Cover Document
Cover Document - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 24, 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-13958 | |
Entity Registrant Name | THE HARTFORD FINANCIAL SERVICES GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3317783 | |
Entity Address, Address Line One | One Hartford Plaza | |
Entity Address, City or Town | Hartford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06155 | |
City Area Code | 860 | |
Local Phone Number | 547-5000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 293,014,422 | |
Entity Central Index Key | 0000874766 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock, par value $0.01 per share | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | HIG | |
Security Exchange Name | NYSE | |
6.10% Notes due October 1, 2041 | ||
Title of 12(b) Security | 6.10% Senior Notes due October 1, 2041 | |
Trading Symbol | HIG 41 | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share | |
Trading Symbol | HIG PR G | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Earned premiums | $ 5,578 | $ 5,220 | $ 11,024 | $ 10,283 |
Fee income | 339 | 328 | 672 | 647 |
Net investment income | 602 | 540 | 1,195 | 1,055 |
Net realized losses | (59) | (64) | (31) | (71) |
Other revenues | 26 | 25 | 45 | 45 |
Total revenues | 6,486 | 6,049 | 12,905 | 11,959 |
Benefits, losses and expenses | ||||
Benefits, losses and loss adjustment expenses | 3,661 | 3,580 | 7,272 | 7,062 |
Amortization of deferred policy acquisition costs ("DAC") | 561 | 502 | 1,106 | 993 |
Insurance operating costs and other expense | 1,285 | 1,225 | 2,568 | 2,441 |
Interest expense | 50 | 50 | 100 | 100 |
Amortization of other intangible assets | 17 | 17 | 35 | 35 |
Restructuring and other costs | 0 | 3 | 1 | 3 |
Total benefits, losses and expenses | 5,574 | 5,377 | 11,082 | 10,634 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 912 | 672 | 1,823 | 1,325 |
Income tax expense | 174 | 125 | 332 | 243 |
Net income | 738 | 547 | 1,491 | 1,082 |
Less: Preferred stock dividends | 5 | 5 | 10 | 10 |
Net income available to common stockholders | $ 733 | $ 542 | $ 1,481 | $ 1,072 |
EPS | ||||
Basic | $ 2.48 | $ 1.75 | $ 4.99 | $ 3.44 |
Diluted | $ 2.44 | $ 1.73 | $ 4.92 | $ 3.39 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 738 | $ 547 | $ 1,491 | $ 1,082 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Change in net unrealized gain (loss) on fixed maturities, available-for-sale ("AFS") | (90) | (269) | (250) | 317 |
Change in unrealized losses on fixed maturities for which an allowance for credit losses has been recorded | 0 | 3 | 1 | (3) |
Changes in net gain on cash flow hedging instruments | 9 | (17) | 9 | (9) |
Change in foreign currency translation adjustments | (1) | 3 | (2) | 5 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 5 | 5 | 10 | (3) |
Change in pension and other postretirement plan adjustments | 6 | 5 | 13 | 10 |
Other comprehensive income (loss), net of tax | (71) | (270) | (219) | 317 |
Comprehensive income | $ 667 | $ 277 | $ 1,272 | $ 1,399 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Investments: | ||
Fixed maturities, AFS, at fair value (amortized cost of $43,035 and $41,726, and ACL of $19 and $21) | $ 40,814 | $ 39,818 |
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 272 | 327 |
Equity securities, at fair value [1] | 591 | 864 |
Mortgage loans (net of ACL of $48 and $51) | 6,357 | 6,087 |
Limited partnerships and other alternative investments | 4,905 | 4,785 |
Other investments | 250 | 191 |
Short-term investments | 3,701 | 3,850 |
Total investments | 56,890 | 55,922 |
Cash | 154 | 126 |
Restricted cash | 56 | 63 |
Accrued Investment Income Receivable | 429 | 404 |
Premiums receivable and agents' balances (net of ACL of $116 and $109) | 6,335 | 5,607 |
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $102 and $103) | 7,059 | 7,104 |
Deferred policy acquisition costs | 1,245 | 1,113 |
Deferred income taxes, net | 1,234 | 1,173 |
Goodwill | 1,911 | 1,911 |
Property and equipment, net | 878 | 896 |
Other intangible assets, net | 672 | 707 |
Other assets | 2,183 | 1,754 |
Total assets | 79,046 | 76,780 |
Liabilities | ||
Unpaid losses and loss adjustment expenses | 43,323 | 42,318 |
Other policyholder funds and benefits payable | 622 | 638 |
Unearned premiums | 9,521 | 8,599 |
Long-term debt | 4,364 | 4,362 |
Other liabilities | 5,072 | 5,052 |
Total liabilities | 63,366 | 61,453 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at June 30, 2024 and December 31, 2023, aggregate liquidation preference of $345 | 334 | 334 |
Common Stock, Value, Issued | 3 | 3 |
Additional paid-in capital | 558 | 648 |
Retained earnings | 20,209 | 19,007 |
Treasury Stock, Value | (2,356) | (1,816) |
Accumulated other comprehensive income (loss) ("AOCI"), net of tax | (3,068) | (2,849) |
Total stockholders’ equity | 15,680 | 15,327 |
Total liabilities and stockholders’ equity | $ 79,046 | $ 76,780 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent [Member] | Treasury Stock, Common | Share-based Payment Arrangement [Member] Treasury Stock, Common |
Beginning balance at Dec. 31, 2022 | $ 1,895 | $ 17,058 | $ (3,841) | $ (1,773) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares under incentive and stock compensation plans and other | (119) | |||||||
Stock-based compensation plans expense | 88 | |||||||
Net income | $ 1,082 | 1,082 | ||||||
Dividends declared on preferred stock | (10) | |||||||
Dividends declared on common stock | (265) | |||||||
Treasury stock acquired | (700) | (707) | ||||||
Issuance of shares under incentive and stock compensation plans from treasury stock and other | $ 139 | |||||||
Net shares acquired related to employee incentive and stock compensation plans | (49) | |||||||
Total other comprehensive income (loss) | 317 | |||||||
Ending balance at Jun. 30, 2023 | $ 14,152 | $ 334 | $ 3 | 1,864 | 17,865 | (3,524) | (2,390) | |
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2023 | 13,800 | |||||||
Common Shares Outstanding, beginning of period at Dec. 31, 2022 | 315,111,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Treasury stock acquired | (9,700,000) | (9,727,000) | ||||||
Issuance of shares under incentive and stock compensation plans and other | 2,312,000 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (625,000) | |||||||
Common Shares Outstanding, at end of period at Jun. 30, 2023 | 307,071,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Cash dividends declared per common share | $ 0.850 | |||||||
Cash dividends declared per preferred share | $ 750,000,000 | |||||||
Beginning balance at Mar. 31, 2023 | 1,847 | 17,454 | (3,254) | (2,044) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares under incentive and stock compensation plans and other | (5) | |||||||
Stock-based compensation plans expense | 22 | |||||||
Net income | $ 547 | 547 | ||||||
Dividends declared on preferred stock | (5) | |||||||
Dividends declared on common stock | (131) | |||||||
Treasury stock acquired | (353) | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock and other | 7 | |||||||
Net shares acquired related to employee incentive and stock compensation plans | 0 | |||||||
Total other comprehensive income (loss) | (270) | |||||||
Ending balance at Jun. 30, 2023 | $ 14,152 | $ 334 | $ 3 | 1,864 | 17,865 | (3,524) | (2,390) | |
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2023 | 13,800 | |||||||
Common Shares Outstanding, beginning of period at Mar. 31, 2023 | 311,780,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Treasury stock acquired | (5,008,000) | |||||||
Issuance of shares under incentive and stock compensation plans and other | 307,000 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (8,000) | |||||||
Common Shares Outstanding, at end of period at Jun. 30, 2023 | 307,071,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Cash dividends declared per common share | $ 0.425 | |||||||
Cash dividends declared per preferred share | $ 375 | |||||||
Beginning balance at Dec. 31, 2023 | $ 15,327 | 648 | 19,007 | (2,849) | (1,816) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares under incentive and stock compensation plans and other | (176) | |||||||
Stock-based compensation plans expense | 86 | |||||||
Net income | 1,491 | 1,491 | ||||||
Dividends declared on preferred stock | (10) | |||||||
Dividends declared on common stock | (279) | |||||||
Treasury stock acquired | (700) | (707) | ||||||
Issuance of shares under incentive and stock compensation plans from treasury stock and other | 247 | |||||||
Net shares acquired related to employee incentive and stock compensation plans | (80) | |||||||
Total other comprehensive income (loss) | (219) | |||||||
Ending balance at Jun. 30, 2024 | $ 15,680 | $ 334 | $ 3 | 558 | 20,209 | (3,068) | (2,356) | |
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2024 | 13,800 | |||||||
Common Shares Outstanding, beginning of period at Dec. 31, 2023 | 298,472,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Treasury stock acquired | (7,300,000) | (7,347,000) | ||||||
Issuance of shares under incentive and stock compensation plans and other | 3,704,000 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (840,000) | |||||||
Common Shares Outstanding, at end of period at Jun. 30, 2024 | 293,989,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Cash dividends declared per common share | $ 0.940 | |||||||
Cash dividends declared per preferred share | $ 750,000,000 | |||||||
Beginning balance at Mar. 31, 2024 | 551 | 19,614 | (2,997) | (2,037) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares under incentive and stock compensation plans and other | (15) | |||||||
Stock-based compensation plans expense | 22 | |||||||
Net income | $ 738 | 738 | ||||||
Dividends declared on preferred stock | (5) | |||||||
Dividends declared on common stock | (138) | |||||||
Treasury stock acquired | (354) | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock and other | $ 36 | |||||||
Net shares acquired related to employee incentive and stock compensation plans | (1) | |||||||
Total other comprehensive income (loss) | (71) | |||||||
Ending balance at Jun. 30, 2024 | $ 15,680 | $ 334 | $ 3 | $ 558 | $ 20,209 | $ (3,068) | $ (2,356) | |
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2024 | 13,800 | |||||||
Common Shares Outstanding, beginning of period at Mar. 31, 2024 | 296,807,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Treasury stock acquired | (3,500,000) | |||||||
Issuance of shares under incentive and stock compensation plans and other | 700,000 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (18,000) | |||||||
Common Shares Outstanding, at end of period at Jun. 30, 2024 | 293,989,000 | |||||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | ||||||||
Cash dividends declared per common share | $ 0.470 | |||||||
Cash dividends declared per preferred share | $ 375 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income | $ 1,491 | $ 1,082 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Net realized losses | 31 | 71 |
Amortization of deferred policy acquisition costs | 1,106 | 993 |
Additions to deferred policy acquisition costs | (1,238) | (1,091) |
Depreciation and amortization | 187 | 258 |
Other operating activities, net | 198 | 147 |
Additional Cash Flow Elements, Operating Activities | ||
Increase (Decrease) in Reinsurance Recoverable | 37 | 42 |
Net change in accrued and deferred income taxes | (155) | (249) |
Increase in insurance liabilities | 1,907 | 731 |
Increase (Decrease) in Premiums Receivable | (761) | (660) |
Net change in other assets and other liabilities | (446) | (502) |
Net cash provided by operating activities | 2,357 | 822 |
Proceeds from the sale/maturity/prepayment of: | ||
Fixed maturities, AFS | 5,151 | 3,507 |
Fixed maturities, at fair value using the fair value option | 50 | 1 |
Equity securities, at fair value | 304 | 1,856 |
Mortgage loans | 411 | 562 |
Limited partnership and other alternative investments | 101 | 147 |
Payments for the purchase of: | ||
Fixed maturities, AFS | (6,498) | (4,441) |
Payments for the purchase of Fair Value Option Fixed Maturity Securties | 0 | 0 |
Equity securities, at fair value | (9) | (916) |
Mortgage loans | (669) | (587) |
Limited partnership and other alternative investments | (314) | (545) |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | (2) | 37 |
Net additions of property and equipment | (111) | (99) |
Net proceeds from short-term investments | 258 | 614 |
Other investing activities, net | 1 | (9) |
Net cash provided by (used for) investing activities | (1,323) | 53 |
Financing Activities | ||
Deposits and other additions to investment and universal life-type contracts | 64 | 48 |
Withdrawals and other deductions from investment and universal life-type contracts | (73) | (49) |
ProceedsPaymentsIssuanceReturnOfSharesUnderIncentiveAndShareBasedCompensationPlans | (9) | (25) |
Treasury stock acquired | (700) | (700) |
Dividends paid on preferred stock | (10) | (10) |
Dividends paid on common stock | (281) | (268) |
Net cash used for financing activities | (1,009) | (1,004) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | (4) | 7 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 21 | (122) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 189 | 344 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 210 | 222 |
Supplemental Disclosure of Cash Flow Information | ||
Income tax paid | 457 | 470 |
Interest paid | $ 106 | $ 103 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Amortized Cost | $ 43,035 | $ 41,726 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 19 | 21 |
ACL | (116) | (109) |
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $102 and $103) | $ (102) | $ (103) |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 13,800 | 13,800 |
Preferred Stock, Liquidation Preference, Value | $ 345 | $ 345 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 |
Common Stock, Shares, Issued | 326,960,228 | 326,960,228 |
Treasury Stock, Common, Shares | 32,970,967 | 28,488,130 |
Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss | $ 48 | $ 51 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”). The Condens ed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2023 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods. Consolidation The Condensed Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 2. EARNINGS PER COMMON SHARE Computation of Basic and Diluted Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, (In millions, except for per share data) 2024 2023 2024 2023 Earnings Net income $ 738 $ 547 $ 1,491 $ 1,082 Less: Preferred stock dividends 5 5 10 10 Net income available to common stockholders $ 733 $ 542 $ 1,481 $ 1,072 Shares Weighted average common shares outstanding, basic 295.5 309.4 296.8 311.7 Dilutive effect of stock-based awards under compensation plans 4.4 3.9 4.5 4.3 Weighted average common shares outstanding and dilutive potential common shares 299.9 313.3 301.3 316.0 Net income available to common stockholders per common share Basic $ 2.48 $ 1.75 $ 4.99 $ 3.44 Diluted $ 2.44 $ 1.73 $ 4.92 $ 3.39 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | 3. SEGMENT INFORMATION The Company currently conducts business principally in five reporting segments including Commercial Lines, Personal Lines, Property & Casualty ("P&C") Other Operations, Group Benefits and Hartford Funds, as well as a Corporate category. Net Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Commercial Lines $ 540 $ 458 $ 1,113 $ 879 Personal Lines (11) (60) 23 (61) Property & Casualty Other Operations 11 9 19 15 Group Benefits 171 121 279 213 Hartford Funds 44 45 89 86 Corporate (17) (26) (32) (50) Net income 738 547 1,491 1,082 Preferred stock dividends 5 5 10 10 Net income available to common stockholders $ 733 $ 542 $ 1,481 $ 1,072 Revenues Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earned premiums and fee income: Commercial Lines Workers’ compensation $ 926 $ 924 $ 1,843 $ 1,822 Liability 540 502 1,066 988 Marine 67 66 134 125 Package business 572 514 1,121 998 Property 306 244 596 472 Professional liability 200 196 403 384 Bond 80 80 158 157 Assumed reinsurance 180 143 361 281 Automobile 261 227 509 445 Total Commercial Lines 3,132 2,896 6,191 5,672 Personal Lines Automobile 598 528 1,170 1,043 Homeowners 259 239 508 471 Total Personal Lines [1] 857 767 1,678 1,514 Group Benefits Group disability 895 878 1,785 1,744 Group life 663 650 1,308 1,293 Other 107 102 211 202 Total Group Benefits 1,665 1,630 3,304 3,239 Hartford Funds Mutual fund and ETF 235 226 466 449 Third-party life and annuity separate accounts 18 18 37 36 Total Hartford Funds 253 244 503 485 Corporate 10 11 20 20 Total earned premiums and fee income 5,917 5,548 11,696 10,930 Net investment income 602 540 1,195 1,055 Net realized losses (59) (64) (31) (71) Other revenues 26 25 45 45 Total revenues $ 6,486 $ 6,049 $ 12,905 $ 11,959 [1] For the three months ended June 30, 2024 and 2023, AARP members accounted for earned premiums of $788 and $710, respectively. For the six months ended June 30, 2024 and 2023, AARP members accounted for earned premiums of $1.55 billion and $1.40 billion, respectively. Non-Insurance Revenue from Contracts with Customers Three Months Ended June 30, Six Months Ended June 30, Revenue Line Item 2024 2023 2024 2023 Commercial Lines Installment billing fees Fee income $ 11 $ 10 $ 22 $ 20 Personal Lines Installment billing fees Fee income 8 7 16 15 Insurance servicing revenues Other revenues 25 24 44 43 Group Benefits Administrative services Fee income 57 56 111 107 Hartford Funds Advisory, servicing and distribution fees Fee income 253 244 503 485 Corporate Investment management and other fees Fee income 10 11 20 20 Total non-insurance revenues with customers $ 364 $ 352 $ 716 $ 690 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2024 Total Quoted Prices in Significant Significant Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset-backed securities ("ABS") $ 3,014 $ — $ 3,006 $ 8 Collateralized loan obligations ("CLO") 3,514 — 3,014 500 Commercial mortgage-backed securities ("CMBS") 2,942 — 2,752 190 Corporate 19,493 — 17,432 2,061 Foreign government/government agencies 546 — 546 — Municipal 5,294 — 5,294 — Residential mortgage-backed securities ("RMBS") 4,787 — 4,747 40 U.S. Treasuries 1,224 — 1,224 — Total fixed maturities, AFS 40,814 — 38,015 2,799 FVO securities 272 — 112 160 Equity securities, at fair value [1] 591 325 208 58 Derivative assets Foreign exchange derivatives 8 — 8 — Total derivative assets [2] 8 — 8 — Short-term investments 3,701 779 2,897 25 Total assets accounted for at fair value on a recurring basis $ 45,386 $ 1,104 $ 41,240 $ 3,042 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Foreign exchange derivatives $ 31 $ — $ 31 $ — Interest rate derivatives (1) — (1) — Total derivative liabilities [3] 30 — 30 — Total liabilities accounted for at fair value on a recurring basis $ 30 $ — $ 30 $ — Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2023 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 3,320 $ — $ 3,320 $ — CLO 3,090 — 2,977 113 CMBS 3,125 — 2,898 227 Corporate 17,866 — 16,005 1,861 Foreign government/government agencies 562 — 562 — Municipal 6,039 — 6,039 — RMBS 4,287 — 4,251 36 U.S. Treasuries 1,529 18 1,511 — Total fixed maturities, AFS 39,818 18 37,563 2,237 FVO securities 327 — 160 167 Equity securities, at fair value [1] 864 333 473 58 Derivative assets Credit derivatives (10) — (10) — Foreign exchange derivatives 9 — 9 — Total derivative assets [2] (1) — (1) — Short-term investments 3,850 1,400 2,425 25 Total assets accounted for at fair value on a recurring basis $ 44,858 $ 1,751 $ 40,620 $ 2,487 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Credit derivatives $ 10 $ — $ 10 $ — Foreign exchange derivatives 4 — 4 — Interest rate derivatives (6) — (6) — Total derivative liabilities [3] 8 — 8 — Total liabilities accounted for at fair value on a recurring basis $ 8 $ — $ 8 $ — [1] Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company. [2] Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [3] Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. The Company has overseas deposits included in other investments of $65 and $75 as of June 30, 2024 and December 31, 2023, respectively, which are measured at fair value using the net asset value as a practical expedient. Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Valuation Controls The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments. Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives Level 2 Primary Observable Inputs Level 3 Primary Unobservable Inputs Fixed Maturity Investments Structured securities (includes ABS, CLO, CMBS and RMBS) • Benchmark yields and spreads Other inputs for ABS, CLO, and RMBS: • Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity Corporates • Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature • Independent broker quotes Other inputs for below investment grade privately placed securities and private bank loans: U.S. Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Credit spreads beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates • Independent broker quotes Derivatives Credit derivatives • Swap yield curve • Credit default swap curves • Not applicable Foreign exchange derivatives • Swap yield curve • Currency spot and forward rates • Cross currency basis curves • Not applicable Interest rate derivatives • Swap yield curve • Not applicable Significant Unobservable Inputs for Level 3 - Securities Assets accounted for at fair value on a recurring basis Fair Predominant Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of As of June 30, 2024 CLO [3] $ 97 Discounted cash flows Spread 275 bps 275 bps 275 bps Decrease CMBS [3] $ 188 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 190 bps 1,293 bps 451 bps Decrease Corporate [4] $ 1,945 Discounted cash flows Spread 11 bps 1,721 bps 335 bps Decrease RMBS [3] $ 27 Discounted cash flows Spread [6] 89 bps 418 bps 157 bps Decrease Constant prepayment rate [6] 1% 17% 4% Decrease [5] Constant default rate [6] 1% 4% 2% Decrease Loss severity [6] 30% 64% 38% Decrease Short-term investments [3] $ 16 Discounted cash flows Spread 911 bps 911 bps 911 bps Decrease As of December 31, 2023 CLO [3] $ 98 Discounted cash flows Spread 268 bps 270 bps 269 bps Decrease CMBS [3] $ 226 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 365 bps 1,315 bps 509 bps Decrease Corporate [4] $ 1,741 Discounted cash flows Spread 49 bps 743 bps 323 bps Decrease RMBS $ 36 Discounted cash flows Spread [6] 32 bps 298 bps 161 bps Decrease Constant prepayment rate [6] 1% 5% 4% Decrease [5] Constant default rate [6] 1% 5% 2% Decrease Loss severity [6] 10% 70% 41% Decrease Short-term investments [3] $ 15 Discounted cash flows Spread 579 bps 1,254 bps 1,225 bps Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. [6] Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads. As of June 30, 2024 and December 31, 2023, the fair values of the Company's level 3 derivatives were less than $1 for both periods. The table above excludes certain securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates, prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in these inputs would generally cause fair values to decrease. As of June 30, 2024, no significant adjustments were made by the Company to broker prices received. Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability. Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of March 31, 2024 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2024 Assets Fixed maturities, AFS ABS $ 16 $ — $ — $ — $ — $ — $ — $ (8) $ 8 CLO 184 — — 460 (14) — — (130) 500 CMBS 241 (2) 2 — (3) (48) — — 190 Corporate 1,923 — (18) 206 (49) (1) — — 2,061 RMBS 69 — — 14 (5) — — (38) 40 Total fixed maturities, AFS 2,433 (2) (16) 680 (71) (49) — (176) 2,799 FVO securities 167 (2) — — (5) — — — 160 Equity securities, at fair value 58 — — — — — — — 58 Short-term investments 26 — — — (1) — — — 25 Total Assets $ 2,684 $ (4) $ (16) $ 680 $ (77) $ (49) $ — $ (176) $ 3,042 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of January 1, 2024 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2024 Assets Fixed maturities, AFS ABS $ — $ — $ — $ 16 $ — $ — $ — $ (8) $ 8 CLO 113 — — 590 (26) — — (177) 500 CMBS 227 (2) 12 — (5) (48) 6 — 190 Corporate 1,861 — (33) 312 (76) (3) — — 2,061 RMBS 36 — — 52 (10) — — (38) 40 Total fixed maturities, AFS 2,237 (2) (21) 970 (117) (51) 6 (223) 2,799 FVO securities 167 1 — — (8) — — — 160 Equity securities, at fair value 58 — — — — — — — 58 Short-term investments 25 — — 1 (1) — — — 25 Total Assets $ 2,487 $ (1) $ (21) $ 971 $ (126) $ (51) $ 6 $ (223) $ 3,042 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of March 31, 2023 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2023 Assets Fixed maturities, AFS ABS $ 36 $ — $ — $ — $ — $ — $ — $ (36) $ — CLO 151 — — — (26) — — (40) 85 CMBS 231 (2) 7 2 (1) (5) 6 — 238 Corporate 1,643 (2) (3) 51 (30) (2) 4 (39) 1,622 RMBS 57 — — 19 (7) — — — 69 Total fixed maturities, AFS 2,118 (4) 4 72 (64) (7) 10 (115) 2,014 FVO securities 172 (5) — — (4) — — — 163 Equity securities, at fair value 60 (1) — — — — — — 59 Short-term investments 187 — — 3 (4) — — — 186 Total Assets $ 2,537 $ (10) $ 4 $ 75 $ (72) $ (7) $ 10 $ (115) $ 2,422 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of January 1, 2023 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2023 Assets Fixed maturities, AFS ABS $ 30 $ — $ — $ 36 $ — $ — $ — $ (66) $ — CLO 115 — — 40 (30) — — (40) 85 CMBS 222 (2) 2 6 (1) (5) 16 — 238 Corporate 1,589 (1) 28 117 (81) (9) 31 (52) 1,622 RMBS 95 — — 19 (15) — — (30) 69 Total fixed maturities, AFS 2,051 (3) 30 218 (127) (14) 47 (188) 2,014 FVO securities 178 (13) — — (2) — — — 163 Equity securities, at fair value 61 (2) — 1 (1) — — — 59 Short-term investments 193 — — 4 (11) — — — 186 Total Assets $ 2,483 $ (18) $ 30 $ 223 $ (141) $ (14) $ 47 $ (188) $ 2,422 [1] Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2] All amounts are before income taxes. [3] Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Assets Fixed maturities, AFS CMBS $ — $ — $ 1 $ 6 $ — $ — $ 10 $ 2 Corporate — (2) (18) (3) — (2) (32) 28 Total fixed maturities, AFS — (2) (17) 3 — (2) (22) 30 FVO securities (2) (5) — — 1 (13) — — Equity securities, at fair value — (1) — — — (1) — — Total Assets $ (2) $ (8) $ (17) $ 3 $ 1 $ (16) $ (22) $ 30 [1] All amounts in these rows are reported in net realized gains (losses) [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3] Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income. Fair Value Option The Company has elected the fair value option for certain investments in residual interests of securitizations and other securities that contain embedded credit derivatives with underlying credit risk related to residential real estate in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Condensed Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses. As of June 30, 2024 and December 31, 2023, the fair value of assets using the fair value option was $272 and $327, respectively, of which $160 and $167, respectively, were residual interests of securitizations. For the three and six months ended June 30, 2024, realized gains (losses) related to the change in fair value of assets using the fair value option were $(1) and $3, respectively. For the three and six months ended June 30, 2023, realized losses related to the change in fair value of assets using the fair value option were $3 and $11, respectively. Financial Instruments Not Carried at Fair Value Financial Assets and Liabilities Not Carried at Fair Value June 30, 2024 December 31, 2023 Fair Value Hierarchy Level Carrying Amount [1] Fair Value Fair Value Hierarchy Level Carrying Amount [1] Fair Value Assets Mortgage loans Level 3 $ 6,357 $ 5,800 Level 3 $ 6,087 $ 5,584 Liabilities Other policyholder funds and benefits payable Level 3 $ 622 $ 622 Level 3 $ 638 $ 639 Senior notes [2] Level 2 $ 3,865 $ 3,415 Level 2 $ 3,863 $ 3,533 Junior subordinated debentures [2] Level 2 $ 499 $ 445 Level 2 $ 499 $ 429 [1] As of June 30, 2024 and December 31, 2023, the carrying amount of mortgage loans is net of ACL of $48 and $51, respectively. [2] Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments [Abstract] | |
