Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001276520 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Entity Registrant Name | GENWORTH FINANCIAL, INC. | |
Entity File Number | 001-32195 | |
Entity Tax Identification Number | 80-0873306 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 6620 West Broad Street | |
Entity Address, State or Province | VA | |
Entity Address, City or Town | Richmond | |
Entity Address, Postal Zip Code | 23230 | |
Entity Interactive Data Current | Yes | |
City Area Code | 804 | |
Local Phone Number | 281-6000 | |
Trading Symbol | GNW | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Class A Common Stock, par value $.001 per share | |
Entity Common Stock, Shares Outstanding | 463,087,315 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $49,864 and $50,834, respectively, and allowance for credit losses of $4 and $—, respectively, as of June 30, 2023 and December 31, 2022) | $ 46,070 | $ 46,583 |
Equity securities, at fair value | 378 | 319 |
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of June 30, 2023 and December 31, 2022) | 6,876 | 7,032 |
Less: Allowance for credit losses | (24) | (22) |
Commercial mortgage loans, net | 6,852 | 7,010 |
Policy loans | 2,270 | 2,139 |
Limited partnerships | 2,585 | 2,331 |
Other invested assets | 648 | 566 |
Total investments | 58,803 | 58,948 |
Cash, cash equivalents and restricted cash | 2,173 | 1,799 |
Accrued investment income | 553 | 643 |
Deferred acquisition costs | 2,096 | 2,211 |
Intangible assets | 201 | 203 |
Reinsurance recoverable | 19,113 | 19,059 |
Less: Allowance for credit losses | (64) | (63) |
Reinsurance recoverable, net | 19,049 | 18,996 |
Other assets | 445 | 488 |
Deferred tax asset | 1,954 | 1,983 |
Market risk benefit assets | 37 | 26 |
Separate account assets | 4,533 | 4,417 |
Total assets | 89,844 | 89,714 |
Liabilities and equity | ||
Future policy benefits | 56,443 | 55,407 |
Policyholder account balances | 15,922 | 16,564 |
Market risk benefit liabilities | 666 | 748 |
Liability for policy and contract claims | 628 | 683 |
Unearned premiums | 175 | 203 |
Other liabilities | 1,607 | 1,687 |
Long-term borrowings | 1,601 | 1,611 |
Separate account liabilities | 4,533 | 4,417 |
Liabilities related to discontinued operations | 2 | 8 |
Total liabilities | 81,577 | 81,328 |
Commitments and contingencies (Note 18) | ||
Equity: | ||
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 603 million and 600 million shares issued as of June 30, 2023 and December 31, 2022, respectively; 467 million and 495 million shares outstanding as of June 30, 2023 and December 31, 2022, respectively | 1 | 1 |
Additional paid-in capital | 11,869 | 11,869 |
Accumulated other comprehensive income (loss) | (2,861) | (2,614) |
Retained earnings | 1,398 | 1,139 |
Treasury stock, at cost (136 million and 105 million shares as of June 30, 2023 and December 31, 2022, respectively) | (2,947) | (2,764) |
Total Genworth Financial, Inc.'s stockholders' equity | 7,460 | 7,631 |
Noncontrolling interests | 807 | 755 |
Total equity | 8,267 | 8,386 |
Total liabilities and equity | $ 89,844 | $ 89,714 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt securities amortized costs | $ 49,864 | $ 50,834 |
Debt securities allowance for credit losses | 4 | 0 |
Unamortized balance of loan origination fees | $ 4 | $ 4 |
Class A common stock, par value | $ 0.001 | $ 0.001 |
Class A common stock, shares authorized | 1,500 | 1,500 |
Class A common stock, shares issued | 603 | 600 |
Class A common stock, shares outstanding | 467 | 495 |
Treasury stock, shares | 136 | 105 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Revenues: | ||||||||||
Premiums | $ 902 | $ 916 | $ 1,817 | $ 1,833 | ||||||
Net investment income | 785 | 787 | 1,572 | 1,551 | ||||||
Net investment gains (losses) | 39 | 19 | 28 | 61 | ||||||
Policy fees and other income | 166 | 165 | 329 | 335 | ||||||
Total revenues | 1,892 | 1,887 | 3,746 | 3,780 | ||||||
Benefits and expenses: | ||||||||||
Benefits and other changes in policy reserves | 1,175 | $ 1,176 | 768 | $ 1,167 | 2,351 | 1,935 | ||||
Liability remeasurement (gains) losses | 70 | (15) | 24 | (64) | 55 | (40) | ||||
Changes in fair value of market risk benefits and associated hedges | (19) | 20 | (2) | (21) | ||||||
Interest credited | 126 | 126 | 252 | 251 | ||||||
Acquisition and operating expenses, net of deferrals | 226 | 240 | 579 | 236 | 466 | 815 | ||||
Amortization of deferred acquisition costs and intangibles | 64 | 84 | 136 | 172 | ||||||
Interest expense | 29 | 26 | 58 | 52 | ||||||
Total benefits and expenses | 1,671 | 1,645 | 1,627 | 1,537 | 3,316 | 3,164 | ||||
Income from continuing operations before income taxes | 221 | 209 | 260 | 356 | 430 | 616 | ||||
Provision for income taxes | 55 | 55 | 62 | 84 | 110 | 146 | ||||
Income from continuing operations | 166 | 154 | 198 | 272 | 320 | 470 | ||||
Income (loss) from discontinued operations, net of taxes | 2 | (1) | 2 | (3) | ||||||
Net income | 168 | 154 | 197 | 270 | 322 | 467 | ||||
Less: net income from continuing operations attributable to noncontrolling interests | 31 | 38 | 63 | 68 | ||||||
Less: net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||||
Net income available to Genworth Financial, Inc.'s common stockholders | 137 | 122 | 159 | 240 | 259 | 399 | ||||
Net income available to Genworth Financial, Inc.'s common stockholders: | ||||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders | 135 | 160 | 257 | 402 | ||||||
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | 2 | (1) | 2 | (3) | ||||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 137 | $ 122 | $ 159 | $ 240 | $ 259 | $ 399 | ||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ 0.28 | $ 0.25 | $ 0.32 | $ 0.48 | $ 0.53 | $ 0.79 | ||||
Diluted | 0.28 | 0.24 | 0.31 | 0.47 | 0.53 | 0.78 | ||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | 0.29 | [1] | 0.25 | 0.31 | [1] | 0.47 | 0.54 | [1] | 0.79 | [1] |
Diluted | $ 0.29 | [1] | $ 0.24 | $ 0.31 | [1] | $ 0.46 | $ 0.53 | [1] | $ 0.77 | [1] |
Weighted-average common shares outstanding: | ||||||||||
Basic | 473.2 | 508.9 | 482.7 | 508.6 | ||||||
Diluted | 478.1 | 514.1 | 489.1 | 515.7 | ||||||
[1]May not total due to whole number calculation. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 168 | $ 197 | $ 322 | $ 467 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities without an allowance for credit losses | (567) | (3,697) | 358 | (7,664) |
Net unrealized gains (losses) on securities with an allowance for credit losses | 6 | 0 | 0 | 0 |
Derivatives qualifying as hedges | (120) | (344) | (46) | (580) |
Change in discount rate used to measure future policy benefits | 664 | 5,280 | (561) | 10,751 |
Change in instrument-specific credit risk of market risk benefits | 0 | 1 | 1 | 3 |
Foreign currency translation and other adjustments | 4 | (7) | 8 | (12) |
Total other comprehensive income (loss) | (13) | 1,233 | (240) | 2,498 |
Total comprehensive income (loss) | 155 | 1,430 | 82 | 2,965 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 26 | 10 | 70 | (1) |
Total comprehensive income available to Genworth Financial, Inc.'s common stockholders | $ 129 | $ 1,420 | $ 12 | $ 2,966 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Treasury stock, at cost | Total Genworth Financial, Inc.‘s stockholders' equity | Noncontrolling interests |
Balances, beginning at Dec. 31, 2021 | $ 4,285 | $ 1 | $ 11,858 | $ (5,855) | $ 225 | $ (2,700) | $ 3,529 | $ 756 |
Comprehensive income (loss): | ||||||||
Net income | 270 | |||||||
Balances, ending at Mar. 31, 2022 | 5,819 | 1 | 11,857 | (4,549) | 465 | (2,700) | 5,074 | 745 |
Balances, beginning at Dec. 31, 2021 | 4,285 | 1 | 11,858 | (5,855) | 225 | (2,700) | 3,529 | 756 |
Comprehensive income (loss): | ||||||||
Net income | 467 | 0 | 0 | 0 | 399 | 0 | 399 | 68 |
Other comprehensive income (loss), net of taxes | 2,498 | 0 | 0 | 2,567 | 0 | 0 | 2,567 | (69) |
Total comprehensive income (loss) | 2,965 | 2,966 | (1) | |||||
Treasury stock acquired in connection with share repurchases | (15) | 0 | 0 | 0 | 0 | (15) | (15) | 0 |
Dividends to noncontrolling interests | (4) | 0 | 0 | 0 | 0 | 0 | 0 | (4) |
Stock-based compensation expense and exercises and other | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
Balances, ending at Jun. 30, 2022 | 7,232 | 1 | 11,859 | (3,288) | 624 | (2,715) | 6,481 | 751 |
Balances, beginning at Mar. 31, 2022 | 5,819 | 1 | 11,857 | (4,549) | 465 | (2,700) | 5,074 | 745 |
Comprehensive income (loss): | ||||||||
Net income | 197 | 0 | 0 | 0 | 159 | 0 | 159 | 38 |
Other comprehensive income (loss), net of taxes | 1,233 | 0 | 0 | 1,261 | 0 | 0 | 1,261 | (28) |
Total comprehensive income (loss) | 1,430 | 1,420 | 10 | |||||
Treasury stock acquired in connection with share repurchases | (15) | 0 | 0 | 0 | 0 | (15) | (15) | 0 |
Dividends to noncontrolling interests | (4) | 0 | 0 | 0 | 0 | 0 | 0 | (4) |
Stock-based compensation expense and exercises and other | 2 | 0 | 2 | 0 | 0 | 0 | 2 | 0 |
Balances, ending at Jun. 30, 2022 | 7,232 | 1 | 11,859 | (3,288) | 624 | (2,715) | 6,481 | 751 |
Balances, beginning at Dec. 31, 2022 | 8,386 | 1 | 11,869 | (2,614) | 1,139 | (2,764) | 7,631 | 755 |
Comprehensive income (loss): | ||||||||
Net income | 154 | |||||||
Balances, ending at Mar. 31, 2023 | 8,232 | 1 | 11,863 | (2,853) | 1,261 | (2,833) | 7,439 | 793 |
Balances, beginning at Dec. 31, 2022 | 8,386 | 1 | 11,869 | (2,614) | 1,139 | (2,764) | 7,631 | 755 |
Repurchase of subsidiary shares | (12) | 0 | 0 | 0 | 0 | 0 | 0 | (12) |
Comprehensive income (loss): | ||||||||
Net income | 322 | 0 | 0 | 0 | 259 | 0 | 259 | 63 |
Other comprehensive income (loss), net of taxes | (240) | 0 | 0 | (247) | 0 | 0 | (247) | 7 |
Total comprehensive income (loss) | 82 | 12 | 70 | |||||
Treasury stock acquired in connection with share repurchases | (183) | 0 | 0 | 0 | 0 | (183) | (183) | 0 |
Dividends to noncontrolling interests | (9) | 0 | 0 | 0 | 0 | 0 | 0 | (9) |
Stock-based compensation expense and exercises and other | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
Balances, ending at Jun. 30, 2023 | 8,267 | 1 | 11,869 | (2,861) | 1,398 | (2,947) | 7,460 | 807 |
Balances, beginning at Mar. 31, 2023 | 8,232 | 1 | 11,863 | (2,853) | 1,261 | (2,833) | 7,439 | 793 |
Repurchase of subsidiary shares | (8) | 0 | 0 | 0 | 0 | 0 | 0 | (8) |
Comprehensive income (loss): | ||||||||
Net income | 168 | 0 | 0 | 0 | 137 | 0 | 137 | 31 |
Other comprehensive income (loss), net of taxes | (13) | 0 | 0 | (8) | 0 | 0 | (8) | (5) |
Total comprehensive income (loss) | 155 | 129 | 26 | |||||
Treasury stock acquired in connection with share repurchases | (114) | 0 | 0 | 0 | 0 | (114) | (114) | 0 |
Dividends to noncontrolling interests | (5) | 0 | 0 | 0 | 0 | 0 | 0 | (5) |
Stock-based compensation expense and exercises and other | 7 | 0 | 6 | 0 | 0 | 0 | 6 | 1 |
Balances, ending at Jun. 30, 2023 | $ 8,267 | $ 1 | $ 11,869 | $ (2,861) | $ 1,398 | $ (2,947) | $ 7,460 | $ 807 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from (used by) operating activities: | ||
Net income | $ 322 | $ 467 |
Less (income) loss from discontinued operations, net of taxes | (2) | 3 |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||
Amortization of fixed maturity securities discounts and premiums | (58) | (84) |
Net investment (gains) losses | (28) | (61) |
Changes in fair value of market risk benefits and associated hedges | (2) | (21) |
Charges assessed to policyholders | (291) | (289) |
Acquisition costs deferred | (4) | (7) |
Amortization of deferred acquisition costs and intangibles | 136 | 172 |
Deferred income taxes | 107 | 143 |
Derivative instruments, limited partnerships and other | (222) | (163) |
Stock-based compensation expense | 25 | 20 |
Change in certain assets and liabilities: | ||
Accrued investment income and other assets | (66) | (71) |
Insurance reserves | 525 | 641 |
Other liabilities, policy and contract claims and other policy-related balances | (165) | (382) |
Cash used by operating activities—discontinued operations | (2) | (31) |
Net cash from operating activities | 275 | 337 |
Cash flows from (used by) investing activities: | ||
Fixed maturity securities | 1,144 | 1,495 |
Commercial mortgage loans | 269 | 314 |
Limited partnerships and other invested assets | 67 | 99 |
Proceeds from sales of investments: | ||
Fixed maturity and equity securities | 1,289 | 1,302 |
Purchases and originations of investments: | ||
Fixed maturity and equity securities | (1,443) | (1,800) |
Commercial mortgage loans | (113) | (568) |
Limited partnerships and other invested assets | (301) | (297) |
Short-term investments, net | (7) | (24) |
Policy loans, net | 32 | 14 |
Other | (20) | 0 |
Net cash from investing activities | 917 | 535 |
Cash flows from (used by) financing activities: | ||
Deposits to universal life and investment contracts | 303 | 314 |
Withdrawals from universal life and investment contracts | (893) | (779) |
Repayment and repurchase of long-term debt | (11) | (130) |
Repurchase of subsidiary shares | (12) | 0 |
Treasury stock acquired in connection with share repurchases | (181) | (15) |
Dividends paid to noncontrolling interests | (9) | (4) |
Other, net | (15) | (105) |
Net cash used by financing activities | (818) | (719) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net change in cash, cash equivalents and restricted cash | 374 | 153 |
Cash, cash equivalents and restricted cash at beginning of period | 1,799 | 1,571 |
Cash, cash equivalents and restricted cash at end of period | 2,173 | 1,724 |
Less cash, cash equivalents and restricted cash of discontinued operations at end of period | 0 | 0 |
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ 2,173 | $ 1,724 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 137 | $ 122 | $ 159 | $ 240 | $ 259 | $ 399 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Formation of Genworth and Basis
Formation of Genworth and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Formation of Genworth and Basis of Presentation | (1) Formation of Genworth and Basis of Presentation Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization. The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities (“VIEs”), which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries. Beginning in the first quarter of 2023, we changed our operating segments to better align with how we manage our business. The changes allow us to sharpen our focus on common aspects of products within each segment and enhance understanding of business performance. All prior period financial information has been re-presented to reflect the reorganized segment reporting structure. Under the new reporting structure, we operate our business through the following three operating segments: • Enact. • Long-Term Care Insurance. • Life and Annuities. In addition to our three operating segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are reported outside of our operating segments, such as certain international businesses and discontinued operations. Corporate and Other also includes start-up results related to fee-based services, care support and advice, clinical assessments and consulting offered by CareScout LLC (“CareScout”) to advance our senior care growth initiatives. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2022 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under which Genworth Financial may repurchase up to $350 million of its outstanding Class A common stock. Pursuant to the program, during the six months ended June 30, 2023, Genworth Financial repurchased 31,771,972 shares of its common stock at an average price of $5.67 per share for a total cost of $183 million, including excise taxes and other costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our condensed consolidated balance sheets. Genworth Financial also authorized share repurchases through a Rule 10b5-1 trading plan under which 3,703,015 shares of its common stock were repurchased during July 2023 at an average price of $5.40 per share for a total cost of $20 million before excise taxes. On J l 1 existing share repurchase the Immaterial Correction of Prior Period Financial Statements In the second quarter of 2023, we corrected the measurement of the liability for future policy benefits for our long-term care insurance products under new accounting guidance for long-duration insurance contracts, commonly known as long-duration targeted improvements (“LDTI”), to include an estimate in our cash flow assumptions for cash payments made to policyholders who elect certain reduced benefit options in connection with legal settlements, referred to herein as settlement payments. The inclusion of an estimate for these settlement payments in the cash flow assumptions used to measure the liability for future policy benefits is consistent with our treatment of benefit reductions related to legal settlements, which are also included in our cash flow assumptions used to measure the liability for future policy benefits under LDTI. Under the revised accounting treatment, actual settlement payments will be reflected in benefits and other changes in policy reserves in our condensed consolidated statements of income. Changes in cash flow assumptions related to the estimate for settlement payments and the impact of actual versus expected experience will be reflected in liability remeasurement (gains) losses in our condensed consolidated statements of income. Estimated fees paid to the class action attorneys are accrued in other liabilities in our condensed consolidated balance sheets in the period the court settlement occurs and are recognized within acquisition and operating expenses, net of deferrals, in our condensed consolidated statements of income. We have evaluated the effects of the correction on our previously issued financial statements in accordance with accounting guidance issued by the Financial Accounting Standards Board (the “FASB”) related to accounting changes and error corrections and have concluded that the impact of the correction is not material to our condensed consolidated financial statements in any of the prior periods impacted. However, to improve consistency and comparability of the financial statements, we have revised previously reported financial statement line items and related disclosures included herein. Corrections were made to the comparative prior periods presented in our adjusted condensed consolidated financial statements within our March 31, 2023 Form 10-Q and are reflected in the six months ended June 30, 2023 and 2022 results included herein. In addition, comparative prior period amounts in the applicable notes to the condensed consolidated financial statements included herein have been corrected. As LDTI was adopted on January 1, 2023, this correction has no impact to the amounts reported in our previously issued 2022 Annual Report on Form 10-K. The following table presents the impacted lines of the condensed consolidated balance sheets as of December 31, 2022 and January 1, 2021 (the “Transition Date” for applying LDTI) reflecting the impact of the correction: December 31, 2022 (as adjusted) January 1, 2021 (as adjusted) (Amounts in millions) Previously Correction As Previously Correction As Assets Deferred tax asset $ 1,968 $ 15 $ 1,983 $ 3,765 $ 11 $ 3,776 Total assets 89,699 15 89,714 122,335 11 122,346 Liabilities and equity Liabilities: Future policy benefits 55,349 58 55,407 84,736 50 84,786 Other liabilities 1,675 12 1,687 1,618 — 1,618 Total liabilities 81,258 70 81,328 120,219 50 120,269 Equity: Accumulated other comprehensive income (loss) (2,617 ) 3 (2,614 ) (7,126 ) 18 (7,108 ) Retained earnings 1,197 (58 ) 1,139 (569 ) (57 ) (626 ) Total Genworth Financial, Inc.’s stockholders’ equity 7,686 (55 ) 7,631 1,614 (39 ) 1,575 Total equity 8,441 (55 ) 8,386 2,116 (39 ) 2,077 Total liabilities and equity 89,699 15 89,714 122,335 11 122,346 As of December 31, 2021, accumulated other comprehensive income (loss) increased to $(5,855) million and retained earnings increased to $225 million due the correction. The following table presents the impacted lines and per share amounts in the condensed consolidated statements of income reflecting the impact of the correction for the three months ended March 31: 2023 (as adjusted) 2022 (as adjusted) (Amounts in millions, except per share amounts) Previously Correction As Previously Correction As Benefits and other changes in policy reserves $ 1,172 $ 4 $ 1,176 $ 1,165 $ 2 $ 1,167 Liability remeasurement (gains) losses 22 (37 ) (15 ) (41 ) (23 ) (64 ) Acquisition and operating expenses, net of deferrals 283 (43 ) 240 280 (44 ) 236 Total benefits and expenses 1,721 (76 ) 1,645 1,602 (65 ) 1,537 Income from continuing operations before income taxes 133 76 209 291 65 356 Provision for income taxes 39 16 55 68 16 84 Income from continuing operations 94 60 154 223 49 272 Net income 94 60 154 221 49 270 Net income available to Genworth Financial, Inc.’s common stockholders 62 60 122 191 49 240 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.13 0.12 0.25 0.38 0.10 0.48 Diluted 0.12 0.12 0.24 0.37 0.10 0.47 Net income available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.13 0.12 0.25 0.38 0.09 0.47 Diluted 0.12 0.12 0.24 0.37 0.09 0.46 As a result of the correction, adjusted operating |
Accounting Changes
Accounting Changes | 6 Months Ended |
Jun. 30, 2023 | |
Disclosue of Accounting Changes [Abstract] | |
Accounting Changes | (2) Accounting Changes Accounting Pronouncements Recently Adopted On January 1, 2023, we adopted LDTI, which significantly changed the recognition and measurement We adopted this new accounting guidance using the modified retrospective transition method for all topics except for market risk benefits (“MRBs”), which was required to be applied using the retrospective transition method. The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. The new accounting guidance, for all topics, was applied as of the Transition Date with an adjustment to beginning retained earnings and accumulated other comprehensive income (loss). In addition, prior period financial information has been re-presented in accordance with the new accounting standard. As of the Transition Date, we decreased total stockholders’ equity by $ As a result of adopting this new accounting guidance, our insurance assets and liabilities have been sensitive to movements in interest rates, which will likely result in continued volatility to our stockholders’ equity. Refer to note 19 for additional detail related to the impact changes in interest rates have had on our accumulated other comprehensive income (loss) resulting from updating the discount rate used to measure the liability for future policy benefits and related reinsurance recoverables. The key areas of change introduced by the adoption of LDTI and the related effect to our accounting policies are summarized in the table below. Less significant accounting policy changes from adopting LDTI are not included in the below table. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters DAC and balances amortized on a basis consistent with DAC, including intangible assets and cost of reinsurance DAC associated with long-duration insurance contracts is grouped into cohorts consistent with groupings used to estimate the related liability for future policy benefits and is amortized on a constant level basis over the expected contract term, which approximates straight-line. Assumptions used to amortize DAC are consistent with the assumptions used to estimate the liability for future policy benefits. Revised assumptions are recognized prospectively over the remaining term of the related contract. DAC and balances amortized on a basis consistent with DAC are no longer subject to impairment, shadow adjustments or recoverability testing; however, present value of future profits (“PVFP”) is still assessed for recoverability in connection with premium deficiency testing. The constant level basis we use to amortize DAC by product is as follows: • long-term care insurance—total life count • life insurance—face amount • fixed and variable annuities—policy count We apply the amortization rate at the beginning of the current reporting period, which reflects assumption updates, if applicable, and actual experience through the end of the current reporting period. We have elected to amortize intangible assets associated with investment contracts, such as PVFP, in a manner consistent with DAC. Cost of reinsurance is deferred and amortized in a manner consistent with DAC over the terms of the related reinsurance treaties. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters MRBs, which include contracts or contract features that protect the policyholder’s account balance and expose the insurer to other-than-nominal capital market risk, such as guaranteed minimum death benefits (“GMDBs”), guaranteed minimum withdrawal benefits (“GMWBs”) and guaranteed payout annuity floor benefits (“GPAFs”) MRBs are measured at fair value with changes related to instrument-specific credit risk recorded as a separate component in accumulated other comprehensive income (loss) and remaining changes recorded in net income (loss). For additional details, see notes 7 and 13. Liability for future policy benefits—level of aggregation For the purpose of calculating the net premium ratio used to measure the liability for future policy benefits, long-duration insurance contracts are grouped into annual cohorts on the basis of original contract issue date. For acquired contracts, the acquisition date is considered the original contract issue date. The net premium ratio for long-duration traditional and limited payment contracts is the ratio of expected benefits less the existing carrying value of reserves to gross premiums. Traditional and limited-payment long-duration insurance contracts are generally grouped into annual calendar-year cohorts based on the contract issue date, product type and company. Limited-payment contracts are grouped into cohorts separately from other traditional products and riders are combined with the associated base policies. Certain products may also be grouped by acquisition date for acquired contracts and reinsurance treaty effective date for reinsurance recoverables. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters Liability for future policy benefits—cash flow assumptions All cash flow assumptions used to estimate the liability for future policy benefits (including health care experience, policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates), and benefit reductions associated with our long-term care insurance in-force rate actions and legal settlements as well as payments to policyholders electing reduced benefits in connection with legal settlements) are reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes in cash flow assumptions are recorded using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which is capped at 100%) using actual historical and updated future cash flow assumptions. The liability for future policy benefits is recalculated using the revised net premium ratio and locked-in discount rate as of the beginning of the current reporting period and compared to the carrying amount as of the beginning of the current reporting period using the previous net premium ratio and locked-in discount rate, with any difference recorded as a remeasurement gain (loss). Cash flow assumptions no longer reflect a provision for adverse deviation, and the premium deficiency test and shadow adjustments are eliminated. We calculate a single liability for future policy benefits and therefore, all cash flows, including benefit payments (such as claims in course of settlement and incurred claims) are aggregated. As a result, our U.S. life insurance companies elected to combine their previously disclosed liability for policy and contract claims, excluding amounts related to certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our condensed consolidated balance sheets. Cash flow assumptions will be formally reviewed and updated as necessary based on experience studies in the fourth quarter each year. We elected to update the net premium ratio quarterly for actual versus expected experience; therefore, during interim reporting periods we will replace forecasted cash flow assumptions with actual cash flows with any difference recorded in net income (loss). We made an entity-wide election not to update our expense assumptions and therefore, these assumptions remain locked-in at the time of the Transition Date or if issued after the Transition Date, at the time of contract inception. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters Liability for future policy benefits—discount rate assumptions The liability for future policy benefits is measured using two different discount rates, a current discount rate and a locked-in discount rate. The current discount rate is used to remeasure the liability for future policy benefits recorded in the condensed consolidated balance sheets and is a current upper-medium grade fixed-income instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the corresponding liability. The locked-in discount rate is used to determine the amounts recorded to net income (loss) and is held constant for the purpose of calculating the net premium ratio and interest accretion. The difference between the liability measured using the locked-in rate and the liability measured using the current rate is recorded in accumulated other comprehensive income (loss). For policies in-force prior to the Transition Date, the locked-in discount rate is equal to the discount rate in effect immediately before the Transition Date. For contracts issued on or after the Transition Date, the locked-in discount rate is a single-A rated bond rate identified at inception of the contract. The methodology used to determine the current discount rate assumption maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The current discount rate assumption is based on a single-A curve published by a market data service. For cash flows projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value measurements as defined in note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2022 Annual Report on Form 10-K to interpolate from the last observable rate to an estimated ultimate long-term rate. For contracts issued on or after the Transition Date, the locked-in discount rate for each issue-year cohort is determined as a single discount rate, using the weighted-average monthly single-A fixed-income forward curves over the current calendar year. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters Liability for future policy benefits—deferred profit liability A deferred profit liability is established for limited-payment products at the time of contract issuance for any amount of gross premiums received in excess of net premiums, which is amortized into net income (loss) in proportion to insurance in-force for life insurance products and expected future benefit payments for fixed annuity products. Cash flow assumptions related to the deferred profit liability are consistent with the assumptions used to estimate the related liability for future policy benefits and are updated at the same time. The deferred profit liability is recalculated using updated cash flow assumptions as of the beginning of the current reporting period and compared to the current carrying amount as of the beginning of the current reporting period, with any difference recorded in net income (loss). Policyholder account balances—additional insurance liabilities Additional insurance liabilities are established for guarantees or certain product features not classified as MRBs or embedded derivatives. The calculation of additional insurance liabilities includes investment performance. Therefore, the impacts from net unrealized investment gains and losses on available for-sale investment securities backing additional insurance liabilities are required to be analyzed, as if those unrealized investment gains and losses were realized. These “shadow adjustments” result in the recognition of unrealized gains and losses on additional insurance liabilities in a manner consistent with unrealized gains and losses on available-for-sale investment securities, which are recorded in accumulated other comprehensive income (loss). Annual premium deficiency testing is still required to be performed for our universal and term universal life insurance products. The following table presents the impacted lines of the condensed consolidated balance sheet as of December 31, 2022 reflecting the impact of adopting LDTI on January 1, 2023: (Amounts in millions) As originally Effect of As adjusted Assets Deferred acquisition costs $ 2,200 $ 11 $ 2,211 Intangible assets 241 (38 ) 203 Reinsurance recoverable 16,495 2,564 19,059 Less: Allowance for credit losses (60 ) (3 ) (63 ) Reinsurance recoverable, net 16,435 2,561 18,996 Other assets 415 73 488 Deferred tax asset 1,344 639 1,983 Market risk benefit assets — 26 26 Total assets 86,442 3,272 89,714 Liabilities and equity Liabilities: Future policy benefits 38,064 17,343 55,407 Policyholder account balances 17,113 (549 ) 16,564 Market risk benefit liabilities — 748 748 Liability for policy and contract claims 12,234 (11,551 ) 683 Unearned premiums 584 (381 ) 203 Other liabilities 1,672 15 1,687 Total liabilities 75,703 5,625 81,328 Equity: Accumulated other comprehensive income (2,220 ) (394 ) (2,614 ) Retained earnings 3,098 (1,959 ) 1,139 Total Genworth Financial, Inc.’s stockholders’ equity 9,984 (2,353 ) 7,631 Total equity 10,739 (2,353 ) 8,386 Total liabilities and equity 86,442 3,272 89,714 The following table presents the impacted lines of the condensed consolidated statements of income for the three and six months ended June 30, 2022 reflecting the impact of adopting LDTI on January 1, 2023: Three months ended June 30, 2022 Six months ended June 30, 2022 (Amounts in millions, except per share As originally Effect of As adjusted As originally Effect of As adjusted Revenues: Premiums $ 927 $ (11 ) $ 916 $ 1,858 $ (25 ) $ 1,833 Net investment gains (losses) 8 11 19 36 25 61 Policy fees and other income 159 6 165 328 7 335 Total revenues 1,881 6 1,887 3,773 7 3,780 Benefits and expenses: Benefits and other changes in policy reserves 764 4 768 1,903 32 1,935 Liability remeasurement (gains) losses — 24 24 — (40 ) (40 ) Changes in fair value of market risk benefits and — 20 20 — (21 ) (21 ) Interest credited 125 1 126 250 1 251 Acquisition and operating expenses, net of deferrals 589 (10 ) 579 860 (45 ) 815 Amortization of deferred acquisition costs and 84 — 84 176 (4 ) 172 Total benefits and expenses 1,588 39 1,627 3,241 (77 ) 3,164 Income from continuing operations before income 293 (33 ) 260 532 84 616 Provision for income taxes 73 (11 ) 62 131 15 146 Income from continuing operations 220 (22 ) 198 401 69 470 Net income 219 (22 ) 197 398 69 467 Net income available to Genworth Financial, Inc.’s 181 (22 ) 159 330 69 399 Income from continuing operations available to 182 (22 ) 160 333 69 402 Net income available to Genworth Financial, Inc.’s common stockholders 181 (22 ) 159 330 69 399 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.36 (0.04 ) 0.32 0.65 0.14 0.79 Diluted 0.36 (0.05 ) 0.31 0.65 0.13 0.78 Net income available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.36 (0.05 ) 0.31 0.65 0.14 0.79 Diluted 0.35 (0.04 ) 0.31 0.64 0.13 0.77 The following table presents the impacted lines of the condensed consolidated statement of cash flows for the six months ended June 30, 2022 reflecting the impact of adopting LDTI on January 1, 2023: (Amounts in millions) As Effect of As Cash flows from (used by) operating activities: Net income $ 398 $ 69 $ 467 Adjustments to reconcile net income to net cash from operating activities: Net investment (gains) losses (36 ) (25 ) (61 ) Changes in fair value of market risk benefits and associated hedges — (21 ) (21 ) Charges assessed to policyholders (292 ) 3 (289 ) Acquisition costs deferred (1 ) (6 ) (7 ) Amortization of deferred acquisition costs and intangibles 176 (4 ) 172 Deferred income taxes 128 15 143 Change in certain assets and liabilities: Accrued investment income and other assets (70 ) (1 ) (71 ) Insurance reserves 494 147 641 Other liabilities, policy and contract claims and other policy-related balances (205 ) (177 ) (382 ) Net cash from operating activities 337 — 337 Accounting Pronouncements Not Yet Adopted In June 2022, the FASB issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted, which we do not intend to elect. We do not expect a significant impact from this guidance on our condensed consolidated financial statements and disclosures. |
Long-Duration Insurance Contrac
Long-Duration Insurance Contracts Targeted Improvements | 6 Months Ended |
Jun. 30, 2023 | |
Long Term Duration Insurance Contracts [Abstract] | |
Long-Duration Insurance Contracts Targeted Improvements | (3) Long-Duration Insurance Contracts Targeted Improvements Transition Disclosures On January 1, 2023, we adopted LDTI using the modified retrospective method for all topics except for MRBs, which was adopted using the retrospective method, as of January 1, 2021 or the Transition Date. When applying the new accounting guidance for MRBs, hindsight was applied where necessary to determine actuarial assumptions for MRBs primarily associated with variable annuities for certain older blocks of business issued before 2003 and certain small runoff blocks of business as observable data was not available. The modified retrospective approach for DAC and balances amortized on a basis consistent with DAC was applied before MRBs were retrospectively measured and, as a result, the historical DAC balances were carried over as of the Transition Date. In the year of adoption only, we have included rollforwards of activity for the year ended December 31, 2021 for DAC, PVFP, the liability for future policy benefits, policyholder account balances, additional insurance liabilities, MRBs and separate account liabilities in notes 8, 9, 10, 11, 12, 13 and 14, respectively, to provide additional information related to comparative post-transition impacts. The following table presents the balances of and changes in the condensed consolidated balance sheet on January 1, 2021 from the adoption of LDTI: Balances as of Effect of adopting LDTI Balances as of (Amounts in millions) Eliminate Changes in Change in Recognize Assets Total investments $ 74,701 $ — $ — $ — $ — $ 74,701 Cash, cash equivalents and restricted cash 2,561 — — — — 2,561 Accrued investment income 655 — — — — 655 Deferred acquisition costs 1,487 1,322 — — — 2,809 Intangible assets 157 114 — — — 271 Reinsurance recoverable 16,864 — 1,214 10,149 (92 ) 28,135 Less: Allowance for credit losses (45 ) — — — — (45 ) Reinsurance recoverable, net 16,819 — 1,214 10,149 (92 ) 28,090 Other assets 404 — (89 ) — 248 563 Deferred tax asset 65 (1,515 ) 497 4,624 105 3,776 Market risk benefit assets — — — — 22 22 Separate account assets 6,081 — — — — 6,081 Assets related to discontinued operations 2,817 — — — — 2,817 Total assets $ 105,747 $ (79 ) $ 1,622 $ 14,773 $ 283 $ 122,346 Liabilities and equity Liabilities: Future policy benefits $ 42,695 $ (4,456 ) $ 14,654 $ 31,893 $ — $ 84,786 Policyholder account balances 21,503 (1,229 ) — — (641 ) 19,633 Market risk benefit liabilities — — — — 1,310 1,310 Liability for policy and contract claims 11,486 — (10,725 ) — — 761 Unearned premiums 775 — (468 ) — — 307 Other liabilities 1,614 — — — 4 1,618 Long-term borrowings 3,403 — — — — 3,403 Separate account liabilities 6,081 — — — — 6,081 Liabilities related to discontinued operations 2,370 — — — — 2,370 Total liabilities 89,927 (5,685 ) 3,461 31,893 673 120,269 Commitments and contingencies Equity: Class A common stock 1 — — — — 1 Additional paid-in capital 12,008 — — — — 12,008 Accumulated other comprehensive income (loss) 4,425 5,606 — (17,120 ) (19 ) (7,108 ) Retained earnings 1,584 — (1,839 ) — (371 ) (626 ) Treasury stock, at cost (2,700 ) — — — — (2,700 ) Total Genworth Financial, Inc.’s stockholders’ equity 15,318 5,606 (1,839 ) (17,120 ) (390 ) 1,575 Noncontrolling interests 502 — — — — 502 Total equity 15,820 5,606 (1,839 ) (17,120 ) (390 ) 2,077 Total liabilities and equity $ 105,747 $ (79 ) $ 1,622 $ 14,773 $ 283 $ 122,346 The following table summarizes the components of the transition adjustments within stockholders’ equity as of January 1, 2021 from the adoption of LDTI: (Amounts in millions) Accumulated Retained Total Deferred acquisition costs $ 1,322 $ — $ 1,322 Intangible assets 114 — 114 Reinsurance recoverable 10,149 1,201 11,350 Other assets — 156 156 Future policy benefits (27,437 ) (3,537 ) (30,974 ) Policyholder account balances 1,229 — 1,229 Market risk benefits, net (24 ) (623 ) (647 ) Other liabilities — (4 ) (4 ) Deferred taxes 3,114 597 3,711 Total $ (11,533 ) $ (2,210 ) $ (13,743 ) The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for DAC, intangible assets and the liability for policyholder account balances represents the elimination of previously recorded shadow adjustments related to unrealized gains and losses. The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for the liability for future policy benefits and reinsurance recoverables relates to the higher discount rate in effect immediately prior to adoption compared to the lower single-A rated bond rate as of the Transition Date, partially offset by the elimination of previously recorded shadow adjustments related to unrealized gains and losses. The cumulative effect adjustment recorded to retained earnings for the liability for future policy benefits and reinsurance recoverables relates to cohorts with net premium ratios capped at 100% and single premium fixed payout annuity products with remeasured liability balances in excess of the carryover reserve. Net premium ratios are capped at 100% when gross premiums plus the existing carrying value of reserves are insufficient to cover actual or expected policy and contract benefits at the cohort level, as was the case immediately before the Transition Date for a significant number of issue-year cohorts in our long-term care insurance business. These cohorts are mostly comprised of older blocks, and due to the age of the policies, do not benefit from future in-force rate actions due to limited remaining premium paying periods. Additionally, due to the requirement to group policies by issue-year cohorts, future in-force rate actions related to policies issued in more profitable years cannot subsidize loss generating policies issued in earlier years. The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for our net MRB liability relates to the cumulative effect of changes in the instrument-specific credit risk between the contract issue date and January 1, 2021. The difference between the fair value and the carrying amount of MRBs as of January 1, 2021, excluding the amounts recorded in accumulated other comprehensive income (loss), was recorded as a cumulative effect adjustment to retained earnings. Transition adjustments related to the recognition of reinsured MRBs are reflected as other assets and other liabilities. The following table summarizes the balances of and changes in deferred acquisition costs on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Long-term Life Fixed Variable Total Balances as of December 31, 2020 $ — $ 1,316 $ 3 $ 139 $ 1,458 Adjustment for removal of related balances in accumulated other comprehensive income (loss) 1,043 185 82 12 1,322 Adjusted balances as of January 1, 2021 $ 1,043 $ 1,501 $ 85 $ 151 2,780 Enact segment 29 Total deferred acquisition costs as of January 1, 2021 $ 2,809 The following table summarizes the balances of and changes in intangible assets, including present value of future profits and deferred sales inducements, on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Life Fixed Variable Total Balances as of December 31, 2020 $ 73 $ 7 $ 3 $ 83 Adjustment for removal of related balances in accumulated other comprehensive income (loss) 81 33 — 114 Adjusted balances as of January 1, 2021 $ 154 $ 40 $ 3 $ 197 The following table summarizes the balances of and changes in the liability for future policy benefits on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Long-term Life Fixed Total Balances as of December 31, 2020 $ 28,770 $ 2,101 $ 11,824 $ 42,695 Reclassify liability for policy and contract claims, unearned premiums and due premiums (1) 10,918 189 10 11,117 Change in discount rate assumptions 24,253 361 7,279 31,893 Change in cash flow assumptions (2) 3,319 (2 ) 264 3,581 Change in cash flow assumptions, effect of increase (decrease) of the deferred profit liability (2) (173 ) — 129 (44 ) Adjustment for removal of related balances in accumulated other comprehensive income (loss) (3,716 ) — (740 ) (4,456 ) Adjusted balances as of January 1, 2021 63,371 2,649 18,766 84,786 Less: reinsurance recoverable 11,476 834 13,699 26,009 Adjusted balances as of January 1, 2021, net of reinsurance $ 51,895 $ 1,815 $ 5,067 $ 58,777 (1) Upon adopting LDTI, we elected to combine our previously disclosed liability for policy and contract claims, unearned premiums and due premiums, excluding amounts related to mortgage insurance and certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our condensed consolidated balance sheets. (2) For limited-payment contracts, if the remeasured liability for future policy benefits under LDTI is (less) greater than the carrying value immediately before the Transition Date, the deferred profit liability is increased (decreased) with a corresponding (decrease) increase to the liability for future policy benefits. The following table summarizes the balances of and changes in the net liability position for MRBs on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Fixed indexed Variable Total Balances as of December 31, 2020 $ 71 $ 570 $ 641 Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit 39 584 623 Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance 5 19 24 Total adjustment for the difference between carrying amount and fair 44 603 647 Adjusted balances as of January 1, 2021 115 1,173 1,288 Less: reinsurance recoverable — 244 244 Adjusted balances as of January 1, 2021, net of reinsurance $ 115 $ 929 $ 1,044 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings (Loss) Per Share | (4) Earnings (Loss) Per Share Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended Six months ended (Amounts in millions, except per share amounts) 2023 2022 2023 2022 Weighted-average common shares used in basic earnings (loss) per share calculations 473.2 508.9 482.7 508.6 Potentially dilutive securities: Stock options, restricted stock units and other equity-based awards 4.9 5.2 6.4 7.1 Weighted-average common shares used in diluted earnings (loss) per share calculations 478.1 514.1 489.1 515.7 Income from continuing operations: Income from continuing operations $ 166 $ 198 $ 320 $ 470 Less: net income from continuing operations attributable to noncontrolling interests 31 38 63 68 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders $ 135 $ 160 $ 257 $ 402 Basic per share $ 0.28 $ 0.32 $ 0.53 $ 0.79 Diluted per share $ 0.28 $ 0.31 $ 0.53 $ 0.78 Income (loss) from discontinued operations: Income (loss) from discontinued operations, net of taxes $ 2 $ (1 ) $ 2 $ (3 ) Less: net income from discontinued operations attributable to noncontrolling interests — — — — Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders $ 2 $ (1 ) $ 2 $ (3 ) Basic per share $ 0.01 $ — $ 0.01 $ (0.01 ) Diluted per share $ 0.01 $ — $ 0.01 $ (0.01 ) Net income: Income from continuing operations $ 166 $ 198 $ 320 $ 470 Income (loss) from discontinued operations, net of taxes 2 (1 ) 2 (3 ) Net income 168 197 322 467 Less: net income attributable to noncontrolling interests 31 38 63 68 Net income available to Genworth Financial, Inc.’s common stockholders $ 137 $ 159 $ 259 $ 399 Basic per share (1) $ 0.29 $ 0.31 $ 0.54 $ 0.79 Diluted per share (1) $ 0.29 $ 0.31 $ 0.53 $ 0.77 (1) May not total due to whole number calculation. