Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001276520 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Entity Registrant Name | GENWORTH FINANCIAL, INC. | |
Entity File Number | 001-32195 | |
Entity Tax Identification Number | 80-0873306 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 11011 West Broad Street | |
Entity Address, State or Province | VA | |
Entity Address, City or Town | Glen Allen | |
Entity Address, Postal Zip Code | 23060 | |
Entity Interactive Data Current | Yes | |
City Area Code | 804 | |
Local Phone Number | 281-6000 | |
Trading Symbol | GNW | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Entity Common Stock, Shares Outstanding | 432,029,640 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $48,998 and $49,365, respectively, and allowance for credit losses of $— and $7, respectively, as of June 30, 2024 and December 31, 2023) | $ 45,233 | $ 46,781 |
Equity securities, at fair value | 435 | 396 |
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of June 30, 2024 and December 31, 2023) | 6,692 | 6,829 |
Less: Allowance for credit losses | (30) | (27) |
Commercial mortgage loans, net | 6,662 | 6,802 |
Policy loans | 2,359 | 2,220 |
Limited partnerships | 2,968 | 2,821 |
Other invested assets | 702 | 731 |
Total investments | 58,359 | 59,751 |
Cash, cash equivalents and restricted cash | 1,932 | 2,215 |
Accrued investment income | 549 | 647 |
Deferred acquisition costs | 1,884 | 1,988 |
Intangible assets | 197 | 198 |
Reinsurance recoverable | 17,739 | 19,054 |
Less: Allowance for credit losses | (26) | (29) |
Reinsurance recoverable, net | 17,713 | 19,025 |
Other assets | 518 | 489 |
Deferred tax asset | 1,784 | 1,952 |
Market risk benefit assets | 54 | 43 |
Separate account assets | 4,553 | 4,509 |
Total assets | 87,543 | 90,817 |
Liabilities and equity | ||
Future policy benefits | 53,774 | 57,655 |
Policyholder account balances | 15,047 | 15,540 |
Market risk benefit liabilities | 500 | 625 |
Liability for policy and contract claims | 649 | 652 |
Unearned premiums | 130 | 149 |
Other liabilities | 1,973 | 1,768 |
Long-term borrowings | 1,564 | 1,584 |
Separate account liabilities | 4,553 | 4,509 |
Total liabilities | 78,190 | 82,482 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Common stock, $0.001 par value; 1,500,000,000 shares authorized; 606,303,648 and 603,151,611 shares issued as of June 30, 2024 and December 31, 2023, respectively; 434,010,505 and 446,823,204 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 1 | 1 |
Additional paid-in capital | 11,880 | 11,884 |
Accumulated other comprehensive income (loss) | (1,687) | (2,555) |
Retained earnings | 1,428 | 1,213 |
Treasury stock, at cost (172,293,143 and 156,328,407 shares as of June 30, 2024 and December 31, 2023, respectively) | (3,163) | (3,063) |
Total Genworth Financial, Inc.'s stockholders' equity | 8,459 | 7,480 |
Noncontrolling interests | 894 | 855 |
Total equity | 9,353 | 8,335 |
Total liabilities and equity | $ 87,543 | $ 90,817 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt securities amortized costs | $ 48,998 | $ 49,365 |
Debt securities allowance for credit losses | 0 | 7 |
Unamortized balance of loan origination fees | $ 4 | $ 4 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 606,303,648 | 603,151,611 |
Common stock, shares outstanding | 434,010,505 | 446,823,204 |
Treasury stock, shares | 172,293,143 | 156,328,407 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues: | |||||
Premiums | $ 855 | $ 902 | $ 1,730 | $ 1,817 | |
Net investment income | 808 | 785 | 1,590 | 1,572 | |
Net investment gains (losses) | (61) | 39 | (12) | 28 | |
Policy fees and other income | 167 | 166 | 325 | 329 | |
Total revenues | 1,769 | 1,892 | 3,633 | 3,746 | |
Benefits and expenses: | |||||
Benefits and other changes in policy reserves | 1,151 | 1,175 | 2,354 | 2,351 | |
Liability remeasurement (gains) losses | 39 | 70 | 31 | 55 | |
Changes in fair value of market risk benefits and associated hedges | (8) | (19) | (31) | (2) | |
Interest credited | 125 | 126 | 250 | 252 | |
Acquisition and operating expenses, net of deferrals | 229 | 226 | 465 | 466 | |
Amortization of deferred acquisition costs and intangibles | 60 | 64 | 125 | 136 | |
Interest expense | 30 | 29 | 60 | 58 | |
Total benefits and expenses | 1,626 | 1,671 | 3,254 | 3,316 | |
Income from continuing operations before income taxes | 143 | 221 | 379 | 430 | |
Provision for income taxes | 32 | 55 | 98 | 110 | |
Income from continuing operations | 111 | 166 | 281 | 320 | |
Income (loss) from discontinued operations, net of taxes | (1) | 2 | (2) | 2 | |
Net income | 110 | 168 | 279 | 322 | |
Less: net income attributable to noncontrolling interests | 34 | 31 | 64 | 63 | |
Net income available to Genworth Financial, Inc.'s common stockholders | $ 76 | $ 137 | $ 215 | $ 259 | |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share: | |||||
Basic | $ 0.18 | $ 0.28 | $ 0.49 | $ 0.53 | |
Diluted | 0.17 | 0.28 | 0.49 | 0.53 | |
Net income available to Genworth Financial, Inc.'s common stockholders per share: | |||||
Basic | [1] | 0.17 | 0.29 | 0.49 | 0.54 |
Diluted | [1] | $ 0.17 | $ 0.29 | $ 0.48 | $ 0.53 |
Weighted-average common shares outstanding: | |||||
Basic | 436.4 | 473.2 | 439.7 | 482.7 | |
Diluted | 440.7 | 478.1 | 445.5 | 489.1 | |
[1]May not total due to whole number calculation. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 110 | $ 168 | $ 279 | $ 322 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities without an allowance for credit losses | (427) | (567) | (913) | 358 |
Net unrealized gains (losses) on securities with an allowance for credit losses | 0 | 6 | 0 | 0 |
Derivatives qualifying as hedges | (119) | (120) | (280) | (46) |
Change in discount rate used to measure future policy benefits | 958 | 664 | 2,063 | (561) |
Change in instrument-specific credit risk of market risk benefits | 0 | 0 | 2 | 1 |
Foreign currency translation and other adjustments | (5) | 4 | (5) | 8 |
Total other comprehensive income (loss) | 407 | (13) | 867 | (240) |
Total comprehensive income | 517 | 155 | 1,146 | 82 |
Less: comprehensive income attributable to noncontrolling interests | 34 | 26 | 63 | 70 |
Total comprehensive income available to Genworth Financial, Inc.'s common stockholders | $ 483 | $ 129 | $ 1,083 | $ 12 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Treasury stock, at cost | Total Genworth Financial, Inc.‘s stockholders' equity | Noncontrolling interests |
Balances, beginning at Dec. 31, 2022 | $ 8,386 | $ 1 | $ 11,869 | $ (2,614) | $ 1,139 | $ (2,764) | $ 7,631 | $ 755 |
Repurchase of subsidiary shares | (12) | 0 | 0 | 0 | 0 | 0 | 0 | (12) |
Comprehensive income: | ||||||||
Net income | 322 | 0 | 0 | 0 | 259 | 0 | 259 | 63 |
Other comprehensive income (loss), net of taxes | (240) | 0 | 0 | (247) | 0 | 0 | (247) | 7 |
Total comprehensive income | 82 | 12 | 70 | |||||
Treasury stock acquired in connection with share repurchases | (183) | 0 | 0 | 0 | 0 | (183) | (183) | 0 |
Dividends to noncontrolling interests | (9) | 0 | 0 | 0 | 0 | 0 | 0 | (9) |
Stock-based compensation expense and exercises and other | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
Balances, ending at Jun. 30, 2023 | 8,267 | 1 | 11,869 | (2,861) | 1,398 | (2,947) | 7,460 | 807 |
Balances, beginning at Mar. 31, 2023 | 8,232 | 1 | 11,863 | (2,853) | 1,261 | (2,833) | 7,439 | 793 |
Repurchase of subsidiary shares | (8) | 0 | 0 | 0 | 0 | 0 | 0 | (8) |
Comprehensive income: | ||||||||
Net income | 168 | 0 | 0 | 0 | 137 | 0 | 137 | 31 |
Other comprehensive income (loss), net of taxes | (13) | 0 | 0 | (8) | 0 | 0 | (8) | (5) |
Total comprehensive income | 155 | 129 | 26 | |||||
Treasury stock acquired in connection with share repurchases | (114) | 0 | 0 | 0 | 0 | (114) | (114) | 0 |
Dividends to noncontrolling interests | (5) | 0 | 0 | 0 | 0 | 0 | 0 | (5) |
Stock-based compensation expense and exercises and other | 7 | 0 | 6 | 0 | 0 | 0 | 6 | 1 |
Balances, ending at Jun. 30, 2023 | 8,267 | 1 | 11,869 | (2,861) | 1,398 | (2,947) | 7,460 | 807 |
Balances, beginning at Dec. 31, 2023 | 8,335 | 1 | 11,884 | (2,555) | 1,213 | (3,063) | 7,480 | 855 |
Repurchase of subsidiary shares | (18) | 0 | 0 | 0 | 0 | 0 | 0 | (18) |
Comprehensive income: | ||||||||
Net income | 279 | 0 | 0 | 0 | 215 | 0 | 215 | 64 |
Other comprehensive income (loss), net of taxes | 867 | 0 | 0 | 868 | 0 | 0 | 868 | (1) |
Total comprehensive income | 1,146 | 1,083 | 63 | |||||
Treasury stock acquired in connection with share repurchases | (100) | 0 | 0 | 0 | 0 | (100) | (100) | 0 |
Dividends to noncontrolling interests | (10) | 0 | 0 | 0 | 0 | 0 | 0 | (10) |
Stock-based compensation expense and exercises and other | 0 | 0 | (4) | 0 | 0 | 0 | (4) | 4 |
Balances, ending at Jun. 30, 2024 | 9,353 | 1 | 11,880 | (1,687) | 1,428 | (3,163) | 8,459 | 894 |
Balances, beginning at Mar. 31, 2024 | 8,879 | 1 | 11,873 | (2,094) | 1,352 | (3,126) | 8,006 | 873 |
Repurchase of subsidiary shares | (9) | 0 | 0 | 0 | 0 | 0 | 0 | (9) |
Comprehensive income: | ||||||||
Net income | 110 | 0 | 0 | 0 | 76 | 0 | 76 | 34 |
Other comprehensive income (loss), net of taxes | 407 | 0 | 0 | 407 | 0 | 0 | 407 | 0 |
Total comprehensive income | 517 | 483 | 34 | |||||
Treasury stock acquired in connection with share repurchases | (37) | 0 | 0 | 0 | 0 | (37) | (37) | 0 |
Dividends to noncontrolling interests | (5) | 0 | 0 | 0 | 0 | 0 | 0 | (5) |
Stock-based compensation expense and exercises and other | 8 | 0 | 7 | 0 | 0 | 0 | 7 | 1 |
Balances, ending at Jun. 30, 2024 | $ 9,353 | $ 1 | $ 11,880 | $ (1,687) | $ 1,428 | $ (3,163) | $ 8,459 | $ 894 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from (used by) operating activities: | ||
Net income | $ 279 | $ 322 |
Less (income) loss from discontinued operations, net of taxes | 2 | (2) |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||
Amortization of fixed maturity securities discounts and premiums | (64) | (58) |
Net investment (gains) losses | 12 | (28) |
Changes in fair value of market risk benefits and associated hedges | (31) | (2) |
Charges assessed to policyholders | (285) | (291) |
Amortization of deferred acquisition costs and intangibles | 125 | 136 |
Deferred income taxes | (50) | 107 |
Derivative instruments, limited partnerships and other | (263) | (222) |
Long-term incentive compensation expense | 25 | 25 |
Change in certain assets and liabilities: | ||
Accrued investment income and other assets | (98) | (66) |
Insurance reserves | 273 | 525 |
Current tax liabilities | 97 | 0 |
Other liabilities, policy and contract claims and other policy-related balances | (122) | (169) |
Cash used by operating activities—discontinued operations | 0 | (2) |
Net cash from (used by) operating activities | (100) | 275 |
Cash flows from (used by) investing activities: | ||
Fixed maturity securities | 1,320 | 1,144 |
Commercial mortgage loans | 267 | 269 |
Limited partnerships and other invested assets | 108 | 67 |
Proceeds from sales of investments: | ||
Fixed maturity and equity securities | 1,718 | 1,289 |
Purchases and originations of investments: | ||
Fixed maturity and equity securities | (2,627) | (1,443) |
Commercial mortgage loans | (129) | (113) |
Limited partnerships and other invested assets | (283) | (301) |
Short-term investments, net | 15 | (7) |
Policy loans, net | 47 | 32 |
Other | (35) | (20) |
Net cash from investing activities | 401 | 917 |
Cash flows from (used by) financing activities: | ||
Deposits to universal life and investment contracts | 272 | 303 |
Withdrawals from universal life and investment contracts | (677) | (893) |
Proceeds from issuance of long-term debt | 750 | 0 |
Debt issuance costs | (7) | 0 |
Repayment and repurchase of long-term debt | (776) | (11) |
Repurchase of subsidiary shares | (18) | (12) |
Treasury stock acquired in connection with share repurchases | (99) | (181) |
Dividends paid to noncontrolling interests | (10) | (9) |
Other, net | (19) | (15) |
Net cash used by financing activities | (584) | (818) |
Net change in cash, cash equivalents and restricted cash | (283) | 374 |
Cash, cash equivalents and restricted cash at beginning of period | 2,215 | 1,799 |
Cash, cash equivalents and restricted cash at end of period | $ 1,932 | $ 2,173 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 76 | $ 137 | $ 215 | $ 259 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | (1) Business and Basis of Presentation Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization. The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities, which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries. We manage our business through the following three reportable segments: • Enact • Long-Term Care Insurance. • Life and Annuities. non-traditional In addition to our three reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as certain international businesses and start-up The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission. Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2023 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. On July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share repurchases under the existing share repurchase program that began in May 2022. Pursuant to the program, during the six months ended June 30, 2024, Genworth Financial repurchased 15,964,736 shares of its common stock at an average price of $6.21 per share for a total cost of $100 million, including excise taxes and other costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our condensed consolidated balance sheets. Genworth Financial also authorized repurchases under the share repurchase program through a Rule 10b5-1 10b5-1 |
Accounting Changes
Accounting Changes | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of Accounting Changes [Abstract] | |
Accounting Changes | (2) Accounting Changes Accounting Pronouncements Recently Adopted On January 1, 2024, we adopted new accounting guidance issued by the Financial Accounting Standards Board (the “FASB”) related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. We adopted this guidance using the prospective method, which did not have any impact on our condensed consolidated financial statements and disclosures. Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued new accounting guidance to improve income tax disclosures. The guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate disclosure of additional information related to reconciling items that meet a quantitative threshold and additional disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements. This guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded annual disclosures. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures. In November 2023, the FASB issued new accounting guidance to improve reportable segment disclosures. The guidance requires annual and interim disclosure of significant segment expenses regularly provided to the Chief Operating Decision Maker (“CODM”) and other segment items. The guidance also requires disclosures about a segment’s profit or loss and assets, currently only required annually, to be disclosed on an interim basis. Under the new accounting guidance, public entities may disclose multiple measures of a segment’s profit or loss, as long as all disclosed measures are used by the CODM for purposes of assessing performance and allocating resources and at least one of the reported measures is that which management believes to be most consistent with U.S. GAAP measurement principles. This guidance is effective for us for annual reporting periods beginning on January 1, 2024 and interim reporting periods beginning on January 1, 2025 using the retrospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded disclosures for the annual period ended December 31, 2024 and interim periods thereafter, which we are in the process of developing. We continue to evaluate the full impact the guidance will have on our processes, controls and disclosures. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share | (3) Earnings Per Share Basic and diluted earnings per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions, except per share amounts) 2024 2023 2024 2023 Weighted-average common shares used in basic earnings per share calculations 436.4 473.2 439.7 482.7 Potentially dilutive securities: Performance stock units, restricted stock units and other equity-based awards 4.3 4.9 5.8 6.4 Weighted-average common shares used in diluted earnings per share calculations 440.7 478.1 445.5 489.1 Income from continuing operations: Income from continuing operations $ 111 $ 166 $ 281 $ 320 Less: net income from continuing operations attributable to noncontrolling interests 34 31 64 63 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders $ 77 $ 135 $ 217 $ 257 Basic per share $ 0.18 $ 0.28 $ 0.49 $ 0.53 Diluted per share $ 0.17 $ 0.28 $ 0.49 $ 0.53 Income (loss) from discontinued operations: Income (loss) from discontinued operations, net of taxes $ (1 ) $ 2 $ (2 ) $ 2 Basic per share $ — $ 0.01 $ — $ 0.01 Diluted per share $ — $ 0.01 $ — $ 0.01 Net income: Income from continuing operations $ 111 $ 166 $ 281 $ 320 Income (loss) from discontinued operations, net of taxes (1 ) 2 (2 ) 2 Net income 110 168 279 322 Less: net income attributable to noncontrolling interests 34 31 64 63 Net income available to Genworth Financial, Inc.’s common stockholders $ 76 $ 137 $ 215 $ 259 Basic per share (1) $ 0.17 $ 0.29 $ 0.49 $ 0.54 Diluted per share (1) $ 0.17 $ 0.29 $ 0.48 $ 0.53 (1) May not total due to whole number calculation. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments | (4) Investments (a) Net Investment Income Sources of net investment income were as follows for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Fixed maturity securities—taxable $ 571 $ 567 $ 1,125 $ 1,128 Fixed maturity securities—non-taxable — 1 1 2 Equity securities 3 3 5 5 Commercial mortgage loans 75 75 150 151 Policy loans 56 54 114 109 Limited partnerships 36 17 56 45 Other invested assets 67 70 135 138 Cash, cash equivalents, restricted cash and short-term investments 25 22 52 40 Gross investment income before expenses and fees 833 809 1,638 1,618 Expenses and fees (25 ) (24 ) (48 ) (46 ) Net investment income $ 808 $ 785 $ 1,590 $ 1,572 (b) Net Investment Gains (Losses) The following table sets forth net investment gains (losses) for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Realized investment gains (losses): Available-for-sale Realized gains $ 21 $ 18 $ 28 $ 21 Realized losses (40 ) (48 ) (69 ) (67 ) Net realized gains (losses) on available-for-sale (19 ) (30 ) (41 ) (46 ) Net realized gains (losses) on equity securities sold — (1 ) — (1 ) Total net realized investment gains (losses) (19 ) (31 ) (41 ) (47 ) Net change in allowance for credit losses on available-for-sale 7 11 7 (4 ) Write-down of available-for-sale (1) — (1 ) — (1 ) Net unrealized gains (losses) on equity securities still held 12 21 44 32 Net unrealized gains (losses) on limited partnerships (52 ) 40 (9 ) 40 Commercial mortgage loans (1 ) — (3 ) (2 ) Derivative instruments (2) (8 ) (1 ) (7 ) 11 Other — — (3 ) (1 ) Net investment gains (losses) $ (61 ) $ 39 $ (12 ) $ 28 (1) Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2) See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three and six months ended June 30, 2024: (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: Commercial mortgage-backed $ 7 $ — $ — $ (7 ) $ — $ — $ — $ — Total available-for-sale fixed maturity $ 7 $ — $ — $ (7 ) $ — $ — $ — $ — The following table credit lo available-for-sale (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: U.S. corporate $ 9 $ — $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed 6 — — (2 ) — — — 4 Total available-for-sale fixed maturity $ 15 $ — $ — $ (9 ) $ — $ (2 ) $ — $ 4 The following table represents the allowance for credit losses aggregated by security type for available-for-sale (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: U.S. corporate $ — $ 9 $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed — 6 — (2 ) — — — 4 Total available-for-sale $ — $ 15 $ — $ (9 ) $ — $ (2 ) $ — $ 4 (c) Unrealized Investment Gains and Losses Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Net unrealized gains (losses) on fixed maturity securities without an allowance for $ (3,765 ) $ (2,577 ) Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses — — Adjustments to 79 52 Income taxes, net 600 352 Net unrealized investment gains (losses) (3,086 ) (2,173 ) Less: net unrealized investment gains (losses) attributable to noncontrolling interests (44 ) (43 ) Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ (3,042 ) $ (2,130 ) The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Beginning balance $ (2,615 ) $ (2,500 ) $ (2,130 ) $ (3,407 ) Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (575 ) (755 ) (1,229 ) 415 Adjustments to policyholder contract balances (1) 13 13 27 (6 ) Provision for income taxes 120 158 257 (87 ) Change in unrealized gains (losses) on investment securities (442 ) (584 ) (945 ) 322 Reclassification adjustments to net investment (gains) losses, net of taxes of $(4), $(7), $(9) and $(10) 15 23 32 36 Change in net unrealized investment gains (losses) (427 ) (561 ) (913 ) 358 Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests — (5 ) (1 ) 7 Ending balance $ (3,042 ) $ (3,056 ) $ (3,042 ) $ (3,056 ) (1) See note 10 for additional information. Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis. (d) Fixed Maturity Securities As of June 30, 2024, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,777 $ 38 $ (303 ) $ — $ 3,512 State and political subdivisions 2,453 10 (295 ) — 2,168 Non-U.S. 804 8 (103 ) — 709 U.S. corporate: Utilities 4,639 47 (454 ) — 4,232 Energy 2,448 43 (169 ) — 2,322 Finance and insurance 7,703 55 (730 ) — 7,028 Consumer—non-cyclical 4,671 62 (380 ) — 4,353 Technology and communications 3,011 47 (308 ) — 2,750 Industrial 1,186 14 (106 ) — 1,094 Capital goods 2,268 36 (159 ) — 2,145 Consumer—cyclical 1,660 14 (121 ) — 1,553 Transportation 1,121 32 (91 ) — 1,062 Other 288 2 (16 ) — 274 Total U.S. corporate 28,995 352 (2,534 ) — 26,813 Non-U.S. Utilities 778 — (68 ) — 710 Energy 1,078 23 (54 ) — 1,047 Finance and insurance 1,961 33 (142 ) — 1,852 Consumer—non-cyclical 672 3 (77 ) — 598 Technology and communications 881 6 (81 ) — 806 Industrial 846 9 (52 ) — 803 Capital goods 639 4 (48 ) — 595 Consumer—cyclical 249 1 (19 ) — 231 Transportation 441 11 (30 ) — 422 Other 609 8 (45 ) — 572 Total non-U.S. 8,154 98 (616 ) — 7,636 Residential mortgage-backed 906 4 (59 ) — 851 Commercial mortgage-backed 1,605 1 (294 ) — 1,312 Other asset-backed 2,304 6 (78 ) — 2,232 Total available-for-sale fixed maturity $ 48,998 $ 517 $ (4,282 ) $ — $ 45,233 As of December 31, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized cost or cost Gross unrealized gains Gross unrealized losses Allowance for credit losses Fair value Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,588 $ 121 $ (215 ) $ — $ 3,494 State and political subdivisions 2,537 24 (259 ) — 2,302 Non-U.S. 703 15 (92 ) — 626 U.S. corporate: Utilities 4,521 104 (352 ) — 4,273 Energy 2,449 66 (143 ) — 2,372 Finance and insurance 7,813 99 (634 ) — 7,278 Consumer—non-cyclical 4,648 129 (272 ) — 4,505 Technology and communications 3,187 75 (239 ) — 3,023 Industrial 1,294 27 (88 ) — 1,233 Capital goods 2,230 69 (118 ) — 2,181 Consumer—cyclical 1,715 30 (96 ) — 1,649 Transportation 1,187 44 (69 ) — 1,162 Other 316 6 (13 ) — 309 Total U.S. corporate 29,360 649 (2,024 ) — 27,985 Non-U.S. Utilities 739 1 (55 ) — 685 Energy 1,038 34 (45 ) — 1,027 Finance and insurance 2,041 47 (140 ) — 1,948 Consumer—non-cyclical 669 8 (61 ) — 616 Technology and communications 944 12 (65 ) — 891 Industrial 829 17 (49 ) — 797 Capital goods 591 8 (38 ) — 561 Consumer—cyclical 236 2 (17 ) — 221 Transportation 369 15 (20 ) — 364 Other 726 18 (43 ) — 701 Total non-U.S. 8,182 162 (533 ) — 7,811 Residential mortgage-backed 953 8 (54 ) — 907 Commercial mortgage-backed 1,714 1 (290 ) (7 ) 1,418 Other asset-backed 2,328 6 (96 ) — 2,238 Total available-for-sale fixed maturity $ 49,365 $ 986 $ (3,563 ) $ (7 ) $ 46,781 The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of June 30, 2024: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 688 $ (13 ) 60 $ 1,299 $ (290 ) 49 $ 1,987 $ (303 ) 109 State and political subdivisions 253 (6 ) 38 1,571 (289 ) 262 1,824 (295 ) 300 Non-U.S. 164 (3 ) 32 420 (100 ) 61 584 (103 ) 93 U.S. corporate 3,397 (108 ) 500 16,313 (2,426 ) 2,095 19,710 (2,534 ) 2,595 Non-U.S. 814 (16 ) 115 4,856 (600 ) 636 5,670 (616 ) 751 Residential mortgage-backed 96 (1 ) 55 495 (58 ) 168 591 (59 ) 223 Commercial mortgage-backed — — — 1,286 (294 ) 216 1,286 (294 ) 216 Other asset-backed 108 (1 ) 37 1,226 (77 ) 266 1,334 (78 ) 303 Total for fixed maturity securities in an unrealized loss position $ 5,520 $ (148 ) 837 $ 27,466 $ (4,134 ) 3,753 $ 32,986 $ (4,282 ) 4,590 % Below cost: <20% Below cost $ 5,445 $ (125 ) 829 $ 23,296 $ (2,635 ) 3,175 $ 28,741 $ (2,760 ) 4,004 20%-50% 75 (23 ) 8 4,170 (1,499 ) 578 4,245 (1,522 ) 586 Total for fixed maturity securities in an unrealized loss position $ 5,520 $ (148 ) 837 $ 27,466 $ (4,134 ) 3,753 $ 32,986 $ (4,282 ) 4,590 Investment grade $ 5,413 $ (146 ) 814 $ 26,434 $ (4,006 ) 3,604 $ 31,847 $ (4,152 ) 4,418 Below investment grade 107 (2 ) 23 1,032 (128 ) 149 1,139 (130 ) 172 Total for fixed maturity securities $ 5,520 $ (148 ) 837 $ 27,466 $ (4,134 ) 3,753 $ 32,986 $ (4,282 ) 4,590 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of June 30, 2024: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities U.S. corporate: Utilities $ 855 $ (18 ) 114 $ 2,096 $ (436 ) 309 $ 2,951 $ (454 ) 423 Energy 256 (19 ) 49 1,254 (150 ) 162 1,510 (169 ) 211 Finance and insurance 648 (13 ) 88 4,996 (717 ) 625 5,644 (730 ) 713 Consumer—non-cyclical 573 (17 ) 82 2,483 (363 ) 273 3,056 (380 ) 355 Technology and communications 323 (13 ) 53 1,936 (295 ) 256 2,259 (308 ) 309 Industrial 150 (5 ) 17 670 (101 ) 92 820 (106 ) 109 Capital goods 242 (14 ) 41 1,106 (145 ) 142 1,348 (159 ) 183 Consumer—cyclical 179 (4 ) 34 1,047 (117 ) 142 1,226 (121 ) 176 Transportation 127 (4 ) 17 582 (87 ) 75 709 (91 ) 92 Other 44 (1 ) 5 143 (15 ) 19 187 (16 ) 24 Subtotal, U.S. corporate securities 3,397 (108 ) 500 16,313 (2,426 ) 2,095 19,710 (2,534 ) 2,595 Non-U.S. Utilities 104 (2 ) 11 575 (66 ) 65 679 (68 ) 76 Energy 122 (2 ) 15 450 (52 ) 53 572 (54 ) 68 Finance and insurance 144 (2 ) 29 1,328 (140 ) 186 1,472 (142 ) 215 Consumer—non-cyclical 97 (5 ) 14 416 (72 ) 50 513 (77 ) 64 Technology and communications 63 (1 ) 9 597 (80 ) 74 660 (81 ) 83 Industrial 94 (1 ) 16 418 (51 ) 60 512 (52 ) 76 Capital goods 105 (2 ) 12 356 (46 ) 47 461 (48 ) 59 Consumer—cyclical — — — 170 (19 ) 25 170 (19 ) 25 Transportation — — — 266 (30 ) 35 266 (30 ) 35 Other 85 (1 ) 9 280 (44 ) 41 365 (45 ) 50 Subtotal, non-U.S. 814 (16 ) 115 4,856 (600 ) 636 5,670 (616 ) 751 Total for corporate securities $ 4,211 $ (124 ) 615 $ 21,169 $ (3,026 ) 2,731 $ 25,380 $ (3,150 ) 3,346 We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increased interest rates and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost. The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 28 $ (1 ) 6 $ 1,353 $ (214 ) 50 $ 1,381 $ (215 ) 56 State and political subdivisions 121 (2 ) 18 1,581 (257 ) 268 1,702 (259 ) 286 Non-U.S. — — — 448 (92 ) 67 448 (92 ) 67 U.S. corporate 1,054 (30 ) 142 17,019 (1,994 ) 2,164 18,073 (2,024 ) 2,306 Non-U.S. 157 (5 ) 19 5,180 (528 ) 684 5,337 (533 ) 703 Residential mortgage-backed 62 (1 ) 31 477 (53 ) 156 539 (54 ) 187 Commercial mortgage-backed 37 (1 ) 7 1,349 (289 ) 224 1,386 (290 ) 231 Other asset-backed — — — 1,624 (96 ) 327 1,624 (96 ) 327 Total for fixed maturity securities in an unrealized loss position $ 1,459 $ (40 ) 223 $ 29,031 $ (3,523 ) 3,940 $ 30,490 $ (3,563 ) 4,163 % Below cost: <20% Below cost $ 1,450 $ (37 ) 221 $ 26,032 $ (2,509 ) 3,542 $ 27,482 $ (2,546 ) 3,763 20%-50% 9 (3 ) 2 2,999 (1,014 ) 398 3,008 (1,017 ) 400 Total for fixed maturity securities in an unrealized loss position $ 1,459 $ (40 ) 223 $ 29,031 $ (3,523 ) 3,940 $ 30,490 $ (3,563 ) 4,163 Investment grade $ 1,441 $ (40 ) 221 $ 27,804 $ (3,394 ) 3,762 $ 29,245 $ (3,434 ) 3,983 Below investment grade 18 — 2 1,227 (129 ) 178 1,245 (129 ) 180 Total for fixed maturity securities $ 1,459 $ (40 ) 223 $ 29,031 $ (3,523 ) 3,940 $ 30,490 $ (3,563 ) 4,163 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of Description of Securities U.S. corporate: Utilities $ 177 $ (2 ) 21 $ 2,129 $ (350 ) 308 $ 2,306 $ (352 ) 329 Energy 122 (2 ) 20 1,343 (141 ) 168 1,465 (143 ) 188 Finance and insurance 274 (8 ) 42 5,192 (626 ) 645 5,466 (634 ) 687 Consumer—non-cyclical 173 (6 ) 18 2,529 (266 ) 280 2,702 (272 ) 298 Technology and communications 105 (6 ) 19 2,100 (233 ) 269 2,205 (239 ) 288 Industrial 50 (1 ) 6 702 (87 ) 96 752 (88 ) 102 Capital goods — — — 1,193 (118 ) 150 1,193 (118 ) 150 Consumer—cyclical 88 (1 ) 11 1,073 (95 ) 148 1,161 (96 ) 159 Transportation 65 (4 ) 5 621 (65 ) 82 686 (69 ) 87 Other — — — 137 (13 ) 18 137 (13 ) 18 Subtotal, U.S. corporate securities 1,054 (30 ) 142 17,019 (1,994 ) 2,164 18,073 (2,024 ) 2,306 Non-U.S. Utilities — — — 609 (55 ) 68 609 (55 ) 68 Energy 39 (1 ) 4 487 (44 ) 59 526 (45 ) 63 Finance and insurance 100 (2 ) 10 1,358 (138 ) 203 1,458 (140 ) 213 Consumer—non-cyclical — — — 471 (61 ) 55 471 (61 ) 55 Technology and communications — — — 659 (65 ) 83 659 (65 ) 83 Industrial 18 (2 ) 5 436 (47 ) 61 454 (49 ) 66 Capital goods — — — 384 (38 ) 49 384 (38 ) 49 Consumer—cyclical — — — 188 (17 ) 26 188 (17 ) 26 Transportation — — — 216 (20 ) 30 216 (20 ) 30 Other — — — 372 (43 ) 50 372 (43 ) 50 Subtotal, non-U.S. 157 (5 ) 19 5,180 (528 ) 684 5,337 (533 ) 703 Total for corporate securities $ 1,211 $ (35 ) 161 $ 22,199 $ (2,522 ) 2,848 $ 23,410 $ (2,557 ) 3,009 The scheduled maturity distribution of fixed maturity securities as of June 30, 2024 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. (Amounts in millions) Amortized cost or cost Fair value Due one year or less $ 1,267 $ 1,254 Due after one year through five years 8,281 8,022 Due after five years through ten years 12,210 11,427 Due after ten years 22,425 20,135 Subtotal 44,183 40,838 Residential mortgage-backed 906 851 Commercial mortgage-backed 1,605 1,312 Other asset-backed 2,304 2,232 Total $ 48,998 $ 45,233 As of June 30, 2024, securities issued by finance and insurance, consumer—non-cyclical, As of June 30, 2024, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. (e) Commercial Mortgage Loans Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses. We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Carrying value % of total Carrying value % of total Property type: Retail $ 2,794 42 % $ 2,858 42 % Office 1,457 22 1,481 22 Industrial 1,400 21 1,440 21 Apartments 513 8 522 8 Mixed use 372 5 371 5 Other 156 2 157 2 Subtotal 6,692 100 % 6,829 100 % Allowance for credit losses (30 ) (27 ) Total $ 6,662 $ 6,802 June 30, 2024 December 31, 2023 (Amounts in millions) Carrying value % of Carrying % of total Geographic region: South Atlantic $ 1,808 27 % $ 1,803 26 % Pacific 1,228 18 1,281 19 Mountain 1,002 15 1,029 15 Middle Atlantic 889 13 925 14 West South Central 545 8 553 8 East North Central 442 7 445 6 West North Central 396 6 404 6 East South Central 202 3 206 3 New England 180 3 183 3 Subtotal 6,692 100 % 6,829 100 % Allowance for credit losses (30 ) (27 ) Total $ 6,662 $ 6,802 As of June 30, 2024, we had one commercial mortgage loan with an amortized cost of $11 million that was 61-90 non-accrual non-accrual non-accrual 10-K. During the six months ended June 30, 2024 and the year ended December 31, 2023, we did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan. The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2024 2023 2024 2023 Allowance for credit losses: Beginning balance $ 29 $ 24 $ 27 $ 22 Provision 1 — 3 2 Write-offs — — — — Recoveries — — — — Ending balance $ 30 $ 24 $ 30 $ 24 In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments. The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2024: (Amounts in millions) 2024 2023 2022 2021 2020 2019 and prior Total Debt-to-value: 0% - 50% $ 29 $ 20 $ 74 $ 85 $ 114 $ 1,958 $ 2,280 51% - 60% 6 28 107 239 105 967 1,452 61% - 75% 94 221 738 570 247 1,040 2,910 76% - 100% — — — — 4 46 50 Greater than 100% — — — — — — — Total amortized cost $ 129 $ 269 $ 919 $ 894 $ 470 $ 4,011 $ 6,692 Debt service coverage ratio: Less than 1.00 $ — $ — $ 17 $ 4 $ 17 $ 215 $ 253 1.00 - 1.25 3 14 37 9 16 176 255 1.26 - 1.50 59 171 220 102 66 605 1,223 1.51 - 2.00 42 65 391 416 201 1,454 2,569 Greater than 2.00 25 19 254 363 170 1,561 2,392 Total amortized cost $ 129 $ 269 $ 919 $ 894 $ 470 $ 4,011 $ 6,692 The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: June 30, 2024 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater than 100% Total Property type: Retail $ 922 $ 729 $ 1,143 $ — $ — $ 2,794 Office 346 341 735 35 — 1,457 Industrial 610 251 539 — — 1,400 Apartments 199 62 244 8 — 513 Mixed use 115 59 191 7 — 372 Other 88 10 58 — — 156 Total amortized cost $ 2,280 $ 1,452 $ 2,910 $ 50 $ — $ 6,692 % of total 34 % 22 % 43 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.40 1.85 1.67 0.87 — 1.95 December 31, 2023 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater than 100% Total Property type: Retail $ 945 $ 686 $ 1,227 $ — $ — $ 2,858 Office 350 325 771 35 — 1,481 Industrial 670 250 520 — — 1,440 Apartments 194 61 259 8 — 522 Mixed use 120 61 183 7 — 371 Other 89 10 58 — — 157 Total amortized cost $ 2,368 $ 1,393 $ 3,018 $ 50 $ — $ 6,829 % of total 35 % 20 % 44 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.42 1.87 1.66 0.87 — 1.96 The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by June 30, 2024 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater than 2.00 Total Property type: Retail $ 49 $ 106 $ 578 $ 1,120 $ 941 $ 2,794 Office 99 45 244 601 468 1,457 Industrial 42 30 209 472 647 1,400 Apartments 12 50 79 184 188 513 Mixed use 27 10 91 161 83 372 Other 24 14 22 31 65 156 Total amortized cost $ 253 $ 255 $ 1,223 $ 2,569 $ 2,392 $ 6,692 % of total 4 % 4 % 18 % 38 % 36 % 100 % Weighted-average debt-to-value 63 % 62 % 64 % 57 % 46 % 55 % December 31, 2023 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater than 2.00 Total Property type: Retail $ 54 $ 105 $ 583 $ 1,142 $ 974 $ 2,858 Office 105 48 244 615 469 1,481 Industrial 43 30 181 471 715 1,440 Apartments 12 51 86 187 186 522 Mixed use 27 14 80 164 86 371 Other 24 15 22 32 64 157 Total amortized cost $ 265 $ 263 $ 1,196 $ 2,611 $ 2,494 $ 6,829 % of total 4 % 4 % 17 % 38 % 37 % 100 % Weighted-average debt-to-value 64 % 63 % 65 % 58 % 46 % 55 % |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments | (5) Derivative Instruments Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges. The following table sets forth our positions in derivative instruments as of the dates indicated: Derivative assets Derivative liabilities Fair value Fair value (Amounts in millions) Balance sheet classification June 30, December 31, Balance sheet classification June 30, 2024 December 31, 2023 Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 26 $ 55 Other liabilities $ 636 $ 490 Foreign currency swaps Other invested assets 12 10 Other liabilities 1 2 Forward bond purchase commitments Other invested assets 21 51 Other liabilities 13 — Total cash flow hedges 59 116 650 492 Total derivatives designated as hedges 59 116 650 492 Derivatives not designated as hedges Equity index options Other invested assets 21 15 Other liabilities — — Financial futures (1) Other invested assets — — Other liabilities — — Forward bond purchase commitments Other invested assets — — Other liabilities 20 9 Fixed indexed annuity embedded derivatives Other assets — — Policyholder account balances (2) 160 165 Indexed universal life embedded derivatives Reinsurance recoverable — — Policyholder account balances (3) 16 15 Total derivatives not designated as hedges 21 15 196 189 Total derivatives $ 80 $ 131 $ 846 $ 681 (1) The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis. (2) Represents the embedded derivatives associated with our fixed indexed annuity liabilities. (3) Represents the embedded derivatives associated with our indexed universal life liabilities. The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements. The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for fixed indexed annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated: December 31, Maturities/ June 30, (Notional in millions) Measurement 2023 Additions terminations 2024 Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 8,975 $ 231 $ (399 ) $ 8,807 Foreign currency swaps Notional 131 13 — 144 Forward bond purchase commitments Notional 1,075 1,528 — 2,603 Total cash flow hedges 10,181 1,772 (399 ) 11,554 Total derivatives designated as hedges 10,181 1,772 (399 ) 11,554 Derivatives not designated as hedges Equity index options Notional 702 308 (357 ) 653 Financial futures Notional 1,251 2,363 (2,455 ) 1,159 Forward bond purchase commitments Notional 500 — — 500 Total derivatives not designated as hedges 2,453 2,671 (2,812 ) 2,312 Total derivatives $ 12,634 $ 4,443 $ (3,211 ) $ 13,866 December 31, Maturities/ June 30, (Number of policies) Measurement 2023 Additions terminations 2024 Derivatives not designated as hedges Fixed indexed annuity embedded derivatives Policies 5,826 — (530 ) 5,296 Indexed universal life embedded derivatives Policies 749 — (17 ) 732 Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of other comprehensive income (loss) (“OCI”). We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; (v) forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds; and (vi) other instruments to hedge the cash flows of various forecasted transactions. The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2024: (Amounts in millions) Gain (loss) Gain (loss) net income from OCI Classification of gain (loss) reclassified into net income Gain (loss) Classification of gain Interest rate swaps hedging assets $ (77 ) $ 52 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 1 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (1 ) Interest expense — Net investment gains (losses) Foreign currency swaps 2 — Net investment income — Net investment gains (losses) Forward bond purchase commitments (33 ) — Net investment gains (losses) — Net investment gains (losses) Total $ (108 ) $ 52 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2023: (Amounts in millions) Gain (loss) Gain (loss) from OCI Classification of gain (loss) reclassified into net income Gain (loss) Classification of gain (loss) recognized in Interest rate swaps hedging assets $ (104 ) $ 55 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 3 Net investment gains (losses) — Net investment gains (losses) Foreign currency swaps (2 ) — Net investment income — Net investment gains (losses) Total $ (106 ) $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2024: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain net income Interest rate swaps hedging assets $ (225 ) $ 105 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 5 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (2 ) Interest expense — Net investment gains (losses) Foreign currency swaps 3 — Net investment income — Net investment gains (losses) Forward bond purchase commitments (44 ) — Net investment gains (losses) — Net investment gains (losses) Total $ (266 ) $ 108 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2023: (Amounts in millions) Gain (loss) Gain (loss) reclassified into net income from OCI Classification of gain Gain (loss) recognized in net income Classification of gain (loss) recognized in Interest rate swaps hedging assets $ 42 $ 109 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 8 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (1 ) Interest expense — Net investment gains (losses) Interest rate swaps hedging liabilities — 1 Net investment gains (losses) — Net investment gains (losses) Foreign currency swaps (3 ) — Net investment income — Net investment gains (losses) Foreign currency swaps — 2 Net investment gains (losses) — Net investment gains (losses) Total $ 39 $ 119 $ — The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” as of and for the periods indicated: Three months ended June 30, Six months ended (Amounts in millions) 2024 2023 2024 2023 Beginning balance $ 849 $ 1,274 $ 1,010 $ 1,200 Current period increases (decreases) in fair value, net of deferred taxes of $23, $23, $56 and $(8) (85 ) (83 ) (210 ) 31 Reclassification to net (income), net of deferred taxes of $18, $21, $38 and $42 (34 ) (37 ) (70 ) (77 ) Ending balance $ 730 $ 1,154 $ 730 $ 1,154 The total of derivatives designated as cash flow hedges of $ million, net of taxes, recorded in stockholders’ equity as of June 30, 2024 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $ million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by . During the six months ended June 30, 2024 and 2023, we reclassified $ million and $ million, respectively, to net income in connection with forecasted transactions that were no longer considered reasonably possible of occurring. Derivatives Not Designated As Hedges We enter into certain non-qualifying derivative instruments such as equity index options and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed indexed annuities and indexed universal life. Our fixed indexed annuity and indexed universal life insurance products with certain features are required to be bifurcated as embedded derivatives. Additionally, we have forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds. The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: Three months ended Six months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2024 2023 2024 2023 Equity index options $ 1 $ 5 $ 6 $ 6 Net investment gains (losses) Financial futures (15 ) (65 ) (79 ) (67 ) Changes in fair value of market risk benefits and associated hedges Forward bond purchase commitments (7 ) (3 ) (11 ) (3 ) Net investment gains (losses) Fixed indexed annuity embedded derivatives (5 ) (8 ) (13 ) (10 ) Net investment gains (losses) Indexed universal life embedded derivatives 2 2 6 7 Net investment gains (losses) Total derivatives not designated as hedges $ (24 ) $ (69 ) $ (91 ) $ (67 ) Derivative Counterparty Credit Risk Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Derivative (1) Derivative liabilities (1) Net derivatives Derivative assets (1) Derivative liabilities (1) Net derivatives Amounts presented in the balance sheet: Gross amounts recognized $ 80 $ 670 $ (590 ) $ 131 $ 501 $ (370 ) Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 80 670 (590 ) 131 501 (370 ) Gross amounts not offset in the balance sheet: Financial instruments (2) (38 ) (38 ) — (59 ) (59 ) — Collateral received (17 ) — (17 ) (19 ) — (19 ) Collateral pledged — (1,288 ) 1,288 — (1,100 ) 1,100 Over collateralization 2 656 (654 ) — 658 (658 ) Net amount $ 27 $ — $ 27 $ 53 $ — $ 53 (1) Does not include amounts related to embedded derivatives as of June 30, 2024 and December 31, 2023. (2) Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value of Financial Instruments | (6) Fair Value of Financial Instruments Recurring Fair Value Measurements We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, separate account assets, market risk benefits (“MRBs”) and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument. Fixed maturity securities, equity securities and short-term investments The fair value of fixed maturity securities, equity securities and short-term investments is estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which may use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. These valuation techniques may change from period to period, based on the relevance and availability of market data. Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information. In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services. Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3. Broker quotes may be utilized when pricing services data is not available and are typically classified as Level 3 due to the use of significant unobservable inputs. For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placements with the public bonds, price caps, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of June 30, 2024. For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3. Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3. A summary of the inputs used for our financial instruments carried at fair value based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar. Level 1 measurements Equity securities. Separate account assets. Level 2 measurements Fixed maturity securities • Third-party pricing services: of our portfolio was priced using third-party pricing services as of June 30, 2024. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers. The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturit securities that are classified as Level 2 as of June 30, 2024: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies and government-sponsored enterprises $ 3,512 Price quotes from trading desk, broker feeds Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread State and political subdivisions $ 2,103 Multi-dimensional attribute-based modeling systems, third-party pricing vendors Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes Non-U.S. $ 709 Matrix pricing, spread priced to benchmark curves, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer U.S. corporate $ 23,287 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports Non-U.S. $ 5,976 Multi-dimensional attribute-based modeling systems, OAS-based Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer Residential mortgage-backed $ 849 OAS-based Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports Commercial mortgage-backed $ 1,301 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports Other asset-backed $ 2,119 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports • Internal models: non-U.S. Equity securities. The primary inputs to the valuation include quoted prices for identical asset , or similar assets in markets that are not active. Short-term investments. Level 3 measurements Fixed maturity securities • Broker quotes: non-U.S. 205 • Internal models: non-U.S. Equity securities. Limited partnerships. Short-term investments. Net asset value Limited partnerships. Derivatives We consider counterparty collateral arrangements and rights of set-off non-performance non-performance non-performance Interest rate swaps. The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2. Foreign currency swaps. Equity index options. Financial futures. daily basis. Forward bond purchase commitments. Fixed indexed annuity and indexed universal life embedded derivatives. non-performance Market risk benefits MRBs are contracts or contract features that provide protection to the contractholder from and expose us to other-than-nominal capital market risk. MRBs include certain contract features on fixed and variable annuity products that provide minimum guarantees, in addition to the policyholder account balance, such as guaranteed minimum death benefits (“GMDBs”), guaranteed minimum withdrawal benefits (“GMWBs”) and guaranteed payout annuity floor benefits (“GPAFs”). MRBs are measured at fair value using an income-based valuation model based on current net amounts at risk, market data, experience and other factors. MRB assets and liabilities for minimum guarantees are valued and presented separately from the related separate account and policyholder account balances. Fixed indexed annuities The valuation of fixed indexed annuities MRBs, which includes GMWB features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our fixed indexed annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the fixed indexed annuities MRBs. We determine fair value using an internal model based on the various inputs noted above. As a result of our assumptions for GMWB utilization, expected future interest credited and non-performance risk being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases or GMWB utilization increases, the value of our fixed indexed annuities MRB liability will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the liability. As of June 30, 2024, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. Refer to note 11 for additional details related to the changes in the fair value measurement of fixed indexed annuities MRBs as of June 30, 2024 and December 31, 2023. Variable annuities The valuation of our variable annuities MRBs, which includes GMWB, GMDB and GPAF features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), equity index volatility, interest rates, equity index and fund correlation and an adjustment to the discount rate to incorporate non-performance non-performance non-performance non-performance The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: June 30, 2024 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,512 $ — $ 3,512 $ — $ — State and political subdivisions 2,168 — 2,103 65 — Non-U.S. 709 — 709 — — U.S. corporate: Utilities 4,232 — 3,389 843 — Energy 2,322 — 2,277 45 — Finance and insurance 7,028 — 6,348 680 — Consumer—non-cyclical 4,353 — 4,290 63 — Technology and communications 2,750 — 2,738 12 — Industrial 1,094 — 1,079 15 — Capital goods 2,145 — 2,091 54 — Consumer—cyclical 1,553 — 1,436 117 — Transportation 1,062 — 1,042 20 — Other 274 — 139 135 — Total U.S. corporate 26,813 — 24,829 1,984 — Non-U.S. Utilities 710 — 430 280 — Energy 1,047 — 928 119 — Finance and insurance 1,852 — 1,719 133 — Consumer—non-cyclical 598 — 521 77 — Technology and communications 806 — 789 17 — Industrial 803 — 743 60 — Capital goods 595 — 550 45 — Consumer—cyclical 231 — 224 7 — Transportation 422 — 400 22 — Other 572 — 521 51 — Total non-U.S. 7,636 — 6,825 811 — Residential mortgage-backed 851 — 849 2 — Commercial mortgage-backed 1,312 — 1,301 11 — Other asset-backed 2,232 — 2,119 113 — Total fixed maturity securities 45,233 — 42,247 2,986 — Equity securities 435 364 29 42 — Limited partnerships 2,314 — — 16 2,298 Other invested assets: Derivative assets: Interest rate swaps 26 — 26 — — Foreign currency swaps 12 — 12 — — Equity index options 21 — — 21 — Forward bond purchase commitments 21 — — 21 — Total derivative assets 80 — 38 42 — Short-term investments 12 — 12 — — Total other invested assets 92 — 50 42 — Separate account assets 4,553 4,553 — — — Total assets $ 52,627 $ 4,917 $ 42,326 $ 3,086 $ 2,298 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. December 31, 2023 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,494 $ — $ 3,494 $ — $ — State and political subdivisions 2,302 — 2,242 60 — Non-U.S. 626 — 626 — — U.S. corporate: Utilities 4,273 — 3,392 881 — Energy 2,372 — 2,312 60 — Finance and insurance 7,278 — 6,561 717 — Consumer—non-cyclical 4,505 — 4,436 69 — Technology and communications 3,023 — 3,011 12 — Industrial 1,233 — 1,210 23 — Capital goods 2,181 — 2,146 35 — Consumer—cyclical 1,649 — 1,527 122 — Transportation 1,162 — 1,140 22 — Other 309 — 160 149 — Total U.S. corporate 27,985 — 25,895 2,090 — Non-U.S. Utilities 685 — 416 269 — Energy 1,027 — 896 131 — Finance and insurance 1,948 — 1,814 134 — Consumer—non-cyclical 616 — 535 81 — Technology and communications 891 — 867 24 — Industrial 797 — 734 63 — Capital goods 561 — 508 53 — Consumer—cyclical 221 — 220 1 — Transportation 364 — 342 22 — Other 701 — 649 52 — Total non-U.S. 7,811 — 6,981 830 — Residential mortgage-backed 907 — 904 3 — Commercial mortgage-backed 1,418 — 1,407 11 — Other asset-backed 2,238 — 2,136 102 — Total fixed maturity securities 46,781 — 43,685 3,096 — Equity securities 396 321 43 32 — Limited partnerships 2,193 — — 20 2,173 Other invested assets: Derivative assets: Interest rate swaps 55 — 55 — — Foreign currency swaps 10 — 10 — — Equity index options 15 — — 15 — Forward bond purchase commitments 51 — — 51 — Total derivative assets 131 — 65 66 — Short-term investments 27 — 20 7 — Total other invested assets 158 — 85 73 — Separate account assets 4,509 4,509 — — — Total assets $ 54,037 $ 4,830 $ 43,813 $ 3,221 $ 2,173 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The following tables present additional information about assets measured at Beginning balance as of April 1, 2024 Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Ending balance as of June 30, 2024 Total gains (losses) attributable to assets still held (Amounts in millions) Included in net income Included in OCI Included in net income Included in OCI Fixed maturity securities: State and political subdivisions $ 65 $ 1 $ (1 ) $ — $ — $ — $ — $ — $ — $ 65 $ 1 $ (1 ) U.S. corporate: Utilities 867 — (15 ) — (13 ) — — 8 (4 ) 843 — (17 ) Energy 60 (1 ) 1 — (4 ) — (11 ) — — 45 — — Finance and insurance 730 1 — — — — (65 ) 14 — 680 — (3 ) Consumer—non-cyclical 64 — (1 ) — — — — — — 63 — (1 ) Technology and communications 12 — — — — — — — — 12 — — Industrial 15 — — — — — — — — 15 — — Capital goods 34 — — 20 — — — — — 54 — — Consumer—cyclical 118 — — — — — (1 ) — — 117 — — Transportation 21 — — — — — (1 ) — — 20 — — Other 143 — (1 ) — — — (7 ) — — 135 — (1 ) Total U.S. corporate 2,064 — (16 ) 20 (17 ) — (85 ) 22 (4 ) 1,984 — (22 ) Non-U.S. Utilities 260 — (5 ) 25 — — — — — 280 — (6 ) Energy 130 — — — — — (11 ) — — 119 — — Finance and insurance 132 1 — — — — — — — 133 1 — Consumer—non-cyclical 77 — — — — — — — — 77 — (1 ) Technology and communications 24 — — — — — (7 ) — — 17 — — Industrial 61 — (1 ) — — — — — — 60 — (1 ) Capital goods 33 — (2 ) 14 — — — — — 45 — (1 ) Consumer—cyclical 1 — (1 ) 7 — — — — — 7 — — Transportation 22 — — — — — — — — 22 — — Other 51 — — — — — — — — 51 — — Total non-U.S. 791 1 (9 ) 46 — — (18 ) — — 811 1 (9 ) Residential mortgage-backed 3 — — — — — (1 ) — — 2 — — Commercial mortgage-backed 11 — — — — — — — — 11 — — Other asset-backed 108 — (1 ) 25 — — (5 ) — (14 ) 113 — — Total fixed maturity securities 3,042 2 (27 ) 91 (17 ) — (109 ) 22 (18 ) 2,986 2 (32 ) Equity securities 32 — — 18 (8 ) — — — — 42 — — Limited partnerships 19 (3 ) — — — — — — — 16 (3 ) — Other invested assets: Derivative assets: Equity index options 20 1 — 4 — — (4 ) — — 21 2 — Forward bond purchase commitments 41 — (20 ) — — — — — — 21 — (15 ) Total derivative assets 61 1 (20 ) 4 — — (4 ) — — 42 2 (15 ) Total other invested assets 61 1 (20 ) 4 — — (4 ) — — 42 2 (15 ) Total Level 3 assets $ 3,154 $ — $ (47 ) $ 113 $ (25 ) $ — $ (113 ) $ 22 $ (18 ) $ 3,086 $ 1 $ (47 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning balance as of April 1, 2023 Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Transfer into Level 3 (1) Transfer out of Level 3 (1) Ending balance as of June 30, 2023 Total gains (losses) attributable to assets still held (Amounts in millions) Included in net income Included in OCI Included in net income Included in OCI Fixed maturity securities: State and political subdivisions $ 59 $ 1 $ — $ — $ — $ — $ — $ — $ — $ 60 $ 1 $ — U.S. corporate: Utilities 859 — (11 ) — (31 ) — (10 ) 11 — 818 — (18 ) Energy 115 — — — — — (1 ) — (55 ) 59 — (1 ) Finance and insurance 697 — (6 ) 48 — — (30 ) — (5 ) 704 — (10 ) Consumer—non-cyclical 69 — (1 ) — — — — — — 68 — (1 ) Technology and communications 12 — (1 ) — — — — — — 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — (1 ) Consumer—cyclical 127 — (2 ) 1 — — (2 ) — — 124 — (2 ) Transportation 24 — (1 ) — — — — — — 23 — — Other 156 — 1 — — — (4 ) — — 153 — 1 Total U.S. corporate 2,115 — (21 ) 49 (31 ) — (47 ) 11 (60 ) 2,016 — (32 ) Non-U.S. corporate: Utilities 298 — (9 ) 1 — — — 30 — 320 — (8 ) Energy 119 — (2 ) — — — — — — 117 — (2 ) Finance and insurance 131 2 (7 ) — — — — — — 126 2 (6 ) Consumer—non-cyclical 73 — — — — — — — — 73 — (1 ) Technology and communications 26 — — — — — — — — 26 — — Industrial 75 — — — — — — — — 75 — (1 ) Capital goods 52 — (1 ) — — — — — — 51 — — Consumer—cyclical 9 — 1 — — — (1 ) — — 9 — — Transportation 22 — (1 ) — — — — — — 21 — (1 ) Other 22 — (1 ) — — — — — — 21 — — Total non-U.S. corporate 827 2 (20 ) 1 — — (1 ) 30 — 839 2 (19 ) Residential mortgage-backed 8 — 1 — — — (1 ) — — 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 95 — (1 ) 10 — — — — — 104 — (1 ) Total fixed maturity securities 3,116 3 (41 ) 60 (32 ) — (49 ) 41 (60 ) 3,038 3 (52 ) Equity securities 33 — — 1 (4 ) — — — — 30 — — Limited partnerships 22 (1 ) — — — — — — — 21 (1 ) — Other invested assets: Derivative assets: Equity index options 10 5 — 2 — — (2 ) — — 15 4 — Total derivative assets 10 5 — 2 — — (2 ) — — 15 4 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 10 5 — 9 — — (2 ) — — 22 4 — Total Level 3 assets $ 3,181 $ 7 $ (41 ) $ 70 $ (36 ) $ — $ (51 ) $ 41 $ (60 ) $ 3,111 $ 6 $ (52 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning balance as of January 1, 2024 Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Transfer into Level 3 (1) Transfer (1) Ending balance as of June 30, 202 4 Total gains (losses) attributable to assets still held (Amounts in millions) I nclude income Included in OCI Included income Included in OCI Fixed maturity securities: State and political subdivisions $ 60 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 65 $ 2 $ 3 U.S. corporate: Utilities 881 — (35 ) 32 (13 ) — (26 ) 8 (4 ) 843 — (37 ) Energy 60 (1 ) 1 — (4 ) — (11 ) — — 45 — — Finance and insurance 717 1 (6 ) — — — (65 ) 33 — 680 — (9 ) Consumer—non-cyclical 69 — (1 ) — — — (5 ) — — 63 — (1 ) Technology and communications 12 — — — — — — — — 12 — — Industrial 23 — — — — — (8 ) — — 15 — — Capital goods 35 — (1 ) 20 — — — — — 54 — (1 ) Consumer—cyclical 122 — (3 ) — — — (2 ) — — 117 — (3 ) Transportation 22 — — — — — (2 ) — — 20 — — Other 149 — (3 ) — — — (11 ) — — 135 — (3 ) Total U.S. corporate 2,090 — (48 ) 52 (17 ) — (130 ) 41 (4 ) 1,984 — (54 ) Non-U.S. corporate: Utilities 269 — (9 ) 35 — — (15 ) — — 280 — (10 ) Energy 131 — (1 ) — — — (11 ) — — 119 — (1 ) Finance and insurance 134 3 (4 ) — — — — — — 133 3 (4 ) Consumer—non-cyclical 81 — (1 ) — — — (3 ) — — 77 — (1 ) Technology and communications 24 — — — — — (7 ) — — 17 — — Industrial 63 — (2 ) — — — (1 ) — — 60 — (2 ) Capital goods 53 — (2 ) 14 — — (20 ) — — 45 — (1 ) Consumer—cyclical 1 — (1 ) 7 — — — — — 7 — — Transportation 22 — — — — — — — — 22 — — Other 52 — (1 ) — — — — — — 51 — (1 ) Total non-U.S. corporate 830 3 (21 ) 56 — — (57 ) — — 811 3 (20 ) Residential mortgage-backed 3 — — — — — (1 ) — — 2 — — Commercial mortgage-backed 11 — — — — — — — — 11 — — Other asset-backed 102 — (1 ) 40 — — (7 ) — (21 ) 113 — (1 ) Total fixed maturity securities 3,096 5 (67 ) 148 (17 ) — (195 ) 41 (25 ) 2,986 5 (72 ) Equity securities 32 — — 18 (8 ) — — — — 42 — — Limited partnerships 20 (4 ) — — — — — — — 16 (4 ) — Other invested assets: Derivative assets: Equity index options 15 6 — 8 — — (8 ) — — 21 6 — Forward bond purchase 51 — (30 ) — — — — — — 21 — (28 ) Total derivative assets 66 6 (30 ) 8 — — (8 ) — — 42 6 (28 ) Short-term investments 7 — — — — — (7 ) — — — — — Total other invested assets 73 6 (30 ) 8 — — (15 ) — — 42 6 (28 ) Total Level 3 assets $ 3,221 $ 7 $ (97 ) $ 174 $ (25 ) $ — $ (210 ) $ 41 $ (25 ) $ 3,086 $ 7 $ (100 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. (Amounts in millions) Beginning balance as of January 1, 2023 Total realized unrealized gains (losses) Transfer into Level 3 (1) Transfer (1) Ending balance as of June 30, 2023 Total attributable to assets still held Included income Included in OCI Purchases Sales Issuances Settlements Included income Included in OCI Fixed maturity securities: State and political subdivisions $ 55 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 60 $ 2 $ 3 U.S. corporate: Utilities 842 — — 40 (40 ) — (10 ) 11 (25 ) 818 — (8 ) Energy 116 — 1 — (1 ) — (2 ) — (55 ) 59 — 1 Finance and insurance 687 — (3 ) 63 — — (35 ) — (8 ) 704 — (6 ) Consumer—non-cyclical 82 — — — — — (14 ) — — 68 — — Technology and communications 24 — — — — — — — (13 ) 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — — Consumer—cyclical 113 — — 1 — — (3 ) 13 — 124 — — Transportation 43 — — — — — (20 ) — — 23 — — Other 159 — 1 — — — (7 ) — — 153 — 1 Total U.S. corporate 2,122 — (1 ) 104 (41 ) — (91 ) 24 (101 ) 2,016 — (12 ) Non-U.S. corporate: Utilities 295 — (4 ) 4 — — (5 ) 30 — 320 — (3 ) Energy 118 — — — — — (1 ) — — 117 — — Finance and insurance 125 3 (2 ) — — — — — — 126 3 (2 ) Consumer—non-cyclical 73 — — — — — — — — 73 — — Technology and communications 26 — — — — — — — — 26 — — Industrial 48 — 2 25 — — — — — 75 — 1 Capital goods 95 1 3 — (12 ) — (36 ) — — 51 — 2 Consumer—cyclical 64 — 7 — (6 ) — (56 ) — — 9 — 1 Transportation 20 — — 1 — — — — — 21 — — Other 21 — — — — — — — — 21 — — Total non-U.S. corporate 885 4 6 30 (18 ) — (98 ) 30 — 839 3 (1 ) Residential 22 — 2 — — — (1 ) — (15 ) 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 94 — 1 12 — — (1 ) — (2 ) 104 — 1 Total fixed maturity securities 3,190 6 11 146 (60 ) — (191 ) 54 (118 ) 3,038 5 (9 ) Equity securities 34 — — 1 (5 ) — — — — 30 — — Limited partnerships 24 (3 ) — — — — — — — 21 (3 ) — Other invested assets: Derivative assets: Equity index options 6 6 — 5 — — (2 ) — — 15 5 — Total derivative assets 6 6 — 5 — — (2 ) — — 15 5 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 6 6 — 12 — — (2 ) — — 22 5 — Total Level 3 assets $ 3,254 $ 9 $ 11 $ 159 $ (65 ) $ — $ (193 ) $ 54 $ (118 ) $ 3,111 $ 7 $ (9 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Total realized and unrealized gains (losses) included in net income: Net investme $ 3 $ 3 $ 6 $ 6 Net investment gai (3 ) 4 1 3 T $ — $ 7 $ 7 $ 9 Total gains (losses) included in net income attributable to assets still held: Net investme $ 2 $ 3 $ 5 $ 5 Net investment gai (1 ) 3 2 2 T $ 1 $ 6 $ 7 $ 7 The amount presented for net investment income relates to fixed maturity securities and primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities. The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of June 30, 2024: (Amounts in millions) Fair value Unobservable input Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities $ 815 Credit spreads 59bps - 229bps 136bps Energy 45 Credit spreads 93bps - 166bps 134bps Finance and insurance 668 Credit spreads 14bps - 213bps 154bps Consumer—non-cyclical 63 Credit spreads 68bps - 210bps 131bps Technology and communications 12 Credit spreads 68bps - 82bps 74bps Industrial 15 Credit spreads 93bps - 166bps 117bps Capital goods 54 Credit spreads 83bps - 160bps 127bps Consumer—cyclical 117 Credit spreads 82bps - 220bps 132bps Transportation 20 Credit spreads 48bps - 134bps 100bps Other 90 Credit spreads 67bps - 122bps 81bps Total U.S. corporate $ 1,899 Credit spreads 14bps - 229bps 138bps Non-U.S. corporate: Utilities $ 243 Credit spreads 84bps - 229bps 131bps Energy 113 Credit spreads 93bps - 175bps 119bps Finance and insurance 133 Credit spreads 101bps - 197bps 125bps Consumer—non-cyclical 75 Credit spreads 83bps - 144bps 100bps Technology and communications 17 Credit spreads 83bps - 119bps 100bps Industrial 59 Credit spreads 109bps - 175bps 144bps Capital goods 38 Credit spreads 97bps - 210bps 149bps Consumer—cyclical 7 Credit spreads 210bps Not applicable Transportation 20 Credit spreads 109bps - 144bps 114bps Other 51 Credit spreads 59bps - 133bps 115bps Total non-U.S. corporate $ 756 Credit spreads 59bps - 229bps 126bps Derivative assets: Equity index options $ 21 Equity index volatility 6% - 46% 23% Forward bond purchase commitments $ 21 Counterparty financing spreads 28bps - 41bps 33bps Other assets (2) $ 117 Lapse rate 2% - 9% 5% Non-performance risk (counterparty credit risk) 42bps - 83bps 69bps Equity index volatility 14% - 30% 22% (1) Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyhol |
Deferred Acquisition Costs
Deferred Acquisition Costs | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Acquisition Costs | (7) Deferred Acquisition Costs The following tables present the balances of and changes in deferred acquisition costs as of and for the periods indicated: June 30, 2024 (Amounts in millions) Long-term care insurance Life insurance Fixed annuities Variable annuities Total Balance as of January 1 $ 879 $ 941 $ 45 $ 98 $ 1,963 Costs deferred — — — — — Amortization (28 ) (64 ) (4 ) (8 ) (104 ) Balance as of June 30 $ 851 $ 877 $ 41 $ 90 1,859 Enact segment 25 Total deferred acquisition costs $ 1,884 December 31, 2023 (Amounts in millions) Long-term care insurance Life insurance Fixed annuities Variable annuities Total Balance as of January 1 $ 935 $ 1,080 $ 57 $ 113 $ 2,185 Costs deferred 1 — — — 1 Amortization (57 ) (139 ) (12 ) (15 ) (223 ) Balance as of December 31 $ 879 $ 941 $ 45 $ 98 1,963 Enact segment 25 Total deferred acquisition costs $ 1,988 |
Future Policy Benefits
Future Policy Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | |
Future Policy Benefits | (8) Future Policy Benefits The following table sets forth our liability for future policy benefits as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Long-term care insurance $ 41,024 $ 43,929 Life insurance 1,585 1,698 Fixed annuities 10,972 11,829 Total long-duration insurance contracts 53,581 57,456 Deferred profit liability 132 128 Cost of reinsurance 61 71 Total future policy benefits $ 53,774 $ 57,655 The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated: June 30, 2024 (Dollar amounts in millions) Long-term care insurance Life insurance Fixed annuities Present value of expected net premiums: Beginning balance as of January 1 $ 18,650 $ 4,180 $ — Beginning balance, at original discount rate $ 18,346 $ 3,918 $ — Effect of changes in cash flow assumptions 31 — — Effect of actual variances from expected experience (251 ) (15 ) — Adjusted beginning balance 18,126 3,903 — Issuances — — 20 Interest accretion 463 108 — Net premiums collected (1) (916 ) (226 ) (20 ) Derecognition (lapses and withdrawals) — — — Other — 1 — Ending balance, at original discount rate 17,673 3,786 — Effect of changes in discount rate assumptions (280 ) 74 — Ending balance as of June 30 $ 17,393 $ 3,860 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 62,579 $ 5,412 $ 11,829 Beginning balance, at original discount rate $ 60,513 $ 5,146 $ 9,920 Effect of changes in cash flow assumptions (55 ) — — Effect of actual variances from expected experience (203 ) (3 ) (42 ) Adjusted beginning balance 60,255 5,143 9,878 Issuances — — 16 Interest accretion 1,641 137 322 Benefit payments (1,984 ) (409 ) (490 ) Derecognition (lapses and withdrawals) — — — Other — — 5 Ending balance, at original discount rate 59,912 4,871 9,731 Effect of changes in discount rate assumptions (1,495 ) 104 1,241 Ending balance as of June 30 $ 58,417 $ 4,975 $ 10,972 Net liability for future policy benefits, before flooring adjustments $ 41,024 $ 1,115 $ 10,972 Flooring adjustments (2) — 470 — Net liability for future policy benefits 41,024 1,585 10,972 Less: reinsurance recoverable 6,994 818 8,365 Net liability for future policy benefits, net of reinsurance recoverable $ 34,030 $ 767 $ 2,607 Weighted-average liability duration (years) 13.0 5.7 10.3 (1) Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (2) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. December 31, 2023 (Dollar amounts in millions) Long-term care insurance Life insurance Fixed annuities Present value of expected net premiums: Beginning balance as of January 1 $ 19,895 $ 4,083 $ — Beginning balance, at original discount rate $ 19,959 $ 3,922 $ — Effect of changes in cash flow assumptions (276 ) 180 — Effect of actual variances from expected experience (365 ) 38 — Adjusted beginning balance 19,318 4,140 — Issuances 2 — 42 Interest accretion 994 217 — Net premiums collected (1) (1,968 ) (439 ) (42 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 18,346 3,918 — Effect of changes in discount rate assumptions 304 262 — Ending balance as of December 31 $ 18,650 $ 4,180 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 61,352 $ 5,556 $ 11,923 Beginning balance, at original discount rate $ 61,148 $ 5,374 $ 10,300 Effect of changes in cash flow assumptions (292 ) 261 (33 ) Effect of actual variances from expected experience (50 ) 61 (30 ) Adjusted beginning balance 60,806 5,696 10,237 Issuances 2 — 35 Interest accretion 3,327 281 663 Benefit payments (3,621 ) (823 ) (1,016 ) Derecognition (lapses and withdrawals) — — — Other (1 ) (8 ) 1 Ending balance, at original discount rate 60,513 5,146 9,920 Effect of changes in discount rate assumptions 2,066 266 1,909 Ending balance as of December 31 $ 62,579 $ 5,412 $ 11,829 Net liability for future policy benefits, before flooring adjustments $ 43,929 $ 1,232 $ 11,829 Flooring adjustments (2) — 466 — Net liability for future policy benefits 43,929 1,698 11,829 Less: reinsurance recoverable 7,572 852 9,008 Net liability for future policy benefits, net of reinsurance recoverable $ 36,357 $ 846 $ 2,821 Weighted-average liability duration (years) 13.7 5.9 11.1 (1) Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (2) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. Long-term care insurance For the six months ended June 30, 2024, the impact of updates to cash flow assumptions resulted in a decrease of $86 million in the liability for future policy benefits primarily due to favorable updates to implementation timing and approval amounts of in-force rate actions. This decrease in the liability for future policy benefits was largely offset in our reinsurance recoverable as the cash flow assumption updates were primarily related to fully reinsured blocks of business. The impact of actual versus expected experience for the six months ended June 30, 2024 resulted in an increase of $48 million in the liability for future policy benefits and included higher benefit utilization. In the fourth quarter of 2023, we completed our annual review of cash flow assumptions including expected claim incidence and terminations, expenses, interest rates, benefit utilization trend and in-force rate actions, among other assumptions. The impact of changes in cash flow assumptions during the year ended December 31, 2023 resulted in a decrease of $ million in the liability for future policy benefits primarily as a result of a favorable update to our disabled life mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near term post the coronavirus pandemic (“COVID-19”). This was partially offset by unfavorable updates to our healthy life assumptions to better reflect near-term experience for cost of care, mortality, incidence and lapse rates. We also evaluated our assumptions regarding expectations of future premium rate increase approvals and benefit reductions and did not make significant changes to our multi-year in-force rate action plan. However, we did increase our assumption for future approvals and benefit reductions given our current plans for rate increase filings and our historical experience regarding approvals and regulatory support, as well as benefit reductions and legal settlement results. The impact of actual versus expected experience during the year ended December 31, 2023 resulted in an increase of $ million in the liability for future policy benefits primarily driven by higher claims and unfavorable timing impacts related to a legal settlement. Life insurance For the six months ended June 30, 2024, the impact of actual versus expected experience resulted in an increase of $12 million in the liability for future policy benefits primarily due to unfavorable mortality impacts. In the fourth quarter of 2023, we completed our annual review of cash flow assumptions and increased our liability for future policy benefits by $81 million primarily as a result of unfavorable updates to our mortality assumptions to better reflect emerging experience related to more modest mortality improvement and to include an expectation that mortality will continue at elevated levels in the near term post-COVID-19. Fixed annuities For the six months ended June 30, 2024, the impact of actual versus expected experience resulted in a decrease of $42 million in the liability for future policy benefits primarily due to favorable mortality. The impact of changes in cash flow assumptions and actual versus expected experience during the year ended December 31, 2023 resulted in decreases of $33 million and $30 million, respectively, in the liability for future policy benefits primarily from favorable mortality. The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated: June 30, 2024 December 31, 2023 Long-term care insurance Interest accretion (locked-in) 5.7 % 5.8 % Current discount rate 5.6 % 5.1 % Life insurance Interest accretion (locked-in) 5.8 % 5.8 % Current discount rate 5.3 % 4.8 % Fixed annuities Interest accretion (locked-in) 6.8 % 6.7 % Current discount rate 5.6 % 5.0 % See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Undiscounted Discounted Undiscounted Discounted Long-term care insurance Expected future gross premiums $ 36,523 $ 24,512 $ 38,279 $ 26,341 Expected future benefit payments $ 122,000 $ 58,417 $ 124,594 $ 62,579 Life insurance Expected future gross premiums $ 10,292 $ 5,788 $ 10,693 $ 6,278 Expected future benefit payments $ 7,107 $ 4,975 $ 7,524 $ 5,412 Fixed annuities Expected future gross premiums $ — $ — $ — $ — Expected future benefit payments $ 23,385 $ 10,972 $ 23,903 $ 11,829 During the six months ended June 30, 2024, we recorded a charge of $5 million to net income due to net premiums exceeding gross premiums, resulting in net premium ratios capped at 100% for certain cohorts in our life insurance products primarily due to higher claim severity. The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to our liability for future policy benefits for the periods indicated: Three months ended June 30, Six months ended June 30, Year ended 2024 2023 2024 2023 December 31, 2023 (Amounts in millions Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Long-term care insurance $ 613 $ 589 $ 671 $ 582 $ 1,243 $ 1,178 $ 1,346 $ 1,160 $ 2,713 $ 2,333 Life insurance 165 14 174 16 334 29 353 33 688 64 Fixed annuities — 160 — 166 — 322 — 334 — 663 Total $ 778 $ 763 $ 845 $ 764 $ 1,577 $ 1,529 $ 1,699 $ 1,527 $ 3,401 $ 3,060 (1) Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Policyholder Account Balances
Policyholder Account Balances | 6 Months Ended |
Jun. 30, 2024 | |
Policyholder Account Balance [Abstract] | |
Policyholder Account Balances | (9) Policyholder Account Balances The following table sets forth our liabilities for policyholder account balances as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Life insurance $ 7,341 $ 7,460 Fixed annuities 4,113 4,479 Variable annuities 492 529 Fixed indexed annuity embedded derivatives (1) 160 165 Indexed universal life embedded derivatives (1) 16 15 Additional insurance liabilities (2) 2,914 2,887 Other 11 5 Total policyholder account balances $ 15,047 $ 15,540 (1) See note 5 for additional information. (2) Represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 10 for additional information. The contracts underlying the minimum guarantees, such as GMWBs and guaranteed annuitization benefits, are considered “in the money” if the present value of the contractholder’s benefits is greater than the account value, or commonly referred to as the net amount at risk. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefits over the account value of the contract is through lifetime withdrawals or lifetime income payments after annuitization. For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated: June 30, 2024 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,460 $ 4,479 $ 529 Issuances — — — Premiums received 239 12 7 Policy charges (302 ) (3 ) (2 ) Surrenders and withdrawals (125 ) (296 ) (32 ) Benefit payments (126 ) (173 ) (27 ) Net transfers to separate accounts — — (2 ) Interest credited 197 73 2 Other (2 ) 21 17 Ending balance as of June 30 $ 7,341 $ 4,113 $ 492 Weighted-average crediting rate 3.9 % 2.9 % 3.3 % Net amount at risk (1) $ 42,187 $ 21 $ 401 Cash surrender value $ 4,189 $ 3,185 $ 492 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. December 31, 2023 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,694 $ 5,477 $ 610 Issuances — — — Premiums received 500 20 14 Policy charges (614 ) (6 ) (6 ) Surrenders and withdrawals (272 ) (842 ) (66 ) Benefit payments (215 ) (387 ) (80 ) Net transfers from separate accounts — — 1 Interest credited 388 160 4 Other (21 ) 57 52 Ending balance as of December 31 $ 7,460 $ 4,479 $ 529 Weighted-average crediting rate 3.9 % 2.8 % 3.3 % Net amount at risk (1) $ 42,754 $ 33 $ 479 Cash surrender value $ 4,336 $ 3,519 $ 529 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. The following tables present policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated: June 30, 2024 (Amounts in millions) At guaranteed minimum 1–50 basis points above 51–150 basis points above Greater than 150 basis points above Total (1) Less than 2.00% $ 103 $ 69 $ 53 $ — $ 225 2.00%–2.99% 807 102 — — 909 3.00%–3.99% 1,887 666 1,134 48 3,735 4.00% and greater 2,390 17 16 — 2,423 Total $ 5,187 $ 854 $ 1,203 $ 48 $ 7,292 (1) Excludes universal life insurance and investment contracts of approximately $ 4,654 December 31, 2023 (Amounts in millions) At guaranteed minimum 1–50 basis points above 51–150 basis points above Greater than 150 basis points above Total (1) Less than 2.00% $ 121 $ 97 $ 39 $ — $ 257 2.00%–2.99% 1,201 81 — — 1,282 3.00%–3.99% 1,732 699 1,155 31 3,617 4.00% and greater 2,479 16 10 — 2,505 Total $ 5,533 $ 893 $ 1,204 $ 31 $ 7,661 (1) Excludes universal life insurance and investment contracts of approximately $4,807 million that have a market component to their crediting strategy. |
Additional Insurance Liabilitie
Additional Insurance Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Discloure of Additional Insurance Liabilities [Abstract] | |
Additional Insurance Liabilities | (10) Additional Insurance Liabilities The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated: (Dollar amounts in millions) June 30, 2024 December 31, 2023 Beginning balance as of January 1 $ 2,887 $ 2,566 Beginning balance before shadow accounting adjustments $ 2,939 $ 2,634 Effect of changes in cash flow assumptions — 200 Effect of actual variances from expected experience (1 ) (3 ) Adjusted beginning balance 2,938 2,831 Issuances — — Interest accretion 50 90 Assessments collected 125 240 Benefit payments (120 ) (222 ) Derecognition (lapses and withdrawals) — — Ending balance before shadow accounting adjustments 2,993 2,939 Effect of shadow accounting adjustments (79 ) (52 ) Ending balance 2,914 2,887 Less: reinsurance recoverable — — Additional insurance liabilities, net of reinsurance recoverable $ 2,914 $ 2,887 Weighted-average liability duration (years) 18.4 18.9 In the fourth quarter of 2023, as part of our annual review of assumptions, we increased our additional insurance liabilities primarily to reflect unfavorable updates to our persistency and mortality assumptions to better reflect emerging experience. Our mortality assumption updates included more modest mortality improvement and reflected an expectation that mortality will continue at elevated levels in the near term post-COVID-19. The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated: June 30, 2024 December 31, 2023 Interest accretion rate (1) 3.4 % 3.2 % Projected crediting rate (2) 3.9 % 3.8 % (1) The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, (2) The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits. The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to additional insurance liabilities for the periods indicated: Three months ended Six months ended Year ended December 31, June 30, June 30, (Amounts in millions) 2024 2023 2024 2023 2023 Gross assessments $ 132 $ 136 $ 265 $ 272 $ 539 Interest accretion (1) $ 25 $ 22 $ 50 $ 44 $ 90 (1) Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Market Risk Benefits
Market Risk Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Market Risk Benefit [Abstract] | |
Market Risk Benefits | (11) Market Risk Benefits The following table sets forth our market risk benefits by asset and liability position as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Asset Liability Net liability Asset Liability Net liability Fixed indexed annuities $ — $ 43 $ 43 $ — $ 55 $ 55 Variable annuities 54 457 403 43 570 527 Total market risk benefits $ 54 $ 500 $ 446 $ 43 $ 625 $ 582 The following tables present the balances of and changes in market risk benefits as of and for the periods indicated: June 30, 2024 (Dollar amounts in millions) Fixed indexed annuities Variable annuities Reinsurance recoverable (1) Beginning balance as of January 1 $ 55 $ 527 $ 140 Beginning balance before effect of changes in instrument-specific credit risk $ 52 $ 520 $ 140 Issuances — — — Interest accretion 1 14 4 Attributed fees collected 3 19 4 Benefit payments — (15 ) (7 ) Effect of changes in interest rates (10 ) (78 ) (14 ) Effect of changes in equity markets (1 ) (64 ) (13 ) Actual policyholder behavior different from expected behavior (2 ) 2 3 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Other (2 ) — — Ending balance before effect of changes in instrument-specific credit risk 41 398 117 Effect of changes in instrument-specific credit risk 2 5 — Ending balance as of June 30 43 403 $ 117 Less: reinsurance recoverable — 117 Market risk benefits, net of reinsurance recoverable $ 43 $ 286 Weighted-average attained age of contractholders 73 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 9 for additional information on the net amount at risk. December 31, 2023 (Dollar amounts in millions) Fixed indexed annuities Variable annuities Reinsurance recoverable (1) Beginning balance as of January 1 $ 52 $ 670 $ 158 Beginning balance before effect of changes in instrument-specific credit risk $ 50 $ 660 $ 158 Issuances — — — Interest accretion 3 34 9 Attributed fees collected 5 37 8 Benefit payments — (35 ) (15 ) Effect of changes in interest rates (2 ) (33 ) (5 ) Effect of changes in equity markets (2 ) (157 ) (31 ) Actual policyholder behavior different from expected behavior (2 ) 8 5 Effect of changes in future expected policyholder behavior — 11 11 Effect of changes in other future expected assumptions — — — Other — (5 ) — Ending balance before effect of changes in instrument-specific credit risk 52 520 140 Effect of changes in instrument-specific credit risk 3 7 — Ending balance as of December 31 55 527 $ 140 Less: reinsurance recoverable — 140 Market risk benefits, net of reinsurance recoverable $ 55 $ 387 Weighted-average attained age of contractholders 73 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 9 for additional information on the net amount at risk. |
Separate Accounts
Separate Accounts | 6 Months Ended |
Jun. 30, 2024 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts | (12) Separate Accounts The following table presents the balances of and changes in separate account liabilities, which are primarily comprised of variable annuity products, as of and for the periods indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Beginning balance as of January 1 $ 4,509 $ 4,417 Premiums and deposits 15 35 Policy charges (52 ) (104 ) Surrenders and withdrawals (201 ) (361 ) Benefit payments (118 ) (190 ) Investment performance 399 716 Net transfers from (to) general account 2 (1 ) Other charges (1 ) (3 ) Ending balance $ 4,553 $ 4,509 Cash surrender value (1) $ 4,550 $ 4,506 (1) Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges. Separate Account Assets The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Equity funds $ 2,112 $ 2,018 Balanced funds 1,900 1,927 Bond funds 307 320 Money market funds 234 244 Total $ 4,553 $ 4,509 |
Liability for Policy and Contra
Liability for Policy and Contract Claims | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Policy and Contract Claims | (13) Liability for Policy and Contract Claims The following table presents the balances of our liability for policy and contract claims as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Enact segment $ 508 $ 518 Life and Annuities segment (1) 135 126 Other mortgage insurance business 6 8 Total liability for policy and contract claims $ 649 $ 652 (1) Primarily includes balances related to our universal and term universal life insurance products. The following table sets forth changes in our liability for policy and contract claims as of and for the periods indicated: Six months ended June 30, (Amounts in millions) 2024 2023 Beginning balance as of January 1 $ 652 $ 683 Less reinsurance recoverable (16 ) (23 ) Net beginning balance 636 660 Incurred related to insured events of: Current year 452 417 Prior years (118 ) (120 ) Total incurred 334 297 Paid related to insured events of: Current year (252 ) (257 ) Prior years (85 ) (90 ) Total paid (337 ) (347 ) Foreign currency translation — 1 Net ending balance 633 611 Add reinsurance recoverable 16 17 Ending balance as of June 30 $ 649 $ 628 The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant and result in increases in reserves by an amount that could be material to our results of operations, financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our Enact segment have a high degree of estimation due to the uncertain macroeconomic environment and the level of uncertainty regarding whether delinquencies will ultimately cure or result in a claim payment, as well as the timing and severity of those payments. Given the extended period of time that may exist between the reporting of a delinquency and the claim payment, and changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts actually paid. During the six months ended June 30, 2024, our Enact segment recorded reserve releases of $131 million primarily related to insured events of prior years, largely driven by favorable cure performance on early 2023 and prior delinquencies. As part of these reserve releases, Enact also decreased its assumptions for the rate at which delinquencies go to claim , $ million of reserve releases in our Enact segment primarily related to favorable cure performance on delinquencies from 2021 and earlier, including those related to COVID-19. A portion of the reserve releases during the six months ended June 30, 2023 was also related to delinquencies from the first half of 2022 as uncertainty in the economic environment had not negatively impacted cure performance as expected. |
Borrowings and Other Financings