Investments | 5. INVESTMENTS Net Realized Gains (Losses) Three Months Ended June 30, Six Months Ended June 30, (Before tax) 2024 2023 2024 2023 Gross gains on sales of fixed maturities $ 6 $ 3 $ 11 $ 20 Gross losses on sales of fixed maturities (75) (21) (86) (60) Equity securities [1] Net realized gains (losses) on sales of equity securities (3) 24 (15) 74 Change in net unrealized gains (losses) of equity securities 17 (14) 64 (29) Net realized and unrealized gains (losses) on equity securities 14 10 49 45 Net credit losses on fixed maturities, AFS (1) (3) (2) (8) Change in ACL on mortgage loans — (5) 3 (5) Other, net [2] (3) (48) (6) (63) Net realized (losses) $ (59) $ (64) $ (31) $ (71) [1] The change in net unrealized gains (losses) on equity securities still held as of June 30, 2024 and included in net realized gains (losses) were $15 and $44 for the three and six months ended June 30, 2024, respectively. The change in net unrealized gains (losses) on equity securities still held as of June 30, 2023 and included in net realized gains (losses) were $7 and $7 for the three and six months ended June 30, 2023, respectively. [2] For the three and six months ended June 30, 2024 includes gains (losses) from transactional foreign currency revaluation of $4 and $6, respectively, and gains (losses) on non-qualifying derivatives of $(6), and $(8), respectively. For the three and six months ended June 30, 2023 includes gains (losses) from transactional foreign currency revaluation of $(9) and $(16), respectively, and gains (losses) on non-qualifying derivatives of $(39) and $(34), respectively. Proceeds from the sales of fixed maturities, AFS totaled $2.3 billion and $2.7 billion for the three and six months ended June 30, 2024, respectively, and $0.6 billion and $2.0 billion for the three and six months ended June 30, 2023. Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans As of June 30, 2024 and December 31, 2023, the Company reported accrued investment income related to fixed maturities, AFS of $395 and $371, respectively, and accrued investment income related to mortgage loans of $22 and $20, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses. Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment. For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible. Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security. For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales. For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value (" LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value. ACL on Fixed Maturities, AFS by Type Three Months Ended June 30, 2024 2023 (Before tax) Corporate CMBS Total Corporate CMBS Total Balance as of beginning of period $ 6 $ 12 $ 18 $ 6 $ 11 $ 17 Credit losses on fixed maturities where an allowance was not previously recorded — 1 1 2 — 2 Reduction due to sales — — — (2) — (2) Net increases (decreases) on fixed maturities where an allowance was previously recorded — — — — 1 1 Balance as of end of period $ 6 $ 13 $ 19 $ 6 $ 12 $ 18 ACL on Fixed Maturities, AFS by Type Six Months Ended June 30, 2024 2023 (Before tax) Corporate CMBS Total Corporate CMBS Total Balance as of beginning of period $ 9 $ 12 $ 21 $ 2 $ 10 $ 12 Credit losses on fixed maturities where an allowance was not previously recorded — 1 1 6 — 6 Reduction due to sales — — — (2) — (2) Net increases (decreases) on fixed maturities where an allowance was previously recorded 1 — 1 — 2 2 Write-offs charged against the allowance (4) — (4) — — — Balance as of end of period $ 6 $ 13 $ 19 $ 6 $ 12 $ 18 Fixed Maturities, AFS Fixed Maturities, AFS, by Type June 30, 2024 December 31, 2023 Amortized ACL Gross Gross Fair Amortized ACL Gross Gross Fair ABS $ 3,041 $ — $ 11 $ (38) $ 3,014 $ 3,347 $ — $ 18 $ (45) $ 3,320 CLO 3,507 — 8 (1) 3,514 3,104 — 3 (17) 3,090 CMBS 3,234 (13) 22 (301) 2,942 3,466 (12) 19 (348) 3,125 Corporate 20,548 (6) 101 (1,150) 19,493 18,691 (9) 197 (1,013) 17,866 Foreign govt./govt. agencies 569 — 3 (26) 546 583 — 6 (27) 562 Municipal 5,555 — 80 (341) 5,294 6,207 — 131 (299) 6,039 RMBS 5,204 — 10 (427) 4,787 4,675 — 18 (406) 4,287 U.S. Treasuries 1,377 — 4 (157) 1,224 1,653 — 26 (150) 1,529 Total fixed maturities, AFS $ 43,035 $ (19) $ 239 $ (2,441) $ 40,814 $ 41,726 $ (21) $ 418 $ (2,305) $ 39,818 Fixed Maturities, AFS, by Contractual Maturity Year June 30, 2024 December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 1,535 $ 1,514 $ 1,526 $ 1,501 Over one year through five years 10,109 9,815 9,670 9,433 Over five years through ten years 6,915 6,520 6,568 6,211 Over ten years 9,490 8,708 9,370 8,851 Subtotal 28,049 26,557 27,134 25,996 Mortgage-backed and asset-backed securities 14,986 14,257 14,592 13,822 Total fixed maturities, AFS $ 43,035 $ 40,814 $ 41,726 $ 39,818 Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. Concentration of Credit Risk The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of June 30, 2024 or December 31, 2023 other than U.S. government securities and certain U.S. government agencies. Unrealized Losses on Fixed Maturities, AFS Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2024 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 570 $ (2) $ 775 $ (36) $ 1,345 $ (38) CLO 474 (1) 68 — 542 (1) CMBS 126 (1) 2,640 (300) 2,766 (301) Corporate 3,476 (54) 10,653 (1,096) 14,129 (1,150) Foreign govt./govt. agencies 94 (1) 340 (25) 434 (26) Municipal 680 (11) 3,021 (330) 3,701 (341) RMBS 865 (13) 2,971 (414) 3,836 (427) U.S. Treasuries 198 (13) 794 (144) 992 (157) Total fixed maturities, AFS in an unrealized loss position $ 6,483 $ (96) $ 21,262 $ (2,345) $ 27,745 $ (2,441) Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2023 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 604 $ (6) $ 1,043 $ (39) $ 1,647 $ (45) CLO 209 (1) 2,249 (16) 2,458 (17) CMBS 117 (7) 2,837 (341) 2,954 (348) Corporate 810 (10) 11,149 (1,003) 11,959 (1,013) Foreign govt./govt. agencies 27 — 368 (27) 395 (27) Municipal 329 (3) 3,196 (296) 3,525 (299) RMBS 181 (3) 3,207 (403) 3,388 (406) U.S. Treasuries 120 (11) 1,121 (139) 1,241 (150) Total fixed maturities, AFS in an unrealized loss position $ 2,397 $ (41) $ 25,170 $ (2,264) $ 27,567 $ (2,305) As of June 30, 2024, fixed maturities, AFS in an unrealized loss position consisted of 4,033 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of June 30, 2024, 94% of these fixed maturities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses during the six months ended June 30, 2024, was primarily attributable to higher interest rates. Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, RMBS, municipal bonds, and CMBS, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows. Mortgage Loans ACL on Mortgage Loans The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios. When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. As of June 30, 2024, the Company did not have any mortgage loans for which an ACL was established on an individual basis. There were no mortgage loans held-for-sale as of June 30, 2024 or December 31, 2023. In addition, for the three and six months ended June 30, 2024 and 2023, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties. ACL on Mortgage Loans Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ACL as of beginning of period $ 48 $ 36 $ 51 $ 36 Current period provision (release) — 5 (3) 5 ACL as of June 30, $ 48 $ 41 $ 48 $ 41 The release in the allowance for the six months ended June 30, 2024, is primarily attributable to improved economic scenario forecasts and property specific reductions, partially offset by net additions of new loans. The increase in the allowance f or the three and six months ended June 30, 2023, is primarily attributable to the overall weaker projected real estate fundamentals, and to a lesser extent, net additions of new loans. The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 55% as of June 30, 2024, while the weighted-average LTV ratio at origination of these loans was 59%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties. Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2024 2024 2023 2022 2021 2020 2019 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR Greater than 80% $ — —x $ — —x $ 16 1.14x $ 38 1.03x $ — —x $ 103 0.83x $ 157 0.91x 65% - 80% 31 1.31x — —x 189 2.12x 488 2.35x 89 3.58x 363 1.80x 1,160 2.20x Less than 65% 248 1.69x 466 1.42x 746 2.76x 1,044 3.17x 531 3.03x 2,053 2.78x 5,088 2.71x Total mortgage loans $ 279 1.65x $ 466 1.42x $ 951 2.60x $ 1,570 2.86x $ 620 3.11x $ 2,519 2.56x $ 6,405 2.57x [1] Amortized cost of mortgage loans excludes ACL of $48. Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2023 2023 2022 2021 2020 2019 2018 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR Greater than 80% $ — —x $ 16 1.09x $ 38 1.05x $ — —x $ — —x $ 105 1.41x $ 159 1.29x 65% - 80% — —x 189 2.13x 457 2.42x 95 3.47x 98 1.77x 252 1.77x 1,091 2.25x Less than 65% 400 1.47x 724 2.75x 1,105 2.99x 527 2.92x 679 2.90x 1,453 2.67x 4,888 2.72x Total mortgage loans $ 400 1.47x $ 929 2.60x $ 1,600 2.78x $ 622 3.00x $ 777 2.76x $ 1,810 2.47x $ 6,138 2.60x [1] Amortized cost of mortgage loans excludes ACL of $51. Mortgage Loans by Region June 30, 2024 December 31, 2023 Amortized Cost Percent of Total Amortized Cost Percent of Total East North Central $ 375 5.9 % $ 368 6.0 % Middle Atlantic 253 3.9 % 238 3.9 % Mountain 735 11.5 % 699 11.4 % New England 349 5.4 % 351 5.7 % Pacific 1,351 21.1 % 1,326 21.6 % South Atlantic 1,819 28.4 % 1,776 28.9 % West North Central 104 1.6 % 103 1.7 % West South Central 567 8.9 % 445 7.2 % Other [1] 852 13.3 % 832 13.6 % Total mortgage loans 6,405 100.0 % 6,138 100.0 % ACL (48) (51) Total mortgage loans, net of ACL $ 6,357 $ 6,087 [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type June 30, 2024 December 31, 2023 Amortized Cost Percent of Total Amortized Cost Percent of Total Commercial Industrial $ 2,651 41.4 % $ 2,363 38.5 % Multifamily 2,184 34.1 % 2,200 35.9 % Office 565 8.8 % 578 9.4 % Retail [1] 926 14.5 % 917 14.9 % Single Family 79 1.2 % 80 1.3 % Total mortgage loans 6,405 100.0 % 6,138 100.0 % ACL (48) (51) Total mortgage loans, net of ACL $ 6,357 $ 6,087 [1] Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls. Past-Due Mortgage Loans Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of June 30, 2024 and December 31, 2023, the Company held no mortgage loans considered past due. Mortgage Servicing The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of June 30, 2024, under this program, the Company serviced mortgage loans with a total outstanding principal of $9.8 billion, of which $4.6 billion was serviced on behalf of third parties and $5.2 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2023, the Company serviced mortgage loans with a total outstanding principal balance of $9.4 billion, of which $4.4 billion was serviced on behalf of third parties and $5.0 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of June 30, 2024 and December 31, 2023, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans. Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities or, at times, as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements. Consolidated VIEs As of June 30, 2024 and December 31, 2023, the Company did not hold any securities for which it is the primary beneficiary. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of June 30, 2024 and December 31, 2023 was limited to the total carrying value of $3.1 billion and $3.0 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of June 30, 2024 and December 31, 2023, the Company has outstanding commitments totaling $1.8 billion and $1.7 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2023 Form 10-K Annual Report. Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2024, the Company recognized amortization of $1 and $2, respectively, and related tax benefits of $3 and $5, respectively. For the three and six months ended June 30, 2023, the Company recognized amortization of $0 and less than $1, respectively, and related tax benefits of less than $1 for both periods. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $23 and $20 as of June 30, 2024, and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, the Company has outstanding commitments related to affordable housing projects of $215 and $180, respectively, that are contingent on various conditions precedent to funding. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLO, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. Reverse Repurchase Agreements, Other Collateral Transactions and Restricted Investments Reverse Repurchase Agreements From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of both June 30, 2024 and December 31, 2023, the Company reported $10 within short-term investments on the Condensed Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase the securities. Other Collateral Transactions As of June 30, 2024 and December 31, 2023, the Company pledged collateral of $6 and $7, respectively, of U.S. government securities or cash primarily related to certain bank loan participations committed through a limited partnership agreement. For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements. Other Restricted Investments The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"). The following table presents the components of the Company’s exposure to other restricted investments. June 30, 2024 December 31, 2023 Fair Value Fair Value Securities on deposit with government agencies $ 2,306 $ 2,339 Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders 935 890 Short-term investments in trust for benefit of Lloyd's Syndicate policyholders 30 30 Fixed maturities in Lloyd's trust account 111 154 Other investments 65 75 Total Other Restricted Investments $ 3,447 $ 3,488 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments | 6. DERIVATIVES The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2023 Form 10-K Annual Report. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 14 - Debt of Notes to Consolidated Financial Statements, included in The Hartford's 2023 Form 10-K Annual Report. Foreign currency swaps are used to convert foreign currency denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, equity, and commodity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include: Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Interest Rate Swaps and Futures The Company uses interest rate swaps and futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of June 30, 2024 and December 31, 2023, the notional amount of interest rate swaps in offsetting relationships was $344 and $6.6 billion, respectively. Foreign Currency Swaps and Forwards The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Equity Index Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. Derivative Balance Sheet Classification For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which payments or receipts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. Derivative Balance Sheet Presentation Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Jun 30, 2024 Dec. 31, 2023 Jun 30, 2024 Dec. 31, 2023 Jun 30, 2024 Dec. 31, 2023 Jun 30, 2024 Dec. 31, 2023 Cash flow hedges Interest rate swaps $ 4,100 $ 3,450 $ 2 $ (1) $ 2 $ 1 $ — $ (2) Foreign currency swaps 657 644 39 13 50 29 (11) (16) Total cash flow hedges 4,757 4,094 41 12 52 30 (11) (18) Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 989 6,626 (3) (5) 1 — (4) (5) Foreign exchange contracts Foreign currency swaps and forwards 657 645 — — — — — — Credit contracts Credit derivatives in offsetting positions 995 998 — — 26 27 (26) (27) Total non-qualifying strategies 2,641 8,269 (3) (5) 27 27 (30) (32) Total cash flow hedges and non-qualifying strategies $ 7,398 $ 12,363 $ 38 $ 7 $ 79 $ 57 $ (41) $ (50) Balance Sheet Location Fixed maturities, available-for-sale $ 657 $ 645 $ — $ — $ — $ — $ — $ — Other investments 5,453 1,662 8 (1) 36 18 (28) (19) Other liabilities 1,288 10,056 30 8 43 39 (13) (31) Total derivatives $ 7,398 $ 12,363 $ 38 $ 7 $ 79 $ 57 $ (41) $ (50) Offsetting of Derivative Assets/Liabilities The following tables present the gross fair value amounts, the offsetting amounts, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. Offsetting Derivative Assets and Liabilities (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of June 30, 2024 Other investments $ 79 $ 79 $ 8 $ (8) $ — $ — Other liabilities $ (41) $ (38) $ 30 $ (33) $ (2) $ (1) As of December 31, 2023 Other investments $ 57 $ 55 $ (1) $ 3 $ — $ 2 Other liabilities $ (50) $ (36) $ 8 $ (22) $ (13) $ (1) [1] Included in other investments in the Company's Condensed Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Gains (Losses) Recognized in OCI Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate swaps $ (4) $ (14) $ (21) $ (4) Foreign currency swaps 15 (7) 32 (10) Total $ 11 $ (21) $ 11 $ (14) Gains (Losses) Reclassified from AOCI into Income Three months ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net Investment Income Interest Expense Net Investment Income Interest Expense Net Investment Income Interest Expense Net Investment Income Interest Expense Interest rate swaps $ (8) $ 5 $ (7) $ 4 $ (15) $ 9 $ (15) $ 7 Foreign currency swaps 3 — 3 — 6 — 5 — Total $ (5) $ 5 $ (4) $ 4 $ (9) $ 9 $ (10) $ 7 Total amounts presented on the Condensed Consolidated Statement of Operations $ 602 $ 50 $ 540 $ 50 $ 1,195 $ 100 $ 1,055 $ 100 As of June 30, 2024, the before tax deferred net losses on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $9. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows. During the three and six months ended June 30, 2024 and 2023, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. Non-qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses). Non-Qualifying Strategies Recognized within Net Realized Gains (Losses) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate contracts Interest rate swaps and futures $ (6) $ (3) $ (3) $ 18 Credit contracts Credit derivatives that purchase credit protection — (36) — (52) Equity contracts Equity index options — — (5) — Total [1] $ (6) $ (39) $ (8) $ (34) [1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measuremen Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. Credit Risk Assumed Derivatives by Type Underlying Referenced Credit Obligation(s) [1] Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] As of June 30, 2024 Basket credit default swaps [4] Investment grade risk exposure $ 101 $ (1) 4 years CMBS Credit AAA $ 101 $ 1 Below investment grade risk exposure 396 25 4 years Corporate Credit B+ 396 (25) Below investment grade risk exposure 1 (1) Less than 1 year CMBS Credit CCC- 1 1 Total [5] $ 498 $ 23 $ 498 $ (23) As of December 31, 2023 Basket credit default swaps [4] Investment grade risk exposure $ 101 $ (1) 5 years CMBS Credit AAA $ 101 $ 1 Below investment grade risk exposure 396 24 4 years Corporate Credit B+ 396 (24) Below investment grade risk exposure 2 (1) Less than 1 year CMBS Credit CCC- 2 1 Total [5] $ 499 $ 22 $ 499 $ (22) [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measuremen . Derivative Collateral Arrangements The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of June 30, 2024 and December 31, 2023, the Company ha s pl edged cash collateral associated with derivative instruments of $26 and $25, respectively . In general, collateral receivable is recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of June 30, 2024 and December 31, 2023, the Company pledged securities collateral associated with derivative instruments with a fair value of $2 and $14, respectively, which have been included in fixed maturities on the Company's Condensed Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities. In addition, as of June 30, 2024 and December 31, 2023, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $13 and $16, respectively, which is recorded in other investments or other assets on the Company's Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $142 and $112, respectively, which are included within fixed maturities on the Company's Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the Company accepted cash collateral associated with derivative instruments of $73 and $49, respectively, which was invested and recorded in the Company's Condensed Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral as of June 30, 2024 and December 31, 2023, with a fair value of $0 for both periods, which the Company has the right to repledge or sell. As of June 30, 2024 and December 31, 2023, the Company had no repledged securities. In addition, as of June 30, 2024 and December 31, 2023, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Condensed Consolidated Balance Sheets . |
Derivatives, Policy [Policy Text Block] | For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. |
Premiums Receivable (Notes)
Premiums Receivable (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
Premiums Receivable Note [Text Block] | 7. PREMIUMS RECEIVABLE AND AGENTS' BALANCES Premiums Receivable and Agents' Balances As of June 30, 2024 As of December 31, 2023 Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business") $ 6,025 $ 5,303 Receivables for loss sensitive business, by credit quality: AA 91 94 A 59 54 BBB 140 136 BB 91 84 Below BB 45 45 Total receivables for loss sensitive business 426 413 Total Premiums Receivable and Agents' Balances, Gross 6,451 5,716 ACL (116) (109) Total Premiums Receivable and Agents' Balances, Net of ACL $ 6,335 $ 5,607 ACL on Premiums Receivable and Agents' Balances Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. Premiums receivable and agents' balances, excluding receivables for loss sensitive business, are primarily comprised of premiums due from policyholders, which are typically collectible within one year or less. For these balances, the ACL is estimated based on an aging of receivables and recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. A portion of the Company's Commercial Lines business is written with large deductibles or under retrospectively-rated plans (referred to as "loss sensitive business"). Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight. The ACL for receivables for loss sensitive business is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default and the amount of loss given a default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other credit enhancement, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors through multiple economic cycles. The Company's evaluation of the required ACL for receivables for loss sensitive business considers the current economic environment as well as the probability-weighted macroeconomic scenarios similar to the approach used for estimating the ACL for mortgage loans. See Note 5 - Investments Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended June 30, 2024 June 30, 2023 Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Beginning ACL $ 91 $ 20 $ 111 $ 86 $ 25 $ 111 Current period provision 15 1 16 19 — 19 Current period write-offs (12) — (12) (13) — (13) Current period recoveries 1 — 1 2 — 2 Ending ACL $ 95 $ 21 $ 116 $ 94 $ 25 $ 119 Rollforward of ACL on Premiums Receivable and Agents' Balances for the Six Months Ended June 30, 2024 June 30, 2023 Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Beginning ACL $ 89 $ 20 $ 109 $ 85 $ 24 $ 109 Current period provision 30 1 31 31 1 32 Current period write-offs (27) — (27) (27) — (27) Current period recoveries 3 — 3 5 — 5 Ending ACL $ 95 $ 21 $ 116 $ 94 $ 25 $ 119 |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2024 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance [Text Block] | 8. REINSURANCE The Company cedes insurance risk to reinsurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance Recoverables Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported (" IBNR ") unpaid losses. The Company’s estimate of losses and loss adjustment expense ("LAE") reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverables based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. Reinsurance Recoverables by Credit Quality Indicator As of June 30, 2024 As of December 31, 2023 P&C Group Benefits Corporate Total P&C Group Benefits Corporate Total A.M. Best Financial Strength Rating A++ $ 2,319 $ — $ — $ 2,319 $ 2,398 $ — $ — $ 2,398 A+ 2,062 263 234 2,559 2,030 251 241 2,522 A 816 1 — 817 810 1 — 811 A- 631 4 — 635 653 5 — 658 B++ 3 — 2 5 2 — 3 5 Below B++ 22 — — 22 22 — — 22 Total Rated by A.M. Best 5,853 268 236 6,357 5,915 257 244 6,416 Mandatory (Assigned) and Voluntary Risk Pools 212 — — 212 208 — — 208 Captives 367 — — 367 353 — — 353 Other not rated companies 219 6 — 225 226 4 — 230 Gross Reinsurance Recoverables 6,651 274 236 7,161 6,702 261 244 7,207 Allowance for uncollectible reinsurance (99) (1) (2) (102) (100) (1) (2) (103) Net Reinsurance Recoverables $ 6,552 $ 273 $ 234 $ 7,059 $ 6,602 $ 260 $ 242 $ 7,104 Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating. Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets. As part of its reinsurance recoverable review, the Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between cedants and reinsurers and the overall credit quality of the Company’s reinsurers. Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. The ACL is estimated as the amount of reinsurance recoverables exposed to loss multiplied by estimated factors for the probability of default and the amount of loss given a default. The probability of default is assigned based on each reinsurer's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed on a quarterly basis and any significant changes are reflected in an updated estimate. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors of corporations through multiple economic cycles or, in the case of purchased annuities funding structured settlements accounted for as reinsurance, historical recovery rates for annuity contract holders. As shown in the table above, a portion of the total gross reinsurance recoverable balance relates to the Company’s participation in various mandatory (assigned) and voluntary risk pools. Reinsurance recoverables due from pools are backed by the financial position of all insurance companies participating in the pools and the credit backing the reinsurance recoverable is not limited to the financial strength of each pool. The mandatory pools generally are funded through policy assessments or surcharges and if any participant in the pool defaults, remaining liabilities are apportioned among the other members. The Company's evaluation of the required ACL for reinsurance recoverables considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 5 - Investments. Insurance companies, including reinsurers, are regulated and hold risk-based capital (" RBC ") to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance recoverables. As a result, there is limited history of losses from insurer defaults. Allowance for Uncollectible Reinsurance for the Three and Six Months Ended Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 P&C beginning allowance for uncollectible reinsurance $ 98 $ 102 $ 100 $ 102 Beginning allowance for disputed amounts 54 58 57 60 P&C beginning ACL 44 44 43 42 Current period provision 1 1 2 3 P&C ending ACL 45 45 45 45 Ending allowance for disputed amounts 54 62 54 62 P&C ending allowance for uncollectible reinsurance 99 107 99 107 Group Benefits allowance for uncollectible reinsurance 1 1 1 1 Corporate allowance for uncollectible reinsurance 2 2 2 2 Total allowance for uncollectible reinsurance $ 102 $ 110 $ 102 $ 110 |
Reserve for Unpaid Losses and L
Reserve for Unpaid Losses and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract] | |