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments | (5) Investments (a) Net Investment Income Sources of net investment income were as follows for the periods indicated: Three months ended June 30, Six months ended (Amounts in millions) 2023 2022 2023 2022 Fixed maturity securities—taxable $ 567 $ 578 $ 1,128 $ 1,158 Fixed maturity securities—non-taxable 1 1 2 2 Equity securities 3 2 5 4 Commercial mortgage loans 75 78 151 159 Policy loans 54 51 109 101 Limited partnerships 17 32 45 39 Other invested assets 70 66 138 129 Cash, cash equivalents, restricted cash and short-term investments 22 1 40 1 Gross investment income before expenses and fees 809 809 1,618 1,593 Expenses and fees (24 ) (22 ) (46 ) (42 ) Net investment income $ 785 $ 787 $ 1,572 $ 1,551 (b) Net Investment Gains (Losses) The following table sets forth net investment gains (losses) for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 18 $ 5 $ 21 $ 15 Realized losses (48 ) (9 ) (67 ) (27 ) Net realized gains (losses) on available-for-sale fixed maturity securities (30 ) (4 ) (46 ) (12 ) Net realized gains (losses) on equity securities sold (1 ) — (1 ) — Net realized gains (losses) on limited partnerships — — — — Total net realized investment gains (losses) (31 ) (4 ) (47 ) (12 ) Net change in allowance for credit losses on available-for-sale fixed maturity securities 11 — (4 ) — Write-down of available-for-sale fixed maturity securities (1) (1 ) — (1 ) (2 ) Net unrealized gains (losses) on equity securities still held 21 (26 ) 32 (32 ) Net unrealized gains (losses) on limited partnerships 40 24 40 59 Commercial mortgage loans — 2 (2 ) 3 Derivative instruments (2) (1 ) 18 11 37 Other — 5 (1 ) 8 Net investment gains (losses) $ 39 $ 19 $ 28 $ 61 (1) Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2) See note 6 for additional information on the impact of derivative instruments included in net investment gains (losses). See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended June 30, 2023: (Amounts in millions) Beginning Increase from Increase securities allowance Securities Decrease Write-offs Recoveries Ending Fixed maturity securities: U.S. corporate $ 9 $ — $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed 6 — — (2 ) — — — 4 Total available-for-sale fixed maturity securities $ 15 $ — $ — $ (9 ) $ — $ (2 ) $ — $ 4 The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the six months ended June 30, 2023: (Amounts in millions) Beginning Increase from Increase securities allowance Securities Decrease Write-offs Recoveries Ending Fixed maturity securities: U.S. corporate $ — $ 9 $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed — 6 — (2 ) — — — 4 Total available-for-sale fixed maturity securities $ — $ 15 $ — $ (9 ) $ — $ (2 ) $ — $ 4 There (c) Unrealized Investment Gains and Losses Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: (Amounts in millions) June 30, 2023 December 31, 2022 Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses $ (3,790 ) $ (4,251 ) Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses — — Adjustments to policyholder contract balances 62 68 Income taxes, net 608 705 Net unrealized investment gains (losses) (3,120 ) (3,478 ) Less: net unrealized investment gains (losses) attributable to noncontrolling interests (64 ) (71 ) Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ (3,056 ) $ (3,407 ) The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Beginning balance $ (2,500 ) $ 2,151 $ (3,407 ) $ 6,077 Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (755 ) (4,713 ) 415 (9,843 ) Adjustments to policyholder contract balances 13 77 (6 ) 160 Provision for income taxes 158 935 (87 ) 2,009 Change in unrealized gains (losses) on investment securities (584 ) (3,701 ) 322 (7,674 ) Reclassification adjustments to net investment (gains) losses, net of taxes of $(7), $—, $(10) and $(2) 23 4 36 10 Change in net unrealized investment gains (losses) (561 ) (3,697 ) 358 (7,664 ) Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (5 ) (28 ) 7 (69 ) Ending balance $ (3,056 ) $ (1,518 ) $ (3,056 ) $ (1,518 ) Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis. (d) Fixed Maturity Securities As of June 30, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,459 $ 97 $ (167 ) $ — $ 3,389 State and political subdivisions 2,611 21 (289 ) — 2,343 Non-U.S. government 708 15 (98 ) — 625 U.S. corporate: Utilities 4,339 49 (424 ) — 3,964 Energy 2,414 36 (202 ) — 2,248 Finance and insurance 7,915 54 (843 ) — 7,126 Consumer—non-cyclical 4,663 94 (347 ) — 4,410 Technology and communications 3,196 49 (311 ) — 2,934 Industrial 1,326 15 (117 ) — 1,224 Capital goods 2,225 44 (162 ) — 2,107 Consumer—cyclical 1,737 16 (139 ) — 1,614 Transportation 1,171 33 (87 ) — 1,117 Other 311 4 (16 ) — 299 Total U.S. corporate 29,297 394 (2,648 ) — 27,043 Non-U.S. corporate: Utilities 813 — (78 ) — 735 Energy 1,043 21 (62 ) — 1,002 Finance and insurance 2,054 33 (188 ) — 1,899 Consumer—non-cyclical 666 3 (77 ) — 592 Technology and communications 977 7 (93 ) — 891 Industrial 838 9 (65 ) — 782 Capital goods 602 4 (51 ) — 555 Consumer—cyclical 239 1 (23 ) — 217 Transportation 360 12 (26 ) — 346 Other 859 13 (53 ) — 819 Total non-U.S. corporate 8,451 103 (716 ) — 7,838 Residential mortgage-backed 997 4 (67 ) — 934 Commercial mortgage-backed 1,990 1 (297 ) (4 ) 1,690 Other asset-backed 2,351 1 (144 ) — 2,208 Total available-for-sale fixed maturity securities $ 49,864 $ 636 $ (4,426 ) $ (4 ) $ 46,070 As of December 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,446 $ 86 $ (191 ) $ — $ 3,341 State and political subdivisions 2,726 19 (346 ) — 2,399 Non-U.S. government 731 15 (101 ) — 645 U.S. corporate: Utilities 4,295 50 (447 ) — 3,898 Energy 2,450 33 (221 ) — 2,262 Finance and insurance 8,005 59 (871 ) — 7,193 Consumer—non-cyclical 4,776 84 (403 ) — 4,457 Technology and communications 3,265 43 (361 ) — 2,947 Industrial 1,312 15 (130 ) — 1,197 Capital goods 2,290 41 (193 ) — 2,138 Consumer—cyclical 1,758 14 (155 ) — 1,617 Transportation 1,165 32 (97 ) — 1,100 Other 325 3 (18 ) — 310 Total U.S. corporate 29,641 374 (2,896 ) — 27,119 Non-U.S. corporate: Utilities 817 — (77 ) — 740 Energy 1,009 19 (68 ) — 960 Finance and insurance 2,124 30 (208 ) — 1,946 Consumer—non-cyclical 655 1 (90 ) — 566 Technology and communications 997 4 (107 ) — 894 Industrial 880 8 (70 ) — 818 Capital goods 606 3 (63 ) — 546 Consumer—cyclical 308 — (32 ) — 276 Transportation 392 12 (29 ) — 375 Other 932 15 (58 ) — 889 Total non-U.S. corporate 8,720 92 (802 ) — 8,010 Residential mortgage-backed 1,059 7 (71 ) — 995 Commercial mortgage-backed 2,183 2 (277 ) — 1,908 Other asset-backed 2,328 1 (163 ) — 2,166 Total available-for-sale fixed maturity securities $ 50,834 $ 596 $ (4,847 ) $ — $ 46,583 The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of June 30, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number of Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 1,412 $ (106 ) 42 $ 329 $ (61 ) 36 $ 1,741 $ (167 ) 78 State and political subdivisions 495 (25 ) 77 1,252 (264 ) 223 1,747 (289 ) 300 Non-U.S. government 123 (3 ) 22 387 (95 ) 60 510 (98 ) 82 U.S. corporate 6,257 (285 ) 878 13,764 (2,363 ) 1,768 20,021 (2,648 ) 2,646 Non-U.S. corporate 1,733 (55 ) 226 4,353 (661 ) 579 6,086 (716 ) 805 Residential mortgage-backed 391 (16 ) 160 323 (51 ) 98 714 (67 ) 258 Commercial mortgage-backed 227 (18 ) 32 1,430 (279 ) 230 1,657 (297 ) 262 Other asset-backed 524 (11 ) 147 1,550 (133 ) 305 2,074 (144 ) 452 Total for fixed maturity securities in an unrealized loss position $ 11,162 $ (519 ) 1,584 $ 23,388 $ (3,907 ) 3,299 $ 34,550 $ (4,426 ) 4,883 % Below cost: <20% Below cost $ 11,085 $ (494 ) 1,576 $ 18,715 $ (2,339 ) 2,671 $ 29,800 $ (2,833 ) 4,247 20%-50% Below cost 77 (25 ) 8 4,673 (1,568 ) 628 4,750 (1,593 ) 636 Total for fixed maturity securities in an unrealized loss position $ 11,162 $ (519 ) 1,584 $ 23,388 $ (3,907 ) 3,299 $ 34,550 $ (4,426 ) 4,883 Investment grade $ 10,912 $ (514 ) 1,558 $ 22,108 $ (3,713 ) 3,100 $ 33,020 $ (4,227 ) 4,658 Below investment grade 250 (5 ) 26 1,280 (194 ) 199 1,530 (199 ) 225 Total for fixed maturity securities in an unrealized loss position $ 11,162 $ (519 ) 1,584 $ 23,388 $ (3,907 ) 3,299 $ 34,550 $ (4,426 ) 4,883 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of June 30, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number of Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 883 $ (34 ) 115 $ 1,817 $ (390 ) 270 $ 2,700 $ (424 ) 385 Energy 429 (21 ) 77 1,173 (181 ) 152 1,602 (202 ) 229 Finance and insurance 1,680 (82 ) 254 4,290 (761 ) 514 5,970 (843 ) 768 Consumer—non-cyclical 907 (51 ) 118 1,922 (296 ) 214 2,829 (347 ) 332 Technology and communications 910 (44 ) 117 1,489 (267 ) 214 2,399 (311 ) 331 Industrial 306 (7 ) 30 610 (110 ) 82 916 (117 ) 112 Capital goods 376 (13 ) 59 1,003 (149 ) 122 1,379 (162 ) 181 Consumer—cyclical 403 (15 ) 66 873 (124 ) 121 1,276 (139 ) 187 Transportation 280 (16 ) 30 473 (71 ) 66 753 (87 ) 96 Other 83 (2 ) 12 114 (14 ) 13 197 (16 ) 25 Subtotal, U.S. corporate securities 6,257 (285 ) 878 13,764 (2,363 ) 1,768 20,021 (2,648 ) 2,646 Non-U.S. corporate: Utilities 233 (8 ) 21 498 (70 ) 55 731 (78 ) 76 Energy 267 (9 ) 32 373 (53 ) 42 640 (62 ) 74 Finance and insurance 376 (12 ) 67 1,162 (176 ) 167 1,538 (188 ) 234 Consumer—non-cyclical 133 (6 ) 16 386 (71 ) 47 519 (77 ) 63 Technology and communications 199 (6 ) 25 548 (87 ) 73 747 (93 ) 98 Industrial 118 (5 ) 23 419 (60 ) 56 537 (65 ) 79 Capital goods 104 (1 ) 11 349 (50 ) 47 453 (51 ) 58 Consumer—cyclical 61 (2 ) 4 140 (21 ) 25 201 (23 ) 29 Transportation 74 (3 ) 10 137 (23 ) 22 211 (26 ) 32 Other 168 (3 ) 17 341 (50 ) 45 509 (53 ) 62 Subtotal, non-U.S. corporate securities 1,733 (55 ) 226 4,353 (661 ) 579 6,086 (716 ) 805 Total for corporate securities in an unrealized loss $ 7,990 $ (340 ) 1,104 $ 18,117 $ (3,024 ) 2,347 $ 26,107 $ (3,364 ) 3,451 We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increased interest rates and widening credit spreads and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost. The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 1,585 $ (189 ) 55 $ 17 $ (2 ) 6 $ 1,602 $ (191 ) 61 State and political subdivisions 1,559 (269 ) 258 261 (77 ) 66 1,820 (346 ) 324 Non-U.S. government 351 (54 ) 59 152 (47 ) 23 503 (101 ) 82 U.S. corporate 18,480 (2,344 ) 2,452 2,001 (552 ) 236 20,481 (2,896 ) 2,688 Non-U.S. corporate 5,593 (599 ) 732 748 (203 ) 111 6,341 (802 ) 843 Residential mortgage-backed 569 (51 ) 192 65 (20 ) 22 634 (71 ) 214 Commercial mortgage-backed 1,765 (255 ) 265 88 (22 ) 16 1,853 (277 ) 281 Other asset-backed 1,455 (83 ) 347 598 (80 ) 101 2,053 (163 ) 448 Total for fixed maturity securities in an unrealized loss $ 31,357 $ (3,844 ) 4,360 $ 3,930 $ (1,003 ) 581 $ 35,287 $ (4,847 ) 4,941 % Below cost: <20% Below cost $ 27,596 $ (2,587 ) 3,835 $ 1,819 $ (291 ) 310 $ 29,415 $ (2,878 ) 4,145 20%-50% Below cost 3,757 (1,251 ) 523 2,111 (712 ) 271 5,868 (1,963 ) 794 >50% Below cost 4 (6 ) 2 — — — 4 (6 ) 2 Total for fixed maturity securities in an unrealized loss $ 31,357 $ (3,844 ) 4,360 $ 3,930 $ (1,003 ) 581 $ 35,287 $ (4,847 ) 4,941 Investment grade $ 29,959 $ (3,687 ) 4,158 $ 3,590 $ (915 ) 537 $ 33,549 $ (4,602 ) 4,695 Below investment grade 1,398 (157 ) 202 340 (88 ) 44 1,738 (245 ) 246 Total for fixed maturity securities in an unrealized loss $ 31,357 $ (3,844 ) 4,360 $ 3,930 $ (1,003 ) 581 $ 35,287 $ (4,847 ) 4,941 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number of Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 2,447 $ (398 ) 345 $ 187 $ (49 ) 37 $ 2,634 $ (447 ) 382 Energy 1,538 (187 ) 226 144 (34 ) 14 1,682 (221 ) 240 Finance and insurance 5,250 (668 ) 696 706 (203 ) 74 5,956 (871 ) 770 Consumer—non-cyclical 2,805 (342 ) 317 201 (61 ) 22 3,006 (403 ) 339 Technology and communications 2,259 (273 ) 304 271 (88 ) 32 2,530 (361 ) 336 Industrial 829 (105 ) 104 110 (25 ) 13 939 (130 ) 117 Capital goods 1,332 (153 ) 169 148 (40 ) 16 1,480 (193 ) 185 Consumer—cyclical 1,138 (108 ) 173 194 (47 ) 22 1,332 (155 ) 195 Transportation 746 (93 ) 95 21 (4 ) 5 767 (97 ) 100 Other 136 (17 ) 23 19 (1 ) 1 155 (18 ) 24 Subtotal, U.S. corporate securities 18,480 (2,344 ) 2,452 2,001 (552 ) 236 20,481 (2,896 ) 2,688 Non-U.S. corporate: Utilities 640 (63 ) 66 57 (14 ) 9 697 (77 ) 75 Energy 604 (61 ) 69 40 (7 ) 5 644 (68 ) 74 Finance and insurance 1,310 (122 ) 204 296 (86 ) 42 1,606 (208 ) 246 Consumer—non-cyclical 491 (74 ) 56 54 (16 ) 11 545 (90 ) 67 Technology and communications 740 (96 ) 93 39 (11 ) 8 779 (107 ) 101 Industrial 480 (45 ) 71 105 (25 ) 13 585 (70 ) 84 Capital goods 394 (46 ) 52 62 (17 ) 6 456 (63 ) 58 Consumer—cyclical 241 (28 ) 31 23 (4 ) 6 264 (32 ) 37 Transportation 180 (21 ) 26 29 (8 ) 5 209 (29 ) 31 Other 513 (43 ) 64 43 (15 ) 6 556 (58 ) 70 Subtotal, non-U.S. corporate securities 5,593 (599 ) 732 748 (203 ) 111 6,341 (802 ) 843 Total for corporate securities in an unrealized loss $ 24,073 $ (2,943 ) 3,184 $ 2,749 $ (755 ) 347 $ 26,822 $ (3,698 ) 3,531 The scheduled maturity distribution of fixed maturity securities as of June 30, 2023 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. (Amounts in millions) Amortized Fair Due one year or less $ 1,389 $ 1,375 Due after one year through five years 8,373 8,000 Due after five years through ten years 12,727 11,662 Due after ten years 22,037 20,201 Subtotal 44,526 41,238 Residential mortgage-backed 997 934 Commercial mortgage-backed 1,990 1,690 Other asset-backed 2,351 2,208 Total $ 49,864 $ 46,070 As of June 30, 2023, securities issued by finance and insurance, consumer—non-cyclical, utilities and technology and communications industry groups represented approximately 26%, 14%, 14% and 11%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio. As of June 30, 2023, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. (e) Commercial Mortgage Loans Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses. We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Carrying % of Carrying % of Property type: Retail $ 2,859 42 % $ 2,916 42 % Office 1,516 22 1,579 22 Industrial 1,441 21 1,456 21 Apartments 534 8 561 8 Mixed use 379 5 371 5 Other 147 2 149 2 Subtotal 6,876 100 % 7,032 100 % Allowance for credit losses (24 ) (22 ) Total $ 6,852 $ 7,010 June 30, 2023 December 31, 2022 (Amounts in millions) Carrying % of Carrying % of Geographic region: South Atlantic $ 1,782 26 % $ 1,809 26 % Pacific 1,310 19 1,340 19 Mountain 1,006 15 1,023 15 Middle Atlantic 944 14 988 14 West South Central 566 8 578 8 East North Central 453 6 454 6 West North Central 415 6 438 6 East South Central 213 3 218 3 New England 187 3 184 3 Subtotal 6,876 100 % 7,032 100 % Allowance for credit losses (24 ) (22 ) Total $ 6,852 $ 7,010 As of June 30, 2023, we had one commercial mortgage loan with an amortized cost of $6 million that was more than 90 days past due and on non-accrual status in the mixed use property type. The carrying value of this commercial mortgage loan was lower than the fair value of its collateral and this loan did not have an allowance for credit losses as of June 30, 2023. As of December 31, 2022, we had no commercial mortgage loans past due or on non-accrual status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2022 Annual Report on Form 10-K. During the six months ended June 30, 2023 and year ended December 31, 2022, we did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan. The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Allowance for credit losses: Beginning balance $ 24 $ 25 $ 22 $ 26 Provision — (3 ) 2 (4 ) Write-offs — — — — Recoveries — 1 — 1 Ending balance $ 24 $ 23 $ 24 $ 23 In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments. The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2023: (Amounts in millions) 2023 2022 2021 2020 2019 2018 and Total Debt-to-value: 0% - 50% $ 2 $ 41 $ 40 $ 98 $ 118 $ 2,107 $ 2,406 51% - 60% 16 57 131 103 148 887 1,342 61% - 75% 94 841 746 285 427 693 3,086 76% - 100% — — — — 8 34 42 Greater than 100% — — — — — — — Total amortized cost $ 112 $ 939 $ 917 $ 486 $ 701 $ 3,721 $ 6,876 Debt service coverage ratio: Less than 1.00 $ — $ 7 $ 10 $ 6 $ 46 $ 177 $ 246 1.00 - 1.25 14 17 — 16 19 198 264 1.26 - 1.50 52 287 69 64 162 465 1,099 1.51 - 2.00 44 575 607 202 266 1,373 3,067 Greater than 2.00 2 53 231 198 208 1,508 2,200 Total amortized cost $ 112 $ 939 $ 917 $ 486 $ 701 $ 3,721 $ 6,876 The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: June 30, 2023 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 902 $ 690 $ 1,239 $ 28 $ — $ 2,859 Office 454 274 788 — — 1,516 Industrial 694 175 572 — — 1,441 Apartments 177 91 258 8 — 534 Mixed use 93 103 177 6 — 379 Other 86 9 52 — — 147 Total amortized cost $ 2,406 $ 1,342 $ 3,086 $ 42 $ — $ 6,876 % of total 35 % 19 % 45 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.34 1.91 1.62 1.59 — 1.93 December 31, 2022 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 907 $ 649 $ 1,332 $ 28 $ — $ 2,916 Office 445 272 848 14 — 1,579 Industrial 668 243 545 — — 1,456 Apartments 184 90 279 8 — 561 Mixed use 93 79 199 — — 371 Other 88 9 52 — — 149 Total amortized cost $ 2,385 $ 1,342 $ 3,255 $ 50 $ — $ 7,032 % of total 34 % 19 % 46 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.35 1.95 1.63 1.34 — 1.93 The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated: June 30, 2023 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 87 $ 69 $ 557 $ 1,356 $ 790 $ 2,859 Office 60 121 153 656 526 1,516 Industrial 21 43 188 589 600 1,441 Apartments 14 16 143 231 130 534 Mixed use 23 13 49 203 91 379 Other 41 2 9 32 63 147 Total amortized cost $ 246 $ 264 $ 1,099 $ 3,067 $ 2,200 $ 6,876 % of total 4 % 4 % 16 % 44 % 32 % 100 % Weighted-average debt-to-value 59 % 61 % 64 % 60 % 44 % 55 % December 31, 2022 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 88 $ 68 $ 560 $ 1,380 $ 820 $ 2,916 Office 81 131 155 666 546 1,579 Industrial 20 44 194 574 624 1,456 Apartments 14 11 150 242 144 561 Mixed use 25 16 50 190 90 371 Other 42 2 9 33 63 149 Total amortized cost $ 270 $ 272 $ 1,118 $ 3,085 $ 2,287 $ 7,032 % of total 4 % 4 % 16 % 44 % 32 % 100 % Weighted-average debt-to-value 61 % 62 % 63 % 60 % 44 % 56 % (f) Limited Partnerships or Similar Entities Investments in limited partnerships or similar entities are generally considered VIEs when the equity group lacks sufficient financial control. Generally, these investments are limited partner or non-managing member equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of June 30, 2023 and December 31, 2022, the total carrying value of these investments was $2,454 million and $2,230 million, respectively. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We have not contributed, and do not plan to contribute, any additional financial or other support outside of what is contractually obligated. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments | (6) Derivative Instruments Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges. The following table sets forth our positions in derivative instruments as of the dates indicated: Derivative assets Derivative liabilities Balance sheet classification Fair value Balance Fair value (Amounts in millions) June 30, December 31, June 30, December 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 30 $ 24 Other liabilities $ 472 $ 522 Foreign currency swaps Other invested assets 16 20 Other liabilities 1 — Total cash flow hedges 46 44 473 522 Total derivatives designated as hedges 46 44 473 522 Derivatives not designated as hedges Equity index options Other invested assets 15 6 Other liabilities — — Financial futures (1) Other invested assets — — Other liabilities — — Forward bond purchase commitments Other invested assets — — Other liabilities 3 — Fixed indexed annuity embedded derivatives Other assets — — Policyholder (2) 180 202 Indexed universal life embedded derivatives Reinsurance — — Policyholder (3) 15 15 Total derivatives not designated as hedges 15 6 198 217 Total derivatives $ 61 $ 50 $ 671 $ 739 (1) The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis. (2) Represents the embedded derivatives associated with our fixed indexed annuity liabilities. (3) Represents the embedded derivatives associated with our indexed universal life liabilities. The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements. The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for fixed indexed annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated: (Notional in millions) Measurement December 31, Additions Maturities/ June 30, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 8,542 $ 927 $ (115 ) $ 9,354 Foreign currency swaps Notional 144 — (13 ) 131 Total cash flow hedges 8,686 927 (128 ) 9,485 Total derivatives designated as hedges 8,686 927 (128 ) 9,485 Derivatives not designated as hedges Equity index options Notional 936 339 (466 ) 809 Financial futures Notional 1,403 2,889 (2,916 ) 1,376 Forward bond purchase commitments Notional — 275 — 275 Total derivatives not designated as hedges 2,339 3,503 (3,382 ) 2,460 Total derivatives $ 11,025 $ 4,430 $ (3,510 ) $ 11,945 (Number of policies) Measurement December 31, Additions Maturities/ June 30, Derivatives not designated as hedges Fixed indexed annuity embedded derivatives Policies 7,315 — (848 ) 6,467 Indexed universal life embedded derivatives Policies 771 — (15 ) 756 Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of other comprehensive income (loss) (“OCI”). We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; and (v) other instruments to hedge the cash flows of various forecasted transactions. The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2023: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging $ (104 ) $ 55 Net investment $ — Net investment Interest rate swaps hedging — 3 Net investment — Net investment Foreign currency swaps (2 ) — Net investment — Net investment Total $ (106 ) $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging $ (405 ) $ 57 Net investment $ — Net investment Interest rate swaps hedging — (1 ) Interest expense — Net investment Foreign currency swaps 14 — Net investment — Net investment Total $ (391 ) $ 56 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June , : (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging $ 42 $ 109 Net investment $ — Net investment Interest rate swaps hedging — 8 Net investment — Net investment Interest rate swaps hedging liabilities — (1 ) Interest — Net investment Interest rate swaps hedging liabilities — 1 Net investment — Net investment Foreign currency swaps (3 ) — Net investment — Net investment Foreign currency swaps — 2 Net investment — Net investment Total $ 39 $ 119 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging assets $ (655 ) $ 112 Net investment $ — Net investment Interest rate swaps hedging assets — 2 Net investment — Net investment Interest rate swaps hedging liabilities — (2 ) Interest — Net investment Foreign currency swaps 12 1 Net investment — Net investment Total $ (643 ) $ 113 $ — The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Beginning balance $ 1,274 $ 1,789 $ 1,200 $ 2,025 Current period increases (decreases) in fair value, net of deferred taxes of (83 ) (307 ) 31 (506 ) Reclassification to net (income), net of deferred taxes of $21, $19, $42 and (37 ) (37 ) (77 ) (74 ) Ending balance $ 1,154 $ 1,445 $ 1,154 $ 1,445 The total of derivatives designated as cash flow hedges of $1,154 million, net of taxes, recorded in stockholders’ equity as of June 30, 2023 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $141 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the six months ended June 30, 2023 and 2022, we reclassified $7 million and $5 million, respectively, to net income in connection with forecasted transactions that were no longer considered probable of occurring. Derivatives Not Designated As Hedges We enter into certain non-qualifying derivative instruments such as equity index options and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed indexed annuities and indexed universal life. Our fixed indexed annuity and indexed universal life insurance products with certain features are required to be bifurcated as embedded derivatives. Additionally, we have forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds. The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: Three months ended Six months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2023 2022 2023 2022 Equity index options $ 5 $ (1 ) $ 6 $ (7 ) Net investment gains (losses) Financial futures (65 ) 17 (67 ) (30 ) Changes in fair value of market risk Forward bond purchase commitments (3 ) — (3 ) — Net investment gains (losses) Fixed indexed annuity embedded derivatives (8 ) 11 (10 ) 23 Net investment gains (losses) Indexed universal life embedded derivatives 2 8 7 19 Net investment gains (losses) Total derivatives not designated as hedges $ (69 ) $ 35 $ (67 ) $ 5 Derivative Counterparty Credit Risk Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Derivative (1) Derivative (1) Net Derivative (1) Derivative (1) Net Amounts presented in the balance sheet: Gross amounts recognized $ 61 $ 476 $ (415 ) $ 50 $ 522 $ (472 ) Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 61 476 (415 ) 50 522 (472 ) Gross amounts not offset in the balance sheet: Financial instruments (2) (25 ) (25 ) — (25 ) (25 ) — Collateral received (25 ) — (25 ) (21 ) — (21 ) Collateral pledged — (1,109 ) 1,109 — (1,095 ) 1,095 Over collateralization — 658 (658 ) — 598 (598 ) Net amount $ 11 $ — $ 11 $ 4 $ — $ 4 (1) Does not include amounts related to embedded derivatives as of June 30, 2023 and December 31, 2022. (2) Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value of Financial Instruments | (7) Fair Value of Financial Instruments Recurring Fair Value Measurements We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, separate account assets, MRBs and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument. Fixed maturity securities, equity securities and short-term investments The fair value of fixed maturity securities, equity securities and short-term investments is estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. These valuation techniques may change from period to period, based on the relevance and availability of market data. Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information. In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services. Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3. Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements. For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placements with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of June 30, 2023. For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3. Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3. A summary of the inputs used for our financial instruments carried at fair value based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar. Level 1 measurements Equity securities. Separate account assets. Level 2 measurements Fixed maturity securities • Third-party pricing services: at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers. The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of June 30, 2023: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies and government-sponsored enterprises $3,389 Price quotes from trading desk, broker feeds Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread State and political subdivisions $2,283 Multi-dimensional attribute-based modeling systems, third-party pricing vendors Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes Non-U.S. government $625 Matrix pricing, spread priced to benchmark curves, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources U.S. corporate $23,491 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports Non-U.S. corporate $6,232 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources Residential mortgage-backed $926 OAS-based models, single factor binomial models, internally priced Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports Commercial mortgage-backed $1,679 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports Other asset-backed $2,104 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports • Internal models: Equity securities. Short-term investments. Level 3 measurements Fixed maturity securities • Broker quotes: • Internal models: 2,779 Equity securities. Limited partnerships. Net asset value Limited partnerships. Market risk benefits MRBs are contracts or contract features that provide protection to the contractholder from other-than-nominal capital market risk while exposing us to other-than-nominal capital market risk. MRBs include certain contract features on fixed and variable annuity products that provide minimum guarantees, in addition to the policyholder account balance, such as GMDBs, GMWBs and GPAFs. MRBs are measured at fair value using an income-based valuation model based on current net amounts at risk, market data, experience and other factors. See note 2 for a discussion of our policy for recording changes in fair value of MRBs. MRB assets and liabilities for minimum guarantees are valued and presented separately from the related separate account and policyholder account balances. Fixed indexed annuities The valuation of fixed indexed annuities MRBs, which includes GMWB features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB withdrawal utilization, lapses and mortality), equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our fixed indexed annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the fixed indexed annuities MRBs. We determine fair value using an internal model based on the various inputs noted above. As a result of our assumptions for GMWB withdrawal utilization, expected future interest credited and non-performance risk being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases or GMWB withdrawal utilization increases, the value of our fixed indexed annuities MRB liability will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the liability. As of June 30, 2023, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. Refer to note 13 for additional details related to the changes in the fair value measurement of fixed indexed annuities MRBs as of June 30, 2023 and December 31, 2022. Variable annuities The valuation of our variable annuities MRBs, which includes GMWB, GMDB and GPAF features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB withdrawal utilization, lapses and mortality), equity index volatility, interest rates, equity index and fund correlation and an adjustment to the discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our variable annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the variable annuities MRBs. We determine fair value using an internal model based on the various inputs noted above. We classify the variable annuities MRBs valuation as Level 3 based on having significant unobservable inputs, with policyholder behavior (GMWB withdrawal utilization and lapses), equity index volatility and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the variable annuities MRBs will increase. An increase in our lapse assumption would decrease the fair value of the variable annuities MRBs, whereas an increase in our GMWB withdrawal utilization rate would increase the fair value. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the liability. As of June 30, 2023, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. Refer to note 13 for additional details related to the changes in the fair value measurement of variable annuities MRBs as of June 30, 2023 and December 31, 2022. Derivatives We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our non-performance risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the derivative counterparty for our derivative assets or liabilities. Interest rate swaps. Foreign currency swaps. Equity index options. Financial futures. Forward bond purchase commitments. Other foreign currency contracts. Fixed indexed annuity and indexed universal life embedded derivatives We have fixed indexed annuity and indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of June 30, 2023, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: June 30, 2023 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,389 $ — $ 3,389 $ — $ — State and political subdivisions 2,343 — 2,283 60 — Non-U.S. government 625 — 625 — — U.S. corporate: Utilities 3,964 — 3,146 818 — Energy 2,248 — 2,189 59 — Finance and insurance 7,126 — 6,422 704 — Consumer—non-cyclical 4,410 — 4,342 68 — Technology and communications 2,934 — 2,923 11 — Industrial 1,224 — 1,202 22 — Capital goods 2,107 — 2,073 34 — Consumer—cyclical 1,614 — 1,490 124 — Transportation 1,117 — 1,094 23 — Other 299 — 146 153 — Total U.S. corporate 27,043 — 25,027 2,016 — Non-U.S. corporate: Utilities 735 — 415 320 — Energy 1,002 — 885 117 — Finance and insurance 1,899 — 1,773 126 — Consumer—non-cyclical 592 — 519 73 — Technology and communications 891 — 865 26 — Industrial 782 — 707 75 — Capital goods 555 — 504 51 — Consumer—cyclical 217 — 208 9 — Transportation 346 — 325 21 — Other 819 — 798 21 — Total non-U.S. corporate 7,838 — 6,999 839 — Residential mortgage-backed 934 — 926 8 — Commercial mortgage-backed 1,690 — 1,679 11 — Other asset-backed 2,208 — 2,104 104 — Total fixed maturity securities 46,070 — 43,032 3,038 — Equity securities 378 307 41 30 — Limited partnerships 2,003 — — 21 1,982 Other invested assets: Derivative assets: Interest rate swaps 30 — 30 — — Foreign currency swaps 16 — 16 — — Equity index options 15 — — 15 — Total derivative assets 61 — 46 15 — Short-term investments 23 — 16 7 — Total other invested assets 84 — 62 22 — Separate account assets 4,533 4,533 — — — Total assets $ 53,068 $ 4,840 $ 43,135 $ 3,111 $ 1,982 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. December 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,341 $ — $ 3,341 $ — $ — State and political subdivisions 2,399 — 2,344 55 — Non-U.S. government 645 — 645 — — U.S. corporate: Utilities 3,898 — 3,056 842 — Energy 2,262 — 2,146 116 — Finance and insurance 7,193 — 6,506 687 — Consumer—non-cyclical 4,457 — 4,375 82 — Technology and communications 2,947 — 2,923 24 — Industrial 1,197 — 1,175 22 — Capital goods 2,138 — 2,104 34 — Consumer—cyclical 1,617 — 1,504 113 — Transportation 1,100 — 1,057 43 — Other 310 — 151 159 — Total U.S. corporate 27,119 — 24,997 2,122 — Non-U.S. corporate: Utilities 740 — 445 295 — Energy 960 — 842 118 — Finance and insurance 1,946 — 1,821 125 — Consumer—non-cyclical 566 — 493 73 — Technology and communications 894 — 868 26 — Industrial 818 — 770 48 — Capital goods 546 — 451 95 — Consumer—cyclical 276 — 212 64 — Transportation 375 — 355 20 — Other 889 — 868 21 — Total non-U.S. corporate 8,010 — 7,125 885 — Residential mortgage-backed 995 — 973 22 — Commercial mortgage-backed 1,908 — 1,896 12 — Other asset-backed 2,166 — 2,072 94 — Total fixed maturity securities 46,583 — 43,393 3,190 — Equity securities 319 239 46 34 — Limited partnerships 1,816 — — 24 1,792 Other invested assets: Derivative assets: Interest rate swaps 24 — 24 — — Foreign currency swaps 20 — 20 — — Equity index options 6 — — 6 — Total derivative assets 50 — 44 6 — Short-term investments 3 — 3 — — Total other invested assets 53 — 47 6 — Separate account assets 4,417 4,417 — — — Total assets $ 53,188 $ 4,656 $ 43,486 $ 3,254 $ 1,792 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated: Beginning as of 2023 Total realized and Purchases Sales Issuances Settlements Transfer into (1) Transfer (1) Ending as of 2023 Total gains (Amounts in millions) Included Included Included Included Fixed maturity securities: State and political subdivisions $ 59 $ 1 $ — $ — $ — $ — $ — $ — $ — $ 60 $ 1 $ — U.S. corporate: Utilities 859 — (11 ) — (31 ) — (10 ) 11 — 818 — (18 ) Energy 115 — — — — — (1 ) — (55 ) 59 — (1 ) Finance and insurance 697 — (6 ) 48 — — (30 ) — (5 ) 704 — (10 ) Consumer—non-cyclical 69 — (1 ) — — — — — — 68 — (1 ) Technology and communications 12 — (1 ) — — — — — — 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — (1 ) Consumer—cyclical 127 — (2 ) 1 — — (2 ) — — 124 — (2 ) Transportation 24 — (1 ) — — — — — — 23 — — Other 156 — 1 — — — (4 ) — — 153 — 1 Total U.S. corporate 2,115 — (21 ) 49 (31 ) — (47 ) 11 (60 ) 2,016 — (32 ) Non-U.S. corporate: Utilities 298 — (9 ) 1 — — — 30 — 320 — (8 ) Energy 119 — (2 ) — — — — — — 117 — (2 ) Finance and insurance 131 2 (7 ) — — — — — — 126 2 (6 ) Consumer—non-cyclical 73 — — — — — — — — 73 — (1 ) Technology and communications 26 — — — — — — — — 26 — — Industrial 75 — — — — — — — — 75 — (1 ) Capital goods 52 — (1 ) — — — — — — 51 — — Consumer—cyclical 9 — 1 — — — (1 ) — — 9 — — Transportation 22 — (1 ) — — — — — — 21 — (1 ) Other 22 — (1 ) — — — — — — 21 — — Total non-U.S. corporate 827 2 (20 ) 1 — — (1 ) 30 — 839 2 (19 ) Residential mortgage-backed 8 — 1 — — — (1 ) — — 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 95 — (1 ) 10 — — — — — 104 — (1 ) Total fixed maturity securities 3,116 3 (41 ) 60 (32 ) — (49 ) 41 (60 ) 3,038 3 (52 ) Equity securities 33 — — 1 (4 ) — — — — 30 — — Limited partnerships 22 (1 ) — — — — — — — 21 (1 ) — Other invested assets: Derivative assets: Equity index options 10 5 — 2 — — (2 ) — — 15 4 — Total derivative assets 10 5 — 2 — — (2 ) — — 15 4 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 10 5 — 9 — — (2 ) — — 22 4 — Total Level 3 assets $ 3,181 $ 7 $ (41 ) $ 70 $ (36 ) $ — $ (51 ) $ 41 $ (60 ) $ 3,111 $ 6 $ (52 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning as of 2022 Total realized and Transfer (1) Transfer (1) Ending 2022 Total gains (Amounts in millions) Included Included Purchases Sales Issuances Settlements Included Included Fixed maturity securities: State and political subdivisions $ 71 $ 1 $ (9 ) $ — $ — $ — $ — $ — $ — $ 63 $ 1 $ (9 ) Non-U.S. government 1 — — 2 — — — — — 3 — — U.S. corporate: Utilities 912 — (92 ) — — — (1 ) 2 (11 ) 810 — (92 ) Energy 72 — (11 ) — — — (7 ) 68 — 122 — (11 ) Finance and insurance 676 — (67 ) 85 — — (1 ) — (39 ) 654 — (61 ) Consumer—non-cyclical 92 — (6 ) — — — — — — 86 — (5 ) Technology and communications 28 — (3 ) — — — — — — 25 — (3 ) Industrial 35 — (2 ) — — — — — — 33 — (2 ) Capital goods 41 — (3 ) — — — — — — 38 — (3 ) Consumer—cyclical 127 — (7 ) — — — (1 ) — — 119 — (7 ) Transportation 64 — (3 ) — — — (1 ) — (4 ) 56 — (3 ) Other 222 — (12 ) — — — (3 ) — — 207 — (12 ) Total U.S. corporate 2,269 — (206 ) 85 — — (14 ) 70 (54 ) 2,150 — (199 ) Non-U.S. corporate: Utilities 334 — (25 ) — — — — — — 309 — (24 ) Energy 138 — (7 ) 3 — — (1 ) — — 133 — (8 ) Finance and insurance 143 1 (12 ) — — — — — — 132 1 (12 ) Consumer—non-cyclical 60 — (4 ) — — — — 11 — 67 — (4 ) Technology and communications 27 — (1 ) — — — — — — 26 — (1 ) Industrial 74 — (4 ) — — — — — (1 ) 69 — (5 ) Capital goods 132 — (7 ) — (10 ) — — — — 115 — (7 ) Consumer—cyclical 86 — (7 ) — — — — — — 79 — (7 ) Transportation 22 — (1 ) — — — — — — 21 — (1 ) Other 24 — (2 ) — — — — — — 22 — (1 ) Total non-U.S. corporate 1,040 1 (70 ) 3 (10 ) — (1 ) 11 (1 ) 973 1 (70 ) Residential mortgage-backed 33 — (2 ) 4 — — (1 ) — (4 ) 30 — (2 ) Commercial mortgage-backed 15 — (1 ) — — — — — — 14 — (2 ) Other asset-backed 100 — (5 ) 40 (6 ) — — — — 129 — (5 ) Total fixed maturity securities 3,529 2 (293 ) 134 (16 ) — (16 ) 81 (59 ) 3,362 2 (287 ) Equity securities 36 — — — (1 ) — — — — 35 — — Limited partnerships 26 (3 ) — — — — — — — 23 (3 ) — Other invested assets: Derivative assets: Equity index options 30 (1 ) — 3 — — (2 ) — — 30 (4 ) — Total derivative assets 30 (1 ) — 3 — — (2 ) — — 30 (4 ) — Total other invested assets 30 (1 ) — 3 — — (2 ) — — 30 (4 ) — Total Level 3 assets $ 3,621 $ (2 ) $ (293 ) $ 137 $ (17 ) $ — $ (18 ) $ 81 $ (59 ) $ 3,450 $ (5 ) $ (287 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning as of Total realized and Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Ending as of Total gains (losses) (Amounts in millions) Included Included Included Included Fixed maturity securities: State and political subdivisions $ 55 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 60 $ 2 $ 3 U.S. corporate: Utilities 842 — — 40 (40 ) — (10 ) 11 (25 ) 818 — (8 ) Energy 116 — 1 — (1 ) — (2 ) — (55 ) 59 — 1 Finance and insurance 687 — (3 ) 63 — — (35 ) — (8 ) 704 — (6 ) Consumer—non-cyclical 82 — — — — — (14 ) — — 68 — — Technology and communications 24 — — — — — — — (13 ) 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — — Consumer—cyclical 113 — — 1 — — (3 ) 13 — 124 — — Transportation 43 — — — — — (20 ) — — 23 — — Other 159 — 1 — — — (7 ) — — 153 — 1 Total U.S. corporate 2,122 — (1 ) 104 (41 ) — (91 ) 24 (101 ) 2,016 — (12 ) Non-U.S. corporate: Utilities 295 — (4 ) 4 — — (5 ) 30 — 320 — (3 ) Energy 118 — — — — — (1 ) — — 117 — — Finance and insurance 125 3 (2 ) — — — — — — 126 3 (2 ) Consumer—non-cyclical 73 — — — — — — — — 73 — — Technology and communications 26 — — — — — — — — 26 — — Industrial 48 — 2 25 — — — — — 75 — 1 Capital goods 95 1 3 — (12 ) — (36 ) — — 51 — 2 Consumer—cyclical 64 — 7 — (6 ) — (56 ) — — 9 — 1 Transportation 20 — — 1 — — — — — 21 — — Other 21 — — — — — — — — 21 — — Total non-U.S. corporate 885 4 6 30 (18 ) — (98 ) 30 — 839 3 (1 ) Residential mortgage-backed 22 — 2 — — — (1 ) — (15 ) 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 94 — 1 12 — — (1 ) — (2 ) 104 — 1 Total fixed maturity securities 3,190 6 11 146 (60 ) — (191 ) 54 (118 ) 3,038 5 (9 ) Equity securities 34 — — 1 (5 ) — — — — 30 — — Limited partnerships 24 (3 ) — — — — — — — 21 (3 ) — Other invested assets: Derivative assets: Equity index options 6 6 — 5 — — (2 ) — — 15 5 — Total derivative assets 6 6 — 5 — — (2 ) — — 15 5 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 6 6 — 12 — — (2 ) — — 22 5 — Total Level 3 assets $ 3,254 $ 9 $ 11 $ 159 $ (65 ) $ — $ (193 ) $ 54 $ (118 ) $ 3,111 $ 7 $ (9 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning Total realized and Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Ending Total gains (losses) (Amounts in millions) Included Included Included Included Fixed maturity securi State and political subdivisions $ 82 $ 2 $ (21 ) $ — $ — $ — $ — $ — $ — $ 63 $ 2 $ (21 ) Non U S government 2 — — 2 (1 ) — — — — 3 — — U.S. corporate: Utilities 950 — (165 ) 35 — — (1 ) 2 (11 ) 810 — (165 ) Energy 76 — (15 ) — — — (7 ) 68 — 122 — (15 ) Finance and insurance 685 — (123 ) 151 — — (3 ) — (56 ) 654 — (116 ) Consumer—non-cyclical 104 — (11 ) — — — (7 ) — — 86 — (11 ) Technology and communications 29 — (4 ) — — — — — — 25 — (4 ) Industrial 37 — (4 ) — — — — — — 33 — (4 ) Capital goods 45 — (7 ) — — — — — — 38 — (6 ) Consumer—cyclical 137 — (15 ) — — — (3 ) — — 119 — (15 ) Transportation 64 — (6 ) 5 — — (3 ) — (4 ) 56 — (6 ) Other 254 — (23 ) — — — (7 ) — (17 ) 207 — (22 ) Total U.S. corporate 2,381 — (373 ) 191 — — (31 ) 70 (88 ) 2,150 — (364 ) Non-U.S. corporate: Utilities 345 — (46 ) 10 — — — — — 309 — (45 ) Energy 145 — (14 ) 3 — — (1 ) — — 133 — (15 ) Finance and insurance 160 2 (30 ) — — — — — — 132 2 (30 ) Consumer—non-cyclical 63 — (7 ) — — — — 11 — 67 — (7 ) Technology and communications 28 — (2 ) — — — — — — 26 — (2 ) Industrial 93 — (10 ) — — — — — (14 ) 69 — (9 ) Capital goods 173 — (15 ) — (10 ) — (33 ) — — 115 — (15 ) Consumer—cyclical 76 — (14 ) — — — — 17 — 79 — (14 ) Transportation 53 — (3 ) — — — (29 ) — — 21 — (3 ) Other 26 — (4 ) — — — — — — 22 — (3 ) Total non-U.S. corporate 1,162 2 (145 ) 13 (10 ) — (63 ) 28 (14 ) 973 2 (143 ) Residential mortgage-backed 27 — (3 ) 13 — — (2 ) 4 (9 ) 30 — (2 ) Commercial mortgage-backed 16 — (2 ) — — — — — — 14 — (3 ) Other asset-backed 138 — (12 ) 46 (6 ) — (3 ) — (34 ) 129 — (10 ) Total fixed maturity securities 3,808 4 (556 ) 265 (17 ) — (99 ) 102 (145 ) 3,362 4 (543 ) Equity securities 37 — — — (1 ) — — — (1 ) 35 — — Limited partnerships 26 (3 ) — — — — — — — 23 (3 ) — Other invested assets: Derivative assets: Equity index options 42 (7 ) — 8 — — (13 ) — — 30 2 — Total derivative assets 42 (7 ) — 8 — — (13 ) — — 30 2 — Total other invested assets 42 (7 ) — 8 — — (13 ) — — 30 2 — Total Level 3 assets $ 3,913 $ (6 ) $ (556 ) $ 273 $ (18 ) $ — $ (112 ) $ 102 $ (146 ) $ 3,450 $ 3 $ (543 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Total Net investment income $ 3 $ 2 $ 6 $ 4 Net investment gains (losses) 4 (4 ) 3 (10 ) Total $ 7 $ (2 ) $ 9 $ (6 ) Total gains (losses) included in net income attributable to ass Net investment income $ 3 $ 2 $ 5 $ 4 Net investment gains (losses) 3 (7 ) 2 (1 ) Total $ 6 $ (5 ) $ 7 $ 3 The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities. The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of June 30, 2023: (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities Internal models $ 790 Credit spreads 70bps - 267bps 180bps Energy Internal models 45 Credit spreads 134bps - 280bps 201bps Finance and insurance Internal models 693 Credit spreads —bps - 343bps 217bps Consumer—non-cyclical Internal models 68 Credit spreads 101bps - 280bps 168bps Technology and communications Internal models 11 Credit spreads 72bps - 120bps 92bps Industrial Internal models 22 Credit spreads 134bps - 235bps 162bps Capital goods Internal models 34 Credit spreads 92bps - 204bps 164bps Consumer—cyclical Internal models 124 Credit spreads 101bps - 220bps 152bps Transportation Internal models 23 Credit spreads 51bps - 191bps 128bps Other Internal models 103 Credit spreads 104bps - 151bps 115bps Total U.S. corporate Internal models $ 1,913 Credit spreads —bps - 343bps 186bps Non-U.S. corporate: Utilities Internal models $ 245 Credit spreads 95bps - 267bps 159bps Energy Internal models 110 Credit spreads 109b |
Deferred Acquisition Costs
Deferred Acquisition Costs | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Acquisition Costs | (8) Deferred Acquisition Costs The following tables present the balances of and changes in deferred acquisition costs as of and for the periods indicated: June 30, 2023 (Amounts in millions) Long-term Life Fixed Variable Total Balance as of January 1 $ 935 $ 1,080 $ 57 $ 113 $ 2,185 Costs deferred 1 — — — 1 Amortization (29 ) (73 ) (6 ) (8 ) (116 ) Balance as of June 30 $ 907 $ 1,007 $ 51 $ 105 2,070 Enact segment 26 Total deferred acquisition costs $ 2,096 December 31, 2022 (Amounts in millions) Long-term Life Fixed Variable Total Balance as of January 1 $ 989 $ 1,271 $ 70 $ 131 $ 2,461 Costs deferred 6 — — — 6 Amortization (60 ) (191 ) (13 ) (18 ) (282 ) Balance as of December 31 $ 935 $ 1,080 $ 57 $ 113 2,185 Enact segment 26 Total deferred acquisition costs $ 2,211 December 31, 2021 (Amounts in millions) Long-term Life Fixed Variable Total Balance as of January 1 $ 1,043 $ 1,501 $ 85 $ 151 $ 2,780 Costs deferred 9 — — — 9 Amortization (63 ) (230 ) (15 ) (20 ) (328 ) Balance as of December 31 $ 989 $ 1,271 $ 70 $ 131 2,461 Enact segment 27 Total deferred acquisition costs $ 2,488 Amortization expense for our life insurance products was lower during the six months ended June 30, 2023 principally due to lower lapses. See note 2 for a discussion of our DAC amortization policy. During the fourth quarters of 2022 and 2021, we completed our annual review of assumptions. Changes in assumptions as part of our review in the fourth quarter of 2022 did not have a significant impact on DAC or the amortization rate. As part of our review completed in the fourth quarter of 2021, we updated assumptions in our life insurance products primarily due to higher pre-coronavirus pandemic (“COVID-19”) mortality, which resulted in higher amortization as compared to December 31, 2022. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets | (9) Intangible Assets The following table presents our intangible assets as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Gross Accumulated Gross Accumulated PVFP $ 2,146 $ (2,032 ) $ 2,146 $ (2,026 ) Capitalized software 500 (438 ) 482 (427 ) Deferred sales inducements to contractholders 317 (294 ) 317 (291 ) Other 6 (4 ) 6 (4 ) Total $ 2,969 $ (2,768 ) $ 2,951 $ (2,748 ) Amortization expense Present Value of Future Profits The following table presents the balances of and changes in present value of future profits as of and for the periods indicated: (Amounts in millions) June 30, December 31, December 31, Beginning balance as of January 1 $ 120 $ 134 $ 154 Costs deferred — — — Amortization (6 ) (14 ) (20 ) Ending balance $ 114 $ 120 $ 134 We test PVFP for recoverability in connection with annual premium deficiency testing. As of June 30, 2023, December 31, 2022 and December 31, 2021, all of our businesses had sufficient future income and therefore the related PVFP was deemed recoverable. |
Future Policy Benefits
Future Policy Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | |
Future Policy Benefits | (10) Future Policy Benefits The following table sets forth our liability for future policy benefits as of the dates indicated: (Amounts in millions) June 30, December 31, Long-term care insurance $ 42,661 $ 41,457 Life insurance 1,675 1,820 Fixed annuities 11,905 11,923 Total long-duration insurance contracts 56,241 55,200 Deferred profit liability 120 115 Cost of reinsurance 82 92 Total future policy benefits $ 56,443 $ 55,407 The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated: June 30, 2023 (Dollar amounts in millions) Long-term Life (1) Fixed Present value of expected net premiums: Beginning balance as of January 1 $ 19,895 $ 4,083 $ — Beginning balance, at original discount rate $ 19,959 $ 3,922 $ — Effect of changes in cash flow assumptions (148 ) — — Effect of actual variances from expected experience (79 ) 45 — Adjusted beginning balance 19,732 3,967 — Issuances 1 — 22 Interest accrual 507 110 — Net premiums collected (2) (976 ) (223 ) (22 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 19,264 3,854 — Effect of changes in discount rate assumptions 13 194 — Ending balance as of June 30 $ 19,277 $ 4,048 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 61,352 $ 5,556 $ 11,923 Beginning balance, at original discount rate $ 61,148 $ 5,374 $ 10,300 Effect of changes in cash flow assumptions (165 ) — — Effect of actual variances from expected experience (34 62 (1 ) Adjusted beginning balance 60,949 5,436 10,299 Issuances 1 — 17 Interest accrual 1,667 143 334 Benefit payments (1,782 ) (476 ) (505 ) Derecognition (lapses and withdrawals) — — — Other — (5 ) 1 Ending balance, at original discount rate 60,835 5,098 10,146 Effect of changes in discount rate assumptions 1,103 192 1,759 Ending balance as of June 30 $ 61,938 $ 5,290 $ 11,905 Net liability for future policy benefits, before flooring adjustments $ 42,661 $ 1,242 $ 11,905 Flooring adjustments (3) — 433 — Net liability for future policy benefits 42,661 1,675 11,905 Less: reinsurance recoverable 7,408 787 9,012 Net liability for future policy benefits, net of reinsurance recoverable $ 35,253 $ 888 $ 2,893 Weighted-average liability duration (years) 14.3 6.0 11.0 (1) The components of the life insurance rollforward exclude flooring. (2) Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (3) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. December 31, 2022 (Dollar amounts in millions) Long-term Life (1) Fixed Present value of expected net premiums: Beginning balance as of January 1 $ 25,247 $ 5,414 $ — Beginning balance, at original discount rate $ 20,717 $ 4,086 $ — Effect of changes in cash flow assumptions 102 — — Effect of actual variances from expected experience 82 69 — Adjusted beginning balance 20,901 4,155 — Issuances 8 — 50 Interest accrual 1,061 226 — Net premiums collected (2) (2,011 ) (459 ) (50 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 19,959 3,922 — Effect of changes in discount rate assumptions (64 ) 161 — Ending balance as of December 31 $ 19,895 $ 4,083 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 85,338 $ 7,157 $ 17,039 Beginning balance, at original discount rate $ 61,146 $ 5,814 $ 11,012 Effect of changes in cash flow assumptions (251 ) — — Effect of actual variances from expected experience (31 106 (24 ) Adjusted beginning balance 60,864 5,920 10,988 Issuances 10 — 43 Interest accrual 3,364 304 690 Benefit payments (3,090 ) (851 ) (1,072 ) Derecognition (lapses and withdrawals) — — — Reinsurance transactions (3) — — (352 ) Other — 1 3 Ending balance, at original discount rate 61,148 5,374 10,300 Effect of changes in discount rate assumptions 204 182 1,623 Ending balance as of December 31 $ 61,352 $ 5,556 $ 11,923 Net liability for future policy benefits, before flooring adjustments $ 41,457 $ 1,473 $ 11,923 Flooring adjustments (4) — 347 — Net liability for future policy benefits 41,457 1,820 11,923 Less: reinsurance recoverable 7,270 873 8,957 Net liability for future policy benefits, net of reinsurance recoverable $ 34,187 $ 947 $ 2,966 Weighted-average liability duration (years) 14.5 6.0 10.9 (1) The components of the life insurance rollforward exclude flooring. (2) Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (3) Related to a third-party recapture of certain single premium immediate annuity contracts in 2022. (4) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products December 31, 2021 (Dollar amounts in millions) Long- Life (1) Fixed Present value of expected net premiums: Beginning balance as of January 1 $ 26,283 $ 5,451 $ — Beginning balance, at original discount rate $ 20,600 $ 3,916 $ — Effect of changes in cash flow assumptions 1,615 228 — Effect of actual variances from expected experience (444 ) 165 — Adjusted beginning balance 21,771 4,309 — Issuances 23 — 47 Interest accrual 1,053 221 — Net premiums collected (2) (2,130 ) (444 ) (47 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 20,717 4,086 — Effect of changes in discount rate assumptions 4,530 1,328 — Ending balance as of December 31 $ 25,247 $ 5,414 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 89,645 $ 7,821 $ 18,637 Beginning balance, at original discount rate $ 59,709 $ 6,062 $ 11,358 Effect of changes in cash flow assumptions 1,678 252 27 Effect of actual variances from expected experience (565 ) 190 (24 ) Adjusted beginning balance 60,822 6,504 11,361 Issuances 23 — 46 Interest accrual 3,309 322 728 Benefit payments (3,006 ) (1,013 ) (1,119 ) Derecognition (lapses and withdrawals) — — — Other (2 ) 1 (4 ) Ending balance, at original discount rate 61,146 5,814 11,012 Effect of changes in discount rate assumptions 24,192 1,343 6,027 Ending balance as of December 31 $ 85,338 $ 7,157 $ 17,039 Net liability for future policy benefits, before flooring adjustments $ 60,091 $ 1,743 $ 17,039 Flooring adjustments (3) — 423 — Net liability for future policy benefits 60,091 2,166 17,039 Less: reinsurance recoverable 10,557 1,040 12,583 Net liability for future policy benefits, net of reinsurance recoverable $ 49,534 $ 1,126 $ 4,456 Weighted-average liability duration (years) 16.9 7.0 13.6 (1) The components of the life insurance rollforward exclude flooring. (2) Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (3) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. We elected to complete a review of our cash flow assumptions for the liability for future policy benefits for our long-term care insurance, life insurance and annuity products in the fourth quarter. However, we will update cash flow assumptions related to the implementation timing and approval amounts of in-force rate actions on a quarterly basis. We also elected to update the net premium ratio quarterly for actual versus expected experience; therefore, during interim reporting periods, we replace forecasted cash flow assumptions with actual cash flows with any difference recorded in net income (loss). The impact from updating the net premium ratio for assumptions and actual versus expected experience is presented in our tabular rollforward disclosures within the line-items labeled “effect of changes in cash flow assumptions” and “effect of actual variances from expected experience,” respectively. The following provides a summary of our reviews. Long-term care insurance For the six months ended June 30, 2023, the impact of actual versus expected experience resulted in an increase of $45 million in the liability for future policy benefits largely from lower terminations and higher benefit utilization. This unfavorable actual versus expected experience was partially offset by favorable cash flow assumption updates related to implementation timing and approval amounts of our in-force rate action plan. In the fourth quarter of 2022, we refined several assumptions, including reducing our lapse assumption in light of favorable experience from our long-term care insurance legal settlement elections and benefit reductions and updating our interest rate assumption to reflect the impact of the higher interest rate environment. The favorable impacts from both the effect of changes in cash flow assumptions and actual versus expected experience were mainly attributable to the inclusion of a second legal settlement. We also evaluated our assumptions regarding expectations of future premium rate increase approvals and benefit reductions and made no significant changes to our 2022 multi-year in-force rate action plan. However, we did increase the value of our assumption for future approvals and benefit reductions based on recent rate increase approval experience, regulatory support and legal settlement results. In the fourth quarter of 2021, we reviewed our assumptions including expected claim incidence and terminations, expenses, interest rates, benefit utilization trend and in-force rate actions, among other assumptions. The most significant update to our long-term care insurance assumptions included an unfavorable update to the benefit utilization trend, which drove significant updates to our in-force rate action plan, and related assumptions. Given the expected future increases in cost of care, we expected our long-term benefit utilization to trend higher than previously assumed. Prior to this update, we had assumed that the long-term benefit utilization would improve over time. Based on our experience, it did not improve as much as we predicted, largely due to cost of care growth driven by both broad-based inflation and minimum wage increases in some large states, among other factors. Therefore, we increased the outlook for our future benefit utilization trend. Life insurance The impact of actual versus expected experience for the six months ended June 30, 2023 resulted in an increase of $17 million in the liability for future policy benefits. The increase was primarily due to mortality experience in certain level premium period term life insurance blocks. There were no cash flow assumption changes for our life insurance products in the fourth quarter of 2022. The effect of actual versus expected experience in 2022 resulted in an increase of $37 million in the liability for future policy benefits. The increase was primarily driven by higher mortality from COVID-19 and elevated death claims in a single cohort in 2022. In the fourth quarter of 2021, we completed our annual review of cash flow assumptions and recorded an increase to our liability for future policy benefits of $24 million principally due to higher pre-COVID-19 mortality. The effect of actual versus expected experience in 2021 resulted in an increase of $25 million to our liability for future policy benefits primarily from higher mortality due to COVID-19. Fixed annuities The impact of actual versus expected experience for the year ended December 31, 2022 resulted in a decrease of $24 million in the liability for future policy benefits due principally to higher mortality. Due to emerging experience on our structured settlements, we revised the mortality assumption to reflect lower mortality rates, resulting in an increase of $27 million, partially offset by a favorable actual to expected experience adjustment of $24 million in 2021. The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated: June 30, December 31, December 31, Long-term care insurance Interest accretion rate 5.8 % 5.8 % 5.8 % Current discount rate 5.2 % 5.4 % 2.8 % Life insurance Interest accretion rate 5.8 % 5.8 % 5.8 % Current discount rate 5.1 % 5.2 % 2.4 % Fixed annuities Interest accretion rate 6.7 % 6.7 % 6.7 % Current discount rate 5.2 % 5.3 % 2.8 % For contracts issued prior to the Transition Date, the locked-in discount rate (labeled “interest accretion rate” in the preceding table) for each issue-year cohort is equal to the pre-LDTI discount rate. For contracts issued on or after the Transition Date, the locked-in discount rate for each issue-year cohort is determined as a single discount rate, using the weighted-average monthly single-A fixed-income forward curves over the current calendar year. The current discount rate assumption is based on a single-A curve, with durations that correspond with the insurance liabilities, published by a market data service. For cash flows projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value measurements as defined in Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2022 Annual Report on Form 10-K to interpolate from the last observable rate to an estimated ultimate long-term rate. The current discount rate assumption is updated quarterly using this methodology. These updates include current information about the observable single-A curve as well as the long-term target rate assumption for single-A interest rates beyond the last observable date. The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated: June 30, 2023 December 31, 2022 December 31, 2021 (Amounts in millions) Undiscounted Discounted Undiscounted Discounted Undiscounted Discounted Long-term care insurance Expected future gross premiums $ 40,968 $ 27,693 $ 42,329 $ 28,278 $ 45,334 $ 36,642 Expected future benefit payments 128,048 61,938 130,315 61,352 133,974 85,338 Life insurance Expected future gross premiums 11,158 6,411 11,541 6,559 12,266 8,853 Expected future benefit payments 7,516 5,290 7,924 5,556 8,652 7,157 Fixed annuities Expected future gross premiums — — — — — — Expected future benefit payments 24,453 11,905 24,924 11,923 26,473 17,039 During the six months ended June 30, 2023 and the year ended December 31, 2022, we recorded a charge of $5 million and $16 million, respectively, to net income due to net premiums exceeding gross premiums for our life insurance products primarily due to higher claim severity. During the year ended December 31, 2021, we recorded a charge of $8 million to net income due to net premiums exceeding gross premiums for our life insurance products principally from higher claim frequency due to elevated mortality attributable to COVID-19. The following table sets forth the amount of revenue and interest expense recognized in net income related to our liability for future policy benefits for the periods indicated: Three months ended June 30, 2023 Three months ended June 30, 2022 Six months ended June 30, 2023 Six months ended June 30, 2022 Years ended December 31, 2022 2021 (Amounts in millions) Gross Interest (1) Gross Interest (1) Gross Interest (1) Gross Interest (1) Gross Interest (1) Gross Interest (1) Long-term care insurance $ 671 $ 582 $ 681 $ 573 $ 1,346 $ 1,160 $ 1,352 $ 1,145 $ 2,769 $ 2,303 $ 2,847 $ 2,256 Life insurance 174 16 185 19 353 33 372 41 725 78 759 101 Fixed annuities — 166 — 172 — 334 — 350 — 690 — 728 Total $ 845 $ 764 $ 866 $ 764 $ 1,699 $ 1,527 $ 1,724 $ 1,536 $ 3,494 $ 3,071 $ 3,606 $ 3,085 (1) Amounts for interest accretion, labeled “interest expense” in the table above, are included in benefits and other changes in policy reserves in the condensed consolidated statements of income for the three and six months ended June 30, 2023 and 2022 and in the consolidated statements of income for the years ended December 31, 2022 and 2021. |