Borrowings and Other Financings | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings and Other Financings | (14) Borrowings and Other Financings (a) Long-Term Borrowings The following table sets forth total long-term borrowings as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Genworth Holdings 6.50% Senior Notes, due 2034 (1) $ 262 $ 262 Floating Rate Junior Subordinated Notes, due 2066 (2) 574 592 Subtotal 836 854 Bond consent fees (9 ) (9 ) Deferred borrowing charges (5 ) (6 ) Total Genworth Holdings 822 839 Enact Holdings 6.50% Senior Notes, due 2025 — 750 6.25% Senior Notes, due 2029 750 — Deferred borrowing charges (8 ) (5 ) Total Enact Holdings 742 745 Total $ 1,564 $ 1,584 (1) Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. (2) Genworth Holdings may repay, redeem or repurchase $2,000 principal amount of its junior subordinated notes for each $1,000 principal amount of its senior notes repaid, redeemed or repurchased. Genworth Holdings During the six months ended June 30, 2024, Genworth Holdings repurchased $18 million principal of its floating rate junior subordinated notes due in 2066 for a pre-tax Enact Holdings On May 28, 2024, Enact Holdings issued million aggregate principal amount of unsecured senior notes, maturing on May 28, 2029 (“2029 Notes”). The 2029 Notes bear interest at an annual rate o On June 3, 2024, Enact Holdings redeemed all of its 6.50% senior notes due in 2025 for a pre-tax (b) Revolving Credit Facility Enact Holdings On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted basis, by an additional aggregate principal amount of up to $100 million. Any borrowings under Enact Holdings’ credit facility will bear interest at a per annum rate equal to a floating rate tied to a standard short-term borrowing index selected at Enact Holdings’ option, plus an applicable margin, pursuant to the terms of the credit agreement. The applicable margin is based on Enact Holdings’ ratings established by certain debt rating agencies for its outstanding debt. Enact Holdings’ credit facility includes customary representations, warranties, covenants, terms and conditions. As of June 30, 2024, Enact Holdings was in compliance with all covenants and the credit facility remained undrawn. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes | (15) Income Taxes The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps (0.2 ) 3.4 3.8 3.6 Non-deductible 0.4 0.7 1.1 0.8 Other, net 1.2 (0.2 ) — 0.2 Effective rate 22.4 % 24.9 % 25.9 % 25.6 % The effective tax rate for the three months ended June 30, 2023 and the six months ended June 30, 2024 and 2023 was above the statutory U.S. federal income tax rate of 21% largely due to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. The decrease in the effective tax rate for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 was primarily attributable to the change in the interim period tax provision methodology described below. U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances it is appropriate to record the actual effective tax rate for the period if a reliable estimate cannot be made for the full year. Although we used the annualized projected effective tax rate during the interim reporting period ending March 31, 2024 for all segments, we concluded that using an actual effective tax rate reflecting actual year-to-date income (loss) provides a better estimate for our Long-Term Care Insurance and Life and Annuities segments for interim reporting. Accordingly, for the three and six months ended June 30, 2024, we utilized the actual effective tax rate for the interim period to record the provision for income taxes for our Long-Term Care Insurance and Life and Annuities segments and the annualized projected effective tax rate for our Enact segment and Corporate and Other. This method was also utilized for the three and six months ended June 30, 2023. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Information | (16) Segment Information We have the following three reportable segments: Enact, comprised primarily of private mortgage insurance products; Long-Term Care Insurance; and Life and Annuities. The products in the Life and Annuities segment include life insurance and fixed and variable annuities, none of which are actively marketed or sold. In addition to our three reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as certain international businesses and start-up We tax our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. See note 15 for a discussion of the effective tax rates used for our segments and Corporate and Other. We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income and assets. Management evaluates performance and allocates resources on the basis of “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as income (loss) from continuing operations excluding the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating performance. While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP, we believe that adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, among other key performance indicators, as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. The following is a summary of revenues for our segments and Corporate and Other for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Revenues: Enact segment $ 298 $ 277 $ 590 $ 558 Long-Term Care Insurance segment 1,011 1,143 2,116 2,241 Life and Annuities segment: Life insurance 352 350 706 708 Fixed annuities 70 84 143 169 Variable annuities 32 35 66 71 Life and Annuities segment 454 469 915 948 Corporate and Other 6 3 12 (1 ) Total revenues $ 1,769 $ 1,892 $ 3,633 $ 3,746 The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Net income available to Genworth Financial, Inc.’s common stockholders $ 76 $ 137 $ 215 $ 259 Add: net income attributable to noncontrolling interests 34 31 64 63 Net income 110 168 279 322 Less: income (loss) from discontinued operations, net of taxes (1 ) 2 (2 ) 2 Income from continuing operations 111 166 281 320 Less: net income from continuing operations attributable to noncontrolling interests 34 31 64 63 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 77 135 217 257 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) 60 (41 ) 10 (30 ) Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (10 ) (23 ) (36 ) (9 ) (Gains) losses on early extinguishment of debt, net (3) 7 — 6 (1 ) Expenses related to restructuring 4 1 11 4 Taxes on adjustments (13 ) 13 2 8 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 125 $ 85 $ 210 $ 229 (1) Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $ 1 million and $ 2 million for the three months ended June 30, 2024 and 2023, respectively, and $ 2 million for both the six months ended June 30, 2024 and 2023. (2) Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $ (2 ) million and $ (4 ) million for the three months ended June 30, 2024 and 2023, respectively, and $ (5 ) million and $ (7 ) million for the six months ended June 30, 2024 and 2023, respectively. (3) (Gains) losses on early extinguishment of debt are net of the portion attributable to noncontrolling interests of $ 2 million for the three and six months ended June 30, 2024. Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: Enact segment $ 165 $ 146 $ 300 $ 289 Long-Term Care Insurance segment (29 ) (43 ) (26 ) (20 ) Life and Annuities segment: Life insurance (23 ) (17 ) (56 ) (44 ) Fixed annuities 12 10 23 24 Variable annuities 10 9 17 18 Life and Annuities segment (1 ) 2 (16 ) (2 ) Corporate and Other (10 ) (20 ) (48 ) (38 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 125 $ 85 $ 210 $ 229 There were no infrequent or unusual items excluded from adjusted operating income during the periods presented. The following is a summary of total assets for our segments and Corporate and Other as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Assets: Enact segment $ 6,351 $ 6,193 Long-Term Care Insurance segment 44,559 46,195 Life and Annuities segment 34,829 36,517 Corporate and Other 1,804 1,912 Total assets $ 87,543 $ 90,817 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies | (17) Commitments and Contingencies (a) Litigation and Regulatory Matters We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to cybersecurity breaches of customer information. Plaintiffs in class action and other lawsuits against us have sought and/or may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, including claims under the Employee Retirement Income Security Act of 1974, post-closing obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations. TVPX ARX INC. v. GLAIC In September 2018, Genworth Life and Annuity Insurance Company (“GLAIC”), our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company Georgia’s opinion . Burkhart et al. v. Genworth Financial et al. In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other persons similarly situated v. Genworth et al pay-off million in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second amended and supplemental class action complaint adding additional factual allegations and three new causes of action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the second amended and supplemental class action complaint. Plaintiffs filed an opposition to our motion to dismiss on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each party to file supplemental submissions, which were filed on January 28, 2022. On May 10, 2022, the Court granted our motion to dismiss the three new causes of action. On January 27, 2022, plaintiffs filed a motion for a preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or distributing any value to Genworth Financial’s shareholders. On June 2, 2022, plaintiffs withdrew their motion for a preliminary injunction. On January 12, 2024, plaintiffs moved for class certification. We filed our opposition papers on February 23, 2024 and intend to continue to vigorously defend this action. Trauernicht et al v. Genworth Financial On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings Plan”). Plaintiffs purport to act on behalf of the Savings Plan and all similarly situated participants and beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 by imprudently offering and inadequately monitoring a suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. Plaintiffs seek declaratory and injunctive relief, monetary damages and attorney’s fees. By stipulation entered September 6, 2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the complaint against the sole remaining defendant, Genworth Financial. Plaintiffs filed opposition papers on November 10, 2022, and we filed our reply papers on November 16, 2022. By order dated January 20, 2023, the Court granted plaintiffs’ motion to serve an amended complaint, rendering our initial motion to dismiss moot. On January 20, 2023, plaintiffs filed an amended complaint, and on February 2, 2023, we filed a motion to dismiss the amended complaint. On March 16, 2023, the Court directed plaintiffs to file a second amended complaint and denied our motion to dismiss the amended complaint. Plaintiffs filed the second amended complaint on April 17, 2023. On May 15, 2023, we answered and moved to dismiss the second amended complaint. On September 13, 2023, the Court granted in part and denied in part our motion to dismiss the second amended complaint. Plaintiffs moved for class certification on October 16, 2023, and we filed opposition papers on December 4, 2023. Oral argument on plaintiffs’ class certification motion was heard on February 12, 2024, and we are awaiting the Court’s ruling. On February 20, 2024, we moved for summary judgment dismissing the claims, and plaintiffs filed opposition papers on March 5, 2024. Oral argument was conducted on our summary judgment motion on March 25, 2024. We intend to continue to vigorously defend this action. M/O Arbitration Between Blue Cross Blue Shield Nebraska and GLIC On December 16, 2022, Blue Cross Blue Shield of Nebraska (“BCBSNE”) served an arbitration demand on GLIC in relation to BCBSNE’s stated intent to recapture a block of long-term care insurance policies for which the risk was partly ceded to GLIC. In its arbitration demand, BCBSNE alleges that GLIC breached the governing reinsurance agreement by refusing to agree to transfer assets equal to the fair value of the liabilities being recaptured. BCBSNE asserts it has satisfied all its obligations under the reinsurance agreement and is seeking to recapture the ceded block of reinsurance. BCBSNE seeks damages equal to the fair value of the recaptured liabilities, plus interest and other damages, including attorneys’ fees and costs. The arbitration panel has been appointed and an organizational meeting was held on August 30, 2023. The trial is scheduled for September and October of 2024. We intend to vigorously defend this arbitration proceeding. In Re MOVEit Customer Data Security Breach Litigation Starting in June 2023, various Genworth entities (including Genworth Financial, GLIC and GLAIC) have been named as defendants in certain putative class action lawsuits in the United States District Courts for the Eastern District of Virginia and the District of Massachusetts. These cases are captioned as follows: King v. Genworth Financial, Inc Anastasio v. Genworth Financial, Inc. et al Hauser v. Genworth Life Insurance Company Smith v. Genworth Financial, Inc. Behrens v. Genworth Life Insurance Company Hale et al v. Genworth Financial, Inc. Burkett, Jr. v. Genworth Life and Annuity Insurance Company Manar v. Genworth Financial, Inc. Kennedy v. Genworth Financial, Inc. Romine et al. v. Progress Software Corporation et al. Schwarz et al. v. Progress Software Corporation et al. Casey et al. v. Genworth Life & Annuity Insurance Company Bailey v. Genworth Financial, Inc Silverstein v. GLIC On October 20, 2023, GLIC was named as the defendant in a putative class action lawsuit in the United States District Court for the Eastern District of Virginia captioned Martin Silverstein, on behalf of himself and all others similarly situated v. Genworth Life Insurance Company $ million, subject to Court approval. We accrued $ million for this litigation as of June , . If the settlement is not finalized, we intend to continue to vigorously defend this action. Fox v. GLAIC In March 2024, GLAIC was served with a putative class action lawsuit venued in the Superior Court of the State of California, Sacramento County, captioned James Fox, individually and on behalf of the class v. Genworth Life and Annuity Insurance Co McHugh v. Protective Life Ins. Co At this time, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. Except as disclosed above, we are not able to provide an estimate or range of reasonably possible losses related to these matters. Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse effect on our business, financial condition or results of operations. In addition, it is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations. (b) Commitments See note 6 for amounts we were committed to fund related to our investments as of June 30, 2024. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Changes In Accumulated Other Comprehensive Income (Loss) | (18) Changes in Accumulated Other Comprehensive Income (Loss) The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2024 $ (2,615 ) $ 849 $ (334 ) $ (6 ) $ 12 $ (2,094 ) OCI before reclassifications (442 ) (85 ) 958 — (5 ) 426 Amounts reclassified from OCI 15 (34 ) — — — (19 ) Current period OCI (427 ) (119 ) 958 — (5 ) 407 Balances as of June 30, 2024 before noncontrolling interests (3,042 ) 730 624 (6 ) 7 (1,687 ) Less: change in OCI attributable to noncontrolling interests — — — — — — Balances as of June 30, 2024 $ (3,042 ) $ 730 $ 624 $ (6 ) $ 7 $ (1,687 ) (1) See note 5 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2023 $ (2,500 ) $ 1,274 $ (1,628 ) $ (9 ) $ 10 $ (2,853 ) OCI before reclassifications (584 ) (83 ) 664 — 4 1 Amounts reclassified from OCI 23 (37 ) — — — (14 ) Current period OCI (561 ) (120 ) 664 — 4 (13 ) Balances as of June 30, 2023 before noncontrolling interests (3,061 ) 1,154 (964 ) (9 ) 14 (2,866 ) Less: change in OCI attributable to noncontrolling interests (5 ) — — — — (5 ) Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 5 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2024 $ (2,130 ) $ 1,010 $ (1,439 ) $ (8 ) $ 12 $ (2,555 ) OCI before reclassifications (945 ) (210 ) 2,063 2 (5 ) 905 Amounts reclassified from OCI 32 (70 ) — — — (38 ) Current period OCI (913 ) (280 ) 2,063 2 (5 ) 867 Balances as of June 30, 2024 before noncontrolling interests (3,043 ) 730 624 (6 ) 7 (1,688 ) Less: change in OCI attributable to noncontrolling interests (1 ) — — — — (1 ) Balances as of June 30, 2024 $ (3,042 ) $ 730 $ 624 $ (6 ) $ 7 $ (1,687 ) (1) See note 5 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2023 $ (3,407 ) $ 1,200 $ (403 ) $ (10 ) $ 6 $ (2,614 ) OCI before reclassifications 322 31 (561 ) 1 8 (199 ) Amounts reclassified from OCI 36 (77 ) — — — (41 ) Current period OCI 358 (46 ) (561 ) 1 8 (240 ) Balances as of June 30, 2023 before noncontrolling interests (3,049 ) 1,154 (964 ) (9 ) 14 (2,854 ) Less: change in OCI attributable to noncontrolling interests 7 — — — — 7 Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 5 for additional information. As of June 30, 2024 and 2023, the balances of the change in the discount rate used to measure future policy benefits were net of taxes of $(169) million and $255 million, respectively, and the balances of the change in instrument-specific credit risk of MRBs were net of taxes of $1 million and $2 million, respectively. The foreign currency translation and other adjustments balances in the charts above included $30 million and $34 million, respectively, net of taxes of $(8) million and $(9) million, respectively, related to postretirement benefit obligation s The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods presented: Affected line item in the condensed consolidated statements of income Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Net unrealized investment (gains) losses: Unrealized (gains) losses on investments $ 19 $ 30 $ 41 $ 46 Net investment (gains) Income taxes (4 ) (7 ) (9 ) (10 ) Provision for income Total $ 15 $ 23 $ 32 $ 36 Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (52 ) $ (55 ) $ (105 ) $ (109 ) Net investment income Interest rate swaps hedging assets (1 ) (3 ) (5 ) (8 ) Net investment (gains) Interest rate swaps hedging liabilities 1 — 2 1 Interest expense Interest rate swaps hedging liabilities — — — (1 ) Net investment (gains) Foreign currency swaps — — — (2 ) Net investment (gains) losses Income taxes 18 21 38 42 Provision for income taxes Total $ (34 ) $ (37 ) $ (70 ) $ (77 ) |
Accounting Changes (Policies)
Accounting Changes (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of Accounting Changes [Abstract] | |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted On January 1, 2024, we adopted new accounting guidance issued by the Financial Accounting Standards Board (the “FASB”) related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. We adopted this guidance using the prospective method, which did not have any impact on our condensed consolidated financial statements and disclosures. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued new accounting guidance to improve income tax disclosures. The guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate disclosure of additional information related to reconciling items that meet a quantitative threshold and additional disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements. This guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded annual disclosures. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures. In November 2023, the FASB issued new accounting guidance to improve reportable segment disclosures. The guidance requires annual and interim disclosure of significant segment expenses regularly provided to the Chief Operating Decision Maker (“CODM”) and other segment items. The guidance also requires disclosures about a segment’s profit or loss and assets, currently only required annually, to be disclosed on an interim basis. Under the new accounting guidance, public entities may disclose multiple measures of a segment’s profit or loss, as long as all disclosed measures are used by the CODM for purposes of assessing performance and allocating resources and at least one of the reported measures is that which management believes to be most consistent with U.S. GAAP measurement principles. This guidance is effective for us for annual reporting periods beginning on January 1, 2024 and interim reporting periods beginning on January 1, 2025 using the retrospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded disclosures for the annual period ended December 31, 2024 and interim periods thereafter, which we are in the process of developing. We continue to evaluate the full impact the guidance will have on our processes, controls and disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share | Basic and diluted earnings per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions, except per share amounts) 2024 2023 2024 2023 Weighted-average common shares used in basic earnings per share calculations 436.4 473.2 439.7 482.7 Potentially dilutive securities: Performance stock units, restricted stock units and other equity-based awards 4.3 4.9 5.8 6.4 Weighted-average common shares used in diluted earnings per share calculations 440.7 478.1 445.5 489.1 Income from continuing operations: Income from continuing operations $ 111 $ 166 $ 281 $ 320 Less: net income from continuing operations attributable to noncontrolling interests 34 31 64 63 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders $ 77 $ 135 $ 217 $ 257 Basic per share $ 0.18 $ 0.28 $ 0.49 $ 0.53 Diluted per share $ 0.17 $ 0.28 $ 0.49 $ 0.53 Income (loss) from discontinued operations: Income (loss) from discontinued operations, net of taxes $ (1 ) $ 2 $ (2 ) $ 2 Basic per share $ — $ 0.01 $ — $ 0.01 Diluted per share $ — $ 0.01 $ — $ 0.01 Net income: Income from continuing operations $ 111 $ 166 $ 281 $ 320 Income (loss) from discontinued operations, net of taxes (1 ) 2 (2 ) 2 Net income 110 168 279 322 Less: net income attributable to noncontrolling interests 34 31 64 63 Net income available to Genworth Financial, Inc.’s common stockholders $ 76 $ 137 $ 215 $ 259 Basic per share (1) $ 0.17 $ 0.29 $ 0.49 $ 0.54 Diluted per share (1) $ 0.17 $ 0.29 $ 0.48 $ 0.53 (1) May not total due to whole number calculation. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Net Investment Income | Sources of net investment income were as follows for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Fixed maturity securities—taxable $ 571 $ 567 $ 1,125 $ 1,128 Fixed maturity securities—non-taxable — 1 1 2 Equity securities 3 3 5 5 Commercial mortgage loans 75 75 150 151 Policy loans 56 54 114 109 Limited partnerships 36 17 56 45 Other invested assets 67 70 135 138 Cash, cash equivalents, restricted cash and short-term investments 25 22 52 40 Gross investment income before expenses and fees 833 809 1,638 1,618 Expenses and fees (25 ) (24 ) (48 ) (46 ) Net investment income $ 808 $ 785 $ 1,590 $ 1,572 |
Net Investment Gains (Losses) | The following table sets forth net investment gains (losses) for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Realized investment gains (losses): Available-for-sale Realized gains $ 21 $ 18 $ 28 $ 21 Realized losses (40 ) (48 ) (69 ) (67 ) Net realized gains (losses) on available-for-sale (19 ) (30 ) (41 ) (46 ) Net realized gains (losses) on equity securities sold — (1 ) — (1 ) Total net realized investment gains (losses) (19 ) (31 ) (41 ) (47 ) Net change in allowance for credit losses on available-for-sale 7 11 7 (4 ) Write-down of available-for-sale (1) — (1 ) — (1 ) Net unrealized gains (losses) on equity securities still held 12 21 44 32 Net unrealized gains (losses) on limited partnerships (52 ) 40 (9 ) 40 Commercial mortgage loans (1 ) — (3 ) (2 ) Derivative instruments (2) (8 ) (1 ) (7 ) 11 Other — — (3 ) (1 ) Net investment gains (losses) $ (61 ) $ 39 $ (12 ) $ 28 (1) Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2) See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Allowance for credit losses related to fixed maturity securities | The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three and six months ended June 30, 2024: (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: Commercial mortgage-backed $ 7 $ — $ — $ (7 ) $ — $ — $ — $ — Total available-for-sale fixed maturity $ 7 $ — $ — $ (7 ) $ — $ — $ — $ — The following table credit lo available-for-sale (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: U.S. corporate $ 9 $ — $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed 6 — — (2 ) — — — 4 Total available-for-sale fixed maturity $ 15 $ — $ — $ (9 ) $ — $ (2 ) $ — $ 4 The following table represents the allowance for credit losses aggregated by security type for available-for-sale (Amounts in millions) Beginning balance Increase from securities without allowance in previous periods Increase (decrease) from securities with allowance in previous periods Securities sold Decrease due to change in intent or requirement to sell Write-offs Recoveries Ending balance Fixed maturity securities: U.S. corporate $ — $ 9 $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed — 6 — (2 ) — — — 4 Total available-for-sale $ — $ 15 $ — $ (9 ) $ — $ (2 ) $ — $ 4 |
Unrealized Investment Gains and Losses | Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Net unrealized gains (losses) on fixed maturity securities without an allowance for $ (3,765 ) $ (2,577 ) Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses — — Adjustments to 79 52 Income taxes, net 600 352 Net unrealized investment gains (losses) (3,086 ) (2,173 ) Less: net unrealized investment gains (losses) attributable to noncontrolling interests (44 ) (43 ) Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ (3,042 ) $ (2,130 ) |
Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss) | The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Beginning balance $ (2,615 ) $ (2,500 ) $ (2,130 ) $ (3,407 ) Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (575 ) (755 ) (1,229 ) 415 Adjustments to policyholder contract balances (1) 13 13 27 (6 ) Provision for income taxes 120 158 257 (87 ) Change in unrealized gains (losses) on investment securities (442 ) (584 ) (945 ) 322 Reclassification adjustments to net investment (gains) losses, net of taxes of $(4), $(7), $(9) and $(10) 15 23 32 36 Change in net unrealized investment gains (losses) (427 ) (561 ) (913 ) 358 Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests — (5 ) (1 ) 7 Ending balance $ (3,042 ) $ (3,056 ) $ (3,042 ) $ (3,056 ) (1) See note 10 for additional information. |
Fixed Maturity Securities | As of June 30, 2024, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,777 $ 38 $ (303 ) $ — $ 3,512 State and political subdivisions 2,453 10 (295 ) — 2,168 Non-U.S. 804 8 (103 ) — 709 U.S. corporate: Utilities 4,639 47 (454 ) — 4,232 Energy 2,448 43 (169 ) — 2,322 Finance and insurance 7,703 55 (730 ) — 7,028 Consumer—non-cyclical 4,671 62 (380 ) — 4,353 Technology and communications 3,011 47 (308 ) — 2,750 Industrial 1,186 14 (106 ) — 1,094 Capital goods 2,268 36 (159 ) — 2,145 Consumer—cyclical 1,660 14 (121 ) — 1,553 Transportation 1,121 32 (91 ) — 1,062 Other 288 2 (16 ) — 274 Total U.S. corporate 28,995 352 (2,534 ) — 26,813 Non-U.S. Utilities 778 — (68 ) — 710 Energy 1,078 23 (54 ) — 1,047 Finance and insurance 1,961 33 (142 ) — 1,852 Consumer—non-cyclical 672 3 (77 ) — 598 Technology and communications 881 6 (81 ) — 806 Industrial 846 9 (52 ) — 803 Capital goods 639 4 (48 ) — 595 Consumer—cyclical 249 1 (19 ) — 231 Transportation 441 11 (30 ) — 422 Other 609 8 (45 ) — 572 Total non-U.S. 8,154 98 (616 ) — 7,636 Residential mortgage-backed 906 4 (59 ) — 851 Commercial mortgage-backed 1,605 1 (294 ) — 1,312 Other asset-backed 2,304 6 (78 ) — 2,232 Total available-for-sale fixed maturity $ 48,998 $ 517 $ (4,282 ) $ — $ 45,233 As of December 31, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized cost or cost Gross unrealized gains Gross unrealized losses Allowance for credit losses Fair value Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,588 $ 121 $ (215 ) $ — $ 3,494 State and political subdivisions 2,537 24 (259 ) — 2,302 Non-U.S. 703 15 (92 ) — 626 U.S. corporate: Utilities 4,521 104 (352 ) — 4,273 Energy 2,449 66 (143 ) — 2,372 Finance and insurance 7,813 99 (634 ) — 7,278 Consumer—non-cyclical 4,648 129 (272 ) — 4,505 Technology and communications 3,187 75 (239 ) — 3,023 Industrial 1,294 27 (88 ) — 1,233 Capital goods 2,230 69 (118 ) — 2,181 Consumer—cyclical 1,715 30 (96 ) — 1,649 Transportation 1,187 44 (69 ) — 1,162 Other 316 6 (13 ) — 309 Total U.S. corporate 29,360 649 (2,024 ) — 27,985 Non-U.S. Utilities 739 1 (55 ) — 685 Energy 1,038 34 (45 ) — 1,027 Finance and insurance 2,041 47 (140 ) — 1,948 Consumer—non-cyclical 669 8 (61 ) — 616 Technology and communications 944 12 (65 ) — 891 Industrial 829 17 (49 ) — 797 Capital goods 591 8 (38 ) — 561 Consumer—cyclical 236 2 (17 ) — 221 Transportation 369 15 (20 ) — 364 Other 726 18 (43 ) — 701 Total non-U.S. 8,182 162 (533 ) — 7,811 Residential mortgage-backed 953 8 (54 ) — 907 Commercial mortgage-backed 1,714 1 (290 ) (7 ) 1,418 Other asset-backed 2,328 6 (96 ) — 2,238 Total available-for-sale fixed maturity $ 49,365 $ 986 $ (3,563 ) $ (7 ) $ 46,781 |
Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of June 30, 2024: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 688 $ (13 ) 60 $ 1,299 $ (290 ) 49 $ 1,987 $ (303 ) 109 State and political subdivisions 253 (6 ) 38 1,571 (289 ) 262 1,824 (295 ) 300 Non-U.S. 164 (3 ) 32 420 (100 ) 61 584 (103 ) 93 U.S. corporate 3,397 (108 ) 500 16,313 (2,426 ) 2,095 19,710 (2,534 ) 2,595 Non-U.S. 814 (16 ) 115 4,856 (600 ) 636 5,670 (616 ) 751 Residential mortgage-backed 96 (1 ) 55 495 (58 ) 168 591 (59 ) 223 Commercial mortgage-backed — — — 1,286 (294 ) 216 1,286 (294 ) 216 Other asset-backed 108 (1 ) 37 1,226 (77 ) 266 1,334 (78 ) 303 Total for fixed maturity securities in an unrealized loss position $ 5,520 $ (148 ) 837 $ 27,466 $ (4,134 ) 3,753 $ 32,986 $ (4,282 ) 4,590 % Below cost: <20% Below cost $ 5,445 $ (125 ) 829 $ 23,296 $ (2,635 ) 3,175 $ 28,741 $ (2,760 ) 4,004 20%-50% 75 (23 ) 8 4,170 (1,499 ) 578 4,245 (1,522 ) 586 Total for fixed maturity securities in an unrealized loss position $ 5,520 $ (148 ) 837 $ 27,466 $ (4,134 ) 3,753 $ 32,986 $ (4,282 ) 4,590 Investment grade $ 5,413 $ (146 ) 814 $ 26,434 $ (4,006 ) 3,604 $ 31,847 $ (4,152 ) 4,418 Below investment grade 107 (2 ) 23 1,032 (128 ) 149 1,139 (130 ) 172 Total for fixed maturity securities $ 5,520 $ (148 ) 837 $ 27,466 $ (4,134 ) 3,753 $ 32,986 $ (4,282 ) 4,590 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of June 30, 2024: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities U.S. corporate: Utilities $ 855 $ (18 ) 114 $ 2,096 $ (436 ) 309 $ 2,951 $ (454 ) 423 Energy 256 (19 ) 49 1,254 (150 ) 162 1,510 (169 ) 211 Finance and insurance 648 (13 ) 88 4,996 (717 ) 625 5,644 (730 ) 713 Consumer—non-cyclical 573 (17 ) 82 2,483 (363 ) 273 3,056 (380 ) 355 Technology and communications 323 (13 ) 53 1,936 (295 ) 256 2,259 (308 ) 309 Industrial 150 (5 ) 17 670 (101 ) 92 820 (106 ) 109 Capital goods 242 (14 ) 41 1,106 (145 ) 142 1,348 (159 ) 183 Consumer—cyclical 179 (4 ) 34 1,047 (117 ) 142 1,226 (121 ) 176 Transportation 127 (4 ) 17 582 (87 ) 75 709 (91 ) 92 Other 44 (1 ) 5 143 (15 ) 19 187 (16 ) 24 Subtotal, U.S. corporate securities 3,397 (108 ) 500 16,313 (2,426 ) 2,095 19,710 (2,534 ) 2,595 Non-U.S. Utilities 104 (2 ) 11 575 (66 ) 65 679 (68 ) 76 Energy 122 (2 ) 15 450 (52 ) 53 572 (54 ) 68 Finance and insurance 144 (2 ) 29 1,328 (140 ) 186 1,472 (142 ) 215 Consumer—non-cyclical 97 (5 ) 14 416 (72 ) 50 513 (77 ) 64 Technology and communications 63 (1 ) 9 597 (80 ) 74 660 (81 ) 83 Industrial 94 (1 ) 16 418 (51 ) 60 512 (52 ) 76 Capital goods 105 (2 ) 12 356 (46 ) 47 461 (48 ) 59 Consumer—cyclical — — — 170 (19 ) 25 170 (19 ) 25 Transportation — — — 266 (30 ) 35 266 (30 ) 35 Other 85 (1 ) 9 280 (44 ) 41 365 (45 ) 50 Subtotal, non-U.S. 814 (16 ) 115 4,856 (600 ) 636 5,670 (616 ) 751 Total for corporate securities $ 4,211 $ (124 ) 615 $ 21,169 $ (3,026 ) 2,731 $ 25,380 $ (3,150 ) 3,346 The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 28 $ (1 ) 6 $ 1,353 $ (214 ) 50 $ 1,381 $ (215 ) 56 State and political subdivisions 121 (2 ) 18 1,581 (257 ) 268 1,702 (259 ) 286 Non-U.S. — — — 448 (92 ) 67 448 (92 ) 67 U.S. corporate 1,054 (30 ) 142 17,019 (1,994 ) 2,164 18,073 (2,024 ) 2,306 Non-U.S. 157 (5 ) 19 5,180 (528 ) 684 5,337 (533 ) 703 Residential mortgage-backed 62 (1 ) 31 477 (53 ) 156 539 (54 ) 187 Commercial mortgage-backed 37 (1 ) 7 1,349 (289 ) 224 1,386 (290 ) 231 Other asset-backed — — — 1,624 (96 ) 327 1,624 (96 ) 327 Total for fixed maturity securities in an unrealized loss position $ 1,459 $ (40 ) 223 $ 29,031 $ (3,523 ) 3,940 $ 30,490 $ (3,563 ) 4,163 % Below cost: <20% Below cost $ 1,450 $ (37 ) 221 $ 26,032 $ (2,509 ) 3,542 $ 27,482 $ (2,546 ) 3,763 20%-50% 9 (3 ) 2 2,999 (1,014 ) 398 3,008 (1,017 ) 400 Total for fixed maturity securities in an unrealized loss position $ 1,459 $ (40 ) 223 $ 29,031 $ (3,523 ) 3,940 $ 30,490 $ (3,563 ) 4,163 Investment grade $ 1,441 $ (40 ) 221 $ 27,804 $ (3,394 ) 3,762 $ 29,245 $ (3,434 ) 3,983 Below investment grade 18 — 2 1,227 (129 ) 178 1,245 (129 ) 180 Total for fixed maturity securities $ 1,459 $ (40 ) 223 $ 29,031 $ (3,523 ) 3,940 $ 30,490 $ (3,563 ) 4,163 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of securities Fair value Gross unrealized losses Number of Description of Securities U.S. corporate: Utilities $ 177 $ (2 ) 21 $ 2,129 $ (350 ) 308 $ 2,306 $ (352 ) 329 Energy 122 (2 ) 20 1,343 (141 ) 168 1,465 (143 ) 188 Finance and insurance 274 (8 ) 42 5,192 (626 ) 645 5,466 (634 ) 687 Consumer—non-cyclical 173 (6 ) 18 2,529 (266 ) 280 2,702 (272 ) 298 Technology and communications 105 (6 ) 19 2,100 (233 ) 269 2,205 (239 ) 288 Industrial 50 (1 ) 6 702 (87 ) 96 752 (88 ) 102 Capital goods — — — 1,193 (118 ) 150 1,193 (118 ) 150 Consumer—cyclical 88 (1 ) 11 1,073 (95 ) 148 1,161 (96 ) 159 Transportation 65 (4 ) 5 621 (65 ) 82 686 (69 ) 87 Other — — — 137 (13 ) 18 137 (13 ) 18 Subtotal, U.S. corporate securities 1,054 (30 ) 142 17,019 (1,994 ) 2,164 18,073 (2,024 ) 2,306 Non-U.S. Utilities — — — 609 (55 ) 68 609 (55 ) 68 Energy 39 (1 ) 4 487 (44 ) 59 526 (45 ) 63 Finance and insurance 100 (2 ) 10 1,358 (138 ) 203 1,458 (140 ) 213 Consumer—non-cyclical — — — 471 (61 ) 55 471 (61 ) 55 Technology and communications — — — 659 (65 ) 83 659 (65 ) 83 Industrial 18 (2 ) 5 436 (47 ) 61 454 (49 ) 66 Capital goods — — — 384 (38 ) 49 384 (38 ) 49 Consumer—cyclical — — — 188 (17 ) 26 188 (17 ) 26 Transportation — — — 216 (20 ) 30 216 (20 ) 30 Other — — — 372 (43 ) 50 372 (43 ) 50 Subtotal, non-U.S. 157 (5 ) 19 5,180 (528 ) 684 5,337 (533 ) 703 Total for corporate securities $ 1,211 $ (35 ) 161 $ 22,199 $ (2,522 ) 2,848 $ 23,410 $ (2,557 ) 3,009 |
Maturity Distribution of Fixed Maturity Securities | The scheduled maturity distribution of fixed maturity securities as of June 30, 2024 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. (Amounts in millions) Amortized cost or cost Fair value Due one year or less $ 1,267 $ 1,254 Due after one year through five years 8,281 8,022 Due after five years through ten years 12,210 11,427 Due after ten years 22,425 20,135 Subtotal 44,183 40,838 Residential mortgage-backed 906 851 Commercial mortgage-backed 1,605 1,312 Other asset-backed 2,304 2,232 Total $ 48,998 $ 45,233 |
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans | The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Carrying value % of total Carrying value % of total Property type: Retail $ 2,794 42 % $ 2,858 42 % Office 1,457 22 1,481 22 Industrial 1,400 21 1,440 21 Apartments 513 8 522 8 Mixed use 372 5 371 5 Other 156 2 157 2 Subtotal 6,692 100 % 6,829 100 % Allowance for credit losses (30 ) (27 ) Total $ 6,662 $ 6,802 June 30, 2024 December 31, 2023 (Amounts in millions) Carrying value % of Carrying % of total Geographic region: South Atlantic $ 1,808 27 % $ 1,803 26 % Pacific 1,228 18 1,281 19 Mountain 1,002 15 1,029 15 Middle Atlantic 889 13 925 14 West South Central 545 8 553 8 East North Central 442 7 445 6 West North Central 396 6 404 6 East South Central 202 3 206 3 New England 180 3 183 3 Subtotal 6,692 100 % 6,829 100 % Allowance for credit losses (30 ) (27 ) Total $ 6,662 $ 6,802 |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2024: (Amounts in millions) 2024 2023 2022 2021 2020 2019 and prior Total Debt-to-value: 0% - 50% $ 29 $ 20 $ 74 $ 85 $ 114 $ 1,958 $ 2,280 51% - 60% 6 28 107 239 105 967 1,452 61% - 75% 94 221 738 570 247 1,040 2,910 76% - 100% — — — — 4 46 50 Greater than 100% — — — — — — — Total amortized cost $ 129 $ 269 $ 919 $ 894 $ 470 $ 4,011 $ 6,692 Debt service coverage ratio: Less than 1.00 $ — $ — $ 17 $ 4 $ 17 $ 215 $ 253 1.00 - 1.25 3 14 37 9 16 176 255 1.26 - 1.50 59 171 220 102 66 605 1,223 1.51 - 2.00 42 65 391 416 201 1,454 2,569 Greater than 2.00 25 19 254 363 170 1,561 2,392 Total amortized cost $ 129 $ 269 $ 919 $ 894 $ 470 $ 4,011 $ 6,692 |
Allowance for Credit Losses Related To Commercial Mortgage Loans | The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2024 2023 2024 2023 Allowance for credit losses: Beginning balance $ 29 $ 24 $ 27 $ 22 Provision 1 — 3 2 Write-offs — — — — Recoveries — — — — Ending balance $ 30 $ 24 $ 30 $ 24 |
Loan To Value Ratio | |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: June 30, 2024 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater than 100% Total Property type: Retail $ 922 $ 729 $ 1,143 $ — $ — $ 2,794 Office 346 341 735 35 — 1,457 Industrial 610 251 539 — — 1,400 Apartments 199 62 244 8 — 513 Mixed use 115 59 191 7 — 372 Other 88 10 58 — — 156 Total amortized cost $ 2,280 $ 1,452 $ 2,910 $ 50 $ — $ 6,692 % of total 34 % 22 % 43 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.40 1.85 1.67 0.87 — 1.95 December 31, 2023 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater than 100% Total Property type: Retail $ 945 $ 686 $ 1,227 $ — $ — $ 2,858 Office 350 325 771 35 — 1,481 Industrial 670 250 520 — — 1,440 Apartments 194 61 259 8 — 522 Mixed use 120 61 183 7 — 371 Other 89 10 58 — — 157 Total amortized cost $ 2,368 $ 1,393 $ 3,018 $ 50 $ — $ 6,829 % of total 35 % 20 % 44 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.42 1.87 1.66 0.87 — 1.96 |
Debt Service Coverage Ratio | |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by June 30, 2024 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater than 2.00 Total Property type: Retail $ 49 $ 106 $ 578 $ 1,120 $ 941 $ 2,794 Office 99 45 244 601 468 1,457 Industrial 42 30 209 472 647 1,400 Apartments 12 50 79 184 188 513 Mixed use 27 10 91 161 83 372 Other 24 14 22 31 65 156 Total amortized cost $ 253 $ 255 $ 1,223 $ 2,569 $ 2,392 $ 6,692 % of total 4 % 4 % 18 % 38 % 36 % 100 % Weighted-average debt-to-value 63 % 62 % 64 % 57 % 46 % 55 % December 31, 2023 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater than 2.00 Total Property type: Retail $ 54 $ 105 $ 583 $ 1,142 $ 974 $ 2,858 Office 105 48 244 615 469 1,481 Industrial 43 30 181 471 715 1,440 Apartments 12 51 86 187 186 522 Mixed use 27 14 80 164 86 371 Other 24 15 22 32 64 157 Total amortized cost $ 265 $ 263 $ 1,196 $ 2,611 $ 2,494 $ 6,829 % of total 4 % 4 % 17 % 38 % 37 % 100 % Weighted-average debt-to-value 64 % 63 % 65 % 58 % 46 % 55 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule Of Positions in Derivative Instruments | The following table sets forth our positions in derivative instruments as of the dates indicated: Derivative assets Derivative liabilities Fair value Fair value (Amounts in millions) Balance sheet classification June 30, December 31, Balance sheet classification June 30, 2024 December 31, 2023 Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 26 $ 55 Other liabilities $ 636 $ 490 Foreign currency swaps Other invested assets 12 10 Other liabilities 1 2 Forward bond purchase commitments Other invested assets 21 51 Other liabilities 13 — Total cash flow hedges 59 116 650 492 Total derivatives designated as hedges 59 116 650 492 Derivatives not designated as hedges Equity index options Other invested assets 21 15 Other liabilities — — Financial futures (1) Other invested assets — — Other liabilities — — Forward bond purchase commitments Other invested assets — — Other liabilities 20 9 Fixed indexed annuity embedded derivatives Other assets — — Policyholder account balances (2) 160 165 Indexed universal life embedded derivatives Reinsurance recoverable — — Policyholder account balances (3) 16 15 Total derivatives not designated as hedges 21 15 196 189 Total derivatives $ 80 $ 131 $ 846 $ 681 (1) The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis. (2) Represents the embedded derivatives associated with our fixed indexed annuity liabilities. (3) Represents the embedded derivatives associated with our indexed universal life liabilities. |
Schedule of Notional Amounts Outstanding on Derivative Instruments | The following tables represent activity associated with derivative instruments as of the dates indicated: December 31, Maturities/ June 30, (Notional in millions) Measurement 2023 Additions terminations 2024 Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 8,975 $ 231 $ (399 ) $ 8,807 Foreign currency swaps Notional 131 13 — 144 Forward bond purchase commitments Notional 1,075 1,528 — 2,603 Total cash flow hedges 10,181 1,772 (399 ) 11,554 Total derivatives designated as hedges 10,181 1,772 (399 ) 11,554 Derivatives not designated as hedges Equity index options Notional 702 308 (357 ) 653 Financial futures Notional 1,251 2,363 (2,455 ) 1,159 Forward bond purchase commitments Notional 500 — — 500 Total derivatives not designated as hedges 2,453 2,671 (2,812 ) 2,312 Total derivatives $ 12,634 $ 4,443 $ (3,211 ) $ 13,866 December 31, Maturities/ June 30, (Number of policies) Measurement 2023 Additions terminations 2024 Derivatives not designated as hedges Fixed indexed annuity embedded derivatives Policies 5,826 — (530 ) 5,296 Indexed universal life embedded derivatives Policies 749 — (17 ) 732 |
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges | The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2024: (Amounts in millions) Gain (loss) Gain (loss) net income from OCI Classification of gain (loss) reclassified into net income Gain (loss) Classification of gain Interest rate swaps hedging assets $ (77 ) $ 52 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 1 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (1 ) Interest expense — Net investment gains (losses) Foreign currency swaps 2 — Net investment income — Net investment gains (losses) Forward bond purchase commitments (33 ) — Net investment gains (losses) — Net investment gains (losses) Total $ (108 ) $ 52 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2023: (Amounts in millions) Gain (loss) Gain (loss) from OCI Classification of gain (loss) reclassified into net income Gain (loss) Classification of gain (loss) recognized in Interest rate swaps hedging assets $ (104 ) $ 55 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 3 Net investment gains (losses) — Net investment gains (losses) Foreign currency swaps (2 ) — Net investment income — Net investment gains (losses) Total $ (106 ) $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2024: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain net income Interest rate swaps hedging assets $ (225 ) $ 105 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 5 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (2 ) Interest expense — Net investment gains (losses) Foreign currency swaps 3 — Net investment income — Net investment gains (losses) Forward bond purchase commitments (44 ) — Net investment gains (losses) — Net investment gains (losses) Total $ (266 ) $ 108 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2023: (Amounts in millions) Gain (loss) Gain (loss) reclassified into net income from OCI Classification of gain Gain (loss) recognized in net income Classification of gain (loss) recognized in Interest rate swaps hedging assets $ 42 $ 109 Net investment income $ — Net investment gains (losses) Interest rate swaps hedging assets — 8 Net investment gains (losses) — Net investment gains (losses) Interest rate swaps hedging liabilities — (1 ) Interest expense — Net investment gains (losses) Interest rate swaps hedging liabilities — 1 Net investment gains (losses) — Net investment gains (losses) Foreign currency swaps (3 ) — Net investment income — Net investment gains (losses) Foreign currency swaps — 2 Net investment gains (losses) — Net investment gains (losses) Total $ 39 $ 119 $ — |
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge | The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” as of and for the periods indicated: Three months ended June 30, Six months ended (Amounts in millions) 2024 2023 2024 2023 Beginning balance $ 849 $ 1,274 $ 1,010 $ 1,200 Current period increases (decreases) in fair value, net of deferred taxes of $23, $23, $56 and $(8) (85 ) (83 ) (210 ) 31 Reclassification to net (income), net of deferred taxes of $18, $21, $38 and $42 (34 ) (37 ) (70 ) (77 ) Ending balance $ 730 $ 1,154 $ 730 $ 1,154 |
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (loss) for Effects of Derivatives Not Designated as Hedges | The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: Three months ended Six months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2024 2023 2024 2023 Equity index options $ 1 $ 5 $ 6 $ 6 Net investment gains (losses) Financial futures (15 ) (65 ) (79 ) (67 ) Changes in fair value of market risk benefits and associated hedges Forward bond purchase commitments (7 ) (3 ) (11 ) (3 ) Net investment gains (losses) Fixed indexed annuity embedded derivatives (5 ) (8 ) (13 ) (10 ) Net investment gains (losses) Indexed universal life embedded derivatives 2 2 6 7 Net investment gains (losses) Total derivatives not designated as hedges $ (24 ) $ (69 ) $ (91 ) $ (67 ) |