Reserve for Unpaid Losses and Loss Adjustment Expenses | | PROPERTY & CASUALTY INSURANCE PRODUCT RESERVES, NET OF REINSURANCE Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the six months ended June 30, 2024 2023 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 34,044 $ 33,083 Reinsurance and other recoverables 6,696 6,465 Beginning liabilities for unpaid losses and loss adjustment expenses, net 27,348 26,618 Provision for unpaid losses and loss adjustment expenses Current accident year 5,088 4,712 Prior accident year development [1] (171) (39) Total provision for unpaid losses and loss adjustment expenses 4,917 4,673 Change in deferred gain on retroactive reinsurance included in other liabilities [1] 61 — Payments Current accident year (987) (997) Prior accident years (2,849) (3,731) Total payments (3,836) (4,728) Foreign currency adjustment (9) 18 Ending liabilities for unpaid losses and loss adjustment expenses, net 28,481 26,581 Reinsurance and other recoverables 6,656 6,448 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 35,137 $ 33,029 [1] Prior accident year development for the six months ended June 30, 2024 includes a $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators Adverse Development Cover (the "Navigator's ADC") as the Company began collection recoveries of the ceded losses from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc, during the period. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below. Unfavorable (Favorable) Prior Accident Year Development For the six months ended June 30, 2024 2023 Workers’ compensation $ (119) $ (113) Workers’ compensation discount accretion 23 22 General liability 49 28 Marine (1) (1) Package business (1) (8) Commercial property (5) — Professional liability (7) (3) Bond (22) 12 Assumed reinsurance 24 17 Automobile liability - Commercial Lines 10 6 Automobile liability - Personal Lines (13) — Homeowners (10) 1 Net asbestos and environmental ("A&E") reserves — — Catastrophes (38) (44) Uncollectible reinsurance — 12 Other reserve re-estimates, net — 32 Prior accident year development before change in deferred gain (110) (39) Change in deferred gain on retroactive reinsurance included in other liabilities [1] (61) — Total prior accident year development $ (171) $ (39) [1] The $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2024, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below. Re-estimates of prior accident year reserves for the six months ended June 30, 2024 Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small commercial, driven by lower than previously estimated claim severity. In addition, the 2020 accident year includes a $20 reduction of COVID-19 related reserves driven by favorable claim count emergence. General liability reserves were increased primarily in response to higher frequency of large losses within certain lines in the 2016 to 2019 accident years, with some modest increases in the more recent accident years. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Lastly, reserves for extra contractual liability claims and other miscellaneous run-off lines were reduced in response to recent favorable loss activity. Professional liability reserves decreased modestly due to favorable development on directors' and officers' ("D&O") claims driven by the 2020 to 2022 accident years, partially offset by deterioration in older accident years. Bond reserves decreased due to favorable development on commercial and contract surety driven by accident years 2019 and prior. Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety and Latin America P&C businesses related to the 2020 to 2023 accident years. Automobile liability reserves - Commercial Lines increased primarily due to adverse loss development within accident year 2022 driven by higher severity than estimated. Automobile liability reserves - Personal Lines were decreased primarily in response to better than anticipated accident year 2023 claim severity for property damage liability. Catastrophes reserves were decreased primarily within Commercial Lines driven by a reduction in reserves in accident years 2021 to 2022 related to favorable emergence related to various hail events, as well as favorable development in accident year 2022 related to Hurricane Ian. Other reserve re-estimates, net, included a decrease in reserves due to lower severity than expected on Personal Lines automobile physical damage for accident year 2023, offset by an increase in reserves related to unfavorable development from participation in involuntary market pools. Re-estimates of prior accident year reserves for the six months ended June 30, 2023 Workers’ compensation reserves were decreased within the 2014 to 2019 accident years primarily in small commercial, driven by lower than previously estimated claim severity. In addition, the 2020 accident year reflects a $20 reduction of COVID-19 related reserves. General liability reserves were increased driven by higher frequency and estimated cost to settle large individual claims for the 2016 to 2019 accident years, partially offset by a decrease in reserves for the 2020 accident year due to favorable experience. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Also included was a decrease in reserves for extra contractual liability claims and other miscellaneous run-off lines. Package business reserves decreased primarily due to lower than previously estimated property severity for accident year 2021. Package liability is flat overall with improvement in accident year 2020 due to favorable claim count emergence offset by reserve increases in accident years 2019 and prior related to higher severity. Commercial property reserves were flat primarily due to unfavorable development for accident year 2022 in middle & large commercial, offset by favorable development in global specialty. Bond reserves were increased primarily due to unfavorable development for 2013 and prior accident years related to customs bonds. Assumed reinsurance reserves were increased due to higher reserve estimates in the specialty casualty, Latin America casualty and surety business. Automobile liability reserves - Commercial Lines increased primarily due to adverse loss development within accident years 2017 to 2019. Automobile liability reserves - Personal Lines were flat as increases for accident year 2022 from higher estimated severity and increasing attorney representation rates were fully offset by decreases, primarily within accident years 2019 to 2021, due to lower estimated severity. Catastrophes reserves were decreased primarily within Commercial Lines driven by a reduction in reserves in accident year 2022 for Hurricane Ian and accident year 2021 for Hurricane Ida. Uncollectible reinsurance was increased primarily in Commercial Lines related to a captive reinsurer and, to a lesser extent, an increase in reserves for potential collection disputes and credit concerns. Other reserve re-estimates, net, were increased primarily due to an increase in accident year 2022 Personal Lines automobile physical damage severity. Change in Deferred Gain on Retroactive Reinsurance The Company has in place an ADC reinsurance agreement that covers substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300, for which the Company had previously ceded the available limit. As of December 31, 2023, the Company had paid claims related to the Navigators ADC in excess of the $1.816 billion acquisition date reserves plus the $100 retention. During the three and six months ended June 30, 2024, the Company collected recoveries from NICO and as a result amortized $37 and $61 of the deferred gain within benefits, losses and loss adjustment expenses in the three and six month periods, respectively. As of June 30, 2024 and December 31, 2023, the deferred gain on the Navigators ADC was $148 and $209, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets. Settlement Agreement with Boy Scouts of America On February 14, 2022, the Company executed a final settlement agreement (the “Settlement”) with the Boy Scouts of America (“BSA”), the Local Councils, and the attorneys representing a majority of the alleged victims, pursuant to which The Hartford agreed to pay $787 for sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford Writing Companies in the 1970s and early 1980s. In exchange for its payment, the Company receives a complete release of its policies issued to BSA and the Local Councils, as well as an injunction against further abuse claims involving BSA. All conditions precedent to the Settlement have been satisfied, including approval by the bankruptcy court and the district court, and on April 20, 2023, The Hartford paid the Settlement amount of $787. Certain objecting parties have appealed the district court’s ruling and that appeal is pending before the Third Circuit. If the court approvals for the BSA’s plan of reorganization are not affirmed on appeal, it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s operating results. Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the six months ended June 30, 2024 2023 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 8,274 $ 8,160 Reinsurance recoverables 254 245 Beginning liabilities for unpaid losses and loss adjustment expenses, net 8,020 7,915 Provision for unpaid losses and loss adjustment expenses Current incurral year 2,662 2,622 Prior year's discount accretion 103 103 Prior incurral year development [1] (339) (265) Total provision for unpaid losses and loss adjustment expenses [2] 2,426 2,460 Payments Current incurral year (1,071) (1,012) Prior incurral years (1,455) (1,416) Total payments (2,526) (2,428) Ending liabilities for unpaid losses and loss adjustment expenses, net 7,920 7,947 Reinsurance recoverables 266 243 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 8,186 $ 8,190 [1] Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis. [2] Includes unallocated loss adjustment expenses ("ULAE") of $92 and $91 for the six months ended June 30, 2024 and 2023, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations. Re-estimates of prior incurral years reserves for the six months ended June 30, 2024 Group disability- Prior period reserve estimates decreased by approximately $282 largely driven by group long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a higher New York paid family leave risk adjustment benefit than expected . Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $56 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver. Re-estimates of prior incurral years reserves for the six months ended June 30, 2023 Group disability- Prior period reserve estimates decreased by approximately $236 largely driven by group long-term disability claim incidence lower than prior assumptions and strong recoveries on prior incurral year claims. Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $19 largely driven by continued low incidence in group life premium waiver. Supplemental Accident & Health- Prior period reserve estimates decreased by approximately $10 driven by lower than previously expected claim incidence. Rollforward of Reserve for Future Policy Benefits For the six months ended June 30, 2024 2023 Payout Annuities Life Conversions Paid-up Life Payout Annuities Life Conversions Paid-up Life Present Value of Expected Net Premiums Balance, beginning of the period $ 49 $ 47 Balance, ending of the period $ 45 $ 44 Present Value of Expected Future Policy Benefits Beginning balance at single-A rate $ 137 $ 113 $ 185 $ 140 $ 112 $ 192 Beginning adjustment for changes in single-A rate 7 (11) (32) 4 (14) (39) Beginning balance at original discount rate 130 124 217 136 126 231 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience 1 2 — 1 3 (1) Adjusted beginning balance 131 126 217 137 129 230 Interest accrual and other 3 9 3 4 9 3 Benefit Payments (6) (16) (12) (6) (14) (9) Ending balance at original discount rate 128 119 208 135 124 224 Ending adjustment for changes in single-A rate 1 (14) (36) 4 (15) (38) Ending balance at single-A rate $ 129 $ 105 $ 172 $ 139 $ 109 $ 186 Net reserve for future policy benefits $ 129 $ 60 $ 172 $ 139 $ 65 $ 186 Weighted-average duration of the reserve for future policy benefits (years) 9.0 11.5 6.3 9.1 12.2 6.3 Net Reserve for Future Policy Benefits As of June 30, 2024 2023 Payout Annuities $ 129 $ 139 Life Conversions 60 65 Paid-up Life 172 186 Deferred Profit Liability 20 19 Other 83 80 Total $ 464 $ 489 Undiscounted Expected Future Gross Premiums and Benefit Payments As of June 30, 2024 2023 Payout Annuities [1] Expected future benefit payments $ 252 $ 267 Life Conversions Expected future gross premiums $ 109 $ 117 Expected future benefit payments $ 199 $ 208 Paid-up Life [1] Expected future benefit payments $ 268 $ 290 [1] Payout Annuities and Paid-up Life have no expected future gross premiums. Weighted-Average Interest Rates As of June 30, 2024 2023 Payout Annuities Interest accretion rate 5.6 % 5.6 % Current discount rate 5.5 % 5.2 % Life Conversions Interest accretion rate 4.2 % 4.2 % Current discount rate 5.5 % 5.2 % Paid-up Life Interest accretion rate 2.9 % 2.9 % Current discount rate 5.4 % 5.3 % |
Reserve for Future Policy Benef
Reserve for Future Policy Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Future Policy Benefits | | PROPERTY & CASUALTY INSURANCE PRODUCT RESERVES, NET OF REINSURANCE Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the six months ended June 30, 2024 2023 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 34,044 $ 33,083 Reinsurance and other recoverables 6,696 6,465 Beginning liabilities for unpaid losses and loss adjustment expenses, net 27,348 26,618 Provision for unpaid losses and loss adjustment expenses Current accident year 5,088 4,712 Prior accident year development [1] (171) (39) Total provision for unpaid losses and loss adjustment expenses 4,917 4,673 Change in deferred gain on retroactive reinsurance included in other liabilities [1] 61 — Payments Current accident year (987) (997) Prior accident years (2,849) (3,731) Total payments (3,836) (4,728) Foreign currency adjustment (9) 18 Ending liabilities for unpaid losses and loss adjustment expenses, net 28,481 26,581 Reinsurance and other recoverables 6,656 6,448 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 35,137 $ 33,029 [1] Prior accident year development for the six months ended June 30, 2024 includes a $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators Adverse Development Cover (the "Navigator's ADC") as the Company began collection recoveries of the ceded losses from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc, during the period. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below. Unfavorable (Favorable) Prior Accident Year Development For the six months ended June 30, 2024 2023 Workers’ compensation $ (119) $ (113) Workers’ compensation discount accretion 23 22 General liability 49 28 Marine (1) (1) Package business (1) (8) Commercial property (5) — Professional liability (7) (3) Bond (22) 12 Assumed reinsurance 24 17 Automobile liability - Commercial Lines 10 6 Automobile liability - Personal Lines (13) — Homeowners (10) 1 Net asbestos and environmental ("A&E") reserves — — Catastrophes (38) (44) Uncollectible reinsurance — 12 Other reserve re-estimates, net — 32 Prior accident year development before change in deferred gain (110) (39) Change in deferred gain on retroactive reinsurance included in other liabilities [1] (61) — Total prior accident year development $ (171) $ (39) [1] The $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2024, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below. Re-estimates of prior accident year reserves for the six months ended June 30, 2024 Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small commercial, driven by lower than previously estimated claim severity. In addition, the 2020 accident year includes a $20 reduction of COVID-19 related reserves driven by favorable claim count emergence. General liability reserves were increased primarily in response to higher frequency of large losses within certain lines in the 2016 to 2019 accident years, with some modest increases in the more recent accident years. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Lastly, reserves for extra contractual liability claims and other miscellaneous run-off lines were reduced in response to recent favorable loss activity. Professional liability reserves decreased modestly due to favorable development on directors' and officers' ("D&O") claims driven by the 2020 to 2022 accident years, partially offset by deterioration in older accident years. Bond reserves decreased due to favorable development on commercial and contract surety driven by accident years 2019 and prior. Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety and Latin America P&C businesses related to the 2020 to 2023 accident years. Automobile liability reserves - Commercial Lines increased primarily due to adverse loss development within accident year 2022 driven by higher severity than estimated. Automobile liability reserves - Personal Lines were decreased primarily in response to better than anticipated accident year 2023 claim severity for property damage liability. Catastrophes reserves were decreased primarily within Commercial Lines driven by a reduction in reserves in accident years 2021 to 2022 related to favorable emergence related to various hail events, as well as favorable development in accident year 2022 related to Hurricane Ian. Other reserve re-estimates, net, included a decrease in reserves due to lower severity than expected on Personal Lines automobile physical damage for accident year 2023, offset by an increase in reserves related to unfavorable development from participation in involuntary market pools. Re-estimates of prior accident year reserves for the six months ended June 30, 2023 Workers’ compensation reserves were decreased within the 2014 to 2019 accident years primarily in small commercial, driven by lower than previously estimated claim severity. In addition, the 2020 accident year reflects a $20 reduction of COVID-19 related reserves. General liability reserves were increased driven by higher frequency and estimated cost to settle large individual claims for the 2016 to 2019 accident years, partially offset by a decrease in reserves for the 2020 accident year due to favorable experience. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Also included was a decrease in reserves for extra contractual liability claims and other miscellaneous run-off lines. Package business reserves decreased primarily due to lower than previously estimated property severity for accident year 2021. Package liability is flat overall with improvement in accident year 2020 due to favorable claim count emergence offset by reserve increases in accident years 2019 and prior related to higher severity. Commercial property reserves were flat primarily due to unfavorable development for accident year 2022 in middle & large commercial, offset by favorable development in global specialty. Bond reserves were increased primarily due to unfavorable development for 2013 and prior accident years related to customs bonds. Assumed reinsurance reserves were increased due to higher reserve estimates in the specialty casualty, Latin America casualty and surety business. Automobile liability reserves - Commercial Lines increased primarily due to adverse loss development within accident years 2017 to 2019. Automobile liability reserves - Personal Lines were flat as increases for accident year 2022 from higher estimated severity and increasing attorney representation rates were fully offset by decreases, primarily within accident years 2019 to 2021, due to lower estimated severity. Catastrophes reserves were decreased primarily within Commercial Lines driven by a reduction in reserves in accident year 2022 for Hurricane Ian and accident year 2021 for Hurricane Ida. Uncollectible reinsurance was increased primarily in Commercial Lines related to a captive reinsurer and, to a lesser extent, an increase in reserves for potential collection disputes and credit concerns. Other reserve re-estimates, net, were increased primarily due to an increase in accident year 2022 Personal Lines automobile physical damage severity. Change in Deferred Gain on Retroactive Reinsurance The Company has in place an ADC reinsurance agreement that covers substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300, for which the Company had previously ceded the available limit. As of December 31, 2023, the Company had paid claims related to the Navigators ADC in excess of the $1.816 billion acquisition date reserves plus the $100 retention. During the three and six months ended June 30, 2024, the Company collected recoveries from NICO and as a result amortized $37 and $61 of the deferred gain within benefits, losses and loss adjustment expenses in the three and six month periods, respectively. As of June 30, 2024 and December 31, 2023, the deferred gain on the Navigators ADC was $148 and $209, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets. Settlement Agreement with Boy Scouts of America On February 14, 2022, the Company executed a final settlement agreement (the “Settlement”) with the Boy Scouts of America (“BSA”), the Local Councils, and the attorneys representing a majority of the alleged victims, pursuant to which The Hartford agreed to pay $787 for sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford Writing Companies in the 1970s and early 1980s. In exchange for its payment, the Company receives a complete release of its policies issued to BSA and the Local Councils, as well as an injunction against further abuse claims involving BSA. All conditions precedent to the Settlement have been satisfied, including approval by the bankruptcy court and the district court, and on April 20, 2023, The Hartford paid the Settlement amount of $787. Certain objecting parties have appealed the district court’s ruling and that appeal is pending before the Third Circuit. If the court approvals for the BSA’s plan of reorganization are not affirmed on appeal, it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s operating results. Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the six months ended June 30, 2024 2023 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 8,274 $ 8,160 Reinsurance recoverables 254 245 Beginning liabilities for unpaid losses and loss adjustment expenses, net 8,020 7,915 Provision for unpaid losses and loss adjustment expenses Current incurral year 2,662 2,622 Prior year's discount accretion 103 103 Prior incurral year development [1] (339) (265) Total provision for unpaid losses and loss adjustment expenses [2] 2,426 2,460 Payments Current incurral year (1,071) (1,012) Prior incurral years (1,455) (1,416) Total payments (2,526) (2,428) Ending liabilities for unpaid losses and loss adjustment expenses, net 7,920 7,947 Reinsurance recoverables 266 243 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 8,186 $ 8,190 [1] Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis. [2] Includes unallocated loss adjustment expenses ("ULAE") of $92 and $91 for the six months ended June 30, 2024 and 2023, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations. Re-estimates of prior incurral years reserves for the six months ended June 30, 2024 Group disability- Prior period reserve estimates decreased by approximately $282 largely driven by group long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a higher New York paid family leave risk adjustment benefit than expected . Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $56 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver. Re-estimates of prior incurral years reserves for the six months ended June 30, 2023 Group disability- Prior period reserve estimates decreased by approximately $236 largely driven by group long-term disability claim incidence lower than prior assumptions and strong recoveries on prior incurral year claims. Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $19 largely driven by continued low incidence in group life premium waiver. Supplemental Accident & Health- Prior period reserve estimates decreased by approximately $10 driven by lower than previously expected claim incidence. Rollforward of Reserve for Future Policy Benefits For the six months ended June 30, 2024 2023 Payout Annuities Life Conversions Paid-up Life Payout Annuities Life Conversions Paid-up Life Present Value of Expected Net Premiums Balance, beginning of the period $ 49 $ 47 Balance, ending of the period $ 45 $ 44 Present Value of Expected Future Policy Benefits Beginning balance at single-A rate $ 137 $ 113 $ 185 $ 140 $ 112 $ 192 Beginning adjustment for changes in single-A rate 7 (11) (32) 4 (14) (39) Beginning balance at original discount rate 130 124 217 136 126 231 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience 1 2 — 1 3 (1) Adjusted beginning balance 131 126 217 137 129 230 Interest accrual and other 3 9 3 4 9 3 Benefit Payments (6) (16) (12) (6) (14) (9) Ending balance at original discount rate 128 119 208 135 124 224 Ending adjustment for changes in single-A rate 1 (14) (36) 4 (15) (38) Ending balance at single-A rate $ 129 $ 105 $ 172 $ 139 $ 109 $ 186 Net reserve for future policy benefits $ 129 $ 60 $ 172 $ 139 $ 65 $ 186 Weighted-average duration of the reserve for future policy benefits (years) 9.0 11.5 6.3 9.1 12.2 6.3 Net Reserve for Future Policy Benefits As of June 30, 2024 2023 Payout Annuities $ 129 $ 139 Life Conversions 60 65 Paid-up Life 172 186 Deferred Profit Liability 20 19 Other 83 80 Total $ 464 $ 489 Undiscounted Expected Future Gross Premiums and Benefit Payments As of June 30, 2024 2023 Payout Annuities [1] Expected future benefit payments $ 252 $ 267 Life Conversions Expected future gross premiums $ 109 $ 117 Expected future benefit payments $ 199 $ 208 Paid-up Life [1] Expected future benefit payments $ 268 $ 290 [1] Payout Annuities and Paid-up Life have no expected future gross premiums. Weighted-Average Interest Rates As of June 30, 2024 2023 Payout Annuities Interest accretion rate 5.6 % 5.6 % Current discount rate 5.5 % 5.2 % Life Conversions Interest accretion rate 4.2 % 4.2 % Current discount rate 5.5 % 5.2 % Paid-up Life Interest accretion rate 2.9 % 2.9 % Current discount rate 5.4 % 5.3 % |
Other Policyholder Funds and Be
Other Policyholder Funds and Benefits Payable | 6 Months Ended |
Jun. 30, 2024 | |
Insurance Loss Reserves [Abstract] | |