Policyholder Account Balances
Policyholder Account Balances | 6 Months Ended |
Jun. 30, 2023 | |
Policyholder Account Balance [Abstract] | |
Policyholder Account Balances | (11) Policyholder Account Balances The following table sets forth our liabilities for policyholder account balances as of the dates indicated: (Amounts in millions) June 30, December 31, Life insurance $ 7,595 $ 7,694 Fixed annuities 4,922 5,477 Variable annuities 567 610 Total investment contracts 13,084 13,781 Fixed indexed annuity embedded derivatives (1) 180 202 Indexed universal life embedded derivatives (1) 15 15 Additional insurance liabilities (2) 2,638 2,566 Other 5 — Total policyholder account balances $ 15,922 $ 16,564 (1) See note 6 for additional information. (2) Amount represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 12 for additional information. The contracts underlying the annuitization or other insurance benefits, such as GMWB and guaranteed annuitization benefits, are considered “in the money” if the present value of the contractholder’s benefits is greater than the account value, or commonly referred to as the net amount at risk. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefits over the account value of the contract is through lifetime withdrawals or lifetime income payments after annuitization. For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated: June 30, 2023 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,694 $ 5,477 $ 610 Issuances — — — Premiums received 264 13 7 Policy charges (311 ) (3 ) (2 ) Surrenders and withdrawals (143 ) (482 ) (38 ) Benefit payments (103 ) (198 ) (41 ) Net transfers from (to) separate accounts — — 1 Interest credited 194 82 2 Other — 33 28 Ending balance as of June 30 $ 7,595 $ 4,922 $ 567 Weighted-average crediting rate 3.9 % 2.6 % 3.3 % Net amount at risk (1) $ 43,344 $ 23 $ 531 Cash surrender value $ 4,284 $ 3,916 $ 567 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. December 31, 2022 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,835 $ 6,595 $ 652 Issuances — — — Premiums received 518 23 21 Policy charges (632 ) (6 ) (8 ) Surrenders and withdrawals (177 ) (908 ) (48 ) Benefit payments (210 ) (475 ) (69 ) Net transfers from (to) separate accounts — — 11 Interest credited 381 173 4 Other (21 ) 75 47 Ending balance as of December 31 $ 7,694 $ 5,477 $ 610 Weighted-average crediting rate 3.9 % 2.4 % 3.3 % Net amount at risk (1) $ 44,113 $ 21 $ 661 Cash surrender value $ 4,415 $ 4,449 $ 610 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. December 31, 2021 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 8,105 $ 7,892 $ 689 Issuances — — — Premiums received 558 36 24 Policy charges (644 ) (7 ) (8 ) Surrenders and withdrawals (298 ) (1,153 ) (43 ) Benefit payments (233 ) (508 ) (58 ) Net transfers from (to) separate accounts — — 5 Interest credited 365 199 5 Other (18 ) 136 38 Ending balance as of December 31 $ 7,835 $ 6,595 $ 652 Weighted-average crediting rate 3.9 % 2.3 % 3.2 % Net amount at risk (1) $ 46,613 $ 98 $ 648 Cash surrender value $ 4,411 $ 5,471 $ 652 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. The following tables represent policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated: June 30, 2023 (Amounts in millions) At guaranteed 1–50 basis 51–150 basis Greater than Total (1) Less than 2.00% $ 618 $ 92 $ 5 $ — $ 715 2.00%–2.99% 1,038 2 — — 1,040 3.00%–3.99% 1,826 728 1,177 5 3,736 4.00% and greater 2,557 16 4 — 2,577 Total $ 6,039 $ 838 $ 1,186 $ 5 $ 8,068 (1) Excludes investment contracts of approximately $5,016 million that have a market component to their crediting strategy. December 31, 2022 (Amounts in millions) At guaranteed 1–50 basis 51–150 basis Greater than Total (1) Less than 2.00% $ 1,065 $ 42 $ 2 $ — $ 1,109 2.00%–2.99% 947 2 — — 949 3.00%–3.99% 1,928 774 1,156 1 3,859 4.00% and greater 2,649 12 1 — 2,662 Total $ 6,589 $ 830 $ 1,159 $ 1 $ 8,579 (1) Excludes investment contracts of approximately $5,202 million that have a market component to their crediting strategy. |
Additional Insurance Liabilitie
Additional Insurance Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Discloure of Additional Insurance Liabilities [Abstract] | |
Additional Insurance Liabilities | (12) Additional Insurance Liabilities The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated: (Dollar amounts in millions) June 30, December 31, December 31, Beginning balance as of January 1 $ 2,566 $ 2,656 $ 2,524 Beginning balance before shadow accounting adjustments 2,634 2,523 2,341 Effect of changes in cash flow assumptions — (37 ) 85 Effect of actual variances from expected experience 8 33 (4 ) Adjusted beginning balance 2,642 2,519 2,422 Issuances — — — Interest accrual 44 85 84 Assessments collected 123 245 274 Benefit payments (109 ) (215 ) (300 ) Derecognition (lapses and withdrawals) — — — Other (flooring adjustment) — — 43 Ending balance before shadow accounting adjustments 2,700 2,634 2,523 Effect of shadow accounting adjustments (62 ) (68 ) 133 Ending balance 2,638 2,566 2,656 Less: reinsurance recoverable 375 377 407 Additional insurance liabilities, net of reinsurance recoverable $ 2,263 $ 2,189 $ 2,249 Weighted-average liability duration (years) 20.2 20.8 22.6 The effect of updating the benefit ratio for actual versus expected experience for the six months ended June 30, 2023 and the year ended December 31, 2022 increased our additional insurance liabilities by $8 million and $33 million, respectively. The increases in both periods were primarily due to higher than expected mortality experience. In the fourth quarter of 2022, as part of our annual review of assumptions, we decreased our additional insurance liabilities by $ million in our universal and term universal life insurance products primarily related to higher interest rates. In the fourth quarter of 2021, as part of our annual review of assumptions, we increased our additional insurance liabilities by $ million in our term universal and universal life insurance products primarily driven by higher pre-COVID-19 mortality. The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated: June 30, December 31, December 31, Interest accretion rate (1) 3.3 % 3.3 % 3.2 % Projected crediting rate (2) 3.8 % 3.8 % 3.6 % (1) The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accrual. (2) The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits. The following table sets forth the amount of revenue and interest expense recognized in net income related to additional insurance liabilities for the periods indicated: Three months ended Six months ended Years ended (Amounts in millions) 2023 2022 2023 2022 2022 2021 Gross assessments $ 136 $ 144 $ 272 $ 291 $ 559 $ 592 Interest expense (1) $ 22 $ 21 $ 44 $ 41 $ 85 $ 84 (1) Amounts for interest accretion, labeled “interest expense” in the table above, are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Market Risk Benefits
Market Risk Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Market Risk Benefit [Abstract] | |
Market Risk Benefits | (13) Market Risk Benefits The following table sets forth our market risk benefits by asset and liability position as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Asset Liability Net Asset Liability Net Fixed indexed annuities $ — $ 57 $ 57 $ — $ 52 $ 52 Variable annuities 37 609 572 26 696 670 Total market risk benefits $ 37 $ 666 $ 629 $ 26 $ 748 $ 722 The following tables present the balances of and changes in market risk benefits as of and for the periods indicated: June 30, 2023 (Dollar amounts in millions) Fixed Variable Reinsurance (1) Beginning balance as of January 1 $ 52 $ 670 $ 158 Beginning balance before effect of changes in instrument-specific credit risk $ 50 $ 660 $ 158 Issuances — — — Interest accrual 1 18 4 Attributed fees collected 3 19 5 Benefit payments — (18 ) (8 ) Effect of changes in interest rates 3 (7 ) (4 ) Effect of changes in equity markets (1 ) (113 ) (23 ) Actual policyholder behavior different from expected behavior (1 ) 4 3 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Ending balance before effect of changes in instrument-specific credit risk 55 563 135 Effect of changes in instrument-specific credit risk 2 9 — Ending balance as of June 30 57 572 $ 135 Less: reinsurance recoverable — 135 Market risk benefits, net of reinsurance recoverable $ 57 $ 437 Weighted-average attained age of contractholders 72 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 11 for additional information on the net amount at risk. December 31, 2022 (Dollar amounts in millions) Fixed indexed Variable Reinsurance (1) Beginning balance as of January 1 $ 94 $ 855 $ 193 Beginning balance before effect of changes in instrument-specific credit risk $ 90 $ 840 $ 193 Issuances — 6 — Interest accrual 1 18 4 Attributed fees collected 5 42 9 Benefit payments — (28 ) (16 ) Effect of changes in interest rates (51 ) (513 ) (74 ) Effect of changes in equity markets 5 286 39 Actual policyholder behavior different from expected behavior (2 ) 8 3 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Other 2 1 — Ending balance before effect of changes in instrument-specific credit risk 50 660 158 Effect of changes in instrument-specific credit risk 2 10 — Ending balance as of December 31 52 670 $ 158 Less: reinsurance recoverable — 158 Market risk benefits, net of reinsurance recoverable $ 52 $ 512 Weighted-average attained age of contractholders 72 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 11 for additional information on the net amount at risk. December 31, 2021 (Dollar amounts in millions) Fixed Variable Reinsurance (1) Beginning balance as of January 1 $ 115 $ 1,173 $ 244 Beginning balance before effect of changes in instrument-specific credit risk $ 110 $ 1,154 $ 244 Issuances — 3 — Interest accrual — 4 1 Attributed fees collected 6 48 11 Benefit payments — (23 ) (13 ) Effect of changes in interest rates (10 ) (115 ) (21 ) Effect of changes in equity markets (7 ) (267 ) (42 ) Actual policyholder behavior different from expected behavior (7 ) 36 13 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Other (2 ) — — Ending balance before effect of changes in instrument-specific credit risk 90 840 193 Effect of changes in instrument-specific credit risk 4 15 — Ending balance as of December 31 94 855 $ 193 Less: reinsurance recoverable — 193 Market risk benefits, net of reinsurance recoverable $ 94 $ 662 Weighted-average attained age of contractholders 71 75 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 11 for additional information on the net amount at risk. During the year ended December 31, 2022, risk-free interest rates increased, resulting in a decrease in the net MRB liability of our fixed indexed and variable annuity products. In our variable annuity products, this was partially offset by unfavorable equity market performance, which increased our net MRB liability. During the year ended December 31, 2021, equity market performance was favorable and risk-free interest rates increased, resulting in a decrease in our net MRB liability of our fixed indexed and variable annuity products. |
Separate Accounts
Separate Accounts | 6 Months Ended |
Jun. 30, 2023 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts | (14) Separate Accounts The following table presents the balances of and changes in separate account liabilities related to variable annuity and variable universal life insurance products as of and for the periods indicated: (Amounts in millions) June 30, December 31, December 31, Beginning balance as of January 1 $ 4,417 $ 6,066 $ 6,081 Premiums and deposits 20 48 47 Policy charges (53 ) (115 ) (136 ) Surrenders and withdrawals (177 ) (352 ) (506 ) Benefit payments (114 ) (226 ) (266 ) Investment performance 442 (991 ) 852 Net transfers to general account (1 ) (11 ) (5 ) Other charges (1 ) (2 ) (1 ) Ending balance $ 4,533 $ 4,417 $ 6,066 Cash surrender value (1) $ 4,531 $ 4,414 $ 6,065 (1) Cash surrender value represents the amount of the contractholders’ account balances that was distributable as of June 30, 2023, December 31, 2022 and December 31, 2021 less certain surrender charges. Separate Account Assets The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated: (Amounts in millions) June 30, December 31, Equity funds $ 1,986 $ 1,866 Balanced funds 1,976 1,962 Bond funds 329 332 Money market funds 242 257 Total $ 4,533 $ 4,417 |
Liability for Policy and Contra
Liability for Policy and Contract Claims | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Policy and Contract Claims | (15) Liability for Policy and Contract Claims The following table presents the balances of our liability for policy and contract claims as of the dates indicated: (Amounts in millions) June 30, December 31, Enact segment $ 490 $ 519 Life and Annuities segment (1) 131 158 Other mortgage insurance business 7 6 Total liability for policy and contract claims $ 628 $ 683 (1) Primarily includes balances related to our universal and term universal life insurance products. The following table sets forth changes in our liability for policy and contract claims as of and for the periods indicated: Six months ended (Amounts in millions) 2023 2022 Beginning balance as of January 1 $ 683 $ 819 Less reinsurance recoverables (23 ) (26 ) Net beginning balance 660 793 Incurred related to insured events of: Current year 417 415 Prior years (120 ) (136 ) Total incurred 297 279 Paid related to insured events of: Current year (257 ) (277 ) Prior years (90 ) (97 ) Total paid (347 ) (374 ) Foreign currency translation 1 — Net ending balance 611 698 Add reinsurance recoverables 17 35 Ending balance as of June 30 $ 628 $ 733 The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our results of operations and financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our Enact segment have a high degree of estimation, particularly due to the level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in a claim payment, as well as the timing and severity of those payments. Given the extended period of time that may exist between the reporting of a delinquency and the claim payment, and changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts actually paid. The favorable development related to insured events of prior years for the six months ended June 30, 2023 was predominantly associated with $133 million of reserve releases in our Enact segment primarily related to favorable cure performance on delinquencies from 2021 and earlier, including those related to COVID-19. A portion of the reserve releases was also related to delinquencies from the first half of 2022, as uncertainty in the economic environment has not negatively impacted cure performance as expected. The favorable development related to insured events of prior years for the six months ended June 30, 2022 was largely attributable to $146 million of favorable reserve adjustments in our Enact segment, primarily related to COVID-19 delinquencies in 2020 curing at levels above original reserve expectations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes | (16) Income Taxes The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated: Three months ended Six months ended 2023 2022 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps 3.4 2.4 3.6 2.2 Other, net 0.5 0.4 1.0 0.5 Effective rate 24.9 % 23.8 % 25.6 % 23.7 % The effective tax rate for the three and six months ended June 30, 2023 and 2022 was above the statutory U.S. federal income tax rate of 21% largely due to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35 % as they are amortized into net investment income. U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances it is appropriate to record the actual effective tax rate for the period if a reliable full year estimate cannot be made. For the three and six months ended June 30, 2023, we utilized the actual effective tax rate for the interim periods to record the provision for income taxes for our Long-Term Care Insurance and Life and Annuities segments and the annualized projected effective tax rate for our Enact segment and Corporate and Other. For the three and six months ended June 30, 2022, we utilized the effective tax rate for the year ended December 31, 2022 in determining the re-presented provision for income taxes. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information | (17) Segment Information We have the following three operating segments: Enact; Long-Term Care Insurance; and Life and Annuities. The products in the Life and Annuities segment include traditional and non-traditional life insurance (term, universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), fixed annuities and variable annuities (which include variable life insurance), none of which are actively marketed or sold. In addition to our three operating segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are reported outside of our operating segments, such as certain international businesses and discontinued operations. Corporate and Other also includes start-up results related to fee-based services, care support and advice, clinical assessments and consulting offered by CareScout to advance our senior care growth initiatives. We tax our businesses at the U.S. corporate federal income tax rate of 21 %. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances it is appropriate to record the actual effective tax rate for the period if a reliable full year estimate cannot be made. See note 16 for a discussion of the effective tax rates used for our segments and Corporate and Other for the three and six months ended June 30, 2023 and 2022. We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income and assets. Our President and Chief Executive Officer (Principal Executive Officer), who serves as our chief operating decision maker, evaluates segment performance and allocates resources on the basis of “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating performance. While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, we believe that adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. The following is a summary of revenues for our segments and Corporate and Other for the periods indicated: Three months Six months ended (Amounts in millions) 2023 2022 2023 2022 Revenues: Enact segment $ 277 $ 273 $ 558 $ 543 Long-Term Care Insurance segment 1,143 1,108 2,241 2,203 Life and Annuities segment: Life insurance 350 359 708 740 Fixed annuities 84 93 169 208 Variable annuities 35 37 71 77 Life and Annuities segment 469 489 948 1,025 Corporate and Other 3 17 (1 ) 9 Total revenues $ 1,892 $ 1,887 $ 3,746 $ 3,780 The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other for the periods indicated: Three months Six months (Amounts in millions) 2023 2022 2023 2022 Net income available to Genworth Financial, Inc.’s common stockholders $ 137 $ 159 $ 259 $ 399 Add: net income from continuing operations attributable to noncontrolling interests 31 38 63 68 Add: net income from discontinued operations attributable to noncontrolling interests — — — — Net income 168 197 322 467 Less: income (loss) from discontinued operations, net of taxes 2 (1 ) 2 (3 ) Income from continuing operations 166 198 320 470 Less: net income from continuing operations attributable to noncontrolling interests 31 38 63 68 Income from continuing operations available to Genworth Financial, Inc.’s common 135 160 257 402 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) (41 ) (19 ) (30 ) (61 ) Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (23 ) 8 (9 ) (46 ) (Gains) losses on early extinguishment of debt (3) — 1 (1 ) 4 Expenses related to restructuring 1 1 4 1 Taxes on adjustments 13 2 8 22 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 85 $ 153 $ 229 $ 322 (1) For the three and six months ended June 30, 2023, net investment (gains) losses were adjusted for the portion of net investment losses attributable to noncontrolling interests of $2 million. (2) For the three months ended June 30, 2023 and 2022, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(4) million and $(12) million, respectively. For the six months ended June 30, 2023 and 2022, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(7) million and $(25) million, respectively. (3) During the six months ended June 30, 2023, we repurchased $11 million principal amount of Genworth Holdings’ senior notes due in June 2034 for a pre-tax gain of $1 million. During the three and six months ended June 30, 2022, we repurchased $48 million and $130 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $4 million, respectively. Three months Six months (Amounts in millions) 2023 2022 2023 2022 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: Enact segment $ 146 $ 167 $ 289 $ 302 Long-Term Care Insurance segment (43 ) 17 (20 ) 90 Life and Annuities segment: Life insurance (17 ) (37 ) (44 ) (84 ) Fixed annuities 10 20 24 33 Variable annuities 9 2 18 6 Life and Annuities segment 2 (15 ) (2 ) (45 ) Corporate and Other (20 ) (16 ) (38 ) (25 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 85 $ 153 $ 229 $ 322 There were no infrequent or unusual items excluded from adjusted operating income during the periods presented. The following is a summary of total assets for our segments and Corporate and Other as of the dates indicated: (Amounts in millions) June 30, December 31, Assets: Enact segment $ 5,922 $ 5,712 Long-Term Care Insurance segment 45,194 44,156 Life and Annuities segment 37,168 37,975 Corporate and Other 1,560 1,871 Total assets $ 89,844 $ 89,714 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | (18) Commitments and Contingencies (a) Litigation and Regulatory Matters We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti- inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to breach of customer information. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, including claims under the Employee Retirement Income Security Act of 1974, post-closing obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations. In September 2018, Genworth Life and Annuity Insurance Company (“GLAIC”), our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company the United States Court of Appeals for the Eleventh Circuit. On June 22, 2022, we filed our opening brief in support of the appeal. Plaintiff filed its respondent’s brief on September 20, 2022, and we filed our reply brief on November 10, 2022. We intend to continue to vigorously defend this action. In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other persons similarly situated v. Genworth et al In January 2021, GLAIC was named as a defendant in a putative class action lawsuit pending in the United States District Court for the District of Oregon captioned Patsy H. McMillan, individually and on behalf of all others similarly situated, v. Genworth Life and Annuity Insurance Company On August 11, 2021, GLIC and Genworth Life Insurance Company of New York received a request for pre-suit mediation related to a potential class action lawsuit that may be brought by five long-term care insurance policyholders, seeking to represent a nationwide class alleging that the defendants made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The draft complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5 million. Genworth participated in pre-suit mediation in November 2021 and January 2022. On January 15, 2022, the parties reached an agreement in principle to settle the dispute on a nationwide basis, subject to the negotiation and execution of a final settlement agreement, and Court approval thereof. On January 28, 2022, the complaint was filed in the United States District Court for the Eastern District of Virginia captioned Fred Haney, Marsha Merrill, Sylvia Swanson, and Alan Wooten, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings Plan”). Plaintiffs purport to act on behalf of the Savings Plan and all similarly simulated participants and beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 by imprudently offering and inadequately monitoring a suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. Plaintiffs seek declaratory and injunctive relief, monetary damages, and attorney’s fees. By stipulation entered September 6, 2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the complaint against the sole remaining defendant, Genworth Financial. Plaintiffs filed opposition papers on November 10, 2022, and we filed our reply papers on November 16, 2022. By order dated January 20, 2023, the Court granted plaintiffs’ motion to serve an amended complaint, rendering our initial motion to dismiss moot. On January 20, 2023, plaintiffs filed an amended complaint, and on February 2, 2023, we filed a motion to dismiss the amended complaint. On March 16, 2023, the Court directed plaintiffs to file a second amended complaint and denied as moot our motion to dismiss the amended complaint. Plaintiffs filed the second amended complaint on April 17, 2023. On May 15, 2023, we answered and moved to dismiss the second amended complaint. That motion is now fully briefed and awaiting decision. We intend to continue to vigorously defend this action. On December 16, 2022, Blue Cross Blue Shield of Nebraska (“BCBSNE”) served an arbitration demand on GLIC in relation to BCBSNE’s stated intent to recapture a block of long-term care insurance policies for which the risk was partly ceded to GLIC. In its arbitration demand, BCBSNE alleges that GLIC breached the governing reinsurance agreement by refusing to agree to transfer assets equal to the fair value of the liabilities being recaptured. BCBSNE asserts it has satisfied all of its obligations under the reinsurance agreement and is seeking to recapture the ceded block of reinsurance. BCBSNE seeks damages equal to the fair value of the recaptured liabilities, plus interest and other damages, including attorneys’ fees and costs. The arbitration panel has been appointed and an organizational meeting is scheduled for August 30, 2023. We intend to vigorously defend this arbitration proceeding. In June 2023, Genworth Financial was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned Delilah King, individually, and on behalf of all others similarly situated v. Genworth Financial, Inc . In July 2023, Genworth Financial was named as a defendant in a putative class action lawsuit pending in the United States District Court for the District of Massachusetts captioned Robert Anastasio, individually and on behalf of all others similarly situated v. Progress Software Corporation, Pension Benefit Information, LLC d/b/a PBI Research Services, and Genworth Financial, Inc In August 2023, GLIC was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned Patrice Hauser, on behalf of herself and all others similarly situated v. Genworth Life Insurance Company At this time, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. In addition, we are not able to provide an estimate or range of reasonably possible losses related to these matters. Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse effect on our business, financial condition or results of operations. In addition, it is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations. (b) Commitments As of June 30, 2023, we were committed to fund $1,399 million in limited partnership investments, $153 million of bank loan investments and $17 million in private placement investments. We were not committed to fund any commercial mortgage loan investments as of June 30, 2023. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Changes In Accumulated Other Comprehensive Income (Loss) | (19) Changes in Accumulated Other Comprehensive Income (Loss) The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2023 $ (2,500 ) $ 1,274 $ (1,628 ) $ (9 ) $ 10 $ (2,853 ) OCI before reclassifications (584 ) (83 ) 664 — 4 1 Amounts reclassified from (to) OCI 23 (37 ) — — — (14 ) Current period OCI (561 ) (120 ) 664 — 4 (13 ) Balances as of June 30, 2023 before noncontrolling interests (3,061 ) 1,154 (964 ) (9 ) 14 (2,866 ) Less: change in OCI attributable to noncontrolling interests (5 ) — — — — (5 ) Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 6 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2022 $ 2,151 $ 1,789 $ (8,447 ) $ (13 ) $ (29 ) $ (4,549 ) OCI before reclassifications (3,701 ) (307 ) 5,280 1 (7 ) 1,266 Amounts reclassified from (to) OCI 4 (37 ) — — — (33 ) Current period OCI (3,697 ) (344 ) 5,280 1 (7 ) 1,233 Balances as of June 30, 2022 before (1,546 ) 1,445 (3,167 ) (12 ) (36 ) (3,316 ) Less: change in OCI attributable to (28 ) — — — — (28 ) Balances as of June 30, 2022 $ (1,518 ) $ 1,445 $ (3,167 ) $ (12 ) $ (36 ) $ (3,288 ) (1) See note 6 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2023 $ (3,407 ) $ 1,200 $ (403 ) $ (10 ) $ 6 $ (2,614 ) OCI before reclassifications 322 31 (561 ) 1 8 (199 ) Amounts reclassified from (to) OCI 36 (77 ) — — — (41 ) Current period OCI 358 (46 ) (561 ) 1 8 (240 ) Balances as of June 30, 2023 before (3,049 ) 1,154 (964 ) (9 ) 14 (2,854 ) Less: change in OCI attributable to 7 — — — — 7 Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 6 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2022 $ 6,077 $ 2,025 $ (13,918 ) $ (15 ) $ (24 ) $ (5,855 ) OCI before reclassifications (7,674 ) (506 ) 10,751 3 (12 ) 2,562 Amounts reclassified from (to) OCI 10 (74 ) — — — (64 ) Current period OCI (7,664 ) (580 ) 10,751 3 (12 ) 2,498 Balances as of June 30, 2022 before noncontrolling (1,587 ) 1,445 (3,167 ) (12 ) (36 ) (3,357 ) Less: change in OCI attributable to noncontrolling interests (69 ) — — — — (69 ) Balances as of June 30, 2022 $ (1,518 ) $ 1,445 $ (3,167 ) $ (12 ) $ (36 ) $ (3,288 ) (1) See note 6 for additional information. As of June 30, 2023 and 2022, the balances of the change in the discount rate used to measure future policy benefits were net of taxes of $255 million and $855 million, respectively, and the balances of the change in instrument-specific credit risk of MRBs were net of taxes of $2 million and $3 million, respectively. The foreign currency translation and other adjustments balances in the charts above included $34 million and $(4) million, respectively, net of taxes of $(9) million and $1 million, respectively, related to a net unrecognized postretirement benefit obligation as of June , and . The balance also included taxes of $ million and $ million, respectively, related to foreign currency translation adjustments as of June , and . The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods presented: Amount reclassified Affected line item in the Three months Six months (Amounts in millions) 2023 2022 2023 2022 Net unrealized investment (gains) losses: Unrealized (gains) losses on investments $ 30 $ 4 $ 46 $ 12 Net investment (gains) losses Income taxes (7 ) — (10 ) (2 ) Provision for income taxes Total $ 23 $ 4 $ 36 $ 10 Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (55 ) $ (57 ) $ (109 ) $ (112 ) Net investment income Interest rate swaps hedging assets (3 ) — (8 ) (2 ) Net investment (gains) losses Interest rate swaps hedging liabilities — 1 1 2 Interest expense Interest rate swaps hedging liabilities — — (1 ) — Net investment (gains) losses Foreign currency swaps — — — (1 ) Net investment income Foreign currency swaps — — (2 ) — Net investment (gains) losses Income taxes 21 19 42 39 Provision for income taxes Total $ (37 ) $ (37 ) $ (77 ) $ (74 ) |
Accounting Changes (Policies)
Accounting Changes (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosue of Accounting Changes [Abstract] | |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted On January 1, 2023, we adopted LDTI, which significantly changed the recognition and measurement We adopted this new accounting guidance using the modified retrospective transition method for all topics except for market risk benefits (“MRBs”), which was required to be applied using the retrospective transition method. The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. The new accounting guidance, for all topics, was applied as of the Transition Date with an adjustment to beginning retained earnings and accumulated other comprehensive income (loss). In addition, prior period financial information has been re-presented in accordance with the new accounting standard. As of the Transition Date, we decreased total stockholders’ equity by $ As a result of adopting this new accounting guidance, our insurance assets and liabilities have been sensitive to movements in interest rates, which will likely result in continued volatility to our stockholders’ equity. Refer to note 19 for additional detail related to the impact changes in interest rates have had on our accumulated other comprehensive income (loss) resulting from updating the discount rate used to measure the liability for future policy benefits and related reinsurance recoverables. The key areas of change introduced by the adoption of LDTI and the related effect to our accounting policies are summarized in the table below. Less significant accounting policy changes from adopting LDTI are not included in the below table. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters DAC and balances amortized on a basis consistent with DAC, including intangible assets and cost of reinsurance DAC associated with long-duration insurance contracts is grouped into cohorts consistent with groupings used to estimate the related liability for future policy benefits and is amortized on a constant level basis over the expected contract term, which approximates straight-line. Assumptions used to amortize DAC are consistent with the assumptions used to estimate the liability for future policy benefits. Revised assumptions are recognized prospectively over the remaining term of the related contract. DAC and balances amortized on a basis consistent with DAC are no longer subject to impairment, shadow adjustments or recoverability testing; however, present value of future profits (“PVFP”) is still assessed for recoverability in connection with premium deficiency testing. The constant level basis we use to amortize DAC by product is as follows: • long-term care insurance—total life count • life insurance—face amount • fixed and variable annuities—policy count We apply the amortization rate at the beginning of the current reporting period, which reflects assumption updates, if applicable, and actual experience through the end of the current reporting period. We have elected to amortize intangible assets associated with investment contracts, such as PVFP, in a manner consistent with DAC. Cost of reinsurance is deferred and amortized in a manner consistent with DAC over the terms of the related reinsurance treaties. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters MRBs, which include contracts or contract features that protect the policyholder’s account balance and expose the insurer to other-than-nominal capital market risk, such as guaranteed minimum death benefits (“GMDBs”), guaranteed minimum withdrawal benefits (“GMWBs”) and guaranteed payout annuity floor benefits (“GPAFs”) MRBs are measured at fair value with changes related to instrument-specific credit risk recorded as a separate component in accumulated other comprehensive income (loss) and remaining changes recorded in net income (loss). For additional details, see notes 7 and 13. Liability for future policy benefits—level of aggregation For the purpose of calculating the net premium ratio used to measure the liability for future policy benefits, long-duration insurance contracts are grouped into annual cohorts on the basis of original contract issue date. For acquired contracts, the acquisition date is considered the original contract issue date. The net premium ratio for long-duration traditional and limited payment contracts is the ratio of expected benefits less the existing carrying value of reserves to gross premiums. Traditional and limited-payment long-duration insurance contracts are generally grouped into annual calendar-year cohorts based on the contract issue date, product type and company. Limited-payment contracts are grouped into cohorts separately from other traditional products and riders are combined with the associated base policies. Certain products may also be grouped by acquisition date for acquired contracts and reinsurance treaty effective date for reinsurance recoverables. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters Liability for future policy benefits—cash flow assumptions All cash flow assumptions used to estimate the liability for future policy benefits (including health care experience, policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates), and benefit reductions associated with our long-term care insurance in-force rate actions and legal settlements as well as payments to policyholders electing reduced benefits in connection with legal settlements) are reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes in cash flow assumptions are recorded using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which is capped at 100%) using actual historical and updated future cash flow assumptions. The liability for future policy benefits is recalculated using the revised net premium ratio and locked-in discount rate as of the beginning of the current reporting period and compared to the carrying amount as of the beginning of the current reporting period using the previous net premium ratio and locked-in discount rate, with any difference recorded as a remeasurement gain (loss). Cash flow assumptions no longer reflect a provision for adverse deviation, and the premium deficiency test and shadow adjustments are eliminated. We calculate a single liability for future policy benefits and therefore, all cash flows, including benefit payments (such as claims in course of settlement and incurred claims) are aggregated. As a result, our U.S. life insurance companies elected to combine their previously disclosed liability for policy and contract claims, excluding amounts related to certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our condensed consolidated balance sheets. Cash flow assumptions will be formally reviewed and updated as necessary based on experience studies in the fourth quarter each year. We elected to update the net premium ratio quarterly for actual versus expected experience; therefore, during interim reporting periods we will replace forecasted cash flow assumptions with actual cash flows with any difference recorded in net income (loss). We made an entity-wide election not to update our expense assumptions and therefore, these assumptions remain locked-in at the time of the Transition Date or if issued after the Transition Date, at the time of contract inception. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters Liability for future policy benefits—discount rate assumptions The liability for future policy benefits is measured using two different discount rates, a current discount rate and a locked-in discount rate. The current discount rate is used to remeasure the liability for future policy benefits recorded in the condensed consolidated balance sheets and is a current upper-medium grade fixed-income instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the corresponding liability. The locked-in discount rate is used to determine the amounts recorded to net income (loss) and is held constant for the purpose of calculating the net premium ratio and interest accretion. The difference between the liability measured using the locked-in rate and the liability measured using the current rate is recorded in accumulated other comprehensive income (loss). For policies in-force prior to the Transition Date, the locked-in discount rate is equal to the discount rate in effect immediately before the Transition Date. For contracts issued on or after the Transition Date, the locked-in discount rate is a single-A rated bond rate identified at inception of the contract. The methodology used to determine the current discount rate assumption maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The current discount rate assumption is based on a single-A curve published by a market data service. For cash flows projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value measurements as defined in note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2022 Annual Report on Form 10-K to interpolate from the last observable rate to an estimated ultimate long-term rate. For contracts issued on or after the Transition Date, the locked-in discount rate for each issue-year cohort is determined as a single discount rate, using the weighted-average monthly single-A fixed-income forward curves over the current calendar year. Key Area Impacted Change to Accounting Policy Policy Elections and Other Significant Matters Liability for future policy benefits—deferred profit liability A deferred profit liability is established for limited-payment products at the time of contract issuance for any amount of gross premiums received in excess of net premiums, which is amortized into net income (loss) in proportion to insurance in-force for life insurance products and expected future benefit payments for fixed annuity products. Cash flow assumptions related to the deferred profit liability are consistent with the assumptions used to estimate the related liability for future policy benefits and are updated at the same time. The deferred profit liability is recalculated using updated cash flow assumptions as of the beginning of the current reporting period and compared to the current carrying amount as of the beginning of the current reporting period, with any difference recorded in net income (loss). Policyholder account balances—additional insurance liabilities Additional insurance liabilities are established for guarantees or certain product features not classified as MRBs or embedded derivatives. The calculation of additional insurance liabilities includes investment performance. Therefore, the impacts from net unrealized investment gains and losses on available for-sale investment securities backing additional insurance liabilities are required to be analyzed, as if those unrealized investment gains and losses were realized. These “shadow adjustments” result in the recognition of unrealized gains and losses on additional insurance liabilities in a manner consistent with unrealized gains and losses on available-for-sale investment securities, which are recorded in accumulated other comprehensive income (loss). Annual premium deficiency testing is still required to be performed for our universal and term universal life insurance products. The following table presents the impacted lines of the condensed consolidated balance sheet as of December 31, 2022 reflecting the impact of adopting LDTI on January 1, 2023: (Amounts in millions) As originally Effect of As adjusted Assets Deferred acquisition costs $ 2,200 $ 11 $ 2,211 Intangible assets 241 (38 ) 203 Reinsurance recoverable 16,495 2,564 19,059 Less: Allowance for credit losses (60 ) (3 ) (63 ) Reinsurance recoverable, net 16,435 2,561 18,996 Other assets 415 73 488 Deferred tax asset 1,344 639 1,983 Market risk benefit assets — 26 26 Total assets 86,442 3,272 89,714 Liabilities and equity Liabilities: Future policy benefits 38,064 17,343 55,407 Policyholder account balances 17,113 (549 ) 16,564 Market risk benefit liabilities — 748 748 Liability for policy and contract claims 12,234 (11,551 ) 683 Unearned premiums 584 (381 ) 203 Other liabilities 1,672 15 1,687 Total liabilities 75,703 5,625 81,328 Equity: Accumulated other comprehensive income (2,220 ) (394 ) (2,614 ) Retained earnings 3,098 (1,959 ) 1,139 Total Genworth Financial, Inc.’s stockholders’ equity 9,984 (2,353 ) 7,631 Total equity 10,739 (2,353 ) 8,386 Total liabilities and equity 86,442 3,272 89,714 The following table presents the impacted lines of the condensed consolidated statements of income for the three and six months ended June 30, 2022 reflecting the impact of adopting LDTI on January 1, 2023: Three months ended June 30, 2022 Six months ended June 30, 2022 (Amounts in millions, except per share As originally Effect of As adjusted As originally Effect of As adjusted Revenues: Premiums $ 927 $ (11 ) $ 916 $ 1,858 $ (25 ) $ 1,833 Net investment gains (losses) 8 11 19 36 25 61 Policy fees and other income 159 6 165 328 7 335 Total revenues 1,881 6 1,887 3,773 7 3,780 Benefits and expenses: Benefits and other changes in policy reserves 764 4 768 1,903 32 1,935 Liability remeasurement (gains) losses — 24 24 — (40 ) (40 ) Changes in fair value of market risk benefits and — 20 20 — (21 ) (21 ) Interest credited 125 1 126 250 1 251 Acquisition and operating expenses, net of deferrals 589 (10 ) 579 860 (45 ) 815 Amortization of deferred acquisition costs and 84 — 84 176 (4 ) 172 Total benefits and expenses 1,588 39 1,627 3,241 (77 ) 3,164 Income from continuing operations before income 293 (33 ) 260 532 84 616 Provision for income taxes 73 (11 ) 62 131 15 146 Income from continuing operations 220 (22 ) 198 401 69 470 Net income 219 (22 ) 197 398 69 467 Net income available to Genworth Financial, Inc.’s 181 (22 ) 159 330 69 399 Income from continuing operations available to 182 (22 ) 160 333 69 402 Net income available to Genworth Financial, Inc.’s common stockholders 181 (22 ) 159 330 69 399 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.36 (0.04 ) 0.32 0.65 0.14 0.79 Diluted 0.36 (0.05 ) 0.31 0.65 0.13 0.78 Net income available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.36 (0.05 ) 0.31 0.65 0.14 0.79 Diluted 0.35 (0.04 ) 0.31 0.64 0.13 0.77 The following table presents the impacted lines of the condensed consolidated statement of cash flows for the six months ended June 30, 2022 reflecting the impact of adopting LDTI on January 1, 2023: (Amounts in millions) As Effect of As Cash flows from (used by) operating activities: Net income $ 398 $ 69 $ 467 Adjustments to reconcile net income to net cash from operating activities: Net investment (gains) losses (36 ) (25 ) (61 ) Changes in fair value of market risk benefits and associated hedges — (21 ) (21 ) Charges assessed to policyholders (292 ) 3 (289 ) Acquisition costs deferred (1 ) (6 ) (7 ) Amortization of deferred acquisition costs and intangibles 176 (4 ) 172 Deferred income taxes 128 15 143 Change in certain assets and liabilities: Accrued investment income and other assets (70 ) (1 ) (71 ) Insurance reserves 494 147 641 Other liabilities, policy and contract claims and other policy-related balances (205 ) (177 ) (382 ) Net cash from operating activities 337 — 337 |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In June 2022, the FASB issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted, which we do not intend to elect. We do not expect a significant impact from this guidance on our condensed consolidated financial statements and disclosures. |
Formation of Genworth and Bas_2