Derivative Assets and Liabilities Subject to Master Netting Arrangement | The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Derivative (1) Derivative liabilities (1) Net derivatives Derivative assets (1) Derivative liabilities (1) Net derivatives Amounts presented in the balance sheet: Gross amounts recognized $ 80 $ 670 $ (590 ) $ 131 $ 501 $ (370 ) Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 80 670 (590 ) 131 501 (370 ) Gross amounts not offset in the balance sheet: Financial instruments (2) (38 ) (38 ) — (59 ) (59 ) — Collateral received (17 ) — (17 ) (19 ) — (19 ) Collateral pledged — (1,288 ) 1,288 — (1,100 ) 1,100 Over collateralization 2 656 (654 ) — 658 (658 ) Net amount $ 27 $ — $ 27 $ 53 $ — $ 53 (1) Does not include amounts related to embedded derivatives as of June 30, 2024 and December 31, 2023. (2) Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 | The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturit securities that are classified as Level 2 as of June 30, 2024: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies and government-sponsored enterprises $ 3,512 Price quotes from trading desk, broker feeds Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread State and political subdivisions $ 2,103 Multi-dimensional attribute-based modeling systems, third-party pricing vendors Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes Non-U.S. $ 709 Matrix pricing, spread priced to benchmark curves, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer U.S. corporate $ 23,287 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports Non-U.S. $ 5,976 Multi-dimensional attribute-based modeling systems, OAS-based Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer Residential mortgage-backed $ 849 OAS-based Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports Commercial mortgage-backed $ 1,301 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports Other asset-backed $ 2,119 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports |
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis | The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: June 30, 2024 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,512 $ — $ 3,512 $ — $ — State and political subdivisions 2,168 — 2,103 65 — Non-U.S. 709 — 709 — — U.S. corporate: Utilities 4,232 — 3,389 843 — Energy 2,322 — 2,277 45 — Finance and insurance 7,028 — 6,348 680 — Consumer—non-cyclical 4,353 — 4,290 63 — Technology and communications 2,750 — 2,738 12 — Industrial 1,094 — 1,079 15 — Capital goods 2,145 — 2,091 54 — Consumer—cyclical 1,553 — 1,436 117 — Transportation 1,062 — 1,042 20 — Other 274 — 139 135 — Total U.S. corporate 26,813 — 24,829 1,984 — Non-U.S. Utilities 710 — 430 280 — Energy 1,047 — 928 119 — Finance and insurance 1,852 — 1,719 133 — Consumer—non-cyclical 598 — 521 77 — Technology and communications 806 — 789 17 — Industrial 803 — 743 60 — Capital goods 595 — 550 45 — Consumer—cyclical 231 — 224 7 — Transportation 422 — 400 22 — Other 572 — 521 51 — Total non-U.S. 7,636 — 6,825 811 — Residential mortgage-backed 851 — 849 2 — Commercial mortgage-backed 1,312 — 1,301 11 — Other asset-backed 2,232 — 2,119 113 — Total fixed maturity securities 45,233 — 42,247 2,986 — Equity securities 435 364 29 42 — Limited partnerships 2,314 — — 16 2,298 Other invested assets: Derivative assets: Interest rate swaps 26 — 26 — — Foreign currency swaps 12 — 12 — — Equity index options 21 — — 21 — Forward bond purchase commitments 21 — — 21 — Total derivative assets 80 — 38 42 — Short-term investments 12 — 12 — — Total other invested assets 92 — 50 42 — Separate account assets 4,553 4,553 — — — Total assets $ 52,627 $ 4,917 $ 42,326 $ 3,086 $ 2,298 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. December 31, 2023 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,494 $ — $ 3,494 $ — $ — State and political subdivisions 2,302 — 2,242 60 — Non-U.S. 626 — 626 — — U.S. corporate: Utilities 4,273 — 3,392 881 — Energy 2,372 — 2,312 60 — Finance and insurance 7,278 — 6,561 717 — Consumer—non-cyclical 4,505 — 4,436 69 — Technology and communications 3,023 — 3,011 12 — Industrial 1,233 — 1,210 23 — Capital goods 2,181 — 2,146 35 — Consumer—cyclical 1,649 — 1,527 122 — Transportation 1,162 — 1,140 22 — Other 309 — 160 149 — Total U.S. corporate 27,985 — 25,895 2,090 — Non-U.S. Utilities 685 — 416 269 — Energy 1,027 — 896 131 — Finance and insurance 1,948 — 1,814 134 — Consumer—non-cyclical 616 — 535 81 — Technology and communications 891 — 867 24 — Industrial 797 — 734 63 — Capital goods 561 — 508 53 — Consumer—cyclical 221 — 220 1 — Transportation 364 — 342 22 — Other 701 — 649 52 — Total non-U.S. 7,811 — 6,981 830 — Residential mortgage-backed 907 — 904 3 — Commercial mortgage-backed 1,418 — 1,407 11 — Other asset-backed 2,238 — 2,136 102 — Total fixed maturity securities 46,781 — 43,685 3,096 — Equity securities 396 321 43 32 — Limited partnerships 2,193 — — 20 2,173 Other invested assets: Derivative assets: Interest rate swaps 55 — 55 — — Foreign currency swaps 10 — 10 — — Equity index options 15 — — 15 — Forward bond purchase commitments 51 — — 51 — Total derivative assets 131 — 65 66 — Short-term investments 27 — 20 7 — Total other invested assets 158 — 85 73 — Separate account assets 4,509 4,509 — — — Total assets $ 54,037 $ 4,830 $ 43,813 $ 3,221 $ 2,173 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | The following tables present additional information about assets measured at Beginning balance as of April 1, 2024 Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Ending balance as of June 30, 2024 Total gains (losses) attributable to assets still held (Amounts in millions) Included in net income Included in OCI Included in net income Included in OCI Fixed maturity securities: State and political subdivisions $ 65 $ 1 $ (1 ) $ — $ — $ — $ — $ — $ — $ 65 $ 1 $ (1 ) U.S. corporate: Utilities 867 — (15 ) — (13 ) — — 8 (4 ) 843 — (17 ) Energy 60 (1 ) 1 — (4 ) — (11 ) — — 45 — — Finance and insurance 730 1 — — — — (65 ) 14 — 680 — (3 ) Consumer—non-cyclical 64 — (1 ) — — — — — — 63 — (1 ) Technology and communications 12 — — — — — — — — 12 — — Industrial 15 — — — — — — — — 15 — — Capital goods 34 — — 20 — — — — — 54 — — Consumer—cyclical 118 — — — — — (1 ) — — 117 — — Transportation 21 — — — — — (1 ) — — 20 — — Other 143 — (1 ) — — — (7 ) — — 135 — (1 ) Total U.S. corporate 2,064 — (16 ) 20 (17 ) — (85 ) 22 (4 ) 1,984 — (22 ) Non-U.S. Utilities 260 — (5 ) 25 — — — — — 280 — (6 ) Energy 130 — — — — — (11 ) — — 119 — — Finance and insurance 132 1 — — — — — — — 133 1 — Consumer—non-cyclical 77 — — — — — — — — 77 — (1 ) Technology and communications 24 — — — — — (7 ) — — 17 — — Industrial 61 — (1 ) — — — — — — 60 — (1 ) Capital goods 33 — (2 ) 14 — — — — — 45 — (1 ) Consumer—cyclical 1 — (1 ) 7 — — — — — 7 — — Transportation 22 — — — — — — — — 22 — — Other 51 — — — — — — — — 51 — — Total non-U.S. 791 1 (9 ) 46 — — (18 ) — — 811 1 (9 ) Residential mortgage-backed 3 — — — — — (1 ) — — 2 — — Commercial mortgage-backed 11 — — — — — — — — 11 — — Other asset-backed 108 — (1 ) 25 — — (5 ) — (14 ) 113 — — Total fixed maturity securities 3,042 2 (27 ) 91 (17 ) — (109 ) 22 (18 ) 2,986 2 (32 ) Equity securities 32 — — 18 (8 ) — — — — 42 — — Limited partnerships 19 (3 ) — — — — — — — 16 (3 ) — Other invested assets: Derivative assets: Equity index options 20 1 — 4 — — (4 ) — — 21 2 — Forward bond purchase commitments 41 — (20 ) — — — — — — 21 — (15 ) Total derivative assets 61 1 (20 ) 4 — — (4 ) — — 42 2 (15 ) Total other invested assets 61 1 (20 ) 4 — — (4 ) — — 42 2 (15 ) Total Level 3 assets $ 3,154 $ — $ (47 ) $ 113 $ (25 ) $ — $ (113 ) $ 22 $ (18 ) $ 3,086 $ 1 $ (47 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning balance as of April 1, 2023 Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Transfer into Level 3 (1) Transfer out of Level 3 (1) Ending balance as of June 30, 2023 Total gains (losses) attributable to assets still held (Amounts in millions) Included in net income Included in OCI Included in net income Included in OCI Fixed maturity securities: State and political subdivisions $ 59 $ 1 $ — $ — $ — $ — $ — $ — $ — $ 60 $ 1 $ — U.S. corporate: Utilities 859 — (11 ) — (31 ) — (10 ) 11 — 818 — (18 ) Energy 115 — — — — — (1 ) — (55 ) 59 — (1 ) Finance and insurance 697 — (6 ) 48 — — (30 ) — (5 ) 704 — (10 ) Consumer—non-cyclical 69 — (1 ) — — — — — — 68 — (1 ) Technology and communications 12 — (1 ) — — — — — — 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — (1 ) Consumer—cyclical 127 — (2 ) 1 — — (2 ) — — 124 — (2 ) Transportation 24 — (1 ) — — — — — — 23 — — Other 156 — 1 — — — (4 ) — — 153 — 1 Total U.S. corporate 2,115 — (21 ) 49 (31 ) — (47 ) 11 (60 ) 2,016 — (32 ) Non-U.S. corporate: Utilities 298 — (9 ) 1 — — — 30 — 320 — (8 ) Energy 119 — (2 ) — — — — — — 117 — (2 ) Finance and insurance 131 2 (7 ) — — — — — — 126 2 (6 ) Consumer—non-cyclical 73 — — — — — — — — 73 — (1 ) Technology and communications 26 — — — — — — — — 26 — — Industrial 75 — — — — — — — — 75 — (1 ) Capital goods 52 — (1 ) — — — — — — 51 — — Consumer—cyclical 9 — 1 — — — (1 ) — — 9 — — Transportation 22 — (1 ) — — — — — — 21 — (1 ) Other 22 — (1 ) — — — — — — 21 — — Total non-U.S. corporate 827 2 (20 ) 1 — — (1 ) 30 — 839 2 (19 ) Residential mortgage-backed 8 — 1 — — — (1 ) — — 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 95 — (1 ) 10 — — — — — 104 — (1 ) Total fixed maturity securities 3,116 3 (41 ) 60 (32 ) — (49 ) 41 (60 ) 3,038 3 (52 ) Equity securities 33 — — 1 (4 ) — — — — 30 — — Limited partnerships 22 (1 ) — — — — — — — 21 (1 ) — Other invested assets: Derivative assets: Equity index options 10 5 — 2 — — (2 ) — — 15 4 — Total derivative assets 10 5 — 2 — — (2 ) — — 15 4 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 10 5 — 9 — — (2 ) — — 22 4 — Total Level 3 assets $ 3,181 $ 7 $ (41 ) $ 70 $ (36 ) $ — $ (51 ) $ 41 $ (60 ) $ 3,111 $ 6 $ (52 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning balance as of January 1, 2024 Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Transfer into Level 3 (1) Transfer (1) Ending balance as of June 30, 202 4 Total gains (losses) attributable to assets still held (Amounts in millions) I nclude income Included in OCI Included income Included in OCI Fixed maturity securities: State and political subdivisions $ 60 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 65 $ 2 $ 3 U.S. corporate: Utilities 881 — (35 ) 32 (13 ) — (26 ) 8 (4 ) 843 — (37 ) Energy 60 (1 ) 1 — (4 ) — (11 ) — — 45 — — Finance and insurance 717 1 (6 ) — — — (65 ) 33 — 680 — (9 ) Consumer—non-cyclical 69 — (1 ) — — — (5 ) — — 63 — (1 ) Technology and communications 12 — — — — — — — — 12 — — Industrial 23 — — — — — (8 ) — — 15 — — Capital goods 35 — (1 ) 20 — — — — — 54 — (1 ) Consumer—cyclical 122 — (3 ) — — — (2 ) — — 117 — (3 ) Transportation 22 — — — — — (2 ) — — 20 — — Other 149 — (3 ) — — — (11 ) — — 135 — (3 ) Total U.S. corporate 2,090 — (48 ) 52 (17 ) — (130 ) 41 (4 ) 1,984 — (54 ) Non-U.S. corporate: Utilities 269 — (9 ) 35 — — (15 ) — — 280 — (10 ) Energy 131 — (1 ) — — — (11 ) — — 119 — (1 ) Finance and insurance 134 3 (4 ) — — — — — — 133 3 (4 ) Consumer—non-cyclical 81 — (1 ) — — — (3 ) — — 77 — (1 ) Technology and communications 24 — — — — — (7 ) — — 17 — — Industrial 63 — (2 ) — — — (1 ) — — 60 — (2 ) Capital goods 53 — (2 ) 14 — — (20 ) — — 45 — (1 ) Consumer—cyclical 1 — (1 ) 7 — — — — — 7 — — Transportation 22 — — — — — — — — 22 — — Other 52 — (1 ) — — — — — — 51 — (1 ) Total non-U.S. corporate 830 3 (21 ) 56 — — (57 ) — — 811 3 (20 ) Residential mortgage-backed 3 — — — — — (1 ) — — 2 — — Commercial mortgage-backed 11 — — — — — — — — 11 — — Other asset-backed 102 — (1 ) 40 — — (7 ) — (21 ) 113 — (1 ) Total fixed maturity securities 3,096 5 (67 ) 148 (17 ) — (195 ) 41 (25 ) 2,986 5 (72 ) Equity securities 32 — — 18 (8 ) — — — — 42 — — Limited partnerships 20 (4 ) — — — — — — — 16 (4 ) — Other invested assets: Derivative assets: Equity index options 15 6 — 8 — — (8 ) — — 21 6 — Forward bond purchase 51 — (30 ) — — — — — — 21 — (28 ) Total derivative assets 66 6 (30 ) 8 — — (8 ) — — 42 6 (28 ) Short-term investments 7 — — — — — (7 ) — — — — — Total other invested assets 73 6 (30 ) 8 — — (15 ) — — 42 6 (28 ) Total Level 3 assets $ 3,221 $ 7 $ (97 ) $ 174 $ (25 ) $ — $ (210 ) $ 41 $ (25 ) $ 3,086 $ 7 $ (100 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. (Amounts in millions) Beginning balance as of January 1, 2023 Total realized unrealized gains (losses) Transfer into Level 3 (1) Transfer (1) Ending balance as of June 30, 2023 Total attributable to assets still held Included income Included in OCI Purchases Sales Issuances Settlements Included income Included in OCI Fixed maturity securities: State and political subdivisions $ 55 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 60 $ 2 $ 3 U.S. corporate: Utilities 842 — — 40 (40 ) — (10 ) 11 (25 ) 818 — (8 ) Energy 116 — 1 — (1 ) — (2 ) — (55 ) 59 — 1 Finance and insurance 687 — (3 ) 63 — — (35 ) — (8 ) 704 — (6 ) Consumer—non-cyclical 82 — — — — — (14 ) — — 68 — — Technology and communications 24 — — — — — — — (13 ) 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — — Consumer—cyclical 113 — — 1 — — (3 ) 13 — 124 — — Transportation 43 — — — — — (20 ) — — 23 — — Other 159 — 1 — — — (7 ) — — 153 — 1 Total U.S. corporate 2,122 — (1 ) 104 (41 ) — (91 ) 24 (101 ) 2,016 — (12 ) Non-U.S. corporate: Utilities 295 — (4 ) 4 — — (5 ) 30 — 320 — (3 ) Energy 118 — — — — — (1 ) — — 117 — — Finance and insurance 125 3 (2 ) — — — — — — 126 3 (2 ) Consumer—non-cyclical 73 — — — — — — — — 73 — — Technology and communications 26 — — — — — — — — 26 — — Industrial 48 — 2 25 — — — — — 75 — 1 Capital goods 95 1 3 — (12 ) — (36 ) — — 51 — 2 Consumer—cyclical 64 — 7 — (6 ) — (56 ) — — 9 — 1 Transportation 20 — — 1 — — — — — 21 — — Other 21 — — — — — — — — 21 — — Total non-U.S. corporate 885 4 6 30 (18 ) — (98 ) 30 — 839 3 (1 ) Residential 22 — 2 — — — (1 ) — (15 ) 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 94 — 1 12 — — (1 ) — (2 ) 104 — 1 Total fixed maturity securities 3,190 6 11 146 (60 ) — (191 ) 54 (118 ) 3,038 5 (9 ) Equity securities 34 — — 1 (5 ) — — — — 30 — — Limited partnerships 24 (3 ) — — — — — — — 21 (3 ) — Other invested assets: Derivative assets: Equity index options 6 6 — 5 — — (2 ) — — 15 5 — Total derivative assets 6 6 — 5 — — (2 ) — — 15 5 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 6 6 — 12 — — (2 ) — — 22 5 — Total Level 3 assets $ 3,254 $ 9 $ 11 $ 159 $ (65 ) $ — $ (193 ) $ 54 $ (118 ) $ 3,111 $ 7 $ (9 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. |
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value | The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Total realized and unrealized gains (losses) included in net income: Net investme $ 3 $ 3 $ 6 $ 6 Net investment gai (3 ) 4 1 3 T $ — $ 7 $ 7 $ 9 Total gains (losses) included in net income attributable to assets still held: Net investme $ 2 $ 3 $ 5 $ 5 Net investment gai (1 ) 3 2 2 T $ 1 $ 6 $ 7 $ 7 |
Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements | The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of June 30, 2024: (Amounts in millions) Fair value Unobservable input Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities $ 815 Credit spreads 59bps - 229bps 136bps Energy 45 Credit spreads 93bps - 166bps 134bps Finance and insurance 668 Credit spreads 14bps - 213bps 154bps Consumer—non-cyclical 63 Credit spreads 68bps - 210bps 131bps Technology and communications 12 Credit spreads 68bps - 82bps 74bps Industrial 15 Credit spreads 93bps - 166bps 117bps Capital goods 54 Credit spreads 83bps - 160bps 127bps Consumer—cyclical 117 Credit spreads 82bps - 220bps 132bps Transportation 20 Credit spreads 48bps - 134bps 100bps Other 90 Credit spreads 67bps - 122bps 81bps Total U.S. corporate $ 1,899 Credit spreads 14bps - 229bps 138bps Non-U.S. corporate: Utilities $ 243 Credit spreads 84bps - 229bps 131bps Energy 113 Credit spreads 93bps - 175bps 119bps Finance and insurance 133 Credit spreads 101bps - 197bps 125bps Consumer—non-cyclical 75 Credit spreads 83bps - 144bps 100bps Technology and communications 17 Credit spreads 83bps - 119bps 100bps Industrial 59 Credit spreads 109bps - 175bps 144bps Capital goods 38 Credit spreads 97bps - 210bps 149bps Consumer—cyclical 7 Credit spreads 210bps Not applicable Transportation 20 Credit spreads 109bps - 144bps 114bps Other 51 Credit spreads 59bps - 133bps 115bps Total non-U.S. corporate $ 756 Credit spreads 59bps - 229bps 126bps Derivative assets: Equity index options $ 21 Equity index volatility 6% - 46% 23% Forward bond purchase commitments $ 21 Counterparty financing spreads 28bps - 41bps 33bps Other assets (2) $ 117 Lapse rate 2% - 9% 5% Non-performance risk (counterparty credit risk) 42bps - 83bps 69bps Equity index volatility 14% - 30% 22% (1) Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyholder account balances associated with the instrument for the net reinsured portion of our variable annuity MRBs. (2) Represents the net reinsured portion of our variable annuity MRBs. |
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis | The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: June 30, 2024 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: Fixed indexed annuity embedded derivatives $ 160 $ — $ — $ 160 Indexed universal life embedded derivatives 16 — — 16 Total policyholder account balances 176 — — 176 Derivative liabilities: Interest rate swaps 636 — 636 — Foreign currency swaps 1 — 1 — Forward bond purchase commitments 33 — — 33 Total derivative liabilities 670 — 637 33 Total liabilities $ 846 $ — $ 637 $ 209 December 31, 2023 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: Fixed indexed annuity embedded derivatives $ 165 $ — $ — $ 165 Indexed universal life embedded derivatives 15 — — 15 Total policyholder account balances 180 — — 180 Derivative liabilities: Interest rate swaps 490 — 490 — Foreign currency swaps 2 — 2 — Forward bond purchase commitments 9 — — 9 Total derivative liabilities 501 — 492 9 Total liabilities $ 681 $ — $ 492 $ 189 |
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated: Beginning Total realized and Ending Total (gains) (Amounts in millions) Included Included Purchases Sales Issuances Settlements Transfer Transfer Included Included Policyholder account balances: Fixed indexed annuity embedded derivatives $ 163 $ 5 $ — $ — $ — $ — $ (8 ) $ — $ — $ 160 $ 5 $ — Indexed universal life embedded derivatives 15 (2 ) — — — 3 — — — 16 (2 ) — Total policyholder account balances 178 3 — — — 3 (8 ) — — 176 3 — Derivative liabilities: Forward bond purchase commitments 13 7 13 — — — — — — 33 7 13 Total derivative liabilities 13 7 13 — — — — — — 33 7 13 Total Level 3 liabilities $ 191 $ 10 $ 13 $ — $ — $ 3 $ (8 ) $ — $ — $ 209 $ 10 $ 13 Beginning balance as of April 1, 2023 Total realized and unrealized (gains) losses Ending balance as of June 30, 2023 Total (gains) losses attributable to liabilities still held (Amounts in millions) Included in net (income) Included in OCI Purchases Sales Issuances Settlements Transfer into Level 3 Transfer out of Level 3 Included in net (income) Included in OCI Policyholder account balances: Fixed indexed annuity embedded derivatives $ 184 $ 8 $ — $ — $ — $ — $ (11 ) $ — $ (1 ) $ 180 $ 8 $ — Indexed universal life embedded derivatives 15 (2 ) — — — 2 — — — 15 (2 ) — Total policyholder account balances 199 6 — — — 2 (11 ) — (1 ) 195 6 — Derivative liabilities: Forward bond purchase commitments — 3 — — — — — — — 3 — — Total derivative liabilities — 3 — — — — — — — 3 — — Total Level 3 liabilities $ 199 $ 9 $ — $ — $ — $ 2 $ (11 ) $ — $ (1 ) $ 198 $ 6 $ — Beginning balance as of January 1, 2024 Total realized and unrealized (gains) losses Ending balance as of June 30, 2024 Total (gains) losses attributable to liabilities still held (Amounts in millions) Included in net (income) Included in OCI Purchases Sales Issuances Settlements Transfer into Level 3 Transfer out of Level 3 Included in net (income) Included in OCI Policyholder account balances: Fixed indexed annuity embedded derivatives $ 165 $ 13 $ — $ — $ — $ — $ (17 ) $ — $ (1 ) $ 160 $ 13 $ — Indexed universal life embedded derivatives 15 (6 ) — — — 7 — — — 16 (6 ) — Total policyholder account balances 180 7 — — — 7 (17 ) — (1 ) 176 7 — Derivative liabilities: Forward bond purchase commitments 9 11 13 — — — — — — 33 11 13 Total derivative liabilities 9 11 13 — — — — — — 33 11 13 Total Level 3 liabilities $ 189 $ 18 $ 13 $ — $ — $ 7 $ (17 ) $ — $ (1 ) $ 209 $ 18 $ 13 Beginning balance as of January 1, 2023 Total realized and unrealized (gains) losses Ending balance as of June 30, 2023 Total (gains) losses attributable to liabilities still held (Amounts in millions) Included in net (income) Included in OCI Purchases Sales Issuances Settlements Transfer into Level 3 Transfer out of Level 3 Included in net (income) Included in OCI Policyholder account balances: Fixed indexed annuity embedded derivatives $ 202 $ 10 $ — $ — $ — $ — $ (30 ) $ — $ (2 ) $ 180 $ 10 $ — Indexed universal life embedded derivatives 15 (7 ) — — — 7 — — — 15 (7 ) — Total policyholder account balances 217 3 — — — 7 (30 ) — (2 ) 195 3 — Derivative liabilities: Forward bond purchase commitments — 3 — — — — — — — 3 — — Total derivative liabilities — 3 — — — — — — — 3 — — Total Level 3 liabilities $ 217 $ 6 $ — $ — $ — $ 7 $ (30 ) $ — $ (2 ) $ 198 $ 3 $ — |
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value | The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Total realized and unrealized (gains) losses included in net (income): Net investment inc $ — $ — $ — $ — Net investment (gains) los 10 9 18 6 To $ 10 $ 9 $ 18 $ 6 Total (gains) losses included in net (income) attributable to liabilities still held: Net investment inc $ — $ — $ — $ — Net investment (gains) los 10 6 18 3 To $ 10 $ 6 $ 18 $ 3 |
Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements | The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of June 30, 2024: (Amounts in millions) Fair value Unobservable input Range Weighted-average (1) Policyholder account balances: Fixed indexed annuity embedded derivatives $ 160 Expected future interest credited 1% - 3% 2% Indexed universal life embedded derivatives $ 16 Expected future interest credited 2% - 12% 5% Market risk benefits (2) Fixed indexed annuities $ 43 GMWB utilization rate — % - 70% 57% Non-performance risk (credit 42bps - 83bps 69bps Expected future interest credited 1% - 3% 2% Variable annuities $ 403 Lapse rate 2% - 11% 5% GMWB utilization rate 63% - 89% 79% Non-performance risk (credit 42bps - 83bps 69bps Equity index volatility 14% - 30% 22% Derivative liabilities: Forward bond purchase commitments $ 33 Counterparty financing spreads 28bps - 42bps 39bps (1) Unobservable inputs weighted by the policyholder account balances associated with the instrument and notional for derivative liabilities. (2) Refer to note 11 for additional details related to MRBs. |
Fair Value Financial Instruments Not Required to be Carried at Fair Value | The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated: June 30, 2024 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 6,662 $ 6,094 $ — $ — $ 6,094 Bank loan investments (1) 560 556 — — 556 Liabilities: Long-term borrowings (1) 1,564 1,438 — 1,438 — Investment contracts (1) 4,870 4,804 — — 4,804 Commitments to fund investments: Bank loan investments $ 150 — — — — — Private placement investments 5 — — — — — Commercial mortgage loans 11 — — — — — (1) These financial instruments do not have notional amounts. December 31, 2023 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 6,802 $ 6,291 $ — $ — $ 6,291 Bank loan investments (1) 529 520 — — 520 Liabilities: Long-term borrowings (1) 1,584 1,413 — 1,413 — Investment contracts (1) 5,346 5,372 — — 5,372 Commitments to fund investments: Bank loan investments $ 117 — — — — — Private placement investments 42 — — — — — Commercial mortgage loans 13 — — — — — (1) These financial instruments do not have notional amounts. |
Summary of carrying value of limited partnerships and commitments to fund | The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Carrying value Commitments to fund Carrying value Commitments to fund Limited partnerships accounted for at NAV: Private equity funds (1) $ 2,053 $ 1,201 $ 1,948 $ 1,203 Real estate funds (2) 126 78 123 87 Infrastructure funds (3) 119 182 102 160 Total limited partnerships accounted for at NAV 2,298 1,461 2,173 1,450 Limited partnerships accounted for at fair value 16 1 20 1 Limited partnerships accounted for under equity method of accounting 654 67 628 79 Total $ 2,968 $ 1,529 $ 2,821 $ 1,530 (1) This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America. (2) This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments. (3) This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally. |
Deferred Acquisition Costs (Tab
Deferred Acquisition Costs (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Activity Impacting Deferred Acquisition Costs | The following tables present the balances of and changes in deferred acquisition costs as of and for the periods indicated: June 30, 2024 (Amounts in millions) Long-term care insurance Life insurance Fixed annuities Variable annuities Total Balance as of January 1 $ 879 $ 941 $ 45 $ 98 $ 1,963 Costs deferred — — — — — Amortization (28 ) (64 ) (4 ) (8 ) (104 ) Balance as of June 30 $ 851 $ 877 $ 41 $ 90 1,859 Enact segment 25 Total deferred acquisition costs $ 1,884 December 31, 2023 (Amounts in millions) Long-term care insurance Life insurance Fixed annuities Variable annuities Total Balance as of January 1 $ 935 $ 1,080 $ 57 $ 113 $ 2,185 Costs deferred 1 — — — 1 Amortization (57 ) (139 ) (12 ) (15 ) (223 ) Balance as of December 31 $ 879 $ 941 $ 45 $ 98 1,963 Enact segment 25 Total deferred acquisition costs $ 1,988 |
Future Policy Benefits (Tables)
Future Policy Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | |
Summary of Components of Liability for Future Policy Benefits | The following table sets forth our liability for future policy benefits as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Long-term care insurance $ 41,024 $ 43,929 Life insurance 1,585 1,698 Fixed annuities 10,972 11,829 Total long-duration insurance contracts 53,581 57,456 Deferred profit liability 132 128 Cost of reinsurance 61 71 Total future policy benefits $ 53,774 $ 57,655 |
Summary of Liability for Future Policy Benefit Activity | The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated: June 30, 2024 (Dollar amounts in millions) Long-term care insurance Life insurance Fixed annuities Present value of expected net premiums: Beginning balance as of January 1 $ 18,650 $ 4,180 $ — Beginning balance, at original discount rate $ 18,346 $ 3,918 $ — Effect of changes in cash flow assumptions 31 — — Effect of actual variances from expected experience (251 ) (15 ) — Adjusted beginning balance 18,126 3,903 — Issuances — — 20 Interest accretion 463 108 — Net premiums collected (1) (916 ) (226 ) (20 ) Derecognition (lapses and withdrawals) — — — Other — 1 — Ending balance, at original discount rate 17,673 3,786 — Effect of changes in discount rate assumptions (280 ) 74 — Ending balance as of June 30 $ 17,393 $ 3,860 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 62,579 $ 5,412 $ 11,829 Beginning balance, at original discount rate $ 60,513 $ 5,146 $ 9,920 Effect of changes in cash flow assumptions (55 ) — — Effect of actual variances from expected experience (203 ) (3 ) (42 ) Adjusted beginning balance 60,255 5,143 9,878 Issuances — — 16 Interest accretion 1,641 137 322 Benefit payments (1,984 ) (409 ) (490 ) Derecognition (lapses and withdrawals) — — — Other — — 5 Ending balance, at original discount rate 59,912 4,871 9,731 Effect of changes in discount rate assumptions (1,495 ) 104 1,241 Ending balance as of June 30 $ 58,417 $ 4,975 $ 10,972 Net liability for future policy benefits, before flooring adjustments $ 41,024 $ 1,115 $ 10,972 Flooring adjustments (2) — 470 — Net liability for future policy benefits 41,024 1,585 10,972 Less: reinsurance recoverable 6,994 818 8,365 Net liability for future policy benefits, net of reinsurance recoverable $ 34,030 $ 767 $ 2,607 Weighted-average liability duration (years) 13.0 5.7 10.3 (1) Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (2) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. December 31, 2023 (Dollar amounts in millions) Long-term care insurance Life insurance Fixed annuities Present value of expected net premiums: Beginning balance as of January 1 $ 19,895 $ 4,083 $ — Beginning balance, at original discount rate $ 19,959 $ 3,922 $ — Effect of changes in cash flow assumptions (276 ) 180 — Effect of actual variances from expected experience (365 ) 38 — Adjusted beginning balance 19,318 4,140 — Issuances 2 — 42 Interest accretion 994 217 — Net premiums collected (1) (1,968 ) (439 ) (42 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 18,346 3,918 — Effect of changes in discount rate assumptions 304 262 — Ending balance as of December 31 $ 18,650 $ 4,180 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 61,352 $ 5,556 $ 11,923 Beginning balance, at original discount rate $ 61,148 $ 5,374 $ 10,300 Effect of changes in cash flow assumptions (292 ) 261 (33 ) Effect of actual variances from expected experience (50 ) 61 (30 ) Adjusted beginning balance 60,806 5,696 10,237 Issuances 2 — 35 Interest accretion 3,327 281 663 Benefit payments (3,621 ) (823 ) (1,016 ) Derecognition (lapses and withdrawals) — — — Other (1 ) (8 ) 1 Ending balance, at original discount rate 60,513 5,146 9,920 Effect of changes in discount rate assumptions 2,066 266 1,909 Ending balance as of December 31 $ 62,579 $ 5,412 $ 11,829 Net liability for future policy benefits, before flooring adjustments $ 43,929 $ 1,232 $ 11,829 Flooring adjustments (2) — 466 — Net liability for future policy benefits 43,929 1,698 11,829 Less: reinsurance recoverable 7,572 852 9,008 Net liability for future policy benefits, net of reinsurance recoverable $ 36,357 $ 846 $ 2,821 Weighted-average liability duration (years) 13.7 5.9 11.1 (1) Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (2) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. |
Summary of Weighted Average Interest and Discount Rates | The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated: June 30, 2024 December 31, 2023 Long-term care insurance Interest accretion (locked-in) 5.7 % 5.8 % Current discount rate 5.6 % 5.1 % Life insurance Interest accretion (locked-in) 5.8 % 5.8 % Current discount rate 5.3 % 4.8 % Fixed annuities Interest accretion (locked-in) 6.8 % 6.7 % Current discount rate 5.6 % 5.0 % |
Summary of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefit Payments | The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Undiscounted Discounted Undiscounted Discounted Long-term care insurance Expected future gross premiums $ 36,523 $ 24,512 $ 38,279 $ 26,341 Expected future benefit payments $ 122,000 $ 58,417 $ 124,594 $ 62,579 Life insurance Expected future gross premiums $ 10,292 $ 5,788 $ 10,693 $ 6,278 Expected future benefit payments $ 7,107 $ 4,975 $ 7,524 $ 5,412 Fixed annuities Expected future gross premiums $ — $ — $ — $ — Expected future benefit payments $ 23,385 $ 10,972 $ 23,903 $ 11,829 |
Summary of Revenue and Interest Expense in Respect of Future Policy Benefits | The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to our liability for future policy benefits for the periods indicated: Three months ended June 30, Six months ended June 30, Year ended 2024 2023 2024 2023 December 31, 2023 (Amounts in millions Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Gross premiums Interest accretion (1) Long-term care insurance $ 613 $ 589 $ 671 $ 582 $ 1,243 $ 1,178 $ 1,346 $ 1,160 $ 2,713 $ 2,333 Life insurance 165 14 174 16 334 29 353 33 688 64 Fixed annuities — 160 — 166 — 322 — 334 — 663 Total $ 778 $ 763 $ 845 $ 764 $ 1,577 $ 1,529 $ 1,699 $ 1,527 $ 3,401 $ 3,060 (1) Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Policyholder Account Balances (
Policyholder Account Balances (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Policyholder Account Balance [Abstract] | |
Summary of Liabilities for Policyholder Account | The following table sets forth our liabilities for policyholder account balances as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Life insurance $ 7,341 $ 7,460 Fixed annuities 4,113 4,479 Variable annuities 492 529 Fixed indexed annuity embedded derivatives (1) 160 165 Indexed universal life embedded derivatives (1) 16 15 Additional insurance liabilities (2) 2,914 2,887 Other 11 5 Total policyholder account balances $ 15,047 $ 15,540 (1) See note 5 for additional information. (2) Represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 10 for additional information. |
Summary of Changes in Policyholder Account Balance | The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated: June 30, 2024 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,460 $ 4,479 $ 529 Issuances — — — Premiums received 239 12 7 Policy charges (302 ) (3 ) (2 ) Surrenders and withdrawals (125 ) (296 ) (32 ) Benefit payments (126 ) (173 ) (27 ) Net transfers to separate accounts — — (2 ) Interest credited 197 73 2 Other (2 ) 21 17 Ending balance as of June 30 $ 7,341 $ 4,113 $ 492 Weighted-average crediting rate 3.9 % 2.9 % 3.3 % Net amount at risk (1) $ 42,187 $ 21 $ 401 Cash surrender value $ 4,189 $ 3,185 $ 492 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. December 31, 2023 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,694 $ 5,477 $ 610 Issuances — — — Premiums received 500 20 14 Policy charges (614 ) (6 ) (6 ) Surrenders and withdrawals (272 ) (842 ) (66 ) Benefit payments (215 ) (387 ) (80 ) Net transfers from separate accounts — — 1 Interest credited 388 160 4 Other (21 ) 57 52 Ending balance as of December 31 $ 7,460 $ 4,479 $ 529 Weighted-average crediting rate 3.9 % 2.8 % 3.3 % Net amount at risk (1) $ 42,754 $ 33 $ 479 Cash surrender value $ 4,336 $ 3,519 $ 529 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. |
Summary of Range Guaranteed Minimum Crediting Rate | The following tables present policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated: June 30, 2024 (Amounts in millions) At guaranteed minimum 1–50 basis points above 51–150 basis points above Greater than 150 basis points above Total (1) Less than 2.00% $ 103 $ 69 $ 53 $ — $ 225 2.00%–2.99% 807 102 — — 909 3.00%–3.99% 1,887 666 1,134 48 3,735 4.00% and greater 2,390 17 16 — 2,423 Total $ 5,187 $ 854 $ 1,203 $ 48 $ 7,292 (1) Excludes universal life insurance and investment contracts of approximately $ 4,654 December 31, 2023 (Amounts in millions) At guaranteed minimum 1–50 basis points above 51–150 basis points above Greater than 150 basis points above Total (1) Less than 2.00% $ 121 $ 97 $ 39 $ — $ 257 2.00%–2.99% 1,201 81 — — 1,282 3.00%–3.99% 1,732 699 1,155 31 3,617 4.00% and greater 2,479 16 10 — 2,505 Total $ 5,533 $ 893 $ 1,204 $ 31 $ 7,661 (1) Excludes universal life insurance and investment contracts of approximately $4,807 million that have a market component to their crediting strategy. |
Additional Insurance Liabilit_2
Additional Insurance Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discloure of Additional Insurance Liabilities [Abstract] | |
Summary of Balances of and Changes in Additional Insurance Liabilities | The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated: (Dollar amounts in millions) June 30, 2024 December 31, 2023 Beginning balance as of January 1 $ 2,887 $ 2,566 Beginning balance before shadow accounting adjustments $ 2,939 $ 2,634 Effect of changes in cash flow assumptions — 200 Effect of actual variances from expected experience (1 ) (3 ) Adjusted beginning balance 2,938 2,831 Issuances — — Interest accretion 50 90 Assessments collected 125 240 Benefit payments (120 ) (222 ) Derecognition (lapses and withdrawals) — — Ending balance before shadow accounting adjustments 2,993 2,939 Effect of shadow accounting adjustments (79 ) (52 ) Ending balance 2,914 2,887 Less: reinsurance recoverable — — Additional insurance liabilities, net of reinsurance recoverable $ 2,914 $ 2,887 Weighted-average liability duration (years) 18.4 18.9 |
Summary of Weighted-Average Interest rates for the Liability for Additional Insurance Liabilities | The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated: June 30, 2024 December 31, 2023 Interest accretion rate (1) 3.4 % 3.2 % Projected crediting rate (2) 3.9 % 3.8 % (1) The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, (2) The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits. |
Summary of Additional Liability Long Duration Insurance Revenue and Interest Accretion (Expense) Recognized | The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to additional insurance liabilities for the periods indicated: Three months ended Six months ended Year ended December 31, June 30, June 30, (Amounts in millions) 2024 2023 2024 2023 2023 Gross assessments $ 132 $ 136 $ 265 $ 272 $ 539 Interest accretion (1) $ 25 $ 22 $ 50 $ 44 $ 90 (1) Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Market Risk Benefit [Abstract] | |
Summary of Market Risk Benefit | The following table sets forth our market risk benefits by asset and liability position as of the dates indicated: June 30, 2024 December 31, 2023 (Amounts in millions) Asset Liability Net liability Asset Liability Net liability Fixed indexed annuities $ — $ 43 $ 43 $ — $ 55 $ 55 Variable annuities 54 457 403 43 570 527 Total market risk benefits $ 54 $ 500 $ 446 $ 43 $ 625 $ 582 |
Summary of Balances of and Changes in Market Risk Benefits | The following tables present the balances of and changes in market risk benefits as of and for the periods indicated: June 30, 2024 (Dollar amounts in millions) Fixed indexed annuities Variable annuities Reinsurance recoverable (1) Beginning balance as of January 1 $ 55 $ 527 $ 140 Beginning balance before effect of changes in instrument-specific credit risk $ 52 $ 520 $ 140 Issuances — — — Interest accretion 1 14 4 Attributed fees collected 3 19 4 Benefit payments — (15 ) (7 ) Effect of changes in interest rates (10 ) (78 ) (14 ) Effect of changes in equity markets (1 ) (64 ) (13 ) Actual policyholder behavior different from expected behavior (2 ) 2 3 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Other (2 ) — — Ending balance before effect of changes in instrument-specific credit risk 41 398 117 Effect of changes in instrument-specific credit risk 2 5 — Ending balance as of June 30 43 403 $ 117 Less: reinsurance recoverable — 117 Market risk benefits, net of reinsurance recoverable $ 43 $ 286 Weighted-average attained age of contractholders 73 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 9 for additional information on the net amount at risk. December 31, 2023 (Dollar amounts in millions) Fixed indexed annuities Variable annuities Reinsurance recoverable (1) Beginning balance as of January 1 $ 52 $ 670 $ 158 Beginning balance before effect of changes in instrument-specific credit risk $ 50 $ 660 $ 158 Issuances — — — Interest accretion 3 34 9 Attributed fees collected 5 37 8 Benefit payments — (35 ) (15 ) Effect of changes in interest rates (2 ) (33 ) (5 ) Effect of changes in equity markets (2 ) (157 ) (31 ) Actual policyholder behavior different from expected behavior (2 ) 8 5 Effect of changes in future expected policyholder behavior — 11 11 Effect of changes in other future expected assumptions — — — Other — (5 ) — Ending balance before effect of changes in instrument-specific credit risk 52 520 140 Effect of changes in instrument-specific credit risk 3 7 — Ending balance as of December 31 55 527 $ 140 Less: reinsurance recoverable — 140 Market risk benefits, net of reinsurance recoverable $ 55 $ 387 Weighted-average attained age of contractholders 73 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 9 for additional information on the net amount at risk. |
Separate Accounts (Tables)
Separate Accounts (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Separate Accounts Disclosure [Abstract] | |
Summary of Changes in Separate Account Liabilities | The following table presents the balances of and changes in separate account liabilities, which are primarily comprised of variable annuity products, as of and for the periods indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Beginning balance as of January 1 $ 4,509 $ 4,417 Premiums and deposits 15 35 Policy charges (52 ) (104 ) Surrenders and withdrawals (201 ) (361 ) Benefit payments (118 ) (190 ) Investment performance 399 716 Net transfers from (to) general account 2 (1 ) Other charges (1 ) (3 ) Ending balance $ 4,553 $ 4,509 Cash surrender value (1) $ 4,550 $ 4,506 (1) Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges. |
Summary of Aggregate Fair Value of Separate Account Assets | The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Equity funds $ 2,112 $ 2,018 Balanced funds 1,900 1,927 Bond funds 307 320 Money market funds 234 244 Total $ 4,553 $ 4,509 |
Liability for Policy and Cont_2
Liability for Policy and Contract Claims (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Liability for Policy and Contract Claims | The following table presents the balances of our liability for policy and contract claims as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Enact segment $ 508 $ 518 Life and Annuities segment (1) 135 126 Other mortgage insurance business 6 8 Total liability for policy and contract claims $ 649 $ 652 (1) Primarily includes balances related to our universal and term universal life insurance products. |
Changes in Liability for Policy and Contract Claims | The following table sets forth changes in our liability for policy and contract claims as of and for the periods indicated: Six months ended June 30, (Amounts in millions) 2024 2023 Beginning balance as of January 1 $ 652 $ 683 Less reinsurance recoverable (16 ) (23 ) Net beginning balance 636 660 Incurred related to insured events of: Current year 452 417 Prior years (118 ) (120 ) Total incurred 334 297 Paid related to insured events of: Current year (252 ) (257 ) Prior years (85 ) (90 ) Total paid (337 ) (347 ) Foreign currency translation — 1 Net ending balance 633 611 Add reinsurance recoverable 16 17 Ending balance as of June 30 $ 649 $ 628 |
Borrowings and Other Financin_2
Borrowings and Other Financings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Long Term Borrowings | The following table sets forth total long-term borrowings as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Genworth Holdings 6.50% Senior Notes, due 2034 (1) $ 262 $ 262 Floating Rate Junior Subordinated Notes, due 2066 (2) 574 592 Subtotal 836 854 Bond consent fees (9 ) (9 ) Deferred borrowing charges (5 ) (6 ) Total Genworth Holdings 822 839 Enact Holdings 6.50% Senior Notes, due 2025 — 750 6.25% Senior Notes, due 2029 750 — Deferred borrowing charges (8 ) (5 ) Total Enact Holdings 742 745 Total $ 1,564 $ 1,584 (1) Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. (2) Genworth Holdings may repay, redeem or repurchase $2,000 principal amount of its junior subordinated notes for each $1,000 principal amount of its senior notes repaid, redeemed or repurchased. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate | The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps (0.2 ) 3.4 3.8 3.6 Non-deductible 0.4 0.7 1.1 0.8 Other, net 1.2 (0.2 ) — 0.2 Effective rate 22.4 % 24.9 % 25.9 % 25.6 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Revenues of Major Product Groups for Segments and Corporate and Other | The following is a summary of revenues for our segments and Corporate and Other for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Revenues: Enact segment $ 298 $ 277 $ 590 $ 558 Long-Term Care Insurance segment 1,011 1,143 2,116 2,241 Life and Annuities segment: Life insurance 352 350 706 708 Fixed annuities 70 84 143 169 Variable annuities 32 35 66 71 Life and Annuities segment 454 469 915 948 Corporate and Other 6 3 12 (1 ) Total revenues $ 1,769 $ 1,892 $ 3,633 $ 3,746 |