Policyholder Account Balance Disclosure [Text Block] | 11. OTHER POLICYHOLDER FUNDS AND BENEFITS PAYABLE Other policyholder funds and benefits payable of $622 and $647 as of June 30, 2024 and 2023 respectively, included universal life long-duration contacts of $210 and $228 as well as policyholder balances related to short-duration contracts of $412 and $419. The universal life long-duration contacts presented in the table below were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013. Universal Life Long Duration Contracts Rollforward For the six months ended June 30, 2024 2023 Balance, beginning of the period $ 223 $ 232 Premiums Received 6 6 Policy Charges (13) (10) Surrenders and Withdrawals (4) (2) Benefit Payments (6) (3) Interest Credited 4 5 Balance, end of the period $ 210 $ 228 Weighted-average crediting rate 4.2 % 4.2 % Net Amount at Risk [1] $ 870 $ 950 Cash Surrender Value $ 209 $ 226 [1] Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES Income Tax Expense Income Tax Rate Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Tax provision at U.S. federal statutory rate $ 192 $ 141 $ 383 $ 278 Nontaxable investment income (11) (9) (22) (20) Other (7) (7) (29) (15) Provision for income taxes $ 174 $ 125 $ 332 $ 243 Uncertain Tax Positions Rollforward of Unrecognized Tax Benefits Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 27 $ 23 $ 26 $ 22 Gross increases - tax positions in current period — 1 1 2 Lapse of statute of limitations — (1) — (1) Balance, end of period $ 27 $ 23 $ 27 $ 23 The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. The Company believes it is reasonably possible approximately $4 of its currently unrecognized tax benefits associated with R&D credits claimed on the Company's 2020 tax return may be recognized by the end of 2024 as a result of a lapse in the applicable statute of limitations. Other Tax Matters Management has assessed the need for a valuation allowance against its deferred tax assets based on tax character and jurisdiction, and as part of this assessment, the Company reduced the valuation allowance related to the deferred tax asset for foreign net operating losses from $12 as of December 31, 2023 to $0 as of June 30, 2024. In making the assessment, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies which management views as prudent and feasible. The federal income tax audits for the Company have been completed through 2013. The acquired Navigators Group is currently under IRS audit for the pre-acquisition 2019 tax period. The statute of limitations is closed through the 2019 tax year with the exception of net operating loss carryforwards utilized in open tax years and the Navigators pre-acquisition 2019 tax period. Management believes that adequate provision has been made in the Company's Condensed Consolidated Financial Statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. Litigation The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, including those discussed in Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of this Form 10-Q and in Note 11 - Reserve for Unpaid Losses and Loss Adjustment Expenses, of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the following discussion under the caption “COVID-19 Pandemic Business Income Insurance Litigation” and under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford. The Hartford is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. In addition to the matter described below, these actions include putative class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. The Hartford also is involved in individual actions in which punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. COVID-19 Pandemic Business Income Insurance Litigation Like many others in the property and casualty insurance industry, beginning in April 2020, various direct and indirect subsidiaries of the Company (collectively the "Hartford Writing Companies”), and in some instances the Company itself, were named as defendants in lawsuits seeking insurance coverage under commercial insurance policies issued by the Hartford Writing Companies for alleged losses resulting from the shutdown or suspension of their businesses due to the spread of COVID-19. More than 300 such lawsuits were filed, including numerous lawsuits purportedly filed on behalf of broad nationwide or statewide classes of policyholders. Although the allegations vary, the plaintiffs generally seek a declaration of insurance coverage, damages for breach of contract in unspecified amounts, interest, and attorneys' fees. Many of the lawsuits also allege that the insurance claims were denied in bad faith or otherwise in violation of state laws and seek extra-contractual or punitive damages. Some of the lawsuits also allege that the Hartford Writing Companies engaged in unfair business practices by collecting or retaining excess premium. The Company and its subsidiaries deny the allegations and maintain that based on the terms of the applicable insurance policies, they have no coverage obligations with respect to these suits for business income allegedly lost by the plaintiffs due to the COVID-19 pandemic. Specifically, the policies generally require direct physical loss or damage to insured property and/or contain exclusions for any loss caused directly or indirectly by the presence, growth, proliferation, spread or activity of a virus, subject to a narrow set of exceptions not applicable in connection with this pandemic, and which often contain a pollution and contamination exclusion that, among other things, expressly excludes from coverage any loss caused by material that threatens human health or welfare. The Company has obtained numerous dismissals in its favor and affirmances on appeal and continues to vigorously defend the remaining suits in the trial and appellate courts. Nevertheless, given the inherent difficulty in predicting litigation outcomes, the COVID-19 pandemic business income coverage lawsuits still present uncertainties and contingencies that are not yet fully known, including whether additional claims or lawsuits could be filed, the extent to which any state or nationwide classes will be certified, and the size and scope of any such classes. In addition, business income calculations depend upon a wide range of factors that are particular to the circumstances of each individual policyholder and, here, almost none of the plaintiffs have submitted proofs of loss or otherwise quantified or factually supported any allegedly covered loss to allow management to reasonably estimate the possible loss or range of loss, if any. Thus, despite the high percentage of favorable outcomes to date in both the trial and appellate courts, given the lack of certainty around the remaining lawsuits, the indeterminate amounts sought, and the inherent unpredictability of litigation, it is possible that adverse outcomes, if any, in the aggregate, could have a material adverse effect on the Company’s consolidated operating results or liquidity. Run-off Asbestos and Environmental Claims The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs. The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E"). In addition, since 1986, the Company has written A&E exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Commercial Lines and Personal Lines segments, respectively. Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages. Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims. Management believes these issues are not likely to be resolved in the near future. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators. The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves. It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims. Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity. While the Company believes that its current A&E reserves are appropriate, significant uncertainties limit the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not estimable now, could be material to The Hartford’s consolidated operating results or liquidity. For its Run-off A&E claims, as of June 30, 2024, the Company reported $182 of net A&E reserves, including the benefit of losses ceded to an A&E ADC with NICO (collectively the "A&E ADC"). In addition, the Company has recorded a $788 deferred gain within other liabilities for losses economically ceded to NICO but for which the benefit is not recognized in earnings until later periods. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity. The Company’s A&E ADC reinsurance agreement reinsures substantially all A&E reserve development for 2016 and prior accident years, including Run-off A&E and A&E reserves included in Commercial Lines and Personal Lines. The A&E ADC has a coverage limit of $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion. As of June 30, 2024 , the Company has incurred $1,438 in cumulative adverse development on A&E reserves that have been ceded under the A&E ADC treaty, leaving $62 of coverage available for future adverse net reserve development, if any. Cumulative adverse development of A&E claims for accident years 2016 and prior could ultimately exceed the $1.5 billion treaty limit in which case any adverse development in excess of the treaty limit would be absorbed as a charge to earnings by the Company. In these scenarios, the effect of these charges could be material to the Company’s consolidated operating results or liquidity. For more information on the A&E ADC, refer to Note 11 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2023 Form 10-K Annual Report. Derivative Commitments Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of June 30, 2024 was $29 for which the legal entities have posted collateral of $28 in the normal course of business. Based on derivative contractual terms as of June 30, 2024, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | 14. EQUITY Equity Repurchase Program During the six months ended June 30, 2024 and 2023, the Company repurchased $700 (7.3 million shares) and $700 (9.7 million shares), respectively, of common stock under Board authorized share repurchase programs covering the applicable periods. As of June 30, 2024, the Company has $648 remaining for equity repurchases under the current $3.0 billion share repurchase program, which is effective until December 31, 2024. During the period July 1, 2024 through July 24, 2024, the Company repurchased $105 (1.0 million shares) under this repurchase program. In addition to the authorization covering the period from August 1, 2022 to December 31, 2024, in July, 2024, the Board of Directors approved a share repurchase authorization for up to $3.3 billion effective from August 1, 2024 to December 31, 2026. |
Changes in and Reclassification
Changes in and Reclassifications from Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in and Reclassifications from Accumulated Other Comprehensive Income (Loss) | 15. CHANGES IN AND RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2024 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (1,642) $ (7) $ 21 $ 36 $ 30 $ (1,435) $ (2,997) OCI before reclassifications (184) — 11 (1) 6 (1) (169) Amounts reclassified from AOCI 70 — — — — 9 79 OCI, before tax (114) — 11 (1) 6 8 (90) Income tax benefit (expense) 24 — (2) — (1) (2) 19 OCI, net of tax (90) — 9 (1) 5 6 (71) Ending balance $ (1,732) $ (7) $ 30 $ 35 $ 35 $ (1,429) $ (3,068) Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2024 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (1,482) $ (8) $ 21 $ 37 $ 25 $ (1,442) $ (2,849) OCI before reclassifications (393) 1 11 (3) 13 1 (370) Amounts reclassified from AOCI 77 — — — — 16 93 OCI, before tax (316) 1 11 (3) 13 17 (277) Income tax benefit (expense) 66 — (2) 1 (3) (4) 58 OCI, net of tax (250) 1 9 (2) 10 13 (219) Ending balance $ (1,732) $ (7) $ 30 $ 35 $ 35 $ (1,429) $ (3,068) Reclassifications from AOCI Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Affected Line Item in the Condensed Consolidated Statement of Operations Net Unrealized Gain (Loss) on Fixed Maturities, AFS Available-for-sale fixed maturities $ (70) $ (77) Net realized gains (losses) (70) (77) Total before tax (15) (16) Income tax expense $ (55) $ (61) Net income Net Gain (Loss) on Cash Flow Hedging Instruments Interest rate swaps $ (8) $ (15) Net investment income Interest rate swaps 5 9 Interest expense Foreign currency swaps 3 6 Net investment income — — Total before tax — — Income tax expense $ — $ — Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 1 $ 3 Insurance operating costs and other expenses Amortization of actuarial loss (10) (19) Insurance operating costs and other expenses (9) (16) Total before tax (2) (3) Income tax expense $ (7) $ (13) Net income Total amounts reclassified from AOCI $ (62) $ (74) Net income Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2023 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (2,008) $ (13) $ 48 $ 33 $ 27 $ (1,341) $ (3,254) OCI before reclassifications (362) 2 (21) 4 6 (1) (372) Amounts reclassified from AOCI 21 2 — — — 7 30 OCI, before tax (341) 4 (21) 4 6 6 (342) Income tax benefit (expense) 72 (1) 4 (1) (1) (1) 72 OCI, net of tax (269) 3 (17) 3 5 5 (270) Ending balance $ (2,277) $ (10) $ 31 $ 36 $ 32 $ (1,336) $ (3,524) Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2023 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (2,594) $ (7) $ 40 $ 31 $ 35 $ (1,346) $ (3,841) OCI before reclassifications 353 (6) (14) 6 (4) — 335 Amounts reclassified from AOCI 48 2 3 — — 13 66 OCI, before tax 401 (4) (11) 6 (4) 13 401 Income tax benefit (expense) (84) 1 2 (1) 1 (3) (84) OCI, net of tax 317 (3) (9) 5 (3) 10 317 Ending balance $ (2,277) $ (10) $ 31 $ 36 $ 32 $ (1,336) $ (3,524) Reclassifications from AOCI Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Affected Line Item in the Condensed Consolidated Statement of Operations Net Unrealized Gain (Loss) on Fixed Maturities, AFS Available-for-sale fixed maturities $ (21) $ (48) Net realized gains (losses) (21) (48) Total before tax (4) (10) Income tax expense $ (17) $ (38) Net income Unrealized Losses on Fixed Maturities with ACL Available-for-sale fixed maturities $ (2) $ (2) Net realized gains (losses) (2) (2) Total before tax (1) (1) Income tax expense $ (1) $ (1) Net income Net Gain (Loss) on Cash Flow Hedging Instruments Interest rate swaps $ (7) $ (15) Net investment income Interest rate swaps 4 7 Interest expense Foreign currency swaps 3 5 Net investment income — (3) Total before tax — (1) Income tax expense $ — $ (2) Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 1 $ 3 Insurance operating costs and other expenses Amortization of actuarial loss (8) (16) Insurance operating costs and other expenses (7) (13) Total before tax (1) (3) Income tax expense $ (6) $ (10) Net income Total amounts reclassified from AOCI $ (24) $ (51) Net income |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS The Company’s employee benefit plans are described in Note 19 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2023 Form 10-K Annual Report. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations. Based on the funded status of the U.S. qualified defined benefit pension plan, the Company does not anticipate contributing to the plan in 2024. Net Periodic Cost (Benefit) Pension Benefits Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 1 $ 2 $ — $ — $ — $ — Interest cost 44 45 88 90 1 2 3 4 Expected return on plan assets (58) (59) (115) (118) — (1) — (1) Amortization of prior service credit — — — — (1) (1) (3) (3) Amortization of actuarial loss 9 7 17 14 1 1 2 2 Net periodic cost (benefit) $ (4) $ (6) $ (9) $ (12) $ 1 $ 1 $ 2 $ 2 |
Restructuring and Related Activ
Restructuring and Related Activities | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | 17. RESTRUCTURING AND OTHER COSTS In recognition of the need to become more cost efficient and competitive along with enhancing the experience we provide to agents and customers, on July 30, 2020 the Company announced an operational transformation and cost reduction plan it refers to as Hartford Next. Hartford Next reduced annual insurance operating costs and other expenses through reduction of the Company's headcount, investment in information technology ("IT") to further enhance our capabilities, and other activities. The activities were substantially completed as of December 31, 2023. Termination benefits related to workforce reductions and professional fees are included within restructuring and other costs in the Condensed Consolidated Statement of Operations. Subsequent to June 30, 2024, the Company expects to incur additional costs including amortization of right of use assets and other lease exit costs, other IT costs to retire applications and other expenses. Total restructuring and other costs are expected to be approximately $126 , before tax, and will be recognized in Corporate for segment reporting. Restructuring and Other Costs, Before Tax Incurred in the Three Months Ended June 30, Incurred in the Six Months Ended June 30, Cumulative Incurred Through June 30, 2024 Total Amount Expected to be Incurred 2024 2023 2024 2023 Severance benefits $ — $ — $ — $ (3) $ 35 $ 35 IT costs — 1 — 2 25 25 Professional fees and other expenses — 2 1 4 65 66 Total restructuring and other costs, before tax $ — $ 3 $ 1 $ 3 $ 125 $ 126 |
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 | $ 738 | $ 547 | $ 1,491 | $ 1,082 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | |
May 08, 2024 | Jun. 30, 2024 | |
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Jonathan R. Bennett [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | The Rule 10b5-1 trading arrangement adopted by Jonathan R. Bennett, Executive Vice President and Head of Group Benefits, on February 8, 2024 became fully exercised and therefore terminated on May 8, 2024. | |
Name | Jonathan R. Bennett | |
Title | Executive Vice President and Head of Group Benefits | |
Rule 10b5-1 Arrangement Terminated | true | |
Termination Date | May 8, 2024 | |
Beth A. Costello [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | The Rule 10b5-1 trading arrangement adopted by Beth A. Costello, Executive Vice President and Chief Financial Officer, on February 8, 2024 became fully exercised and therefore terminated on May 8, 2024. | |
Name | Beth A. Costello | |
Title | Executive Vice President and Chief Financial Officer | |
Rule 10b5-1 Arrangement Terminated | true | |
Termination Date | May 8, 2024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”). The Condens ed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2023 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods. |
Consolidation | Consolidation The Condensed Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters. |
Commitments and Contingencies, Policy [Policy Text Block] | Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Fair Value Measurement, Policy | The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Valuation Controls The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments. Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives Level 2 Primary Observable Inputs Level 3 Primary Unobservable Inputs Fixed Maturity Investments Structured securities (includes ABS, CLO, CMBS and RMBS) • Benchmark yields and spreads Other inputs for ABS, CLO, and RMBS: • Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity Corporates • Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature • Independent broker quotes Other inputs for below investment grade privately placed securities and private bank loans: U.S. Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Credit spreads beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates • Independent broker quotes Derivatives Credit derivatives • Swap yield curve • Credit default swap curves • Not applicable Foreign exchange derivatives • Swap yield curve • Currency spot and forward rates • Cross currency basis curves • Not applicable Interest rate derivatives • Swap yield curve • Not applicable |
Derivatives, Policy [Policy Text Block] | For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. |
Investment Holdings (Policies)
Investment Holdings (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Abstract] | |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Computation of Basic and Diluted Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, (In millions, except for per share data) 2024 2023 2024 2023 Earnings Net income $ 738 $ 547 $ 1,491 $ 1,082 Less: Preferred stock dividends 5 5 10 10 Net income available to common stockholders $ 733 $ 542 $ 1,481 $ 1,072 Shares Weighted average common shares outstanding, basic 295.5 309.4 296.8 311.7 Dilutive effect of stock-based awards under compensation plans 4.4 3.9 4.5 4.3 Weighted average common shares outstanding and dilutive potential common shares 299.9 313.3 301.3 316.0 Net income available to common stockholders per common share Basic $ 2.48 $ 1.75 $ 4.99 $ 3.44 Diluted $ 2.44 $ 1.73 $ 4.92 $ 3.39 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Reconciliation of Net Income from Segments to Consolidated | Net Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Commercial Lines $ 540 $ 458 $ 1,113 $ 879 Personal Lines (11) (60) 23 (61) Property & Casualty Other Operations 11 9 19 15 Group Benefits 171 121 279 213 Hartford Funds 44 45 89 86 Corporate (17) (26) (32) (50) Net income 738 547 1,491 1,082 Preferred stock dividends 5 5 10 10 Net income available to common stockholders $ 733 $ 542 $ 1,481 $ 1,072 |
Reconciliation of Revenue from Segments to Consolidated | Revenues Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earned premiums and fee income: Commercial Lines Workers’ compensation $ 926 $ 924 $ 1,843 $ 1,822 Liability 540 502 1,066 988 Marine 67 66 134 125 Package business 572 514 1,121 998 Property 306 244 596 472 Professional liability 200 196 403 384 Bond 80 80 158 157 Assumed reinsurance 180 143 361 281 Automobile 261 227 509 445 Total Commercial Lines 3,132 2,896 6,191 5,672 Personal Lines Automobile 598 528 1,170 1,043 Homeowners 259 239 508 471 Total Personal Lines [1] 857 767 1,678 1,514 Group Benefits Group disability 895 878 1,785 1,744 Group life 663 650 1,308 1,293 Other 107 102 211 202 Total Group Benefits 1,665 1,630 3,304 3,239 Hartford Funds Mutual fund and ETF 235 226 466 449 Third-party life and annuity separate accounts 18 18 37 36 Total Hartford Funds 253 244 503 485 Corporate 10 11 20 20 Total earned premiums and fee income 5,917 5,548 11,696 10,930 Net investment income 602 540 1,195 1,055 Net realized losses (59) (64) (31) (71) Other revenues 26 25 45 45 Total revenues $ 6,486 $ 6,049 $ 12,905 $ 11,959 [1] For the three months ended June 30, 2024 and 2023, AARP members accounted for earned premiums of $788 and $710, respectively. For the six months ended June 30, 2024 and 2023, AARP members accounted for earned premiums of $1.55 billion and $1.40 billion, respectively. |
Disaggregation of Revenue [Table Text Block] | Non-Insurance Revenue from Contracts with Customers Three Months Ended June 30, Six Months Ended June 30, Revenue Line Item 2024 2023 2024 2023 Commercial Lines Installment billing fees Fee income $ 11 $ 10 $ 22 $ 20 Personal Lines Installment billing fees Fee income 8 7 16 15 Insurance servicing revenues Other revenues 25 24 44 43 Group Benefits Administrative services Fee income 57 56 111 107 Hartford Funds Advisory, servicing and distribution fees Fee income 253 244 503 485 Corporate Investment management and other fees Fee income 10 11 20 20 Total non-insurance revenues with customers $ 364 $ 352 $ 716 $ 690 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2024 Total Quoted Prices in Significant Significant Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset-backed securities ("ABS") $ 3,014 $ — $ 3,006 $ 8 Collateralized loan obligations ("CLO") 3,514 — 3,014 500 Commercial mortgage-backed securities ("CMBS") 2,942 — 2,752 190 Corporate 19,493 — 17,432 2,061 Foreign government/government agencies 546 — 546 — Municipal 5,294 — 5,294 — Residential mortgage-backed securities ("RMBS") 4,787 — 4,747 40 U.S. Treasuries 1,224 — 1,224 — Total fixed maturities, AFS 40,814 — 38,015 2,799 FVO securities 272 — 112 160 Equity securities, at fair value [1] 591 325 208 58 Derivative assets Foreign exchange derivatives 8 — 8 — Total derivative assets [2] 8 — 8 — Short-term investments 3,701 779 2,897 25 Total assets accounted for at fair value on a recurring basis $ 45,386 $ 1,104 $ 41,240 $ 3,042 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Foreign exchange derivatives $ 31 $ — $ 31 $ — Interest rate derivatives (1) — (1) — Total derivative liabilities [3] 30 — 30 — Total liabilities accounted for at fair value on a recurring basis $ 30 $ — $ 30 $ — Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2023 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 3,320 $ — $ 3,320 $ — CLO 3,090 — 2,977 113 CMBS 3,125 — 2,898 227 Corporate 17,866 — 16,005 1,861 Foreign government/government agencies 562 — 562 — Municipal 6,039 — 6,039 — RMBS 4,287 — 4,251 36 U.S. Treasuries 1,529 18 1,511 — Total fixed maturities, AFS 39,818 18 37,563 2,237 FVO securities 327 — 160 167 Equity securities, at fair value [1] 864 333 473 58 Derivative assets Credit derivatives (10) — (10) — Foreign exchange derivatives 9 — 9 — Total derivative assets [2] (1) — (1) — Short-term investments 3,850 1,400 2,425 25 Total assets accounted for at fair value on a recurring basis $ 44,858 $ 1,751 $ 40,620 $ 2,487 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Credit derivatives $ 10 $ — $ 10 $ — Foreign exchange derivatives 4 — 4 — Interest rate derivatives (6) — (6) — Total derivative liabilities [3] 8 — 8 — Total liabilities accounted for at fair value on a recurring basis $ 8 $ — $ 8 $ — [1] Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company. [2] Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [3] Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. |
Fair Value Inputs, Assets, Quantitative Information | Significant Unobservable Inputs for Level 3 - Securities Assets accounted for at fair value on a recurring basis Fair Predominant Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of As of June 30, 2024 CLO [3] $ 97 Discounted cash flows Spread 275 bps 275 bps 275 bps Decrease CMBS [3] $ 188 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 190 bps 1,293 bps 451 bps Decrease Corporate [4] $ 1,945 Discounted cash flows Spread 11 bps 1,721 bps 335 bps Decrease RMBS [3] $ 27 Discounted cash flows Spread [6] 89 bps 418 bps 157 bps Decrease Constant prepayment rate [6] 1% 17% 4% Decrease [5] Constant default rate [6] 1% 4% 2% Decrease Loss severity [6] 30% 64% 38% Decrease Short-term investments [3] $ 16 Discounted cash flows Spread 911 bps 911 bps 911 bps Decrease As of December 31, 2023 CLO [3] $ 98 Discounted cash flows Spread 268 bps 270 bps 269 bps Decrease CMBS [3] $ 226 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 365 bps 1,315 bps 509 bps Decrease Corporate [4] $ 1,741 Discounted cash flows Spread 49 bps 743 bps 323 bps Decrease RMBS $ 36 Discounted cash flows Spread [6] 32 bps 298 bps 161 bps Decrease Constant prepayment rate [6] 1% 5% 4% Decrease [5] Constant default rate [6] 1% 5% 2% Decrease Loss severity [6] 10% 70% 41% Decrease Short-term investments [3] $ 15 Discounted cash flows Spread 579 bps 1,254 bps 1,225 bps Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. [6] |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of March 31, 2024 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2024 Assets Fixed maturities, AFS ABS $ 16 $ — $ — $ — $ — $ — $ — $ (8) $ 8 CLO 184 — — 460 (14) — — (130) 500 CMBS 241 (2) 2 — (3) (48) — — 190 Corporate 1,923 — (18) 206 (49) (1) — — 2,061 RMBS 69 — — 14 (5) — — (38) 40 Total fixed maturities, AFS 2,433 (2) (16) 680 (71) (49) — (176) 2,799 FVO securities 167 (2) — — (5) — — — 160 Equity securities, at fair value 58 — — — — — — — 58 Short-term investments 26 — — — (1) — — — 25 Total Assets $ 2,684 $ (4) $ (16) $ 680 $ (77) $ (49) $ — $ (176) $ 3,042 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of January 1, 2024 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2024 Assets Fixed maturities, AFS ABS $ — $ — $ — $ 16 $ — $ — $ — $ (8) $ 8 CLO 113 — — 590 (26) — — (177) 500 CMBS 227 (2) 12 — (5) (48) 6 — 190 Corporate 1,861 — (33) 312 (76) (3) — — 2,061 RMBS 36 — — 52 (10) — — (38) 40 Total fixed maturities, AFS 2,237 (2) (21) 970 (117) (51) 6 (223) 2,799 FVO securities 167 1 — — (8) — — — 160 Equity securities, at fair value 58 — — — — — — — 58 Short-term investments 25 — — 1 (1) — — — 25 Total Assets $ 2,487 $ (1) $ (21) $ 971 $ (126) $ (51) $ 6 $ (223) $ 3,042 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of March 31, 2023 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2023 Assets Fixed maturities, AFS ABS $ 36 $ — $ — $ — $ — $ — $ — $ (36) $ — CLO 151 — — — (26) — — (40) 85 CMBS 231 (2) 7 2 (1) (5) 6 — 238 Corporate 1,643 (2) (3) 51 (30) (2) 4 (39) 1,622 RMBS 57 — — 19 (7) — — — 69 Total fixed maturities, AFS 2,118 (4) 4 72 (64) (7) 10 (115) 2,014 FVO securities 172 (5) — — (4) — — — 163 Equity securities, at fair value 60 (1) — — — — — — 59 Short-term investments 187 — — 3 (4) — — — 186 Total Assets $ 2,537 $ (10) $ 4 $ 75 $ (72) $ (7) $ 10 $ (115) $ 2,422 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Total realized/unrealized gains (losses) Fair value as of January 1, 2023 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of June 30, 2023 Assets Fixed maturities, AFS ABS $ 30 $ — $ — $ 36 $ — $ — $ — $ (66) $ — CLO 115 — — 40 (30) — — (40) 85 CMBS 222 (2) 2 6 (1) (5) 16 — 238 Corporate 1,589 (1) 28 117 (81) (9) 31 (52) 1,622 RMBS 95 — — 19 (15) — — (30) 69 Total fixed maturities, AFS 2,051 (3) 30 218 (127) (14) 47 (188) 2,014 FVO securities 178 (13) — — (2) — — — 163 Equity securities, at fair value 61 (2) — 1 (1) — — — 59 Short-term investments 193 — — 4 (11) — — — 186 Total Assets $ 2,483 $ (18) $ 30 $ 223 $ (141) $ (14) $ 47 $ (188) $ 2,422 [1] Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2] All amounts are before income taxes. [3] Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Assets Fixed maturities, AFS CMBS $ — $ — $ 1 $ 6 $ — $ — $ 10 $ 2 Corporate — (2) (18) (3) — (2) (32) 28 Total fixed maturities, AFS — (2) (17) 3 — (2) (22) 30 FVO securities (2) (5) — — 1 (13) — — Equity securities, at fair value — (1) — — — (1) — — Total Assets $ (2) $ (8) $ (17) $ 3 $ 1 $ (16) $ (22) $ 30 [1] All amounts in these rows are reported in net realized gains (losses) [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3] Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Financial Assets and Liabilities Not Carried at Fair Value June 30, 2024 December 31, 2023 Fair Value Hierarchy Level Carrying Amount [1] Fair Value Fair Value Hierarchy Level Carrying Amount [1] Fair Value Assets Mortgage loans Level 3 $ 6,357 $ 5,800 Level 3 $ 6,087 $ 5,584 Liabilities Other policyholder funds and benefits payable Level 3 $ 622 $ 622 Level 3 $ 638 $ 639 Senior notes [2] Level 2 $ 3,865 $ 3,415 Level 2 $ 3,863 $ 3,533 Junior subordinated debentures [2] Level 2 $ 499 $ 445 Level 2 $ 499 $ 429 [1] As of June 30, 2024 and December 31, 2023, the carrying amount of mortgage loans is net of ACL of $48 and $51, respectively. [2] Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments [Abstract] | |