Formation of Genworth and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Impact of Correction In Balance Sheet | The following table presents the impacted lines of the condensed consolidated balance sheets as of December 31, 2022 and January 1, 2021 (the “Transition Date” for applying LDTI) reflecting the impact of the correction: December 31, 2022 (as adjusted) January 1, 2021 (as adjusted) (Amounts in millions) Previously Correction As Previously Correction As Assets Deferred tax asset $ 1,968 $ 15 $ 1,983 $ 3,765 $ 11 $ 3,776 Total assets 89,699 15 89,714 122,335 11 122,346 Liabilities and equity Liabilities: Future policy benefits 55,349 58 55,407 84,736 50 84,786 Other liabilities 1,675 12 1,687 1,618 — 1,618 Total liabilities 81,258 70 81,328 120,219 50 120,269 Equity: Accumulated other comprehensive income (loss) (2,617 ) 3 (2,614 ) (7,126 ) 18 (7,108 ) Retained earnings 1,197 (58 ) 1,139 (569 ) (57 ) (626 ) Total Genworth Financial, Inc.’s stockholders’ equity 7,686 (55 ) 7,631 1,614 (39 ) 1,575 Total equity 8,441 (55 ) 8,386 2,116 (39 ) 2,077 Total liabilities and equity 89,699 15 89,714 122,335 11 122,346 |
Schedule of Impact of Correction In Income Statement | The following table presents the impacted lines and per share amounts in the condensed consolidated statements of income reflecting the impact of the correction for the three months ended March 31: 2023 (as adjusted) 2022 (as adjusted) (Amounts in millions, except per share amounts) Previously Correction As Previously Correction As Benefits and other changes in policy reserves $ 1,172 $ 4 $ 1,176 $ 1,165 $ 2 $ 1,167 Liability remeasurement (gains) losses 22 (37 ) (15 ) (41 ) (23 ) (64 ) Acquisition and operating expenses, net of deferrals 283 (43 ) 240 280 (44 ) 236 Total benefits and expenses 1,721 (76 ) 1,645 1,602 (65 ) 1,537 Income from continuing operations before income taxes 133 76 209 291 65 356 Provision for income taxes 39 16 55 68 16 84 Income from continuing operations 94 60 154 223 49 272 Net income 94 60 154 221 49 270 Net income available to Genworth Financial, Inc.’s common stockholders 62 60 122 191 49 240 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.13 0.12 0.25 0.38 0.10 0.48 Diluted 0.12 0.12 0.24 0.37 0.10 0.47 Net income available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.13 0.12 0.25 0.38 0.09 0.47 Diluted 0.12 0.12 0.24 0.37 0.09 0.46 |
Accounting Changes (Tables)
Accounting Changes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosue of Accounting Changes [Abstract] | |
Summary Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Statement Of Financial Position | The following table presents the impacted lines of the condensed consolidated balance sheet as of December 31, 2022 reflecting the impact of adopting LDTI on January 1, 2023: (Amounts in millions) As originally Effect of As adjusted Assets Deferred acquisition costs $ 2,200 $ 11 $ 2,211 Intangible assets 241 (38 ) 203 Reinsurance recoverable 16,495 2,564 19,059 Less: Allowance for credit losses (60 ) (3 ) (63 ) Reinsurance recoverable, net 16,435 2,561 18,996 Other assets 415 73 488 Deferred tax asset 1,344 639 1,983 Market risk benefit assets — 26 26 Total assets 86,442 3,272 89,714 Liabilities and equity Liabilities: Future policy benefits 38,064 17,343 55,407 Policyholder account balances 17,113 (549 ) 16,564 Market risk benefit liabilities — 748 748 Liability for policy and contract claims 12,234 (11,551 ) 683 Unearned premiums 584 (381 ) 203 Other liabilities 1,672 15 1,687 Total liabilities 75,703 5,625 81,328 Equity: Accumulated other comprehensive income (2,220 ) (394 ) (2,614 ) Retained earnings 3,098 (1,959 ) 1,139 Total Genworth Financial, Inc.’s stockholders’ equity 9,984 (2,353 ) 7,631 Total equity 10,739 (2,353 ) 8,386 Total liabilities and equity 86,442 3,272 89,714 |
Summary Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Income Statement | The following table presents the impacted lines of the condensed consolidated statements of income for the three and six months ended June 30, 2022 reflecting the impact of adopting LDTI on January 1, 2023: Three months ended June 30, 2022 Six months ended June 30, 2022 (Amounts in millions, except per share As originally Effect of As adjusted As originally Effect of As adjusted Revenues: Premiums $ 927 $ (11 ) $ 916 $ 1,858 $ (25 ) $ 1,833 Net investment gains (losses) 8 11 19 36 25 61 Policy fees and other income 159 6 165 328 7 335 Total revenues 1,881 6 1,887 3,773 7 3,780 Benefits and expenses: Benefits and other changes in policy reserves 764 4 768 1,903 32 1,935 Liability remeasurement (gains) losses — 24 24 — (40 ) (40 ) Changes in fair value of market risk benefits and — 20 20 — (21 ) (21 ) Interest credited 125 1 126 250 1 251 Acquisition and operating expenses, net of deferrals 589 (10 ) 579 860 (45 ) 815 Amortization of deferred acquisition costs and 84 — 84 176 (4 ) 172 Total benefits and expenses 1,588 39 1,627 3,241 (77 ) 3,164 Income from continuing operations before income 293 (33 ) 260 532 84 616 Provision for income taxes 73 (11 ) 62 131 15 146 Income from continuing operations 220 (22 ) 198 401 69 470 Net income 219 (22 ) 197 398 69 467 Net income available to Genworth Financial, Inc.’s 181 (22 ) 159 330 69 399 Income from continuing operations available to 182 (22 ) 160 333 69 402 Net income available to Genworth Financial, Inc.’s common stockholders 181 (22 ) 159 330 69 399 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.36 (0.04 ) 0.32 0.65 0.14 0.79 Diluted 0.36 (0.05 ) 0.31 0.65 0.13 0.78 Net income available to Genworth Financial, Inc.’s common stockholders per share: Basic 0.36 (0.05 ) 0.31 0.65 0.14 0.79 Diluted 0.35 (0.04 ) 0.31 0.64 0.13 0.77 |
Summary Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Cash Flow Statement | The following table presents the impacted lines of the condensed consolidated statement of cash flows for the six months ended June 30, 2022 reflecting the impact of adopting LDTI on January 1, 2023: (Amounts in millions) As Effect of As Cash flows from (used by) operating activities: Net income $ 398 $ 69 $ 467 Adjustments to reconcile net income to net cash from operating activities: Net investment (gains) losses (36 ) (25 ) (61 ) Changes in fair value of market risk benefits and associated hedges — (21 ) (21 ) Charges assessed to policyholders (292 ) 3 (289 ) Acquisition costs deferred (1 ) (6 ) (7 ) Amortization of deferred acquisition costs and intangibles 176 (4 ) 172 Deferred income taxes 128 15 143 Change in certain assets and liabilities: Accrued investment income and other assets (70 ) (1 ) (71 ) Insurance reserves 494 147 641 Other liabilities, policy and contract claims and other policy-related balances (205 ) (177 ) (382 ) Net cash from operating activities 337 — 337 |
Long-Duration Insurance Contr_2
Long-Duration Insurance Contracts Targeted Improvements (Table) | 6 Months Ended |
Jun. 30, 2023 | |
Long Term Duration Insurance Contracts [Abstract] | |
Summary Of Adoption Of New Accounting Guidance Related To The Recognition And Measurement Of LongDuration Insurance Contracts | The following table presents the balances of and changes in the condensed consolidated balance sheet on January 1, 2021 from the adoption of LDTI: Balances as of Effect of adopting LDTI Balances as of (Amounts in millions) Eliminate Changes in Change in Recognize Assets Total investments $ 74,701 $ — $ — $ — $ — $ 74,701 Cash, cash equivalents and restricted cash 2,561 — — — — 2,561 Accrued investment income 655 — — — — 655 Deferred acquisition costs 1,487 1,322 — — — 2,809 Intangible assets 157 114 — — — 271 Reinsurance recoverable 16,864 — 1,214 10,149 (92 ) 28,135 Less: Allowance for credit losses (45 ) — — — — (45 ) Reinsurance recoverable, net 16,819 — 1,214 10,149 (92 ) 28,090 Other assets 404 — (89 ) — 248 563 Deferred tax asset 65 (1,515 ) 497 4,624 105 3,776 Market risk benefit assets — — — — 22 22 Separate account assets 6,081 — — — — 6,081 Assets related to discontinued operations 2,817 — — — — 2,817 Total assets $ 105,747 $ (79 ) $ 1,622 $ 14,773 $ 283 $ 122,346 Liabilities and equity Liabilities: Future policy benefits $ 42,695 $ (4,456 ) $ 14,654 $ 31,893 $ — $ 84,786 Policyholder account balances 21,503 (1,229 ) — — (641 ) 19,633 Market risk benefit liabilities — — — — 1,310 1,310 Liability for policy and contract claims 11,486 — (10,725 ) — — 761 Unearned premiums 775 — (468 ) — — 307 Other liabilities 1,614 — — — 4 1,618 Long-term borrowings 3,403 — — — — 3,403 Separate account liabilities 6,081 — — — — 6,081 Liabilities related to discontinued operations 2,370 — — — — 2,370 Total liabilities 89,927 (5,685 ) 3,461 31,893 673 120,269 Commitments and contingencies Equity: Class A common stock 1 — — — — 1 Additional paid-in capital 12,008 — — — — 12,008 Accumulated other comprehensive income (loss) 4,425 5,606 — (17,120 ) (19 ) (7,108 ) Retained earnings 1,584 — (1,839 ) — (371 ) (626 ) Treasury stock, at cost (2,700 ) — — — — (2,700 ) Total Genworth Financial, Inc.’s stockholders’ equity 15,318 5,606 (1,839 ) (17,120 ) (390 ) 1,575 Noncontrolling interests 502 — — — — 502 Total equity 15,820 5,606 (1,839 ) (17,120 ) (390 ) 2,077 Total liabilities and equity $ 105,747 $ (79 ) $ 1,622 $ 14,773 $ 283 $ 122,346 |
Summary of the Transition Adjustments within Stockholders Equity | The following table summarizes the components of the transition adjustments within stockholders’ equity as of January 1, 2021 from the adoption of LDTI: (Amounts in millions) Accumulated Retained Total Deferred acquisition costs $ 1,322 $ — $ 1,322 Intangible assets 114 — 114 Reinsurance recoverable 10,149 1,201 11,350 Other assets — 156 156 Future policy benefits (27,437 ) (3,537 ) (30,974 ) Policyholder account balances 1,229 — 1,229 Market risk benefits, net (24 ) (623 ) (647 ) Other liabilities — (4 ) (4 ) Deferred taxes 3,114 597 3,711 Total $ (11,533 ) $ (2,210 ) $ (13,743 ) |
Summary of Changes in Deferred Acquisition Costs | The following table summarizes the balances of and changes in deferred acquisition costs on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Long-term Life Fixed Variable Total Balances as of December 31, 2020 $ — $ 1,316 $ 3 $ 139 $ 1,458 Adjustment for removal of related balances in accumulated other comprehensive income (loss) 1,043 185 82 12 1,322 Adjusted balances as of January 1, 2021 $ 1,043 $ 1,501 $ 85 $ 151 2,780 Enact segment 29 Total deferred acquisition costs as of January 1, 2021 $ 2,809 |
Summary of Changes in Intangible Assets | The following table summarizes the balances of and changes in intangible assets, including present value of future profits and deferred sales inducements, on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Life Fixed Variable Total Balances as of December 31, 2020 $ 73 $ 7 $ 3 $ 83 Adjustment for removal of related balances in accumulated other comprehensive income (loss) 81 33 — 114 Adjusted balances as of January 1, 2021 $ 154 $ 40 $ 3 $ 197 |
Summary of Changes in the Liability for Future Policy Benefits | The following table summarizes the balances of and changes in the liability for future policy benefits on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Long-term Life Fixed Total Balances as of December 31, 2020 $ 28,770 $ 2,101 $ 11,824 $ 42,695 Reclassify liability for policy and contract claims, unearned premiums and due premiums (1) 10,918 189 10 11,117 Change in discount rate assumptions 24,253 361 7,279 31,893 Change in cash flow assumptions (2) 3,319 (2 ) 264 3,581 Change in cash flow assumptions, effect of increase (decrease) of the deferred profit liability (2) (173 ) — 129 (44 ) Adjustment for removal of related balances in accumulated other comprehensive income (loss) (3,716 ) — (740 ) (4,456 ) Adjusted balances as of January 1, 2021 63,371 2,649 18,766 84,786 Less: reinsurance recoverable 11,476 834 13,699 26,009 Adjusted balances as of January 1, 2021, net of reinsurance $ 51,895 $ 1,815 $ 5,067 $ 58,777 (1) Upon adopting LDTI, we elected to combine our previously disclosed liability for policy and contract claims, unearned premiums and due premiums, excluding amounts related to mortgage insurance and certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our condensed consolidated balance sheets. (2) For limited-payment contracts, if the remeasured liability for future policy benefits under LDTI is (less) greater than the carrying value immediately before the Transition Date, the deferred profit liability is increased (decreased) with a corresponding (decrease) increase to the liability for future policy benefits. |
Summary of Changes in the Net Liability Position for Market Risk Benefits | The following table summarizes the balances of and changes in the net liability position for MRBs on January 1, 2021 from the adoption of LDTI: (Amounts in millions) Fixed indexed Variable Total Balances as of December 31, 2020 $ 71 $ 570 $ 641 Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit 39 584 623 Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance 5 19 24 Total adjustment for the difference between carrying amount and fair 44 603 647 Adjusted balances as of January 1, 2021 115 1,173 1,288 Less: reinsurance recoverable — 244 244 Adjusted balances as of January 1, 2021, net of reinsurance $ 115 $ 929 $ 1,044 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings (Loss) Per Share | Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated: Three months ended Six months ended (Amounts in millions, except per share amounts) 2023 2022 2023 2022 Weighted-average common shares used in basic earnings (loss) per share calculations 473.2 508.9 482.7 508.6 Potentially dilutive securities: Stock options, restricted stock units and other equity-based awards 4.9 5.2 6.4 7.1 Weighted-average common shares used in diluted earnings (loss) per share calculations 478.1 514.1 489.1 515.7 Income from continuing operations: Income from continuing operations $ 166 $ 198 $ 320 $ 470 Less: net income from continuing operations attributable to noncontrolling interests 31 38 63 68 Income from continuing operations available to Genworth Financial, Inc.’s common stockholders $ 135 $ 160 $ 257 $ 402 Basic per share $ 0.28 $ 0.32 $ 0.53 $ 0.79 Diluted per share $ 0.28 $ 0.31 $ 0.53 $ 0.78 Income (loss) from discontinued operations: Income (loss) from discontinued operations, net of taxes $ 2 $ (1 ) $ 2 $ (3 ) Less: net income from discontinued operations attributable to noncontrolling interests — — — — Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders $ 2 $ (1 ) $ 2 $ (3 ) Basic per share $ 0.01 $ — $ 0.01 $ (0.01 ) Diluted per share $ 0.01 $ — $ 0.01 $ (0.01 ) Net income: Income from continuing operations $ 166 $ 198 $ 320 $ 470 Income (loss) from discontinued operations, net of taxes 2 (1 ) 2 (3 ) Net income 168 197 322 467 Less: net income attributable to noncontrolling interests 31 38 63 68 Net income available to Genworth Financial, Inc.’s common stockholders $ 137 $ 159 $ 259 $ 399 Basic per share (1) $ 0.29 $ 0.31 $ 0.54 $ 0.79 Diluted per share (1) $ 0.29 $ 0.31 $ 0.53 $ 0.77 (1) May not total due to whole number calculation. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net Investment Income | Sources of net investment income were as follows for the periods indicated: Three months ended June 30, Six months ended (Amounts in millions) 2023 2022 2023 2022 Fixed maturity securities—taxable $ 567 $ 578 $ 1,128 $ 1,158 Fixed maturity securities—non-taxable 1 1 2 2 Equity securities 3 2 5 4 Commercial mortgage loans 75 78 151 159 Policy loans 54 51 109 101 Limited partnerships 17 32 45 39 Other invested assets 70 66 138 129 Cash, cash equivalents, restricted cash and short-term investments 22 1 40 1 Gross investment income before expenses and fees 809 809 1,618 1,593 Expenses and fees (24 ) (22 ) (46 ) (42 ) Net investment income $ 785 $ 787 $ 1,572 $ 1,551 |
Net Investment Gains (Losses) | The following table sets forth net investment gains (losses) for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 18 $ 5 $ 21 $ 15 Realized losses (48 ) (9 ) (67 ) (27 ) Net realized gains (losses) on available-for-sale fixed maturity securities (30 ) (4 ) (46 ) (12 ) Net realized gains (losses) on equity securities sold (1 ) — (1 ) — Net realized gains (losses) on limited partnerships — — — — Total net realized investment gains (losses) (31 ) (4 ) (47 ) (12 ) Net change in allowance for credit losses on available-for-sale fixed maturity securities 11 — (4 ) — Write-down of available-for-sale fixed maturity securities (1) (1 ) — (1 ) (2 ) Net unrealized gains (losses) on equity securities still held 21 (26 ) 32 (32 ) Net unrealized gains (losses) on limited partnerships 40 24 40 59 Commercial mortgage loans — 2 (2 ) 3 Derivative instruments (2) (1 ) 18 11 37 Other — 5 (1 ) 8 Net investment gains (losses) $ 39 $ 19 $ 28 $ 61 (1) Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. (2) See note 6 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Allowance for credit losses related to fixed maturity securities | The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended June 30, 2023: (Amounts in millions) Beginning Increase from Increase securities allowance Securities Decrease Write-offs Recoveries Ending Fixed maturity securities: U.S. corporate $ 9 $ — $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed 6 — — (2 ) — — — 4 Total available-for-sale fixed maturity securities $ 15 $ — $ — $ (9 ) $ — $ (2 ) $ — $ 4 The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the six months ended June 30, 2023: (Amounts in millions) Beginning Increase from Increase securities allowance Securities Decrease Write-offs Recoveries Ending Fixed maturity securities: U.S. corporate $ — $ 9 $ — $ (7 ) $ — $ (2 ) $ — $ — Commercial mortgage-backed — 6 — (2 ) — — — 4 Total available-for-sale fixed maturity securities $ — $ 15 $ — $ (9 ) $ — $ (2 ) $ — $ 4 |
Unrealized Investment Gains and Losses | Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: (Amounts in millions) June 30, 2023 December 31, 2022 Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses $ (3,790 ) $ (4,251 ) Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses — — Adjustments to policyholder contract balances 62 68 Income taxes, net 608 705 Net unrealized investment gains (losses) (3,120 ) (3,478 ) Less: net unrealized investment gains (losses) attributable to noncontrolling interests (64 ) (71 ) Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ (3,056 ) $ (3,407 ) |
Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss) | The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Beginning balance $ (2,500 ) $ 2,151 $ (3,407 ) $ 6,077 Unrealized gains (losses) arising during the period: Unrealized gains (losses) on fixed maturity securities (755 ) (4,713 ) 415 (9,843 ) Adjustments to policyholder contract balances 13 77 (6 ) 160 Provision for income taxes 158 935 (87 ) 2,009 Change in unrealized gains (losses) on investment securities (584 ) (3,701 ) 322 (7,674 ) Reclassification adjustments to net investment (gains) losses, net of taxes of $(7), $—, $(10) and $(2) 23 4 36 10 Change in net unrealized investment gains (losses) (561 ) (3,697 ) 358 (7,664 ) Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (5 ) (28 ) 7 (69 ) Ending balance $ (3,056 ) $ (1,518 ) $ (3,056 ) $ (1,518 ) |
Fixed Maturity Securities | As of June 30, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,459 $ 97 $ (167 ) $ — $ 3,389 State and political subdivisions 2,611 21 (289 ) — 2,343 Non-U.S. government 708 15 (98 ) — 625 U.S. corporate: Utilities 4,339 49 (424 ) — 3,964 Energy 2,414 36 (202 ) — 2,248 Finance and insurance 7,915 54 (843 ) — 7,126 Consumer—non-cyclical 4,663 94 (347 ) — 4,410 Technology and communications 3,196 49 (311 ) — 2,934 Industrial 1,326 15 (117 ) — 1,224 Capital goods 2,225 44 (162 ) — 2,107 Consumer—cyclical 1,737 16 (139 ) — 1,614 Transportation 1,171 33 (87 ) — 1,117 Other 311 4 (16 ) — 299 Total U.S. corporate 29,297 394 (2,648 ) — 27,043 Non-U.S. corporate: Utilities 813 — (78 ) — 735 Energy 1,043 21 (62 ) — 1,002 Finance and insurance 2,054 33 (188 ) — 1,899 Consumer—non-cyclical 666 3 (77 ) — 592 Technology and communications 977 7 (93 ) — 891 Industrial 838 9 (65 ) — 782 Capital goods 602 4 (51 ) — 555 Consumer—cyclical 239 1 (23 ) — 217 Transportation 360 12 (26 ) — 346 Other 859 13 (53 ) — 819 Total non-U.S. corporate 8,451 103 (716 ) — 7,838 Residential mortgage-backed 997 4 (67 ) — 934 Commercial mortgage-backed 1,990 1 (297 ) (4 ) 1,690 Other asset-backed 2,351 1 (144 ) — 2,208 Total available-for-sale fixed maturity securities $ 49,864 $ 636 $ (4,426 ) $ (4 ) $ 46,070 As of December 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: (Amounts in millions) Amortized Gross Gross Allowance Fair Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,446 $ 86 $ (191 ) $ — $ 3,341 State and political subdivisions 2,726 19 (346 ) — 2,399 Non-U.S. government 731 15 (101 ) — 645 U.S. corporate: Utilities 4,295 50 (447 ) — 3,898 Energy 2,450 33 (221 ) — 2,262 Finance and insurance 8,005 59 (871 ) — 7,193 Consumer—non-cyclical 4,776 84 (403 ) — 4,457 Technology and communications 3,265 43 (361 ) — 2,947 Industrial 1,312 15 (130 ) — 1,197 Capital goods 2,290 41 (193 ) — 2,138 Consumer—cyclical 1,758 14 (155 ) — 1,617 Transportation 1,165 32 (97 ) — 1,100 Other 325 3 (18 ) — 310 Total U.S. corporate 29,641 374 (2,896 ) — 27,119 Non-U.S. corporate: Utilities 817 — (77 ) — 740 Energy 1,009 19 (68 ) — 960 Finance and insurance 2,124 30 (208 ) — 1,946 Consumer—non-cyclical 655 1 (90 ) — 566 Technology and communications 997 4 (107 ) — 894 Industrial 880 8 (70 ) — 818 Capital goods 606 3 (63 ) — 546 Consumer—cyclical 308 — (32 ) — 276 Transportation 392 12 (29 ) — 375 Other 932 15 (58 ) — 889 Total non-U.S. corporate 8,720 92 (802 ) — 8,010 Residential mortgage-backed 1,059 7 (71 ) — 995 Commercial mortgage-backed 2,183 2 (277 ) — 1,908 Other asset-backed 2,328 1 (163 ) — 2,166 Total available-for-sale fixed maturity securities $ 50,834 $ 596 $ (4,847 ) $ — $ 46,583 |
Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of June 30, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number of Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 1,412 $ (106 ) 42 $ 329 $ (61 ) 36 $ 1,741 $ (167 ) 78 State and political subdivisions 495 (25 ) 77 1,252 (264 ) 223 1,747 (289 ) 300 Non-U.S. government 123 (3 ) 22 387 (95 ) 60 510 (98 ) 82 U.S. corporate 6,257 (285 ) 878 13,764 (2,363 ) 1,768 20,021 (2,648 ) 2,646 Non-U.S. corporate 1,733 (55 ) 226 4,353 (661 ) 579 6,086 (716 ) 805 Residential mortgage-backed 391 (16 ) 160 323 (51 ) 98 714 (67 ) 258 Commercial mortgage-backed 227 (18 ) 32 1,430 (279 ) 230 1,657 (297 ) 262 Other asset-backed 524 (11 ) 147 1,550 (133 ) 305 2,074 (144 ) 452 Total for fixed maturity securities in an unrealized loss position $ 11,162 $ (519 ) 1,584 $ 23,388 $ (3,907 ) 3,299 $ 34,550 $ (4,426 ) 4,883 % Below cost: <20% Below cost $ 11,085 $ (494 ) 1,576 $ 18,715 $ (2,339 ) 2,671 $ 29,800 $ (2,833 ) 4,247 20%-50% Below cost 77 (25 ) 8 4,673 (1,568 ) 628 4,750 (1,593 ) 636 Total for fixed maturity securities in an unrealized loss position $ 11,162 $ (519 ) 1,584 $ 23,388 $ (3,907 ) 3,299 $ 34,550 $ (4,426 ) 4,883 Investment grade $ 10,912 $ (514 ) 1,558 $ 22,108 $ (3,713 ) 3,100 $ 33,020 $ (4,227 ) 4,658 Below investment grade 250 (5 ) 26 1,280 (194 ) 199 1,530 (199 ) 225 Total for fixed maturity securities in an unrealized loss position $ 11,162 $ (519 ) 1,584 $ 23,388 $ (3,907 ) 3,299 $ 34,550 $ (4,426 ) 4,883 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of June 30, 2023: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number of Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 883 $ (34 ) 115 $ 1,817 $ (390 ) 270 $ 2,700 $ (424 ) 385 Energy 429 (21 ) 77 1,173 (181 ) 152 1,602 (202 ) 229 Finance and insurance 1,680 (82 ) 254 4,290 (761 ) 514 5,970 (843 ) 768 Consumer—non-cyclical 907 (51 ) 118 1,922 (296 ) 214 2,829 (347 ) 332 Technology and communications 910 (44 ) 117 1,489 (267 ) 214 2,399 (311 ) 331 Industrial 306 (7 ) 30 610 (110 ) 82 916 (117 ) 112 Capital goods 376 (13 ) 59 1,003 (149 ) 122 1,379 (162 ) 181 Consumer—cyclical 403 (15 ) 66 873 (124 ) 121 1,276 (139 ) 187 Transportation 280 (16 ) 30 473 (71 ) 66 753 (87 ) 96 Other 83 (2 ) 12 114 (14 ) 13 197 (16 ) 25 Subtotal, U.S. corporate securities 6,257 (285 ) 878 13,764 (2,363 ) 1,768 20,021 (2,648 ) 2,646 Non-U.S. corporate: Utilities 233 (8 ) 21 498 (70 ) 55 731 (78 ) 76 Energy 267 (9 ) 32 373 (53 ) 42 640 (62 ) 74 Finance and insurance 376 (12 ) 67 1,162 (176 ) 167 1,538 (188 ) 234 Consumer—non-cyclical 133 (6 ) 16 386 (71 ) 47 519 (77 ) 63 Technology and communications 199 (6 ) 25 548 (87 ) 73 747 (93 ) 98 Industrial 118 (5 ) 23 419 (60 ) 56 537 (65 ) 79 Capital goods 104 (1 ) 11 349 (50 ) 47 453 (51 ) 58 Consumer—cyclical 61 (2 ) 4 140 (21 ) 25 201 (23 ) 29 Transportation 74 (3 ) 10 137 (23 ) 22 211 (26 ) 32 Other 168 (3 ) 17 341 (50 ) 45 509 (53 ) 62 Subtotal, non-U.S. corporate securities 1,733 (55 ) 226 4,353 (661 ) 579 6,086 (716 ) 805 Total for corporate securities in an unrealized loss $ 7,990 $ (340 ) 1,104 $ 18,117 $ (3,024 ) 2,347 $ 26,107 $ (3,364 ) 3,451 The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number Fair Gross Number Fair Gross Number Description of Securities Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 1,585 $ (189 ) 55 $ 17 $ (2 ) 6 $ 1,602 $ (191 ) 61 State and political subdivisions 1,559 (269 ) 258 261 (77 ) 66 1,820 (346 ) 324 Non-U.S. government 351 (54 ) 59 152 (47 ) 23 503 (101 ) 82 U.S. corporate 18,480 (2,344 ) 2,452 2,001 (552 ) 236 20,481 (2,896 ) 2,688 Non-U.S. corporate 5,593 (599 ) 732 748 (203 ) 111 6,341 (802 ) 843 Residential mortgage-backed 569 (51 ) 192 65 (20 ) 22 634 (71 ) 214 Commercial mortgage-backed 1,765 (255 ) 265 88 (22 ) 16 1,853 (277 ) 281 Other asset-backed 1,455 (83 ) 347 598 (80 ) 101 2,053 (163 ) 448 Total for fixed maturity securities in an unrealized loss $ 31,357 $ (3,844 ) 4,360 $ 3,930 $ (1,003 ) 581 $ 35,287 $ (4,847 ) 4,941 % Below cost: <20% Below cost $ 27,596 $ (2,587 ) 3,835 $ 1,819 $ (291 ) 310 $ 29,415 $ (2,878 ) 4,145 20%-50% Below cost 3,757 (1,251 ) 523 2,111 (712 ) 271 5,868 (1,963 ) 794 >50% Below cost 4 (6 ) 2 — — — 4 (6 ) 2 Total for fixed maturity securities in an unrealized loss $ 31,357 $ (3,844 ) 4,360 $ 3,930 $ (1,003 ) 581 $ 35,287 $ (4,847 ) 4,941 Investment grade $ 29,959 $ (3,687 ) 4,158 $ 3,590 $ (915 ) 537 $ 33,549 $ (4,602 ) 4,695 Below investment grade 1,398 (157 ) 202 340 (88 ) 44 1,738 (245 ) 246 Total for fixed maturity securities in an unrealized loss $ 31,357 $ (3,844 ) 4,360 $ 3,930 $ (1,003 ) 581 $ 35,287 $ (4,847 ) 4,941 The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2022: Less than 12 months 12 months or more Total (Dollar amounts in millions) Fair Gross Number of Fair Gross Number of Fair Gross Number of Description of Securities U.S. corporate: Utilities $ 2,447 $ (398 ) 345 $ 187 $ (49 ) 37 $ 2,634 $ (447 ) 382 Energy 1,538 (187 ) 226 144 (34 ) 14 1,682 (221 ) 240 Finance and insurance 5,250 (668 ) 696 706 (203 ) 74 5,956 (871 ) 770 Consumer—non-cyclical 2,805 (342 ) 317 201 (61 ) 22 3,006 (403 ) 339 Technology and communications 2,259 (273 ) 304 271 (88 ) 32 2,530 (361 ) 336 Industrial 829 (105 ) 104 110 (25 ) 13 939 (130 ) 117 Capital goods 1,332 (153 ) 169 148 (40 ) 16 1,480 (193 ) 185 Consumer—cyclical 1,138 (108 ) 173 194 (47 ) 22 1,332 (155 ) 195 Transportation 746 (93 ) 95 21 (4 ) 5 767 (97 ) 100 Other 136 (17 ) 23 19 (1 ) 1 155 (18 ) 24 Subtotal, U.S. corporate securities 18,480 (2,344 ) 2,452 2,001 (552 ) 236 20,481 (2,896 ) 2,688 Non-U.S. corporate: Utilities 640 (63 ) 66 57 (14 ) 9 697 (77 ) 75 Energy 604 (61 ) 69 40 (7 ) 5 644 (68 ) 74 Finance and insurance 1,310 (122 ) 204 296 (86 ) 42 1,606 (208 ) 246 Consumer—non-cyclical 491 (74 ) 56 54 (16 ) 11 545 (90 ) 67 Technology and communications 740 (96 ) 93 39 (11 ) 8 779 (107 ) 101 Industrial 480 (45 ) 71 105 (25 ) 13 585 (70 ) 84 Capital goods 394 (46 ) 52 62 (17 ) 6 456 (63 ) 58 Consumer—cyclical 241 (28 ) 31 23 (4 ) 6 264 (32 ) 37 Transportation 180 (21 ) 26 29 (8 ) 5 209 (29 ) 31 Other 513 (43 ) 64 43 (15 ) 6 556 (58 ) 70 Subtotal, non-U.S. corporate securities 5,593 (599 ) 732 748 (203 ) 111 6,341 (802 ) 843 Total for corporate securities in an unrealized loss $ 24,073 $ (2,943 ) 3,184 $ 2,749 $ (755 ) 347 $ 26,822 $ (3,698 ) 3,531 |
Maturity Distribution of Fixed Maturity Securities | The scheduled maturity distribution of fixed maturity securities as of June 30, 2023 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. (Amounts in millions) Amortized Fair Due one year or less $ 1,389 $ 1,375 Due after one year through five years 8,373 8,000 Due after five years through ten years 12,727 11,662 Due after ten years 22,037 20,201 Subtotal 44,526 41,238 Residential mortgage-backed 997 934 Commercial mortgage-backed 1,990 1,690 Other asset-backed 2,351 2,208 Total $ 49,864 $ 46,070 |
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans | The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Carrying % of Carrying % of Property type: Retail $ 2,859 42 % $ 2,916 42 % Office 1,516 22 1,579 22 Industrial 1,441 21 1,456 21 Apartments 534 8 561 8 Mixed use 379 5 371 5 Other 147 2 149 2 Subtotal 6,876 100 % 7,032 100 % Allowance for credit losses (24 ) (22 ) Total $ 6,852 $ 7,010 June 30, 2023 December 31, 2022 (Amounts in millions) Carrying % of Carrying % of Geographic region: South Atlantic $ 1,782 26 % $ 1,809 26 % Pacific 1,310 19 1,340 19 Mountain 1,006 15 1,023 15 Middle Atlantic 944 14 988 14 West South Central 566 8 578 8 East North Central 453 6 454 6 West North Central 415 6 438 6 East South Central 213 3 218 3 New England 187 3 184 3 Subtotal 6,876 100 % 7,032 100 % Allowance for credit losses (24 ) (22 ) Total $ 6,852 $ 7,010 |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2023: (Amounts in millions) 2023 2022 2021 2020 2019 2018 and Total Debt-to-value: 0% - 50% $ 2 $ 41 $ 40 $ 98 $ 118 $ 2,107 $ 2,406 51% - 60% 16 57 131 103 148 887 1,342 61% - 75% 94 841 746 285 427 693 3,086 76% - 100% — — — — 8 34 42 Greater than 100% — — — — — — — Total amortized cost $ 112 $ 939 $ 917 $ 486 $ 701 $ 3,721 $ 6,876 Debt service coverage ratio: Less than 1.00 $ — $ 7 $ 10 $ 6 $ 46 $ 177 $ 246 1.00 - 1.25 14 17 — 16 19 198 264 1.26 - 1.50 52 287 69 64 162 465 1,099 1.51 - 2.00 44 575 607 202 266 1,373 3,067 Greater than 2.00 2 53 231 198 208 1,508 2,200 Total amortized cost $ 112 $ 939 $ 917 $ 486 $ 701 $ 3,721 $ 6,876 |
Allowance for Credit Losses Related To Commercial Mortgage Loans | The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Allowance for credit losses: Beginning balance $ 24 $ 25 $ 22 $ 26 Provision — (3 ) 2 (4 ) Write-offs — — — — Recoveries — 1 — 1 Ending balance $ 24 $ 23 $ 24 $ 23 |
Loan To Value Ratio | |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated: June 30, 2023 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 902 $ 690 $ 1,239 $ 28 $ — $ 2,859 Office 454 274 788 — — 1,516 Industrial 694 175 572 — — 1,441 Apartments 177 91 258 8 — 534 Mixed use 93 103 177 6 — 379 Other 86 9 52 — — 147 Total amortized cost $ 2,406 $ 1,342 $ 3,086 $ 42 $ — $ 6,876 % of total 35 % 19 % 45 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.34 1.91 1.62 1.59 — 1.93 December 31, 2022 (Amounts in millions) 0% - 50% 51% - 60% 61% - 75% 76% - 100% Greater Total Property type: Retail $ 907 $ 649 $ 1,332 $ 28 $ — $ 2,916 Office 445 272 848 14 — 1,579 Industrial 668 243 545 — — 1,456 Apartments 184 90 279 8 — 561 Mixed use 93 79 199 — — 371 Other 88 9 52 — — 149 Total amortized cost $ 2,385 $ 1,342 $ 3,255 $ 50 $ — $ 7,032 % of total 34 % 19 % 46 % 1 % — % 100 % Weighted-average debt service coverage ratio 2.35 1.95 1.63 1.34 — 1.93 |
Debt Service Coverage Ratio | |
Commercial Mortgage Loans By Credit Quality Indicator | The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated: June 30, 2023 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 87 $ 69 $ 557 $ 1,356 $ 790 $ 2,859 Office 60 121 153 656 526 1,516 Industrial 21 43 188 589 600 1,441 Apartments 14 16 143 231 130 534 Mixed use 23 13 49 203 91 379 Other 41 2 9 32 63 147 Total amortized cost $ 246 $ 264 $ 1,099 $ 3,067 $ 2,200 $ 6,876 % of total 4 % 4 % 16 % 44 % 32 % 100 % Weighted-average debt-to-value 59 % 61 % 64 % 60 % 44 % 55 % December 31, 2022 (Amounts in millions) Less than 1.00 1.00 - 1.25 1.26 - 1.50 1.51 - 2.00 Greater Total Property type: Retail $ 88 $ 68 $ 560 $ 1,380 $ 820 $ 2,916 Office 81 131 155 666 546 1,579 Industrial 20 44 194 574 624 1,456 Apartments 14 11 150 242 144 561 Mixed use 25 16 50 190 90 371 Other 42 2 9 33 63 149 Total amortized cost $ 270 $ 272 $ 1,118 $ 3,085 $ 2,287 $ 7,032 % of total 4 % 4 % 16 % 44 % 32 % 100 % Weighted-average debt-to-value 61 % 62 % 63 % 60 % 44 % 56 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule Of Positions in Derivative Instruments | The following table sets forth our positions in derivative instruments as of the dates indicated: Derivative assets Derivative liabilities Balance sheet classification Fair value Balance Fair value (Amounts in millions) June 30, December 31, June 30, December 31, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Other invested assets $ 30 $ 24 Other liabilities $ 472 $ 522 Foreign currency swaps Other invested assets 16 20 Other liabilities 1 — Total cash flow hedges 46 44 473 522 Total derivatives designated as hedges 46 44 473 522 Derivatives not designated as hedges Equity index options Other invested assets 15 6 Other liabilities — — Financial futures (1) Other invested assets — — Other liabilities — — Forward bond purchase commitments Other invested assets — — Other liabilities 3 — Fixed indexed annuity embedded derivatives Other assets — — Policyholder (2) 180 202 Indexed universal life embedded derivatives Reinsurance — — Policyholder (3) 15 15 Total derivatives not designated as hedges 15 6 198 217 Total derivatives $ 61 $ 50 $ 671 $ 739 (1) The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis. (2) Represents the embedded derivatives associated with our fixed indexed annuity liabilities. (3) Represents the embedded derivatives associated with our indexed universal life liabilities. |
Schedule of Notional Amounts Outstanding on Derivative Instruments | The following tables represent activity associated with derivative instruments as of the dates indicated: (Notional in millions) Measurement December 31, Additions Maturities/ June 30, Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 8,542 $ 927 $ (115 ) $ 9,354 Foreign currency swaps Notional 144 — (13 ) 131 Total cash flow hedges 8,686 927 (128 ) 9,485 Total derivatives designated as hedges 8,686 927 (128 ) 9,485 Derivatives not designated as hedges Equity index options Notional 936 339 (466 ) 809 Financial futures Notional 1,403 2,889 (2,916 ) 1,376 Forward bond purchase commitments Notional — 275 — 275 Total derivatives not designated as hedges 2,339 3,503 (3,382 ) 2,460 Total derivatives $ 11,025 $ 4,430 $ (3,510 ) $ 11,945 (Number of policies) Measurement December 31, Additions Maturities/ June 30, Derivatives not designated as hedges Fixed indexed annuity embedded derivatives Policies 7,315 — (848 ) 6,467 Indexed universal life embedded derivatives Policies 771 — (15 ) 756 |
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges | The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2023: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging $ (104 ) $ 55 Net investment $ — Net investment Interest rate swaps hedging — 3 Net investment — Net investment Foreign currency swaps (2 ) — Net investment — Net investment Total $ (106 ) $ 58 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging $ (405 ) $ 57 Net investment $ — Net investment Interest rate swaps hedging — (1 ) Interest expense — Net investment Foreign currency swaps 14 — Net investment — Net investment Total $ (391 ) $ 56 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June , : (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging $ 42 $ 109 Net investment $ — Net investment Interest rate swaps hedging — 8 Net investment — Net investment Interest rate swaps hedging liabilities — (1 ) Interest — Net investment Interest rate swaps hedging liabilities — 1 Net investment — Net investment Foreign currency swaps (3 ) — Net investment — Net investment Foreign currency swaps — 2 Net investment — Net investment Total $ 39 $ 119 $ — The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2022: (Amounts in millions) Gain (loss) Gain (loss) Classification of gain Gain (loss) Classification of gain Interest rate swaps hedging assets $ (655 ) $ 112 Net investment $ — Net investment Interest rate swaps hedging assets — 2 Net investment — Net investment Interest rate swaps hedging liabilities — (2 ) Interest — Net investment Foreign currency swaps 12 1 Net investment — Net investment Total $ (643 ) $ 113 $ — |
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge | The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” as of and for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Beginning balance $ 1,274 $ 1,789 $ 1,200 $ 2,025 Current period increases (decreases) in fair value, net of deferred taxes of (83 ) (307 ) 31 (506 ) Reclassification to net (income), net of deferred taxes of $21, $19, $42 and (37 ) (37 ) (77 ) (74 ) Ending balance $ 1,154 $ 1,445 $ 1,154 $ 1,445 |
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (loss) for Effects of Derivatives Not Designated as Hedges | The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: Three months ended Six months ended Classification of gain (loss) recognized in net income (Amounts in millions) 2023 2022 2023 2022 Equity index options $ 5 $ (1 ) $ 6 $ (7 ) Net investment gains (losses) Financial futures (65 ) 17 (67 ) (30 ) Changes in fair value of market risk Forward bond purchase commitments (3 ) — (3 ) — Net investment gains (losses) Fixed indexed annuity embedded derivatives (8 ) 11 (10 ) 23 Net investment gains (losses) Indexed universal life embedded derivatives 2 8 7 19 Net investment gains (losses) Total derivatives not designated as hedges $ (69 ) $ 35 $ (67 ) $ 5 |
Derivative Assets and Liabilities Subject to Master Netting Arrangement | The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Derivative (1) Derivative (1) Net Derivative (1) Derivative (1) Net Amounts presented in the balance sheet: Gross amounts recognized $ 61 $ 476 $ (415 ) $ 50 $ 522 $ (472 ) Gross amounts offset in the balance sheet — — — — — — Net amounts presented in the balance sheet 61 476 (415 ) 50 522 (472 ) Gross amounts not offset in the balance sheet: Financial instruments (2) (25 ) (25 ) — (25 ) (25 ) — Collateral received (25 ) — (25 ) (21 ) — (21 ) Collateral pledged — (1,109 ) 1,109 — (1,095 ) 1,095 Over collateralization — 658 (658 ) — 598 (598 ) Net amount $ 11 $ — $ 11 $ 4 $ — $ 4 (1) Does not include amounts related to embedded derivatives as of June 30, 2023 and December 31, 2022. (2) Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 | The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of June 30, 2023: (Amounts in millions) Fair value Primary methodologies Significant inputs U.S. government, agencies and government-sponsored enterprises $3,389 Price quotes from trading desk, broker feeds Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread State and political subdivisions $2,283 Multi-dimensional attribute-based modeling systems, third-party pricing vendors Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes Non-U.S. government $625 Matrix pricing, spread priced to benchmark curves, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources U.S. corporate $23,491 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports Non-U.S. corporate $6,232 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources Residential mortgage-backed $926 OAS-based models, single factor binomial models, internally priced Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports Commercial mortgage-backed $1,679 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports Other asset-backed $2,104 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports |
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis | The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: June 30, 2023 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,389 $ — $ 3,389 $ — $ — State and political subdivisions 2,343 — 2,283 60 — Non-U.S. government 625 — 625 — — U.S. corporate: Utilities 3,964 — 3,146 818 — Energy 2,248 — 2,189 59 — Finance and insurance 7,126 — 6,422 704 — Consumer—non-cyclical 4,410 — 4,342 68 — Technology and communications 2,934 — 2,923 11 — Industrial 1,224 — 1,202 22 — Capital goods 2,107 — 2,073 34 — Consumer—cyclical 1,614 — 1,490 124 — Transportation 1,117 — 1,094 23 — Other 299 — 146 153 — Total U.S. corporate 27,043 — 25,027 2,016 — Non-U.S. corporate: Utilities 735 — 415 320 — Energy 1,002 — 885 117 — Finance and insurance 1,899 — 1,773 126 — Consumer—non-cyclical 592 — 519 73 — Technology and communications 891 — 865 26 — Industrial 782 — 707 75 — Capital goods 555 — 504 51 — Consumer—cyclical 217 — 208 9 — Transportation 346 — 325 21 — Other 819 — 798 21 — Total non-U.S. corporate 7,838 — 6,999 839 — Residential mortgage-backed 934 — 926 8 — Commercial mortgage-backed 1,690 — 1,679 11 — Other asset-backed 2,208 — 2,104 104 — Total fixed maturity securities 46,070 — 43,032 3,038 — Equity securities 378 307 41 30 — Limited partnerships 2,003 — — 21 1,982 Other invested assets: Derivative assets: Interest rate swaps 30 — 30 — — Foreign currency swaps 16 — 16 — — Equity index options 15 — — 15 — Total derivative assets 61 — 46 15 — Short-term investments 23 — 16 7 — Total other invested assets 84 — 62 22 — Separate account assets 4,533 4,533 — — — Total assets $ 53,068 $ 4,840 $ 43,135 $ 3,111 $ 1,982 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. December 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 NAV (1) Assets Investments: Fixed maturity securities: U.S. government, agencies and government-sponsored enterprises $ 3,341 $ — $ 3,341 $ — $ — State and political subdivisions 2,399 — 2,344 55 — Non-U.S. government 645 — 645 — — U.S. corporate: Utilities 3,898 — 3,056 842 — Energy 2,262 — 2,146 116 — Finance and insurance 7,193 — 6,506 687 — Consumer—non-cyclical 4,457 — 4,375 82 — Technology and communications 2,947 — 2,923 24 — Industrial 1,197 — 1,175 22 — Capital goods 2,138 — 2,104 34 — Consumer—cyclical 1,617 — 1,504 113 — Transportation 1,100 — 1,057 43 — Other 310 — 151 159 — Total U.S. corporate 27,119 — 24,997 2,122 — Non-U.S. corporate: Utilities 740 — 445 295 — Energy 960 — 842 118 — Finance and insurance 1,946 — 1,821 125 — Consumer—non-cyclical 566 — 493 73 — Technology and communications 894 — 868 26 — Industrial 818 — 770 48 — Capital goods 546 — 451 95 — Consumer—cyclical 276 — 212 64 — Transportation 375 — 355 20 — Other 889 — 868 21 — Total non-U.S. corporate 8,010 — 7,125 885 — Residential mortgage-backed 995 — 973 22 — Commercial mortgage-backed 1,908 — 1,896 12 — Other asset-backed 2,166 — 2,072 94 — Total fixed maturity securities 46,583 — 43,393 3,190 — Equity securities 319 239 46 34 — Limited partnerships 1,816 — — 24 1,792 Other invested assets: Derivative assets: Interest rate swaps 24 — 24 — — Foreign currency swaps 20 — 20 — — Equity index options 6 — — 6 — Total derivative assets 50 — 44 6 — Short-term investments 3 — 3 — — Total other invested assets 53 — 47 6 — Separate account assets 4,417 4,417 — — — Total assets $ 53,188 $ 4,656 $ 43,486 $ 3,254 $ 1,792 (1) Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated: Beginning as of 2023 Total realized and Purchases Sales Issuances Settlements Transfer into (1) Transfer (1) Ending as of 2023 Total gains (Amounts in millions) Included Included Included Included Fixed maturity securities: State and political subdivisions $ 59 $ 1 $ — $ — $ — $ — $ — $ — $ — $ 60 $ 1 $ — U.S. corporate: Utilities 859 — (11 ) — (31 ) — (10 ) 11 — 818 — (18 ) Energy 115 — — — — — (1 ) — (55 ) 59 — (1 ) Finance and insurance 697 — (6 ) 48 — — (30 ) — (5 ) 704 — (10 ) Consumer—non-cyclical 69 — (1 ) — — — — — — 68 — (1 ) Technology and communications 12 — (1 ) — — — — — — 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — (1 ) Consumer—cyclical 127 — (2 ) 1 — — (2 ) — — 124 — (2 ) Transportation 24 — (1 ) — — — — — — 23 — — Other 156 — 1 — — — (4 ) — — 153 — 1 Total U.S. corporate 2,115 — (21 ) 49 (31 ) — (47 ) 11 (60 ) 2,016 — (32 ) Non-U.S. corporate: Utilities 298 — (9 ) 1 — — — 30 — 320 — (8 ) Energy 119 — (2 ) — — — — — — 117 — (2 ) Finance and insurance 131 2 (7 ) — — — — — — 126 2 (6 ) Consumer—non-cyclical 73 — — — — — — — — 73 — (1 ) Technology and communications 26 — — — — — — — — 26 — — Industrial 75 — — — — — — — — 75 — (1 ) Capital goods 52 — (1 ) — — — — — — 51 — — Consumer—cyclical 9 — 1 — — — (1 ) — — 9 — — Transportation 22 — (1 ) — — — — — — 21 — (1 ) Other 22 — (1 ) — — — — — — 21 — — Total non-U.S. corporate 827 2 (20 ) 1 — — (1 ) 30 — 839 2 (19 ) Residential mortgage-backed 8 — 1 — — — (1 ) — — 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 95 — (1 ) 10 — — — — — 104 — (1 ) Total fixed maturity securities 3,116 3 (41 ) 60 (32 ) — (49 ) 41 (60 ) 3,038 3 (52 ) Equity securities 33 — — 1 (4 ) — — — — 30 — — Limited partnerships 22 (1 ) — — — — — — — 21 (1 ) — Other invested assets: Derivative assets: Equity index options 10 5 — 2 — — (2 ) — — 15 4 — Total derivative assets 10 5 — 2 — — (2 ) — — 15 4 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 10 5 — 9 — — (2 ) — — 22 4 — Total Level 3 assets $ 3,181 $ 7 $ (41 ) $ 70 $ (36 ) $ — $ (51 ) $ 41 $ (60 ) $ 3,111 $ 6 $ (52 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning as of 2022 Total realized and Transfer (1) Transfer (1) Ending 2022 Total gains (Amounts in millions) Included Included Purchases Sales Issuances Settlements Included Included Fixed maturity securities: State and political subdivisions $ 71 $ 1 $ (9 ) $ — $ — $ — $ — $ — $ — $ 63 $ 1 $ (9 ) Non-U.S. government 1 — — 2 — — — — — 3 — — U.S. corporate: Utilities 912 — (92 ) — — — (1 ) 2 (11 ) 810 — (92 ) Energy 72 — (11 ) — — — (7 ) 68 — 122 — (11 ) Finance and insurance 676 — (67 ) 85 — — (1 ) — (39 ) 654 — (61 ) Consumer—non-cyclical 92 — (6 ) — — — — — — 86 — (5 ) Technology and communications 28 — (3 ) — — — — — — 25 — (3 ) Industrial 35 — (2 ) — — — — — — 33 — (2 ) Capital goods 41 — (3 ) — — — — — — 38 — (3 ) Consumer—cyclical 127 — (7 ) — — — (1 ) — — 119 — (7 ) Transportation 64 — (3 ) — — — (1 ) — (4 ) 56 — (3 ) Other 222 — (12 ) — — — (3 ) — — 207 — (12 ) Total U.S. corporate 2,269 — (206 ) 85 — — (14 ) 70 (54 ) 2,150 — (199 ) Non-U.S. corporate: Utilities 334 — (25 ) — — — — — — 309 — (24 ) Energy 138 — (7 ) 3 — — (1 ) — — 133 — (8 ) Finance and insurance 143 1 (12 ) — — — — — — 132 1 (12 ) Consumer—non-cyclical 60 — (4 ) — — — — 11 — 67 — (4 ) Technology and communications 27 — (1 ) — — — — — — 26 — (1 ) Industrial 74 — (4 ) — — — — — (1 ) 69 — (5 ) Capital goods 132 — (7 ) — (10 ) — — — — 115 — (7 ) Consumer—cyclical 86 — (7 ) — — — — — — 79 — (7 ) Transportation 22 — (1 ) — — — — — — 21 — (1 ) Other 24 — (2 ) — — — — — — 22 — (1 ) Total non-U.S. corporate 1,040 1 (70 ) 3 (10 ) — (1 ) 11 (1 ) 973 1 (70 ) Residential mortgage-backed 33 — (2 ) 4 — — (1 ) — (4 ) 30 — (2 ) Commercial mortgage-backed 15 — (1 ) — — — — — — 14 — (2 ) Other asset-backed 100 — (5 ) 40 (6 ) — — — — 129 — (5 ) Total fixed maturity securities 3,529 2 (293 ) 134 (16 ) — (16 ) 81 (59 ) 3,362 2 (287 ) Equity securities 36 — — — (1 ) — — — — 35 — — Limited partnerships 26 (3 ) — — — — — — — 23 (3 ) — Other invested assets: Derivative assets: Equity index options 30 (1 ) — 3 — — (2 ) — — 30 (4 ) — Total derivative assets 30 (1 ) — 3 — — (2 ) — — 30 (4 ) — Total other invested assets 30 (1 ) — 3 — — (2 ) — — 30 (4 ) — Total Level 3 assets $ 3,621 $ (2 ) $ (293 ) $ 137 $ (17 ) $ — $ (18 ) $ 81 $ (59 ) $ 3,450 $ (5 ) $ (287 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning as of Total realized and Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Ending as of Total gains (losses) (Amounts in millions) Included Included Included Included Fixed maturity securities: State and political subdivisions $ 55 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 60 $ 2 $ 3 U.S. corporate: Utilities 842 — — 40 (40 ) — (10 ) 11 (25 ) 818 — (8 ) Energy 116 — 1 — (1 ) — (2 ) — (55 ) 59 — 1 Finance and insurance 687 — (3 ) 63 — — (35 ) — (8 ) 704 — (6 ) Consumer—non-cyclical 82 — — — — — (14 ) — — 68 — — Technology and communications 24 — — — — — — — (13 ) 11 — — Industrial 22 — — — — — — — — 22 — — Capital goods 34 — — — — — — — — 34 — — Consumer—cyclical 113 — — 1 — — (3 ) 13 — 124 — — Transportation 43 — — — — — (20 ) — — 23 — — Other 159 — 1 — — — (7 ) — — 153 — 1 Total U.S. corporate 2,122 — (1 ) 104 (41 ) — (91 ) 24 (101 ) 2,016 — (12 ) Non-U.S. corporate: Utilities 295 — (4 ) 4 — — (5 ) 30 — 320 — (3 ) Energy 118 — — — — — (1 ) — — 117 — — Finance and insurance 125 3 (2 ) — — — — — — 126 3 (2 ) Consumer—non-cyclical 73 — — — — — — — — 73 — — Technology and communications 26 — — — — — — — — 26 — — Industrial 48 — 2 25 — — — — — 75 — 1 Capital goods 95 1 3 — (12 ) — (36 ) — — 51 — 2 Consumer—cyclical 64 — 7 — (6 ) — (56 ) — — 9 — 1 Transportation 20 — — 1 — — — — — 21 — — Other 21 — — — — — — — — 21 — — Total non-U.S. corporate 885 4 6 30 (18 ) — (98 ) 30 — 839 3 (1 ) Residential mortgage-backed 22 — 2 — — — (1 ) — (15 ) 8 — — Commercial mortgage-backed 12 — — — (1 ) — — — — 11 — — Other asset-backed 94 — 1 12 — — (1 ) — (2 ) 104 — 1 Total fixed maturity securities 3,190 6 11 146 (60 ) — (191 ) 54 (118 ) 3,038 5 (9 ) Equity securities 34 — — 1 (5 ) — — — — 30 — — Limited partnerships 24 (3 ) — — — — — — — 21 (3 ) — Other invested assets: Derivative assets: Equity index options 6 6 — 5 — — (2 ) — — 15 5 — Total derivative assets 6 6 — 5 — — (2 ) — — 15 5 — Short-term investments — — — 7 — — — — — 7 — — Total other invested assets 6 6 — 12 — — (2 ) — — 22 5 — Total Level 3 assets $ 3,254 $ 9 $ 11 $ 159 $ (65 ) $ — $ (193 ) $ 54 $ (118 ) $ 3,111 $ 7 $ (9 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. Beginning Total realized and Purchases Sales Issuances Settlements Transfer (1) Transfer (1) Ending Total gains (losses) (Amounts in millions) Included Included Included Included Fixed maturity securi State and political subdivisions $ 82 $ 2 $ (21 ) $ — $ — $ — $ — $ — $ — $ 63 $ 2 $ (21 ) Non U S government 2 — — 2 (1 ) — — — — 3 — — U.S. corporate: Utilities 950 — (165 ) 35 — — (1 ) 2 (11 ) 810 — (165 ) Energy 76 — (15 ) — — — (7 ) 68 — 122 — (15 ) Finance and insurance 685 — (123 ) 151 — — (3 ) — (56 ) 654 — (116 ) Consumer—non-cyclical 104 — (11 ) — — — (7 ) — — 86 — (11 ) Technology and communications 29 — (4 ) — — — — — — 25 — (4 ) Industrial 37 — (4 ) — — — — — — 33 — (4 ) Capital goods 45 — (7 ) — — — — — — 38 — (6 ) Consumer—cyclical 137 — (15 ) — — — (3 ) — — 119 — (15 ) Transportation 64 — (6 ) 5 — — (3 ) — (4 ) 56 — (6 ) Other 254 — (23 ) — — — (7 ) — (17 ) 207 — (22 ) Total U.S. corporate 2,381 — (373 ) 191 — — (31 ) 70 (88 ) 2,150 — (364 ) Non-U.S. corporate: Utilities 345 — (46 ) 10 — — — — — 309 — (45 ) Energy 145 — (14 ) 3 — — (1 ) — — 133 — (15 ) Finance and insurance 160 2 (30 ) — — — — — — 132 2 (30 ) Consumer—non-cyclical 63 — (7 ) — — — — 11 — 67 — (7 ) Technology and communications 28 — (2 ) — — — — — — 26 — (2 ) Industrial 93 — (10 ) — — — — — (14 ) 69 — (9 ) Capital goods 173 — (15 ) — (10 ) — (33 ) — — 115 — (15 ) Consumer—cyclical 76 — (14 ) — — — — 17 — 79 — (14 ) Transportation 53 — (3 ) — — — (29 ) — — 21 — (3 ) Other 26 — (4 ) — — — — — — 22 — (3 ) Total non-U.S. corporate 1,162 2 (145 ) 13 (10 ) — (63 ) 28 (14 ) 973 2 (143 ) Residential mortgage-backed 27 — (3 ) 13 — — (2 ) 4 (9 ) 30 — (2 ) Commercial mortgage-backed 16 — (2 ) — — — — — — 14 — (3 ) Other asset-backed 138 — (12 ) 46 (6 ) — (3 ) — (34 ) 129 — (10 ) Total fixed maturity securities 3,808 4 (556 ) 265 (17 ) — (99 ) 102 (145 ) 3,362 4 (543 ) Equity securities 37 — — — (1 ) — — — (1 ) 35 — — Limited partnerships 26 (3 ) — — — — — — — 23 (3 ) — Other invested assets: Derivative assets: Equity index options 42 (7 ) — 8 — — (13 ) — — 30 2 — Total derivative assets 42 (7 ) — 8 — — (13 ) — — 30 2 — Total other invested assets 42 (7 ) — 8 — — (13 ) — — 30 2 — Total Level 3 assets $ 3,913 $ (6 ) $ (556 ) $ 273 $ (18 ) $ — $ (112 ) $ 102 $ (146 ) $ 3,450 $ 3 $ (543 ) (1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. |
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value | The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Total Net investment income $ 3 $ 2 $ 6 $ 4 Net investment gains (losses) 4 (4 ) 3 (10 ) Total $ 7 $ (2 ) $ 9 $ (6 ) Total gains (losses) included in net income attributable to ass Net investment income $ 3 $ 2 $ 5 $ 4 Net investment gains (losses) 3 (7 ) 2 (1 ) Total $ 6 $ (5 ) $ 7 $ 3 |
Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements | The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of June 30, 2023: (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Fixed maturity securities: U.S. corporate: Utilities Internal models $ 790 Credit spreads 70bps - 267bps 180bps Energy Internal models 45 Credit spreads 134bps - 280bps 201bps Finance and insurance Internal models 693 Credit spreads —bps - 343bps 217bps Consumer—non-cyclical Internal models 68 Credit spreads 101bps - 280bps 168bps Technology and communications Internal models 11 Credit spreads 72bps - 120bps 92bps Industrial Internal models 22 Credit spreads 134bps - 235bps 162bps Capital goods Internal models 34 Credit spreads 92bps - 204bps 164bps Consumer—cyclical Internal models 124 Credit spreads 101bps - 220bps 152bps Transportation Internal models 23 Credit spreads 51bps - 191bps 128bps Other Internal models 103 Credit spreads 104bps - 151bps 115bps Total U.S. corporate Internal models $ 1,913 Credit spreads —bps - 343bps 186bps Non-U.S. corporate: Utilities Internal models $ 245 Credit spreads 95bps - 267bps 159bps Energy Internal models 110 Credit spreads 109bps - 235bps 167bps Finance and insurance Internal models 125 Credit spreads 141bps - 272bps 193bps Consumer—non-cyclical Internal models 70 Credit spreads 72bps - 166bps 116bps Technology and communications Internal models 26 Credit spreads 109bps - 134bps 119bps Industrial Internal models 73 Credit spreads 92bps - 232bps 174bps Capital goods Internal models 51 Credit spreads 72bps - 280bps 141bps Transportation Internal models 20 Credit spreads 140bps - 195bps 151bps Other Internal models 21 Credit spreads 70bps - 179bps 138bps Total non-U.S. corporate Internal models $ 741 Credit spreads 70bps - 280bps 160bps Derivative assets: Equity index options Discounted cash flows $ 15 Equity index volatility 6% - 27% 16% Lapse rate 2% - 10% 7% Non-performance risk (counterparty credit risk) 42bps - 83bps 69bps Other assets (2) Cash flow model $ 135 Equity index volatility 14% - 30% 22% (1) Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyholder account balances associated with the instrument for the net reinsured portion of our variable annuity MRBs. (2) Represents the net reinsured portion of our variable annuity MRBs. |
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis | The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: June 30, 2023 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: Fixed indexed annuity embedded derivatives $ 180 $ — $ — $ 180 Indexed universal life embedded derivatives 15 — — 15 Total policyholder account balances 195 — — 195 Derivative liabilities: Interest rate swaps 472 — 472 — Foreign currency swaps 1 — 1 — Forward bond purchase commitments 3 — — 3 Total derivative liabilities 476 — 473 3 Total liabilities $ 671 $ — $ 473 $ 198 December 31, 2022 (Amounts in millions) Total Level 1 Level 2 Level 3 Liabilities Policyholder account balances: Fixed indexed annuity embedded derivatives $ 202 $ — $ — $ 202 Indexed universal life embedded derivatives 15 — — 15 Total policyholder account balances 217 — — 217 Derivative liabilities: Interest rate swaps 522 — 522 — Total derivative liabilities 522 — 522 — Total liabilities $ 739 $ — $ 522 $ 217 |
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated: Beginning Total realized and Transfer Transfer Ending Total (gains) (Amounts in millions) Included (income) Included Purchases Sales Issuances Settlements Included (income) Included Policyholder account balances: Fixed indexed annuity embedded derivatives $ 184 $ 8 $ — $ — $ — $ — $ (11 ) $ — $ (1 ) $ 180 $ 8 $ — Indexed universal life embedded derivatives 15 (2 ) — — — 2 — — — 15 (2 ) — Total policyholder account balances 199 6 — — — 2 (11 ) — (1 ) 195 6 — Derivative liabilities: Forward bond purchase commitments — 3 — — — — — — — 3 — — Total derivative liabilities — 3 — — — — — — — 3 — — Total Level 3 liabilities $ 199 $ 9 $ — $ — $ — $ 2 $ (11 ) $ — $ (1 ) $ 198 $ 6 $ — Beginning 2022 Total realized and Transfer Transfer Ending 2022 Total (gains) (Amounts in millions) Included Included Purchases Sales Issuances Settlements Included Included Policyholder account balances: Fixed indexed annuity embedded derivatives $ 261 $ (11 ) $ — $ — $ — $ — $ (17 ) $ — $ — $ 233 $ (11 ) $ — Indexed universal life embedded derivatives 21 (8 ) — — — 3 — — — 16 (8 ) — Total policyholder account balances 282 (19 ) — — — 3 (17 ) — — 249 (19 ) — Total Level 3 liabilities $ 282 $ (19 ) $ — $ — $ — $ 3 $ (17 ) $ — $ — $ 249 $ (19 ) $ — Beginning as of Total realized and Transfer Transfer Ending Total (gains) (Amounts in millions) Included (income) Included Purchases Sales Issuances Settlements Included (income) Included Policyholder account balances: Fixed indexed annuity embedded derivatives $ 202 $ 10 $ — $ — $ — $ — $ (30 ) $ — $ (2 ) $ 180 $ 10 $ — Indexed universal life embedded derivatives 15 (7 ) — — — 7 — — — 15 (7 ) — Total policyholder account balances 217 3 — — — 7 (30 ) — (2 ) 195 3 — Derivative liabilities: Forward bond purchase commitments — 3 — — — — — — — 3 — — Total derivative liabilities — 3 — — — — — — — 3 — — Total Level 3 liabilities $ 217 $ 6 $ — $ — $ — $ 7 $ (30 ) $ — $ (2 ) $ 198 $ 3 $ — Beginning Total realized and Transfer Transfer Ending Total (gains) (Amounts in millions) Included Included Purchases Sales Issuances Settlements Included Included Policyholder account balances: Fixed indexed annuity embedded $ 294 $ (23 ) $ — $ — $ — $ — $ (37 ) $ — $ (1 ) $ 233 $ (23 ) $ — Indexed universal life embedded derivatives 25 (19 ) — — — 10 — — — 16 (19 ) — Total policyholder account balances 319 (42 ) — — — 10 (37 ) — (1 ) 249 (42 ) — Total Level 3 liabilities $ 319 $ (42 ) $ — $ — $ — $ 10 $ (37 ) $ — $ (1 ) $ 249 $ (42 ) $ — |
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value | The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: Three months ended Six months ended (Amounts in millions) 2023 2022 2023 2022 Total realized and unrealized (gains) losses included in net (income): Net investment income $ — $ — $ — $ — Net investment (gains) losses 9 (19 ) 6 (42 ) Total $ 9 $ (19 ) $ 6 $ (42 ) Total (gains) losses included in net (income) attributable to liabilities still Net investment income $ — $ — $ — $ — Net investment (gains) losses 6 (19 ) 3 (42 ) Total $ 6 $ (19 ) $ 3 $ (42 ) |
Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements | The following table presents a summary of the significant unobservable inputs (Amounts in millions) Valuation technique Fair value Unobservable input Range Weighted-average (1) Policyholder account balances: Fixed Option budget method $ 180 Expected future interest credited —% - 3% 2% Indexed universal life embedded Option budget method $ 15 Expected future interest credited 3% - 13% 5% Market risk benefits: (2) GMWB withdrawal utilization rate —% - 61% 49% Non-performance risk (credit spreads) 42bps - 83bps 69bps Fixed indexed annuities Cash flow model $ 57 Expected future interest credited 1% - 3% 1% Lapse rate 2% - 11% 5% GMWB withdrawal utilization rate 61% - 78% Non-performance risk (credit spreads) 42bps - 69bps Variable annuities Cash flow model $ 572 Equity index volatility 14% - 22% (1) Unobservable inputs weighted by the policyholder account balances associated with the instrument. (2) Refer to note 13 for additional details related to MRBs. |
Fair Value Financial Instruments Not Required to be Carried at Fair Value | The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated: June 30, 2023 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 6,852 $ 6,274 $ — $ — $ 6,274 Bank loan investments (1) 518 500 — — 500 Liabilities: Long-term borrowings (1) 1,601 1,358 — 1,358 — Investment contracts (1) 6,093 6,027 — — 6,027 Other firm commitments: Commitments to fund bank loan investments $ 153 — — — — — Ordinary course of business lending commitments 17 — — — — — (1) These financial instruments do not have notional amounts. December 31, 2022 Notional amount Carrying amount Fair value (Amounts in millions) Total Level 1 Level 2 Level 3 Assets: Commercial mortgage loans, net (1) $ 7,010 $ 6,345 $ — $ — $ 6,345 Bank loan investments (1) 467 474 — — 474 Liabilities: Long-term borrowings (1) 1,611 1,346 — 1,346 — Investment contracts (1) 6,794 7,171 — — 7,171 Other firm commitments: Commitments to fund bank loan investments $ 70 — — — — — Ordinary course of business lending commitments 24 — — — — — (1) These financial instruments do not have notional amounts. |
Summary of carrying value of limited partnerships and commitments to fund | The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Carrying Commitments Carrying Commitments Limited partnerships accounted for at NAV: Private equity funds (1) $ 1,821 $ 1,166 $ 1,647 $ 1,107 Real estate funds (2) 91 70 82 79 Infrastructure funds (3) 70 22 63 29 Total limited partnerships accounted for at NAV 1,982 1,258 1,792 1,215 Limited partnerships accounted for at fair value 21 1 24 1 Limited partnerships accounted for under equity method of accounting 582 140 515 149 Total $ 2,585 $ 1,399 $ 2,331 $ 1,365 (1) This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America. (2) This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments. (3) This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally. |
Deferred Acquisition Costs (Tab
Deferred Acquisition Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Changes in Deferred Acquisition Costs | The following tables present the balances of and changes in deferred acquisition costs as of and for the periods indicated: June 30, 2023 (Amounts in millions) Long-term Life Fixed Variable Total Balance as of January 1 $ 935 $ 1,080 $ 57 $ 113 $ 2,185 Costs deferred 1 — — — 1 Amortization (29 ) (73 ) (6 ) (8 ) (116 ) Balance as of June 30 $ 907 $ 1,007 $ 51 $ 105 2,070 Enact segment 26 Total deferred acquisition costs $ 2,096 December 31, 2022 (Amounts in millions) Long-term Life Fixed Variable Total Balance as of January 1 $ 989 $ 1,271 $ 70 $ 131 $ 2,461 Costs deferred 6 — — — 6 Amortization (60 ) (191 ) (13 ) (18 ) (282 ) Balance as of December 31 $ 935 $ 1,080 $ 57 $ 113 2,185 Enact segment 26 Total deferred acquisition costs $ 2,211 December 31, 2021 (Amounts in millions) Long-term Life Fixed Variable Total Balance as of January 1 $ 1,043 $ 1,501 $ 85 $ 151 $ 2,780 Costs deferred 9 — — — 9 Amortization (63 ) (230 ) (15 ) (20 ) (328 ) Balance as of December 31 $ 989 $ 1,271 $ 70 $ 131 2,461 Enact segment 27 Total deferred acquisition costs $ 2,488 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets | The following table presents our intangible assets as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Gross Accumulated Gross Accumulated PVFP $ 2,146 $ (2,032 ) $ 2,146 $ (2,026 ) Capitalized software 500 (438 ) 482 (427 ) Deferred sales inducements to contractholders 317 (294 ) 317 (291 ) Other 6 (4 ) 6 (4 ) Total $ 2,969 $ (2,768 ) $ 2,951 $ (2,748 ) |
Activity in Present Value of Future Profits | The following table presents the balances of and changes in present value of future profits as of and for the periods indicated: (Amounts in millions) June 30, December 31, December 31, Beginning balance as of January 1 $ 120 $ 134 $ 154 Costs deferred — — — Amortization (6 ) (14 ) (20 ) Ending balance $ 114 $ 120 $ 134 |
Future Policy Benefits (Tables)
Future Policy Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | |
Summary of Components of Liability for Future Policy Benefits | The following table sets forth our liability for future policy benefits as of the dates indicated: (Amounts in millions) June 30, December 31, Long-term care insurance $ 42,661 $ 41,457 Life insurance 1,675 1,820 Fixed annuities 11,905 11,923 Total long-duration insurance contracts 56,241 55,200 Deferred profit liability 120 115 Cost of reinsurance 82 92 Total future policy benefits $ 56,443 $ 55,407 |
Summary of Liability for Future Policy Benefit Activity | The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated: June 30, 2023 (Dollar amounts in millions) Long-term Life (1) Fixed Present value of expected net premiums: Beginning balance as of January 1 $ 19,895 $ 4,083 $ — Beginning balance, at original discount rate $ 19,959 $ 3,922 $ — Effect of changes in cash flow assumptions (148 ) — — Effect of actual variances from expected experience (79 ) 45 — Adjusted beginning balance 19,732 3,967 — Issuances 1 — 22 Interest accrual 507 110 — Net premiums collected (2) (976 ) (223 ) (22 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 19,264 3,854 — Effect of changes in discount rate assumptions 13 194 — Ending balance as of June 30 $ 19,277 $ 4,048 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 61,352 $ 5,556 $ 11,923 Beginning balance, at original discount rate $ 61,148 $ 5,374 $ 10,300 Effect of changes in cash flow assumptions (165 ) — — Effect of actual variances from expected experience (34 62 (1 ) Adjusted beginning balance 60,949 5,436 10,299 Issuances 1 — 17 Interest accrual 1,667 143 334 Benefit payments (1,782 ) (476 ) (505 ) Derecognition (lapses and withdrawals) — — — Other — (5 ) 1 Ending balance, at original discount rate 60,835 5,098 10,146 Effect of changes in discount rate assumptions 1,103 192 1,759 Ending balance as of June 30 $ 61,938 $ 5,290 $ 11,905 Net liability for future policy benefits, before flooring adjustments $ 42,661 $ 1,242 $ 11,905 Flooring adjustments (3) — 433 — Net liability for future policy benefits 42,661 1,675 11,905 Less: reinsurance recoverable 7,408 787 9,012 Net liability for future policy benefits, net of reinsurance recoverable $ 35,253 $ 888 $ 2,893 Weighted-average liability duration (years) 14.3 6.0 11.0 (1) The components of the life insurance rollforward exclude flooring. (2) Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (3) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. December 31, 2022 (Dollar amounts in millions) Long-term Life (1) Fixed Present value of expected net premiums: Beginning balance as of January 1 $ 25,247 $ 5,414 $ — Beginning balance, at original discount rate $ 20,717 $ 4,086 $ — Effect of changes in cash flow assumptions 102 — — Effect of actual variances from expected experience 82 69 — Adjusted beginning balance 20,901 4,155 — Issuances 8 — 50 Interest accrual 1,061 226 — Net premiums collected (2) (2,011 ) (459 ) (50 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 19,959 3,922 — Effect of changes in discount rate assumptions (64 ) 161 — Ending balance as of December 31 $ 19,895 $ 4,083 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 85,338 $ 7,157 $ 17,039 Beginning balance, at original discount rate $ 61,146 $ 5,814 $ 11,012 Effect of changes in cash flow assumptions (251 ) — — Effect of actual variances from expected experience (31 106 (24 ) Adjusted beginning balance 60,864 5,920 10,988 Issuances 10 — 43 Interest accrual 3,364 304 690 Benefit payments (3,090 ) (851 ) (1,072 ) Derecognition (lapses and withdrawals) — — — Reinsurance transactions (3) — — (352 ) Other — 1 3 Ending balance, at original discount rate 61,148 5,374 10,300 Effect of changes in discount rate assumptions 204 182 1,623 Ending balance as of December 31 $ 61,352 $ 5,556 $ 11,923 Net liability for future policy benefits, before flooring adjustments $ 41,457 $ 1,473 $ 11,923 Flooring adjustments (4) — 347 — Net liability for future policy benefits 41,457 1,820 11,923 Less: reinsurance recoverable 7,270 873 8,957 Net liability for future policy benefits, net of reinsurance recoverable $ 34,187 $ 947 $ 2,966 Weighted-average liability duration (years) 14.5 6.0 10.9 (1) The components of the life insurance rollforward exclude flooring. (2) Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (3) Related to a third-party recapture of certain single premium immediate annuity contracts in 2022. (4) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products December 31, 2021 (Dollar amounts in millions) Long- Life (1) Fixed Present value of expected net premiums: Beginning balance as of January 1 $ 26,283 $ 5,451 $ — Beginning balance, at original discount rate $ 20,600 $ 3,916 $ — Effect of changes in cash flow assumptions 1,615 228 — Effect of actual variances from expected experience (444 ) 165 — Adjusted beginning balance 21,771 4,309 — Issuances 23 — 47 Interest accrual 1,053 221 — Net premiums collected (2) (2,130 ) (444 ) (47 ) Derecognition (lapses and withdrawals) — — — Other — — — Ending balance, at original discount rate 20,717 4,086 — Effect of changes in discount rate assumptions 4,530 1,328 — Ending balance as of December 31 $ 25,247 $ 5,414 $ — Present value of expected future policy benefits: Beginning balance as of January 1 $ 89,645 $ 7,821 $ 18,637 Beginning balance, at original discount rate $ 59,709 $ 6,062 $ 11,358 Effect of changes in cash flow assumptions 1,678 252 27 Effect of actual variances from expected experience (565 ) 190 (24 ) Adjusted beginning balance 60,822 6,504 11,361 Issuances 23 — 46 Interest accrual 3,309 322 728 Benefit payments (3,006 ) (1,013 ) (1,119 ) Derecognition (lapses and withdrawals) — — — Other (2 ) 1 (4 ) Ending balance, at original discount rate 61,146 5,814 11,012 Effect of changes in discount rate assumptions 24,192 1,343 6,027 Ending balance as of December 31 $ 85,338 $ 7,157 $ 17,039 Net liability for future policy benefits, before flooring adjustments $ 60,091 $ 1,743 $ 17,039 Flooring adjustments (3) — 423 — Net liability for future policy benefits 60,091 2,166 17,039 Less: reinsurance recoverable 10,557 1,040 12,583 Net liability for future policy benefits, net of reinsurance recoverable $ 49,534 $ 1,126 $ 4,456 Weighted-average liability duration (years) 16.9 7.0 13.6 (1) The components of the life insurance rollforward exclude flooring. (2) Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (3) Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. |
Summary of Weighted Average Interest and Discount Rates | The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated: June 30, December 31, December 31, Long-term care insurance Interest accretion rate 5.8 % 5.8 % 5.8 % Current discount rate 5.2 % 5.4 % 2.8 % Life insurance Interest accretion rate 5.8 % 5.8 % 5.8 % Current discount rate 5.1 % 5.2 % 2.4 % Fixed annuities Interest accretion rate 6.7 % 6.7 % 6.7 % Current discount rate 5.2 % 5.3 % 2.8 % |
Summary of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefit Payments | The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated: June 30, 2023 December 31, 2022 December 31, 2021 (Amounts in millions) Undiscounted Discounted Undiscounted Discounted Undiscounted Discounted Long-term care insurance Expected future gross premiums $ 40,968 $ 27,693 $ 42,329 $ 28,278 $ 45,334 $ 36,642 Expected future benefit payments 128,048 61,938 130,315 61,352 133,974 85,338 Life insurance Expected future gross premiums 11,158 6,411 11,541 6,559 12,266 8,853 Expected future benefit payments 7,516 5,290 7,924 5,556 8,652 7,157 Fixed annuities Expected future gross premiums — — — — — — Expected future benefit payments 24,453 11,905 24,924 11,923 26,473 17,039 |
Summary of Revenue and Interest Expense in Respect of Future | The following table sets forth the amount of revenue and interest expense recognized in net income related to our liability for future policy benefits for the periods indicated: Three months ended June 30, 2023 Three months ended June 30, 2022 Six months ended June 30, 2023 Six months ended June 30, 2022 Years ended December 31, 2022 2021 (Amounts in millions) Gross Interest (1) Gross Interest (1) Gross Interest (1) Gross Interest (1) Gross Interest (1) Gross Interest (1) Long-term care insurance $ 671 $ 582 $ 681 $ 573 $ 1,346 $ 1,160 $ 1,352 $ 1,145 $ 2,769 $ 2,303 $ 2,847 $ 2,256 Life insurance 174 16 185 19 353 33 372 41 725 78 759 101 Fixed annuities — 166 — 172 — 334 — 350 — 690 — 728 Total $ 845 $ 764 $ 866 $ 764 $ 1,699 $ 1,527 $ 1,724 $ 1,536 $ 3,494 $ 3,071 $ 3,606 $ 3,085 (1) Amounts for interest accretion, labeled “interest expense” in the table above, are included in benefits and other changes in policy reserves in the condensed consolidated statements of income for the three and six months ended June 30, 2023 and 2022 and in the consolidated statements of income for the years ended December 31, 2022 and 2021. |
Policyholder Account Balances (
Policyholder Account Balances (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Policyholder Account Balance [Abstract] | |
Summary of Liabilities for Policyholder Account | The following table sets forth our liabilities for policyholder account balances as of the dates indicated: (Amounts in millions) June 30, December 31, Life insurance $ 7,595 $ 7,694 Fixed annuities 4,922 5,477 Variable annuities 567 610 Total investment contracts 13,084 13,781 Fixed indexed annuity embedded derivatives (1) 180 202 Indexed universal life embedded derivatives (1) 15 15 Additional insurance liabilities (2) 2,638 2,566 Other 5 — Total policyholder account balances $ 15,922 $ 16,564 (1) See note 6 for additional information. (2) Amount represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 12 for additional information. |
Summary of Changes in Policyholder Account Balance | The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated: June 30, 2023 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,694 $ 5,477 $ 610 Issuances — — — Premiums received 264 13 7 Policy charges (311 ) (3 ) (2 ) Surrenders and withdrawals (143 ) (482 ) (38 ) Benefit payments (103 ) (198 ) (41 ) Net transfers from (to) separate accounts — — 1 Interest credited 194 82 2 Other — 33 28 Ending balance as of June 30 $ 7,595 $ 4,922 $ 567 Weighted-average crediting rate 3.9 % 2.6 % 3.3 % Net amount at risk (1) $ 43,344 $ 23 $ 531 Cash surrender value $ 4,284 $ 3,916 $ 567 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. December 31, 2022 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 7,835 $ 6,595 $ 652 Issuances — — — Premiums received 518 23 21 Policy charges (632 ) (6 ) (8 ) Surrenders and withdrawals (177 ) (908 ) (48 ) Benefit payments (210 ) (475 ) (69 ) Net transfers from (to) separate accounts — — 11 Interest credited 381 173 4 Other (21 ) 75 47 Ending balance as of December 31 $ 7,694 $ 5,477 $ 610 Weighted-average crediting rate 3.9 % 2.4 % 3.3 % Net amount at risk (1) $ 44,113 $ 21 $ 661 Cash surrender value $ 4,415 $ 4,449 $ 610 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. December 31, 2021 (Dollar amounts in millions) Life Fixed Variable Beginning balance as of January 1 $ 8,105 $ 7,892 $ 689 Issuances — — — Premiums received 558 36 24 Policy charges (644 ) (7 ) (8 ) Surrenders and withdrawals (298 ) (1,153 ) (43 ) Benefit payments (233 ) (508 ) (58 ) Net transfers from (to) separate accounts — — 5 Interest credited 365 199 5 Other (18 ) 136 38 Ending balance as of December 31 $ 7,835 $ 6,595 $ 652 Weighted-average crediting rate 3.9 % 2.3 % 3.2 % Net amount at risk (1) $ 46,613 $ 98 $ 648 Cash surrender value $ 4,411 $ 5,471 $ 652 (1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. |
Summary of Range Guaranteed Minimum Crediting Rate | The following tables represent policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated: June 30, 2023 (Amounts in millions) At guaranteed 1–50 basis 51–150 basis Greater than Total (1) Less than 2.00% $ 618 $ 92 $ 5 $ — $ 715 2.00%–2.99% 1,038 2 — — 1,040 3.00%–3.99% 1,826 728 1,177 5 3,736 4.00% and greater 2,557 16 4 — 2,577 Total $ 6,039 $ 838 $ 1,186 $ 5 $ 8,068 (1) Excludes investment contracts of approximately $5,016 million that have a market component to their crediting strategy. December 31, 2022 (Amounts in millions) At guaranteed 1–50 basis 51–150 basis Greater than Total (1) Less than 2.00% $ 1,065 $ 42 $ 2 $ — $ 1,109 2.00%–2.99% 947 2 — — 949 3.00%–3.99% 1,928 774 1,156 1 3,859 4.00% and greater 2,649 12 1 — 2,662 Total $ 6,589 $ 830 $ 1,159 $ 1 $ 8,579 (1) Excludes investment contracts of approximately $5,202 million that have a market component to their crediting strategy. |
Additional Insurance Liabilit_2
Additional Insurance Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discloure of Additional Insurance Liabilities [Abstract] | |
Summary of Balances of and Changes in Additional Insurance Liabilities | The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated: (Dollar amounts in millions) June 30, December 31, December 31, Beginning balance as of January 1 $ 2,566 $ 2,656 $ 2,524 Beginning balance before shadow accounting adjustments 2,634 2,523 2,341 Effect of changes in cash flow assumptions — (37 ) 85 Effect of actual variances from expected experience 8 33 (4 ) Adjusted beginning balance 2,642 2,519 2,422 Issuances — — — Interest accrual 44 85 84 Assessments collected 123 245 274 Benefit payments (109 ) (215 ) (300 ) Derecognition (lapses and withdrawals) — — — Other (flooring adjustment) — — 43 Ending balance before shadow accounting adjustments 2,700 2,634 2,523 Effect of shadow accounting adjustments (62 ) (68 ) 133 Ending balance 2,638 2,566 2,656 Less: reinsurance recoverable 375 377 407 Additional insurance liabilities, net of reinsurance recoverable $ 2,263 $ 2,189 $ 2,249 Weighted-average liability duration (years) 20.2 20.8 22.6 |
Summary of Weighted-Average Interest rates for the Liability for Additional Insurance Liabilities | The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated: June 30, December 31, December 31, Interest accretion rate (1) 3.3 % 3.3 % 3.2 % Projected crediting rate (2) 3.8 % 3.8 % 3.6 % (1) The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accrual. (2) The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits. |
Summary of Additional Liability Long Duration Insurance Revenue and Interest Expense Recognized | The following table sets forth the amount of revenue and interest expense recognized in net income related to additional insurance liabilities for the periods indicated: Three months ended Six months ended Years ended (Amounts in millions) 2023 2022 2023 2022 2022 2021 Gross assessments $ 136 $ 144 $ 272 $ 291 $ 559 $ 592 Interest expense (1) $ 22 $ 21 $ 44 $ 41 $ 85 $ 84 (1) Amounts for interest accretion, labeled “interest expense” in the table above, are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Market Risk Benefit [Abstract] | |
Summary of Market Risk Benefit | The following table sets forth our market risk benefits by asset and liability position as of the dates indicated: June 30, 2023 December 31, 2022 (Amounts in millions) Asset Liability Net Asset Liability Net Fixed indexed annuities $ — $ 57 $ 57 $ — $ 52 $ 52 Variable annuities 37 609 572 26 696 670 Total market risk benefits $ 37 $ 666 $ 629 $ 26 $ 748 $ 722 |
Summary of Balances of and Changes in Market Risk Benefits | The following tables present the balances of and changes in market risk benefits as of and for the periods indicated: June 30, 2023 (Dollar amounts in millions) Fixed Variable Reinsurance (1) Beginning balance as of January 1 $ 52 $ 670 $ 158 Beginning balance before effect of changes in instrument-specific credit risk $ 50 $ 660 $ 158 Issuances — — — Interest accrual 1 18 4 Attributed fees collected 3 19 5 Benefit payments — (18 ) (8 ) Effect of changes in interest rates 3 (7 ) (4 ) Effect of changes in equity markets (1 ) (113 ) (23 ) Actual policyholder behavior different from expected behavior (1 ) 4 3 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Ending balance before effect of changes in instrument-specific credit risk 55 563 135 Effect of changes in instrument-specific credit risk 2 9 — Ending balance as of June 30 57 572 $ 135 Less: reinsurance recoverable — 135 Market risk benefits, net of reinsurance recoverable $ 57 $ 437 Weighted-average attained age of contractholders 72 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 11 for additional information on the net amount at risk. December 31, 2022 (Dollar amounts in millions) Fixed indexed Variable Reinsurance (1) Beginning balance as of January 1 $ 94 $ 855 $ 193 Beginning balance before effect of changes in instrument-specific credit risk $ 90 $ 840 $ 193 Issuances — 6 — Interest accrual 1 18 4 Attributed fees collected 5 42 9 Benefit payments — (28 ) (16 ) Effect of changes in interest rates (51 ) (513 ) (74 ) Effect of changes in equity markets 5 286 39 Actual policyholder behavior different from expected behavior (2 ) 8 3 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Other 2 1 — Ending balance before effect of changes in instrument-specific credit risk 50 660 158 Effect of changes in instrument-specific credit risk 2 10 — Ending balance as of December 31 52 670 $ 158 Less: reinsurance recoverable — 158 Market risk benefits, net of reinsurance recoverable $ 52 $ 512 Weighted-average attained age of contractholders 72 76 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 11 for additional information on the net amount at risk. December 31, 2021 (Dollar amounts in millions) Fixed Variable Reinsurance (1) Beginning balance as of January 1 $ 115 $ 1,173 $ 244 Beginning balance before effect of changes in instrument-specific credit risk $ 110 $ 1,154 $ 244 Issuances — 3 — Interest accrual — 4 1 Attributed fees collected 6 48 11 Benefit payments — (23 ) (13 ) Effect of changes in interest rates (10 ) (115 ) (21 ) Effect of changes in equity markets (7 ) (267 ) (42 ) Actual policyholder behavior different from expected behavior (7 ) 36 13 Effect of changes in future expected policyholder behavior — — — Effect of changes in other future expected assumptions — — — Other (2 ) — — Ending balance before effect of changes in instrument-specific credit risk 90 840 193 Effect of changes in instrument-specific credit risk 4 15 — Ending balance as of December 31 94 855 $ 193 Less: reinsurance recoverable — 193 Market risk benefits, net of reinsurance recoverable $ 94 $ 662 Weighted-average attained age of contractholders 71 75 Net amount at risk (2) (1) Represents the net reinsured asset related to our variable annuity MRBs. (2) See note 11 for additional information on the net amount at risk. |
Separate Accounts (Tables)
Separate Accounts (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Separate Accounts Disclosure [Abstract] | |
Summary of Changes in Separate Account Liabilities | The following table presents the balances of and changes in separate account liabilities related to variable annuity and variable universal life insurance products as of and for the periods indicated: (Amounts in millions) June 30, December 31, December 31, Beginning balance as of January 1 $ 4,417 $ 6,066 $ 6,081 Premiums and deposits 20 48 47 Policy charges (53 ) (115 ) (136 ) Surrenders and withdrawals (177 ) (352 ) (506 ) Benefit payments (114 ) (226 ) (266 ) Investment performance 442 (991 ) 852 Net transfers to general account (1 ) (11 ) (5 ) Other charges (1 ) (2 ) (1 ) Ending balance $ 4,533 $ 4,417 $ 6,066 Cash surrender value (1) $ 4,531 $ 4,414 $ 6,065 (1) Cash surrender value represents the amount of the contractholders’ account balances that was distributable as of June 30, 2023, December 31, 2022 and December 31, 2021 less certain surrender charges. |
Summary of Aggregate Fair Value of Separate Account Assets | The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated: (Amounts in millions) June 30, December 31, Equity funds $ 1,986 $ 1,866 Balanced funds 1,976 1,962 Bond funds 329 332 Money market funds 242 257 Total $ 4,533 $ 4,417 |
Liability for Policy and Cont_2
Liability for Policy and Contract Claims (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of Liability for Policy and Contract Claims | The following table presents the balances of our liability for policy and contract claims as of the dates indicated: (Amounts in millions) June 30, December 31, Enact segment $ 490 $ 519 Life and Annuities segment (1) 131 158 Other mortgage insurance business 7 6 Total liability for policy and contract claims $ 628 $ 683 (1) Primarily includes balances related to our universal and term universal life insurance products. |
Changes in Liability for Policy and Contract Claims | The following table sets forth changes in our liability for policy and contract claims as of and for the periods indicated: Six months ended (Amounts in millions) 2023 2022 Beginning balance as of January 1 $ 683 $ 819 Less reinsurance recoverables (23 ) (26 ) Net beginning balance 660 793 Incurred related to insured events of: Current year 417 415 Prior years (120 ) (136 ) Total incurred 297 279 Paid related to insured events of: Current year (257 ) (277 ) Prior years (90 ) (97 ) Total paid (347 ) (374 ) Foreign currency translation 1 — Net ending balance 611 698 Add reinsurance recoverables 17 35 Ending balance as of June 30 $ 628 $ 733 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate | The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated: Three months ended Six months ended 2023 2022 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase in rate resulting from: Tax on income from terminated swaps 3.4 2.4 3.6 2.2 Other, net 0.5 0.4 1.0 0.5 Effective rate 24.9 % 23.8 % 25.6 % 23.7 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Revenues for Segments and Corporate and Growth | The following is a summary of revenues for our segments and Corporate and Other for the periods indicated: Three months Six months ended (Amounts in millions) 2023 2022 2023 2022 Revenues: Enact segment $ 277 $ 273 $ 558 $ 543 Long-Term Care Insurance segment 1,143 1,108 2,241 2,203 Life and Annuities segment: Life insurance 350 359 708 740 Fixed annuities 84 93 169 208 Variable annuities 35 37 71 77 Life and Annuities segment 469 489 948 1,025 Corporate and Other 3 17 (1 ) 9 Total revenues $ 1,892 $ 1,887 $ 3,746 $ 3,780 |
Summary of Net Operating Income (Loss) for Segments and Corporate and Growth | The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other for the periods indicated: Three months Six months (Amounts in millions) 2023 2022 2023 2022 Net income available to Genworth Financial, Inc.’s common stockholders $ 137 $ 159 $ 259 $ 399 Add: net income from continuing operations attributable to noncontrolling interests 31 38 63 68 Add: net income from discontinued operations attributable to noncontrolling interests — — — — Net income 168 197 322 467 Less: income (loss) from discontinued operations, net of taxes 2 (1 ) 2 (3 ) Income from continuing operations 166 198 320 470 Less: net income from continuing operations attributable to noncontrolling interests 31 38 63 68 Income from continuing operations available to Genworth Financial, Inc.’s common 135 160 257 402 Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) (41 ) (19 ) (30 ) (61 ) Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (23 ) 8 (9 ) (46 ) (Gains) losses on early extinguishment of debt (3) — 1 (1 ) 4 Expenses related to restructuring 1 1 4 1 Taxes on adjustments 13 2 8 22 Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 85 $ 153 $ 229 $ 322 (1) For the three and six months ended June 30, 2023, net investment (gains) losses were adjusted for the portion of net investment losses attributable to noncontrolling interests of $2 million. (2) For the three months ended June 30, 2023 and 2022, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(4) million and $(12) million, respectively. For the six months ended June 30, 2023 and 2022, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(7) million and $(25) million, respectively. (3) During the six months ended June 30, 2023, we repurchased $11 million principal amount of Genworth Holdings’ senior notes due in June 2034 for a pre-tax gain of $1 million. During the three and six months ended June 30, 2022, we repurchased $48 million and $130 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $4 million, respectively. Three months Six months (Amounts in millions) 2023 2022 2023 2022 Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: Enact segment $ 146 $ 167 $ 289 $ 302 Long-Term Care Insurance segment (43 ) 17 (20 ) 90 Life and Annuities segment: Life insurance (17 ) (37 ) (44 ) (84 ) Fixed annuities 10 20 24 33 Variable annuities 9 2 18 6 Life and Annuities segment 2 (15 ) (2 ) (45 ) Corporate and Other (20 ) (16 ) (38 ) (25 ) Adjusted operating income available to Genworth Financial, Inc.’s common stockholders $ 85 $ 153 $ 229 $ 322 |
Summary of Assets for Segments and Corporate and Growth | The following is a summary of total assets for our segments and Corporate and Other as of the dates indicated: (Amounts in millions) June 30, December 31, Assets: Enact segment $ 5,922 $ 5,712 Long-Term Care Insurance segment 45,194 44,156 Life and Annuities segment 37,168 37,975 Corporate and Other 1,560 1,871 Total assets $ 89,844 $ 89,714 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2023 $ (2,500 ) $ 1,274 $ (1,628 ) $ (9 ) $ 10 $ (2,853 ) OCI before reclassifications (584 ) (83 ) 664 — 4 1 Amounts reclassified from (to) OCI 23 (37 ) — — — (14 ) Current period OCI (561 ) (120 ) 664 — 4 (13 ) Balances as of June 30, 2023 before noncontrolling interests (3,061 ) 1,154 (964 ) (9 ) 14 (2,866 ) Less: change in OCI attributable to noncontrolling interests (5 ) — — — — (5 ) Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 6 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of April 1, 2022 $ 2,151 $ 1,789 $ (8,447 ) $ (13 ) $ (29 ) $ (4,549 ) OCI before reclassifications (3,701 ) (307 ) 5,280 1 (7 ) 1,266 Amounts reclassified from (to) OCI 4 (37 ) — — — (33 ) Current period OCI (3,697 ) (344 ) 5,280 1 (7 ) 1,233 Balances as of June 30, 2022 before (1,546 ) 1,445 (3,167 ) (12 ) (36 ) (3,316 ) Less: change in OCI attributable to (28 ) — — — — (28 ) Balances as of June 30, 2022 $ (1,518 ) $ 1,445 $ (3,167 ) $ (12 ) $ (36 ) $ (3,288 ) (1) See note 6 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2023 $ (3,407 ) $ 1,200 $ (403 ) $ (10 ) $ 6 $ (2,614 ) OCI before reclassifications 322 31 (561 ) 1 8 (199 ) Amounts reclassified from (to) OCI 36 (77 ) — — — (41 ) Current period OCI 358 (46 ) (561 ) 1 8 (240 ) Balances as of June 30, 2023 before (3,049 ) 1,154 (964 ) (9 ) 14 (2,854 ) Less: change in OCI attributable to 7 — — — — 7 Balances as of June 30, 2023 $ (3,056 ) $ 1,154 $ (964 ) $ (9 ) $ 14 $ (2,861 ) (1) See note 6 for additional information. (Amounts in millions) Net Derivatives (1) Change in the Change in Foreign Total Balances as of January 1, 2022 $ 6,077 $ 2,025 $ (13,918 ) $ (15 ) $ (24 ) $ (5,855 ) OCI before reclassifications (7,674 ) (506 ) 10,751 3 (12 ) 2,562 Amounts reclassified from (to) OCI 10 (74 ) — — — (64 ) Current period OCI (7,664 ) (580 ) 10,751 3 (12 ) 2,498 Balances as of June 30, 2022 before noncontrolling (1,587 ) 1,445 (3,167 ) (12 ) (36 ) (3,357 ) Less: change in OCI attributable to noncontrolling interests (69 ) — — — — (69 ) Balances as of June 30, 2022 $ (1,518 ) $ 1,445 $ (3,167 ) $ (12 ) $ (36 ) $ (3,288 ) (1) See note 6 for additional information. |
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods presented: Amount reclassified Affected line item in the Three months Six months (Amounts in millions) 2023 2022 2023 2022 Net unrealized investment (gains) losses: Unrealized (gains) losses on investments $ 30 $ 4 $ 46 $ 12 Net investment (gains) losses Income taxes (7 ) — (10 ) (2 ) Provision for income taxes Total $ 23 $ 4 $ 36 $ 10 Derivatives qualifying as hedges: Interest rate swaps hedging assets $ (55 ) $ (57 ) $ (109 ) $ (112 ) Net investment income Interest rate swaps hedging assets (3 ) — (8 ) (2 ) Net investment (gains) losses Interest rate swaps hedging liabilities — 1 1 2 Interest expense Interest rate swaps hedging liabilities — — (1 ) — Net investment (gains) losses Foreign currency swaps — — — (1 ) Net investment income Foreign currency swaps — — (2 ) — Net investment (gains) losses Income taxes 21 19 42 39 Provision for income taxes Total $ (37 ) $ (37 ) $ (77 ) $ (74 ) |
Formation of Genworth and Bas_3
Formation of Genworth and Basis of Presentation - Schedule of Impact of Correction In Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Assets | |||||||
Deferred tax asset | $ 1,954 | $ 1,983 | $ 3,776 | ||||
Total assets | 89,844 | 89,714 | 122,346 | ||||
Liabilities: | |||||||
Future policy benefits | 56,443 | 55,407 | 84,786 | ||||
Other liabilities | 1,607 | 1,687 | 1,618 | ||||
Total liabilities | 81,577 | 81,328 | 120,269 | ||||
Equity: | |||||||
Accumulated other comprehensive income (loss) | (2,861) | $ (2,853) | (2,614) | $ (3,288) | $ (4,549) | $ (5,855) | (7,108) |
Retained earnings | 1,398 | 1,139 | (626) | ||||
Total Genworth Financial, Inc.'s stockholders' equity | 7,460 | 7,631 | 1,575 | ||||
Total equity | 8,267 | $ 8,232 | 8,386 | $ 7,232 | $ 5,819 | 4,285 | 2,077 |
Total liabilities and equity | $ 89,844 | 89,714 | 122,346 | ||||
Previously reported | |||||||
Assets | |||||||
Deferred tax asset | 1,968 | 3,765 | |||||
Total assets | 89,699 | 122,335 | |||||
Liabilities: | |||||||
Future policy benefits | 55,349 | 84,736 | |||||
Other liabilities | 1,675 | 1,618 | |||||
Total liabilities | 81,258 | 120,219 | |||||
Equity: | |||||||
Accumulated other comprehensive income (loss) | (2,617) | (7,126) | |||||
Retained earnings | 1,197 | (569) | |||||
Total Genworth Financial, Inc.'s stockholders' equity | 7,686 | 1,614 | |||||
Total equity | 8,441 | 2,116 | |||||
Total liabilities and equity | 89,699 | 122,335 | |||||
Correction impacts | |||||||
Assets | |||||||
Deferred tax asset | 15 | 11 | |||||
Total assets | 15 | 11 | |||||
Liabilities: | |||||||
Future policy benefits | 58 | 50 | |||||
Other liabilities | 12 | 0 | |||||
Total liabilities | 70 | 50 | |||||
Equity: | |||||||
Accumulated other comprehensive income (loss) | 3 | (5,855) | 18 | ||||
Retained earnings | (58) | $ 225 | (57) | ||||
Total Genworth Financial, Inc.'s stockholders' equity | (55) | (39) | |||||
Total equity | (55) | (39) | |||||
Total liabilities and equity | $ 15 | $ 11 |
Formation of Genworth and Bas_4
Formation of Genworth and Basis of Presentation - Schedule of Impact of Correction In Income Statement (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Schedule Of Impact On Income Statement Of Error Corrections And Prior Period Adjustments [Line Items] | ||||||||||
Benefits and other changes in policy reserves | $ 1,175 | $ 1,176 | $ 768 | $ 1,167 | $ 2,351 | $ 1,935 | ||||
Liability remeasurement (gains) losses | 70 | (15) | 24 | (64) | 55 | (40) | ||||
Acquisition and operating expenses, net of deferrals | 226 | 240 | 579 | 236 | 466 | 815 | ||||
Total benefits and expenses | 1,671 | 1,645 | 1,627 | 1,537 | 3,316 | 3,164 | ||||
Income from continuing operations before income taxes | 221 | 209 | 260 | 356 | 430 | 616 | ||||
Provision for income taxes | 55 | 55 | 62 | 84 | 110 | 146 | ||||
Income from continuing operations | 166 | 154 | 198 | 272 | 320 | 470 | ||||
Net income | 168 | 154 | 197 | 270 | 322 | 467 | ||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 137 | $ 122 | $ 159 | $ 240 | $ 259 | $ 399 | ||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ 0.28 | $ 0.25 | $ 0.32 | $ 0.48 | $ 0.53 | $ 0.79 | ||||
Diluted | 0.28 | 0.24 | 0.31 | 0.47 | 0.53 | 0.78 | ||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | 0.29 | [1] | 0.25 | 0.31 | [1] | 0.47 | 0.54 | [1] | 0.79 | [1] |
Diluted | $ 0.29 | [1] | $ 0.24 | $ 0.31 | [1] | $ 0.46 | $ 0.53 | [1] | $ 0.77 | [1] |
Previously reported | ||||||||||
Schedule Of Impact On Income Statement Of Error Corrections And Prior Period Adjustments [Line Items] | ||||||||||
Benefits and other changes in policy reserves | $ 1,172 | $ 1,165 | ||||||||
Liability remeasurement (gains) losses | 22 | (41) | ||||||||
Acquisition and operating expenses, net of deferrals | 283 | 280 | ||||||||
Total benefits and expenses | 1,721 | 1,602 | ||||||||
Income from continuing operations before income taxes | 133 | 291 | ||||||||
Provision for income taxes | 39 | 68 | ||||||||
Income from continuing operations | 94 | 223 | ||||||||
Net income | 94 | 221 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 62 | $ 191 | ||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ 0.13 | $ 0.38 | ||||||||
Diluted | 0.12 | 0.37 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | 0.13 | 0.38 | ||||||||
Diluted | $ 0.12 | $ 0.37 | ||||||||
Correction impacts | ||||||||||
Schedule Of Impact On Income Statement Of Error Corrections And Prior Period Adjustments [Line Items] | ||||||||||
Benefits and other changes in policy reserves | $ 4 | $ 2 | ||||||||
Liability remeasurement (gains) losses | (37) | (23) | ||||||||
Acquisition and operating expenses, net of deferrals | (43) | (44) | ||||||||
Total benefits and expenses | (76) | (65) | ||||||||
Income from continuing operations before income taxes | 76 | 65 | ||||||||
Provision for income taxes | 16 | 16 | ||||||||
Income from continuing operations | 60 | 49 | ||||||||
Net income | 60 | 49 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 60 | $ 49 | ||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ 0.12 | $ 0.1 | ||||||||
Diluted | 0.12 | 0.1 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | 0.12 | 0.09 | ||||||||
Diluted | $ 0.12 | $ 0.09 | ||||||||
[1]May not total due to whole number calculation. |
Formation of Genworth and Bas_5
Formation of Genworth and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Jul. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) Segment $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | May 02, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | Apr. 01, 2013 | |
Number of operating segments | Segment | 3 | |||||||||||
Stock repurchase program, authorized amount | $ 350 | $ 350 | ||||||||||
Number of shares repurchased | shares | 31,771,972 | |||||||||||
Average price per share repurchased | $ / shares | $ 5.67 | |||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 436 | |||||||||||
Treasury stock value acquired cost method | $ 114 | $ 15 | $ 183 | $ 15 | ||||||||
Accumulated other comprehensive income (loss) | (2,861) | $ (2,853) | (3,288) | $ (4,549) | (2,861) | (3,288) | $ (2,614) | $ (5,855) | $ (7,108) | |||
Retained earnings | 1,398 | 1,398 | 1,139 | (626) | ||||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | $ 85 | $ 153 | $ 229 | $ 322 | ||||||||
Correction Impacts | ||||||||||||
Accumulated other comprehensive income (loss) | 3 | (5,855) | 18 | |||||||||
Retained earnings | $ (58) | $ 225 | $ (57) | |||||||||
Correction Impacts | Long-Term Care Insurance segment | ||||||||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | $ 23 | $ 73 | ||||||||||
Subsequent Event | Rule 10b5-1 trading plan | ||||||||||||
Number of shares repurchased | shares | 3,703,015 | |||||||||||
Average price per share repurchased | $ / shares | $ 5.4 | |||||||||||
Treasury stock value acquired cost method | $ 20 | |||||||||||
Genworth Holdings | ||||||||||||
Percentage of subsidiary equity ownership | 100% |
Accounting Changes - Additional
Accounting Changes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Disclosure Of Accounting Changes [Line Items] | |||||||
Retained earnings | $ 1,398 | $ 1,139 | $ (626) | ||||
Accumulated other comprehensive income (loss) | (2,861) | $ (2,853) | (2,614) | $ (3,288) | $ (4,549) | $ (5,855) | (7,108) |
Total equity | $ 8,267 | $ 8,232 | $ 8,386 | $ 7,232 | $ 5,819 | $ 4,285 | 2,077 |
Accounting Standards Update 2018-12 | Cumulative effect of change in accounting, net of taxes | |||||||
Disclosure Of Accounting Changes [Line Items] | |||||||
Retained earnings | (2,200) | ||||||
Accumulated other comprehensive income (loss) | (11,500) | ||||||
Total equity | $ (13,700) |
Accounting Changes - Summary Of
Accounting Changes - Summary Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Statement Of Financial Position (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Assets | ||||||||
Deferred acquisition costs | $ 2,096 | $ 2,211 | $ 2,488 | $ 2,809 | ||||
Intangible assets | 201 | 203 | 271 | |||||
Reinsurance recoverable | 19,113 | 19,059 | 28,135 | |||||
Less: Allowance for credit losses | (64) | (63) | (45) | |||||
Reinsurance recoverable, net | 19,049 | 18,996 | 28,090 | |||||
Other assets | 445 | 488 | 563 | |||||
Deferred tax asset | 1,954 | 1,983 | 3,776 | |||||
Market risk benefit assets | 37 | 26 | 22 | |||||
Total assets | 89,844 | 89,714 | 122,346 | |||||
Liabilities and equity | ||||||||
Future policy benefits | 56,443 | 55,407 | 84,786 | |||||
Policyholder account balances | 15,922 | 16,564 | 19,633 | |||||
Market risk benefit liabilities | 666 | 748 | 1,310 | |||||
Liability for policy and contract claims | 628 | 683 | $ 733 | 819 | 761 | |||
Unearned premiums | 175 | 203 | 307 | |||||
Other liabilities | 1,607 | 1,687 | 1,618 | |||||
Total liabilities | 81,577 | 81,328 | 120,269 | |||||
Equity: | ||||||||
Accumulated other comprehensive income (loss) | (2,861) | $ (2,853) | (2,614) | (3,288) | $ (4,549) | (5,855) | (7,108) | |
Retained earnings | 1,398 | 1,139 | (626) | |||||
Total Genworth Financial, Inc.'s stockholders' equity | 7,460 | 7,631 | 1,575 | |||||
Total equity | 8,267 | $ 8,232 | 8,386 | $ 7,232 | $ 5,819 | $ 4,285 | 2,077 | |
Total liabilities and equity | $ 89,844 | 89,714 | $ 122,346 | |||||
Previously reported | ||||||||
Assets | ||||||||
Deferred acquisition costs | 2,200 | $ 1,487 | ||||||
Intangible assets | 241 | 157 | ||||||
Reinsurance recoverable | 16,495 | 16,864 | ||||||
Less: Allowance for credit losses | (60) | (45) | ||||||
Reinsurance recoverable, net | 16,435 | 16,819 | ||||||
Other assets | 415 | 404 | ||||||
Deferred tax asset | 1,344 | 65 | ||||||
Market risk benefit assets | 0 | 0 | ||||||
Total assets | 86,442 | 105,747 | ||||||
Liabilities and equity | ||||||||
Future policy benefits | 38,064 | 42,695 | ||||||
Policyholder account balances | 17,113 | 21,503 | ||||||
Market risk benefit liabilities | 0 | 0 | ||||||
Liability for policy and contract claims | 12,234 | 11,486 | ||||||
Unearned premiums | 584 | 775 | ||||||
Other liabilities | 1,672 | 1,614 | ||||||
Total liabilities | 75,703 | 89,927 | ||||||
Equity: | ||||||||
Accumulated other comprehensive income (loss) | (2,220) | 4,425 | ||||||
Retained earnings | 3,098 | 1,584 | ||||||
Total Genworth Financial, Inc.'s stockholders' equity | 9,984 | 15,318 | ||||||
Total equity | 10,739 | 15,820 | ||||||
Total liabilities and equity | 86,442 | $ 105,747 | ||||||
Revision of prior periods | Accounting standards update 2018-12 | ||||||||
Assets | ||||||||
Deferred acquisition costs | 11 | |||||||
Intangible assets | (38) | |||||||
Reinsurance recoverable | 2,564 | |||||||
Less: Allowance for credit losses | (3) | |||||||
Reinsurance recoverable, net | 2,561 | |||||||
Other assets | 73 | |||||||
Deferred tax asset | 639 | |||||||
Market risk benefit assets | 26 | |||||||
Total assets | 3,272 | |||||||
Liabilities and equity | ||||||||
Future policy benefits | 17,343 | |||||||
Policyholder account balances | (549) | |||||||
Market risk benefit liabilities | 748 | |||||||
Liability for policy and contract claims | (11,551) | |||||||
Unearned premiums | (381) | |||||||
Other liabilities | 15 | |||||||
Total liabilities | 5,625 | |||||||
Equity: | ||||||||
Accumulated other comprehensive income (loss) | (394) | |||||||
Retained earnings | (1,959) | |||||||
Total Genworth Financial, Inc.'s stockholders' equity | (2,353) | |||||||
Total equity | (2,353) | |||||||
Total liabilities and equity | $ 3,272 |
Accounting Changes - Summary _2
Accounting Changes - Summary Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Income Statement (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Revenues: | ||||||||||
Premiums | $ 902 | $ 916 | $ 1,817 | $ 1,833 | ||||||
Net investment gains (losses) | 39 | 19 | 28 | 61 | ||||||
Policy fees and other income | 166 | 165 | 329 | 335 | ||||||
Total revenues | 1,892 | 1,887 | 3,746 | 3,780 | ||||||
Benefits and expenses: | ||||||||||
Benefits and other changes in policy reserves | 1,175 | $ 1,176 | 768 | $ 1,167 | 2,351 | 1,935 | ||||
Liability remeasurement (gains) losses | 70 | (15) | 24 | (64) | 55 | (40) | ||||
Changes in fair value of market risk benefits and associated hedges | (19) | 20 | (2) | (21) | ||||||
Interest credited | 126 | 126 | 252 | 251 | ||||||
Acquisition and operating expenses, net of deferrals | 226 | 240 | 579 | 236 | 466 | 815 | ||||
Amortization of deferred acquisition costs and intangibles | 64 | 84 | 136 | 172 | ||||||
Total benefits and expenses | 1,671 | 1,645 | 1,627 | 1,537 | 3,316 | 3,164 | ||||
Income from continuing operations before income taxes | 221 | 209 | 260 | 356 | 430 | 616 | ||||
Provision for income taxes | 55 | 55 | 62 | 84 | 110 | 146 | ||||
Income from continuing operations | 166 | 154 | 198 | 272 | 320 | 470 | ||||
Net income | 168 | 154 | 197 | 270 | 322 | 467 | ||||
Net income available to Genworth Financial, Inc.'s common stockholders | 137 | $ 122 | 159 | $ 240 | 259 | 399 | ||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders | $ 135 | $ 160 | $ 257 | $ 402 | ||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ 0.28 | $ 0.25 | $ 0.32 | $ 0.48 | $ 0.53 | $ 0.79 | ||||
Diluted | 0.28 | 0.24 | 0.31 | 0.47 | 0.53 | 0.78 | ||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | 0.29 | [1] | 0.25 | 0.31 | [1] | 0.47 | 0.54 | [1] | 0.79 | [1] |