Summary of Net Operating Income (Loss) for Segments and Corporate and Other | The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Net income available to Genworth Financial, Inc.’s common stockholders $ 76 $ 137 $ 215 $ 259 Add: net income attributable to noncontrolling interests 34 31 64 63 Net income 110 168 279 322 Less: income (loss) from discontinued operations, net of taxes (1 ) 2 (2 ) 2 Income from continuing operations 111 166 281 320 Less: net income from continuing operations attributable to noncontrolling interests 34 31 64 63 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 77 135 217 257 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) 60 (41 ) 10 (30 ) Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (10 ) (23 ) (36 ) (9 ) (Gains) losses on early extinguishment of debt, net (3) 7 — 6 (1 ) Expenses related to restructuring 4 1 11 4 Taxes on adjustments (13 ) 13 2 8 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 125 $ 85 $ 210 $ 229 (1) Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $ 1 million and $ 2 million for the three months ended June 30, 2024 and 2023, respectively, and $ 2 million for both the six months ended June 30, 2024 and 2023. (2) Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $ (2 ) million and $ (4 ) million for the three months ended June 30, 2024 and 2023, respectively, and $ (5 ) million and $ (7 ) million for the six months ended June 30, 2024 and 2023, respectively. (3) (Gains) losses on early extinguishment of debt are net of the portion attributable to noncontrolling interests of $ 2 million for the three and six months ended June 30, 2024. Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: Enact segment $ 165 $ 146 $ 300 $ 289 Long-Term Care Insurance segment (29 ) (43 ) (26 ) (20 ) Life and Annuities segment: Life insurance (23 ) (17 ) (56 ) (44 ) Fixed annuities 12 10 23 24 Variable annuities 10 9 17 18 Life and Annuities segment (1 ) 2 (16 ) (2 ) Corporate and Other (10 ) (20 ) (48 ) (38 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 125 $ 85 $ 210 $ 229 |
Summary of Assets for Segments and Corporate and Other | The following is a summary of total assets for our segments and Corporate and Other as of the dates indicated: (Amounts in millions) June 30, 2024 December 31, 2023 Assets: Enact segment $ 6,351 $ 6,193 Long-Term Care Insurance segment 44,559 46,195 Life and Annuities segment 34,829 36,517 Corporate and Other 1,804 1,912 Total assets $ 87,543 $ 90,817 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2024 $ (2,615 ) $ 849 $ (334 ) $ (6 ) $ 12 $ (2,094 ) OCI before reclassifications (442 ) (85 ) 958 — (5 ) 426 Amounts reclassified from OCI 15 (34 ) — — — (19 ) Current period OCI (427 ) (119 ) 958 — (5 ) 407 Balances as of June 30, 2024 before noncontrolling interests (3,042 ) 730 624 (6 ) 7 (1,687 ) Less: change in OCI attributable to noncontrolling interests — — — — — — Balances as of June 30, 2024 $ (3,042 ) $ 730 $ 624 $ (6 ) $ 7 $ (1,687 ) (1) See note 5 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2023 $ (2,500 ) $ 1,274 $ (1,628 ) $ (9 ) $ 10 $ (2,853 ) OCI before reclassifications (584 ) (83 ) 664 — 4 1 Amounts reclassified from OCI 23 (37 ) — — — (14 ) Current period OCI (561 ) (120 ) 664 — 4 (13 ) Balances as of June 30, 2023 before noncontrolling interests (3,061 ) 1,154 (964 ) (9 ) 14 (2,866 ) Less: change in OCI attributable to noncontrolling interests (5 ) — — — — (5 ) Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 5 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2024 $ (2,130 ) $ 1,010 $ (1,439 ) $ (8 ) $ 12 $ (2,555 ) OCI before reclassifications (945 ) (210 ) 2,063 2 (5 ) 905 Amounts reclassified from OCI 32 (70 ) — — — (38 ) Current period OCI (913 ) (280 ) 2,063 2 (5 ) 867 Balances as of June 30, 2024 before noncontrolling interests (3,043 ) 730 624 (6 ) 7 (1,688 ) Less: change in OCI attributable to noncontrolling interests (1 ) — — — — (1 ) Balances as of June 30, 2024 $ (3,042 ) $ 730 $ 624 $ (6 ) $ 7 $ (1,687 ) (1) See note 5 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2023 $ (3,407 ) $ 1,200 $ (403 ) $ (10 ) $ 6 $ (2,614 ) OCI before reclassifications 322 31 (561 ) 1 8 (199 ) Amounts reclassified from OCI 36 (77 ) — — — (41 ) Current period OCI 358 (46 ) (561 ) 1 8 (240 ) Balances as of June 30, 2023 before noncontrolling interests (3,049 ) 1,154 (964 ) (9 ) 14 (2,854 ) Less: change in OCI attributable to noncontrolling interests 7 — — — — 7 Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 5 for additional information. |
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods presented: Affected line item in the condensed consolidated statements of income Three months ended June 30, Six months ended June 30, (Amounts in millions) 2024 2023 2024 2023 Net unrealized investment (gains) losses: Unrealized (gains) losses on investments $ 19 $ 30 $ 41 $ 46 Net investment (gains) Income taxes (4 ) (7 ) (9 ) (10 ) Provision for income Total $ 15 $ 23 $ 32 $ 36 Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (52 ) $ (55 ) $ (105 ) $ (109 ) Net investment income Interest rate swaps hedging assets (1 ) (3 ) (5 ) (8 ) Net investment (gains) Interest rate swaps hedging liabilities 1 — 2 1 Interest expense Interest rate swaps hedging liabilities — — — (1 ) Net investment (gains) Foreign currency swaps — — — (2 ) Net investment (gains) losses Income taxes 18 21 38 42 Provision for income taxes Total $ (34 ) $ (37 ) $ (70 ) $ (77 ) |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2024 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Segment $ / shares shares | Jun. 30, 2023 USD ($) | Jul. 31, 2023 USD ($) | Apr. 01, 2013 | |
Number of reportable segments | Segment | 3 | ||||||
Stock repurchase program, authorized amount | $ 350 | ||||||
Number of shares repurchased | shares | 15,964,736 | ||||||
Average price per share repurchased | $ / shares | $ 6.21 | ||||||
Treasury stock value acquired cost method | $ 37 | $ 114 | $ 100 | $ 183 | |||
Subsequent Event | |||||||
Number of shares repurchased | shares | 1,991,396 | ||||||
Average price per share repurchased | $ / shares | $ 6.03 | ||||||
Treasury stock value acquired cost method | $ 12 | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 230 | ||||||
Genworth Holdings | |||||||
Percentage of subsidiary equity ownership | 100% |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Earnings Per Share [Abstract] | |||||
Weighted-average common shares used in basic earnings per share calculations | 436.4 | 473.2 | 439.7 | 482.7 | |
Performance stock units, restricted stock units and other equity-based awards | 4.3 | 4.9 | 5.8 | 6.4 | |
Weighted-average common shares used in diluted earnings per share calculations | 440.7 | 478.1 | 445.5 | 489.1 | |
Income from continuing operations: | |||||
Income from continuing operations | $ 111 | $ 166 | $ 281 | $ 320 | |
Less: net income from continuing operations attributable to noncontrolling interests | 34 | 31 | 64 | 63 | |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | $ 77 | $ 135 | $ 217 | $ 257 | |
Basic per share | $ 0.18 | $ 0.28 | $ 0.49 | $ 0.53 | |
Diluted per share | $ 0.17 | $ 0.28 | $ 0.49 | $ 0.53 | |
Income (loss) from discontinued operations: | |||||
Income (loss) from discontinued operations, net of taxes | $ (1) | $ 2 | $ (2) | $ 2 | |
Basic per share | $ 0 | $ 0.01 | $ 0 | $ 0.01 | |
Diluted per share | $ 0 | $ 0.01 | $ 0 | $ 0.01 | |
Net income: | |||||
Income from continuing operations | $ 111 | $ 166 | $ 281 | $ 320 | |
Income (loss) from discontinued operations, net of taxes | (1) | 2 | (2) | 2 | |
Net income | 110 | 168 | 279 | 322 | |
Less: net income attributable to noncontrolling interests | 34 | 31 | 64 | 63 | |
Net income available to Genworth Financial, Inc.'s common stockholders | $ 76 | $ 137 | $ 215 | $ 259 | |
Basic per share | [1] | $ 0.17 | $ 0.29 | $ 0.49 | $ 0.54 |
Diluted per share | [1] | $ 0.17 | $ 0.29 | $ 0.48 | $ 0.53 |
[1]May not total due to whole number calculation. |
Net Investment Income (Detail)
Net Investment Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | $ 833 | $ 809 | $ 1,638 | $ 1,618 |
Expenses and fees | (25) | (24) | (48) | (46) |
Net investment income | 808 | 785 | 1,590 | 1,572 |
Fixed maturity securities—taxable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 571 | 567 | 1,125 | 1,128 |
Fixed maturity securities—non-taxable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 0 | 1 | 1 | 2 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 3 | 3 | 5 | 5 |
Commercial mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 75 | 75 | 150 | 151 |
Policy Loans | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 56 | 54 | 114 | 109 |
Limited partnerships | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 36 | 17 | 56 | 45 |
Other invested assets | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 67 | 70 | 135 | 138 |
Cash, cash equivalents, restricted cash and short-term investments | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | $ 25 | $ 22 | $ 52 | $ 40 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Available-for-sale fixed maturity securities: | |||||
Realized gains | $ 21 | $ 18 | $ 28 | $ 21 | |
Realized losses | (40) | (48) | (69) | (67) | |
Net realized gains (losses) on available-for-sale fixed maturity securities | (19) | (30) | (41) | (46) | |
Net realized gains (losses) on equity securities sold | 0 | (1) | 0 | (1) | |
Total net realized investment gains (losses) | (19) | (31) | (41) | (47) | |
Net change in allowance for credit losses on available-for-sale fixed maturity securities | 7 | 11 | 7 | (4) | |
Write-down of available-for-sale fixed maturity securities | [1] | 0 | (1) | 0 | (1) |
Net unrealized gains (losses) on equity securities still held | 12 | 21 | 44 | 32 | |
Net unrealized gains (losses) on limited partnerships | (52) | 40 | (9) | 40 | |
Commercial mortgage loans | (1) | 0 | (3) | (2) | |
Derivative instruments | [2] | (8) | (1) | (7) | 11 |
Other | 0 | 0 | (3) | (1) | |
Total net investment gains (losses) | $ (61) | $ 39 | $ (12) | $ 28 | |
[1]Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.[2]See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Net Investment Allowance for Cr
Net Investment Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | $ 15 | $ 7 | $ 0 | |
Increase from securities without allowance in previous periods | 0 | 0 | 15 | |
Increase (decrease) from securities with allowance in previous periods | 0 | 0 | 0 | |
Securities Sold | (9) | (7) | (9) | |
Decrease due to change in intent or requirement to sell | 0 | 0 | 0 | |
Write-offs | (2) | 0 | (2) | |
Recoveries | 0 | 0 | 0 | |
Ending Balance | $ 4 | $ 0 | $ 4 | |
Investment, Type [Extensible Enumeration] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] |
U.S. corporate | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | $ 9 | $ 0 | $ 0 | |
Increase from securities without allowance in previous periods | 0 | 9 | ||
Increase (decrease) from securities with allowance in previous periods | 0 | 0 | ||
Securities Sold | (7) | (7) | ||
Decrease due to change in intent or requirement to sell | 0 | 0 | ||
Write-offs | (2) | (2) | ||
Recoveries | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | |
Commercial mortgage-backed | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | 6 | 7 | 0 | |
Increase from securities without allowance in previous periods | 0 | 0 | 6 | |
Increase (decrease) from securities with allowance in previous periods | 0 | 0 | 0 | |
Securities Sold | (2) | (7) | (2) | |
Decrease due to change in intent or requirement to sell | 0 | 0 | 0 | |
Write-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Ending Balance | $ 4 | $ 0 | $ 4 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | ||
Percentage of investment portfolio by which no other industry group exceeded | 10% | |
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded | 10 | |
Commercial mortgage loans on nonaccrual status | $ 0 | $ 0 |
Commercial mortgage loans, amortized cost | $ 6,692 | 6,829 |
Finance and insurance | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 27% | |
Utilities | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 14% | |
Consumer-non-cyclical | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 14% | |
Technology and Communications | Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Percent of investment portfolio, greater than 10% | 10% | |
Industrial | ||
Schedule of Investments [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,400 | $ 1,440 |
Industrial | Commercial mortgage loans | 61 to 90 Days Past Due | ||
Schedule of Investments [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 11 |
Net Unrealized Gains and Losses
Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as Separate Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses | $ (3,765) | $ (2,577) | ||||
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses | 0 | 0 | ||||
Adjustments to policyholder contract balances | 79 | 52 | ||||
Income taxes, net | 600 | 352 | ||||
Net unrealized investment gains (losses) | (3,086) | (2,173) | ||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | (44) | (43) | ||||
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. | $ (3,042) | $ (2,615) | $ (2,130) | $ (3,056) | $ (2,500) | $ (3,407) |
Change in Net Unrealized Gains
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Investments [Abstract] | |||||
Beginning balance | $ (2,615) | $ (2,500) | $ (2,130) | $ (3,407) | |
Unrealized gains (losses) on fixed maturity securities | (575) | (755) | (1,229) | 415 | |
Adjustments to policyholder contract balances | [1] | 13 | 13 | 27 | (6) |
Provision for income taxes | 120 | 158 | 257 | (87) | |
Change in unrealized gains (losses) on investment securities | (442) | (584) | (945) | 322 | |
Reclassification adjustments to net investment (gains) losses, net of taxes of $(4), $(7), $(9) and $(10) | 15 | 23 | 32 | 36 | |
Change in net unrealized investment gains (losses) | (427) | (561) | (913) | 358 | |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | 0 | (5) | (1) | 7 | |
Ending balance | $ (3,042) | $ (3,056) | $ (3,042) | $ (3,056) | |
[1]See note 10 for additional information. |
Change in Net Unrealized Gain_2
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassification adjustments to net investment (gains) losses, taxes | $ (4) | $ (7) | $ (9) | $ (10) |
Amortized Cost or Cost, Gross U
Amortized Cost or Cost, Gross Unrealized Gains (Losses) and Fair Value of Fixed Maturity and Equity Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | $ 48,998 | $ 49,365 | |||
Gross unrealized gains, fixed maturity securities | 517 | 986 | |||
Gross unrealized losses, fixed maturity securities | (4,282) | (3,563) | |||
Allowance for credit losses | 0 | (7) | $ (4) | $ (15) | $ 0 |
Fair value, fixed maturity securities | $ 45,233 | $ 46,781 | |||
Investment, Type [Extensible Enumeration] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] | ||
U.S. government, agencies and government-sponsored enterprises | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | $ 3,777 | $ 3,588 | |||
Gross unrealized gains, fixed maturity securities | 38 | 121 | |||
Gross unrealized losses, fixed maturity securities | (303) | (215) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 3,512 | 3,494 | |||
State and Political Subdivisions | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 2,453 | 2,537 | |||
Gross unrealized gains, fixed maturity securities | 10 | 24 | |||
Gross unrealized losses, fixed maturity securities | (295) | (259) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 2,168 | 2,302 | |||
Non-U.S. government | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 804 | 703 | |||
Gross unrealized gains, fixed maturity securities | 8 | 15 | |||
Gross unrealized losses, fixed maturity securities | (103) | (92) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 709 | 626 | |||
U.S. corporate | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 28,995 | 29,360 | |||
Gross unrealized gains, fixed maturity securities | 352 | 649 | |||
Gross unrealized losses, fixed maturity securities | (2,534) | (2,024) | |||
Allowance for credit losses | 0 | 0 | $ 0 | (9) | 0 |
Fair value, fixed maturity securities | 26,813 | 27,985 | |||
U.S. corporate | Utilities | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 4,639 | 4,521 | |||
Gross unrealized gains, fixed maturity securities | 47 | 104 | |||
Gross unrealized losses, fixed maturity securities | (454) | (352) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 4,232 | 4,273 | |||
U.S. corporate | Energy | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 2,448 | 2,449 | |||
Gross unrealized gains, fixed maturity securities | 43 | 66 | |||
Gross unrealized losses, fixed maturity securities | (169) | (143) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 2,322 | 2,372 | |||
U.S. corporate | Finance and insurance | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 7,703 | 7,813 | |||
Gross unrealized gains, fixed maturity securities | 55 | 99 | |||
Gross unrealized losses, fixed maturity securities | (730) | (634) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 7,028 | 7,278 | |||
U.S. corporate | Consumer-non-cyclical | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 4,671 | 4,648 | |||
Gross unrealized gains, fixed maturity securities | 62 | 129 | |||
Gross unrealized losses, fixed maturity securities | (380) | (272) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 4,353 | 4,505 | |||
U.S. corporate | Technology and communications | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 3,011 | 3,187 | |||
Gross unrealized gains, fixed maturity securities | 47 | 75 | |||
Gross unrealized losses, fixed maturity securities | (308) | (239) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 2,750 | 3,023 | |||
U.S. corporate | Industrial | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 1,186 | 1,294 | |||
Gross unrealized gains, fixed maturity securities | 14 | 27 | |||
Gross unrealized losses, fixed maturity securities | (106) | (88) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 1,094 | 1,233 | |||
U.S. corporate | Capital goods | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 2,268 | 2,230 | |||
Gross unrealized gains, fixed maturity securities | 36 | 69 | |||
Gross unrealized losses, fixed maturity securities | (159) | (118) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 2,145 | 2,181 | |||
U.S. corporate | Consumer-cyclical | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 1,660 | 1,715 | |||
Gross unrealized gains, fixed maturity securities | 14 | 30 | |||
Gross unrealized losses, fixed maturity securities | (121) | (96) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 1,553 | 1,649 | |||
U.S. corporate | Transportation | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 1,121 | 1,187 | |||
Gross unrealized gains, fixed maturity securities | 32 | 44 | |||
Gross unrealized losses, fixed maturity securities | (91) | (69) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 1,062 | 1,162 | |||
U.S. corporate | Other | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 288 | 316 | |||
Gross unrealized gains, fixed maturity securities | 2 | 6 | |||
Gross unrealized losses, fixed maturity securities | (16) | (13) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 274 | 309 | |||
Non-U.S. corporate | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 8,154 | 8,182 | |||
Gross unrealized gains, fixed maturity securities | 98 | 162 | |||
Gross unrealized losses, fixed maturity securities | (616) | (533) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 7,636 | 7,811 | |||
Non-U.S. corporate | Utilities | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 778 | 739 | |||
Gross unrealized gains, fixed maturity securities | 0 | 1 | |||
Gross unrealized losses, fixed maturity securities | (68) | (55) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 710 | 685 | |||
Non-U.S. corporate | Energy | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 1,078 | 1,038 | |||
Gross unrealized gains, fixed maturity securities | 23 | 34 | |||
Gross unrealized losses, fixed maturity securities | (54) | (45) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 1,047 | 1,027 | |||
Non-U.S. corporate | Finance and insurance | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 1,961 | 2,041 | |||
Gross unrealized gains, fixed maturity securities | 33 | 47 | |||
Gross unrealized losses, fixed maturity securities | (142) | (140) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 1,852 | 1,948 | |||
Non-U.S. corporate | Consumer-non-cyclical | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 672 | 669 | |||
Gross unrealized gains, fixed maturity securities | 3 | 8 | |||
Gross unrealized losses, fixed maturity securities | (77) | (61) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 598 | 616 | |||
Non-U.S. corporate | Technology and communications | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 881 | 944 | |||
Gross unrealized gains, fixed maturity securities | 6 | 12 | |||
Gross unrealized losses, fixed maturity securities | (81) | (65) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 806 | 891 | |||
Non-U.S. corporate | Industrial | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 846 | 829 | |||
Gross unrealized gains, fixed maturity securities | 9 | 17 | |||
Gross unrealized losses, fixed maturity securities | (52) | (49) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 803 | 797 | |||
Non-U.S. corporate | Capital goods | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 639 | 591 | |||
Gross unrealized gains, fixed maturity securities | 4 | 8 | |||
Gross unrealized losses, fixed maturity securities | (48) | (38) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 595 | 561 | |||
Non-U.S. corporate | Consumer-cyclical | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 249 | 236 | |||
Gross unrealized gains, fixed maturity securities | 1 | 2 | |||
Gross unrealized losses, fixed maturity securities | (19) | (17) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 231 | 221 | |||
Non-U.S. corporate | Transportation | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 441 | 369 | |||
Gross unrealized gains, fixed maturity securities | 11 | 15 | |||
Gross unrealized losses, fixed maturity securities | (30) | (20) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 422 | 364 | |||
Non-U.S. corporate | Other | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 609 | 726 | |||
Gross unrealized gains, fixed maturity securities | 8 | 18 | |||
Gross unrealized losses, fixed maturity securities | (45) | (43) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 572 | 701 | |||
Residential mortgage-backed | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 906 | 953 | |||
Gross unrealized gains, fixed maturity securities | 4 | 8 | |||
Gross unrealized losses, fixed maturity securities | (59) | (54) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | 851 | 907 | |||
Commercial mortgage-backed | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 1,605 | 1,714 | |||
Gross unrealized gains, fixed maturity securities | 1 | 1 | |||
Gross unrealized losses, fixed maturity securities | (294) | (290) | |||
Allowance for credit losses | 0 | (7) | $ (4) | $ (6) | $ 0 |
Fair value, fixed maturity securities | 1,312 | 1,418 | |||
Other asset-backed | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost or cost, fixed maturity securities | 2,304 | 2,328 | |||
Gross unrealized gains, fixed maturity securities | 6 | 6 | |||
Gross unrealized losses, fixed maturity securities | (78) | (96) | |||
Allowance for credit losses | 0 | 0 | |||
Fair value, fixed maturity securities | $ 2,232 | $ 2,238 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Millions | Jun. 30, 2024 USD ($) Securities | Dec. 31, 2023 USD ($) Securities | Jun. 30, 2023 |
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 5,520 | $ 1,459 | |
Less than 12 months, Gross unrealized losses | $ (148) | $ (40) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 837 | 223 | |
12 months or more, Fair value | $ 27,466 | $ 29,031 | |
12 months or more, Gross unrealized losses | $ (4,134) | $ (3,523) | |
12 months or more, Number of securities in a continuous loss position | Securities | 3,753 | 3,940 | |
Fair value | $ 32,986 | $ 30,490 | |
Gross unrealized losses | $ (4,282) | $ (3,563) | |
Number of securities in a continuous loss position | Securities | 4,590 | 4,163 | |
Investment, Type [Extensible Enumeration] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] |
Investment grade | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 5,413 | $ 1,441 | |
Less than 12 months, Gross unrealized losses | $ (146) | $ (40) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 814 | 221 | |
12 months or more, Fair value | $ 26,434 | $ 27,804 | |
12 months or more, Gross unrealized losses | $ (4,006) | $ (3,394) | |
12 months or more, Number of securities in a continuous loss position | Securities | 3,604 | 3,762 | |
Fair value | $ 31,847 | $ 29,245 | |
Gross unrealized losses | $ (4,152) | $ (3,434) | |
Number of securities in a continuous loss position | Securities | 4,418 | 3,983 | |
Below investment grade | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 107 | $ 18 | |
Less than 12 months, Gross unrealized losses | $ (2) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 23 | 2 | |
12 months or more, Fair value | $ 1,032 | $ 1,227 | |
12 months or more, Gross unrealized losses | $ (128) | $ (129) | |
12 months or more, Number of securities in a continuous loss position | Securities | 149 | 178 | |
Fair value | $ 1,139 | $ 1,245 | |
Gross unrealized losses | $ (130) | $ (129) | |
Number of securities in a continuous loss position | Securities | 172 | 180 | |
Less Than 20 Percent Below Cost | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 5,445 | $ 1,450 | |
Less than 12 months, Gross unrealized losses | $ (125) | $ (37) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 829 | 221 | |
12 months or more, Fair value | $ 23,296 | $ 26,032 | |
12 months or more, Gross unrealized losses | $ (2,635) | $ (2,509) | |
12 months or more, Number of securities in a continuous loss position | Securities | 3,175 | 3,542 | |
Fair value | $ 28,741 | $ 27,482 | |
Gross unrealized losses | $ (2,760) | $ (2,546) | |
Number of securities in a continuous loss position | Securities | 4,004 | 3,763 | |
20 To 50 percent below cost | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 75 | $ 9 | |
Less than 12 months, Gross unrealized losses | $ (23) | $ (3) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 8 | 2 | |
12 months or more, Fair value | $ 4,170 | $ 2,999 | |
12 months or more, Gross unrealized losses | $ (1,499) | $ (1,014) | |
12 months or more, Number of securities in a continuous loss position | Securities | 578 | 398 | |
Fair value | $ 4,245 | $ 3,008 | |
Gross unrealized losses | $ (1,522) | $ (1,017) | |
Number of securities in a continuous loss position | Securities | 586 | 400 | |
U.S. government, agencies and government-sponsored enterprises | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 688 | $ 28 | |
Less than 12 months, Gross unrealized losses | $ (13) | $ (1) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 60 | 6 | |
12 months or more, Fair value | $ 1,299 | $ 1,353 | |
12 months or more, Gross unrealized losses | $ (290) | $ (214) | |
12 months or more, Number of securities in a continuous loss position | Securities | 49 | 50 | |
Fair value | $ 1,987 | $ 1,381 | |
Gross unrealized losses | $ (303) | $ (215) | |
Number of securities in a continuous loss position | Securities | 109 | 56 | |
State and Political Subdivisions | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 253 | $ 121 | |
Less than 12 months, Gross unrealized losses | $ (6) | $ (2) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 38 | 18 | |
12 months or more, Fair value | $ 1,571 | $ 1,581 | |
12 months or more, Gross unrealized losses | $ (289) | $ (257) | |
12 months or more, Number of securities in a continuous loss position | Securities | 262 | 268 | |
Fair value | $ 1,824 | $ 1,702 | |
Gross unrealized losses | $ (295) | $ (259) | |
Number of securities in a continuous loss position | Securities | 300 | 286 | |
Non-U.S. government | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 164 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (3) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 32 | 0 | |
12 months or more, Fair value | $ 420 | $ 448 | |
12 months or more, Gross unrealized losses | $ (100) | $ (92) | |
12 months or more, Number of securities in a continuous loss position | Securities | 61 | 67 | |
Fair value | $ 584 | $ 448 | |
Gross unrealized losses | $ (103) | $ (92) | |
Number of securities in a continuous loss position | Securities | 93 | 67 | |
U.S. corporate | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 3,397 | $ 1,054 | |
Less than 12 months, Gross unrealized losses | $ (108) | $ (30) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 500 | 142 | |
12 months or more, Fair value | $ 16,313 | $ 17,019 | |
12 months or more, Gross unrealized losses | $ (2,426) | $ (1,994) | |
12 months or more, Number of securities in a continuous loss position | Securities | 2,095 | 2,164 | |
Fair value | $ 19,710 | $ 18,073 | |
Gross unrealized losses | $ (2,534) | $ (2,024) | |
Number of securities in a continuous loss position | Securities | 2,595 | 2,306 | |
Non-U.S. corporate | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 814 | $ 157 | |
Less than 12 months, Gross unrealized losses | $ (16) | $ (5) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 115 | 19 | |
12 months or more, Fair value | $ 4,856 | $ 5,180 | |
12 months or more, Gross unrealized losses | $ (600) | $ (528) | |
12 months or more, Number of securities in a continuous loss position | Securities | 636 | 684 | |
Fair value | $ 5,670 | $ 5,337 | |
Gross unrealized losses | $ (616) | $ (533) | |
Number of securities in a continuous loss position | Securities | 751 | 703 | |
Residential mortgage-backed | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 96 | $ 62 | |
Less than 12 months, Gross unrealized losses | $ (1) | $ (1) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 55 | 31 | |
12 months or more, Fair value | $ 495 | $ 477 | |
12 months or more, Gross unrealized losses | $ (58) | $ (53) | |
12 months or more, Number of securities in a continuous loss position | Securities | 168 | 156 | |
Fair value | $ 591 | $ 539 | |
Gross unrealized losses | $ (59) | $ (54) | |
Number of securities in a continuous loss position | Securities | 223 | 187 | |
Commercial mortgage-backed | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 0 | $ 37 | |
Less than 12 months, Gross unrealized losses | $ 0 | $ (1) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 0 | 7 | |
12 months or more, Fair value | $ 1,286 | $ 1,349 | |
12 months or more, Gross unrealized losses | $ (294) | $ (289) | |
12 months or more, Number of securities in a continuous loss position | Securities | 216 | 224 | |
Fair value | $ 1,286 | $ 1,386 | |
Gross unrealized losses | $ (294) | $ (290) | |
Number of securities in a continuous loss position | Securities | 216 | 231 | |
Other asset-backed | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair value | $ 108 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (1) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 37 | 0 | |
12 months or more, Fair value | $ 1,226 | $ 1,624 | |
12 months or more, Gross unrealized losses | $ (77) | $ (96) | |
12 months or more, Number of securities in a continuous loss position | Securities | 266 | 327 | |
Fair value | $ 1,334 | $ 1,624 | |
Gross unrealized losses | $ (78) | $ (96) | |
Number of securities in a continuous loss position | Securities | 303 | 327 |
Gross Unrealized Losses and F_2
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail) $ in Millions | Jun. 30, 2024 USD ($) Securities | Dec. 31, 2023 USD ($) Securities | Jun. 30, 2023 |
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 5,520 | $ 1,459 | |
Less than 12 months, Gross unrealized losses | $ (148) | $ (40) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 837 | 223 | |
12 months or more, Fair value | $ 27,466 | $ 29,031 | |
12 months or more, Gross unrealized losses | $ (4,134) | $ (3,523) | |
12 months or more, Number of securities in a continuous loss position | Securities | 3,753 | 3,940 | |
Fair value | $ 32,986 | $ 30,490 | |
Gross unrealized losses | $ (4,282) | $ (3,563) | |
Number of securities in a continuous loss position | Securities | 4,590 | 4,163 | |
Investment, Type [Extensible Enumeration] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] |
U.S. corporate | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 3,397 | $ 1,054 | |
Less than 12 months, Gross unrealized losses | $ (108) | $ (30) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 500 | 142 | |
12 months or more, Fair value | $ 16,313 | $ 17,019 | |
12 months or more, Gross unrealized losses | $ (2,426) | $ (1,994) | |
12 months or more, Number of securities in a continuous loss position | Securities | 2,095 | 2,164 | |
Fair value | $ 19,710 | $ 18,073 | |
Gross unrealized losses | $ (2,534) | $ (2,024) | |
Number of securities in a continuous loss position | Securities | 2,595 | 2,306 | |
U.S. corporate | Utilities | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 855 | $ 177 | |
Less than 12 months, Gross unrealized losses | $ (18) | $ (2) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 114 | 21 | |
12 months or more, Fair value | $ 2,096 | $ 2,129 | |
12 months or more, Gross unrealized losses | $ (436) | $ (350) | |
12 months or more, Number of securities in a continuous loss position | Securities | 309 | 308 | |
Fair value | $ 2,951 | $ 2,306 | |
Gross unrealized losses | $ (454) | $ (352) | |
Number of securities in a continuous loss position | Securities | 423 | 329 | |
U.S. corporate | Energy | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 256 | $ 122 | |
Less than 12 months, Gross unrealized losses | $ (19) | $ (2) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 49 | 20 | |
12 months or more, Fair value | $ 1,254 | $ 1,343 | |
12 months or more, Gross unrealized losses | $ (150) | $ (141) | |
12 months or more, Number of securities in a continuous loss position | Securities | 162 | 168 | |
Fair value | $ 1,510 | $ 1,465 | |
Gross unrealized losses | $ (169) | $ (143) | |
Number of securities in a continuous loss position | Securities | 211 | 188 | |
U.S. corporate | Finance and insurance | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 648 | $ 274 | |
Less than 12 months, Gross unrealized losses | $ (13) | $ (8) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 88 | 42 | |
12 months or more, Fair value | $ 4,996 | $ 5,192 | |
12 months or more, Gross unrealized losses | $ (717) | $ (626) | |
12 months or more, Number of securities in a continuous loss position | Securities | 625 | 645 | |
Fair value | $ 5,644 | $ 5,466 | |
Gross unrealized losses | $ (730) | $ (634) | |
Number of securities in a continuous loss position | Securities | 713 | 687 | |
U.S. corporate | Consumer-non-cyclical | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 573 | $ 173 | |
Less than 12 months, Gross unrealized losses | $ (17) | $ (6) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 82 | 18 | |
12 months or more, Fair value | $ 2,483 | $ 2,529 | |
12 months or more, Gross unrealized losses | $ (363) | $ (266) | |
12 months or more, Number of securities in a continuous loss position | Securities | 273 | 280 | |
Fair value | $ 3,056 | $ 2,702 | |
Gross unrealized losses | $ (380) | $ (272) | |
Number of securities in a continuous loss position | Securities | 355 | 298 | |
U.S. corporate | Technology and communications | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 323 | $ 105 | |
Less than 12 months, Gross unrealized losses | $ (13) | $ (6) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 53 | 19 | |
12 months or more, Fair value | $ 1,936 | $ 2,100 | |
12 months or more, Gross unrealized losses | $ (295) | $ (233) | |
12 months or more, Number of securities in a continuous loss position | Securities | 256 | 269 | |
Fair value | $ 2,259 | $ 2,205 | |
Gross unrealized losses | $ (308) | $ (239) | |
Number of securities in a continuous loss position | Securities | 309 | 288 | |
U.S. corporate | Industrial | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 150 | $ 50 | |
Less than 12 months, Gross unrealized losses | $ (5) | $ (1) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 17 | 6 | |
12 months or more, Fair value | $ 670 | $ 702 | |
12 months or more, Gross unrealized losses | $ (101) | $ (87) | |
12 months or more, Number of securities in a continuous loss position | Securities | 92 | 96 | |
Fair value | $ 820 | $ 752 | |
Gross unrealized losses | $ (106) | $ (88) | |
Number of securities in a continuous loss position | Securities | 109 | 102 | |
U.S. corporate | Capital goods | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 242 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (14) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 41 | 0 | |
12 months or more, Fair value | $ 1,106 | $ 1,193 | |
12 months or more, Gross unrealized losses | $ (145) | $ (118) | |
12 months or more, Number of securities in a continuous loss position | Securities | 142 | 150 | |
Fair value | $ 1,348 | $ 1,193 | |
Gross unrealized losses | $ (159) | $ (118) | |
Number of securities in a continuous loss position | Securities | 183 | 150 | |
U.S. corporate | Consumer-cyclical | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 179 | $ 88 | |
Less than 12 months, Gross unrealized losses | $ (4) | $ (1) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 34 | 11 | |
12 months or more, Fair value | $ 1,047 | $ 1,073 | |
12 months or more, Gross unrealized losses | $ (117) | $ (95) | |
12 months or more, Number of securities in a continuous loss position | Securities | 142 | 148 | |
Fair value | $ 1,226 | $ 1,161 | |
Gross unrealized losses | $ (121) | $ (96) | |
Number of securities in a continuous loss position | Securities | 176 | 159 | |
U.S. corporate | Transportation | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 127 | $ 65 | |
Less than 12 months, Gross unrealized losses | $ (4) | $ (4) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 17 | 5 | |
12 months or more, Fair value | $ 582 | $ 621 | |
12 months or more, Gross unrealized losses | $ (87) | $ (65) | |
12 months or more, Number of securities in a continuous loss position | Securities | 75 | 82 | |
Fair value | $ 709 | $ 686 | |
Gross unrealized losses | $ (91) | $ (69) | |
Number of securities in a continuous loss position | Securities | 92 | 87 | |
U.S. corporate | Other | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 44 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (1) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 5 | 0 | |
12 months or more, Fair value | $ 143 | $ 137 | |
12 months or more, Gross unrealized losses | $ (15) | $ (13) | |
12 months or more, Number of securities in a continuous loss position | Securities | 19 | 18 | |
Fair value | $ 187 | $ 137 | |
Gross unrealized losses | $ (16) | $ (13) | |
Number of securities in a continuous loss position | Securities | 24 | 18 | |
Non-U.S. corporate | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 814 | $ 157 | |
Less than 12 months, Gross unrealized losses | $ (16) | $ (5) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 115 | 19 | |
12 months or more, Fair value | $ 4,856 | $ 5,180 | |
12 months or more, Gross unrealized losses | $ (600) | $ (528) | |
12 months or more, Number of securities in a continuous loss position | Securities | 636 | 684 | |
Fair value | $ 5,670 | $ 5,337 | |
Gross unrealized losses | $ (616) | $ (533) | |
Number of securities in a continuous loss position | Securities | 751 | 703 | |
Non-U.S. corporate | Utilities | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 104 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (2) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 11 | 0 | |
12 months or more, Fair value | $ 575 | $ 609 | |
12 months or more, Gross unrealized losses | $ (66) | $ (55) | |
12 months or more, Number of securities in a continuous loss position | Securities | 65 | 68 | |
Fair value | $ 679 | $ 609 | |
Gross unrealized losses | $ (68) | $ (55) | |
Number of securities in a continuous loss position | Securities | 76 | 68 | |
Non-U.S. corporate | Energy | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 122 | $ 39 | |
Less than 12 months, Gross unrealized losses | $ (2) | $ (1) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 15 | 4 | |
12 months or more, Fair value | $ 450 | $ 487 | |
12 months or more, Gross unrealized losses | $ (52) | $ (44) | |
12 months or more, Number of securities in a continuous loss position | Securities | 53 | 59 | |
Fair value | $ 572 | $ 526 | |
Gross unrealized losses | $ (54) | $ (45) | |
Number of securities in a continuous loss position | Securities | 68 | 63 | |
Non-U.S. corporate | Finance and insurance | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 144 | $ 100 | |
Less than 12 months, Gross unrealized losses | $ (2) | $ (2) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 29 | 10 | |
12 months or more, Fair value | $ 1,328 | $ 1,358 | |
12 months or more, Gross unrealized losses | $ (140) | $ (138) | |
12 months or more, Number of securities in a continuous loss position | Securities | 186 | 203 | |
Fair value | $ 1,472 | $ 1,458 | |
Gross unrealized losses | $ (142) | $ (140) | |
Number of securities in a continuous loss position | Securities | 215 | 213 | |
Non-U.S. corporate | Consumer-non-cyclical | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 97 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (5) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 14 | 0 | |
12 months or more, Fair value | $ 416 | $ 471 | |
12 months or more, Gross unrealized losses | $ (72) | $ (61) | |
12 months or more, Number of securities in a continuous loss position | Securities | 50 | 55 | |
Fair value | $ 513 | $ 471 | |
Gross unrealized losses | $ (77) | $ (61) | |
Number of securities in a continuous loss position | Securities | 64 | 55 | |
Non-U.S. corporate | Technology and communications | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 63 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (1) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 9 | 0 | |
12 months or more, Fair value | $ 597 | $ 659 | |
12 months or more, Gross unrealized losses | $ (80) | $ (65) | |
12 months or more, Number of securities in a continuous loss position | Securities | 74 | 83 | |
Fair value | $ 660 | $ 659 | |
Gross unrealized losses | $ (81) | $ (65) | |
Number of securities in a continuous loss position | Securities | 83 | 83 | |
Non-U.S. corporate | Industrial | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 94 | $ 18 | |
Less than 12 months, Gross unrealized losses | $ (1) | $ (2) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 16 | 5 | |
12 months or more, Fair value | $ 418 | $ 436 | |
12 months or more, Gross unrealized losses | $ (51) | $ (47) | |
12 months or more, Number of securities in a continuous loss position | Securities | 60 | 61 | |
Fair value | $ 512 | $ 454 | |
Gross unrealized losses | $ (52) | $ (49) | |
Number of securities in a continuous loss position | Securities | 76 | 66 | |
Non-U.S. corporate | Capital goods | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 105 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (2) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 12 | 0 | |
12 months or more, Fair value | $ 356 | $ 384 | |
12 months or more, Gross unrealized losses | $ (46) | $ (38) | |
12 months or more, Number of securities in a continuous loss position | Securities | 47 | 49 | |
Fair value | $ 461 | $ 384 | |
Gross unrealized losses | $ (48) | $ (38) | |
Number of securities in a continuous loss position | Securities | 59 | 49 | |
Non-U.S. corporate | Consumer-cyclical | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 0 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ 0 | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 0 | 0 | |
12 months or more, Fair value | $ 170 | $ 188 | |
12 months or more, Gross unrealized losses | $ (19) | $ (17) | |
12 months or more, Number of securities in a continuous loss position | Securities | 25 | 26 | |
Fair value | $ 170 | $ 188 | |
Gross unrealized losses | $ (19) | $ (17) | |
Number of securities in a continuous loss position | Securities | 25 | 26 | |
Non-U.S. corporate | Transportation | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 0 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ 0 | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 0 | 0 | |
12 months or more, Fair value | $ 266 | $ 216 | |
12 months or more, Gross unrealized losses | $ (30) | $ (20) | |
12 months or more, Number of securities in a continuous loss position | Securities | 35 | 30 | |