Net Realized Capital Gains (Losses) | Net Realized Gains (Losses) Three Months Ended June 30, Six Months Ended June 30, (Before tax) 2024 2023 2024 2023 Gross gains on sales of fixed maturities $ 6 $ 3 $ 11 $ 20 Gross losses on sales of fixed maturities (75) (21) (86) (60) Equity securities [1] Net realized gains (losses) on sales of equity securities (3) 24 (15) 74 Change in net unrealized gains (losses) of equity securities 17 (14) 64 (29) Net realized and unrealized gains (losses) on equity securities 14 10 49 45 Net credit losses on fixed maturities, AFS (1) (3) (2) (8) Change in ACL on mortgage loans — (5) 3 (5) Other, net [2] (3) (48) (6) (63) Net realized (losses) $ (59) $ (64) $ (31) $ (71) [1] The change in net unrealized gains (losses) on equity securities still held as of June 30, 2024 and included in net realized gains (losses) were $15 and $44 for the three and six months ended June 30, 2024, respectively. The change in net unrealized gains (losses) on equity securities still held as of June 30, 2023 and included in net realized gains (losses) were $7 and $7 for the three and six months ended June 30, 2023, respectively. [2] For the three and six months ended June 30, 2024 includes gains (losses) from transactional foreign currency revaluation of $4 and $6, respectively, and gains (losses) on non-qualifying derivatives of $(6), and $(8), respectively. For the three and six months ended June 30, 2023 includes gains (losses) from transactional foreign currency revaluation of $(9) and $(16), respectively, and gains (losses) on non-qualifying derivatives of $(39) and $(34), respectively. |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] | ACL on Fixed Maturities, AFS by Type Three Months Ended June 30, 2024 2023 (Before tax) Corporate CMBS Total Corporate CMBS Total Balance as of beginning of period $ 6 $ 12 $ 18 $ 6 $ 11 $ 17 Credit losses on fixed maturities where an allowance was not previously recorded — 1 1 2 — 2 Reduction due to sales — — — (2) — (2) Net increases (decreases) on fixed maturities where an allowance was previously recorded — — — — 1 1 Balance as of end of period $ 6 $ 13 $ 19 $ 6 $ 12 $ 18 ACL on Fixed Maturities, AFS by Type Six Months Ended June 30, 2024 2023 (Before tax) Corporate CMBS Total Corporate CMBS Total Balance as of beginning of period $ 9 $ 12 $ 21 $ 2 $ 10 $ 12 Credit losses on fixed maturities where an allowance was not previously recorded — 1 1 6 — 6 Reduction due to sales — — — (2) — (2) Net increases (decreases) on fixed maturities where an allowance was previously recorded 1 — 1 — 2 2 Write-offs charged against the allowance (4) — (4) — — — Balance as of end of period $ 6 $ 13 $ 19 $ 6 $ 12 $ 18 |
Schedule of Available-for-sale Securities | Fixed Maturities, AFS, by Type June 30, 2024 December 31, 2023 Amortized ACL Gross Gross Fair Amortized ACL Gross Gross Fair ABS $ 3,041 $ — $ 11 $ (38) $ 3,014 $ 3,347 $ — $ 18 $ (45) $ 3,320 CLO 3,507 — 8 (1) 3,514 3,104 — 3 (17) 3,090 CMBS 3,234 (13) 22 (301) 2,942 3,466 (12) 19 (348) 3,125 Corporate 20,548 (6) 101 (1,150) 19,493 18,691 (9) 197 (1,013) 17,866 Foreign govt./govt. agencies 569 — 3 (26) 546 583 — 6 (27) 562 Municipal 5,555 — 80 (341) 5,294 6,207 — 131 (299) 6,039 RMBS 5,204 — 10 (427) 4,787 4,675 — 18 (406) 4,287 U.S. Treasuries 1,377 — 4 (157) 1,224 1,653 — 26 (150) 1,529 Total fixed maturities, AFS $ 43,035 $ (19) $ 239 $ (2,441) $ 40,814 $ 41,726 $ (21) $ 418 $ (2,305) $ 39,818 |
Investments by Contractual Maturity Year | Fixed Maturities, AFS, by Contractual Maturity Year June 30, 2024 December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 1,535 $ 1,514 $ 1,526 $ 1,501 Over one year through five years 10,109 9,815 9,670 9,433 Over five years through ten years 6,915 6,520 6,568 6,211 Over ten years 9,490 8,708 9,370 8,851 Subtotal 28,049 26,557 27,134 25,996 Mortgage-backed and asset-backed securities 14,986 14,257 14,592 13,822 Total fixed maturities, AFS $ 43,035 $ 40,814 $ 41,726 $ 39,818 |
Unrealized Gain (Loss) on Investments [Table Text Block] | Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2024 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 570 $ (2) $ 775 $ (36) $ 1,345 $ (38) CLO 474 (1) 68 — 542 (1) CMBS 126 (1) 2,640 (300) 2,766 (301) Corporate 3,476 (54) 10,653 (1,096) 14,129 (1,150) Foreign govt./govt. agencies 94 (1) 340 (25) 434 (26) Municipal 680 (11) 3,021 (330) 3,701 (341) RMBS 865 (13) 2,971 (414) 3,836 (427) U.S. Treasuries 198 (13) 794 (144) 992 (157) Total fixed maturities, AFS in an unrealized loss position $ 6,483 $ (96) $ 21,262 $ (2,345) $ 27,745 $ (2,441) Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2023 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 604 $ (6) $ 1,043 $ (39) $ 1,647 $ (45) CLO 209 (1) 2,249 (16) 2,458 (17) CMBS 117 (7) 2,837 (341) 2,954 (348) Corporate 810 (10) 11,149 (1,003) 11,959 (1,013) Foreign govt./govt. agencies 27 — 368 (27) 395 (27) Municipal 329 (3) 3,196 (296) 3,525 (299) RMBS 181 (3) 3,207 (403) 3,388 (406) U.S. Treasuries 120 (11) 1,121 (139) 1,241 (150) Total fixed maturities, AFS in an unrealized loss position $ 2,397 $ (41) $ 25,170 $ (2,264) $ 27,567 $ (2,305) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | ACL on Mortgage Loans Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ACL as of beginning of period $ 48 $ 36 $ 51 $ 36 Current period provision (release) — 5 (3) 5 ACL as of June 30, $ 48 $ 41 $ 48 $ 41 |
Loans Credit Quality | Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2024 2024 2023 2022 2021 2020 2019 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR Greater than 80% $ — —x $ — —x $ 16 1.14x $ 38 1.03x $ — —x $ 103 0.83x $ 157 0.91x 65% - 80% 31 1.31x — —x 189 2.12x 488 2.35x 89 3.58x 363 1.80x 1,160 2.20x Less than 65% 248 1.69x 466 1.42x 746 2.76x 1,044 3.17x 531 3.03x 2,053 2.78x 5,088 2.71x Total mortgage loans $ 279 1.65x $ 466 1.42x $ 951 2.60x $ 1,570 2.86x $ 620 3.11x $ 2,519 2.56x $ 6,405 2.57x [1] Amortized cost of mortgage loans excludes ACL of $48. Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2023 2023 2022 2021 2020 2019 2018 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR Greater than 80% $ — —x $ 16 1.09x $ 38 1.05x $ — —x $ — —x $ 105 1.41x $ 159 1.29x 65% - 80% — —x 189 2.13x 457 2.42x 95 3.47x 98 1.77x 252 1.77x 1,091 2.25x Less than 65% 400 1.47x 724 2.75x 1,105 2.99x 527 2.92x 679 2.90x 1,453 2.67x 4,888 2.72x Total mortgage loans $ 400 1.47x $ 929 2.60x $ 1,600 2.78x $ 622 3.00x $ 777 2.76x $ 1,810 2.47x $ 6,138 2.60x [1] Amortized cost of mortgage loans excludes ACL of $51. Mortgage Loans by Region June 30, 2024 December 31, 2023 Amortized Cost Percent of Total Amortized Cost Percent of Total East North Central $ 375 5.9 % $ 368 6.0 % Middle Atlantic 253 3.9 % 238 3.9 % Mountain 735 11.5 % 699 11.4 % New England 349 5.4 % 351 5.7 % Pacific 1,351 21.1 % 1,326 21.6 % South Atlantic 1,819 28.4 % 1,776 28.9 % West North Central 104 1.6 % 103 1.7 % West South Central 567 8.9 % 445 7.2 % Other [1] 852 13.3 % 832 13.6 % Total mortgage loans 6,405 100.0 % 6,138 100.0 % ACL (48) (51) Total mortgage loans, net of ACL $ 6,357 $ 6,087 [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type June 30, 2024 December 31, 2023 Amortized Cost Percent of Total Amortized Cost Percent of Total Commercial Industrial $ 2,651 41.4 % $ 2,363 38.5 % Multifamily 2,184 34.1 % 2,200 35.9 % Office 565 8.8 % 578 9.4 % Retail [1] 926 14.5 % 917 14.9 % Single Family 79 1.2 % 80 1.3 % Total mortgage loans 6,405 100.0 % 6,138 100.0 % ACL (48) (51) Total mortgage loans, net of ACL $ 6,357 $ 6,087 [1] Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls. |
Schedule of Financial Instruments Owned and Pledged as Collateral | June 30, 2024 December 31, 2023 Fair Value Fair Value Securities on deposit with government agencies $ 2,306 $ 2,339 Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders 935 890 Short-term investments in trust for benefit of Lloyd's Syndicate policyholders 30 30 Fixed maturities in Lloyd's trust account 111 154 Other investments 65 75 Total Other Restricted Investments $ 3,447 $ 3,488 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Balance Sheet Presentation | Derivative Balance Sheet Presentation Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Jun 30, 2024 Dec. 31, 2023 Jun 30, 2024 Dec. 31, 2023 Jun 30, 2024 Dec. 31, 2023 Jun 30, 2024 Dec. 31, 2023 Cash flow hedges Interest rate swaps $ 4,100 $ 3,450 $ 2 $ (1) $ 2 $ 1 $ — $ (2) Foreign currency swaps 657 644 39 13 50 29 (11) (16) Total cash flow hedges 4,757 4,094 41 12 52 30 (11) (18) Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 989 6,626 (3) (5) 1 — (4) (5) Foreign exchange contracts Foreign currency swaps and forwards 657 645 — — — — — — Credit contracts Credit derivatives in offsetting positions 995 998 — — 26 27 (26) (27) Total non-qualifying strategies 2,641 8,269 (3) (5) 27 27 (30) (32) Total cash flow hedges and non-qualifying strategies $ 7,398 $ 12,363 $ 38 $ 7 $ 79 $ 57 $ (41) $ (50) Balance Sheet Location Fixed maturities, available-for-sale $ 657 $ 645 $ — $ — $ — $ — $ — $ — Other investments 5,453 1,662 8 (1) 36 18 (28) (19) Other liabilities 1,288 10,056 30 8 43 39 (13) (31) Total derivatives $ 7,398 $ 12,363 $ 38 $ 7 $ 79 $ 57 $ (41) $ (50) |
Offsetting Liabilities | Offsetting Derivative Assets and Liabilities (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of June 30, 2024 Other investments $ 79 $ 79 $ 8 $ (8) $ — $ — Other liabilities $ (41) $ (38) $ 30 $ (33) $ (2) $ (1) As of December 31, 2023 Other investments $ 57 $ 55 $ (1) $ 3 $ — $ 2 Other liabilities $ (50) $ (36) $ 8 $ (22) $ (13) $ (1) [1] Included in other investments in the Company's Condensed Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. |
Derivatives in Cash Flow Hedging Relationships | Gains (Losses) Recognized in OCI Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate swaps $ (4) $ (14) $ (21) $ (4) Foreign currency swaps 15 (7) 32 (10) Total $ 11 $ (21) $ 11 $ (14) Gains (Losses) Reclassified from AOCI into Income Three months ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net Investment Income Interest Expense Net Investment Income Interest Expense Net Investment Income Interest Expense Net Investment Income Interest Expense Interest rate swaps $ (8) $ 5 $ (7) $ 4 $ (15) $ 9 $ (15) $ 7 Foreign currency swaps 3 — 3 — 6 — 5 — Total $ (5) $ 5 $ (4) $ 4 $ (9) $ 9 $ (10) $ 7 Total amounts presented on the Condensed Consolidated Statement of Operations $ 602 $ 50 $ 540 $ 50 $ 1,195 $ 100 $ 1,055 $ 100 |
Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) | Non-Qualifying Strategies Recognized within Net Realized Gains (Losses) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate contracts Interest rate swaps and futures $ (6) $ (3) $ (3) $ 18 Credit contracts Credit derivatives that purchase credit protection — (36) — (52) Equity contracts Equity index options — — (5) — Total [1] $ (6) $ (39) $ (8) $ (34) Note 4 - Fair Value Measuremen |
Credit Derivatives by Type | Credit Risk Assumed Derivatives by Type Underlying Referenced Credit Obligation(s) [1] Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] As of June 30, 2024 Basket credit default swaps [4] Investment grade risk exposure $ 101 $ (1) 4 years CMBS Credit AAA $ 101 $ 1 Below investment grade risk exposure 396 25 4 years Corporate Credit B+ 396 (25) Below investment grade risk exposure 1 (1) Less than 1 year CMBS Credit CCC- 1 1 Total [5] $ 498 $ 23 $ 498 $ (23) As of December 31, 2023 Basket credit default swaps [4] Investment grade risk exposure $ 101 $ (1) 5 years CMBS Credit AAA $ 101 $ 1 Below investment grade risk exposure 396 24 4 years Corporate Credit B+ 396 (24) Below investment grade risk exposure 2 (1) Less than 1 year CMBS Credit CCC- 2 1 Total [5] $ 499 $ 22 $ 499 $ (22) [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measuremen . |
Premiums Receivable (Tables)
Premiums Receivable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
Premium Receivable, Allowance for Credit Loss [Table Text Block] | Premiums Receivable and Agents' Balances As of June 30, 2024 As of December 31, 2023 Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business") $ 6,025 $ 5,303 Receivables for loss sensitive business, by credit quality: AA 91 94 A 59 54 BBB 140 136 BB 91 84 Below BB 45 45 Total receivables for loss sensitive business 426 413 Total Premiums Receivable and Agents' Balances, Gross 6,451 5,716 ACL (116) (109) Total Premiums Receivable and Agents' Balances, Net of ACL $ 6,335 $ 5,607 Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended June 30, 2024 June 30, 2023 Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Beginning ACL $ 91 $ 20 $ 111 $ 86 $ 25 $ 111 Current period provision 15 1 16 19 — 19 Current period write-offs (12) — (12) (13) — (13) Current period recoveries 1 — 1 2 — 2 Ending ACL $ 95 $ 21 $ 116 $ 94 $ 25 $ 119 Rollforward of ACL on Premiums Receivable and Agents' Balances for the Six Months Ended June 30, 2024 June 30, 2023 Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Receivables Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Beginning ACL $ 89 $ 20 $ 109 $ 85 $ 24 $ 109 Current period provision 30 1 31 31 1 32 Current period write-offs (27) — (27) (27) — (27) Current period recoveries 3 — 3 5 — 5 Ending ACL $ 95 $ 21 $ 116 $ 94 $ 25 $ 119 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable, Credit Quality Indicator [Table Text Block] | Reinsurance Recoverables by Credit Quality Indicator As of June 30, 2024 As of December 31, 2023 P&C Group Benefits Corporate Total P&C Group Benefits Corporate Total A.M. Best Financial Strength Rating A++ $ 2,319 $ — $ — $ 2,319 $ 2,398 $ — $ — $ 2,398 A+ 2,062 263 234 2,559 2,030 251 241 2,522 A 816 1 — 817 810 1 — 811 A- 631 4 — 635 653 5 — 658 B++ 3 — 2 5 2 — 3 5 Below B++ 22 — — 22 22 — — 22 Total Rated by A.M. Best 5,853 268 236 6,357 5,915 257 244 6,416 Mandatory (Assigned) and Voluntary Risk Pools 212 — — 212 208 — — 208 Captives 367 — — 367 353 — — 353 Other not rated companies 219 6 — 225 226 4 — 230 Gross Reinsurance Recoverables 6,651 274 236 7,161 6,702 261 244 7,207 Allowance for uncollectible reinsurance (99) (1) (2) (102) (100) (1) (2) (103) Net Reinsurance Recoverables $ 6,552 $ 273 $ 234 $ 7,059 $ 6,602 $ 260 $ 242 $ 7,104 |
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block] | Allowance for Uncollectible Reinsurance for the Three and Six Months Ended Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 P&C beginning allowance for uncollectible reinsurance $ 98 $ 102 $ 100 $ 102 Beginning allowance for disputed amounts 54 58 57 60 P&C beginning ACL 44 44 43 42 Current period provision 1 1 2 3 P&C ending ACL 45 45 45 45 Ending allowance for disputed amounts 54 62 54 62 P&C ending allowance for uncollectible reinsurance 99 107 99 107 Group Benefits allowance for uncollectible reinsurance 1 1 1 1 Corporate allowance for uncollectible reinsurance 2 2 2 2 Total allowance for uncollectible reinsurance $ 102 $ 110 $ 102 $ 110 |
Reserve for Unpaid Losses and_2
Reserve for Unpaid Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Unfavorable (Favorable) Prior Accident Year Development For the six months ended June 30, 2024 2023 Workers’ compensation $ (119) $ (113) Workers’ compensation discount accretion 23 22 General liability 49 28 Marine (1) (1) Package business (1) (8) Commercial property (5) — Professional liability (7) (3) Bond (22) 12 Assumed reinsurance 24 17 Automobile liability - Commercial Lines 10 6 Automobile liability - Personal Lines (13) — Homeowners (10) 1 Net asbestos and environmental ("A&E") reserves — — Catastrophes (38) (44) Uncollectible reinsurance — 12 Other reserve re-estimates, net — 32 Prior accident year development before change in deferred gain (110) (39) Change in deferred gain on retroactive reinsurance included in other liabilities [1] (61) — Total prior accident year development $ (171) $ (39) |
Group Benefits | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the six months ended June 30, 2024 2023 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 8,274 $ 8,160 Reinsurance recoverables 254 245 Beginning liabilities for unpaid losses and loss adjustment expenses, net 8,020 7,915 Provision for unpaid losses and loss adjustment expenses Current incurral year 2,662 2,622 Prior year's discount accretion 103 103 Prior incurral year development [1] (339) (265) Total provision for unpaid losses and loss adjustment expenses [2] 2,426 2,460 Payments Current incurral year (1,071) (1,012) Prior incurral years (1,455) (1,416) Total payments (2,526) (2,428) Ending liabilities for unpaid losses and loss adjustment expenses, net 7,920 7,947 Reinsurance recoverables 266 243 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 8,186 $ 8,190 [1] Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis. [2] |
Property, Liability and Casualty Insurance Product Line | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the six months ended June 30, 2024 2023 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 34,044 $ 33,083 Reinsurance and other recoverables 6,696 6,465 Beginning liabilities for unpaid losses and loss adjustment expenses, net 27,348 26,618 Provision for unpaid losses and loss adjustment expenses Current accident year 5,088 4,712 Prior accident year development [1] (171) (39) Total provision for unpaid losses and loss adjustment expenses 4,917 4,673 Change in deferred gain on retroactive reinsurance included in other liabilities [1] 61 — Payments Current accident year (987) (997) Prior accident years (2,849) (3,731) Total payments (3,836) (4,728) Foreign currency adjustment (9) 18 Ending liabilities for unpaid losses and loss adjustment expenses, net 28,481 26,581 Reinsurance and other recoverables 6,656 6,448 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 35,137 $ 33,029 [1] Prior accident year development for the six months ended June 30, 2024 includes a $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigators Adverse Development Cover (the "Navigator's ADC") as the Company began collection recoveries of the ceded losses from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc, during the period. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below. |
Reserve for Future Policy Ben_2
Reserve for Future Policy Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Insurance Loss Reserves [Abstract] | |
Liability for Future Policy Benefit, Activity [Table Text Block] | Rollforward of Reserve for Future Policy Benefits For the six months ended June 30, 2024 2023 Payout Annuities Life Conversions Paid-up Life Payout Annuities Life Conversions Paid-up Life Present Value of Expected Net Premiums Balance, beginning of the period $ 49 $ 47 Balance, ending of the period $ 45 $ 44 Present Value of Expected Future Policy Benefits Beginning balance at single-A rate $ 137 $ 113 $ 185 $ 140 $ 112 $ 192 Beginning adjustment for changes in single-A rate 7 (11) (32) 4 (14) (39) Beginning balance at original discount rate 130 124 217 136 126 231 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience 1 2 — 1 3 (1) Adjusted beginning balance 131 126 217 137 129 230 Interest accrual and other 3 9 3 4 9 3 Benefit Payments (6) (16) (12) (6) (14) (9) Ending balance at original discount rate 128 119 208 135 124 224 Ending adjustment for changes in single-A rate 1 (14) (36) 4 (15) (38) Ending balance at single-A rate $ 129 $ 105 $ 172 $ 139 $ 109 $ 186 Net reserve for future policy benefits $ 129 $ 60 $ 172 $ 139 $ 65 $ 186 Weighted-average duration of the reserve for future policy benefits (years) 9.0 11.5 6.3 9.1 12.2 6.3 Net Reserve for Future Policy Benefits As of June 30, 2024 2023 Payout Annuities $ 129 $ 139 Life Conversions 60 65 Paid-up Life 172 186 Deferred Profit Liability 20 19 Other 83 80 Total $ 464 $ 489 Undiscounted Expected Future Gross Premiums and Benefit Payments As of June 30, 2024 2023 Payout Annuities [1] Expected future benefit payments $ 252 $ 267 Life Conversions Expected future gross premiums $ 109 $ 117 Expected future benefit payments $ 199 $ 208 Paid-up Life [1] Expected future benefit payments $ 268 $ 290 [1] Payout Annuities and Paid-up Life have no expected future gross premiums. Weighted-Average Interest Rates As of June 30, 2024 2023 Payout Annuities Interest accretion rate 5.6 % 5.6 % Current discount rate 5.5 % 5.2 % Life Conversions Interest accretion rate 4.2 % 4.2 % Current discount rate 5.5 % 5.2 % Paid-up Life Interest accretion rate 2.9 % 2.9 % Current discount rate 5.4 % 5.3 % |
Other Policyholder Funds and _2
Other Policyholder Funds and Benefits Payable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Insurance Loss Reserves [Abstract] | |
Policyholder Account Balance | Universal Life Long Duration Contracts Rollforward For the six months ended June 30, 2024 2023 Balance, beginning of the period $ 223 $ 232 Premiums Received 6 6 Policy Charges (13) (10) Surrenders and Withdrawals (4) (2) Benefit Payments (6) (3) Interest Credited 4 5 Balance, end of the period $ 210 $ 228 Weighted-average crediting rate 4.2 % 4.2 % Net Amount at Risk [1] $ 870 $ 950 Cash Surrender Value $ 209 $ 226 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Rate Reconciliation | Income Tax Rate Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Tax provision at U.S. federal statutory rate $ 192 $ 141 $ 383 $ 278 Nontaxable investment income (11) (9) (22) (20) Other (7) (7) (29) (15) Provision for income taxes $ 174 $ 125 $ 332 $ 243 |
Summary of Income Tax Contingencies | Rollforward of Unrecognized Tax Benefits Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 27 $ 23 $ 26 $ 22 Gross increases - tax positions in current period — 1 1 2 Lapse of statute of limitations — (1) — (1) Balance, end of period $ 27 $ 23 $ 27 $ 23 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in AOCI, net of tax | Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2024 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (1,642) $ (7) $ 21 $ 36 $ 30 $ (1,435) $ (2,997) OCI before reclassifications (184) — 11 (1) 6 (1) (169) Amounts reclassified from AOCI 70 — — — — 9 79 OCI, before tax (114) — 11 (1) 6 8 (90) Income tax benefit (expense) 24 — (2) — (1) (2) 19 OCI, net of tax (90) — 9 (1) 5 6 (71) Ending balance $ (1,732) $ (7) $ 30 $ 35 $ 35 $ (1,429) $ (3,068) Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2024 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (1,482) $ (8) $ 21 $ 37 $ 25 $ (1,442) $ (2,849) OCI before reclassifications (393) 1 11 (3) 13 1 (370) Amounts reclassified from AOCI 77 — — — — 16 93 OCI, before tax (316) 1 11 (3) 13 17 (277) Income tax benefit (expense) 66 — (2) 1 (3) (4) 58 OCI, net of tax (250) 1 9 (2) 10 13 (219) Ending balance $ (1,732) $ (7) $ 30 $ 35 $ 35 $ (1,429) $ (3,068) Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2023 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (2,008) $ (13) $ 48 $ 33 $ 27 $ (1,341) $ (3,254) OCI before reclassifications (362) 2 (21) 4 6 (1) (372) Amounts reclassified from AOCI 21 2 — — — 7 30 OCI, before tax (341) 4 (21) 4 6 6 (342) Income tax benefit (expense) 72 (1) 4 (1) (1) (1) 72 OCI, net of tax (269) 3 (17) 3 5 5 (270) Ending balance $ (2,277) $ (10) $ 31 $ 36 $ 32 $ (1,336) $ (3,524) Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2023 Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS Unrealized Losses on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Liability for Future Policy Benefits Adjustments Pension and Other Postretirement Plan Adjustments AOCI, Beginning balance $ (2,594) $ (7) $ 40 $ 31 $ 35 $ (1,346) $ (3,841) OCI before reclassifications 353 (6) (14) 6 (4) — 335 Amounts reclassified from AOCI 48 2 3 — — 13 66 OCI, before tax 401 (4) (11) 6 (4) 13 401 Income tax benefit (expense) (84) 1 2 (1) 1 (3) (84) OCI, net of tax 317 (3) (9) 5 (3) 10 317 Ending balance $ (2,277) $ (10) $ 31 $ 36 $ 32 $ (1,336) $ (3,524) |
Reclassifications from AOCI | Reclassifications from AOCI Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Affected Line Item in the Condensed Consolidated Statement of Operations Net Unrealized Gain (Loss) on Fixed Maturities, AFS Available-for-sale fixed maturities $ (70) $ (77) Net realized gains (losses) (70) (77) Total before tax (15) (16) Income tax expense $ (55) $ (61) Net income Net Gain (Loss) on Cash Flow Hedging Instruments Interest rate swaps $ (8) $ (15) Net investment income Interest rate swaps 5 9 Interest expense Foreign currency swaps 3 6 Net investment income — — Total before tax — — Income tax expense $ — $ — Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 1 $ 3 Insurance operating costs and other expenses Amortization of actuarial loss (10) (19) Insurance operating costs and other expenses (9) (16) Total before tax (2) (3) Income tax expense $ (7) $ (13) Net income Total amounts reclassified from AOCI $ (62) $ (74) Net income Reclassifications from AOCI Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Affected Line Item in the Condensed Consolidated Statement of Operations Net Unrealized Gain (Loss) on Fixed Maturities, AFS Available-for-sale fixed maturities $ (21) $ (48) Net realized gains (losses) (21) (48) Total before tax (4) (10) Income tax expense $ (17) $ (38) Net income Unrealized Losses on Fixed Maturities with ACL Available-for-sale fixed maturities $ (2) $ (2) Net realized gains (losses) (2) (2) Total before tax (1) (1) Income tax expense $ (1) $ (1) Net income Net Gain (Loss) on Cash Flow Hedging Instruments Interest rate swaps $ (7) $ (15) Net investment income Interest rate swaps 4 7 Interest expense Foreign currency swaps 3 5 Net investment income — (3) Total before tax — (1) Income tax expense $ — $ (2) Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 1 $ 3 Insurance operating costs and other expenses Amortization of actuarial loss (8) (16) Insurance operating costs and other expenses (7) (13) Total before tax (1) (3) Income tax expense $ (6) $ (10) Net income Total amounts reclassified from AOCI $ (24) $ (51) Net income |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Net Periodic Cost (Benefit) Pension Benefits Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 1 $ 2 $ — $ — $ — $ — Interest cost 44 45 88 90 1 2 3 4 Expected return on plan assets (58) (59) (115) (118) — (1) — (1) Amortization of prior service credit — — — — (1) (1) (3) (3) Amortization of actuarial loss 9 7 17 14 1 1 2 2 Net periodic cost (benefit) $ (4) $ (6) $ (9) $ (12) $ 1 $ 1 $ 2 $ 2 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring and Other Costs, Before Tax Incurred in the Three Months Ended June 30, Incurred in the Six Months Ended June 30, Cumulative Incurred Through June 30, 2024 Total Amount Expected to be Incurred 2024 2023 2024 2023 Severance benefits $ — $ — $ — $ (3) $ 35 $ 35 IT costs — 1 — 2 25 25 Professional fees and other expenses — 2 1 4 65 66 Total restructuring and other costs, before tax $ — $ 3 $ 1 $ 3 $ 125 $ 126 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share - Computation of Basic and Diluted Earnings Per Common 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 | ||||
Net income | $ 738 | $ 547 | $ 1,491 | $ 1,082 |
Less: Preferred stock dividends | 5 | 5 | 10 | 10 |
Net income available to common stockholders | $ 733 | $ 542 | $ 1,481 | $ 1,072 |
Shares | ||||
Weighted average common shares outstanding, basic | 295.5 | 309.4 | 296.8 | 311.7 |
Dilutive effect of stock-based awards under compensation plans | 4.4 | 3.9 | 4.5 | 4.3 |
Weighted average common shares outstanding and dilutive potential common shares | 299.9 | 313.3 | 301.3 | 316 |
Earnings Per Share, Basic [Abstract] | ||||
Net income available to common stockholders | $ 2.48 | $ 1.75 | $ 4.99 | $ 3.44 |
Earnings Per Share, Diluted [Abstract] | ||||
Net income available to common stockholders | $ 2.44 | $ 1.73 | $ 4.92 | $ 3.39 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Financial Position [Abstract] | |
Number of Reportable Segments | 5 |
Segment Information - Net Incom
Segment Information - Net Income (Details) - 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 | $ 738 | $ 547 | $ 1,491 | $ 1,082 |
Net income available to common stockholders | 733 | 542 | 1,481 | 1,072 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net income | (17) | (26) | (32) | (50) |
Commercial Lines | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 540 | 458 | 1,113 | 879 |
Personal Lines | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | (11) | (60) | 23 | (61) |
Property & Casualty Other Operations | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 11 | 9 | 19 | 15 |
Group Benefits | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 171 | 121 | 279 | 213 |
Hartford Funds | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | $ 44 | $ 45 | $ 89 | $ 86 |
Segment Information - Revenues
Segment Information - Revenues (Details) - 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] | ||||
Earned premiums and fee income | $ 5,917 | $ 5,548 | $ 11,696 | $ 10,930 |
Net investment income | 602 | 540 | 1,195 | 1,055 |
Net realized losses | (59) | (64) | (31) | (71) |
Other revenues | 26 | 25 | 45 | 45 |
Total revenues | 6,486 | 6,049 | 12,905 | 11,959 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 10 | 11 | 20 | 20 |
Commercial Lines | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 3,132 | 2,896 | 6,191 | 5,672 |
Commercial Lines | Operating Segments [Member] | Workers’ compensation | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 926 | 924 | 1,843 | 1,822 |
Commercial Lines | Operating Segments [Member] | Liability | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 540 | 502 | 1,066 | 988 |
Commercial Lines | Operating Segments [Member] | Marine | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 67 | 66 | 134 | 125 |