Diluted | $ 0.29 | [1] | $ 0.24 | $ 0.31 | [1] | $ 0.46 | $ 0.53 | [1] | $ 0.77 | [1] |
Previously reported | ||||||||||
Revenues: | ||||||||||
Premiums | $ 927 | $ 1,858 | ||||||||
Net investment gains (losses) | 8 | 36 | ||||||||
Policy fees and other income | 159 | 328 | ||||||||
Total revenues | 1,881 | 3,773 | ||||||||
Benefits and expenses: | ||||||||||
Benefits and other changes in policy reserves | 764 | 1,903 | ||||||||
Liability remeasurement (gains) losses | 0 | 0 | ||||||||
Changes in fair value of market risk benefits and associated hedges | 0 | 0 | ||||||||
Interest credited | 125 | 250 | ||||||||
Acquisition and operating expenses, net of deferrals | 589 | 860 | ||||||||
Amortization of deferred acquisition costs and intangibles | 84 | 176 | ||||||||
Total benefits and expenses | 1,588 | 3,241 | ||||||||
Income from continuing operations before income taxes | 293 | 532 | ||||||||
Provision for income taxes | 73 | 131 | ||||||||
Income from continuing operations | 220 | 401 | ||||||||
Net income | 219 | 398 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders | 181 | 330 | ||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders | $ 182 | $ 333 | ||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ 0.36 | $ 0.65 | ||||||||
Diluted | 0.36 | 0.65 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | 0.36 | 0.65 | ||||||||
Diluted | $ 0.35 | $ 0.64 | ||||||||
Revision of prior periods | Accounting Standards Update 2018-12 | ||||||||||
Revenues: | ||||||||||
Premiums | $ (11) | $ (25) | ||||||||
Net investment gains (losses) | 11 | 25 | ||||||||
Policy fees and other income | 6 | 7 | ||||||||
Total revenues | 6 | 7 | ||||||||
Benefits and expenses: | ||||||||||
Benefits and other changes in policy reserves | 4 | 32 | ||||||||
Liability remeasurement (gains) losses | 24 | (40) | ||||||||
Changes in fair value of market risk benefits and associated hedges | 20 | (21) | ||||||||
Interest credited | 1 | 1 | ||||||||
Acquisition and operating expenses, net of deferrals | (10) | (45) | ||||||||
Amortization of deferred acquisition costs and intangibles | 0 | (4) | ||||||||
Total benefits and expenses | 39 | (77) | ||||||||
Income from continuing operations before income taxes | (33) | 84 | ||||||||
Provision for income taxes | (11) | 15 | ||||||||
Income from continuing operations | (22) | 69 | ||||||||
Net income | (22) | 69 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders | (22) | 69 | ||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders | $ (22) | $ 69 | ||||||||
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share: | ||||||||||
Basic | $ (0.04) | $ 0.14 | ||||||||
Diluted | (0.05) | 0.13 | ||||||||
Net income available to Genworth Financial, Inc.'s common stockholders per share: | ||||||||||
Basic | (0.05) | 0.14 | ||||||||
Diluted | $ (0.04) | $ 0.13 | ||||||||
[1]May not total due to whole number calculation. |
Accounting Changes - Summary _3
Accounting Changes - Summary Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Cash Flow Statement (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure In Tabular Form Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Cash Flow Statement [Line Items] | ||||||
Net income | $ 168 | $ 154 | $ 197 | $ 270 | $ 322 | $ 467 |
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Net investment (gains) losses | (39) | (19) | (28) | (61) | ||
Changes in fair value of market risk benefits and associated hedges | $ (19) | 20 | (2) | (21) | ||
Charges assessed to policyholders | (291) | (289) | ||||
Acquisition costs deferred | (4) | (7) | ||||
Amortization of deferred acquisition costs and intangibles | 136 | 172 | ||||
Deferred income taxes | 107 | 143 | ||||
Change in certain assets and liabilities: | ||||||
Accrued investment income and other assets | (66) | (71) | ||||
Insurance reserves | 525 | 641 | ||||
Other liabilities, policy and contract claims and other policy-related balances | (165) | (382) | ||||
Net cash from operating activities | $ 275 | 337 | ||||
Previously reported | ||||||
Disclosure In Tabular Form Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Cash Flow Statement [Line Items] | ||||||
Net income | 219 | 398 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Net investment (gains) losses | (8) | (36) | ||||
Changes in fair value of market risk benefits and associated hedges | 0 | 0 | ||||
Charges assessed to policyholders | (292) | |||||
Acquisition costs deferred | (1) | |||||
Amortization of deferred acquisition costs and intangibles | 176 | |||||
Deferred income taxes | 128 | |||||
Change in certain assets and liabilities: | ||||||
Accrued investment income and other assets | (70) | |||||
Insurance reserves | 494 | |||||
Other liabilities, policy and contract claims and other policy-related balances | (205) | |||||
Net cash from operating activities | 337 | |||||
Revision of prior periods | Accounting Standards Update 2018-12 | ||||||
Disclosure In Tabular Form Of Impact Of Accounting Changes Due To Recogntion And Measurement Of Long Duration Insurance Contracts On The Cash Flow Statement [Line Items] | ||||||
Net income | (22) | 69 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Net investment (gains) losses | (11) | (25) | ||||
Changes in fair value of market risk benefits and associated hedges | $ 20 | (21) | ||||
Charges assessed to policyholders | 3 | |||||
Acquisition costs deferred | (6) | |||||
Amortization of deferred acquisition costs and intangibles | (4) | |||||
Deferred income taxes | 15 | |||||
Change in certain assets and liabilities: | ||||||
Accrued investment income and other assets | (1) | |||||
Insurance reserves | 147 | |||||
Other liabilities, policy and contract claims and other policy-related balances | (177) | |||||
Net cash from operating activities | $ 0 |
Summary Of Adoption Of New Acco
Summary Of Adoption Of New Accounting Guidance Related To The Recognition And Measurement Of Long-Duration Insurance Contracts (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Assets | ||||||||
Total investments | $ 58,803 | $ 58,948 | $ 74,701 | |||||
Cash, cash equivalents and restricted cash | 2,173 | 1,799 | $ 1,724 | 2,561 | ||||
Accrued investment income | 553 | 643 | 655 | |||||
Deferred acquisition costs | 2,096 | 2,211 | $ 2,488 | 2,809 | ||||
Intangible assets | 201 | 203 | 271 | |||||
Reinsurance recoverable | 19,113 | 19,059 | 28,135 | |||||
Less: Allowance for credit losses | (64) | (63) | (45) | |||||
Reinsurance recoverable, net | 19,049 | 18,996 | 28,090 | |||||
Other assets | 445 | 488 | 563 | |||||
Deferred tax asset | 1,954 | 1,983 | 3,776 | |||||
Market risk benefit assets | 37 | 26 | 22 | |||||
Separate account assets | 4,533 | 4,417 | 6,081 | |||||
Assets related to discontinued operations | 2,817 | |||||||
Total assets | 89,844 | 89,714 | 122,346 | |||||
Liabilities: | ||||||||
Future policy benefits | 56,443 | 55,407 | 84,786 | |||||
Policyholder account balances | 15,922 | 16,564 | 19,633 | |||||
Market risk benefit liabilities | 666 | 748 | 1,310 | |||||
Liability for policy and contract claims | 628 | 683 | 733 | 819 | 761 | |||
Unearned premiums | 175 | 203 | 307 | |||||
Other liabilities | 1,607 | 1,687 | 1,618 | |||||
Long-term borrowings | 1,601 | 1,611 | 3,403 | |||||
Separate account liabilities | 4,533 | 4,417 | 6,081 | |||||
Liabilities related to discontinued operations | 2 | 8 | 2,370 | |||||
Total liabilities | 81,577 | 81,328 | 120,269 | |||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock | 1 | 1 | 1 | |||||
Additional paid-in capital | 11,869 | 11,869 | 12,008 | |||||
Accumulated other comprehensive income (loss) | (2,861) | $ (2,853) | (2,614) | (3,288) | $ (4,549) | (5,855) | (7,108) | |
Retained earnings | 1,398 | 1,139 | (626) | |||||
Treasury stock, at cost | (2,947) | (2,764) | (2,700) | |||||
Total Genworth Financial, Inc.'s stockholders' equity | 7,460 | 7,631 | 1,575 | |||||
Noncontrolling interests | 807 | 755 | 502 | |||||
Total equity | 8,267 | $ 8,232 | 8,386 | $ 7,232 | $ 5,819 | $ 4,285 | 2,077 | |
Total liabilities and equity | $ 89,844 | 89,714 | 122,346 | |||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | ||||||||
Equity: | ||||||||
Accumulated other comprehensive income (loss) | (11,500) | |||||||
Retained earnings | (2,200) | |||||||
Total equity | (13,700) | |||||||
Cumulative effect of change in accounting | Eliminate shadow adjustments | Accounting Standards Update 2018-12 | ||||||||
Assets | ||||||||
Total investments | 0 | |||||||
Cash, cash equivalents and restricted cash | 0 | |||||||
Accrued investment income | 0 | |||||||
Deferred acquisition costs | 1,322 | |||||||
Intangible assets | 114 | |||||||
Reinsurance recoverable | 0 | |||||||
Less: Allowance for credit losses | 0 | |||||||
Reinsurance recoverable, net | 0 | |||||||
Other assets | 0 | |||||||
Deferred tax asset | (1,515) | |||||||
Market risk benefit assets | 0 | |||||||
Separate account assets | 0 | |||||||
Assets related to discontinued operations | 0 | |||||||
Total assets | (79) | |||||||
Liabilities: | ||||||||
Future policy benefits | (4,456) | |||||||
Policyholder account balances | (1,229) | |||||||
Market risk benefit liabilities | 0 | |||||||
Liability for policy and contract claims | 0 | |||||||
Unearned premiums | 0 | |||||||
Other liabilities | 0 | |||||||
Long-term borrowings | 0 | |||||||
Separate account liabilities | 0 | |||||||
Liabilities related to discontinued operations | 0 | |||||||
Total liabilities | (5,685) | |||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock | 0 | |||||||
Additional paid-in capital | 0 | |||||||
Accumulated other comprehensive income (loss) | 5,606 | |||||||
Retained earnings | 0 | |||||||
Treasury stock, at cost | 0 | |||||||
Total Genworth Financial, Inc.'s stockholders' equity | 5,606 | |||||||
Noncontrolling interests | 0 | |||||||
Total equity | 5,606 | |||||||
Total liabilities and equity | (79) | |||||||
Cumulative effect of change in accounting | Changes in measurement of assets and liabilities | Accounting Standards Update 2018-12 | ||||||||
Assets | ||||||||
Total investments | 0 | |||||||
Cash, cash equivalents and restricted cash | 0 | |||||||
Accrued investment income | 0 | |||||||
Deferred acquisition costs | 0 | |||||||
Intangible assets | 0 | |||||||
Reinsurance recoverable | 1,214 | |||||||
Less: Allowance for credit losses | 0 | |||||||
Reinsurance recoverable, net | 1,214 | |||||||
Other assets | (89) | |||||||
Deferred tax asset | 497 | |||||||
Market risk benefit assets | 0 | |||||||
Separate account assets | 0 | |||||||
Assets related to discontinued operations | 0 | |||||||
Total assets | 1,622 | |||||||
Liabilities: | ||||||||
Future policy benefits | 14,654 | |||||||
Policyholder account balances | 0 | |||||||
Market risk benefit liabilities | 0 | |||||||
Liability for policy and contract claims | (10,725) | |||||||
Unearned premiums | (468) | |||||||
Other liabilities | 0 | |||||||
Long-term borrowings | 0 | |||||||
Separate account liabilities | 0 | |||||||
Liabilities related to discontinued operations | 0 | |||||||
Total liabilities | 3,461 | |||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock | 0 | |||||||
Additional paid-in capital | 0 | |||||||
Accumulated other comprehensive income (loss) | 0 | |||||||
Retained earnings | (1,839) | |||||||
Treasury stock, at cost | 0 | |||||||
Total Genworth Financial, Inc.'s stockholders' equity | (1,839) | |||||||
Noncontrolling interests | 0 | |||||||
Total equity | (1,839) | |||||||
Total liabilities and equity | 1,622 | |||||||
Cumulative effect of change in accounting | Change in discount rate | Accounting Standards Update 2018-12 | ||||||||
Assets | ||||||||
Total investments | 0 | |||||||
Cash, cash equivalents and restricted cash | 0 | |||||||
Accrued investment income | 0 | |||||||
Deferred acquisition costs | 0 | |||||||
Intangible assets | 0 | |||||||
Reinsurance recoverable | 10,149 | |||||||
Less: Allowance for credit losses | 0 | |||||||
Reinsurance recoverable, net | 10,149 | |||||||
Other assets | 0 | |||||||
Deferred tax asset | 4,624 | |||||||
Market risk benefit assets | 0 | |||||||
Separate account assets | 0 | |||||||
Assets related to discontinued operations | 0 | |||||||
Total assets | 14,773 | |||||||
Liabilities: | ||||||||
Future policy benefits | 31,893 | |||||||
Policyholder account balances | 0 | |||||||
Market risk benefit liabilities | 0 | |||||||
Liability for policy and contract claims | 0 | |||||||
Unearned premiums | 0 | |||||||
Other liabilities | 0 | |||||||
Long-term borrowings | 0 | |||||||
Separate account liabilities | 0 | |||||||
Liabilities related to discontinued operations | 0 | |||||||
Total liabilities | 31,893 | |||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock | 0 | |||||||
Additional paid-in capital | 0 | |||||||
Accumulated other comprehensive income (loss) | (17,120) | |||||||
Retained earnings | 0 | |||||||
Treasury stock, at cost | 0 | |||||||
Total Genworth Financial, Inc.'s stockholders' equity | (17,120) | |||||||
Noncontrolling interests | 0 | |||||||
Total equity | (17,120) | |||||||
Total liabilities and equity | 14,773 | |||||||
Cumulative effect of change in accounting | Recognize MRBs | Accounting Standards Update 2018-12 | ||||||||
Assets | ||||||||
Total investments | 0 | |||||||
Cash, cash equivalents and restricted cash | 0 | |||||||
Accrued investment income | 0 | |||||||
Deferred acquisition costs | 0 | |||||||
Intangible assets | 0 | |||||||
Reinsurance recoverable | (92) | |||||||
Less: Allowance for credit losses | 0 | |||||||
Reinsurance recoverable, net | (92) | |||||||
Other assets | 248 | |||||||
Deferred tax asset | 105 | |||||||
Market risk benefit assets | 22 | |||||||
Separate account assets | 0 | |||||||
Assets related to discontinued operations | 0 | |||||||
Total assets | 283 | |||||||
Liabilities: | ||||||||
Future policy benefits | 0 | |||||||
Policyholder account balances | (641) | |||||||
Market risk benefit liabilities | 1,310 | |||||||
Liability for policy and contract claims | 0 | |||||||
Unearned premiums | 0 | |||||||
Other liabilities | 4 | |||||||
Long-term borrowings | 0 | |||||||
Separate account liabilities | 0 | |||||||
Liabilities related to discontinued operations | 0 | |||||||
Total liabilities | 673 | |||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock | 0 | |||||||
Additional paid-in capital | 0 | |||||||
Accumulated other comprehensive income (loss) | (19) | |||||||
Retained earnings | (371) | |||||||
Treasury stock, at cost | 0 | |||||||
Total Genworth Financial, Inc.'s stockholders' equity | (390) | |||||||
Noncontrolling interests | 0 | |||||||
Total equity | (390) | |||||||
Total liabilities and equity | $ 283 | |||||||
Previously reported | ||||||||
Assets | ||||||||
Total investments | $ 74,701 | |||||||
Cash, cash equivalents and restricted cash | 2,561 | |||||||
Accrued investment income | 655 | |||||||
Deferred acquisition costs | 2,200 | 1,487 | ||||||
Intangible assets | 241 | 157 | ||||||
Reinsurance recoverable | 16,495 | 16,864 | ||||||
Less: Allowance for credit losses | (60) | (45) | ||||||
Reinsurance recoverable, net | 16,435 | 16,819 | ||||||
Other assets | 415 | 404 | ||||||
Deferred tax asset | 1,344 | 65 | ||||||
Market risk benefit assets | 0 | 0 | ||||||
Separate account assets | 6,081 | |||||||
Assets related to discontinued operations | 2,817 | |||||||
Total assets | 86,442 | 105,747 | ||||||
Liabilities: | ||||||||
Future policy benefits | 38,064 | 42,695 | ||||||
Policyholder account balances | 17,113 | 21,503 | ||||||
Market risk benefit liabilities | 0 | 0 | ||||||
Liability for policy and contract claims | 12,234 | 11,486 | ||||||
Unearned premiums | 584 | 775 | ||||||
Other liabilities | 1,672 | 1,614 | ||||||
Long-term borrowings | 3,403 | |||||||
Separate account liabilities | 6,081 | |||||||
Liabilities related to discontinued operations | 2,370 | |||||||
Total liabilities | 75,703 | 89,927 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock | 1 | |||||||
Additional paid-in capital | 12,008 | |||||||
Accumulated other comprehensive income (loss) | (2,220) | 4,425 | ||||||
Retained earnings | 3,098 | 1,584 | ||||||
Treasury stock, at cost | (2,700) | |||||||
Total Genworth Financial, Inc.'s stockholders' equity | 9,984 | 15,318 | ||||||
Noncontrolling interests | 502 | |||||||
Total equity | 10,739 | 15,820 | ||||||
Total liabilities and equity | $ 86,442 | $ 105,747 |
Summary of the Transition Adjus
Summary of the Transition Adjustments within Stockholders Equity (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | $ (2,861) | $ (2,853) | $ (2,614) | $ (3,288) | $ (4,549) | $ (5,855) | $ (7,108) |
Retained earnings | 1,398 | 1,139 | (626) | ||||
Total equity | $ 8,267 | $ 8,232 | $ 8,386 | $ 7,232 | $ 5,819 | $ 4,285 | 2,077 |
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | (11,533) | ||||||
Retained earnings | (2,210) | ||||||
Total equity | (13,743) | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Deferred acquisition costs | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 1,322 | ||||||
Retained earnings | 0 | ||||||
Total equity | 1,322 | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Intangible assets | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 114 | ||||||
Retained earnings | 0 | ||||||
Total equity | 114 | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Reinsurance recoverable | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 10,149 | ||||||
Retained earnings | 1,201 | ||||||
Total equity | 11,350 | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Other assets | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 0 | ||||||
Retained earnings | 156 | ||||||
Total equity | 156 | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Future policy benefits | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | (27,437) | ||||||
Retained earnings | (3,537) | ||||||
Total equity | (30,974) | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Policyholder account balances | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 1,229 | ||||||
Retained earnings | 0 | ||||||
Total equity | 1,229 | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Market risk benefits, net | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | (24) | ||||||
Retained earnings | (623) | ||||||
Total equity | (647) | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Other liabilities | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 0 | ||||||
Retained earnings | (4) | ||||||
Total equity | (4) | ||||||
Cumulative effect of change in accounting | Accounting Standards Update 2018-12 | Deferred taxes | |||||||
Disclosure In Tabular Form of Impact On Stockholders Equity As A Result Of Adoption Of New Accounting Guidance Related To The Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||
Accumulated other comprehensive income (loss) | 3,114 | ||||||
Retained earnings | 597 | ||||||
Total equity | $ 3,711 |
Long-Duration Insurance Contr_3
Long-Duration Insurance Contracts Targeted Improvements - Additional Information (Detail) | Dec. 31, 2021 |
Long Duration Insurance Contracts [Line Items] | |
Net premium ratio percentage limit for cohorts | 100% |
Summary of Changes in Deferred
Summary of Changes in Deferred Acquisition Costs (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | $ 2,096 | $ 2,211 | $ 2,488 | $ 2,809 | |
Effect Of Modified Retrospective Application Accounting Standards Update 2018-12 | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 1,322 | ||||
Previously reported | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | $ 2,200 | $ 1,487 | |||
Previously reported | Enact | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 29 | ||||
Long-Term Care Insurance | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 1,043 | ||||
Long-Term Care Insurance | Effect Of Modified Retrospective Application Accounting Standards Update 2018-12 | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 1,043 | ||||
Long-Term Care Insurance | Previously reported | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 0 | ||||
Life Insurance | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 1,501 | ||||
Life Insurance | Effect Of Modified Retrospective Application Accounting Standards Update 2018-12 | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 185 | ||||
Life Insurance | Previously reported | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 1,316 | ||||
Fixed annuities | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 85 | ||||
Fixed annuities | Effect Of Modified Retrospective Application Accounting Standards Update 2018-12 | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 82 | ||||
Fixed annuities | Previously reported | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 3 | ||||
Variable annuities | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 151 | ||||
Variable annuities | Effect Of Modified Retrospective Application Accounting Standards Update 2018-12 | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 12 | ||||
Variable annuities | Previously reported | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | 139 | ||||
Long-duration insurance contracts | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | $ 2,780 | ||||
Long-duration insurance contracts | Previously reported | |||||
Disclosure In Tabular Form Of Changes In Deferred Acquisition Costs On Adoption Of New Accounting Guidance [Line Items] | |||||
Deferred acquisition costs | $ 1,458 |
Summary Of Business Acquired An
Summary Of Business Acquired And Deferred Sales Inducement As A Result Of Adoption Of New Accounting Guidance (Detail) - USD ($) $ in Millions | Jan. 01, 2021 | Dec. 31, 2020 |
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | $ 197 | |
Previously reported | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | $ 83 | |
Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 114 | |
Life Insurance | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 154 | |
Life Insurance | Previously reported | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 73 | |
Life Insurance | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 81 | |
Fixed annuities | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 40 | |
Fixed annuities | Previously reported | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 7 | |
Fixed annuities | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 33 | |
Variable annuities | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | 3 | |
Variable annuities | Previously reported | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | $ 3 | |
Variable annuities | Adjustment For Removal Of Balances From Accumulated Other Comprehensive Income | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | ||
Long Term Duration Insurance Contracts [Line Items] | ||
Deferred sales inducements and value of business acquired | $ 0 |
Summary Of Changes In The Liabi
Summary Of Changes In The Liability For Future Policy Benefits (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | $ 56,443 | $ 55,407 | $ 84,786 | ||||||
Liability for future policy benefit reinsurance recoverable after allowance | 26,009 | ||||||||
Liability for future policy benefit after reinsurance | 58,777 | ||||||||
Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 42,661 | 41,457 | $ 60,091 | 63,371 | |||||
Liability for future policy benefit reinsurance recoverable after allowance | 7,408 | 7,270 | 10,557 | 11,476 | |||||
Liability for future policy benefit after reinsurance | 35,253 | 34,187 | 49,534 | 51,895 | |||||
Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 1,675 | [1] | 1,820 | [1] | 2,166 | [1] | 2,649 | ||
Liability for future policy benefit reinsurance recoverable after allowance | 787 | [1] | 873 | [1] | 1,040 | [1] | 834 | ||
Liability for future policy benefit after reinsurance | 888 | [1] | 947 | [1] | 1,126 | [1] | 1,815 | ||
Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 11,905 | 11,923 | 17,039 | 18,766 | |||||
Liability for future policy benefit reinsurance recoverable after allowance | 9,012 | 8,957 | 12,583 | 13,699 | |||||
Liability for future policy benefit after reinsurance | $ 2,893 | 2,966 | $ 4,456 | 5,067 | |||||
Previously reported | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | $ 38,064 | $ 42,695 | |||||||
Previously reported | Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 28,770 | ||||||||
Previously reported | Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 2,101 | ||||||||
Previously reported | Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | $ 11,824 | ||||||||
Reclassify liability for policy and contract claims, unearned premiums and due premiums | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [2] | 11,117 | |||||||
Reclassify liability for policy and contract claims, unearned premiums and due premiums | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [2] | 10,918 | |||||||
Reclassify liability for policy and contract claims, unearned premiums and due premiums | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [2] | 189 | |||||||
Reclassify liability for policy and contract claims, unearned premiums and due premiums | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [2] | 10 | |||||||
Change in discount rate assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 31,893 | ||||||||
Change in discount rate assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 24,253 | ||||||||
Change in discount rate assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 361 | ||||||||
Change in discount rate assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 7,279 | ||||||||
Change in cash flow assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | 3,581 | |||||||
Change in cash flow assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | 3,319 | |||||||
Change in cash flow assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | (2) | |||||||
Change in cash flow assumptions | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | 264 | |||||||
Change in cash flow assumptions, effect of increase (decrease) of the deferred profit liability | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | (44) | |||||||
Change in cash flow assumptions, effect of increase (decrease) of the deferred profit liability | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | (173) | |||||||
Change in cash flow assumptions, effect of increase (decrease) of the deferred profit liability | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | 0 | |||||||
Change in cash flow assumptions, effect of increase (decrease) of the deferred profit liability | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | [3] | 129 | |||||||
Adjustment for removal of related balances in accumulated other comprehensive income (loss) | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | (4,456) | ||||||||
Adjustment for removal of related balances in accumulated other comprehensive income (loss) | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Long-Term Care Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | (3,716) | ||||||||
Adjustment for removal of related balances in accumulated other comprehensive income (loss) | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Life Insurance | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | 0 | ||||||||
Adjustment for removal of related balances in accumulated other comprehensive income (loss) | Effect Of Modified Retrospective Application Of Accounting Standards Update 2018-12 | Fixed annuities | |||||||||
Disclosure In Tabular Form Of Impact Of The Balances Of Future Liability Policy Benefits Net Of Reinsurance Due To Adoption Of New Accounting Guidance Related To The Recognition Of Long Duration Insurance Contracts [Line Items] | |||||||||
Liability for future policy benefits | $ (740) | ||||||||
[1]The components of the life insurance rollforward exclude flooring.[2]Upon adopting LDTI, we elected to combine our previously disclosed liability for policy and contract claims, unearned premiums and due premiums, excluding amounts related to mortgage insurance and certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our condensed consolidated balance sheets.[3]For limited-payment contracts, if the remeasured liability for future policy benefits under LDTI is (less) greater than the carrying value immediately before the Transition Date, the deferred profit liability is increased (decreased) with a corresponding (decrease) increase to the liability for future policy benefits. |
Summary Of Changes In The Net L
Summary Of Changes In The Net Liability Position For Market Risk Benefits (Detail) - USD ($) $ in Millions | Jan. 01, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Market risk benefit, after increase (decrease) from instrument-specific credit risk | $ 1,288 | $ 629 | $ 722 | |
Market risk benefit, reinsurance recoverable, after allowance | 244 | |||
Market risk benefit, after reinsurance and cumulative increase (decrease) from instrument-specific credit risk change | 1,044 | |||
Fixed Indexed Annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Market risk benefit, after increase (decrease) from instrument-specific credit risk | 115 | 57 | 52 | |
Market risk benefit, reinsurance recoverable, after allowance | 0 | |||
Market risk benefit, after reinsurance and cumulative increase (decrease) from instrument-specific credit risk change | 115 | |||
Variable annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Market risk benefit, after increase (decrease) from instrument-specific credit risk | 1,173 | $ 572 | $ 670 | |
Market risk benefit, reinsurance recoverable, after allowance | 244 | |||
Market risk benefit, after reinsurance and cumulative increase (decrease) from instrument-specific credit risk change | 929 | |||
Previously reported | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Market risk benefit, after increase (decrease) from instrument-specific credit risk | $ 641 | |||
Previously reported | Fixed Indexed Annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Market risk benefit, after increase (decrease) from instrument-specific credit risk | 71 | |||
Previously reported | Variable annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Market risk benefit, after increase (decrease) from instrument-specific credit risk | $ 570 | |||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Change in market risk benefits, except instrument-specific credit risk | 623 | |||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | Fixed Indexed Annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Change in market risk benefits, except instrument-specific credit risk | 39 | |||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | Variable annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Change in market risk benefits, except instrument-specific credit risk | 584 | |||
Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Change in market risk benefits, instrument-specific credit risk | 24 | |||
Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | Fixed Indexed Annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Change in market risk benefits, instrument-specific credit risk | 5 | |||
Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | Variable annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Change in market risk benefits, instrument-specific credit risk | 19 | |||
Total adjustment for the difference between carrying amount and fair value | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Total adjustment | 647 | |||
Total adjustment for the difference between carrying amount and fair value | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | Fixed Indexed Annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Total adjustment | 44 | |||
Total adjustment for the difference between carrying amount and fair value | Effect Of Retrospective Application Of Accounting Standards Update 2018-12 | Variable annuities | ||||
Disclosure In Tabular Form Of Changes In The Net Liability Position For Market Risk Benefits Due To Adoption of New Accounting Guidance Related To The Recognition And Measurement Of Long Duration Insurance Contracts [Line Items] | ||||
Total adjustment | $ 603 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Earnings Per Share [Abstract] | ||||||||||
Weighted-average common shares used in basic earnings (loss) per share calculations | 473.2 | 508.9 | 482.7 | 508.6 | ||||||
Stock options, restricted stock units and other equity-based awards | 4.9 | 5.2 | 6.4 | 7.1 | ||||||
Weighted-average common shares used in diluted earnings (loss) per share calculations | 478.1 | 514.1 | 489.1 | 515.7 | ||||||
Income from continuing operations: | ||||||||||
Income from continuing operations | $ 166 | $ 154 | $ 198 | $ 272 | $ 320 | $ 470 | ||||
Less: net income from continuing operations attributable to noncontrolling interests | 31 | 38 | 63 | 68 | ||||||
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | $ 135 | $ 160 | $ 257 | $ 402 | ||||||
Basic per share | $ 0.28 | $ 0.25 | $ 0.32 | $ 0.48 | $ 0.53 | $ 0.79 | ||||
Diluted per share | $ 0.28 | $ 0.24 | $ 0.31 | $ 0.47 | $ 0.53 | $ 0.78 | ||||
Income (loss) from discontinued operations: | ||||||||||
Income (loss) from discontinued operations, net of taxes | $ 2 | $ (1) | $ 2 | $ (3) | ||||||
Less: net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||||
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | $ 2 | $ (1) | $ 2 | $ (3) | ||||||
Basic per share | $ 0.01 | $ 0 | $ 0.01 | $ (0.01) | ||||||
Diluted per share | $ 0.01 | $ 0 | $ 0.01 | $ (0.01) | ||||||
Net income: | ||||||||||
Income from continuing operations | $ 166 | $ 154 | $ 198 | $ 272 | $ 320 | $ 470 | ||||
Income (loss) from discontinued operations, net of taxes | 2 | (1) | 2 | (3) | ||||||
Net income | 168 | 154 | 197 | 270 | 322 | 467 | ||||
Less: net income attributable to noncontrolling interests | 31 | 38 | 63 | 68 | ||||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 137 | $ 122 | $ 159 | $ 240 | $ 259 | $ 399 | ||||
Basic per share | $ 0.29 | [1] | $ 0.25 | $ 0.31 | [1] | $ 0.47 | $ 0.54 | [1] | $ 0.79 | [1] |
Diluted per share | $ 0.29 | [1] | $ 0.24 | $ 0.31 | [1] | $ 0.46 | $ 0.53 | [1] | $ 0.77 | [1] |
[1]May not total due to whole number calculation. |
Net Investment Income (Detail)
Net Investment Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | $ 809 | $ 809 | $ 1,618 | $ 1,593 |
Expenses and fees | (24) | (22) | (46) | (42) |
Net investment income | 785 | 787 | 1,572 | 1,551 |
Fixed maturity securities—taxable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 567 | 578 | 1,128 | 1,158 |
Fixed maturity securities—non-taxable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 1 | 1 | 2 | 2 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 3 | 2 | 5 | 4 |
Commercial mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 75 | 78 | 151 | 159 |
Policy Loans | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 54 | 51 | 109 | 101 |
Limited partnerships | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 17 | 32 | 45 | 39 |
Other invested assets | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | 70 | 66 | 138 | 129 |
Cash, cash equivalents, restricted cash and short-term investments | ||||
Net Investment Income [Line Items] | ||||
Gross investment income before expenses and fees | $ 22 | $ 1 | $ 40 | $ 1 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Available-for-sale fixed maturity securities: | |||||
Realized gains | $ 18 | $ 5 | $ 21 | $ 15 | |
Realized losses | (48) | (9) | (67) | (27) | |
Net realized gains (losses) on available-for-sale fixed maturity securities | (30) | (4) | (46) | (12) | |
Net realized gains (losses) on equity securities sold | (1) | 0 | (1) | 0 | |
Net realized gains (losses) on limited partnerships | 0 | 0 | 0 | 0 | |
Total net realized investment gains (losses) | (31) | (4) | (47) | (12) | |
Net change in allowance for credit losses on available-for-sale fixed maturity securities | 11 | 0 | (4) | 0 | |
Write-down of available-for-sale fixed maturity securities | [1] | (1) | 0 | (1) | (2) |
Net unrealized gains (losses) on equity securities still held | 21 | (26) | 32 | (32) | |
Net unrealized gains (losses) on limited partnerships | 40 | 24 | 40 | 59 | |
Commercial mortgage loans | 0 | 2 | (2) | 3 | |
Derivative instruments | [2] | (1) | 18 | 11 | 37 |
Other | 0 | 5 | (1) | 8 | |
Total net investment gains (losses) | $ 39 | $ 19 | $ 28 | $ 61 | |
[1]Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.[2]See note 6 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Net Investment Allowance for Cr
Net Investment Allowance for Credit Losses (Detail) - Fixed maturity securities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | $ 15 | $ 0 |
Increase from securities without allowance in previous periods | 0 | 15 |
Increase (decrease) from securities with allowance in previous periods | 0 | 0 |
Securities Sold | (9) | (9) |
Decrease due to change in intent or requirement to sell | 0 | 0 |
Write-offs | (2) | (2) |
Recoveries | 0 | 0 |
Ending Balance | 4 | 4 |
U.S. corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 9 | 0 |
Increase from securities without allowance in previous periods | 0 | 9 |
Increase (decrease) from securities with allowance in previous periods | 0 | 0 |
Securities Sold | (7) | (7) |
Decrease due to change in intent or requirement to sell | 0 | 0 |
Write-offs | (2) | (2) |
Recoveries | 0 | 0 |
Ending Balance | 0 | 0 |
Commercial mortgage-backed | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 6 | 0 |
Increase from securities without allowance in previous periods | 0 | 6 |
Increase (decrease) from securities with allowance in previous periods | 0 | 0 |
Securities Sold | (2) | (2) |
Decrease due to change in intent or requirement to sell | 0 | 0 |
Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | $ 4 | $ 4 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Schedule of Investments [Line Items] | |||
Percentage of investment portfolio by which no other industry group exceeded | 10% | ||
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded | 10 | ||
Commercial mortgage loans on nonaccrual status | $ 0 | ||
Total Assets | $ 89,844 | 89,714 | $ 122,346 |
Commercial mortgage loans, amortized cost | 6,876 | 7,032 | |
Limited partnerships | Variable interest Entity, not primary beneficiary | |||
Schedule of Investments [Line Items] | |||
Total Assets | $ 2,454 | 2,230 | |
Finance and insurance | Fixed maturity securities | |||
Schedule of Investments [Line Items] | |||
Percent of investment portfolio, greater than 10% | 26% | ||
Utilities | Fixed maturity securities | |||
Schedule of Investments [Line Items] | |||
Percent of investment portfolio, greater than 10% | 14% | ||
Consumer-non-cyclical | Fixed maturity securities | |||
Schedule of Investments [Line Items] | |||
Percent of investment portfolio, greater than 10% | 14% | ||
Technology and Communications | Fixed maturity securities | |||
Schedule of Investments [Line Items] | |||
Percent of investment portfolio, greater than 10% | 11% | ||
Mixed Use | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 379 | $ 371 | |
Mixed Use | Commercial mortgage loans greater than 90 days past due | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 6 |
Net Unrealized Gains and Losses
Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as Separate Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses | $ (3,790) | $ (4,251) | ||||
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses | 0 | 0 | ||||
Adjustments to policyholder contract balances | 62 | 68 | ||||
Income taxes, net | 608 | 705 | ||||
Net unrealized investment gains (losses) | (3,120) | (3,478) | ||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | (64) | (71) | ||||
Net unrealized investment gains (losses) | $ (3,056) | $ (2,500) | $ (3,407) | $ (1,518) | $ 2,151 | $ 6,077 |
Change in Net Unrealized Gains
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments [Abstract] | ||||
Beginning balance | $ (2,500) | $ 2,151 | $ (3,407) | $ 6,077 |
Unrealized gains (losses) on fixed maturity securities | (755) | (4,713) | 415 | (9,843) |
Adjustments to policyholder contract balances | 13 | 77 | (6) | 160 |
Provision for income taxes | 158 | 935 | (87) | 2,009 |
Change in unrealized gains (losses) on investment securities | (584) | (3,701) | 322 | (7,674) |
Reclassification adjustments to net investment (gains) losses, net of taxes of $(7), $—, $(10) and $(2) | 23 | 4 | 36 | 10 |
Change in net unrealized investment gains (losses) | (561) | (3,697) | 358 | (7,664) |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (5) | (28) | 7 | (69) |
Ending balance | $ (3,056) | $ (1,518) | $ (3,056) | $ (1,518) |
Change in Net Unrealized Gain_2
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassification adjustments to net investment gains (losses), taxes | $ (7) | $ 0 | $ (10) | $ (2) |
Amortized Cost or Cost, Gross U
Amortized Cost or Cost, Gross Unrealized Gains (Losses) and Fair Value of Fixed Maturity and Equity Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | $ 49,864 | $ 50,834 | ||
Fair value, fixed maturity securities | 46,070 | 46,583 | ||
Fixed maturity securities | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 49,864 | 50,834 | ||
Gross unrealized gains, fixed maturity securities | 636 | 596 | ||
Gross unrealized losses, fixed maturity securities | (4,426) | (4,847) | ||
Allowance for credit losses | (4) | $ (15) | 0 | $ 0 |
Fair value, fixed maturity securities | 46,070 | 46,583 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 3,459 | 3,446 | ||
Gross unrealized gains, fixed maturity securities | 97 | 86 | ||
Gross unrealized losses, fixed maturity securities | (167) | (191) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 3,389 | 3,341 | ||
Fixed maturity securities | State and Political Subdivisions | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,611 | 2,726 | ||
Gross unrealized gains, fixed maturity securities | 21 | 19 | ||
Gross unrealized losses, fixed maturity securities | (289) | (346) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,343 | 2,399 | ||
Fixed maturity securities | Non-U.S. government | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 708 | 731 | ||
Gross unrealized gains, fixed maturity securities | 15 | 15 | ||
Gross unrealized losses, fixed maturity securities | (98) | (101) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 625 | 645 | ||
Fixed maturity securities | U.S. corporate | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 29,297 | 29,641 | ||
Gross unrealized gains, fixed maturity securities | 394 | 374 | ||
Gross unrealized losses, fixed maturity securities | (2,648) | (2,896) | ||
Allowance for credit losses | 0 | (9) | 0 | |
Fair value, fixed maturity securities | 27,043 | 27,119 | ||
Fixed maturity securities | U.S. corporate | Utilities | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 4,339 | 4,295 | ||
Gross unrealized gains, fixed maturity securities | 49 | 50 | ||
Gross unrealized losses, fixed maturity securities | (424) | (447) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 3,964 | 3,898 | ||
Fixed maturity securities | U.S. corporate | Energy | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,414 | 2,450 | ||
Gross unrealized gains, fixed maturity securities | 36 | 33 | ||
Gross unrealized losses, fixed maturity securities | (202) | (221) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,248 | 2,262 | ||
Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 7,915 | 8,005 | ||
Gross unrealized gains, fixed maturity securities | 54 | 59 | ||
Gross unrealized losses, fixed maturity securities | (843) | (871) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 7,126 | 7,193 | ||
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 4,663 | 4,776 | ||
Gross unrealized gains, fixed maturity securities | 94 | 84 | ||
Gross unrealized losses, fixed maturity securities | (347) | (403) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 4,410 | 4,457 | ||
Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 3,196 | 3,265 | ||
Gross unrealized gains, fixed maturity securities | 49 | 43 | ||
Gross unrealized losses, fixed maturity securities | (311) | (361) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,934 | 2,947 | ||
Fixed maturity securities | U.S. corporate | Industrial | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,326 | 1,312 | ||
Gross unrealized gains, fixed maturity securities | 15 | 15 | ||
Gross unrealized losses, fixed maturity securities | (117) | (130) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,224 | 1,197 | ||
Fixed maturity securities | U.S. corporate | Capital goods | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,225 | 2,290 | ||
Gross unrealized gains, fixed maturity securities | 44 | 41 | ||
Gross unrealized losses, fixed maturity securities | (162) | (193) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 2,107 | 2,138 | ||
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,737 | 1,758 | ||
Gross unrealized gains, fixed maturity securities | 16 | 14 | ||
Gross unrealized losses, fixed maturity securities | (139) | (155) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,614 | 1,617 | ||
Fixed maturity securities | U.S. corporate | Transportation | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,171 | 1,165 | ||
Gross unrealized gains, fixed maturity securities | 33 | 32 | ||
Gross unrealized losses, fixed maturity securities | (87) | (97) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,117 | 1,100 | ||
Fixed maturity securities | U.S. corporate | Other | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 311 | 325 | ||
Gross unrealized gains, fixed maturity securities | 4 | 3 | ||
Gross unrealized losses, fixed maturity securities | (16) | (18) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 299 | 310 | ||
Fixed maturity securities | Non-U.S. corporate | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 8,451 | 8,720 | ||
Gross unrealized gains, fixed maturity securities | 103 | 92 | ||
Gross unrealized losses, fixed maturity securities | (716) | (802) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 7,838 | 8,010 | ||
Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 813 | 817 | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 | ||
Gross unrealized losses, fixed maturity securities | (78) | (77) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 735 | 740 | ||
Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,043 | 1,009 | ||
Gross unrealized gains, fixed maturity securities | 21 | 19 | ||
Gross unrealized losses, fixed maturity securities | (62) | (68) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,002 | 960 | ||
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,054 | 2,124 | ||
Gross unrealized gains, fixed maturity securities | 33 | 30 | ||
Gross unrealized losses, fixed maturity securities | (188) | (208) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 1,899 | 1,946 | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 666 | 655 | ||
Gross unrealized gains, fixed maturity securities | 3 | 1 | ||
Gross unrealized losses, fixed maturity securities | (77) | (90) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 592 | 566 | ||
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 977 | 997 | ||
Gross unrealized gains, fixed maturity securities | 7 | 4 | ||
Gross unrealized losses, fixed maturity securities | (93) | (107) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 891 | 894 | ||
Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 838 | 880 | ||
Gross unrealized gains, fixed maturity securities | 9 | 8 | ||
Gross unrealized losses, fixed maturity securities | (65) | (70) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 782 | 818 | ||
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 602 | 606 | ||
Gross unrealized gains, fixed maturity securities | 4 | 3 | ||
Gross unrealized losses, fixed maturity securities | (51) | (63) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 555 | 546 | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 239 | 308 | ||
Gross unrealized gains, fixed maturity securities | 1 | 0 | ||
Gross unrealized losses, fixed maturity securities | (23) | (32) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 217 | 276 | ||
Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 360 | 392 | ||
Gross unrealized gains, fixed maturity securities | 12 | 12 | ||
Gross unrealized losses, fixed maturity securities | (26) | (29) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 346 | 375 | ||
Fixed maturity securities | Non-U.S. corporate | Other | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 859 | 932 | ||
Gross unrealized gains, fixed maturity securities | 13 | 15 | ||
Gross unrealized losses, fixed maturity securities | (53) | (58) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 819 | 889 | ||
Fixed maturity securities | Residential mortgage-backed | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 997 | 1,059 | ||
Gross unrealized gains, fixed maturity securities | 4 | 7 | ||
Gross unrealized losses, fixed maturity securities | (67) | (71) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | 934 | 995 | ||
Fixed maturity securities | Commercial mortgage-backed | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 1,990 | 2,183 | ||
Gross unrealized gains, fixed maturity securities | 1 | 2 | ||
Gross unrealized losses, fixed maturity securities | (297) | (277) | ||
Allowance for credit losses | (4) | $ (6) | 0 | |
Fair value, fixed maturity securities | 1,690 | 1,908 | ||
Fixed maturity securities | Other asset-backed | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost or cost, fixed maturity securities | 2,351 | 2,328 | ||
Gross unrealized gains, fixed maturity securities | 1 | 1 | ||
Gross unrealized losses, fixed maturity securities | (144) | (163) | ||
Allowance for credit losses | 0 | 0 | ||
Fair value, fixed maturity securities | $ 2,208 | $ 2,166 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Millions | Jun. 30, 2023 USD ($) Securities | Dec. 31, 2022 USD ($) Securities |
Investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 10,912 | $ 29,959 |
Less than 12 months, Gross unrealized losses | $ (514) | $ (3,687) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,558 | 4,158 |
12 months or more, Fair value | $ 22,108 | $ 3,590 |
12 months or more, Gross unrealized losses | $ (3,713) | $ (915) |
12 months or more, Number of securities in a continuous loss position | Securities | 3,100 | 537 |
Fair value | $ 33,020 | $ 33,549 |
Gross unrealized losses | $ (4,227) | $ (4,602) |
Number of securities in a continuous loss position | Securities | 4,658 | 4,695 |
Below investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 250 | $ 1,398 |
Less than 12 months, Gross unrealized losses | $ (5) | $ (157) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 26 | 202 |
12 months or more, Fair value | $ 1,280 | $ 340 |
12 months or more, Gross unrealized losses | $ (194) | $ (88) |
12 months or more, Number of securities in a continuous loss position | Securities | 199 | 44 |
Fair value | $ 1,530 | $ 1,738 |
Gross unrealized losses | $ (199) | $ (245) |
Number of securities in a continuous loss position | Securities | 225 | 246 |
Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 11,162 | $ 31,357 |
Less than 12 months, Gross unrealized losses | $ (519) | $ (3,844) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,584 | 4,360 |
12 months or more, Fair value | $ 23,388 | $ 3,930 |
12 months or more, Gross unrealized losses | $ (3,907) | $ (1,003) |
12 months or more, Number of securities in a continuous loss position | Securities | 3,299 | 581 |
Fair value | $ 34,550 | $ 35,287 |
Gross unrealized losses | $ (4,426) | $ (4,847) |
Number of securities in a continuous loss position | Securities | 4,883 | 4,941 |
Fixed maturity securities | Less Than 20 Percent Below Cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 11,085 | $ 27,596 |
Less than 12 months, Gross unrealized losses | $ (494) | $ (2,587) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,576 | 3,835 |
12 months or more, Fair value | $ 18,715 | $ 1,819 |
12 months or more, Gross unrealized losses | $ (2,339) | $ (291) |
12 months or more, Number of securities in a continuous loss position | Securities | 2,671 | 310 |
Fair value | $ 29,800 | $ 29,415 |
Gross unrealized losses | $ (2,833) | $ (2,878) |
Number of securities in a continuous loss position | Securities | 4,247 | 4,145 |
Fixed maturity securities | 20 To 50 percent below cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 77 | $ 3,757 |
Less than 12 months, Gross unrealized losses | $ (25) | $ (1,251) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 8 | 523 |
12 months or more, Fair value | $ 4,673 | $ 2,111 |
12 months or more, Gross unrealized losses | $ (1,568) | $ (712) |
12 months or more, Number of securities in a continuous loss position | Securities | 628 | 271 |
Fair value | $ 4,750 | $ 5,868 |
Gross unrealized losses | $ (1,593) | $ (1,963) |