Fair value | $ 266 | $ 216 | |
Gross unrealized losses | $ (30) | $ (20) | |
Number of securities in a continuous loss position | Securities | 35 | 30 | |
Non-U.S. corporate | Other | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 85 | $ 0 | |
Less than 12 months, Gross unrealized losses | $ (1) | $ 0 | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 9 | 0 | |
12 months or more, Fair value | $ 280 | $ 372 | |
12 months or more, Gross unrealized losses | $ (44) | $ (43) | |
12 months or more, Number of securities in a continuous loss position | Securities | 41 | 50 | |
Fair value | $ 365 | $ 372 | |
Gross unrealized losses | $ (45) | $ (43) | |
Number of securities in a continuous loss position | Securities | 50 | 50 | |
Corporate Debt Securities | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than 12 months, Fair value | $ 4,211 | $ 1,211 | |
Less than 12 months, Gross unrealized losses | $ (124) | $ (35) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 615 | 161 | |
12 months or more, Fair value | $ 21,169 | $ 22,199 | |
12 months or more, Gross unrealized losses | $ (3,026) | $ (2,522) | |
12 months or more, Number of securities in a continuous loss position | Securities | 2,731 | 2,848 | |
Fair value | $ 25,380 | $ 23,410 | |
Gross unrealized losses | $ (3,150) | $ (2,557) | |
Number of securities in a continuous loss position | Securities | 3,346 | 3,009 |
Scheduled Maturity Distribution
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized cost or cost | ||
Due one year or less | $ 1,267 | |
Due after one year through five years | 8,281 | |
Due after five years through ten years | 12,210 | |
Due after ten years | 22,425 | |
Subtotal | 44,183 | |
Amortized cost or cost, fixed maturity securities | 48,998 | $ 49,365 |
Fair value | ||
Due one year or less | 1,254 | |
Due after one year through five years | 8,022 | |
Due after five years through ten years | 11,427 | |
Due after ten years | 20,135 | |
Subtotal | 40,838 | |
Fair value, fixed maturity securities | 45,233 | $ 46,781 |
Residential mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 906 | |
Fair value | ||
Fixed maturity securities | 851 | |
Commercial mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 1,605 | |
Fair value | ||
Fixed maturity securities | 1,312 | |
Other asset-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,304 | |
Fair value | ||
Fixed maturity securities | $ 2,232 |
Distribution Across Property Ty
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,692 | $ 6,829 |
% of total | 100% | 100% |
Allowance for credit losses | $ (30) | $ (27) |
Commercial mortgage loans, net | 6,662 | 6,802 |
Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,692 | $ 6,829 |
% of total | 100% | 100% |
Allowance for credit losses | $ (30) | $ (27) |
Commercial mortgage loans, net | 6,662 | 6,802 |
South Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,808 | $ 1,803 |
% of total | 27% | 26% |
Pacific | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,228 | $ 1,281 |
% of total | 18% | 19% |
Mountain | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,002 | $ 1,029 |
% of total | 15% | 15% |
Middle Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 889 | $ 925 |
% of total | 13% | 14% |
West South Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 545 | $ 553 |
% of total | 8% | 8% |
East North Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 442 | $ 445 |
% of total | 7% | 6% |
West North Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 396 | $ 404 |
% of total | 6% | 6% |
East South Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 202 | $ 206 |
% of total | 3% | 3% |
New England | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 180 | $ 183 |
% of total | 3% | 3% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,794 | $ 2,858 |
% of total | 42% | 42% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,457 | $ 1,481 |
% of total | 22% | 22% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,400 | $ 1,440 |
% of total | 21% | 21% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 513 | $ 522 |
% of total | 8% | 8% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 372 | $ 371 |
% of total | 5% | 5% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 156 | $ 157 |
% of total | 2% | 2% |
Allowance for Credit Losses Rel
Allowance for Credit Losses Related To Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 27 | |||
Ending balance | $ 30 | 30 | ||
Allowance for Credit Losses | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 29 | $ 24 | 27 | $ 22 |
Provision | 1 | 0 | 3 | 2 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | $ 30 | $ 24 | $ 30 | $ 24 |
Commercial Mortgage Loans By Ye
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,692 | $ 6,829 |
Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 6,692 | 6,829 |
0% - 50% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,280 | 2,368 |
0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,280 | |
51% - 60% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,452 | 1,393 |
51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,452 | |
61% - 75% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,910 | 3,018 |
61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,910 | |
76% - 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 50 | 50 |
76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 50 | |
Greater than 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 253 | 265 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 255 | 263 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,223 | 1,196 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,569 | 2,611 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,392 | $ 2,494 |
2024 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 129 | |
2024 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 29 | |
2024 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 6 | |
2024 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 94 | |
2024 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2024 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2024 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2024 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3 | |
2024 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 59 | |
2024 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 42 | |
2024 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 25 | |
2023 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 269 | |
2023 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 20 | |
2023 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 28 | |
2023 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 221 | |
2023 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2023 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2023 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2023 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 14 | |
2023 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 171 | |
2023 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 65 | |
2023 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 19 | |
2022 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 919 | |
2022 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 74 | |
2022 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 107 | |
2022 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 738 | |
2022 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 17 | |
2022 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 37 | |
2022 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 220 | |
2022 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 391 | |
2022 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 254 | |
2021 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 894 | |
2021 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 85 | |
2021 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 239 | |
2021 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 570 | |
2021 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 4 | |
2021 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 9 | |
2021 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 102 | |
2021 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 416 | |
2021 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 363 | |
2020 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 470 | |
2020 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 114 | |
2020 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 105 | |
2020 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 247 | |
2020 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 4 | |
2020 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2020 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 17 | |
2020 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 16 | |
2020 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 66 | |
2020 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 201 | |
2020 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 170 | |
2019 and prior | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 4,011 | |
2019 and prior | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,958 | |
2019 and prior | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 967 | |
2019 and prior | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,040 | |
2019 and prior | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 46 | |
2019 and prior | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2019 and prior | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 215 | |
2019 and prior | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 176 | |
2019 and prior | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 605 | |
2019 and prior | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,454 | |
2019 and prior | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,561 |
Debt-to-Value of Commercial Mor
Debt-to-Value of Commercial Mortgage Loans by Property Type (Detail) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,692 | $ 6,829 |
% of total | 100% | 100% |
Weighted-average debt service coverage ratio | 1.95 | 1.96 |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,794 | $ 2,858 |
% of total | 42% | 42% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,400 | $ 1,440 |
% of total | 21% | 21% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,457 | $ 1,481 |
% of total | 22% | 22% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 513 | $ 522 |
% of total | 8% | 8% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 372 | $ 371 |
% of total | 5% | 5% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 156 | $ 157 |
% of total | 2% | 2% |
0% - 50% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,280 | $ 2,368 |
% of total | 34% | 35% |
Weighted-average debt service coverage ratio | 2.4 | 2.42 |
0% - 50% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 922 | $ 945 |
0% - 50% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 610 | 670 |
0% - 50% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 346 | 350 |
0% - 50% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 199 | 194 |
0% - 50% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 115 | 120 |
0% - 50% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 88 | 89 |
51% - 60% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,452 | $ 1,393 |
% of total | 22% | 20% |
Weighted-average debt service coverage ratio | 1.85 | 1.87 |
51% - 60% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 729 | $ 686 |
51% - 60% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 251 | 250 |
51% - 60% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 341 | 325 |
51% - 60% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 62 | 61 |
51% - 60% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 59 | 61 |
51% - 60% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 10 | 10 |
61% - 75% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,910 | $ 3,018 |
% of total | 43% | 44% |
Weighted-average debt service coverage ratio | 1.67 | 1.66 |
61% - 75% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,143 | $ 1,227 |
61% - 75% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 539 | 520 |
61% - 75% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 735 | 771 |
61% - 75% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 244 | 259 |
61% - 75% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 191 | 183 |
61% - 75% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 58 | 58 |
76% - 100% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 50 | $ 50 |
% of total | 1% | 1% |
Weighted-average debt service coverage ratio | 0.87 | 0.87 |
76% - 100% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
76% - 100% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
76% - 100% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 35 | 35 |
76% - 100% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 8 | 8 |
76% - 100% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 7 | 7 |
76% - 100% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
% of total | 0% | 0% |
Weighted-average debt service coverage ratio | 0 | 0 |
Greater than 100% | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
Greater than 100% | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
Debt Service Coverage Ratio for
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,692 | $ 6,829 |
% of total | 100% | 100% |
Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,692 | $ 6,829 |
% of total | 100% | 100% |
Weighted-average debt-to-value | 55% | 55% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,794 | $ 2,858 |
% of total | 42% | 42% |
Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,794 | $ 2,858 |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,400 | $ 1,440 |
% of total | 21% | 21% |
Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,400 | $ 1,440 |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,457 | $ 1,481 |
% of total | 22% | 22% |
Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,457 | $ 1,481 |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 513 | $ 522 |
% of total | 8% | 8% |
Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 513 | $ 522 |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 372 | $ 371 |
% of total | 5% | 5% |
Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 372 | $ 371 |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 156 | $ 157 |
% of total | 2% | 2% |
Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 156 | $ 157 |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 253 | $ 265 |
% of total | 4% | 4% |
Weighted-average debt-to-value | 63% | 64% |
Less than 1.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 49 | $ 54 |
Less than 1.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 42 | 43 |
Less than 1.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 99 | 105 |
Less than 1.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 12 | 12 |
Less than 1.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 27 | 27 |
Less than 1.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 24 | 24 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 255 | $ 263 |
% of total | 4% | 4% |
Weighted-average debt-to-value | 62% | 63% |
1.00 - 1.25 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 106 | $ 105 |
1.00 - 1.25 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 30 | 30 |
1.00 - 1.25 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 45 | 48 |
1.00 - 1.25 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 50 | 51 |
1.00 - 1.25 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 10 | 14 |
1.00 - 1.25 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 14 | 15 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,223 | $ 1,196 |
% of total | 18% | 17% |
Weighted-average debt-to-value | 64% | 65% |
1.26 - 1.50 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 578 | $ 583 |
1.26 - 1.50 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 209 | 181 |
1.26 - 1.50 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 244 | 244 |
1.26 - 1.50 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 79 | 86 |
1.26 - 1.50 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 91 | 80 |
1.26 - 1.50 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 22 | 22 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,569 | $ 2,611 |
% of total | 38% | 38% |
Weighted-average debt-to-value | 57% | 58% |
1.51 - 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,120 | $ 1,142 |
1.51 - 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 472 | 471 |
1.51 - 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 601 | 615 |
1.51 - 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 184 | 187 |
1.51 - 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 161 | 164 |
1.51 - 2.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 31 | 32 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,392 | $ 2,494 |
% of total | 36% | 37% |
Weighted-average debt-to-value | 46% | 46% |
Greater than 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 941 | $ 974 |
Greater than 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 647 | 715 |
Greater than 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 468 | 469 |
Greater than 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 188 | 186 |
Greater than 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 83 | 86 |
Greater than 2.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 65 | $ 64 |
Schedule of Positions in Deriva
Schedule of Positions in Derivative Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Derivative assets, fair value | $ 80 | $ 131 | |
Derivative liabilities, fair value | 846 | 681 | |
Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 176 | 180 | |
Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 670 | 501 | |
Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 80 | 131 | |
Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 636 | 490 | |
Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 26 | 55 | |
Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 1 | 2 | |
Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 12 | 10 | |
Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 21 | 15 | |
Forward bond purchase commitments | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 33 | 9 | |
Forward bond purchase commitments | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 21 | 51 | |
Fixed indexed annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 160 | 165 | |
Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 16 | 15 | |
Designated As Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 59 | 116 | |
Derivative liabilities, fair value | 650 | 492 | |
Designated As Hedging Instrument | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 59 | 116 | |
Derivative liabilities, fair value | 650 | 492 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 636 | 490 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 26 | 55 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 1 | 2 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 12 | 10 | |
Designated As Hedging Instrument | Cash Flow Hedges | Forward bond purchase commitments | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 13 | 0 | |
Designated As Hedging Instrument | Cash Flow Hedges | Forward bond purchase commitments | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 21 | 51 | |
Derivatives not designated as hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 21 | 15 | |
Derivative liabilities, fair value | 196 | 189 | |
Derivatives not designated as hedges | Equity index options | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Derivatives not designated as hedges | Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 21 | 15 | |
Derivatives not designated as hedges | Financial futures | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [1] | 0 | 0 |
Derivatives not designated as hedges | Financial futures | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Derivatives not designated as hedges | Forward bond purchase commitments | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 20 | 9 | |
Derivatives not designated as hedges | Forward bond purchase commitments | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivatives not designated as hedges | Fixed indexed annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [2] | 160 | 165 |
Derivatives not designated as hedges | Fixed indexed annuity embedded derivatives | Other assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [3] | 16 | 15 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | $ 0 | $ 0 | |
[1]The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis.[2]Represents the embedded derivatives associated with our fixed indexed annuity liabilities.[3]Represents the embedded derivatives associated with our indexed universal life liabilities. |
Activity Associated with Deriva
Activity Associated with Derivative Instruments (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) Policies | |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 12,634 |
Additions | 4,443 |
Maturities/ terminations | (3,211) |
Notional amount, ending balance | 13,866 |
Designated As Hedging Instrument | |
Derivative [Line Items] | |
Notional amount, beginning balance | 10,181 |
Additions | 1,772 |
Maturities/ terminations | (399) |
Notional amount, ending balance | 11,554 |
Designated As Hedging Instrument | Cash Flow Hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 10,181 |
Additions | 1,772 |
Maturities/ terminations | (399) |
Notional amount, ending balance | 11,554 |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 8,975 |
Additions | 231 |
Maturities/ terminations | (399) |
Notional amount, ending balance | 8,807 |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 131 |
Additions | 13 |
Maturities/ terminations | 0 |
Notional amount, ending balance | 144 |
Designated As Hedging Instrument | Forward bond purchase commitments | Cash Flow Hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 1,075 |
Additions | 1,528 |
Maturities/ terminations | 0 |
Notional amount, ending balance | 2,603 |
Derivatives not designated as hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 2,453 |
Additions | 2,671 |
Maturities/ terminations | (2,812) |
Notional amount, ending balance | 2,312 |
Derivatives not designated as hedges | Equity index options | |
Derivative [Line Items] | |
Notional amount, beginning balance | 702 |
Additions | 308 |
Maturities/ terminations | (357) |
Notional amount, ending balance | 653 |
Derivatives not designated as hedges | Financial futures | |
Derivative [Line Items] | |
Notional amount, beginning balance | 1,251 |
Additions | 2,363 |
Maturities/ terminations | (2,455) |
Notional amount, ending balance | $ 1,159 |
Derivatives not designated as hedges | Fixed indexed annuity embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 5,826 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (530) |
Notional amount, ending balance | Policies | 5,296 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 749 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (17) |
Notional amount, ending balance | Policies | 732 |
Derivatives not designated as hedges | Forward bond purchase commitments | |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 500 |
Additions | 0 |
Maturities/ terminations | 0 |
Notional amount, ending balance | $ 500 |
Schedule of Pre-Tax Income (Los
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | $ (108) | $ (106) | $ (266) | $ 39 |
Gain (loss) reclassified into net income from OCI | 52 | 58 | 108 | 119 |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Assets | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | (77) | (104) | (225) | 42 |
Gain (loss) reclassified into net income from OCI | 52 | 55 | 105 | 109 |
Interest Rate Swaps Hedging Assets | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | 0 | 0 |
Gain (loss) reclassified into net income from OCI | 1 | 3 | 5 | 8 |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Liabilities | Interest Expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | 0 | |
Gain (loss) reclassified into net income from OCI | (1) | (2) | (1) | |
Interest Rate Swaps Hedging Liabilities | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | |||
Gain (loss) reclassified into net income from OCI | 1 | |||
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | |
Foreign currency swaps | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 2 | (2) | 3 | (3) |
Gain (loss) reclassified into net income from OCI | 0 | 0 | 0 | 0 |
Foreign currency swaps | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | |||
Gain (loss) reclassified into net income from OCI | 2 | |||
Gain (loss) recognized in net income (loss) | 0 | $ 0 | 0 | $ 0 |
Forward Bond Purchase Commitments | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | (33) | (44) | ||
Gain (loss) reclassified into net income from OCI | 0 | 0 | ||
Gain (loss) recognized in net income (loss) | $ 0 | $ 0 |
Reconciliation of Current Perio
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments [Abstract] | ||||
Beginning balance | $ 849 | $ 1,274 | $ 1,010 | $ 1,200 |
Current period increases (decreases) in fair value, net of deferred taxes of $23, $23, $56 and $(8) | (85) | (83) | (210) | 31 |
Reclassification to net (income), net of deferred taxes of $18, $21, $38 and $42 | (34) | (37) | (70) | (77) |
Ending balance | $ 730 | $ 1,154 | $ 730 | $ 1,154 |
Reconciliation of Current Per_2
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Current period increases (decreases) in fair value, deferred taxes | $ 23 | $ 23 | $ 56 | $ (8) |
Reclassification to net (income), deferred taxes | $ 18 | $ 21 | $ 38 | $ 42 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax | $ 730 | $ 1,154 | $ 849 | $ 1,010 | $ 1,274 | $ 1,200 |
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur | 2057 | 2057 | ||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income in the next 12 months, net of tax | $ 129 | |||||
Amount reclassified to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring | $ 3 | $ 7 |
Schedule of Pre-Tax Gain (Loss)
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (Loss) for Effects of Derivatives not Designated as Hedges (Detail) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | $ (24) | $ (69) | $ (91) | $ (67) |
Equity index options | Net investment gains (losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 1 | 5 | 6 | 6 |
Financial futures | Changes in fair value of market risk benefits and associated hedges | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | (15) | (65) | (79) | (67) |
Fixed indexed annuity embedded derivatives | Net investment gains (losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | (5) | (8) | (13) | (10) |
Indexed universal life embedded derivatives | Net investment gains (losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 2 | 2 | 6 | 7 |
Forward bond purchase commitments | Net investment gains (losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | $ (7) | $ (3) | $ (11) | $ (3) |
Additional Information about De
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | $ 80 | $ 131 | |
Gross amounts recognized, derivatives liabilities | 846 | 681 | |
Subject to enforceable master netting arrangement | |||
Derivative [Line Items] | |||
Gross amounts recognized, net derivatives | (590) | (370) | |
Gross amounts offset in the balance sheet, net derivatives | 0 | 0 | |
Net amounts presented in the balance sheet, net derivatives | (590) | (370) | |
Gross amounts not offset in the balance sheet, financial instruments, net derivatives | [1] | 0 | 0 |
Collateral received | (17) | (19) | |
Collateral pledged | 1,288 | 1,100 | |
Over collateralization, net derivatives | (654) | (658) | |
Net amount | 27 | 53 | |
Subject to enforceable master netting arrangement | Derivative assets | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | [2] | 80 | 131 |
Gross amounts offset in the balance sheet, derivatives assets | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives assets | [2] | 80 | 131 |
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets | [1],[2] | (38) | (59) |
Collateral received | [2] | (17) | (19) |
Collateral pledged | [2] | 0 | 0 |
Over collateralization, derivatives assets | [2] | 2 | 0 |
Net amount, derivatives assets | [2] | 27 | 53 |
Subject to enforceable master netting arrangement | Derivative liabilities | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives liabilities | [2] | 670 | 501 |
Gross amounts offset in the balance sheet, derivatives liabilities | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives liabilities | [2] | 670 | 501 |
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities | [1],[2] | (38) | (59) |
Collateral received | [2] | 0 | 0 |
Collateral pledged | [2] | (1,288) | (1,100) |
Over collateralization, derivatives liabilities | [2] | 656 | 658 |
Net amount, derivatives liabilities | [2] | $ 0 | $ 0 |
[1]Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.[2]Does not include amounts related to embedded derivatives as of June 30, 2024 and December 31, 2023. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 45,233 | $ 46,781 |
Period end valuation | 0 | |
U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 26,813 | 27,985 |
Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 7,636 | 7,811 |
Level 2 | Other invested assets | Nonrecurring fair value | ||
Fair Value of Financial Instruments [Line Items] | ||
Real estate owned | $ 24 | $ 23 |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | ||
Fair Value of Financial Instruments [Line Items] | ||
Percentage of available for sale debt securities | 88% | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 23,287 | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 5,976 | |
Level 2 | Fixed maturity securities | Internal models | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,542 | |
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 849 | |
Level 3 | Fixed maturity securities | Internal models | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,781 | |
Level 3 | Fixed maturity securities | Broker Quotes | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 205 | |
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Maximum | ||
Fair Value of Financial Instruments [Line Items] | ||
Liquidation period | 10 years | |
Contractual period | 12 years | |
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Minimum | ||
Fair Value of Financial Instruments [Line Items] | ||
Liquidation period | 5 years | |
Contractual period | 10 years |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 45,233 | $ 46,781 | |
Investment, Type [Extensible Enumeration] | Fixed maturity securities | Fixed maturity securities | Fixed maturity securities |
U.S. government, agencies and government-sponsored enterprises | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 3,512 | $ 3,494 | |
State and Political Subdivisions | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 2,168 | 2,302 | |
Non-U.S. government | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 709 | 626 | |
U.S. corporate | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 26,813 | 27,985 | |
Non-U.S. corporate | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 7,636 | 7,811 | |
Residential mortgage-backed | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 851 | 907 | |
Commercial mortgage-backed | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 1,312 | 1,418 | |
Other asset-backed | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | 2,232 | $ 2,238 | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 3,512 | ||
Primary methodologies | Price quotes from trading desk, broker feeds | ||
Significant inputs | Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | State and Political Subdivisions | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 2,103 | ||
Primary methodologies | Multi-dimensional attribute-based modeling systems, third-party pricing vendors | ||
Significant inputs | Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. government | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 709 | ||
Primary methodologies | Matrix pricing, spread priced to benchmark curves, price quotes from market makers | ||
Significant inputs | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. corporate | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 23,287 | ||
Primary methodologies | Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models | ||
Significant inputs | Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. corporate | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 5,976 | ||
Primary methodologies | Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers | ||
Significant inputs | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Residential mortgage-backed | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 849 | ||
Primary methodologies | OAS-based models, single factor binomial models, internally priced | ||
Significant inputs | Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Commercial mortgage-backed | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 1,301 | ||
Primary methodologies | Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model | ||
Significant inputs | Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports | ||
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Other asset-backed | |||
Fair value measurements Significant unobservable inputs [Line Items] | |||
Available-for-sale debt securities | $ 2,119 | ||
Primary methodologies | Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers | ||
Significant inputs | Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports |
Assets by Class of Instrument t
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | $ 45,233 | $ 46,781 | |
Available-for-sale equity securities | 435 | 396 | |
Limited partnerships | 2,968 | 2,821 | |
Derivative assets, fair value | 80 | 131 | |
Total other invested assets | 702 | 731 | |
Separate account assets | 4,553 | 4,509 | |
Total assets | 52,627 | 54,037 | |
Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale equity securities | [1] | 0 | 0 |
Separate account assets | [1] | 0 | 0 |
Total assets | [1] | 2,298 | 2,173 |
Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 80 | 131 | |
Short-term investments | 12 | 27 | |
Total other invested assets | 92 | 158 | |
Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Short-term investments | [1] | 0 | 0 |
Total other invested assets | [1] | 0 | 0 |
Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 26 | 55 | |
Interest rate swaps | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 12 | 10 | |
Foreign currency swaps | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 21 | 15 | |
Equity index options | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Forward bond purchase commitments | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 21 | 51 | |
Forward bond purchase commitments | Other invested assets | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,512 | 3,494 | |
State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,168 | 2,302 | |
Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 709 | 626 | |
U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 26,813 | 27,985 | |
U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,232 | 4,273 | |
U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,322 | 2,372 | |
U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 7,028 | 7,278 | |
U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,353 | 4,505 | |
U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,750 | 3,023 | |
U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,094 | 1,233 | |
U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,145 | 2,181 | |
U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,553 | 1,649 | |
U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,062 | 1,162 | |
U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 274 | 309 | |
Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 7,636 | 7,811 | |
Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 710 | 685 | |
Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,047 | 1,027 | |
Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,852 | 1,948 | |
Non-U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 598 | 616 | |
Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 806 | 891 | |
Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 803 | 797 | |
Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 595 | 561 | |
Non-U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 231 | 221 | |
Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 422 | 364 | |
Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 572 | 701 | |
Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 851 | 907 | |
Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,312 | 1,418 | |
Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,232 | 2,238 | |
Fixed maturity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 45,233 | 46,781 | |
Fixed maturity securities | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,512 | 3,494 | |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,168 | 2,302 | |
Fixed maturity securities | State and Political Subdivisions | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 709 | 626 | |
Fixed maturity securities | Non-U.S. government | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 26,813 | 27,985 | |
Fixed maturity securities | U.S. corporate | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,232 | 4,273 | |
Fixed maturity securities | U.S. corporate | Utilities | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,322 | 2,372 | |
Fixed maturity securities | U.S. corporate | Energy | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 7,028 | 7,278 | |
Fixed maturity securities | U.S. corporate | Finance and insurance | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,353 | 4,505 | |
Fixed maturity securities | U.S. corporate | Consumer—non-cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,750 | 3,023 | |
Fixed maturity securities | U.S. corporate | Technology and communications | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,094 | 1,233 | |
Fixed maturity securities | U.S. corporate | Industrial | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,145 | 2,181 | |
Fixed maturity securities | U.S. corporate | Capital goods | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,553 | 1,649 | |
Fixed maturity securities | U.S. corporate | Consumer—cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,062 | 1,162 | |
Fixed maturity securities | U.S. corporate | Transportation | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 274 | 309 | |
Fixed maturity securities | U.S. corporate | Other | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 7,636 | 7,811 | |
Fixed maturity securities | Non-U.S. corporate | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 710 | 685 | |
Fixed maturity securities | Non-U.S. corporate | Utilities | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,047 | 1,027 | |
Fixed maturity securities | Non-U.S. corporate | Energy | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,852 | 1,948 | |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 598 | 616 | |
Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 806 | 891 | |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 803 | 797 | |
Fixed maturity securities | Non-U.S. corporate | Industrial | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 595 | 561 | |
Fixed maturity securities | Non-U.S. corporate | Capital goods | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 231 | 221 | |
Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 422 | 364 | |
Fixed maturity securities | Non-U.S. corporate | Transportation | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 572 | 701 | |
Fixed maturity securities | Non-U.S. corporate | Other | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 851 | 907 | |
Fixed maturity securities | Residential mortgage-backed | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,312 | 1,418 | |
Fixed maturity securities | Commercial mortgage-backed | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,232 | 2,238 | |
Fixed maturity securities | Other asset-backed | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | [1] | 0 | 0 |
Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | 2,314 | 2,193 | |
Limited partnerships | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | [1] | 2,298 | 2,173 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale equity securities | 364 | 321 | |
Separate account assets | 4,553 | 4,509 | |
Total assets | 4,917 | 4,830 | |
Level 1 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Short-term investments | 0 | 0 | |
Total other invested assets | 0 | 0 | |
Level 1 | Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Forward bond purchase commitments | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 1 | Fixed maturity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale equity securities | 29 | 43 | |
Separate account assets | 0 | 0 | |
Total assets | 42,326 | 43,813 | |
Level 2 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 38 | 65 | |
Short-term investments | 12 | 20 | |
Total other invested assets | 50 | 85 | |
Level 2 | Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 26 | 55 | |
Level 2 | Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 12 | 10 | |
Level 2 | Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 2 | Forward bond purchase commitments | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 2 | Fixed maturity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 42,247 | 43,685 | |
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,512 | 3,494 | |
Level 2 | Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,103 | 2,242 | |
Level 2 | Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 709 | 626 | |
Level 2 | Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 24,829 | 25,895 | |
Level 2 | Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 3,389 | 3,392 | |
Level 2 | Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,277 | 2,312 | |
Level 2 | Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 6,348 | 6,561 | |
Level 2 | Fixed maturity securities | U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 4,290 | 4,436 | |
Level 2 | Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,738 | 3,011 | |
Level 2 | Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,079 | 1,210 | |
Level 2 | Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,091 | 2,146 | |
Level 2 | Fixed maturity securities | U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,436 | 1,527 | |
Level 2 | Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,042 | 1,140 | |
Level 2 | Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 139 | 160 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 6,825 | 6,981 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 430 | 416 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 928 | 896 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,719 | 1,814 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 521 | 535 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 789 | 867 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 743 | 734 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 550 | 508 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 224 | 220 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 400 | 342 | |
Level 2 | Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 521 | 649 | |
Level 2 | Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 849 | 904 | |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,301 | 1,407 | |
Level 2 | Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,119 | 2,136 | |
Level 2 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale equity securities | 42 | 32 | |
Separate account assets | 0 | 0 | |
Total assets | 3,086 | 3,221 | |
Level 3 | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 42 | 66 | |
Short-term investments | 0 | 7 | |
Total other invested assets | 42 | 73 | |
Level 3 | Interest rate swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 3 | Foreign currency swaps | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Level 3 | Equity index options | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 21 | 15 | |