Commercial Lines | Operating Segments [Member] | Package business | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 572 | 514 | 1,121 | 998 |
Commercial Lines | Operating Segments [Member] | Property | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 306 | 244 | 596 | 472 |
Commercial Lines | Operating Segments [Member] | Professional liability | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 200 | 196 | 403 | 384 |
Commercial Lines | Operating Segments [Member] | Bond | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 80 | 80 | 158 | 157 |
Commercial Lines | Operating Segments [Member] | Assumed reinsurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 180 | 143 | 361 | 281 |
Commercial Lines | Operating Segments [Member] | Automobile | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 261 | 227 | 509 | 445 |
Personal Lines | AARP Members [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 788 | 710 | 1,550 | 1,400 |
Personal Lines | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 857 | 767 | 1,678 | 1,514 |
Personal Lines | Operating Segments [Member] | Property | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 259 | 239 | 508 | 471 |
Personal Lines | Operating Segments [Member] | Automobile | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 598 | 528 | 1,170 | 1,043 |
Group Benefits | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 1,665 | 1,630 | 3,304 | 3,239 |
Group Benefits | Operating Segments [Member] | Group disability | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 895 | 878 | 1,785 | 1,744 |
Group Benefits | Operating Segments [Member] | Group life | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 663 | 650 | 1,308 | 1,293 |
Group Benefits | Operating Segments [Member] | Other | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 107 | 102 | 211 | 202 |
Hartford Funds | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 253 | 244 | 503 | 485 |
Hartford Funds | Operating Segments [Member] | Mutual fund and ETF | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | 235 | 226 | 466 | 449 |
Hartford Funds | Operating Segments [Member] | Third-party life and annuity separate accounts | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums and fee income | $ 18 | $ 18 | $ 37 | $ 36 |
Segment Information - Non-insur
Segment Information - Non-insurance Revenue from Customers (Details) - 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] | ||||
Insurance Commissions and Fees | $ 339 | $ 328 | $ 672 | $ 647 |
Other revenues | 26 | 25 | 45 | 45 |
Non-insurance revenues with customers | 364 | 352 | 716 | 690 |
Installment billing fees [Member] | Operating Segments [Member] | Commercial Lines | ||||
Segment Reporting Information [Line Items] | ||||
Insurance Commissions and Fees | 11 | 10 | 22 | 20 |
Installment billing fees [Member] | Operating Segments [Member] | Personal Lines | ||||
Segment Reporting Information [Line Items] | ||||
Insurance Commissions and Fees | 8 | 7 | 16 | 15 |
Insurance servicing revenues | Operating Segments [Member] | Personal Lines | ||||
Segment Reporting Information [Line Items] | ||||
Other revenues | 25 | 24 | 44 | 43 |
Administrative services | Operating Segments [Member] | Group Benefits | ||||
Segment Reporting Information [Line Items] | ||||
Insurance Commissions and Fees | 57 | 56 | 111 | 107 |
Advisor, distribution and other management fees | Operating Segments [Member] | Hartford Funds | ||||
Segment Reporting Information [Line Items] | ||||
Insurance Commissions and Fees | 253 | 244 | 503 | 485 |
Investment management and other fees | Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Insurance Commissions and Fees | $ 10 | $ 11 | $ 20 | $ 20 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Hierarchy (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | $ 40,814 | $ 39,818 |
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 272 | 327 |
Equity securities, at fair value [1] | 591 | 864 |
Derivative assets | 8 | (1) |
Short-term investments | 3,701 | 3,850 |
Total assets accounted for at fair value on a recurring basis | 45,386 | 44,858 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 30 | 8 |
Total liabilities accounted for at fair value on a recurring basis | $ 30 | 8 |
Equity Security, FV-NI, Contractual Sale Restriction, Nature of Restriction and Circumstance for Lapse | Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company. | |
Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | (10) | |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 10 | |
Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | $ 8 | 9 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 31 | 4 |
Interest rate derivatives | ||
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (1) | (6) |
Asset-backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 3,014 | 3,320 |
Collateralized Loan Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 3,514 | 3,090 |
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 160 | 167 |
CMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 2,942 | 3,125 |
Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 19,493 | 17,866 |
Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 546 | 562 |
Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 5,294 | 6,039 |
RMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 4,787 | 4,287 |
U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 1,224 | 1,529 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 18 |
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 0 | 0 |
Equity securities, at fair value [1] | 325 | 333 |
Derivative assets | 0 | 0 |
Short-term investments | 779 | 1,400 |
Total assets accounted for at fair value on a recurring basis | 1,104 | 1,751 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate derivatives | ||
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Loan Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | CMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | RMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 18 |
Significant Observable Inputs (Level 2) | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 38,015 | 37,563 |
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 112 | 160 |
Equity securities, at fair value [1] | 208 | 473 |
Derivative assets | 8 | (1) |
Short-term investments | 2,897 | 2,425 |
Total assets accounted for at fair value on a recurring basis | 41,240 | 40,620 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 30 | 8 |
Total liabilities accounted for at fair value on a recurring basis | 30 | 8 |
Significant Observable Inputs (Level 2) | Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | (10) | |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 10 | |
Significant Observable Inputs (Level 2) | Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 8 | 9 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 31 | 4 |
Significant Observable Inputs (Level 2) | Interest rate derivatives | ||
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (1) | (6) |
Significant Observable Inputs (Level 2) | Asset-backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 3,006 | 3,320 |
Significant Observable Inputs (Level 2) | Collateralized Loan Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 3,014 | 2,977 |
Significant Observable Inputs (Level 2) | CMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 2,752 | 2,898 |
Significant Observable Inputs (Level 2) | Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 17,432 | 16,005 |
Significant Observable Inputs (Level 2) | Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 546 | 562 |
Significant Observable Inputs (Level 2) | Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 5,294 | 6,039 |
Significant Observable Inputs (Level 2) | RMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 4,747 | 4,251 |
Significant Observable Inputs (Level 2) | U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 1,224 | 1,511 |
Significant Unobservable Inputs (Level 3) | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 2,799 | 2,237 |
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 160 | 167 |
Equity securities, at fair value [1] | 58 | 58 |
Derivative assets | 0 | 0 |
Short-term investments | 25 | 25 |
Total assets accounted for at fair value on a recurring basis | 3,042 | 2,487 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Interest rate derivatives | ||
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 8 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 500 | 113 |
Significant Unobservable Inputs (Level 3) | CMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 190 | 227 |
Significant Unobservable Inputs (Level 3) | Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 2,061 | 1,861 |
Significant Unobservable Inputs (Level 3) | Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | RMBS | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 40 | 36 |
Significant Unobservable Inputs (Level 3) | U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Debt Securities, Available-for-sale | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Liabilities accounted for at fair value on a recurring basis | ||
Deposit Assets | $ 65 | $ 75 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs Securities (Details) $ in Millions | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | $ 40,814 | $ 39,818 |
Other Short-term Investments | 3,701 | 3,850 |
Collateralized Loan Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 3,514 | 3,090 |
CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 2,942 | 3,125 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 19,493 | 17,866 |
RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 4,787 | 4,287 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 2,799 | 2,237 |
Other Short-term Investments | 25 | 25 |
Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 500 | 113 |
Significant Unobservable Inputs (Level 3) | CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 190 | 227 |
Significant Unobservable Inputs (Level 3) | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 2,061 | 1,861 |
Significant Unobservable Inputs (Level 3) | RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | 40 | 36 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | $ 97 | $ 98 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.75 | 2.68 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.75 | 2.70 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | Measurement Input, Credit Spread [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.75 | 2.69 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | $ 188 | $ 226 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | CMBS | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1.90 | 3.65 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | CMBS | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 12.93 | 13.15 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | CMBS | Measurement Input, Credit Spread [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 4.51 | 5.09 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | $ 1,945 | $ 1,741 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.11 | 0.49 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 17.21 | 7.43 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate | Measurement Input, Credit Spread [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 3.35 | 3.23 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale | $ 27 | $ 36 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.89 | 0.32 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 4.18 | 2.98 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Credit Spread [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1.57 | 1.61 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Constant Prepayment Rate [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.01 | 0.01 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Constant Prepayment Rate [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.17 | 0.05 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.04 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Default Rate [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.01 | 0.01 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Default Rate [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.05 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.02 | 0.02 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Loss Severity [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.30 | 0.10 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Loss Severity [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.64 | 0.70 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | RMBS | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.38 | 0.41 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Short-term investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Short-term Investments | $ 16 | $ 15 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Short-term investments | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Measurement Input | 9.11 | 5.79 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Short-term investments | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Measurement Input | 9.11 | 12.54 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Short-term investments | Measurement Input, Credit Spread [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Measurement Input | 9.11 | 12.25 |
Fair Value Measurements - Sig_2
Fair Value Measurements - Significant Unobservable Inputs Freestanding Derivatives (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Adjustment Resulting from Broker Prices Received | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1 | $ 1 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Recurring Basis, Unobservable Input (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Assets | ||||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Assets | ||||
Beginning balance | $ 2,684 | $ 2,537 | $ 2,487 | $ 2,483 |
Total realized/unrealized gains (losses), Included in net income | (4) | (10) | (1) | (18) |
Total realized/unrealized gains (losses), Included in OCI | (16) | 4 | (21) | 30 |
Purchases | 680 | 75 | 971 | 223 |
Settlements | (77) | (72) | (126) | (141) |
Sales | (49) | (7) | (51) | (14) |
Transfers into Level 3 | 0 | 10 | 6 | 47 |
Transfers out of Level 3 | (176) | (115) | (223) | (188) |
Ending balance | 3,042 | 2,422 | 3,042 | 2,422 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity securities, at fair value | ||||
Assets | ||||
Beginning balance | 58 | 60 | 58 | 61 |
Total realized/unrealized gains (losses), Included in net income | 0 | (1) | 0 | (2) |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 1 |
Settlements | 0 | 0 | 0 | (1) |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 58 | 59 | 58 | 59 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Short-term investments | ||||
Assets | ||||
Beginning balance | 26 | 187 | 25 | 193 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 3 | 1 | 4 |
Settlements | (1) | (4) | (1) | (11) |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 25 | 186 | 25 | 186 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 2,433 | 2,118 | 2,237 | 2,051 |
Total realized/unrealized gains (losses), Included in net income | (2) | (4) | (2) | (3) |
Total realized/unrealized gains (losses), Included in OCI | (16) | 4 | (21) | 30 |
Purchases | 680 | 72 | 970 | 218 |
Settlements | (71) | (64) | (117) | (127) |
Sales | (49) | (7) | (51) | (14) |
Transfers into Level 3 | 0 | 10 | 6 | 47 |
Transfers out of Level 3 | (176) | (115) | (223) | (188) |
Ending balance | 2,799 | 2,014 | 2,799 | 2,014 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | ABS | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 16 | 36 | 0 | 30 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 16 | 36 |
Settlements | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (8) | (36) | (8) | (66) |
Ending balance | 8 | 0 | 8 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | Collateralized Loan Obligations [Member] | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 184 | 151 | 113 | 115 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 460 | 0 | 590 | 40 |
Settlements | (14) | (26) | (26) | (30) |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (130) | (40) | (177) | (40) |
Ending balance | 500 | 85 | 500 | 85 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | CMBS | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 241 | 231 | 227 | 222 |
Total realized/unrealized gains (losses), Included in net income | (2) | (2) | (2) | (2) |
Total realized/unrealized gains (losses), Included in OCI | 2 | 7 | 12 | 2 |
Purchases | 0 | 2 | 0 | 6 |
Settlements | (3) | (1) | (5) | (1) |
Sales | (48) | (5) | (48) | (5) |
Transfers into Level 3 | 0 | 6 | 6 | 16 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 190 | 238 | 190 | 238 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | Corporate | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 1,923 | 1,643 | 1,861 | 1,589 |
Total realized/unrealized gains (losses), Included in net income | 0 | (2) | 0 | (1) |
Total realized/unrealized gains (losses), Included in OCI | (18) | (3) | (33) | 28 |
Purchases | 206 | 51 | 312 | 117 |
Settlements | (49) | (30) | (76) | (81) |
Sales | (1) | (2) | (3) | (9) |
Transfers into Level 3 | 0 | 4 | 0 | 31 |
Transfers out of Level 3 | 0 | (39) | 0 | (52) |
Ending balance | 2,061 | 1,622 | 2,061 | 1,622 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | RMBS | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 69 | 57 | 36 | 95 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 14 | 19 | 52 | 19 |
Settlements | (5) | (7) | (10) | (15) |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (38) | 0 | (38) | (30) |
Ending balance | 40 | 69 | 40 | 69 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fair Value Option, Other Eligible Items | Collateralized Loan Obligations [Member] | Total Fixed Maturities, AFS | ||||
Assets | ||||
Beginning balance | 167 | 172 | 167 | 178 |
Total realized/unrealized gains (losses), Included in net income | (2) | (5) | 1 | (13) |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | (5) | (4) | (8) | (2) |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 160 | $ 163 | $ 160 | $ 163 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Unrealized Gains (Losses) Included in Net Income for Financial Instruments Classified as Level 3 Still Held at Year End (Details) - 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] | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized losses | Net realized losses | ||
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | $ (2) | $ (8) | $ 1 | $ (16) |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | (1) | 0 | (1) |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Other Comprehensive Income (Loss) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (17) | 3 | (22) | 30 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Other Comprehensive Income (Loss) [Member] | Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | (2) | 0 | (2) |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (17) | 3 | (22) | 30 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | Fair Value Option, Other Eligible Items | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (2) | (5) | 1 | (13) |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member] | Fair Value Option, Other Eligible Items | Other Comprehensive Income (Loss) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | CMBS | Securities available-for-sale and other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | CMBS | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 1 | 6 | 10 | 2 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate | Securities available-for-sale and other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | (2) | 0 | (2) |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | $ (18) | $ (3) | $ (32) | $ 28 |
Fair Value Measurements - Fai_3
Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||||
Fixed maturities, at fair value using the fair value option ("FVO Securities") | $ 272 | $ 272 | $ 327 | ||
Changes in fair value of assets using fair value option | (1) | $ (3) | 3 | $ (11) | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 272 | 272 | 327 | ||
Changes in fair value of assets using fair value option | (1) | $ (3) | 3 | $ (11) | |
Collateralized Loan Obligations [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Fixed maturities, at fair value using the fair value option ("FVO Securities") | 160 | 160 | 167 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fixed maturities, at fair value using the fair value option ("FVO Securities") | $ 160 | $ 160 | $ 167 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | $ 6,357 | $ 6,087 | ||||
Other policyholder funds and benefits payable | 622 | 638 | $ 647 | |||
Commercial Loan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 48 | $ 48 | 51 | $ 41 | $ 36 | $ 36 |
Financing Receivable, after Allowance for Credit Loss | 6,357 | 6,087 | ||||
Significant Unobservable Inputs (Level 3) | Carrying Amount | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 6,357 | 6,087 | ||||
Other policyholder funds and benefits payable | 622 | 638 | ||||
Significant Unobservable Inputs (Level 3) | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 5,800 | 5,584 | ||||
Other policyholder funds and benefits payable | 622 | 639 | ||||
Significant Observable Inputs (Level 2) | Carrying Amount | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Senior Notes | 3,865 | 3,863 | ||||
Junior Subordinated Debentures | 499 | 499 | ||||
Significant Observable Inputs (Level 2) | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Senior Notes | 3,415 | 3,533 | ||||
Junior Subordinated Debentures | $ 445 | $ 429 |
Investments - Investments - Net
Investments - Investments - Net Realized Capital Gains (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Investments [Line Items] | ||||
Net realized losses | $ (59) | $ (64) | $ (31) | $ (71) |
Proceeds from Sale of Debt Securities, Available-for-sale | 5,151 | 3,507 | ||
Debt Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | 2,300 | 600 | 2,700 | 2,000 |
Not Designated as Hedging Instrument | ||||
Schedule of Investments [Line Items] | ||||
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax | 4 | (9) | 6 | (16) |
Non-qualifying foreign currency derivatives | (6) | (39) | (8) | (34) |
Realized Investment Gains Losses | ||||
Schedule of Investments [Line Items] | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 15 | 7 | 44 | 7 |
Other, net | ||||
Schedule of Investments [Line Items] | ||||
Other, net | (3) | (48) | (6) | (63) |
Total Fixed Maturities, AFS | ||||
Schedule of Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Realized Gain | 6 | 3 | 11 | 20 |
Gross losses on sales of fixed maturities | (75) | (21) | (86) | (60) |
Change in ACL on fixed maturities, AFS | (1) | (3) | (2) | (8) |
Equity Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Equity Securities, FV-NI, Realized Gain (Loss) | (3) | 24 | (15) | 74 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 17 | (14) | 64 | (29) |
Equity securities | 14 | 10 | 49 | 45 |
Mortgages [Member] | ||||
Schedule of Investments [Line Items] | ||||
Change in ACL on mortgage loans | $ 0 | $ (5) | $ 3 | $ (5) |
Investments - Investments - Acc
Investments - Investments - Accrued Interest Receivable on Fixed Maturities, AFS and Mortgage Loans (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Interest Receivable | $ 395 | $ 371 |
Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Interest Receivable | $ 22 | $ 20 |
Investments - Investments - ACL
Investments - Investments - ACL on Fixed Maturities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 18 | $ 17 | $ 21 | $ 12 |
Credit losses on fixed maturities where credit losses were not previously recorded | 1 | 2 | 1 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 2 | 0 | 2 |
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period | 0 | 1 | 1 | 2 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff | 4 | 0 | ||
Corporate | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 6 | 6 | 9 | 2 |
Credit losses on fixed maturities where credit losses were not previously recorded | 0 | 2 | 0 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 2 | 0 | 2 |
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period | 0 | 0 | 1 | 0 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff | 4 | 0 | ||
CMBS | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 12 | 11 | 12 | 10 |
Credit losses on fixed maturities where credit losses were not previously recorded | 1 | 0 | 1 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | 0 | 0 |
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period | $ 0 | $ 1 | 0 | 2 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff | $ 0 | $ 0 |
Investments - Investments - Ava
Investments - Investments - Available-for-Sale Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | $ 43,035 | $ 41,726 | ||||
Allowance for credit losses, fixed maturity, AFS | (19) | $ (18) | (21) | $ (18) | $ (17) | $ (12) |
Gross Unrealized Gains, fixed maturities, available-for-sale | 239 | 418 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (2,441) | (2,305) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 40,814 | 39,818 | ||||
ABS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 3,041 | 3,347 | ||||
Allowance for credit losses, fixed maturity, AFS | 0 | 0 | ||||
Gross Unrealized Gains, fixed maturities, available-for-sale | 11 | 18 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (38) | (45) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 3,014 | 3,320 | ||||
Collateralized Loan Obligations [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 3,507 | 3,104 | ||||
Allowance for credit losses, fixed maturity, AFS | 0 | 0 | ||||
Gross Unrealized Gains, fixed maturities, available-for-sale | 8 | 3 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (1) | (17) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 3,514 | 3,090 | ||||
CMBS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 3,234 | 3,466 | ||||
Allowance for credit losses, fixed maturity, AFS | (13) | (12) | (12) | (12) | (11) | (10) |
Gross Unrealized Gains, fixed maturities, available-for-sale | 22 | 19 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (301) | (348) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 2,942 | 3,125 | ||||
Corporate | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 20,548 | 18,691 | ||||
Allowance for credit losses, fixed maturity, AFS | (6) | $ (6) | (9) | $ (6) | $ (6) | $ (2) |
Gross Unrealized Gains, fixed maturities, available-for-sale | 101 | 197 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (1,150) | (1,013) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 19,493 | 17,866 | ||||
Foreign Govt./Govt. Agencies | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 569 | 583 | ||||
Allowance for credit losses, fixed maturity, AFS | 0 | 0 | ||||
Gross Unrealized Gains, fixed maturities, available-for-sale | 3 | 6 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (26) | (27) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 546 | 562 | ||||
Municipal | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 5,555 | 6,207 | ||||
Allowance for credit losses, fixed maturity, AFS | 0 | 0 | ||||
Gross Unrealized Gains, fixed maturities, available-for-sale | 80 | 131 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (341) | (299) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 5,294 | 6,039 | ||||
RMBS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 5,204 | 4,675 | ||||
Allowance for credit losses, fixed maturity, AFS | 0 | 0 | ||||
Gross Unrealized Gains, fixed maturities, available-for-sale | 10 | 18 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (427) | (406) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | 4,787 | 4,287 | ||||
U.S. Treasuries | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed maturities, available-for-sale, at fair value, amortized cost | 1,377 | 1,653 | ||||
Allowance for credit losses, fixed maturity, AFS | 0 | 0 | ||||
Gross Unrealized Gains, fixed maturities, available-for-sale | 4 | 26 | ||||
Gross Unrealized Losses, fixed maturities, available-for-sale | (157) | (150) | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | $ 1,224 | $ 1,529 |
Investments - Investments - Fix
Investments - Investments - Fixed Maturities, AFS, by Contractual Maturity Year (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
One year or less | $ 1,535 | $ 1,526 |
Over one year through five years | 10,109 | 9,670 |
Over five years through ten years | 6,915 | 6,568 |