Number of securities in a continuous loss position | Securities | 636 | 794 |
Fixed maturity securities | Greater Than 50 Percent Below Cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 4 | |
Less than 12 months, Gross unrealized losses | $ (6) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2 | |
12 months or more, Fair value | $ 0 | |
12 months or more, Gross unrealized losses | $ 0 | |
12 months or more, Number of securities in a continuous loss position | Securities | 0 | |
Fair value | $ 4 | |
Gross unrealized losses | $ (6) | |
Number of securities in a continuous loss position | Securities | 2 | |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,412 | $ 1,585 |
Less than 12 months, Gross unrealized losses | $ (106) | $ (189) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 42 | 55 |
12 months or more, Fair value | $ 329 | $ 17 |
12 months or more, Gross unrealized losses | $ (61) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 36 | 6 |
Fair value | $ 1,741 | $ 1,602 |
Gross unrealized losses | $ (167) | $ (191) |
Number of securities in a continuous loss position | Securities | 78 | 61 |
Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 495 | $ 1,559 |
Less than 12 months, Gross unrealized losses | $ (25) | $ (269) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 77 | 258 |
12 months or more, Fair value | $ 1,252 | $ 261 |
12 months or more, Gross unrealized losses | $ (264) | $ (77) |
12 months or more, Number of securities in a continuous loss position | Securities | 223 | 66 |
Fair value | $ 1,747 | $ 1,820 |
Gross unrealized losses | $ (289) | $ (346) |
Number of securities in a continuous loss position | Securities | 300 | 324 |
Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 123 | $ 351 |
Less than 12 months, Gross unrealized losses | $ (3) | $ (54) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 22 | 59 |
12 months or more, Fair value | $ 387 | $ 152 |
12 months or more, Gross unrealized losses | $ (95) | $ (47) |
12 months or more, Number of securities in a continuous loss position | Securities | 60 | 23 |
Fair value | $ 510 | $ 503 |
Gross unrealized losses | $ (98) | $ (101) |
Number of securities in a continuous loss position | Securities | 82 | 82 |
Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 6,257 | $ 18,480 |
Less than 12 months, Gross unrealized losses | $ (285) | $ (2,344) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 878 | 2,452 |
12 months or more, Fair value | $ 13,764 | $ 2,001 |
12 months or more, Gross unrealized losses | $ (2,363) | $ (552) |
12 months or more, Number of securities in a continuous loss position | Securities | 1,768 | 236 |
Fair value | $ 20,021 | $ 20,481 |
Gross unrealized losses | $ (2,648) | $ (2,896) |
Number of securities in a continuous loss position | Securities | 2,646 | 2,688 |
Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,733 | $ 5,593 |
Less than 12 months, Gross unrealized losses | $ (55) | $ (599) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 226 | 732 |
12 months or more, Fair value | $ 4,353 | $ 748 |
12 months or more, Gross unrealized losses | $ (661) | $ (203) |
12 months or more, Number of securities in a continuous loss position | Securities | 579 | 111 |
Fair value | $ 6,086 | $ 6,341 |
Gross unrealized losses | $ (716) | $ (802) |
Number of securities in a continuous loss position | Securities | 805 | 843 |
Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 391 | $ 569 |
Less than 12 months, Gross unrealized losses | $ (16) | $ (51) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 160 | 192 |
12 months or more, Fair value | $ 323 | $ 65 |
12 months or more, Gross unrealized losses | $ (51) | $ (20) |
12 months or more, Number of securities in a continuous loss position | Securities | 98 | 22 |
Fair value | $ 714 | $ 634 |
Gross unrealized losses | $ (67) | $ (71) |
Number of securities in a continuous loss position | Securities | 258 | 214 |
Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 227 | $ 1,765 |
Less than 12 months, Gross unrealized losses | $ (18) | $ (255) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 32 | 265 |
12 months or more, Fair value | $ 1,430 | $ 88 |
12 months or more, Gross unrealized losses | $ (279) | $ (22) |
12 months or more, Number of securities in a continuous loss position | Securities | 230 | 16 |
Fair value | $ 1,657 | $ 1,853 |
Gross unrealized losses | $ (297) | $ (277) |
Number of securities in a continuous loss position | Securities | 262 | 281 |
Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 524 | $ 1,455 |
Less than 12 months, Gross unrealized losses | $ (11) | $ (83) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 147 | 347 |
12 months or more, Fair value | $ 1,550 | $ 598 |
12 months or more, Gross unrealized losses | $ (133) | $ (80) |
12 months or more, Number of securities in a continuous loss position | Securities | 305 | 101 |
Fair value | $ 2,074 | $ 2,053 |
Gross unrealized losses | $ (144) | $ (163) |
Number of securities in a continuous loss position | Securities | 452 | 448 |
Gross Unrealized Losses and F_2
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail) - Fixed maturity securities $ in Millions | Jun. 30, 2023 USD ($) Securities | Dec. 31, 2022 USD ($) Securities |
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 11,162 | $ 31,357 |
Less than 12 months, Gross unrealized losses | $ (519) | $ (3,844) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,584 | 4,360 |
12 months or more, Fair value | $ 23,388 | $ 3,930 |
12 months or more, Gross unrealized losses | $ (3,907) | $ (1,003) |
12 months or more, Number of securities in a continuous loss position | Securities | 3,299 | 581 |
Fair value | $ 34,550 | $ 35,287 |
Gross unrealized losses | $ (4,426) | $ (4,847) |
Number of securities in a continuous loss position | Securities | 4,883 | 4,941 |
U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 6,257 | $ 18,480 |
Less than 12 months, Gross unrealized losses | $ (285) | $ (2,344) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 878 | 2,452 |
12 months or more, Fair value | $ 13,764 | $ 2,001 |
12 months or more, Gross unrealized losses | $ (2,363) | $ (552) |
12 months or more, Number of securities in a continuous loss position | Securities | 1,768 | 236 |
Fair value | $ 20,021 | $ 20,481 |
Gross unrealized losses | $ (2,648) | $ (2,896) |
Number of securities in a continuous loss position | Securities | 2,646 | 2,688 |
U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 883 | $ 2,447 |
Less than 12 months, Gross unrealized losses | $ (34) | $ (398) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 115 | 345 |
12 months or more, Fair value | $ 1,817 | $ 187 |
12 months or more, Gross unrealized losses | $ (390) | $ (49) |
12 months or more, Number of securities in a continuous loss position | Securities | 270 | 37 |
Fair value | $ 2,700 | $ 2,634 |
Gross unrealized losses | $ (424) | $ (447) |
Number of securities in a continuous loss position | Securities | 385 | 382 |
U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 429 | $ 1,538 |
Less than 12 months, Gross unrealized losses | $ (21) | $ (187) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 77 | 226 |
12 months or more, Fair value | $ 1,173 | $ 144 |
12 months or more, Gross unrealized losses | $ (181) | $ (34) |
12 months or more, Number of securities in a continuous loss position | Securities | 152 | 14 |
Fair value | $ 1,602 | $ 1,682 |
Gross unrealized losses | $ (202) | $ (221) |
Number of securities in a continuous loss position | Securities | 229 | 240 |
U.S. corporate | Finance and insurance | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 1,680 | $ 5,250 |
Less than 12 months, Gross unrealized losses | $ (82) | $ (668) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 254 | 696 |
12 months or more, Fair value | $ 4,290 | $ 706 |
12 months or more, Gross unrealized losses | $ (761) | $ (203) |
12 months or more, Number of securities in a continuous loss position | Securities | 514 | 74 |
Fair value | $ 5,970 | $ 5,956 |
Gross unrealized losses | $ (843) | $ (871) |
Number of securities in a continuous loss position | Securities | 768 | 770 |
U.S. corporate | Consumer-non-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 907 | $ 2,805 |
Less than 12 months, Gross unrealized losses | $ (51) | $ (342) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 118 | 317 |
12 months or more, Fair value | $ 1,922 | $ 201 |
12 months or more, Gross unrealized losses | $ (296) | $ (61) |
12 months or more, Number of securities in a continuous loss position | Securities | 214 | 22 |
Fair value | $ 2,829 | $ 3,006 |
Gross unrealized losses | $ (347) | $ (403) |
Number of securities in a continuous loss position | Securities | 332 | 339 |
U.S. corporate | Technology and communications | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 910 | $ 2,259 |
Less than 12 months, Gross unrealized losses | $ (44) | $ (273) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 117 | 304 |
12 months or more, Fair value | $ 1,489 | $ 271 |
12 months or more, Gross unrealized losses | $ (267) | $ (88) |
12 months or more, Number of securities in a continuous loss position | Securities | 214 | 32 |
Fair value | $ 2,399 | $ 2,530 |
Gross unrealized losses | $ (311) | $ (361) |
Number of securities in a continuous loss position | Securities | 331 | 336 |
U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 306 | $ 829 |
Less than 12 months, Gross unrealized losses | $ (7) | $ (105) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 30 | 104 |
12 months or more, Fair value | $ 610 | $ 110 |
12 months or more, Gross unrealized losses | $ (110) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 82 | 13 |
Fair value | $ 916 | $ 939 |
Gross unrealized losses | $ (117) | $ (130) |
Number of securities in a continuous loss position | Securities | 112 | 117 |
U.S. corporate | Capital goods | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 376 | $ 1,332 |
Less than 12 months, Gross unrealized losses | $ (13) | $ (153) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 59 | 169 |
12 months or more, Fair value | $ 1,003 | $ 148 |
12 months or more, Gross unrealized losses | $ (149) | $ (40) |
12 months or more, Number of securities in a continuous loss position | Securities | 122 | 16 |
Fair value | $ 1,379 | $ 1,480 |
Gross unrealized losses | $ (162) | $ (193) |
Number of securities in a continuous loss position | Securities | 181 | 185 |
U.S. corporate | Consumer-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 403 | $ 1,138 |
Less than 12 months, Gross unrealized losses | $ (15) | $ (108) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 66 | 173 |
12 months or more, Fair value | $ 873 | $ 194 |
12 months or more, Gross unrealized losses | $ (124) | $ (47) |
12 months or more, Number of securities in a continuous loss position | Securities | 121 | 22 |
Fair value | $ 1,276 | $ 1,332 |
Gross unrealized losses | $ (139) | $ (155) |
Number of securities in a continuous loss position | Securities | 187 | 195 |
U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 280 | $ 746 |
Less than 12 months, Gross unrealized losses | $ (16) | $ (93) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 30 | 95 |
12 months or more, Fair value | $ 473 | $ 21 |
12 months or more, Gross unrealized losses | $ (71) | $ (4) |
12 months or more, Number of securities in a continuous loss position | Securities | 66 | 5 |
Fair value | $ 753 | $ 767 |
Gross unrealized losses | $ (87) | $ (97) |
Number of securities in a continuous loss position | Securities | 96 | 100 |
U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 83 | $ 136 |
Less than 12 months, Gross unrealized losses | $ (2) | $ (17) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 12 | 23 |
12 months or more, Fair value | $ 114 | $ 19 |
12 months or more, Gross unrealized losses | $ (14) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 13 | 1 |
Fair value | $ 197 | $ 155 |
Gross unrealized losses | $ (16) | $ (18) |
Number of securities in a continuous loss position | Securities | 25 | 24 |
Non-U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 1,733 | $ 5,593 |
Less than 12 months, Gross unrealized losses | $ (55) | $ (599) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 226 | 732 |
12 months or more, Fair value | $ 4,353 | $ 748 |
12 months or more, Gross unrealized losses | $ (661) | $ (203) |
12 months or more, Number of securities in a continuous loss position | Securities | 579 | 111 |
Fair value | $ 6,086 | $ 6,341 |
Gross unrealized losses | $ (716) | $ (802) |
Number of securities in a continuous loss position | Securities | 805 | 843 |
Non-U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 233 | $ 640 |
Less than 12 months, Gross unrealized losses | $ (8) | $ (63) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 21 | 66 |
12 months or more, Fair value | $ 498 | $ 57 |
12 months or more, Gross unrealized losses | $ (70) | $ (14) |
12 months or more, Number of securities in a continuous loss position | Securities | 55 | 9 |
Fair value | $ 731 | $ 697 |
Gross unrealized losses | $ (78) | $ (77) |
Number of securities in a continuous loss position | Securities | 76 | 75 |
Non-U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 267 | $ 604 |
Less than 12 months, Gross unrealized losses | $ (9) | $ (61) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 32 | 69 |
12 months or more, Fair value | $ 373 | $ 40 |
12 months or more, Gross unrealized losses | $ (53) | $ (7) |
12 months or more, Number of securities in a continuous loss position | Securities | 42 | 5 |
Fair value | $ 640 | $ 644 |
Gross unrealized losses | $ (62) | $ (68) |
Number of securities in a continuous loss position | Securities | 74 | 74 |
Non-U.S. corporate | Finance and insurance | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 376 | $ 1,310 |
Less than 12 months, Gross unrealized losses | $ (12) | $ (122) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 67 | 204 |
12 months or more, Fair value | $ 1,162 | $ 296 |
12 months or more, Gross unrealized losses | $ (176) | $ (86) |
12 months or more, Number of securities in a continuous loss position | Securities | 167 | 42 |
Fair value | $ 1,538 | $ 1,606 |
Gross unrealized losses | $ (188) | $ (208) |
Number of securities in a continuous loss position | Securities | 234 | 246 |
Non-U.S. corporate | Consumer-non-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 133 | $ 491 |
Less than 12 months, Gross unrealized losses | $ (6) | $ (74) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 16 | 56 |
12 months or more, Fair value | $ 386 | $ 54 |
12 months or more, Gross unrealized losses | $ (71) | $ (16) |
12 months or more, Number of securities in a continuous loss position | Securities | 47 | 11 |
Fair value | $ 519 | $ 545 |
Gross unrealized losses | $ (77) | $ (90) |
Number of securities in a continuous loss position | Securities | 63 | 67 |
Non-U.S. corporate | Technology and communications | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 199 | $ 740 |
Less than 12 months, Gross unrealized losses | $ (6) | $ (96) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 25 | 93 |
12 months or more, Fair value | $ 548 | $ 39 |
12 months or more, Gross unrealized losses | $ (87) | $ (11) |
12 months or more, Number of securities in a continuous loss position | Securities | 73 | 8 |
Fair value | $ 747 | $ 779 |
Gross unrealized losses | $ (93) | $ (107) |
Number of securities in a continuous loss position | Securities | 98 | 101 |
Non-U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 118 | $ 480 |
Less than 12 months, Gross unrealized losses | $ (5) | $ (45) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 23 | 71 |
12 months or more, Fair value | $ 419 | $ 105 |
12 months or more, Gross unrealized losses | $ (60) | $ (25) |
12 months or more, Number of securities in a continuous loss position | Securities | 56 | 13 |
Fair value | $ 537 | $ 585 |
Gross unrealized losses | $ (65) | $ (70) |
Number of securities in a continuous loss position | Securities | 79 | 84 |
Non-U.S. corporate | Capital goods | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 104 | $ 394 |
Less than 12 months, Gross unrealized losses | $ (1) | $ (46) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 11 | 52 |
12 months or more, Fair value | $ 349 | $ 62 |
12 months or more, Gross unrealized losses | $ (50) | $ (17) |
12 months or more, Number of securities in a continuous loss position | Securities | 47 | 6 |
Fair value | $ 453 | $ 456 |
Gross unrealized losses | $ (51) | $ (63) |
Number of securities in a continuous loss position | Securities | 58 | 58 |
Non-U.S. corporate | Consumer-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 61 | $ 241 |
Less than 12 months, Gross unrealized losses | $ (2) | $ (28) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4 | 31 |
12 months or more, Fair value | $ 140 | $ 23 |
12 months or more, Gross unrealized losses | $ (21) | $ (4) |
12 months or more, Number of securities in a continuous loss position | Securities | 25 | 6 |
Fair value | $ 201 | $ 264 |
Gross unrealized losses | $ (23) | $ (32) |
Number of securities in a continuous loss position | Securities | 29 | 37 |
Non-U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 74 | $ 180 |
Less than 12 months, Gross unrealized losses | $ (3) | $ (21) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 10 | 26 |
12 months or more, Fair value | $ 137 | $ 29 |
12 months or more, Gross unrealized losses | $ (23) | $ (8) |
12 months or more, Number of securities in a continuous loss position | Securities | 22 | 5 |
Fair value | $ 211 | $ 209 |
Gross unrealized losses | $ (26) | $ (29) |
Number of securities in a continuous loss position | Securities | 32 | 31 |
Non-U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 168 | $ 513 |
Less than 12 months, Gross unrealized losses | $ (3) | $ (43) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 17 | 64 |
12 months or more, Fair value | $ 341 | $ 43 |
12 months or more, Gross unrealized losses | $ (50) | $ (15) |
12 months or more, Number of securities in a continuous loss position | Securities | 45 | 6 |
Fair value | $ 509 | $ 556 |
Gross unrealized losses | $ (53) | $ (58) |
Number of securities in a continuous loss position | Securities | 62 | 70 |
Corporate Debt Securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 7,990 | $ 24,073 |
Less than 12 months, Gross unrealized losses | $ (340) | $ (2,943) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,104 | 3,184 |
12 months or more, Fair value | $ 18,117 | $ 2,749 |
12 months or more, Gross unrealized losses | $ (3,024) | $ (755) |
12 months or more, Number of securities in a continuous loss position | Securities | 2,347 | 347 |
Fair value | $ 26,107 | $ 26,822 |
Gross unrealized losses | $ (3,364) | $ (3,698) |
Number of securities in a continuous loss position | Securities | 3,451 | 3,531 |
Scheduled Maturity Distribution
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost or cost | ||
Due one year or less | $ 1,389 | |
Due after one year through five years | 8,373 | |
Due after five years through ten years | 12,727 | |
Due after ten years | 22,037 | |
Subtotal | 44,526 | |
Amortized cost or cost, fixed maturity securities | 49,864 | $ 50,834 |
Fair value | ||
Due one year or less | 1,375 | |
Due after one year through five years | 8,000 | |
Due after five years through ten years | 11,662 | |
Due after ten years | 20,201 | |
Subtotal | 41,238 | |
Fair value, fixed maturity securities | 46,070 | $ 46,583 |
Residential mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 997 | |
Fair value | ||
Fixed maturity securities | 934 | |
Commercial mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 1,990 | |
Fair value | ||
Fixed maturity securities | 1,690 | |
Other asset-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,351 | |
Fair value | ||
Fixed maturity securities | $ 2,208 |
Distribution Across Property Ty
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 |
% of total | 100% | 100% |
Allowance for credit losses | $ (24) | $ (22) |
Commercial mortgage loans, net | 6,852 | 7,010 |
Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 |
% of total | 100% | 100% |
Allowance for credit losses | $ (24) | $ (22) |
Commercial mortgage loans, net | 6,852 | 7,010 |
South Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,782 | $ 1,809 |
% of total | 26% | 26% |
Pacific | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,310 | $ 1,340 |
% of total | 19% | 19% |
Mountain | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,006 | $ 1,023 |
% of total | 15% | 15% |
Middle Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 944 | $ 988 |
% of total | 14% | 14% |
West South Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 566 | $ 578 |
% of total | 8% | 8% |
East North Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 453 | $ 454 |
% of total | 6% | 6% |
West North Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 415 | $ 438 |
% of total | 6% | 6% |
East South Central | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 213 | $ 218 |
% of total | 3% | 3% |
New England | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 187 | $ 184 |
% of total | 3% | 3% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,859 | $ 2,916 |
% of total | 42% | 42% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,516 | $ 1,579 |
% of total | 22% | 22% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,441 | $ 1,456 |
% of total | 21% | 21% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 534 | $ 561 |
% of total | 8% | 8% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 379 | $ 371 |
% of total | 5% | 5% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 147 | $ 149 |
% of total | 2% | 2% |
Allowance for Credit Losses Rel
Allowance for Credit Losses Related To Commercial Mortgage Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 22 | |||
Ending balance | $ 24 | 24 | ||
Allowance for Credit Losses | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 24 | $ 25 | 22 | $ 26 |
Provision | 0 | (3) | 2 | (4) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 1 | 0 | 1 |
Ending balance | $ 24 | $ 23 | $ 24 | $ 23 |
Commercial Mortgage Loans By Ye
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 |
Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 6,876 | 7,032 |
0% - 50% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,406 | 2,385 |
0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,406 | |
51% - 60% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,342 | 1,342 |
51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,342 | |
61% - 75% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,086 | 3,255 |
61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,086 | |
76% - 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 42 | 50 |
76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 42 | |
Greater than 100% | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | 0 |
Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 246 | 270 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 264 | 272 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,099 | 1,118 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,067 | 3,085 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,200 | $ 2,287 |
2023 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 112 | |
2023 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2 | |
2023 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 16 | |
2023 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 94 | |
2023 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2023 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2023 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2023 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 14 | |
2023 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 52 | |
2023 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 44 | |
2023 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2 | |
2022 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 939 | |
2022 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 41 | |
2022 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 57 | |
2022 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 841 | |
2022 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2022 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 7 | |
2022 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 17 | |
2022 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 287 | |
2022 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 575 | |
2022 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 53 | |
2021 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 917 | |
2021 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 40 | |
2021 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 131 | |
2021 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 746 | |
2021 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 10 | |
2021 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2021 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 69 | |
2021 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 607 | |
2021 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 231 | |
2020 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 486 | |
2020 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 98 | |
2020 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 103 | |
2020 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 285 | |
2020 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2020 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2020 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 6 | |
2020 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 16 | |
2020 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 64 | |
2020 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 202 | |
2020 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 198 | |
2019 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 701 | |
2019 | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 118 | |
2019 | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 148 | |
2019 | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 427 | |
2019 | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 8 | |
2019 | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2019 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 46 | |
2019 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 19 | |
2019 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 162 | |
2019 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 266 | |
2019 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 208 | |
2018 and prior | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 3,721 | |
2018 and prior | 0% - 50% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 2,107 | |
2018 and prior | 51% - 60% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 887 | |
2018 and prior | 61% - 75% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 693 | |
2018 and prior | 76% - 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 34 | |
2018 and prior | Greater than 100% | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 0 | |
2018 and prior | Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 177 | |
2018 and prior | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 198 | |
2018 and prior | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 465 | |
2018 and prior | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | 1,373 | |
2018 and prior | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,508 |
Debt-to-Value of Commercial Mor
Debt-to-Value of Commercial Mortgage Loans by Property Type (Detail) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Dec. 31, 2021 | Dec. 31, 2022 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 | |
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 | |
% of total | 100% | 100% | |
Weighted-average debt service coverage ratio | 1.93 | 1.93 | |
Retail | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 2,859 | $ 2,916 | |
% of total | 42% | 42% | |
Industrial | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 1,441 | $ 1,456 | |
% of total | 21% | 21% | |
Office | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 1,516 | $ 1,579 | |
% of total | 22% | 22% | |
Apartments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 534 | $ 561 | |
% of total | 8% | 8% | |
Mixed Use | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 379 | $ 371 | |
% of total | 5% | 5% | |
Other | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 147 | $ 149 | |
% of total | 2% | 2% | |
0% - 50% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 2,406 | $ 2,385 | |
% of total | 35% | 34% | |
Weighted-average debt service coverage ratio | 2.34 | 2.35 | |
0% - 50% | Retail | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 902 | $ 907 | |
0% - 50% | Industrial | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 694 | 668 | |
0% - 50% | Office | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 454 | 445 | |
0% - 50% | Apartments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 177 | 184 | |
0% - 50% | Mixed Use | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 93 | 93 | |
0% - 50% | Other | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 86 | 88 | |
51% - 60% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 1,342 | $ 1,342 | |
% of total | 19% | 19% | |
Weighted-average debt service coverage ratio | 1.91 | 1.95 | |
51% - 60% | Retail | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 690 | $ 649 | |
51% - 60% | Industrial | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 175 | 243 | |
51% - 60% | Office | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 274 | 272 | |
51% - 60% | Apartments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 91 | 90 | |
51% - 60% | Mixed Use | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 103 | 79 | |
51% - 60% | Other | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 9 | 9 | |
61% - 75% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 3,086 | $ 3,255 | |
% of total | 45% | 46% | |
Weighted-average debt service coverage ratio | 1.62 | 1.63 | |
61% - 75% | Retail | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 1,239 | $ 1,332 | |
61% - 75% | Industrial | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 572 | 545 | |
61% - 75% | Office | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 788 | 848 | |
61% - 75% | Apartments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 258 | 279 | |
61% - 75% | Mixed Use | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 177 | 199 | |
61% - 75% | Other | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 52 | 52 | |
76% - 100% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 42 | $ 50 | |
% of total | 1% | 1% | |
Weighted-average debt service coverage ratio | 1.59 | 1.34 | |
76% - 100% | Retail | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 28 | $ 28 | |
76% - 100% | Industrial | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 0 | |
76% - 100% | Office | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 14 | |
76% - 100% | Apartments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 8 | 8 | |
76% - 100% | Mixed Use | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 6 | 0 | |
76% - 100% | Other | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 0 | |
Greater than 100% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 | |
% of total | 0% | 0% | |
Weighted-average debt service coverage ratio | 0 | 0 | |
Greater than 100% | Retail | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 | |
Greater than 100% | Industrial | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 0 | |
Greater than 100% | Office | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 0 | |
Greater than 100% | Apartments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 0 | |
Greater than 100% | Mixed Use | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | 0 | 0 | |
Greater than 100% | Other | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Commercial mortgage loans, amortized cost | $ 0 | $ 0 |
Debt Service Coverage Ratio for
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 |
% of total | 100% | 100% |
Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 6,876 | $ 7,032 |
% of total | 100% | 100% |
Weighted-average debt-to-value | 55% | 56% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,859 | $ 2,916 |
% of total | 42% | 42% |
Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,859 | $ 2,916 |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,441 | $ 1,456 |
% of total | 21% | 21% |
Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,441 | $ 1,456 |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,516 | $ 1,579 |
% of total | 22% | 22% |
Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,516 | $ 1,579 |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 534 | $ 561 |
% of total | 8% | 8% |
Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 534 | $ 561 |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 379 | $ 371 |
% of total | 5% | 5% |
Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 379 | $ 371 |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 147 | $ 149 |
% of total | 2% | 2% |
Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 147 | $ 149 |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 246 | $ 270 |
% of total | 4% | 4% |
Weighted-average debt-to-value | 59% | 61% |
Less than 1.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 87 | $ 88 |
Less than 1.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 21 | 20 |
Less than 1.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 60 | 81 |
Less than 1.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 14 | 14 |
Less than 1.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 23 | 25 |
Less than 1.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 41 | 42 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 264 | $ 272 |
% of total | 4% | 4% |
Weighted-average debt-to-value | 61% | 62% |
1.00 - 1.25 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 69 | $ 68 |
1.00 - 1.25 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 43 | 44 |
1.00 - 1.25 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 121 | 131 |
1.00 - 1.25 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 16 | 11 |
1.00 - 1.25 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 13 | 16 |
1.00 - 1.25 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 2 | 2 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,099 | $ 1,118 |
% of total | 16% | 16% |
Weighted-average debt-to-value | 64% | 63% |
1.26 - 1.50 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 557 | $ 560 |
1.26 - 1.50 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 188 | 194 |
1.26 - 1.50 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 153 | 155 |
1.26 - 1.50 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 143 | 150 |
1.26 - 1.50 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 49 | 50 |
1.26 - 1.50 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 9 | 9 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 3,067 | $ 3,085 |
% of total | 44% | 44% |
Weighted-average debt-to-value | 60% | 60% |
1.51 - 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 1,356 | $ 1,380 |
1.51 - 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 589 | 574 |
1.51 - 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 656 | 666 |
1.51 - 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 231 | 242 |
1.51 - 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 203 | 190 |
1.51 - 2.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 32 | 33 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 2,200 | $ 2,287 |
% of total | 32% | 32% |
Weighted-average debt-to-value | 44% | 44% |
Greater than 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 790 | $ 820 |
Greater than 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 600 | 624 |
Greater than 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 526 | 546 |
Greater than 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 130 | 144 |
Greater than 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | 91 | 90 |
Greater than 2.00 | Other | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, amortized cost | $ 63 | $ 63 |
Schedule of Positions in Deriva
Schedule of Positions in Derivative Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Derivative assets, fair value | $ 61 | $ 50 | |
Derivative liabilities, fair value | 671 | 739 | |
Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 195 | 217 | |
Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 476 | 522 | |
Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 61 | 50 | |
Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 472 | 522 | |
Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 30 | 24 | |
Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 1 | ||
Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 16 | 20 | |
Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 15 | 6 | |
Forward bond purchase commitments | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 3 | ||
Fixed indexed annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 180 | 202 | |
Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 15 | 15 | |
Designated As Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 46 | 44 | |
Derivative liabilities, fair value | 473 | 522 | |
Designated As Hedging Instrument | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 46 | 44 | |
Derivative liabilities, fair value | 473 | 522 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 472 | 522 | |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 30 | 24 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 1 | 0 | |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 16 | 20 | |
Derivatives not designated as hedges | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 15 | 6 | |
Derivative liabilities, fair value | 198 | 217 | |
Derivatives not designated as hedges | Equity index options | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Derivatives not designated as hedges | Equity index options | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 15 | 6 | |
Derivatives not designated as hedges | Financial futures | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 0 | 0 | |
Derivatives not designated as hedges | Financial futures | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | [1] | 0 | 0 |
Derivatives not designated as hedges | Forward bond purchase commitments | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | 3 | 0 | |
Derivatives not designated as hedges | Forward bond purchase commitments | Other invested assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivatives not designated as hedges | Fixed indexed annuity embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [2] | 180 | 202 |
Derivatives not designated as hedges | Fixed indexed annuity embedded derivatives | Other assets | |||
Derivative [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Policyholder account balances | |||
Derivative [Line Items] | |||
Derivative liabilities, fair value | [3] | 15 | 15 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable | |||
Derivative [Line Items] | |||
Derivative assets, fair value | $ 0 | $ 0 | |
[1]The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis.[2]Represents the embedded derivatives associated with our fixed indexed annuity liabilities.[3]Represents the embedded derivatives associated with our indexed universal life liabilities. |
Activity Associated with Deriva
Activity Associated with Derivative Instruments (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) Policies | |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 11,025 |
Additions | 4,430 |
Maturities/ terminations | (3,510) |
Notional amount, ending balance | 11,945 |
Designated As Hedging Instrument | |
Derivative [Line Items] | |
Notional amount, beginning balance | 8,686 |
Additions | 927 |
Maturities/ terminations | (128) |
Notional amount, ending balance | 9,485 |
Designated As Hedging Instrument | Cash Flow Hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 8,686 |
Additions | 927 |
Maturities/ terminations | (128) |
Notional amount, ending balance | 9,485 |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 8,542 |
Additions | 927 |
Maturities/ terminations | (115) |
Notional amount, ending balance | 9,354 |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 144 |
Additions | 0 |
Maturities/ terminations | (13) |
Notional amount, ending balance | 131 |
Derivatives not designated as hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 2,339 |
Additions | 3,503 |
Maturities/ terminations | (3,382) |
Notional amount, ending balance | 2,460 |
Derivatives not designated as hedges | Equity index options | |
Derivative [Line Items] | |
Notional amount, beginning balance | 936 |
Additions | 339 |
Maturities/ terminations | (466) |
Notional amount, ending balance | 809 |
Derivatives not designated as hedges | Financial futures | |
Derivative [Line Items] | |
Notional amount, beginning balance | 1,403 |
Additions | 2,889 |
Maturities/ terminations | (2,916) |
Notional amount, ending balance | $ 1,376 |
Derivatives not designated as hedges | Fixed indexed annuity embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 7,315 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (848) |
Notional amount, ending balance | Policies | 6,467 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 771 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (15) |
Notional amount, ending balance | Policies | 756 |
Derivatives not designated as hedges | Forward bond purchase commitments | |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 0 |
Additions | 275 |
Maturities/ terminations | 0 |
Notional amount, ending balance | $ 275 |
Schedule of Pre-Tax Income (Los
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | $ (106) | $ (391) | $ 39 | $ (643) |
Gain (loss) reclassified into net income from OCI | 58 | 56 | 119 | 113 |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Assets | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | (104) | (405) | 42 | (655) |
Gain (loss) reclassified into net income from OCI | 55 | 57 | 109 | 112 |
Interest Rate Swaps Hedging Assets | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | 0 | |
Gain (loss) reclassified into net income from OCI | 3 | 8 | 2 | |
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | 0 |
Interest Rate Swaps Hedging Liabilities | Interest Expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | ||
Gain (loss) reclassified into net income from OCI | (1) | (2) | ||
Interest Rate Swaps Hedging Liabilities | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | 0 | ||
Gain (loss) reclassified into net income from OCI | (1) | 1 | ||
Gain (loss) recognized in net income (loss) | 0 | 0 | 0 | |
Foreign currency swaps | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | (2) | 14 | (3) | 12 |
Gain (loss) reclassified into net income from OCI | 0 | 0 | 0 | 1 |
Foreign currency swaps | Gain (Loss) on Investments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) recognized in OCI | 0 | |||
Gain (loss) reclassified into net income from OCI | 2 | |||
Gain (loss) recognized in net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Reconciliation of Current Perio
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments [Abstract] | ||||
Beginning balance | $ 1,274 | $ 1,789 | $ 1,200 | $ 2,025 |
Current period increases (decreases) in fair value, net of deferred taxes of $23, $84, $(8) and $137 | (83) | (307) | 31 | (506) |
Reclassification to net (income), net of deferred taxes of $21, $19, $42 and $39 | (37) | (37) | (77) | (74) |
Ending balance | $ 1,154 | $ 1,445 | $ 1,154 | $ 1,445 |
Reconciliation of Current Per_2
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Current period increases (decreases) in fair value, deferred taxes | $ 23 | $ 84 | $ (8) | $ 137 |
Reclassification to net (income), deferred taxes | $ 21 | $ 19 | $ 42 | $ 39 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax | $ 1,154 | $ 1,445 | $ 1,274 | $ 1,200 | $ 1,789 | $ 2,025 |
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur | 2057 | 2057 | ||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income in the next 12 months, net of tax | $ 141 | |||||
Amount reclassified to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring | $ 7 | $ 5 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 46,070 | $ 46,583 |
Period end valuation | 0 | |
Fixed maturity securities | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 46,070 | 46,583 |
Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 27,043 | 27,119 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 7,838 | 8,010 |
Level 2 | Nonrecurring fair value | Other invested assets | ||
Fair Value of Financial Instruments [Line Items] | ||
Real estate owned | 26 | 26 |
Level 2 | Fixed maturity securities | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 43,032 | 43,393 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 25,027 | 24,997 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 6,999 | 7,125 |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | ||
Fair Value of Financial Instruments [Line Items] | ||
Percentage of available for sale debt securities | 88% | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 23,491 | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 6,232 | |
Level 2 | Fixed maturity securities | Internal models | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,536 | |
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 767 | |
Level 3 | Fixed maturity securities | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 3,038 | 3,190 |
Level 3 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,016 | 2,122 |
Level 3 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 839 | $ 885 |
Level 3 | Fixed maturity securities | Internal models | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,779 | |
Level 3 | Fixed maturity securities | Broker Quotes | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 259 | |
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Maximum | ||
Fair Value of Financial Instruments [Line Items] | ||
Liquidation period | 10 years | |
Contractual period | 12 years | |
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Minimum | ||
Fair Value of Financial Instruments [Line Items] | ||
Liquidation period | 5 years | |
Contractual period | 10 years |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 46,070 | $ 46,583 |
Fixed maturity securities | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 46,070 | 46,583 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,389 | 3,341 |
Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,343 | 2,399 |
Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 625 | 645 |
Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 27,043 | 27,119 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 7,838 | 8,010 |
Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 934 | 995 |
Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,690 | 1,908 |
Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,208 | 2,166 |
Level 2 | Fixed maturity securities | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 43,032 | 43,393 |
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,389 | 3,341 |
Level 2 | Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,283 | 2,344 |
Level 2 | Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 625 | 645 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 25,027 | 24,997 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 6,999 | 7,125 |
Level 2 | Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 926 | 973 |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 1,679 | 1,896 |
Level 2 | Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,104 | $ 2,072 |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 3,389 | |
Primary methodologies | Price quotes from trading desk, broker feeds | |
Significant inputs | Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 2,283 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, third-party pricing vendors | |
Significant inputs | Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 625 | |
Primary methodologies | Matrix pricing, spread priced to benchmark curves, price quotes from market makers | |
Significant inputs | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 23,491 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models | |
Significant inputs | Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 6,232 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers | |
Significant inputs | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 926 | |
Primary methodologies | OAS-based models, single factor binomial models, internally priced | |
Significant inputs | Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 1,679 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model | |
Significant inputs | Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports | |
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 2,104 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers | |
Significant inputs | Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports |
Assets by Class of Instrument t
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | $ 46,070 | $ 46,583 | ||
Available-for-sale equity securities | 378 | 319 | ||
Limited partnerships | 2,585 | 2,331 | ||
Derivative assets, fair value | 61 | 50 | ||
Total other invested assets | 648 | 566 | ||
Separate account assets | 4,533 | 4,417 | $ 6,081 | |
Total assets | 53,068 | 53,188 | ||
Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale equity securities | [1] | 0 | 0 | |
Separate account assets | [1] | 0 | 0 | |
Total assets | [1] | 1,982 | 1,792 | |
Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 61 | 50 | ||
Short-term investments | 23 | 3 | ||
Total other invested assets | 84 | 53 | ||
Other invested assets | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | [1] | 0 | 0 | |
Short-term investments | [1] | 0 | 0 | |
Total other invested assets | [1] | 0 | 0 | |
Interest rate swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 30 | 24 | ||
Interest rate swaps | Other invested assets | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | [1] | 0 | 0 | |
Foreign currency swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 16 | 20 | ||
Foreign currency swaps | Other invested assets | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | [1] | 0 | 0 | |
Equity index options | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 15 | 6 | ||
Equity index options | Other invested assets | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | [1] | 0 | 0 | |
Fixed maturity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 46,070 | 46,583 | ||
Fixed maturity securities | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 3,389 | 3,341 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | State and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,343 | 2,399 | ||
Fixed maturity securities | State and Political Subdivisions | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 625 | 645 | ||
Fixed maturity securities | Non-U.S. government | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 27,043 | 27,119 | ||
Fixed maturity securities | U.S. corporate | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 3,964 | 3,898 | ||
Fixed maturity securities | U.S. corporate | Utilities | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,248 | 2,262 | ||
Fixed maturity securities | U.S. corporate | Energy | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 7,126 | 7,193 | ||
Fixed maturity securities | U.S. corporate | Finance and insurance | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 4,410 | 4,457 | ||
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,934 | 2,947 | ||
Fixed maturity securities | U.S. corporate | Technology and communications | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,224 | 1,197 | ||
Fixed maturity securities | U.S. corporate | Industrial | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,107 | 2,138 | ||
Fixed maturity securities | U.S. corporate | Capital goods | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,614 | 1,617 | ||
Fixed maturity securities | U.S. corporate | Consumer-cyclical | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,117 | 1,100 | ||
Fixed maturity securities | U.S. corporate | Transportation | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 299 | 310 | ||
Fixed maturity securities | U.S. corporate | Other | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 7,838 | 8,010 | ||
Fixed maturity securities | Non-U.S. corporate | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 735 | 740 | ||