Level 3 | Forward bond purchase commitments | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 21 | 51 | |
Level 3 | Fixed maturity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2,986 | 3,096 | |
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 3 | Fixed maturity securities | State and Political Subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 65 | 60 | |
Level 3 | Fixed maturity securities | Non-U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 3 | Fixed maturity securities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,984 | 2,090 | |
Level 3 | Fixed maturity securities | U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 843 | 881 | |
Level 3 | Fixed maturity securities | U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 45 | 60 | |
Level 3 | Fixed maturity securities | U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 680 | 717 | |
Level 3 | Fixed maturity securities | U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 63 | 69 | |
Level 3 | Fixed maturity securities | U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 12 | 12 | |
Level 3 | Fixed maturity securities | U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 15 | 23 | |
Level 3 | Fixed maturity securities | U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 54 | 35 | |
Level 3 | Fixed maturity securities | U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 117 | 122 | |
Level 3 | Fixed maturity securities | U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 20 | 22 | |
Level 3 | Fixed maturity securities | U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 135 | 149 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 811 | 830 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 280 | 269 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 119 | 131 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 133 | 134 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 77 | 81 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 17 | 24 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 60 | 63 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Capital goods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 45 | 53 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 7 | 1 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Transportation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 22 | 22 | |
Level 3 | Fixed maturity securities | Non-U.S. corporate | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 51 | 52 | |
Level 3 | Fixed maturity securities | Residential mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 2 | 3 | |
Level 3 | Fixed maturity securities | Commercial mortgage-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 11 | 11 | |
Level 3 | Fixed maturity securities | Other asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 113 | 102 | |
Level 3 | Limited partnerships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Limited partnerships | $ 16 | $ 20 | |
[1]Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 3,154 | $ 3,181 | $ 3,221 | $ 3,254 | |
Total realized and unrealized gains (losses) included in net income, assets | $ 0 | $ 7 | $ 7 | $ 9 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Total realized and unrealized gains (losses), Included in OCI | $ (47) | $ (41) | $ (97) | $ 11 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Purchases | $ 113 | $ 70 | $ 174 | $ 159 | |
Sales | (25) | (36) | (25) | (65) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (113) | (51) | (210) | (193) | |
Transfer into Level 3 | [1] | 22 | 41 | 41 | 54 |
Transfer out of Level 3 | [1] | (18) | (60) | (25) | (118) |
Ending balance | 3,086 | 3,111 | 3,086 | 3,111 | |
Total gains (losses) included in net income attributable to assets still held | $ 1 | $ 6 | $ 7 | $ 7 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Total gains (losses) included in OCI attributable to assets still held | $ (47) | $ (52) | $ (100) | $ (9) | |
Other invested assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 61 | 10 | 73 | 6 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 5 | 6 | 6 | |
Total realized and unrealized gains (losses), Included in OCI | (20) | 0 | (30) | 0 | |
Purchases | 4 | 9 | 8 | 12 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (4) | (2) | (15) | (2) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 42 | 22 | 42 | 22 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 4 | 6 | 5 | |
Total gains (losses) included in OCI attributable to assets still held | (15) | 0 | (28) | 0 | |
Other invested assets | Short-term investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 0 | 7 | 0 | ||
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | ||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | ||
Purchases | 7 | 0 | 7 | ||
Sales | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | ||
Settlements | 0 | (7) | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | 0 | |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | |
Ending balance | 0 | 7 | 0 | 7 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | ||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | ||
Other invested assets | Derivative assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 61 | 10 | 66 | 6 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 5 | 6 | 6 | |
Total realized and unrealized gains (losses), Included in OCI | (20) | 0 | (30) | 0 | |
Purchases | 4 | 2 | 8 | 5 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (4) | (2) | (8) | (2) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 42 | 15 | 42 | 15 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 4 | 6 | 5 | |
Total gains (losses) included in OCI attributable to assets still held | (15) | 0 | (28) | 0 | |
Other invested assets | Derivative assets | Equity index options | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 20 | 10 | 15 | 6 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 5 | 6 | 6 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 4 | 2 | 8 | 5 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (4) | (2) | (8) | (2) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 21 | 15 | 21 | 15 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 4 | 6 | 5 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Other invested assets | Derivative assets | Forward bond purchase commitments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 41 | 51 | |||
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | |||
Total realized and unrealized gains (losses), Included in OCI | (20) | (30) | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Transfer into Level 3 | [1] | 0 | 0 | ||
Transfer out of Level 3 | [1] | 0 | 0 | ||
Ending balance | 21 | 21 | |||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | |||
Total gains (losses) included in OCI attributable to assets still held | (15) | (28) | |||
Fixed maturity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 3,042 | 3,116 | 3,096 | 3,190 | |
Total realized and unrealized gains (losses) included in net income, assets | 2 | 3 | 5 | 6 | |
Total realized and unrealized gains (losses), Included in OCI | (27) | (41) | (67) | 11 | |
Purchases | 91 | 60 | 148 | 146 | |
Sales | (17) | (32) | (17) | (60) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (109) | (49) | (195) | (191) | |
Transfer into Level 3 | [1] | 22 | 41 | 41 | 54 |
Transfer out of Level 3 | [1] | (18) | (60) | (25) | (118) |
Ending balance | 2,986 | 3,038 | 2,986 | 3,038 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 3 | 5 | 5 | |
Total gains (losses) included in OCI attributable to assets still held | (32) | (52) | (72) | (9) | |
Fixed maturity securities | State and political subdivisions | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 65 | 59 | 60 | 55 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 1 | 2 | 2 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | 3 | 3 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 65 | 60 | 65 | 60 | |
Total gains (losses) included in net income attributable to assets still held | 1 | 1 | 2 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | 0 | 3 | 3 | |
Fixed maturity securities | U.S. corporate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 2,064 | 2,115 | 2,090 | 2,122 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (16) | (21) | (48) | (1) | |
Purchases | 20 | 49 | 52 | 104 | |
Sales | (17) | (31) | (17) | (41) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (85) | (47) | (130) | (91) | |
Transfer into Level 3 | [1] | 22 | 11 | 41 | 24 |
Transfer out of Level 3 | [1] | (4) | (60) | (4) | (101) |
Ending balance | 1,984 | 2,016 | 1,984 | 2,016 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (22) | (32) | (54) | (12) | |
Fixed maturity securities | U.S. corporate | Utilities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 867 | 859 | 881 | 842 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (15) | (11) | (35) | 0 | |
Purchases | 0 | 0 | 32 | 40 | |
Sales | (13) | (31) | (13) | (40) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (10) | (26) | (10) | |
Transfer into Level 3 | [1] | 8 | 11 | 8 | 11 |
Transfer out of Level 3 | [1] | (4) | 0 | (4) | (25) |
Ending balance | 843 | 818 | 843 | 818 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (17) | (18) | (37) | (8) | |
Fixed maturity securities | U.S. corporate | Energy | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 60 | 115 | 60 | 116 | |
Total realized and unrealized gains (losses) included in net income, assets | (1) | 0 | (1) | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 1 | 0 | 1 | 1 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (4) | 0 | (4) | (1) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (11) | (1) | (11) | (2) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | (55) | 0 | (55) |
Ending balance | 45 | 59 | 45 | 59 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (1) | 0 | 1 | |
Fixed maturity securities | U.S. corporate | Finance and insurance | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 730 | 697 | 717 | 687 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 0 | 1 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (6) | (6) | (3) | |
Purchases | 0 | 48 | 0 | 63 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (65) | (30) | (65) | (35) | |
Transfer into Level 3 | [1] | 14 | 0 | 33 | 0 |
Transfer out of Level 3 | [1] | 0 | (5) | 0 | (8) |
Ending balance | 680 | 704 | 680 | 704 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (3) | (10) | (9) | (6) | |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 64 | 69 | 69 | 82 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (1) | (1) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (5) | (14) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 63 | 68 | 63 | 68 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (1) | (1) | 0 | |
Fixed maturity securities | U.S. corporate | Technology and communications | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 12 | 12 | 12 | 24 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (1) | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (13) |
Ending balance | 12 | 11 | 12 | 11 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Industrial | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 15 | 22 | 23 | 22 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (8) | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 15 | 22 | 15 | 22 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Capital goods | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 34 | 34 | 35 | 34 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | (1) | 0 | |
Purchases | 20 | 0 | 20 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 54 | 34 | 54 | 34 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (1) | (1) | 0 | |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 118 | 127 | 122 | 113 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (2) | (3) | 0 | |
Purchases | 0 | 1 | 0 | 1 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (2) | (2) | (3) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 13 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 117 | 124 | 117 | 124 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (2) | (3) | 0 | |
Fixed maturity securities | U.S. corporate | Transportation | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 21 | 24 | 22 | 43 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (1) | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | 0 | (2) | (20) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 20 | 23 | 20 | 23 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 143 | 156 | 149 | 159 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 1 | (3) | 1 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (7) | (4) | (11) | (7) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 135 | 153 | 135 | 153 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | 1 | (3) | 1 | |
Fixed maturity securities | Non-U.S. corporate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 791 | 827 | 830 | 885 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 2 | 3 | 4 | |
Total realized and unrealized gains (losses), Included in OCI | (9) | (20) | (21) | 6 | |
Purchases | 46 | 1 | 56 | 30 | |
Sales | 0 | 0 | 0 | (18) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (18) | (1) | (57) | (98) | |
Transfer into Level 3 | [1] | 0 | 30 | 0 | 30 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 811 | 839 | 811 | 839 | |
Total gains (losses) included in net income attributable to assets still held | 1 | 2 | 3 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | (9) | (19) | (20) | (1) | |
Fixed maturity securities | Non-U.S. corporate | Utilities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 260 | 298 | 269 | 295 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (5) | (9) | (9) | (4) | |
Purchases | 25 | 1 | 35 | 4 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (15) | (5) | |
Transfer into Level 3 | [1] | 0 | 30 | 0 | 30 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 280 | 320 | 280 | 320 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (6) | (8) | (10) | (3) | |
Fixed maturity securities | Non-U.S. corporate | Energy | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 130 | 119 | 131 | 118 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (2) | (1) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (11) | 0 | (11) | (1) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 119 | 117 | 119 | 117 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (2) | (1) | 0 | |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 132 | 131 | 134 | 125 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 2 | 3 | 3 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (7) | (4) | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 133 | 126 | 133 | 126 | |
Total gains (losses) included in net income attributable to assets still held | 1 | 2 | 3 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (6) | (4) | (2) | |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 77 | 73 | 81 | 73 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | (1) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (3) | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 77 | 73 | 77 | 73 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (1) | (1) | 0 | |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 24 | 26 | 24 | 26 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (7) | 0 | (7) | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 17 | 26 | 17 | 26 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Industrial | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 61 | 75 | 63 | 48 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | (2) | 2 | |
Purchases | 0 | 0 | 0 | 25 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (1) | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 60 | 75 | 60 | 75 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (1) | (2) | 1 | |
Fixed maturity securities | Non-U.S. corporate | Capital goods | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 33 | 52 | 53 | 95 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 1 | |
Total realized and unrealized gains (losses), Included in OCI | (2) | (1) | (2) | 3 | |
Purchases | 14 | 0 | 14 | 0 | |
Sales | 0 | 0 | 0 | (12) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (20) | (36) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 45 | 51 | 45 | 51 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | 0 | (1) | 2 | |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 1 | 9 | 1 | 64 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | 1 | (1) | 7 | |
Purchases | 7 | 0 | 7 | 0 | |
Sales | 0 | 0 | 0 | (6) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | 0 | (56) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 7 | 9 | 7 | 9 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 1 | |
Fixed maturity securities | Non-U.S. corporate | Transportation | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 22 | 22 | 22 | 20 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (1) | 0 | 0 | |
Purchases | 0 | 0 | 0 | 1 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 22 | 21 | 22 | 21 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (1) | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 51 | 22 | 52 | 21 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (1) | (1) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 51 | 21 | 51 | 21 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | (1) | 0 | |
Fixed maturity securities | Residential mortgage-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 3 | 8 | 3 | 22 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 1 | 0 | 2 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (1) | (1) | (1) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (15) |
Ending balance | 2 | 8 | 2 | 8 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | Commercial mortgage-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 11 | 12 | 11 | 12 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | (1) | 0 | (1) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 11 | 11 | 11 | 11 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | Other asset-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 108 | 95 | 102 | 94 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (1) | (1) | 1 | |
Purchases | 25 | 10 | 40 | 12 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (5) | 0 | (7) | (1) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | (14) | 0 | (21) | (2) |
Ending balance | 113 | 104 | 113 | 104 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (1) | (1) | 1 | |
Equity Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 32 | 33 | 32 | 34 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 18 | 1 | 18 | 1 | |
Sales | (8) | (4) | (8) | (5) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 42 | 30 | 42 | 30 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Limited partnerships | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 19 | 22 | 20 | 24 | |
Total realized and unrealized gains (losses) included in net income, assets | (3) | (1) | (4) | (3) | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | ||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 16 | 21 | 16 | 21 | |
Total gains (losses) included in net income attributable to assets still held | (3) | (1) | (4) | (3) | |
Total gains (losses) included in OCI attributable to assets still held | $ 0 | $ 0 | $ 0 | $ 0 | |
[1]The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. |
Gains and Losses Included in Ne
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 0 | $ 7 | $ 7 | $ 9 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total gains (losses) included in net income attributable to assets still held, assets | $ 1 | $ 6 | $ 7 | $ 7 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net Investment Income | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 3 | $ 3 | $ 6 | $ 6 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total gains (losses) included in net income attributable to assets still held, assets | $ 2 | $ 3 | $ 5 | $ 5 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net investment gains (losses) | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ (3) | $ 4 | $ 1 | $ 3 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total gains (losses) included in net income attributable to assets still held, assets | $ (1) | $ 3 | $ 2 | $ 2 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Summary of Significant Unobserv
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail) $ in Millions | Jun. 30, 2024 USD ($) bps | Dec. 31, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | $ 846 | $ 681 | |
Market risk benefits, net | $ | 446 | 582 | |
Fixed maturity securities available-for-sale, at fair value | $ | 45,233 | 46,781 | |
Derivative assets, fair value | $ | 80 | 131 | |
Variable Annuities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market risk benefits, net | $ | 403 | 527 | |
Fixed Indexed Annuities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market risk benefits, net | $ | 43 | 55 | |
Policyholder account balances | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | 176 | 180 | |
Policyholder account balances | Fixed indexed annuity embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | 160 | 165 | |
Policyholder account balances | Indexed universal life embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | 16 | 15 | |
U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 26,813 | 27,985 | |
Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 7,636 | 7,811 | |
Utilities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 4,232 | 4,273 | |
Utilities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 710 | 685 | |
Energy | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 2,322 | 2,372 | |
Energy | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 1,047 | 1,027 | |
Finance and insurance | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 7,028 | 7,278 | |
Finance and insurance | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 1,852 | 1,948 | |
Consumer-non-cyclical | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 4,353 | 4,505 | |
Consumer-non-cyclical | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 598 | 616 | |
Technology and communications | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 2,750 | 3,023 | |
Technology and communications | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 806 | 891 | |
Industrial | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 1,094 | 1,233 | |
Industrial | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 803 | 797 | |
Capital goods | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 2,145 | 2,181 | |
Capital goods | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 595 | 561 | |
Consumer-cyclical | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 1,553 | 1,649 | |
Consumer-cyclical | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 231 | 221 | |
Transportation | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 1,062 | 1,162 | |
Transportation | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 422 | 364 | |
Other | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 274 | 309 | |
Other | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | 572 | 701 | |
Level 3 | Other invested assets | Equity index options | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative assets, fair value | $ | $ 21 | ||
Fair value input, equity index volatility, lower limit | 6% | ||
Fair value input, equity index volatility, upper limit | 46% | ||
Fair value input, equity index volatility, weighted-average | [1] | 23% | |
Level 3 | Other invested assets | Forward bond purchase commitments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative assets, fair value | $ | $ 21 | ||
Fair value input, counterparty financing spread, lower limit | 28 | ||
Fair value input, counterparty financing spread, upper limit | 41 | ||
Fair value input, counterparty financing spread, weighted-average | [1] | 33 | |
Level 3 | Policyholder account balances | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | $ 176 | 180 | |
Level 3 | Policyholder account balances | Fixed indexed annuity embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | $ 160 | 165 | |
Fair value, expected future interest credited, lower limit | 1% | ||
Fair value, expected future interest credited, upper limit | 3% | ||
Fair value, expected future interest credited, weighted-average | [2] | 2% | |
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | $ 16 | $ 15 | |
Fair value, expected future interest credited, lower limit | 2% | ||
Fair value, expected future interest credited, upper limit | 12% | ||
Fair value, expected future interest credited, weighted-average | [2] | 5% | |
Level 3 | Other liabilities | Forward bond purchase commitments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities, fair value | $ | $ 33 | ||
Fair value input, counterparty financing spread, lower limit | 28 | ||
Fair value input, counterparty financing spread, upper limit | 42 | ||
Fair value input, counterparty financing spread, weighted-average | [2] | 39 | |
Level 3 | Market risk benefits | Variable Annuities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market risk benefits, net | $ | [3] | $ 403 | |
Fair value, withdrawal utilization rate, lower limit | [3] | 63% | |
Fair value, withdrawal utilization rate, upper limit | [3] | 89% | |
Fair value, lapse rate, lower limit | [3] | 2% | |
Fair value, lapse rate, upper limit | [3] | 11% | |
Fair value input, credit spreads, lower limit | [3] | 42 | |
Fair value input, credit spreads, upper limit | [3] | 83 | |
Fair value input, credit spreads, weighted-average | [2],[3] | 69 | |
Fair value input, equity index volatility, lower limit | [3] | 14% | |
Fair value input, equity index volatility, upper limit | [3] | 30% | |
Fair value, withdrawal utilization rate, weighted-average | [2],[3] | 79% | |
Fair value, lapse rate, weighted-average | [2],[3] | 5% | |
Fair value input, equity index volatility, weighted-average | [2],[3] | 22% | |
Level 3 | Market risk benefits | Fixed Indexed Annuities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market risk benefits, net | $ | [3] | $ 43 | |
Fair value, withdrawal utilization rate, lower limit | [3] | 0% | |
Fair value, withdrawal utilization rate, upper limit | [3] | 70% | |
Fair value input, credit spreads, lower limit | [3] | 42 | |
Fair value input, credit spreads, upper limit | [3] | 83 | |
Fair value input, credit spreads, weighted-average | [2],[3] | 69 | |
Fair value, expected future interest credited, lower limit | [3] | 1% | |
Fair value, expected future interest credited, upper limit | [3] | 3% | |
Fair value, withdrawal utilization rate, weighted-average | [2],[3] | 57% | |
Fair value, expected future interest credited, weighted-average | [2],[3] | 2% | |
Level 3 | Other assets | Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market risk benefits, net | $ | [4] | $ 117 | |
Fair value, lapse rate, lower limit | [4] | 2% | |
Fair value, lapse rate, upper limit | [4] | 9% | |
Fair value input, equity index volatility, lower limit | [4] | 14% | |
Fair value input, equity index volatility, upper limit | [4] | 30% | |
Fair value, lapse rate, weighted-average | [1],[4] | 5% | |
Fair value input, equity index volatility, weighted-average | [1],[4] | 22% | |
Counterparty credit risk, weighted-average | [1],[4] | 69 | |
Counterparty credit risk, lower limit | [4] | 42 | |
Counterparty credit risk, upper limit | [4] | 83 | |
Internal Models | Level 3 | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 1,899 | ||
Fair value input, credit spreads, lower limit | 14 | ||
Fair value input, credit spreads, upper limit | 229 | ||
Fair value input, credit spreads, weighted-average | [1] | 138 | |
Internal Models | Level 3 | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 756 | ||
Fair value input, credit spreads, lower limit | 59 | ||
Fair value input, credit spreads, upper limit | 229 | ||
Fair value input, credit spreads, weighted-average | [1] | 126 | |
Internal Models | Level 3 | Utilities | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 815 | ||
Fair value input, credit spreads, lower limit | 59 | ||
Fair value input, credit spreads, upper limit | 229 | ||
Fair value input, credit spreads, weighted-average | [1] | 136 | |
Internal Models | Level 3 | Utilities | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 243 | ||
Fair value input, credit spreads, lower limit | 84 | ||
Fair value input, credit spreads, upper limit | 229 | ||
Fair value input, credit spreads, weighted-average | [1] | 131 | |
Internal Models | Level 3 | Energy | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 45 | ||
Fair value input, credit spreads, lower limit | 93 | ||
Fair value input, credit spreads, upper limit | 166 | ||
Fair value input, credit spreads, weighted-average | [1] | 134 | |
Internal Models | Level 3 | Energy | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 113 | ||
Fair value input, credit spreads, lower limit | 93 | ||
Fair value input, credit spreads, upper limit | 175 | ||
Fair value input, credit spreads, weighted-average | [1] | 119 | |
Internal Models | Level 3 | Finance and insurance | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 668 | ||
Fair value input, credit spreads, lower limit | 14 | ||
Fair value input, credit spreads, upper limit | 213 | ||
Fair value input, credit spreads, weighted-average | [1] | 154 | |
Internal Models | Level 3 | Finance and insurance | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 133 | ||
Fair value input, credit spreads, lower limit | 101 | ||
Fair value input, credit spreads, upper limit | 197 | ||
Fair value input, credit spreads, weighted-average | [1] | 125 | |
Internal Models | Level 3 | Consumer-non-cyclical | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 63 | ||
Fair value input, credit spreads, lower limit | 68 | ||
Fair value input, credit spreads, upper limit | 210 | ||
Fair value input, credit spreads, weighted-average | [1] | 131 | |
Internal Models | Level 3 | Consumer-non-cyclical | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 75 | ||
Fair value input, credit spreads, lower limit | 83 | ||
Fair value input, credit spreads, upper limit | 144 | ||
Fair value input, credit spreads, weighted-average | [1] | 100 | |
Internal Models | Level 3 | Technology and communications | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 12 | ||
Fair value input, credit spreads, lower limit | 68 | ||
Fair value input, credit spreads, upper limit | 82 | ||
Fair value input, credit spreads, weighted-average | [1] | 74 | |
Internal Models | Level 3 | Technology and communications | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 17 | ||
Fair value input, credit spreads, lower limit | 83 | ||
Fair value input, credit spreads, upper limit | 119 | ||
Fair value input, credit spreads, weighted-average | [1] | 100 | |
Internal Models | Level 3 | Industrial | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 15 | ||
Fair value input, credit spreads, lower limit | 93 | ||
Fair value input, credit spreads, upper limit | 166 | ||
Fair value input, credit spreads, weighted-average | [1] | 117 | |
Internal Models | Level 3 | Industrial | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 59 | ||
Fair value input, credit spreads, lower limit | 109 | ||
Fair value input, credit spreads, upper limit | 175 | ||
Fair value input, credit spreads, weighted-average | [1] | 144 | |
Internal Models | Level 3 | Capital goods | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 54 | ||
Fair value input, credit spreads, lower limit | 83 | ||
Fair value input, credit spreads, upper limit | 160 | ||
Fair value input, credit spreads, weighted-average | [1] | 127 | |
Internal Models | Level 3 | Capital goods | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 38 | ||
Fair value input, credit spreads, lower limit | 97 | ||
Fair value input, credit spreads, upper limit | 210 | ||
Fair value input, credit spreads, weighted-average | [1] | 149 | |
Internal Models | Level 3 | Consumer-cyclical | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 117 | ||
Fair value input, credit spreads, lower limit | 82 | ||
Fair value input, credit spreads, upper limit | 220 | ||
Fair value input, credit spreads, weighted-average | [1] | 132 | |
Internal Models | Level 3 | Consumer-cyclical | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 7 | ||
Fair value input, credit spreads, upper limit | 210 | ||
Internal Models | Level 3 | Transportation | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 20 | ||
Fair value input, credit spreads, lower limit | 48 | ||
Fair value input, credit spreads, upper limit | 134 | ||
Fair value input, credit spreads, weighted-average | [1] | 100 | |
Internal Models | Level 3 | Transportation | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 20 | ||
Fair value input, credit spreads, lower limit | 109 | ||
Fair value input, credit spreads, upper limit | 144 | ||
Fair value input, credit spreads, weighted-average | [1] | 114 | |
Internal Models | Level 3 | Other | U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 90 | ||
Fair value input, credit spreads, lower limit | 67 | ||
Fair value input, credit spreads, upper limit | 122 | ||
Fair value input, credit spreads, weighted-average | [1] | 81 | |
Internal Models | Level 3 | Other | Non-U.S. corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 51 | ||
Fair value input, credit spreads, lower limit | 59 | ||
Fair value input, credit spreads, upper limit | 133 | ||
Fair value input, credit spreads, weighted-average | [1] | 115 | |
[1]Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyholder account balances associated with the instrument for the net reinsured portion of our variable annuity MRBs.[2]Unobservable inputs weighted by the policyholder account balances associated with the instrument and notional for derivative liabilities.[3]Refer to note 11 for additional details related to MRBs.[4]Represents the net reinsured portion of our variable annuity MRBs. |
Liabilities by Class of Instrum
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | $ 846 | $ 681 |
Total liabilities | 846 | 681 |
Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 670 | 501 |
Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 636 | 490 |
Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 1 | 2 |
Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 33 | 9 |
Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 176 | 180 |
Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 160 | 165 |
Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 16 | 15 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 0 | 0 |
Level 1 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 637 | 492 |
Level 2 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 637 | 492 |
Level 2 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 636 | 490 |
Level 2 | Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 1 | 2 |
Level 2 | Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 209 | 189 |
Level 3 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 33 | 9 |
Level 3 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 3 | Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 3 | Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 33 | 9 |
Level 3 | Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 176 | 180 |
Level 3 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 160 | 165 |
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | $ 16 | $ 15 |
Liabilities Measured at Fair Va
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 191 | $ 199 | $ 189 | $ 217 |
Total realized and unrealized (gains) losses included in net (income) | 10 | 9 | 18 | 6 |
Total realized and unrealized (gains) losses included in OCI | 13 | 0 | 13 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 3 | 2 | 7 | 7 |
Settlements | (8) | (11) | (17) | (30) |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | (1) | (1) | (2) |
Ending balance | 209 | 198 | 209 | 198 |
Total (gains) losses included in net (income) attributable to liabilities still held | 10 | 6 | 18 | 3 |
Total (gains) losses included in OCI attributable to liabilities still held | 13 | 0 | 13 | 0 |
Derivative liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 13 | 0 | 9 | 0 |
Total realized and unrealized (gains) losses included in net (income) | 7 | 3 | 11 | 3 |
Total realized and unrealized (gains) losses included in OCI | 13 | 0 | 13 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 33 | 3 | 33 | 3 |
Total (gains) losses included in net (income) attributable to liabilities still held | 7 | 0 | 11 | 0 |
Total (gains) losses included in OCI attributable to liabilities still held | 13 | 0 | 13 | 0 |
Forward bond purchase commitments | Derivative liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 13 | 0 | 9 | 0 |
Total realized and unrealized (gains) losses included in net (income) | 7 | 3 | 11 | 3 |
Total realized and unrealized (gains) losses included in OCI | 13 | 0 | 13 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 33 | 3 | 33 | 3 |
Total (gains) losses included in net (income) attributable to liabilities still held | 7 | 0 | 11 | 0 |
Total (gains) losses included in OCI attributable to liabilities still held | 13 | 0 | 13 | 0 |
Policyholder account balances | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 178 | 199 | 180 | 217 |
Total realized and unrealized (gains) losses included in net (income) | 3 | 6 | 7 | 3 |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 3 | 2 | 7 | 7 |
Settlements | (8) | (11) | (17) | (30) |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | (1) | (1) | (2) |
Ending balance | 176 | 195 | 176 | 195 |
Total (gains) losses included in net (income) attributable to liabilities still held | 3 | 6 | 7 | 3 |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 |
Policyholder account balances | Fixed indexed annuity embedded derivatives | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 163 | 184 | 165 | 202 |
Total realized and unrealized (gains) losses included in net (income) | 5 | 8 | 13 | 10 |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (8) | (11) | (17) | (30) |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | (1) | (1) | (2) |
Ending balance | 160 | 180 | 160 | 180 |
Total (gains) losses included in net (income) attributable to liabilities still held | 5 | 8 | 13 | 10 |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 |
Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 15 | 15 | 15 | 15 |
Total realized and unrealized (gains) losses included in net (income) | (2) | (2) | (6) | (7) |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 3 | 2 | 7 | 7 |
Settlements | 0 | 0 | 0 | 0 |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 16 | 15 | 16 | 15 |
Total (gains) losses included in net (income) attributable to liabilities still held | (2) | (2) | (6) | (7) |
Total (gains) losses included in OCI attributable to liabilities still held | $ 0 | $ 0 | $ 0 | $ 0 |
Gains and Losses Included in _2
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ 10 | $ 9 | $ 18 | $ 6 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ 10 | $ 6 | $ 18 | $ 3 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net Investment Income | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net investment (gains) losses | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ 10 | $ 9 | $ 18 | $ 6 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ 10 | $ 6 | $ 18 | $ 3 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Fair Value Financial Instrument
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, net | $ 6,662 | $ 6,802 |
Liabilities: | ||
Long-term borrowings | 1,564 | 1,584 |
Off-balance sheet risk | 1,529 | 1,530 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, net | 0 | 0 |
Bank loan investments | 0 | 0 |
Liabilities: | ||
Long-term borrowings | 0 | 0 |
Investment contracts | 0 | 0 |
Level 1 | Commitments to fund bank loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 1 | Commitments to fund Private Placement Investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 1 | Commitments to fund commercial mortgage loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, net | 0 | 0 |
Bank loan investments | 0 | 0 |
Liabilities: | ||
Long-term borrowings | 1,438 | 1,413 |
Investment contracts | 0 | 0 |
Level 2 | Commitments to fund bank loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 2 | Commitments to fund Private Placement Investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 2 | Commitments to fund commercial mortgage loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, net | 6,094 | 6,291 |
Bank loan investments | 556 | 520 |
Liabilities: | ||
Long-term borrowings | 0 | 0 |
Investment contracts | 4,804 | 5,372 |
Level 3 | Commitments to fund bank loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 3 | Commitments to fund Private Placement Investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Level 3 | Commitments to fund commercial mortgage loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, net | 6,662 | 6,802 |
Bank loan investments | 560 | 529 |
Liabilities: | ||
Long-term borrowings | 1,564 | 1,584 |
Investment contracts | 4,870 | 5,346 |
Carrying value | Commitments to fund bank loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Carrying value | Commitments to fund Private Placement Investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Carrying value | Commitments to fund commercial mortgage loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, net | 6,094 | 6,291 |
Bank loan investments | 556 | 520 |
Liabilities: | ||
Long-term borrowings | 1,438 | 1,413 |
Investment contracts | 4,804 | 5,372 |
Fair value | Commitments to fund bank loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Fair value | Commitments to fund Private Placement Investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Fair value | Commitments to fund commercial mortgage loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 0 | 0 |
Notional amount | Commitments to fund bank loan investments | ||
Liabilities: | ||
Off-balance sheet risk | 150 | 117 |
Notional amount | Commitments to fund Private Placement Investments | ||
Liabilities: | ||
Off-balance sheet risk | 5 | 42 |
Notional amount | Commitments to fund commercial mortgage loan investments | ||
Liabilities: | ||
Off-balance sheet risk | $ 11 | $ 13 |
Summary of carrying value of li
Summary of carrying value of limited partnerships and commitments to fund (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | $ 2,968 | $ 2,821 | |
Off-balance sheet risk | 1,529 | 1,530 | |
Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 2,314 | 2,193 | |
Assets Measured Using Net Asset Value | Limited Partnerships Private Equity Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [1] | 2,053 | 1,948 |
Off-balance sheet risk | [1] | 1,201 | 1,203 |
Assets Measured Using Net Asset Value | Limited Partnerships Real Estate Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [2] | 126 | 123 |
Off-balance sheet risk | [2] | 78 | 87 |
Assets Measured Using Net Asset Value | Limited Partnerships Infrastructure Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [3] | 119 | 102 |
Off-balance sheet risk | [3] | 182 | 160 |
Assets Measured Using Net Asset Value | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 2,298 | 2,173 | |
Off-balance sheet risk | 1,461 | 1,450 | |
Accounted For Under The Equity method of Accounting | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 654 | 628 | |
Off-balance sheet risk | 67 | 79 | |
Accounted for at Fair Value | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 16 | 20 | |
Off-balance sheet risk | $ 1 | $ 1 | |
[1]This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.[2]This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.[3]This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally. |
Changes in Deferred Acquisition
Changes in Deferred Acquisition Costs (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | $ 1,988 | |
Ending balance | 1,884 | $ 1,988 |
Deferred acquisition costs | 1,884 | 1,988 |
Enact Segment | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 25 | |