Over ten years | 9,490 | 9,370 |
Subtotal | 28,049 | 27,134 |
Mortgage-backed and asset-backed securities | 14,986 | 14,592 |
Fixed maturities, available-for-sale, at fair value, amortized cost | 43,035 | 41,726 |
Fair Value | ||
One year or less | 1,514 | 1,501 |
Over one year through five years | 9,815 | 9,433 |
Over five years through ten years | 6,520 | 6,211 |
Over ten years | 8,708 | 8,851 |
Subtotal | 26,557 | 25,996 |
Mortgage-backed and asset-backed securities | 14,257 | 13,822 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805) | $ 40,814 | $ 39,818 |
Investments - Investments - Con
Investments - Investments - Concentration of Credit Risk (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Investments, All Other Investments [Abstract] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Investments - Investments - Unr
Investments - Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 4,033 | |
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 94% | |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 570 | $ 604 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 775 | 1,043 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 36 | 39 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 1,345 | 1,647 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 38 | 45 |
Collateralized Loan Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 474 | 209 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 68 | 2,249 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 16 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 542 | 2,458 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 1 | 17 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 126 | 117 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,640 | 2,837 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 300 | 341 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 2,766 | 2,954 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 301 | 348 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,476 | 810 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 54 | 10 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 10,653 | 11,149 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,096 | 1,003 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 14,129 | 11,959 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 1,150 | 1,013 |
Foreign Govt./Govt. Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 94 | 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 340 | 368 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 25 | 27 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 434 | 395 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 26 | 27 |
Municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 680 | 329 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 11 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,021 | 3,196 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 330 | 296 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 3,701 | 3,525 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 341 | 299 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 865 | 181 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,971 | 3,207 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 414 | 403 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 3,836 | 3,388 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 427 | 406 |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 198 | 120 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 11 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 794 | 1,121 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 144 | 139 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 992 | 1,241 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 157 | 150 |
Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6,483 | 2,397 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 96 | 41 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 21,262 | 25,170 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,345 | 2,264 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 27,745 | 27,567 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | $ 2,441 | $ 2,305 |
Investments - Investments - Mor
Investments - Investments - Mortgage Loans- Valuation Allowance Activity (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans held-for-sale | 0 | 0 | 0 | ||
Number of loans with modifications | 0 | 0 | 0 | 0 | |
Commercial Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 |
Investments - Investments - A_2
Investments - Investments - ACL on Mortgages (Details) - Commercial Loan [Member] - 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 Loss [Line Items] | ||||
Beginning balance | $ (48) | $ (36) | $ (51) | $ (36) |
Current period provision | $ 0 | $ 5 | $ (3) | $ 5 |
Investments - Investments - Loa
Investments - Investments - Loan-to-Value and Debt Service Coverage Ratio by Origination Year (Details) $ in Millions | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Schedule of Investments [Line Items] | ||||||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 55% | |||||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 59% | |||||
Commercial Loan [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.57 | 2.60 | ||||
Financing Receivable, before Allowance for Credit Loss | $ 6,405 | $ 6,138 | ||||
Financing Receivable, Allowance for Credit Loss | $ 48 | $ 48 | $ 51 | $ 41 | $ 36 | $ 36 |
Commercial Loan [Member] | Originated in Current Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.65 | 1.47 | ||||
Commercial Loan [Member] | Originated in Fiscal Year Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.42 | 2.60 | ||||
Commercial Loan [Member] | Originated Two Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.60 | 2.78 | ||||
Commercial Loan [Member] | Originated Three Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.86 | 3 | ||||
Commercial Loan [Member] | Originated Four Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 3.11 | 2.76 | ||||
Commercial Loan [Member] | Originated Five or More Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.56 | 2.47 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 0.91 | 1.29 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated in Current Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 0 | 0 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated in Fiscal Year Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 0 | 1.09 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Two Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.14 | 1.05 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Three Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.03 | 0 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Four Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 0 | 0 | ||||
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Five or More Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 0.83 | 1.41 | ||||
Commercial Loan [Member] | 65% - 80% | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.20 | 2.25 | ||||
Commercial Loan [Member] | 65% - 80% | Originated in Current Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.31 | 0 | ||||
Commercial Loan [Member] | 65% - 80% | Originated in Fiscal Year Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 0 | 2.13 | ||||
Commercial Loan [Member] | 65% - 80% | Originated Two Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.12 | 2.42 | ||||
Commercial Loan [Member] | 65% - 80% | Originated Three Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.35 | 3.47 | ||||
Commercial Loan [Member] | 65% - 80% | Originated Four Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 3.58 | 1.77 | ||||
Commercial Loan [Member] | 65% - 80% | Originated Five or More Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.80 | 1.77 | ||||
Commercial Loan [Member] | Less than 65% | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.71 | 2.72 | ||||
Commercial Loan [Member] | Less than 65% | Originated in Current Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.69 | 1.47 | ||||
Commercial Loan [Member] | Less than 65% | Originated in Fiscal Year Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 1.42 | 2.75 | ||||
Commercial Loan [Member] | Less than 65% | Originated Two Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.76 | 2.99 | ||||
Commercial Loan [Member] | Less than 65% | Originated Three Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 3.17 | 2.92 | ||||
Commercial Loan [Member] | Less than 65% | Originated Four Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 3.03 | 2.90 | ||||
Commercial Loan [Member] | Less than 65% | Originated Five or More Years Before Latest Fiscal Year | ||||||
Schedule of Investments [Line Items] | ||||||
Avg. Debt-Service Coverage Ratio | 2.78 | 2.67 | ||||
Amortized Cost [Member] | Commercial Loan [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Mortgage loans originated in current year | $ 279 | $ 400 | ||||
Mortgage loans originated in year before latest fiscal year | 466 | 929 | ||||
Mortgage loans originated two years before latest fiscal year | 951 | 1,600 | ||||
Mortgage loans originated three years before latest fiscal year | 1,570 | 622 | ||||
Mortgage loans originated four years before latest fiscal year | 620 | 777 | ||||
Mortgage loans originated five or more years before latest fiscal year | 2,519 | 1,810 | ||||
Financing Receivable, before Allowance for Credit Loss | 6,405 | 6,138 | ||||
Amortized Cost [Member] | Commercial Loan [Member] | LTV Greater than 80 Percent | ||||||
Schedule of Investments [Line Items] | ||||||
Mortgage loans originated in current year | 0 | 0 | ||||
Mortgage loans originated in year before latest fiscal year | 0 | 16 | ||||
Mortgage loans originated two years before latest fiscal year | 16 | 38 | ||||
Mortgage loans originated three years before latest fiscal year | 38 | 0 | ||||
Mortgage loans originated four years before latest fiscal year | 0 | 0 | ||||
Mortgage loans originated five or more years before latest fiscal year | 103 | 105 | ||||
Financing Receivable, before Allowance for Credit Loss | 157 | 159 | ||||
Amortized Cost [Member] | Commercial Loan [Member] | 65% - 80% | ||||||
Schedule of Investments [Line Items] | ||||||
Mortgage loans originated in current year | 31 | 0 | ||||
Mortgage loans originated in year before latest fiscal year | 0 | 189 | ||||
Mortgage loans originated two years before latest fiscal year | 189 | 457 | ||||
Mortgage loans originated three years before latest fiscal year | 488 | 95 | ||||
Mortgage loans originated four years before latest fiscal year | 89 | 98 | ||||
Mortgage loans originated five or more years before latest fiscal year | 363 | 252 | ||||
Financing Receivable, before Allowance for Credit Loss | 1,160 | 1,091 | ||||
Amortized Cost [Member] | Commercial Loan [Member] | Less than 65% | ||||||
Schedule of Investments [Line Items] | ||||||
Mortgage loans originated in current year | 248 | 400 | ||||
Mortgage loans originated in year before latest fiscal year | 466 | 724 | ||||
Mortgage loans originated two years before latest fiscal year | 746 | 1,105 | ||||
Mortgage loans originated three years before latest fiscal year | 1,044 | 527 | ||||
Mortgage loans originated four years before latest fiscal year | 531 | 679 | ||||
Mortgage loans originated five or more years before latest fiscal year | 2,053 | 1,453 | ||||
Financing Receivable, before Allowance for Credit Loss | $ 5,088 | $ 4,888 |
Investments - Investments - M_2
Investments - Investments - Mortgage Loans by Region and Property Type (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | $ 6,357 | $ 6,087 | ||||
Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 6,405 | $ 6,138 | ||||
Percent of Total | 100% | 100% | ||||
Financing Receivable, Allowance for Credit Loss | $ (48) | $ (48) | $ (51) | $ (41) | $ (36) | $ (36) |
Financing Receivable, after Allowance for Credit Loss | 6,357 | 6,087 | ||||
Commercial Loan [Member] | Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 2,651 | $ 2,363 | ||||
Percent of Total | 41.40% | 38.50% | ||||
Commercial Loan [Member] | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 2,184 | $ 2,200 | ||||
Percent of Total | 34.10% | 35.90% | ||||
Commercial Loan [Member] | Office | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 565 | $ 578 | ||||
Percent of Total | 8.80% | 9.40% | ||||
Commercial Loan [Member] | Retail | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 926 | $ 917 | ||||
Percent of Total | 14.50% | 14.90% | ||||
Commercial Loan [Member] | Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 79 | $ 80 | ||||
Percent of Total | 1.20% | 1.30% | ||||
East North Central [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 375 | $ 368 | ||||
Percent of Total | 5.90% | 6% | ||||
Middle Atlantic [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 253 | $ 238 | ||||
Percent of Total | 3.90% | 3.90% | ||||
Mountain [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 735 | $ 699 | ||||
Percent of Total | 11.50% | 11.40% | ||||
New England [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 349 | $ 351 | ||||
Percent of Total | 5.40% | 5.70% | ||||
Pacific [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 1,351 | $ 1,326 | ||||
Percent of Total | 21.10% | 21.60% | ||||
South Atlantic [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 1,819 | $ 1,776 | ||||
Percent of Total | 28.40% | 28.90% | ||||
West North Central [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 104 | $ 103 | ||||
Percent of Total | 1.60% | 1.70% | ||||
West South Central [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 567 | $ 445 | ||||
Percent of Total | 8.90% | 7.20% | ||||
Region Others [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 852 | $ 832 | ||||
Percent of Total | 13.30% | 13.60% |
Investments - Investments - Pas
Investments - Investments - Past-Due Mortgage Loans (Details) - Commercial Loan [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,405 | $ 6,138 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Investments - Investments - M_3
Investments - Investments - Mortgage Servicing (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $ 9,800 | $ 9,400 |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 4,600 | 4,400 |
Servicing Asset at Fair Value, Amount | 0 | 0 |
Investments [Member] | ||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | $ 5,200 | $ 5,000 |
Investments - Investments - VIE
Investments - Investments - VIEs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||||
Variable Interest Entity, Primary Beneficiary, Maximum Loss Exposure, Amount | $ 0 | $ 0 | $ 0 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 3,100 | 3,100 | 3,000 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1 | $ 0 | 2 | $ 1 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 3 | $ 1 | 5 | $ 1 | |
Other Assets | 2,183 | 2,183 | 1,754 | ||
Qualified Affordable Housing Project Investments, Commitment | 215 | 215 | 180 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Schedule of Investments [Line Items] | |||||
Other Assets | 23 | 23 | 20 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Schedule of Investments [Line Items] | |||||
Variable Interest Entity, Reporting Entity Involvement, Commitments | $ 1,800 | $ 1,800 | $ 1,700 |
Investments - Investments - Sec
Investments - Investments - Securities Lending, Repurchase Agreements, and Other Collateral Transactions (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Reverse Repurchase Agreements, Other Collateral Transactions and Restricted Investments | ||
Securities for Reverse Repurchase Agreements | $ 10 | $ 10 |
US Treasury Securities [Member] | ||
Reverse Repurchase Agreements, Other Collateral Transactions and Restricted Investments | ||
Debt Securities, Available-for-sale, Restricted | $ 6 | $ 7 |
Investments - Restricted Invest
Investments - Restricted Investments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Assets Held by Insurance Regulators | $ 2,306 | $ 2,339 |
Restricted Investments | 3,447 | 3,488 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Schedule of Investments [Line Items] | ||
Deposit Assets | 65 | 75 |
Syndicate Policyholders [Member] | Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | 935 | 890 |
Syndicate Policyholders [Member] | Short-term investments | ||
Schedule of Investments [Line Items] | ||
Restricted Investments, Current | 30 | 30 |
Lloyd's of London [Member] | Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | $ 111 | $ 154 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 7,398,000,000 | $ 7,398,000,000 | $ 12,363,000,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 26,000,000 | 26,000,000 | 25,000,000 | ||
Cash collateral held | 73,000,000 | 73,000,000 | 49,000,000 | ||
Securities Received as Collateral | 0 | 0 | 0 | ||
Collateral Securities Repledged, Delivered, or Used | 0 | 0 | 0 | ||
Collateral Pledged | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Collateral, Right to Reclaim Cash | 13,000,000 | 13,000,000 | 16,000,000 | ||
Asset Pledged as Collateral [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Collateral, Right to Reclaim Securities | 2,000,000 | 2,000,000 | 14,000,000 | ||
Asset Pledged as Collateral [Member] | Over the Counter [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Collateral, Right to Reclaim Securities | 142,000,000 | 142,000,000 | 112,000,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | 0 | $ 0 | 0 | $ 0 | |
AOCI Attributable to Parent [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 9,000,000 | ||||
Not Designated as Hedging Instrument | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 2,641,000,000 | 2,641,000,000 | 8,269,000,000 | ||
Interest rate swaps | Not Designated as Hedging Instrument | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 344,000,000 | 344,000,000 | $ 6,600,000,000 | ||
SOFR Plus Two Point One Two Five Percent Plus Zero Point Two Six One Six One Percent Junior Subordinated Notes Due Two Thousand Sixty Seven | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Junior Subordinated Debentures | $ 500,000,000 | $ 500,000,000 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 7,398 | $ 12,363 |
Fair Value | 38 | 7 |
Asset Derivatives | 79 | 57 |
Liability Derivatives | (41) | (50) |
Available-for-sale Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 657 | 645 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Other investments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 5,453 | 1,662 |
Fair Value | 8 | (1) |
Asset Derivatives | 36 | 18 |
Liability Derivatives | (28) | (19) |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,288 | 10,056 |
Fair Value | 30 | 8 |
Asset Derivatives | 43 | 39 |
Liability Derivatives | (13) | (31) |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,641 | 8,269 |
Fair Value | (3) | (5) |
Asset Derivatives | 27 | 27 |
Liability Derivatives | (30) | (32) |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 4,100 | 3,450 |
Fair Value | 2 | (1) |
Asset Derivatives | 2 | 1 |
Liability Derivatives | 0 | (2) |
Interest rate swaps | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 344 | 6,600 |
Foreign currency swaps | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 657 | 644 |
Fair Value | 39 | 13 |
Asset Derivatives | 50 | 29 |
Liability Derivatives | (11) | (16) |
Total cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 4,757 | 4,094 |
Fair Value | 41 | 12 |
Asset Derivatives | 52 | 30 |
Liability Derivatives | (11) | (18) |
Interest rate swaps and futures | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 989 | 6,626 |
Fair Value | (3) | (5) |
Asset Derivatives | 1 | 0 |
Liability Derivatives | (4) | (5) |
Foreign currency swaps and forwards | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 657 | 645 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Credit derivatives in offsetting positions | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 995 | 998 |
Fair Value | 0 | 0 |
Asset Derivatives | 26 | 27 |
Liability Derivatives | $ (26) | $ (27) |
Derivatives - Offsetting Deriva
Derivatives - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Investments | Other Investments |
Asset Derivatives | $ 79 | $ 57 |
Derivative assets | 8 | (1) |
Gross Amounts of Recognized (Liabilities) | (41) | (50) |
Derivative Liability | 30 | 8 |
Other liabilities | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Cash | 33 | 22 |
Gross Amounts of Recognized (Liabilities) | (41) | (50) |
Gross Amounts Offset in the Statement of Financial Position, liabilities | (38) | (36) |
Derivative Liability | 30 | 8 |
Financial Collateral (Received) | (2) | (13) |
Net amount, liabilities | (1) | (1) |
Other investments | ||
Derivative [Line Items] | ||
Asset Derivatives | 79 | 57 |
Gross Amounts Offset in the Statement of Financial Position, assets | 79 | 55 |
Derivative assets | 8 | (1) |
Derivative, Collateral, Obligation to Return Cash | 8 | (3) |
Financial Collateral Pledged | 0 | 0 |
Net Amount, assets | $ 0 | $ 2 |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges (Details) - 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] | ||||
Net Investment Income | $ 602 | $ 540 | $ 1,195 | $ 1,055 |
Interest Expense | 50 | 50 | 100 | 100 |
Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 11 | (21) | 11 | (14) |
Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | Reclassification out of Accumulated Other Comprehensive Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (5) | (4) | (9) | (10) |
Cash Flow Hedging | Designated as Hedging Instrument | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 5 | 4 | 9 | 7 |
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net Investment Income | (8) | (7) | (15) | (15) |
Interest Expense | 5 | 4 | 9 | 7 |
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (4) | (14) | (21) | (4) |
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (8) | (7) | (15) | (15) |
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 5 | 4 | 9 | 7 |
Foreign currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net Investment Income | 3 | 3 | 6 | 5 |
Foreign currency swaps | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 15 | (7) | 32 | (10) |
Foreign currency swaps | Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 3 | 3 | 6 | 5 |
Foreign currency swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives - Non-qualifying St
Derivatives - Non-qualifying Strategies (Details) - Not Designated as Hedging Instrument - 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] | ||||
Non-qualifying foreign currency derivatives | $ (6) | $ (39) | $ (8) | $ (34) |
Interest rate swaps and futures | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Non-qualifying foreign currency derivatives | (6) | (3) | (3) | 18 |
Credit derivatives that assume credit risk | Credit derivatives that purchase credit protection | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Non-qualifying foreign currency derivatives | 0 | (36) | 0 | (52) |
Equity Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Non-qualifying foreign currency derivatives | $ 0 | $ 0 | $ (5) | $ 0 |
Derivatives - Credit Risk Assum
Derivatives - Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 7,398 | $ 12,363 |
Fair Value | 38 | 7 |
Credit derivatives | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 498 | 499 |
Fair Value | 23 | 22 |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | 498 | 499 |
Offsetting Fair Value | (23) | (22) |
Standard & Poor's, AAA Rating [Member] | Basket credit default swaps | Credit derivatives | Investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 101 | 101 |
Fair Value | $ (1) | $ (1) |
Weighted Average Years to Maturity | 4 years | 5 years |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 101 | $ 101 |
Offsetting Fair Value | 1 | 1 |
Standard & Poor's, B+ Rating | Basket credit default swaps | Credit derivatives | Below investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 396 | 396 |
Fair Value | $ 25 | $ 24 |
Weighted Average Years to Maturity | 4 years | 4 years |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 396 | $ 396 |
Offsetting Fair Value | (25) | (24) |
CCC Minus | Basket credit default swaps | Credit derivatives | Below investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 1 | 2 |
Fair Value | $ (1) | $ (1) |
Average Term of Credit Risk Derivatives Less than 1 Year | Less than 1 year | Less than 1 year |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 1 | $ 2 |
Offsetting Fair Value | $ 1 | $ 1 |
Premiums Receivable - Premiums
Premiums Receivable - Premiums Receivable and Agents' Balances (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | $ 6,451 | $ 5,716 | ||||
ACL | (116) | $ (111) | (109) | $ (119) | $ (111) | $ (109) |
Premiums receivable and agents' balances, net of ACL | 6,335 | 5,607 | ||||
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business") | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | 6,025 | 5,303 | ||||
ACL | (95) | (91) | (89) | (94) | (86) | (85) |
Receivables for Loss Sensitive Business | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | 426 | 413 | ||||
ACL | (21) | $ (20) | (20) | $ (25) | $ (25) | $ (24) |
Receivables for Loss Sensitive Business | Standard & Poor's, AA Rating | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | 91 | 94 | ||||
Receivables for Loss Sensitive Business | Standard & Poor's, A Rating [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | 59 | 54 | ||||
Receivables for Loss Sensitive Business | Standard & Poor's, BBB Rating | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | 140 | 136 | ||||
Receivables for Loss Sensitive Business | Standard & Poor's, BB Rating | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | 91 | 84 | ||||
Receivables for Loss Sensitive Business | Standard & Poor's, Below BB Rating | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Premiums Receivable, Gross | $ 45 | $ 45 |
Premiums Receivable - Rollforwa
Premiums Receivable - Rollforward of Premiums Receivable and Agents' Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Premium Receivable, Allowance for Credit Loss | $ (111) | $ (111) | $ (109) | $ (109) |
Premium Receivable, Credit Loss Expense (Reversal) | 16 | 19 | 31 | 32 |
Premium Receivable, Allowance for Credit Loss, Writeoff | (12) | (13) | (27) | (27) |
Premium Receivable, Allowance for Credit Loss, Recovery | 1 | 2 | 3 | 5 |
Premiums Receivable, Due in One Year or Less, Excluding Receivables for Loss within a Deductible and Retrospectively-Rated Policy Premiums [Member] | ||||
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Premium Receivable, Allowance for Credit Loss | (91) | (86) | (89) | (85) |
Premium Receivable, Credit Loss Expense (Reversal) | 15 | 19 | 30 | 31 |
Premium Receivable, Allowance for Credit Loss, Writeoff | (12) | (13) | (27) | (27) |
Premium Receivable, Allowance for Credit Loss, Recovery | 1 | 2 | 3 | 5 |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | ||||
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Premium Receivable, Allowance for Credit Loss | (20) | (25) | (20) | (24) |
Premium Receivable, Credit Loss Expense (Reversal) | 1 | 0 | 1 | 1 |
Premium Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 |
Premium Receivable, Allowance for Credit Loss, Recovery | $ 0 | $ 0 | $ 0 | $ 0 |
Reinsurance - Credit Quality In
Reinsurance - Credit Quality Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | $ 7,161 | $ 7,207 | ||||
Reinsurance Recoverable, Allowance for Credit Loss | (102) | (103) | $ (110) | |||
Net Reinsurance Recoverables | 7,059 | 7,104 | ||||
Mandatory and Voluntary Risk Pools [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 212 | 208 | ||||
Captives [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 367 | 353 | ||||
Other not rated companies [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 225 | 230 | ||||
AMBestRated [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 6,357 | 6,416 | ||||
AM Best, A++ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 2,319 | 2,398 | ||||
AM Best, A+ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 2,559 | 2,522 | ||||
AM Best, A Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 817 | 811 | ||||
AM Best, A- Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 635 | 658 | ||||
AM Best, B++ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 5 | 5 | ||||
AM Best, Below B plus plus Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 22 | 22 | ||||
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 6,651 | 6,702 | ||||
Reinsurance Recoverable, Allowance for Credit Loss | (99) | $ (98) | (100) | (107) | $ (102) | $ (102) |
Net Reinsurance Recoverables | 6,552 | 6,602 | ||||
