value (2)		Fair value
Contractholder funds on investment contracts (1)	Level 3	$	—	$	—	$	46	$	46
Debt	Level 2	8,085		7,740		7,942		7,655
Liability for collateral	Level 2	2,041		2,041		1,891		1,891
Liabilities held for sale	Level 3	40		40		—		—

(1)As of December 31, 2024, all contractholder funds on investment contracts are held for sale.

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