Ending balance | 25 | 25 |
Deferred acquisition costs | 25 | 25 |
Long-Term Care Insurance | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 879 | 935 |
Costs deferred | 0 | 1 |
Amortization | (28) | (57) |
Ending balance | 851 | 879 |
Deferred acquisition costs | 851 | 879 |
Life Insurance | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 941 | 1,080 |
Costs deferred | 0 | 0 |
Amortization | (64) | (139) |
Ending balance | 877 | 941 |
Deferred acquisition costs | 877 | 941 |
Fixed Annuity | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 45 | 57 |
Costs deferred | 0 | 0 |
Amortization | (4) | (12) |
Ending balance | 41 | 45 |
Deferred acquisition costs | 41 | 45 |
Variable Annuity | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 98 | 113 |
Costs deferred | 0 | 0 |
Amortization | (8) | (15) |
Ending balance | 90 | 98 |
Deferred acquisition costs | 90 | 98 |
Long-duration insurance contracts | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 1,963 | 2,185 |
Costs deferred | 0 | 1 |
Amortization | (104) | (223) |
Ending balance | 1,859 | 1,963 |
Deferred acquisition costs | $ 1,859 | $ 1,963 |
Future Policy Benefits - Summar
Future Policy Benefits - Summary of Components of Liability for Future Policy Benefits (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Total long-duration insurance contracts | $ 53,581 | $ 57,456 |
Deferred profit liability | 132 | 128 |
Cost of reinsurance | 61 | 71 |
Total future policy benefits | 53,774 | 57,655 |
Long-term Care Insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Total long-duration insurance contracts | 41,024 | 43,929 |
Total future policy benefits | 41,024 | 43,929 |
Life Insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Total long-duration insurance contracts | 1,585 | 1,698 |
Total future policy benefits | 1,585 | 1,698 |
Fixed annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Total long-duration insurance contracts | 10,972 | 11,829 |
Total future policy benefits | $ 10,972 | $ 11,829 |
Future Policy Benefits - Summ_2
Future Policy Benefits - Summary of Liability for Future Policy Benefit Activity (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | ||
Present value of expected future policy benefits: | |||
Net liability for future policy benefits | $ 53,774 | $ 57,655 | |
Long-term Care Insurance | |||
Present value of expected net premiums: | |||
Beginning balance | 18,650 | 19,895 | |
Beginning balance, at original discount rate | 18,346 | 19,959 | |
Effect of changes in cash flow assumptions | 31 | (276) | |
Effect of actual variances from expected experience | (251) | (365) | |
Adjusted beginning balance | 18,126 | 19,318 | |
Issuances | 0 | 2 | |
Interest accretion | 463 | 994 | |
Net premiums collected | [1] | (916) | (1,968) |
Derecognition (lapses and withdrawals) | 0 | 0 | |
Other | 0 | 0 | |
Ending balance, at original discount rate | 17,673 | 18,346 | |
Effect of changes in discount rate assumptions | (280) | 304 | |
Ending balance | 17,393 | 18,650 | |
Present value of expected future policy benefits: | |||
Beginning balance | 62,579 | 61,352 | |
Beginning balance, at original discount rate | 60,513 | 61,148 | |
Effect of changes in cash flow assumptions | (55) | (292) | |
Effect of actual variances from expected experience | (203) | (50) | |
Adjusted beginning balance | 60,255 | 60,806 | |
Issuances | 0 | 2 | |
Interest accretion | 1,641 | 3,327 | |
Benefit payments | (1,984) | (3,621) | |
Derecognition (lapses and withdrawals) | 0 | 0 | |
Other | 0 | (1) | |
Ending balance, at original discount rate | 59,912 | 60,513 | |
Effect of changes in discount rate assumptions | (1,495) | 2,066 | |
Ending balance | 58,417 | 62,579 | |
Net liability for future policy benefits, before flooring adjustments | 41,024 | 43,929 | |
Flooring adjustments | [2] | 0 | 0 |
Net liability for future policy benefits | 41,024 | 43,929 | |
Less: reinsurance recoverable | 6,994 | 7,572 | |
Net liability for future policy benefits, net of reinsurance recoverable | $ 34,030 | $ 36,357 | |
Weighted-average liability duration (years) | 13 years | 13 years 8 months 12 days | |
Life Insurance | |||
Present value of expected net premiums: | |||
Beginning balance | $ 4,180 | $ 4,083 | |
Beginning balance, at original discount rate | 3,918 | 3,922 | |
Effect of changes in cash flow assumptions | 0 | 180 | |
Effect of actual variances from expected experience | (15) | 38 | |
Adjusted beginning balance | 3,903 | 4,140 | |
Issuances | 0 | 0 | |
Interest accretion | 108 | 217 | |
Net premiums collected | [1] | (226) | (439) |
Derecognition (lapses and withdrawals) | 0 | 0 | |
Other | 1 | 0 | |
Ending balance, at original discount rate | 3,786 | 3,918 | |
Effect of changes in discount rate assumptions | 74 | 262 | |
Ending balance | 3,860 | 4,180 | |
Present value of expected future policy benefits: | |||
Beginning balance | 5,412 | 5,556 | |
Beginning balance, at original discount rate | 5,146 | 5,374 | |
Effect of changes in cash flow assumptions | 0 | 261 | |
Effect of actual variances from expected experience | (3) | 61 | |
Adjusted beginning balance | 5,143 | 5,696 | |
Issuances | 0 | 0 | |
Interest accretion | 137 | 281 | |
Benefit payments | (409) | (823) | |
Derecognition (lapses and withdrawals) | 0 | 0 | |
Other | 0 | (8) | |
Ending balance, at original discount rate | 4,871 | 5,146 | |
Effect of changes in discount rate assumptions | 104 | 266 | |
Ending balance | 4,975 | 5,412 | |
Net liability for future policy benefits, before flooring adjustments | 1,115 | 1,232 | |
Flooring adjustments | [2] | 470 | 466 |
Net liability for future policy benefits | 1,585 | 1,698 | |
Less: reinsurance recoverable | 818 | 852 | |
Net liability for future policy benefits, net of reinsurance recoverable | $ 767 | $ 846 | |
Weighted-average liability duration (years) | 5 years 8 months 12 days | 5 years 10 months 24 days | |
Fixed annuities | |||
Present value of expected net premiums: | |||
Beginning balance | $ 0 | $ 0 | |
Beginning balance, at original discount rate | 0 | 0 | |
Effect of changes in cash flow assumptions | 0 | 0 | |
Effect of actual variances from expected experience | 0 | 0 | |
Adjusted beginning balance | 0 | 0 | |
Issuances | 20 | 42 | |
Interest accretion | 0 | 0 | |
Net premiums collected | [1] | (20) | (42) |
Derecognition (lapses and withdrawals) | 0 | 0 | |
Other | 0 | 0 | |
Ending balance, at original discount rate | 0 | 0 | |
Effect of changes in discount rate assumptions | 0 | 0 | |
Ending balance | 0 | 0 | |
Present value of expected future policy benefits: | |||
Beginning balance | 11,829 | 11,923 | |
Beginning balance, at original discount rate | 9,920 | 10,300 | |
Effect of changes in cash flow assumptions | 0 | (33) | |
Effect of actual variances from expected experience | (42) | (30) | |
Adjusted beginning balance | 9,878 | 10,237 | |
Issuances | 16 | 35 | |
Interest accretion | 322 | 663 | |
Benefit payments | (490) | (1,016) | |
Derecognition (lapses and withdrawals) | 0 | 0 | |
Other | 5 | 1 | |
Ending balance, at original discount rate | 9,731 | 9,920 | |
Effect of changes in discount rate assumptions | 1,241 | 1,909 | |
Ending balance | 10,972 | 11,829 | |
Net liability for future policy benefits, before flooring adjustments | 10,972 | 11,829 | |
Flooring adjustments | [2] | 0 | 0 |
Net liability for future policy benefits | 10,972 | 11,829 | |
Less: reinsurance recoverable | 8,365 | 9,008 | |
Net liability for future policy benefits, net of reinsurance recoverable | $ 2,607 | $ 2,821 | |
Weighted-average liability duration (years) | 10 years 3 months 18 days | 11 years 1 month 6 days | |
[1]Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.[2]Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. |
Future Policy Benefits - Summ_3
Future Policy Benefits - Summary of Weighted Average Interest and Discount Rates (Detail) | Jun. 30, 2024 | Dec. 31, 2023 |
Long-term Care Insurance | ||
Disclosure In Tabular Form Of Weighted Average Interest And Discount Rates For The Liability For Future Policy Benefits [Line Items] | ||
Interest accretion (locked-in) rate | 5.70% | 5.80% |
Current discount rate | 5.60% | 5.10% |
Life Insurance | ||
Disclosure In Tabular Form Of Weighted Average Interest And Discount Rates For The Liability For Future Policy Benefits [Line Items] | ||
Interest accretion (locked-in) rate | 5.80% | 5.80% |
Current discount rate | 5.30% | 4.80% |
Fixed annuities | ||
Disclosure In Tabular Form Of Weighted Average Interest And Discount Rates For The Liability For Future Policy Benefits [Line Items] | ||
Interest accretion (locked-in) rate | 6.80% | 6.70% |
Current discount rate | 5.60% | 5% |
Future Policy Benefits - Summ_4
Future Policy Benefits - Summary of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefit Payments (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term Care Insurance | |||
Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments [Line Items] | |||
Liability for future policy benefit expected future gross premium undiscounted before reinsurance | $ 36,523 | $ 38,279 | |
Liability for future policy benefit expected future policy benefit undiscounted before reinsurance | 122,000 | 124,594 | |
Liability for future policy Benefit, expected future gross premium, discounted, before reinsurance | 24,512 | 26,341 | |
Liability for future policy benefit, expected future policy benefit discounted before reinsurance | 58,417 | 62,579 | $ 61,352 |
Life Insurance | |||
Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments [Line Items] | |||
Liability for future policy benefit expected future gross premium undiscounted before reinsurance | 10,292 | 10,693 | |
Liability for future policy benefit expected future policy benefit undiscounted before reinsurance | 7,107 | 7,524 | |
Liability for future policy Benefit, expected future gross premium, discounted, before reinsurance | 5,788 | 6,278 | |
Liability for future policy benefit, expected future policy benefit discounted before reinsurance | 4,975 | 5,412 | 5,556 |
Fixed annuities | |||
Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments [Line Items] | |||
Liability for future policy benefit expected future gross premium undiscounted before reinsurance | 0 | 0 | |
Liability for future policy benefit expected future policy benefit undiscounted before reinsurance | 23,385 | 23,903 | |
Liability for future policy Benefit, expected future gross premium, discounted, before reinsurance | 0 | 0 | |
Liability for future policy benefit, expected future policy benefit discounted before reinsurance | $ 10,972 | $ 11,829 | $ 11,923 |
Future Policy Benefits - Summ_5
Future Policy Benefits - Summary of Revenue and Interest Expense in Respect of Future Policy Benefits (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | $ 778 | $ 845 | $ 1,577 | $ 1,699 | $ 3,401 | |
Interest expense | [1] | 763 | 764 | 1,529 | 1,527 | 3,060 |
Long-term Care Insurance | ||||||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | 613 | 671 | 1,243 | 1,346 | 2,713 | |
Interest expense | [1] | 589 | 582 | 1,178 | 1,160 | 2,333 |
Life Insurance | ||||||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | 165 | 174 | 334 | 353 | 688 | |
Interest expense | [1] | 14 | 16 | 29 | 33 | 64 |
Fixed annuities | ||||||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | 0 | 0 | 0 | 0 | 0 | |
Interest expense | [1] | $ 160 | $ 166 | $ 322 | $ 334 | $ 663 |
[1]Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Future Policy Benefits - Additi
Future Policy Benefits - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Life Insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for future policy benefit adverse development expenses | $ 5 | |
Liability for future policy benefit cumulative increase (decrease) from cash flow change | $ 81 | |
Liability for future policy benefit cumulative increase (decrease) of actual variance from expected experience | $ 12 | 23 |
Percentage of net premium ratio capped | 100% | |
Fixed annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for future policy benefit cumulative increase (decrease) from cash flow change | (33) | |
Liability for future policy benefit cumulative increase (decrease) of actual variance from expected experience | $ (42) | (30) |
Long-term Care Insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for future policy benefit cumulative increase (decrease) from cash flow change | (86) | (16) |
Liability for future policy benefit cumulative increase (decrease) of actual variance from expected experience | $ 48 | $ 315 |
Policyholder Account Balances -
Policyholder Account Balances - Summary of Liabilities for Policyholder Account (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Policyholder Account Balance [Line Items] | ||||
Policyholder account balances | $ 15,047 | $ 15,540 | ||
Death and other insurance benefits | 2,914 | 2,887 | ||
Indexed universal life embedded derivatives | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balances | [1] | 16 | 15 | |
Fixed indexed annuity embedded derivatives | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balances | [1] | 160 | 165 | |
Life Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balances | 7,341 | 7,460 | $ 7,694 | |
Fixed Annuity | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balances | 4,113 | 4,479 | 5,477 | |
Variable Annuity | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balances | 492 | 529 | $ 610 | |
Additional insurance liabilities | ||||
Policyholder Account Balance [Line Items] | ||||
Death and other insurance benefits | [2] | 2,914 | 2,887 | |
Other | ||||
Policyholder Account Balance [Line Items] | ||||
Other | $ 11 | $ 5 | ||
[1]See note 5 for additional information.[2]Represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 10 for additional information. |
Policyholder Account Balances_2
Policyholder Account Balances - Summary of Changes in Policyholder Account Balance (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Policyholder Account Balance [Line Items] | ||||||
Beginning balance | $ 15,540 | |||||
Net transfers from separate accounts | (2) | $ 1 | ||||
Interest credited | $ 125 | $ 126 | 250 | $ 252 | ||
Ending balance | 15,047 | 15,047 | 15,540 | |||
Life Insurance | ||||||
Policyholder Account Balance [Line Items] | ||||||
Beginning balance | 7,460 | 7,694 | 7,694 | |||
Issuances | 0 | 0 | ||||
Premiums received | 239 | 500 | ||||
Policy charges | (302) | (614) | ||||
Surrenders and withdrawals | (125) | (272) | ||||
Benefit payments | (126) | (215) | ||||
Net transfers from separate accounts | 0 | 0 | ||||
Interest credited | 197 | 388 | ||||
Other | (2) | (21) | ||||
Ending balance | $ 7,341 | $ 7,341 | $ 7,460 | |||
Weighted-average crediting rate | 3.90% | 3.90% | 3.90% | |||
Net amount at risk | [1] | $ 42,187 | $ 42,187 | $ 42,754 | ||
Cash surrender value | 4,189 | 4,189 | 4,336 | |||
Fixed Annuities | ||||||
Policyholder Account Balance [Line Items] | ||||||
Beginning balance | 4,479 | 5,477 | 5,477 | |||
Issuances | 0 | 0 | ||||
Premiums received | 12 | 20 | ||||
Policy charges | (3) | (6) | ||||
Surrenders and withdrawals | (296) | (842) | ||||
Benefit payments | (173) | (387) | ||||
Net transfers from separate accounts | 0 | 0 | ||||
Interest credited | 73 | 160 | ||||
Other | 21 | 57 | ||||
Ending balance | $ 4,113 | $ 4,113 | $ 4,479 | |||
Weighted-average crediting rate | 2.90% | 2.90% | 2.80% | |||
Net amount at risk | [1] | $ 21 | $ 21 | $ 33 | ||
Cash surrender value | 3,185 | 3,185 | 3,519 | |||
Variable Annuities | ||||||
Policyholder Account Balance [Line Items] | ||||||
Beginning balance | 529 | $ 610 | 610 | |||
Issuances | 0 | 0 | ||||
Premiums received | 7 | 14 | ||||
Policy charges | (2) | (6) | ||||
Surrenders and withdrawals | (32) | (66) | ||||
Benefit payments | (27) | (80) | ||||
Net transfers from separate accounts | (2) | 1 | ||||
Interest credited | 2 | 4 | ||||
Other | 17 | 52 | ||||
Ending balance | $ 492 | $ 492 | $ 529 | |||
Weighted-average crediting rate | 3.30% | 3.30% | 3.30% | |||
Net amount at risk | [1] | $ 401 | $ 401 | $ 479 | ||
Cash surrender value | $ 492 | $ 492 | $ 529 | |||
[1]The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. |
Policyholder Account Balances_3
Policyholder Account Balances - Summary of Range Guaranteed Minimum Crediting Rate (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | $ 15,047 | $ 15,540 | ||
Policyholder account balance | 7,292 | [1] | 7,661 | [2] |
At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 5,187 | 5,533 | ||
1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 854 | 893 | ||
51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,203 | 1,204 | ||
Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 48 | 31 | ||
Less than 2.00% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 225 | [1] | 257 | [2] |
Less than 2.00% | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 103 | 121 | ||
Less than 2.00% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 69 | 97 | ||
Less than 2.00% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 53 | 39 | ||
Less than 2.00% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 0 | 0 | ||
2.00%–2.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 909 | [1] | 1,282 | [2] |
2.00%–2.99% | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 807 | 1,201 | ||
2.00%–2.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 102 | 81 | ||
2.00%–2.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 0 | 0 | ||
2.00%–2.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 0 | 0 | ||
3.00%–3.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 3,735 | [1] | 3,617 | [2] |
3.00%–3.99% | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,887 | 1,732 | ||
3.00%–3.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 666 | 699 | ||
3.00%–3.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,134 | 1,155 | ||
3.00%–3.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 48 | 31 | ||
4.00% and greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 2,423 | [1] | 2,505 | [2] |
4.00% and greater | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 2,390 | 2,479 | ||
4.00% and greater | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 17 | 16 | ||
4.00% and greater | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 16 | 10 | ||
4.00% and greater | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | $ 0 | $ 0 | ||
[1]Excludes universal life insurance and investment contracts of approximately $4,654 million that have a market component to their crediting strategy.[2]Excludes universal life insurance and investment contracts of approximately $4,807 million that have a market component to their crediting strategy. |
Policyholder Account Balances_4
Policyholder Account Balances - Summary of Range Guaranteed Minimum Crediting Rate (Parenthetical) (Detail) $ in Millions | Jun. 30, 2024 USD ($) bps | Dec. 31, 2023 USD ($) bps | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 15,047 | $ 15,540 | ||
1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 854 | 893 | ||
51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 1,203 | $ 1,204 | ||
Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 150 | 150 | ||
Policyholder account balances | $ 48 | $ 31 | ||
Minimum | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 1 | 1 | ||
Minimum | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 51 | 51 | ||
Maximum | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 50 | 50 | ||
Maximum | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 150 | 150 | ||
Less than 2.00% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 225 | [1] | $ 257 | [2] |
Less than 2.00% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 69 | 97 | ||
Less than 2.00% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 53 | 39 | ||
Less than 2.00% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 0 | $ 0 | ||
Less than 2.00% | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2% | 2% | ||
2.00%–2.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 909 | [1] | $ 1,282 | [2] |
2.00%–2.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 102 | 81 | ||
2.00%–2.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 0 | 0 | ||
2.00%–2.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 0 | $ 0 | ||
2.00%–2.99% | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2% | 2% | ||
2.00%–2.99% | Maximum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2.99% | 2.99% | ||
3.00%–3.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 3,735 | [1] | $ 3,617 | [2] |
3.00%–3.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 666 | 699 | ||
3.00%–3.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 1,134 | 1,155 | ||
3.00%–3.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 48 | $ 31 | ||
3.00%–3.99% | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3% | 3% | ||
3.00%–3.99% | Maximum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3.99% | 3.99% | ||
4.00% and greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 2,423 | [1] | $ 2,505 | [2] |
4.00% and greater | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 17 | 16 | ||
4.00% and greater | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 16 | 10 | ||
4.00% and greater | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 0 | $ 0 | ||
4.00% and greater | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4% | 4% | ||
Universal Life Insurance and Investment Contracts | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 4,654 | $ 4,807 | ||
[1]Excludes universal life insurance and investment contracts of approximately $4,654 million that have a market component to their crediting strategy.[2]Excludes universal life insurance and investment contracts of approximately $4,807 million that have a market component to their crediting strategy. |
Additional Insurance Liabilit_3
Additional Insurance Liabilities - Summary of Balances of and Changes in Additional Insurance Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Additional Liability, Long-Duration Insurance [Line Items] | ||||||
Beginning balance | $ 2,887 | $ 2,566 | $ 2,566 | |||
Beginning balance before shadow accounting adjustments | 2,939 | 2,634 | 2,634 | |||
Effect of changes in cash flow assumptions | $ 0 | 0 | 200 | |||
Effect of actual variances from expected experience | (1) | (1) | (3) | |||
Adjusted beginning balance | 2,938 | 2,831 | 2,831 | |||
Issuances | 0 | 0 | ||||
Interest accretion | [1] | 25 | $ 22 | 50 | $ 44 | 90 |
Assessments collected | 125 | 240 | ||||
Benefit payments | (120) | (222) | ||||
Derecognition (lapses and withdrawals) | 0 | 0 | ||||
Ending balance before shadow accounting adjustments | 2,993 | 2,993 | 2,939 | |||
Effect of shadow accounting adjustments | (79) | (79) | (52) | |||
Ending balance | 2,914 | 2,914 | 2,887 | |||
Less: reinsurance recoverable | 0 | 0 | 0 | |||
Additional insurance liabilities, net of reinsurance recoverable | $ 2,914 | $ 2,914 | $ 2,887 | |||
Weighted-average liability duration (years) | 18 years 4 months 24 days | 18 years 4 months 24 days | 18 years 10 months 24 days | |||
[1]Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Additional Insurance Liabilit_4
Additional Insurance Liabilities - Summary of Weighted-Average Anterest rates for the Liability for Additional Insurance Liabilities (Detail) | Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Weighted Average Interest Rates for the Liability for Additional Insurance Liabilities [Abstract] | |||
Interest accretion rate | [1] | 3.40% | 3.20% |
Projected crediting rate | [2] | 3.90% | 3.80% |
[1]The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accretion.[2]The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits. |
Additional Insurance Liabilit_5
Additional Insurance Liabilities - Summary of Additional Liability Long Duration Insurance Revenue and Interest Accretion (Expense) Recognized (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Additional Liability Long Duration Insurance Revenue and Interest Expense Recognized [Abstract] | ||||||
Gross assessments | $ 132 | $ 136 | $ 265 | $ 272 | $ 539 | |
Interest accretion | [1] | $ 25 | $ 22 | $ 50 | $ 44 | $ 90 |
[1]Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Summary of Market Risk Benefit
Summary of Market Risk Benefit (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Market Risk Benefit [Line Items] | ||
Asset | $ 54 | $ 43 |
Liability | 500 | 625 |
Net liability | 446 | 582 |
Fixed Indexed Annuities | ||
Market Risk Benefit [Line Items] | ||
Asset | 0 | 0 |
Liability | 43 | 55 |
Net liability | 43 | 55 |
Variable Annuities | ||
Market Risk Benefit [Line Items] | ||
Asset | 54 | 43 |
Liability | 457 | 570 |
Net liability | $ 403 | $ 527 |
Summary of Balances of and Chan
Summary of Balances of and Changes in Market Risk Benefits (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | ||
Market Risk Benefit [Line Items] | |||
Beginning balance | $ 582 | ||
Ending balance | 446 | $ 582 | |
Fixed Indexed Annuities | |||
Market Risk Benefit [Line Items] | |||
Beginning balance | 55 | 52 | |
Beginning balance before effect of changes in instrument-specific credit risk | 52 | 50 | |
Issuances | 0 | 0 | |
Interest accretion | 1 | 3 | |
Attributed fees collected | 3 | 5 | |
Benefit payments | 0 | 0 | |
Effect of changes in interest rates | (10) | (2) | |
Effect of changes in equity markets | (1) | (2) | |
Actual policyholder behavior different from expected behavior | (2) | (2) | |
Effect of changes in future expected policyholder behavior | 0 | 0 | |
Effect of changes in other future expected assumptions | 0 | 0 | |
Other | (2) | 0 | |
Ending balance before effect of changes in instrument-specific credit risk | 41 | 52 | |
Effect of changes in instrument-specific credit risk | 2 | 3 | |
Ending balance | 43 | 55 | |
Less: reinsurance recoverable | 0 | 0 | |
Market risk benefits, net of reinsurance recoverable | $ 43 | $ 55 | |
Weighted-average attained age of contractholders | 73 years | 73 years | |
Net amount at risk | [1] | ||
Variable Annuities | |||
Market Risk Benefit [Line Items] | |||
Beginning balance | 527 | 670 | |
Beginning balance before effect of changes in instrument-specific credit risk | 520 | 660 | |
Issuances | 0 | 0 | |
Interest accretion | 14 | 34 | |
Attributed fees collected | 19 | 37 | |
Benefit payments | (15) | (35) | |
Effect of changes in interest rates | (78) | (33) | |
Effect of changes in equity markets | (64) | (157) | |
Actual policyholder behavior different from expected behavior | 2 | 8 | |
Effect of changes in future expected policyholder behavior | 0 | 11 | |
Effect of changes in other future expected assumptions | 0 | 0 | |
Other | 0 | (5) | |
Ending balance before effect of changes in instrument-specific credit risk | 398 | 520 | |
Effect of changes in instrument-specific credit risk | 5 | 7 | |
Ending balance | 403 | 527 | |
Less: reinsurance recoverable | 117 | 140 | |
Market risk benefits, net of reinsurance recoverable | $ 286 | $ 387 | |
Weighted-average attained age of contractholders | 76 years | 76 years | |
Net amount at risk | [1] | ||
Reinsurance recoverable | |||
Market Risk Benefit [Line Items] | |||
Beginning balance | [2] | 140 | 158 |
Beginning balance before effect of changes in instrument-specific credit risk | [2] | 140 | 158 |
Issuances | [2] | 0 | 0 |
Interest accretion | [2] | 4 | 9 |
Attributed fees collected | [2] | 4 | 8 |
Benefit payments | [2] | (7) | (15) |
Effect of changes in interest rates | [2] | (14) | (5) |
Effect of changes in equity markets | [2] | (13) | (31) |
Actual policyholder behavior different from expected behavior | [2] | 3 | 5 |
Effect of changes in future expected policyholder behavior | [2] | 0 | 11 |
Effect of changes in other future expected assumptions | [2] | 0 | 0 |
Other | [2] | 0 | 0 |
Ending balance before effect of changes in instrument-specific credit risk | [2] | 117 | 140 |
Effect of changes in instrument-specific credit risk | [2] | 0 | 0 |
Ending balance | [2] | 117 | 140 |
Net amount at risk | [1],[2] | ||
[1]See note 9 for additional information on the net amount at risk.[2]Represents the net reinsured asset related to our variable annuity MRBs. |
Summary of Changes in Separate
Summary of Changes in Separate Account Liabilities (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Separate Account, Liability [Line Items] | ||
Beginning balance | $ 4,509 | $ 4,417 |
Premiums and deposits | 15 | 35 |
Policy charges | (52) | (104) |
Surrenders and withdrawals | (201) | (361) |
Benefit payments | (118) | (190) |
Investment performance | 399 | 716 |
Net transfers from (to) general account | 2 | (1) |
Other charges | (1) | (3) |
Ending balance | 4,553 | 4,509 |
Cash surrender value | $ 4,550 | $ 4,506 |
Summary of Aggregate Fair Value
Summary of Aggregate Fair Value of Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Separate Account Assets | $ 4,553 | $ 4,509 |
Equity funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Separate Account Assets | 2,112 | 2,018 |
Balanced funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Separate Account Assets | 1,900 | 1,927 |
Bond funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Separate Account Assets | 307 | 320 |
Money market funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Separate Account Assets | $ 234 | $ 244 |
Liability for Policy and Cont_3
Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total liability for policy and contract claims | $ 649 | $ 652 | $ 628 | $ 683 |
Enact segment | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total liability for policy and contract claims | 508 | 518 | ||
Life and Annuities segment | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total liability for policy and contract claims | 135 | 126 | ||
Other mortgage insurance business | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total liability for policy and contract claims | $ 6 | $ 8 |
Changes in Liability for Policy
Changes in Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Beginning balance | $ 652 | $ 683 |
Less reinsurance recoverable | (16) | (23) |
Net beginning balance | 636 | 660 |
Current year | 452 | 417 |
Prior years | (118) | (120) |
Total incurred | 334 | 297 |
Current year | (252) | (257) |
Prior years | (85) | (90) |
Total paid | (337) | (347) |
Foreign currency translation | 0 | 1 |
Net ending balance | 633 | 611 |
Add reinsurance recoverable | 16 | 17 |
Ending balance | $ 649 | $ 628 |
Liability for Policy and Cont_4
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred related to insured events of prior year | $ (118) | $ (120) |
Enact Segment | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred related to insured events of prior year | $ 131 | $ 133 |
Borrowings and Other Financin_3
Borrowings and Other Financings - Long Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total | $ 1,564 | $ 1,584 |
Genworth Holdings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 836 | 854 |
Bond consent fees | (9) | (9) |
Deferred borrowing charges | (5) | (6) |
Total | 822 | 839 |
Genworth Holdings | 6.50% Senior Notes, Due 2034 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 262 | 262 |
Genworth Holdings | Floating Rate Junior Subordinated Notes, due 2066 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 574 | 592 |
Enact Holdings | 6.50% Senior Notes, Due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 0 | 750 |
Deferred borrowing charges | (5) | |
Total | 745 | |
Enact Holdings | 6.25% Senior Notes, due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 750 | $ 0 |
Deferred borrowing charges | (8) | |
Total | $ 742 |
Borrowings and Other Financin_4
Borrowings and Other Financings - Long Term Borrowings (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
6.50% Senior Notes, Due 2034 | Genworth Holdings | |
Debt Instrument [Line Items] | |
Interest rate | 6.50% |
Debt instrument, maturity year | 2034 |
Senior notes option to redeem | 100% |
Repurchase amount required per replacement capital covenant | $ 1,000 |
Floating Rate Junior Subordinated Notes, due 2066 | Genworth Holdings | |
Debt Instrument [Line Items] | |
Debt instrument, maturity year | 2066 |
Repurchase amount allowed per replacement capital covenant | $ 2,000 |
6.50% Senior Notes, Due 2025 | Enact Holdings | |
Debt Instrument [Line Items] | |
Interest rate | 6.50% |
Debt instrument, maturity year | 2025 |
6.25% Senior Notes, due 2029 | Enact Holdings | |
Debt Instrument [Line Items] | |
Interest rate | 6.25% |
Debt instrument, maturity year | 2029 |
Borrowings and Other Financin_5
Borrowings and Other Financings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2024 | May 28, 2024 | |
Genworth Holdings | Floating Rate Junior Subordinated Notes, due 2066 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of notes repurchased | $ 18 | ||
Debt instrument, maturity year | 2066 | ||
Pre-tax gain (loss) on early extinguishment of debt | $ 3 | ||
Enact Holdings | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Line of credit facility, maximum borrowing capacity | $ 200 | ||
Line of credit facility, additional borrowing capacity | $ 100 | ||
Enact Holdings | 6.25% Senior Notes, due 2029 | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 750 | ||
Long-term debt maturity date | May 28, 2029 | ||
Interest rate | 6.25% | ||
Long term debt terms of interest payment | payable semi-annually in arrears on May 28 and November 28 of each year | ||
Debt instrument, maturity year | 2029 | ||
Debt instrument featured call date | Apr. 28, 2029 | ||
Debt instrument basis spread | 0.30% | ||
Debt instrument, redemption price, percentage | 100% | ||
Enact Holdings | 6.50% Senior Notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.50% | ||
Debt instrument, maturity year | 2025 | ||
Pre-tax gain (loss) on early extinguishment of debt | $ (11) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Line Items] | ||||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | 21% |
Forward Starting Swaps | ||||
Income Taxes [Line Items] | ||||
Statutory U.S. federal income tax rate | 35% |
Reconciliation of Federal Statu
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Examination [Line Items] | ||||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | 21% |
Tax on income from terminated swaps | (0.20%) | 3.40% | 3.80% | 3.60% |
Non-deductible expenses | 0.40% | 0.70% | 1.10% | 0.80% |
Other, net | 1.20% | (0.20%) | 0% | 0.20% |
Effective rate | 22.40% | 24.90% | 25.90% | 25.60% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 3 | |||
Corporate federal income tax rate | 21% | 21% | 21% | 21% |
Assumed tax rate on adjustments to adjusted operating income | 21% |
Summary of Revenues of Major Pr
Summary of Revenues of Major Product Groups for Segments and Corporate and Other (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,769 | $ 1,892 | $ 3,633 | $ 3,746 |
Enact | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 298 | 277 | 590 | 558 |
Long-Term Care Insurance segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,011 | 1,143 | 2,116 | 2,241 |
Life and Annuities Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 454 | 469 | 915 | 948 |
Life and Annuities Segment | Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 352 | 350 | 706 | 708 |
Life and Annuities Segment | Fixed annuities | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 70 | 84 | 143 | 169 |
Life and Annuities Segment | Variable annuities | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 32 | 35 | 66 | 71 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 6 | $ 3 | $ 12 | $ (1) |
Summary of Net Operating Income
Summary of Net Operating Income (Loss) for Segments and Corporate and Other (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Segment Reporting Information [Line Items] | |||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 76 | $ 137 | $ 215 | $ 259 | |
Add: net income attributable to noncontrolling interests | 34 | 31 | 64 | 63 | |
Net income | 110 | 168 | 279 | 322 | |
Less: loss from discontinued operations, net of taxes | (1) | 2 | (2) | 2 | |
Income from continuing operations | 111 | 166 | 281 | 320 | |
Less: net income from continuing operations attributable to noncontrolling interests | 34 | 31 | 64 | 63 | |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 77 | 135 | 217 | 257 | |
Net investment (gains) losses, net | [1] | 60 | (41) | 10 | (30) |
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges | [2] | (10) | (23) | (36) | (9) |
(Gains) losses on early extinguishment of debt, net | [3] | 7 | 0 | 6 | (1) |
Expenses related to restructuring | 4 | 1 | 11 | 4 | |
Taxes on adjustments | (13) | 13 | 2 | 8 | |
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 125 | 85 | 210 | 229 | |
Enact | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 165 | 146 | 300 | 289 | |
Long-Term Care Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (29) | (43) | (26) | (20) | |
Life and Annuities Segment | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (1) | 2 | (16) | (2) | |
Life and Annuities Segment | Life Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (23) | (17) | (56) | (44) | |
Life and Annuities Segment | Fixed annuities | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 12 | 10 | 23 | 24 | |
Life and Annuities Segment | Variable annuities | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 10 | 9 | 17 | 18 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | $ (10) | $ (20) | $ (48) | $ (38) | |
[1]Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million for both the six months ended June 30, 2024 and 2023.[2]Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(2) million and $(4) million for the three months ended June 30, 2024 and 2023, respectively, and $(5) million and $(7) million for the six months ended June 30, 2024 and 2023, respectively.[3](Gains) losses on early extinguishment of debt are net of the portion attributable to noncontrolling interests of $2 million for the three and six months ended June 30, 2024. |
Summary of Net Operating Inco_2
Summary of Net Operating Income (Loss) for Segments and Corporate and Other (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Adjustment for the portion of (gains) losses on the early extinguishment of debt attributable to noncontrolling interests | $ 2 | $ 2 | ||
Net Investment (Gains) Losses | ||||
Segment Reporting Information [Line Items] | ||||
Adjustment for portion of net investment (gains) losses attributable to noncontrolling interests | 1 | $ 2 | 2 | $ 2 |
Changes in fair value of market risk benefits and associated hedges | ||||
Segment Reporting Information [Line Items] | ||||
Adjustment for changes in reserves, attributed fees and benefit payments | $ (2) | $ (4) | $ (5) | $ (7) |
Summary of Assets for Segments
Summary of Assets for Segments and Corporate and Growth (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 87,543 | $ 90,817 |
Enact | ||
Segment Reporting Information [Line Items] | ||
Total assets | 6,351 | 6,193 |
Long-Term Care Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 44,559 | 46,195 |
Life and Annuities Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 34,829 | 36,517 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,804 | $ 1,912 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Jul. 30, 2024 | Jan. 31, 2020 | Dec. 31, 2019 | Jul. 08, 2024 | Sep. 11, 2019 | |
Other Litigation | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Plaintiff's Motion Dismissed | $ 395 | ||||
Plaintiffs' motion | $ 15 | $ 410 | |||
Restricted cash proceeds on sale per litigation | $ 450 | ||||
Silverstein v. GLIC | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Loss Contingency, Accrual, Current | $ 5 | ||||
Litigation settlement, amount awarded to other party | $ 5 |
Component of Changes in Accumul
Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (2,094) | $ (2,853) | $ (2,555) | $ (2,614) |
OCI before reclassifications | 426 | 1 | 905 | (199) |
Amounts reclassified from OCI | (19) | (14) | (38) | (41) |
Total other comprehensive income (loss) | 407 | (13) | 867 | (240) |
Balances before noncontrolling interests | (1,687) | (2,866) | (1,688) | (2,854) |
Less: change in OCI attributable to noncontrolling interests | 0 | (5) | (1) | 7 |
Ending balance | (1,687) | (2,861) | (1,687) | (2,861) |
Change in the discount rate used to measure future policy benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (334) | (1,628) | (1,439) | (403) |
OCI before reclassifications | 958 | 664 | 2,063 | (561) |
Amounts reclassified from OCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 958 | 664 | 2,063 | (561) |
Balances before noncontrolling interests | 624 | (964) | 624 | (964) |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 624 | (964) | 624 | (964) |
Change in instrument- specific credit risk of market risk benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (6) | (9) | (8) | (10) |
OCI before reclassifications | 0 | 0 | 2 | 1 |
Amounts reclassified from OCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 2 | 1 |
Balances before noncontrolling interests | (6) | (9) | (6) | (9) |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | (6) | (9) | (6) | (9) |
Net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,615) | (2,500) | (2,130) | (3,407) |
OCI before reclassifications | (442) | (584) | (945) | 322 |
Amounts reclassified from OCI | 15 | 23 | 32 | 36 |
Total other comprehensive income (loss) | (427) | (561) | (913) | 358 |
Balances before noncontrolling interests | (3,042) | (3,061) | (3,043) | (3,049) |
Less: change in OCI attributable to noncontrolling interests | 0 | (5) | (1) | 7 |
Ending balance | (3,042) | (3,056) | (3,042) | (3,056) |
Derivatives qualifying as hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 849 | 1,274 | 1,010 | 1,200 |
OCI before reclassifications | (85) | (83) | (210) | 31 |
Amounts reclassified from OCI | (34) | (37) | (70) | (77) |
Total other comprehensive income (loss) | (119) | (120) | (280) | (46) |
Balances before noncontrolling interests | 730 | 1,154 | 730 | 1,154 |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 730 | 1,154 | 730 | 1,154 |
Foreign currency translation and other adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 12 | 10 | 12 | 6 |
OCI before reclassifications | (5) | 4 | (5) | 8 |
Amounts reclassified from OCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | (5) | 4 | (5) | 8 |
Balances before noncontrolling interests | 7 | 14 | 7 | 14 |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | $ 7 | $ 14 | $ 7 | $ 14 |
Changes In Accumulated Other _3
Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Postretirement benefit obligations, current period OCI | $ 30 | $ 34 |
Postretirement benefit obligations, current period OCI, tax | (8) | (9) |
Foreign currency translation and other adjustments, current period OCI, tax | 1 | 1 |
Change in the discount rate used to measure future policy benefits, current period OCI, tax | (169) | 255 |
Change in instrument-specific credit risk of MRBs, current period OCI, tax | $ 1 | $ 2 |
Reclassifications In (Out) of A
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment income | $ (808) | $ (785) | $ (1,590) | $ (1,572) |
Net investment (gains) losses | 61 | (39) | 12 | (28) |
Interest expense | 30 | 29 | 60 | 58 |
Provision for income taxes | 32 | 55 | 98 | 110 |
(Income) loss from continuing operations | (111) | (166) | (281) | (320) |
Amount reclassified from accumulated other comprehensive income (loss) | Net unrealized investment (gains) losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment (gains) losses | 19 | 30 | 41 | 46 |
Provision for income taxes | (4) | (7) | (9) | (10) |
(Income) loss from continuing operations | 15 | 23 | 32 | 36 |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | 18 | 21 | 38 | 42 |
(Income) loss from continuing operations | (34) | (37) | (70) | (77) |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative liabilities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment (gains) losses | 0 | 0 | 0 | (1) |
Interest expense | 1 | 0 | 2 | 1 |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative assets | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment income | (52) | (55) | (105) | (109) |
Net investment (gains) losses | (1) | (3) | (5) | (8) |
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Foreign currency swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment (gains) losses | $ 0 | $ 0 | $ 0 | $ (2) |