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Mandatory and Voluntary Risk Pools [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 212 | 208 | ||||
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Captives [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 367 | 353 | ||||
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Other not rated companies [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 219 | 226 | ||||
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Before Disputed Amounts [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverable, Allowance for Credit Loss | (45) | (44) | (43) | (45) | (44) | (42) |
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Disputes [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverable, Allowance for Credit Loss | (54) | $ (54) | (57) | (62) | $ (58) | $ (60) |
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | AMBestRated [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 5,853 | 5,915 | ||||
Operating Segments [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 274 | 261 | ||||
Reinsurance Recoverable, Allowance for Credit Loss | (1) | (1) | (1) | |||
Net Reinsurance Recoverables | 273 | 260 | ||||
Operating Segments [Member] | Group Benefits | Mandatory and Voluntary Risk Pools [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Operating Segments [Member] | Group Benefits | Captives [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Operating Segments [Member] | Group Benefits | Other not rated companies [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 6 | 4 | ||||
Operating Segments [Member] | Group Benefits | AMBestRated [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 268 | 257 | ||||
Operating Segments [Member] | AM Best, A++ Rating [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 2,319 | 2,398 | ||||
Operating Segments [Member] | AM Best, A++ Rating [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Operating Segments [Member] | AM Best, A+ Rating [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 2,062 | 2,030 | ||||
Operating Segments [Member] | AM Best, A+ Rating [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 263 | 251 | ||||
Operating Segments [Member] | AM Best, A Rating [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 816 | 810 | ||||
Operating Segments [Member] | AM Best, A Rating [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 1 | 1 | ||||
Operating Segments [Member] | AM Best, A- Rating [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 631 | 653 | ||||
Operating Segments [Member] | AM Best, A- Rating [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 4 | 5 | ||||
Operating Segments [Member] | AM Best, B++ Rating [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 3 | 2 | ||||
Operating Segments [Member] | AM Best, B++ Rating [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Operating Segments [Member] | AM Best, Below B plus plus Rating [Member] | Property, Liability and Casualty Insurance Product Line | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 22 | 22 | ||||
Operating Segments [Member] | AM Best, Below B plus plus Rating [Member] | Group Benefits | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 236 | 244 | ||||
Reinsurance Recoverable, Allowance for Credit Loss | (2) | (2) | $ (2) | |||
Net Reinsurance Recoverables | 234 | 242 | ||||
Corporate | Mandatory and Voluntary Risk Pools [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | Captives [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | Other not rated companies [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | AMBestRated [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 236 | 244 | ||||
Corporate | AM Best, A++ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | AM Best, A+ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 234 | 241 | ||||
Corporate | AM Best, A Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | AM Best, A- Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Corporate | AM Best, B++ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 2 | 3 | ||||
Corporate | AM Best, Below B plus plus Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | $ 0 | $ 0 |
Reinsurance - Reinsurance Recov
Reinsurance - Reinsurance Recoverable, Allowance for Credit Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | $ 103 | |||
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | $ 98 | $ 102 | 100 | $ 102 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 1 | 1 | 2 | 3 |
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Before Disputed Amounts [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | 44 | 44 | 43 | 42 |
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Disputes [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | $ 54 | $ 58 | 57 | $ 60 |
Operating Segments [Member] | Group Benefits | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | 1 | |||
Corporate, Non-Segment [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | $ 2 |
Reserve for Unpaid Losses and_3
Reserve for Unpaid Losses and Loss Adjustment Expenses - P&C Liabilities for Unpaid Losses and Loss Adjustment Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ 42,318 | ||||
Less: payments | |||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ 43,323 | 43,323 | |||
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | |||||
Less: payments | |||||
Amortization of Deferred Gain on Retroactive Reinsurance | (37) | (61) | |||
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | Maximum | |||||
Less: payments | |||||
Reinsurance, Excess Retention, Amount Reinsured, Per Policy | 300 | ||||
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | Retention Layer for Reserve for the Covered Liabilities as of the Inception Date | |||||
Less: payments | |||||
Reinsurance, Amount Retained, Per Policy | 1,816 | ||||
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | Retention Layer Above Reserve for the Covered Liabilities as of the Inception Date | |||||
Less: payments | |||||
Reinsurance, Amount Retained, Per Policy | 100 | ||||
Property, Liability and Casualty Insurance Product Line | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 34,044 | $ 33,083 | |||
Reinsurance and other recoverables | 6,656 | 6,656 | 6,448 | $ 6,696 | $ 6,465 |
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 28,481 | 28,481 | 26,581 | 27,348 | 26,618 |
Provision for unpaid losses and loss adjustment expense | |||||
Current accident year | 5,088 | 4,712 | |||
Prior accident year development [1] | (171) | (39) | |||
Total provision for unpaid losses and loss adjustment expenses | 4,917 | 4,673 | |||
Less: payments | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (987) | (997) | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (2,849) | (3,731) | |||
Total payments | (3,836) | (4,728) | |||
Foreign currency adjustment | (9) | 18 | |||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 28,481 | 28,481 | 26,581 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (6,656) | (6,656) | (6,448) | $ (6,696) | $ (6,465) |
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ 35,137 | $ 35,137 | $ 33,029 |
Reserve for Unpaid Losses and_4
Reserve for Unpaid Losses and Loss Adjustment Expenses - P&C Prior Accident Years Reserve Development (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2016 | Dec. 31, 2023 | |
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Change in Deferred Gain on Retroactive Reinsurance | $ 148 | $ 209 | ||
Reinsurance Contract [Axis]: Asbestos and Environmental | Asbestos and Environmental | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Reinsurance, Amount Retained, Per Policy | $ 1,700 | |||
Change in Deferred Gain on Retroactive Reinsurance | 788 | |||
Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Increase (Decrease) in Deferred Revenue | (61) | $ 0 | ||
Segment Reconciling Items | Asbestos and Environmental | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 0 | 0 | ||
Segment Reconciling Items | Catastrophe | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (38) | (44) | ||
Accident and Health Insurance Product Line [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (119) | (113) | ||
Accident and Health Insurance Product Line [Member] | Segment Reconciling Items | COVID-19 related Claims | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 20 | 20 | ||
Change in Workers Compensation Discount Including Accretion [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 23 | 22 | ||
General Liability [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 49 | 28 | ||
Marine | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (1) | (1) | ||
Package Business [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (1) | (8) | ||
Property Insurance [Member] | Commercial Lines | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (5) | 0 | ||
Property Insurance [Member] | Personal Lines | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (10) | 1 | ||
Professional Liability Insurance [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (7) | (3) | ||
Surety Product Line [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (22) | 12 | ||
Assumed reinsurance | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 24 | 17 | ||
Automobiles [Member] | Commercial Lines | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 10 | 6 | ||
Automobiles [Member] | Personal Lines | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (13) | 0 | ||
Uncollectible reinsurance | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 0 | 12 | ||
Insurance, Other [Member] | Segment Reconciling Items | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | 0 | 32 | ||
Property, Liability and Casualty Insurance Product Line | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Prior accident year development [1] | (171) | (39) | ||
Prior accident year development before change in deferred gain | (110) | (39) | ||
Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Increase (Decrease) in Deferred Revenue | $ (61) | $ 0 |
Reserve for Unpaid Losses and_5
Reserve for Unpaid Losses and Loss Adjustment Expenses - PC Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Apr. 20, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Liability for Claims and Claims Adjustment Expense | $ 43,323 | $ 42,318 | |
Reinsurance Recoverables, Gross | 7,161 | 7,207 | |
Abuse Claims | General Liability [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Liability for Claims and Claims Adjustment Expense | 787 | ||
Prior accident years | $ 787 | ||
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Change in Deferred Gain on Retroactive Reinsurance | 148 | $ 209 | |
Reinsurance Contract [Axis]: Asbestos and Environmental | Asbestos and Environmental | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Change in Deferred Gain on Retroactive Reinsurance | 788 | ||
Maximum | Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reinsurance, Excess Retention, Amount Reinsured, Per Policy | 300 | ||
Maximum | Reinsurance Contract [Axis]: Asbestos and Environmental | Asbestos and Environmental | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reinsurance, Excess Retention, Amount Reinsured, Per Policy | $ 1,500 |
Reserve for Unpaid Losses and_6
Reserve for Unpaid Losses and Loss Adjustment Expenses - GB Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ 42,318 | |||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 43,323 | |||
Group Insurance Policy [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 8,274 | $ 8,160 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (266) | (243) | $ (254) | $ (245) |
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 7,920 | 7,947 | $ 8,020 | $ 7,915 |
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 8,186 | 8,190 | ||
Provision for unpaid losses and loss adjustment expense | ||||
Current incurral year | 2,662 | 2,622 | ||
Prior year's discount accretion | 103 | 103 | ||
Prior incurral year development [1] | (339) | (265) | ||
Total provision for unpaid losses and loss adjustment expenses | 2,426 | 2,460 | ||
Less: payments | ||||
Current incurral year | (1,071) | (1,012) | ||
Prior incurral years | (1,455) | (1,416) | ||
Total payments | (2,526) | (2,428) | ||
Group Insurance Policy [Member] | Other Operating Income (Expense) [Member] | ||||
Provision for unpaid losses and loss adjustment expense | ||||
Total provision for unpaid losses and loss adjustment expenses | $ 92 | $ 91 |
Reserve for Unpaid Losses and_7
Reserve for Unpaid Losses and Loss Adjustment Expenses - GB Additional information (Details) - Group Benefits - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior incurral year development [1] | $ (339) | $ (265) |
Disability Insurance Policy [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior incurral year development [1] | 282 | 236 |
group life term, disability and accident [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior incurral year development [1] | $ 56 | 19 |
Supplemental Health | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior incurral year development [1] | $ 10 |
Reserve for Future Policy Ben_3
Reserve for Future Policy Benefits (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 464 | $ 489 | $ 484 | |
Life Conversions | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 45 | 44 | 49 | $ 47 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 105 | 109 | 113 | 112 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (14) | (15) | (11) | (14) |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 119 | 124 | 124 | 126 |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 2 | 3 | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 126 | 129 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 9 | 9 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (16) | (14) | ||
Liability for Future Policy Benefit, before Reinsurance | $ 60 | $ 65 | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 11 years 6 months | 12 years 2 months 12 days | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | $ 199 | $ 208 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | $ 109 | $ 117 | ||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.20% | 4.20% | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.50% | 5.20% | ||
Paid Up Life | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 172 | $ 186 | 185 | 192 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (36) | (38) | (32) | (39) |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 208 | 224 | 217 | 231 |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0 | (1) | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 217 | 230 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 3 | 3 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (12) | (9) | ||
Liability for Future Policy Benefit, before Reinsurance | $ 172 | $ 186 | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 6 years 3 months 18 days | 6 years 3 months 18 days | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | $ 268 | $ 290 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | $ 0 | $ 0 | ||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 2.90% | 2.90% | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.40% | 5.30% | ||
Deferred Profit Liability | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 20 | $ 19 | ||
Fixed Annuity | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 129 | 139 | 137 | 140 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 1 | 4 | 7 | 4 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 128 | 135 | 130 | 136 |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 1 | 1 | ||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | $ 131 | $ 137 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 3 | 4 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (6) | (6) | ||
Liability for Future Policy Benefit, before Reinsurance | $ 129 | $ 139 | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 9 years | 9 years 1 month 6 days | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | $ 252 | $ 267 | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | $ 0 | $ 0 | ||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5.60% | 5.60% | ||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.50% | 5.20% | ||
Long-Duration Insurance, Other | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 83 | $ 80 | ||
Group Benefits | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Prior accident year development [1] | (339) | (265) | ||
Group Benefits | Disability Insurance Policy [Member] | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Prior accident year development [1] | $ 282 | $ 236 |
Other Policyholder Funds and _3
Other Policyholder Funds and Benefits Payable (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Other policyholder funds and benefits payable | $ 622 | $ 647 | $ 638 | |
Universal Life | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Other policyholder funds and benefits payable | 210 | 228 | $ 223 | $ 232 |
Policyholder Account Balance, Premium Received | 6 | 6 | ||
Policyholder Account Balance, Policy Charge | 13 | 10 | ||
Policyholder Account Balance, Surrender and Withdrawal | 4 | 2 | ||
Policyholder Account Balance, Benefit Payment | 6 | 3 | ||
Policyholder Account Balance, Interest Expense | $ 4 | $ 5 | ||
Policyholder Account Balance, Weighted Average Crediting Rate | 4.20% | 4.20% | ||
Policyholder Account Balance, Net Amount at Risk | $ 870 | $ 950 | ||
Policyholder Account Balance, Cash Surrender Value | $ 209 | 226 | ||
Universal Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 to 0499 | Minimum | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4% | |||
Universal Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 to 0499 | Maximum | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5% | |||
Universal Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 to 0499 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Other policyholder funds and benefits payable | $ 209 | 227 | ||
Short-Duration Insurance, Other | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Other policyholder funds and benefits payable | $ 412 | $ 419 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Tax provision at U.S. federal statutory rate | $ 192 | $ 141 | $ 383 | $ 278 |
Nontaxable investment income | (11) | (9) | (22) | (20) |
Other | 7 | 7 | 29 | 15 |
Income tax expense | $ 174 | $ 125 | $ 332 | $ 243 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - 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, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Balance, beginning of period | $ 27 | $ 23 | $ 26 | $ 22 | |
Gross increases - tax positions in current period | 0 | 1 | 1 | 2 | |
Balance, end of period | 27 | 23 | 27 | 23 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Unrecognized Tax Benefits | 27 | 23 | 27 | 23 | |
Gross increases - tax positions in current period | 0 | 1 | 1 | 2 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 0 | $ (1) | $ 0 | $ (1) | |
Tax Year 2020 | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Gross increases - tax positions in current period | $ 4 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gross increases - tax positions in current period | $ 4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 12 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | 90 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2016 | Jun. 30, 2024 | Dec. 31, 2023 | |
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | ||||
Loss Contingencies [Line Items] | ||||
Change in Deferred Gain on Retroactive Reinsurance | $ 148 | $ 148 | $ 209 | |
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Reinsurance, Excess Retention, Amount Reinsured, Per Policy | 300 | |||
Asbestos and Environmental | ||||
Loss Contingencies [Line Items] | ||||
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts | 182 | 182 | ||
Asbestos and Environmental | Reinsurance Contract [Axis]: Asbestos and Environmental | ||||
Loss Contingencies [Line Items] | ||||
Change in Deferred Gain on Retroactive Reinsurance | 788 | 788 | ||
Reinsurance, Amount Retained, Per Policy | $ 1,700 | |||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | $ 1,438 | |||
Asbestos and Environmental | Reinsurance Contract [Axis]: Asbestos and Environmental | Remaining [Member] | ||||
Loss Contingencies [Line Items] | ||||
Reinsurance, Excess Retention, Amount Reinsured, Per Policy | 62 | |||
Asbestos and Environmental | Reinsurance Contract [Axis]: Asbestos and Environmental | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Reinsurance, Excess Retention, Amount Reinsured, Per Policy | $ 1,500 |
Commitments and Contingencies_2
Commitments and Contingencies - Derivative Instruments (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 29 |
Collateral Already Posted, Aggregate Fair Value | 28 |
Additional Collateral, Aggregate Fair Value | $ 0 |
Equity Equity Repurchase Progra
Equity Equity Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Jul. 24, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 01, 2024 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Value of shares acquired | $ 700 | $ 700 | ||
Number of shares acquired | 7.3 | 9.7 | ||
8/1-24 - 12/31 | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase authorization amount | $ 3,300 | |||
8/1/2022 - 12/31/2024 | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Remaining authorized repurchase amount | $ 648 | |||
Stock repurchase authorization amount | $ 3,000 | |||
Subsequent Event [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Value of shares acquired | $ 105 | |||
Number of shares acquired | 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income Loss - AOCI Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 15,327 | |||
Other comprehensive income (loss), net of tax | $ (71) | $ (270) | (219) | $ 317 |
Ending balance | 15,680 | 14,152 | 15,680 | 14,152 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (1,642) | (2,008) | (1,482) | (2,594) |
OCI before reclassifications | (184) | (362) | (393) | 353 |
Amounts reclassified from AOCI | 70 | 21 | 77 | 48 |
OCI, before tax | (114) | (341) | (316) | 401 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 24 | 72 | 66 | (84) |
Other comprehensive income (loss), net of tax | (90) | (269) | (250) | 317 |
Ending balance | (1,732) | (2,277) | (1,732) | (2,277) |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (7) | (13) | (8) | (7) |
OCI before reclassifications | 0 | 2 | 1 | (6) |
Amounts reclassified from AOCI | 0 | 2 | 0 | 2 |
OCI, before tax | 0 | 4 | 1 | (4) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | (1) | 0 | 1 |
Other comprehensive income (loss), net of tax | 0 | 3 | 1 | (3) |
Ending balance | (7) | (10) | (7) | (10) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 21 | 48 | 21 | 40 |
OCI before reclassifications | 11 | (21) | 11 | (14) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 3 |
OCI, before tax | 11 | (21) | 11 | (11) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (2) | 4 | (2) | 2 |
Other comprehensive income (loss), net of tax | 9 | (17) | 9 | (9) |
Ending balance | 30 | 31 | 30 | 31 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 36 | 33 | 37 | 31 |
OCI before reclassifications | (1) | 4 | (3) | 6 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
OCI, before tax | (1) | 4 | (3) | 6 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | (1) | 1 | (1) |
Other comprehensive income (loss), net of tax | (1) | 3 | (2) | 5 |
Ending balance | 35 | 36 | 35 | 36 |
AOCI, Liability for Future Policy Benefit, Parent | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 30 | 27 | 25 | 35 |
OCI before reclassifications | 6 | 6 | 13 | (4) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
OCI, before tax | 6 | 6 | 13 | (4) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (1) | (1) | (3) | 1 |
Other comprehensive income (loss), net of tax | 5 | 5 | 10 | (3) |
Ending balance | 35 | 32 | 35 | 32 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (1,435) | (1,341) | (1,442) | (1,346) |
OCI before reclassifications | (1) | (1) | 1 | 0 |
Amounts reclassified from AOCI | 9 | 7 | 16 | 13 |
OCI, before tax | 8 | 6 | 17 | 13 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (2) | (1) | (4) | (3) |
Other comprehensive income (loss), net of tax | 6 | 5 | 13 | 10 |
Ending balance | (1,429) | (1,336) | (1,429) | (1,336) |
AOCI Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (2,997) | (3,254) | (2,849) | (3,841) |
OCI before reclassifications | (169) | (372) | (370) | 335 |
Amounts reclassified from AOCI | 79 | 30 | 93 | 66 |
OCI, before tax | (90) | (342) | (277) | 401 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 19 | 72 | 58 | (84) |
Other comprehensive income (loss), net of tax | (71) | (270) | (219) | 317 |
Ending balance | $ (3,068) | $ (3,524) | $ (3,068) | $ (3,524) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Loss - Reclassifications from AOCI (Details) - 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] | ||||
Net realized losses | $ (59) | $ (64) | $ (31) | $ (71) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 912 | 672 | 1,823 | 1,325 |
Income tax expense | 174 | 125 | 332 | 243 |
Net income | 738 | 547 | 1,491 | 1,082 |
Net Investment Income | 602 | 540 | 1,195 | 1,055 |
Interest Expense | 50 | 50 | 100 | 100 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net income | (62) | (24) | (74) | (51) |
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gain on Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized losses | (70) | (21) | (77) | (48) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (70) | (21) | (77) | (48) |
Income tax expense | (15) | (4) | (16) | (10) |
Net income | (55) | (17) | (61) | (38) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | 0 | 0 | (3) |
Income tax expense | 0 | 0 | 0 | (1) |
Net income | 0 | 0 | 0 | (2) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Investment Income | (8) | (7) | (15) | (15) |
Interest Expense | 5 | 4 | 9 | 7 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Currency Swap [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Investment Income | 3 | 3 | 6 | 5 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Insurance operating costs and other expenses | 1 | 1 | 3 | 3 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Insurance operating costs and other expenses | (10) | (8) | (19) | (16) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Plan Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (9) | (7) | (16) | (13) |
Income tax expense | (2) | (1) | (3) | (3) |
Net income | $ (7) | (6) | $ (13) | (10) |
Reclassification out of Accumulated Other Comprehensive Income | AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized losses | (2) | (2) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (2) | (2) | ||
Income tax expense | (1) | (1) | ||
Net income | $ (1) | $ (1) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1 | $ 1 | $ 1 | $ 2 |
Interest cost | (44) | (45) | (88) | (90) |
Expected return on plan assets | (58) | (59) | (115) | (118) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | (9) | (7) | (17) | (14) |
Net periodic cost (benefit) | (4) | (6) | (9) | (12) |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | (1) | (2) | (3) | (4) |
Expected return on plan assets | 0 | (1) | 0 | (1) |
Amortization of prior service credit | (1) | (1) | (3) | (3) |
Amortization of actuarial loss | (1) | (1) | (2) | (2) |
Net periodic cost (benefit) | $ 1 | $ 1 | $ 2 | $ 2 |
Restructuring and Other Costs,
Restructuring and Other Costs, Before Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 48 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other costs | $ 0 | $ 3 | $ 1 | $ 3 | |
Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other costs | 0 | 3 | 1 | 3 | $ 125 |
Employee Severance | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other costs | 0 | 0 | 0 | (3) | 35 |
Information Technology | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other costs | 0 | 1 | 0 | 2 | 25 |
Professional fees and other expenses | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other costs | 0 | $ 2 | 1 | $ 4 | 65 |
Other Operating Income (Expense) [Member] | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 126 | 126 | 126 | ||
Other Operating Income (Expense) [Member] | Employee Severance | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 35 | 35 | 35 | ||
Other Operating Income (Expense) [Member] | Information Technology | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 25 | 25 | 25 | ||
Other Operating Income (Expense) [Member] | Professional fees and other expenses | Hartford Next Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 66 | $ 66 | $ 66 |