Fixed maturity securities | Non-U.S. corporate | Utilities | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,002 | 960 | ||
Fixed maturity securities | Non-U.S. corporate | Energy | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,899 | 1,946 | ||
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 592 | 566 | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 891 | 894 | ||
Fixed maturity securities | Non-U.S. corporate | Technology and communications | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 782 | 818 | ||
Fixed maturity securities | Non-U.S. corporate | Industrial | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 555 | 546 | ||
Fixed maturity securities | Non-U.S. corporate | Capital goods | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 217 | 276 | ||
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 346 | 375 | ||
Fixed maturity securities | Non-U.S. corporate | Transportation | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Non-U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 819 | 889 | ||
Fixed maturity securities | Non-U.S. corporate | Other | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Residential mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 934 | 995 | ||
Fixed maturity securities | Residential mortgage-backed | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Commercial mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,690 | 1,908 | ||
Fixed maturity securities | Commercial mortgage-backed | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Fixed maturity securities | Other asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,208 | 2,166 | ||
Fixed maturity securities | Other asset-backed | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | [1] | 0 | 0 | |
Limited partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Limited partnerships | 2,003 | 1,816 | ||
Limited partnerships | Net Asset Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Limited partnerships | [1] | 1,982 | 1,792 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale equity securities | 307 | 239 | ||
Separate account assets | 4,533 | 4,417 | ||
Total assets | 4,840 | 4,656 | ||
Level 1 | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Total other invested assets | 0 | 0 | ||
Level 1 | Interest rate swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Level 1 | Foreign currency swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Level 1 | Equity index options | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Level 1 | Fixed maturity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | State and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Non-U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Residential mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Commercial mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Other asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Limited partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Limited partnerships | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale equity securities | 41 | 46 | ||
Separate account assets | 0 | 0 | ||
Total assets | 43,135 | 43,486 | ||
Level 2 | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 46 | 44 | ||
Short-term investments | 16 | 3 | ||
Total other invested assets | 62 | 47 | ||
Level 2 | Interest rate swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 30 | 24 | ||
Level 2 | Foreign currency swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 16 | 20 | ||
Level 2 | Equity index options | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Level 2 | Fixed maturity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 43,032 | 43,393 | ||
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 3,389 | 3,341 | ||
Level 2 | Fixed maturity securities | State and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,283 | 2,344 | ||
Level 2 | Fixed maturity securities | Non-U.S. government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 625 | 645 | ||
Level 2 | Fixed maturity securities | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 25,027 | 24,997 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 3,146 | 3,056 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,189 | 2,146 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 6,422 | 6,506 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 4,342 | 4,375 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,923 | 2,923 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,202 | 1,175 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,073 | 2,104 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,490 | 1,504 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,094 | 1,057 | ||
Level 2 | Fixed maturity securities | U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 146 | 151 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 6,999 | 7,125 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 415 | 445 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 885 | 842 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,773 | 1,821 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 519 | 493 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 865 | 868 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 707 | 770 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 504 | 451 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 208 | 212 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 325 | 355 | ||
Level 2 | Fixed maturity securities | Non-U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 798 | 868 | ||
Level 2 | Fixed maturity securities | Residential mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 926 | 973 | ||
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 1,679 | 1,896 | ||
Level 2 | Fixed maturity securities | Other asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,104 | 2,072 | ||
Level 2 | Limited partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Limited partnerships | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale equity securities | 30 | 34 | ||
Separate account assets | 0 | 0 | ||
Total assets | 3,111 | 3,254 | ||
Level 3 | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 15 | 6 | ||
Short-term investments | 7 | 0 | ||
Total other invested assets | 22 | 6 | ||
Level 3 | Interest rate swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Level 3 | Foreign currency swaps | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 0 | 0 | ||
Level 3 | Equity index options | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, fair value | 15 | 6 | ||
Level 3 | Fixed maturity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 3,038 | 3,190 | ||
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 3 | Fixed maturity securities | State and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 60 | 55 | ||
Level 3 | Fixed maturity securities | Non-U.S. government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 0 | 0 | ||
Level 3 | Fixed maturity securities | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 2,016 | 2,122 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 818 | 842 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 59 | 116 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 704 | 687 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 68 | 82 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 11 | 24 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 22 | 22 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 34 | 34 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 124 | 113 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 23 | 43 | ||
Level 3 | Fixed maturity securities | U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 153 | 159 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 839 | 885 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Utilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 320 | 295 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 117 | 118 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 126 | 125 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 73 | 73 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 26 | 26 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 75 | 48 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Capital goods | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 51 | 95 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 9 | 64 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Transportation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 21 | 20 | ||
Level 3 | Fixed maturity securities | Non-U.S. corporate | Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 21 | 21 | ||
Level 3 | Fixed maturity securities | Residential mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 8 | 22 | ||
Level 3 | Fixed maturity securities | Commercial mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 11 | 12 | ||
Level 3 | Fixed maturity securities | Other asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale debt securities | 104 | 94 | ||
Level 3 | Limited partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Limited partnerships | $ 21 | $ 24 | ||
[1]Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 3,181 | $ 3,621 | $ 3,254 | $ 3,913 | |
Total realized and unrealized gains (losses) included in net income, assets | $ 7 | $ (2) | $ 9 | $ (6) | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Total realized and unrealized gains (losses), Included in OCI | $ (41) | $ (293) | $ 11 | $ (556) | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Purchases | $ 70 | $ 137 | $ 159 | $ 273 | |
Sales | (36) | (17) | (65) | (18) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (51) | (18) | (193) | (112) | |
Transfer into Level 3 | [1] | 41 | 81 | 54 | 102 |
Transfer out of Level 3 | [1] | (60) | (59) | (118) | (146) |
Ending balance | 3,111 | 3,450 | 3,111 | 3,450 | |
Total gains (losses) included in net income attributable to assets still held | 6 | (5) | 7 | 3 | |
Total gains (losses) included in OCI attributable to assets still held | $ (52) | $ (287) | $ (9) | $ (543) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Other invested assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 10 | $ 30 | $ 6 | $ 42 | |
Total realized and unrealized gains (losses) included in net income, assets | 5 | (1) | 6 | (7) | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 9 | 3 | 12 | 8 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | (2) | (2) | (13) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 22 | 30 | 22 | 30 | |
Total gains (losses) included in net income attributable to assets still held | 4 | (4) | 5 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Other invested assets | Short-term investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 0 | 0 | |||
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | |||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | |||
Purchases | 7 | 7 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Transfer into Level 3 | [1] | 0 | 0 | ||
Transfer out of Level 3 | [1] | 0 | 0 | ||
Ending balance | 7 | 7 | |||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | |||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | |||
Other invested assets | Derivative assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 10 | 30 | 6 | 42 | |
Total realized and unrealized gains (losses) included in net income, assets | 5 | (1) | 6 | (7) | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 2 | 3 | 5 | 8 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | (2) | (2) | (13) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 15 | 30 | 15 | 30 | |
Total gains (losses) included in net income attributable to assets still held | 4 | (4) | 5 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Other invested assets | Derivative assets | Equity index options | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 10 | 30 | 6 | 42 | |
Total realized and unrealized gains (losses) included in net income, assets | 5 | (1) | 6 | (7) | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 2 | 3 | 5 | 8 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | (2) | (2) | (13) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 15 | 30 | 15 | 30 | |
Total gains (losses) included in net income attributable to assets still held | 4 | (4) | 5 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Fixed maturity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 3,116 | 3,529 | 3,190 | 3,808 | |
Total realized and unrealized gains (losses) included in net income, assets | 3 | 2 | 6 | 4 | |
Total realized and unrealized gains (losses), Included in OCI | (41) | (293) | 11 | (556) | |
Purchases | 60 | 134 | 146 | 265 | |
Sales | (32) | (16) | (60) | (17) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (49) | (16) | (191) | (99) | |
Transfer into Level 3 | [1] | 41 | 81 | 54 | 102 |
Transfer out of Level 3 | [1] | (60) | (59) | (118) | (145) |
Ending balance | 3,038 | 3,362 | 3,038 | 3,362 | |
Total gains (losses) included in net income attributable to assets still held | 3 | 2 | 5 | 4 | |
Total gains (losses) included in OCI attributable to assets still held | (52) | (287) | (9) | (543) | |
Fixed maturity securities | State and political subdivisions | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 59 | 71 | 55 | 82 | |
Total realized and unrealized gains (losses) included in net income, assets | 1 | 1 | 2 | 2 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (9) | 3 | (21) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 60 | 63 | 60 | 63 | |
Total gains (losses) included in net income attributable to assets still held | 1 | 1 | 2 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (9) | 3 | (21) | |
Fixed maturity securities | U.S. corporate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 2,115 | 2,269 | 2,122 | 2,381 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (21) | (206) | (1) | (373) | |
Purchases | 49 | 85 | 104 | 191 | |
Sales | (31) | 0 | (41) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (47) | (14) | (91) | (31) | |
Transfer into Level 3 | [1] | 11 | 70 | 24 | 70 |
Transfer out of Level 3 | [1] | (60) | (54) | (101) | (88) |
Ending balance | 2,016 | 2,150 | 2,016 | 2,150 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (32) | (199) | (12) | (364) | |
Fixed maturity securities | U.S. corporate | Utilities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 859 | 912 | 842 | 950 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (11) | (92) | 0 | (165) | |
Purchases | 0 | 0 | 40 | 35 | |
Sales | (31) | 0 | (40) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (10) | (1) | (10) | (1) | |
Transfer into Level 3 | [1] | 11 | 2 | 11 | 2 |
Transfer out of Level 3 | [1] | 0 | (11) | (25) | (11) |
Ending balance | 818 | 810 | 818 | 810 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (18) | (92) | (8) | (165) | |
Fixed maturity securities | U.S. corporate | Energy | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 115 | 72 | 116 | 76 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (11) | 1 | (15) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | (1) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (7) | (2) | (7) | |
Transfer into Level 3 | [1] | 0 | 68 | 0 | 68 |
Transfer out of Level 3 | [1] | (55) | 0 | (55) | 0 |
Ending balance | 59 | 122 | 59 | 122 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (11) | 1 | (15) | |
Fixed maturity securities | U.S. corporate | Finance and insurance | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 697 | 676 | 687 | 685 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (6) | (67) | (3) | (123) | |
Purchases | 48 | 85 | 63 | 151 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (30) | (1) | (35) | (3) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | (5) | (39) | (8) | (56) |
Ending balance | 704 | 654 | 704 | 654 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (10) | (61) | (6) | (116) | |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 69 | 92 | 82 | 104 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (6) | 0 | (11) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (14) | (7) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 68 | 86 | 68 | 86 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (5) | 0 | (11) | |
Fixed maturity securities | U.S. corporate | Technology and communications | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 12 | 28 | 24 | 29 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (3) | 0 | (4) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | (13) | 0 |
Ending balance | 11 | 25 | 11 | 25 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (3) | 0 | (4) | |
Fixed maturity securities | U.S. corporate | Industrial | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 22 | 35 | 22 | 37 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (2) | 0 | (4) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 22 | 33 | 22 | 33 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (2) | 0 | (4) | |
Fixed maturity securities | U.S. corporate | Capital goods | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 34 | 41 | 34 | 45 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (3) | 0 | (7) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 34 | 38 | 34 | 38 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (3) | 0 | (6) | |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 127 | 127 | 113 | 137 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (2) | (7) | 0 | (15) | |
Purchases | 1 | 0 | 1 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | (1) | (3) | (3) | |
Transfer into Level 3 | [1] | 0 | 0 | 13 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 124 | 119 | 124 | 119 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (2) | (7) | 0 | (15) | |
Fixed maturity securities | U.S. corporate | Transportation | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 24 | 64 | 43 | 64 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (3) | 0 | (6) | |
Purchases | 0 | 0 | 0 | 5 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | (20) | (3) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | (4) | 0 | (4) |
Ending balance | 23 | 56 | 23 | 56 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (3) | 0 | (6) | |
Fixed maturity securities | U.S. corporate | Other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 156 | 222 | 159 | 254 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 1 | (12) | 1 | (23) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (4) | (3) | (7) | (7) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (17) |
Ending balance | 153 | 207 | 153 | 207 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 1 | (12) | 1 | (22) | |
Fixed maturity securities | Non-U.S. corporate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 827 | 1,040 | 885 | 1,162 | |
Total realized and unrealized gains (losses) included in net income, assets | 2 | 1 | 4 | 2 | |
Total realized and unrealized gains (losses), Included in OCI | (20) | (70) | 6 | (145) | |
Purchases | 1 | 3 | 30 | 13 | |
Sales | 0 | (10) | (18) | (10) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (1) | (98) | (63) | |
Transfer into Level 3 | [1] | 30 | 11 | 30 | 28 |
Transfer out of Level 3 | [1] | 0 | (1) | 0 | (14) |
Ending balance | 839 | 973 | 839 | 973 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 1 | 3 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | (19) | (70) | (1) | (143) | |
Fixed maturity securities | Non-U.S. corporate | Utilities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 298 | 334 | 295 | 345 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (9) | (25) | (4) | (46) | |
Purchases | 1 | 0 | 4 | 10 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (5) | 0 | |
Transfer into Level 3 | [1] | 30 | 0 | 30 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 320 | 309 | 320 | 309 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (8) | (24) | (3) | (45) | |
Fixed maturity securities | Non-U.S. corporate | Energy | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 119 | 138 | 118 | 145 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (2) | (7) | 0 | (14) | |
Purchases | 0 | 3 | 0 | 3 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | (1) | (1) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 117 | 133 | 117 | 133 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (2) | (8) | 0 | (15) | |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 131 | 143 | 125 | 160 | |
Total realized and unrealized gains (losses) included in net income, assets | 2 | 1 | 3 | 2 | |
Total realized and unrealized gains (losses), Included in OCI | (7) | (12) | (2) | (30) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 126 | 132 | 126 | 132 | |
Total gains (losses) included in net income attributable to assets still held | 2 | 1 | 3 | 2 | |
Total gains (losses) included in OCI attributable to assets still held | (6) | (12) | (2) | (30) | |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 73 | 60 | 73 | 63 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (4) | 0 | (7) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 11 | 0 | 11 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 73 | 67 | 73 | 67 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (4) | 0 | (7) | |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 26 | 27 | 26 | 28 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (1) | 0 | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 26 | 26 | 26 | 26 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (1) | 0 | (2) | |
Fixed maturity securities | Non-U.S. corporate | Industrial | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 75 | 74 | 48 | 93 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (4) | 2 | (10) | |
Purchases | 0 | 0 | 25 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | (1) | 0 | (14) |
Ending balance | 75 | 69 | 75 | 69 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (5) | 1 | (9) | |
Fixed maturity securities | Non-U.S. corporate | Capital goods | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 52 | 132 | 95 | 173 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 1 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (7) | 3 | (15) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | (10) | (12) | (10) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (36) | (33) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 51 | 115 | 51 | 115 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (7) | 2 | (15) | |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 9 | 86 | 64 | 76 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 1 | (7) | 7 | (14) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | (6) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | 0 | (56) | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 17 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 9 | 79 | 9 | 79 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (7) | 1 | (14) | |
Fixed maturity securities | Non-U.S. corporate | Transportation | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 22 | 22 | 20 | 53 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (1) | 0 | (3) | |
Purchases | 0 | 0 | 1 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | (29) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 21 | 21 | 21 | 21 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (1) | 0 | (3) | |
Fixed maturity securities | Non-U.S. corporate | Other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 22 | 24 | 21 | 26 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (2) | 0 | (4) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 21 | 22 | 21 | 22 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (1) | 0 | (3) | |
Fixed maturity securities | Residential mortgage-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 8 | 33 | 22 | 27 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 1 | (2) | 2 | (3) | |
Purchases | 0 | 4 | 0 | 13 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (1) | (1) | (2) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 4 |
Transfer out of Level 3 | [1] | 0 | (4) | (15) | (9) |
Ending balance | 8 | 30 | 8 | 30 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (2) | 0 | (2) | |
Fixed maturity securities | Commercial mortgage-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 12 | 15 | 12 | 16 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | (1) | 0 | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (1) | 0 | (1) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 11 | 14 | 11 | 14 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | (2) | 0 | (3) | |
Fixed maturity securities | Other asset-backed | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 95 | 100 | 94 | 138 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | (1) | (5) | 1 | (12) | |
Purchases | 10 | 40 | 12 | 46 | |
Sales | 0 | (6) | 0 | (6) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (1) | (3) | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | (2) | (34) |
Ending balance | 104 | 129 | 104 | 129 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | (1) | (5) | 1 | (10) | |
Fixed maturity securities | Non-U.S. government | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 1 | 2 | |||
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | |||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | |||
Purchases | 2 | 2 | |||
Sales | 0 | (1) | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Transfer into Level 3 | [1] | 0 | 0 | ||
Transfer out of Level 3 | [1] | 0 | 0 | ||
Ending balance | 3 | 3 | |||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | |||
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | |||
Equity Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 33 | 36 | 34 | 37 | |
Total realized and unrealized gains (losses) included in net income, assets | 0 | 0 | 0 | 0 | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 1 | 0 | 1 | 0 | |
Sales | (4) | (1) | (5) | (1) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (1) |
Ending balance | 30 | 35 | 30 | 35 | |
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |
Total gains (losses) included in OCI attributable to assets still held | 0 | 0 | 0 | 0 | |
Limited Partnerships | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 22 | 26 | 24 | 26 | |
Total realized and unrealized gains (losses) included in net income, assets | (1) | (3) | (3) | (3) | |
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 |
Ending balance | 21 | 23 | 21 | 23 | |
Total gains (losses) included in net income attributable to assets still held | (1) | (3) | (3) | (3) | |
Total gains (losses) included in OCI attributable to assets still held | $ 0 | $ 0 | $ 0 | $ 0 | |
[1]The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. |
Gains and Losses Included in Ne
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 7 | $ (2) | $ 9 | $ (6) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total gains (losses) included in net income attributable to assets still held, assets | $ 6 | $ (5) | $ 7 | $ 3 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net Investment Income | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 3 | $ 2 | $ 6 | $ 4 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total gains (losses) included in net income attributable to assets still held, assets | $ 3 | $ 2 | $ 5 | $ 4 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net investment gains (losses) | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 4 | $ (4) | $ 3 | $ (10) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total gains (losses) included in net income attributable to assets still held, assets | $ 3 | $ (7) | $ 2 | $ (1) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Summary of Significant Unobserv
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 USD ($) bps | Dec. 31, 2022 USD ($) | Jan. 01, 2021 USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 671 | $ 739 | ||
Market risk benefits, net | $ | 629 | 722 | $ 1,288 | |
Fixed maturity securities available-for-sale, at fair value | $ | 46,070 | 46,583 | ||
Derivative assets, fair value | $ | 61 | 50 | ||
Fixed Indexed Annuities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Market risk benefits, net | $ | 57 | 52 | 115 | |
Variable Annuities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Market risk benefits, net | $ | 572 | 670 | $ 1,173 | |
Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | 195 | 217 | ||
Policyholder account balances | Fixed indexed annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | 180 | 202 | ||
Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 15 | 15 | ||
Level 3 | Other invested assets | Equity index options | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Discounted cash flows | |||
Derivative assets, fair value | $ | $ 15 | |||
Fair value input, equity index volatility, lower limit | 6% | |||
Fair value input, equity index volatility, upper limit | 27% | |||
Fair value input, equity index volatility, weighted-average | [1] | 16% | ||
Level 3 | Policyholder account balances | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative liabilities, fair value | $ | $ 195 | 217 | ||
Level 3 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Option budget method | |||
Derivative liabilities, fair value | $ | $ 180 | 202 | ||
Fair value, expected future interest credited, lower limit | 0% | |||
Fair value, expected future interest credited, upper limit | 3% | |||
Fair value, expected future interest credited, weighted-average | [2] | 2% | ||
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Option budget method | |||
Derivative liabilities, fair value | $ | $ 15 | $ 15 | ||
Fair value, expected future interest credited, lower limit | 3% | |||
Fair value, expected future interest credited, upper limit | 13% | |||
Fair value, expected future interest credited, weighted-average | [2] | 5% | ||
Level 3 | Other assets | Reinsurance recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | [3] | Cash flow model | ||
Market risk benefits, net | $ | [3] | $ 135 | ||
Fair value, lapse rate, lower limit | 2% | |||
Fair value, lapse rate, upper limit | 10% | |||
Fair value input, equity index volatility, lower limit | [3] | 14% | ||
Fair value input, equity index volatility, upper limit | [3] | 30% | ||
Fair value, lapse rate, weighted-average | [1] | 7% | ||
Fair value input, equity index volatility, weighted-average | [1],[3] | 22% | ||
Counterparty credit risk, lower limit | 42 | |||
Counterparty credit risk, upper limit | 83 | |||
Counterparty credit risk, weighted-average | [1] | 69 | ||
Level 3 | Market risk benefits | Fixed Indexed Annuities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | [4] | Cash flow model | ||
Market risk benefits, net | $ | [4] | $ 57 | ||
Fair value, withdrawal utilization rate, lower limit | [4] | 0% | ||
Fair value, withdrawal utilization rate, upper limit | [4] | 61% | ||
Fair value input, credit spreads, lower limit | [4] | 42 | ||
Fair value input, credit spreads, upper limit | [4] | 83 | ||
Fair value input, credit spreads, weighted-average | [2],[4] | 69 | ||
Fair value, expected future interest credited, lower limit | [4] | 1% | ||
Fair value, expected future interest credited, upper limit | [4] | 3% | ||
Fair value, withdrawal utilization rate, weighted-average | [2],[4] | 49% | ||
Fair value, expected future interest credited, weighted-average | [2],[4] | 1% | ||
Level 3 | Market risk benefits | Variable Annuities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | [4] | Cash flow model | ||
Market risk benefits, net | $ | [4] | $ 572 | ||
Fair value, withdrawal utilization rate, lower limit | [4] | 61% | ||
Fair value, withdrawal utilization rate, upper limit | [4] | 89% | ||
Fair value, lapse rate, lower limit | [4] | 2% | ||
Fair value, lapse rate, upper limit | [4] | 11% | ||
Fair value input, credit spreads, lower limit | [4] | 42 | ||
Fair value input, credit spreads, upper limit | [4] | 83 | ||
Fair value input, credit spreads, weighted-average | [2],[4] | 69 | ||
Fair value input, equity index volatility, lower limit | [4] | 14% | ||
Fair value input, equity index volatility, upper limit | [4] | 30% | ||
Fair value, withdrawal utilization rate, weighted-average | [2],[4] | 78% | ||
Fair value, lapse rate, weighted-average | [2],[4] | 5% | ||
Fair value input, equity index volatility, weighted-average | [2],[4] | 22% | ||
Internal Models | Level 3 | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 1,913 | |||
Fair value input, credit spreads, lower limit | 0 | |||
Fair value input, credit spreads, upper limit | 343 | |||
Fair value input, credit spreads, weighted-average | [1] | 186 | ||
Internal Models | Level 3 | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 741 | |||
Fair value input, credit spreads, lower limit | 70 | |||
Fair value input, credit spreads, upper limit | 280 | |||
Fair value input, credit spreads, weighted-average | [1] | 160 | ||
Internal Models | Level 3 | Utilities | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 790 | |||
Fair value input, credit spreads, lower limit | 70 | |||
Fair value input, credit spreads, upper limit | 267 | |||
Fair value input, credit spreads, weighted-average | [1] | 180 | ||
Internal Models | Level 3 | Utilities | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 245 | |||
Fair value input, credit spreads, lower limit | 95 | |||
Fair value input, credit spreads, upper limit | 267 | |||
Fair value input, credit spreads, weighted-average | [1] | 159 | ||
Internal Models | Level 3 | Energy | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 45 | |||
Fair value input, credit spreads, lower limit | 134 | |||
Fair value input, credit spreads, upper limit | 280 | |||
Fair value input, credit spreads, weighted-average | [1] | 201 | ||
Internal Models | Level 3 | Energy | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 110 | |||
Fair value input, credit spreads, lower limit | 109 | |||
Fair value input, credit spreads, upper limit | 235 | |||
Fair value input, credit spreads, weighted-average | [1] | 167 | ||
Internal Models | Level 3 | Finance and insurance | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 693 | |||
Fair value input, credit spreads, lower limit | 0 | |||
Fair value input, credit spreads, upper limit | 343 | |||
Fair value input, credit spreads, weighted-average | [1] | 217 | ||
Internal Models | Level 3 | Finance and insurance | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 125 | |||
Fair value input, credit spreads, lower limit | 141 | |||
Fair value input, credit spreads, upper limit | 272 | |||
Fair value input, credit spreads, weighted-average | [1] | 193 | ||
Internal Models | Level 3 | Consumer-non-cyclical | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 68 | |||
Fair value input, credit spreads, lower limit | 101 | |||
Fair value input, credit spreads, upper limit | 280 | |||
Fair value input, credit spreads, weighted-average | [1] | 168 | ||
Internal Models | Level 3 | Consumer-non-cyclical | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 70 | |||
Fair value input, credit spreads, lower limit | 72 | |||
Fair value input, credit spreads, upper limit | 166 | |||
Fair value input, credit spreads, weighted-average | [1] | 116 | ||
Internal Models | Level 3 | Technology and communications | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 11 | |||
Fair value input, credit spreads, lower limit | 72 | |||
Fair value input, credit spreads, upper limit | 120 | |||
Fair value input, credit spreads, weighted-average | [1] | 92 | ||
Internal Models | Level 3 | Technology and communications | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 26 | |||
Fair value input, credit spreads, lower limit | 109 | |||
Fair value input, credit spreads, upper limit | 134 | |||
Fair value input, credit spreads, weighted-average | [1] | 119 | ||
Internal Models | Level 3 | Industrial | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 22 | |||
Fair value input, credit spreads, lower limit | 134 | |||
Fair value input, credit spreads, upper limit | 235 | |||
Fair value input, credit spreads, weighted-average | [1] | 162 | ||
Internal Models | Level 3 | Industrial | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 73 | |||
Fair value input, credit spreads, lower limit | 92 | |||
Fair value input, credit spreads, upper limit | 232 | |||
Fair value input, credit spreads, weighted-average | [1] | 174 | ||
Internal Models | Level 3 | Capital goods | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 34 | |||
Fair value input, credit spreads, lower limit | 92 | |||
Fair value input, credit spreads, upper limit | 204 | |||
Fair value input, credit spreads, weighted-average | [1] | 164 | ||
Internal Models | Level 3 | Capital goods | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 51 | |||
Fair value input, credit spreads, lower limit | 72 | |||
Fair value input, credit spreads, upper limit | 280 | |||
Fair value input, credit spreads, weighted-average | [1] | 141 | ||
Internal Models | Level 3 | Consumer-cyclical | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 124 | |||
Fair value input, credit spreads, lower limit | 101 | |||
Fair value input, credit spreads, upper limit | 220 | |||
Fair value input, credit spreads, weighted-average | [1] | 152 | ||
Internal Models | Level 3 | Transportation | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 23 | |||
Fair value input, credit spreads, lower limit | 51 | |||
Fair value input, credit spreads, upper limit | 191 | |||
Fair value input, credit spreads, weighted-average | [1] | 128 | ||
Internal Models | Level 3 | Transportation | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 20 | |||
Fair value input, credit spreads, lower limit | 140 | |||
Fair value input, credit spreads, upper limit | 195 | |||
Fair value input, credit spreads, weighted-average | [1] | 151 | ||
Internal Models | Level 3 | Other | U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 103 | |||
Fair value input, credit spreads, lower limit | 104 | |||
Fair value input, credit spreads, upper limit | 151 | |||
Fair value input, credit spreads, weighted-average | [1] | 115 | ||
Internal Models | Level 3 | Other | Non-U.S. corporate | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Valuation technique | Internal models | |||
Fixed maturity securities available-for-sale, at fair value | $ | $ 21 | |||
Fair value input, credit spreads, lower limit | 70 | |||
Fair value input, credit spreads, upper limit | 179 | |||
Fair value input, credit spreads, weighted-average | [1] | 138 | ||
[1] Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyholder account balances associated with the instrument for the net reinsured portion of our variable annuity MRBs. Represents the net reinsured portion of our variable annuity MRBs. |
Liabilities by Class of Instrum
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | $ 671 | $ 739 |
Total liabilities | 671 | 739 |
Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 476 | 522 |
Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 472 | 522 |
Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 1 | |
Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 3 | |
Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 195 | 217 |
Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 180 | 202 |
Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 15 | 15 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 0 | 0 |
Level 1 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | |
Level 1 | Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | |
Level 1 | Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 1 | Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 473 | 522 |
Level 2 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 473 | 522 |
Level 2 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 472 | 522 |
Level 2 | Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 1 | |
Level 2 | Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | |
Level 2 | Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 2 | Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 198 | 217 |
Level 3 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 3 | 0 |
Level 3 | Other liabilities | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | 0 |
Level 3 | Other liabilities | Foreign currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 0 | |
Level 3 | Other liabilities | Forward bond purchase commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 3 | |
Level 3 | Policyholder account balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 195 | 217 |
Level 3 | Policyholder account balances | Fixed indexed annuity embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | 180 | 202 |
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, fair value | $ 15 | $ 15 |
Liabilities Measured at Fair Va
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 199 | $ 282 | $ 217 | $ 319 |
Total realized and unrealized (gains) losses included in net (income) | 9 | (19) | 6 | (42) |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 2 | 3 | 7 | 10 |
Settlements | (11) | (17) | (30) | (37) |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | (1) | 0 | (2) | (1) |
Ending balance | 198 | 249 | 198 | 249 |
Total (gains) losses included in net (income) attributable to liabilities still held | 6 | (19) | 3 | (42) |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 |
Derivative liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Total realized and unrealized (gains) losses included in net (income) | 3 | 3 | ||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | 0 | 0 | ||
Transfer out of Level 3 | 0 | 0 | ||
Ending balance | 3 | 3 | ||
Total (gains) losses included in net (income) attributable to liabilities still held | 0 | 0 | ||
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | ||
Forward bond purchase commitments | Derivative liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Total realized and unrealized (gains) losses included in net (income) | 3 | 3 | ||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfer into Level 3 | 0 | 0 | ||
Transfer out of Level 3 | 0 | 0 | ||
Ending balance | 3 | 3 | ||
Total (gains) losses included in net (income) attributable to liabilities still held | 0 | 0 | ||
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | ||
Policyholder account balances | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 199 | 282 | 217 | 319 |
Total realized and unrealized (gains) losses included in net (income) | 6 | (19) | 3 | (42) |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 2 | 3 | 7 | 10 |
Settlements | (11) | (17) | (30) | (37) |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | (1) | 0 | (2) | (1) |
Ending balance | 195 | 249 | 195 | 249 |
Total (gains) losses included in net (income) attributable to liabilities still held | 6 | (19) | 3 | (42) |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 |
Policyholder account balances | Fixed indexed annuity embedded derivatives | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 184 | 261 | 202 | 294 |
Total realized and unrealized (gains) losses included in net (income) | 8 | (11) | 10 | (23) |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (11) | (17) | (30) | (37) |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | (1) | 0 | (2) | (1) |
Ending balance | 180 | 233 | 180 | 233 |
Total (gains) losses included in net (income) attributable to liabilities still held | 8 | (11) | 10 | (23) |
Total (gains) losses included in OCI attributable to liabilities still held | 0 | 0 | 0 | 0 |
Policyholder account balances | Indexed universal life embedded derivatives | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 15 | 21 | 15 | 25 |
Total realized and unrealized (gains) losses included in net (income) | (2) | (8) | (7) | (19) |
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 2 | 3 | 7 | 10 |
Settlements | 0 | 0 | 0 | 0 |
Transfer into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 15 | 16 | 15 | 16 |
Total (gains) losses included in net (income) attributable to liabilities still held | (2) | (8) | (7) | (19) |
Total (gains) losses included in OCI attributable to liabilities still held | $ 0 | $ 0 | $ 0 | $ 0 |
Gains and Losses Included in _2
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ 9 | $ (19) | $ 6 | $ (42) |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ 6 | $ (19) | $ 3 | $ (42) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net Investment Income | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Net investment (gains) losses | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income), liabilities | $ 9 | $ (19) | $ 6 | $ (42) |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | $ 6 | $ (19) | $ 3 | $ (42) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Fair Value Financial Instrument
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial mortgage loans | $ 6,852 | $ 7,010 | ||
Liabilities: | ||||
Long-term borrowings | 1,601 | 1,611 | $ 3,403 | |
Off-balance sheet risk | 1,399 | 1,365 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial mortgage loans | [1] | 0 | 0 | |
Bank loan investments | [1] | 0 | 0 | |
Liabilities: | ||||
Long-term borrowings | [1] | 0 | 0 | |
Investment contracts | [1] | 0 | 0 | |
Level 1 | Commitments to fund bank loan investments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Level 1 | Ordinary course of business lending commitments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial mortgage loans | [1] | 0 | 0 | |
Bank loan investments | [1] | 0 | 0 | |
Liabilities: | ||||
Long-term borrowings | [1] | 1,358 | 1,346 | |
Investment contracts | [1] | 0 | 0 | |
Level 2 | Commitments to fund bank loan investments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Level 2 | Ordinary course of business lending commitments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial mortgage loans | [1] | 6,274 | 6,345 | |
Bank loan investments | [1] | 500 | 474 | |
Liabilities: | ||||
Long-term borrowings | [1] | 0 | 0 | |
Investment contracts | [1] | 6,027 | 7,171 | |
Level 3 | Commitments to fund bank loan investments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Level 3 | Ordinary course of business lending commitments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Carrying value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial mortgage loans | [1] | 6,852 | 7,010 | |
Bank loan investments | [1] | 518 | 467 | |
Liabilities: | ||||
Long-term borrowings | [1] | 1,601 | 1,611 | |
Investment contracts | [1] | 6,093 | 6,794 | |
Carrying value | Commitments to fund bank loan investments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Carrying value | Ordinary course of business lending commitments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Fair value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial mortgage loans | [1] | 6,274 | 6,345 | |
Bank loan investments | [1] | 500 | 474 | |
Liabilities: | ||||
Long-term borrowings | [1] | 1,358 | 1,346 | |
Investment contracts | [1] | 6,027 | 7,171 | |
Fair value | Commitments to fund bank loan investments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Fair value | Ordinary course of business lending commitments | ||||
Liabilities: | ||||
Off-balance sheet risk | 0 | 0 | ||
Notional amount | Commitments to fund bank loan investments | ||||
Liabilities: | ||||
Off-balance sheet risk | 153 | 70 | ||
Notional amount | Ordinary course of business lending commitments | ||||
Liabilities: | ||||
Off-balance sheet risk | $ 17 | $ 24 | ||
[1]These financial instruments do not have notional amounts. |
Summary of carrying value of li
Summary of carrying value of limited partnerships and commitments to fund (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | $ 2,585 | $ 2,331 | |
Off-balance sheet risk | 1,399 | 1,365 | |
Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 2,003 | 1,816 | |
Assets Measured Using Net Asset Value | Limited Partnerships Private Equity Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [1] | 1,821 | 1,647 |
Off-balance sheet risk | [1] | 1,166 | 1,107 |
Assets Measured Using Net Asset Value | Limited Partnerships Real Estate Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [2] | 91 | 82 |
Off-balance sheet risk | [2] | 70 | 79 |
Assets Measured Using Net Asset Value | Limited Partnerships Infrastructure Funds | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | [3] | 70 | 63 |
Off-balance sheet risk | [3] | 22 | 29 |
Assets Measured Using Net Asset Value | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 1,982 | 1,792 | |
Off-balance sheet risk | 1,258 | 1,215 | |
Accounted For Under Equity method of Accounting | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 582 | 515 | |
Off-balance sheet risk | 140 | 149 | |
Accounted for at Fair Value | Limited Partnerships | |||
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items] | |||
Limited partnerships, carrying value | 21 | 24 | |
Off-balance sheet risk | $ 1 | $ 1 | |
[1]This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.[2]This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.[3]This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally. |
Schedule of Pre-Tax Gain (Loss)
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (Loss) for Effects of Derivatives not Designated as Hedges (Detail) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | $ (69) | $ 35 | $ (67) | $ 5 |
Equity index options | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 5 | (1) | 6 | (7) |
Financial futures | Changes in fair value of market risk benefits and associated hedges | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | (65) | 17 | (67) | (30) |
Fixed index annuity embedded derivatives | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | (8) | 11 | (10) | 23 |
Indexed universal life embedded derivatives | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | 2 | 8 | 7 | 19 |
Forward bond purchase commitments | Net Investment Gains (Losses) | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net income | $ (3) | $ 0 | $ (3) | $ 0 |
Additional Information about De
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | $ 61 | $ 50 | |
Gross amounts recognized, derivatives liabilities | 671 | 739 | |
Subject to enforceable master netting arrangement | |||
Derivative [Line Items] | |||
Gross amounts recognized, net derivatives | (415) | (472) | |
Gross amounts offset in the balance sheet, net derivatives | 0 | 0 | |
Net amounts presented in the balance sheet, net derivatives | (415) | (472) | |
Gross amounts not offset in the balance sheet, financial instruments, net derivatives | [1] | 0 | 0 |
Collateral received | (25) | (21) | |
Collateral pledged | 1,109 | 1,095 | |
Over collateralization, net derivatives | (658) | (598) | |
Net amount | 11 | 4 | |
Subject to enforceable master netting arrangement | Derivative assets | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives assets | [2] | 61 | 50 |
Gross amounts offset in the balance sheet, derivatives assets | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives assets | [2] | 61 | 50 |
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets | [1],[2] | (25) | (25) |
Collateral received | [2] | (25) | (21) |
Collateral pledged | [2] | 0 | 0 |
Over collateralization, derivatives assets | [2] | 0 | 0 |
Net amount, derivatives assets | [2] | 11 | 4 |
Subject to enforceable master netting arrangement | Derivative liabilities | |||
Derivative [Line Items] | |||
Gross amounts recognized, derivatives liabilities | [2] | 476 | 522 |
Gross amounts offset in the balance sheet, derivatives liabilities | [2] | 0 | 0 |
Net amounts presented in the balance sheet, derivatives liabilities | [2] | 476 | 522 |
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities | [1],[2] | (25) | (25) |
Collateral received | [2] | 0 | 0 |
Collateral pledged | [2] | (1,109) | (1,095) |
Over collateralization, derivatives liabilities | [2] | 658 | 598 |
Net amount, derivatives liabilities | [2] | $ 0 | $ 0 |
[1]Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.[2]Does not include amounts related to embedded derivatives as of June 30, 2023 and December 31, 2022. |
Changes in Deferred Acquisition
Changes in Deferred Acquisition Costs (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | $ 2,211 | $ 2,488 | ||
Ending balance | 2,096 | 2,211 | $ 2,488 | |
Deferred acquisition costs | 2,096 | 2,211 | 2,488 | $ 2,809 |
Enact Segment | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | 26 | 27 | ||
Ending balance | 26 | 26 | 27 | |
Deferred acquisition costs | 26 | 26 | 27 | |
Long-Term Care Insurance | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | 935 | 989 | 1,043 | |
Costs deferred | 1 | 6 | 9 | |
Amortization | (29) | (60) | (63) | |
Ending balance | 907 | 935 | 989 | |
Deferred acquisition costs | 907 | 935 | 989 | |
Life Insurance | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | 1,080 | 1,271 | 1,501 | |
Costs deferred | 0 | 0 | 0 | |
Amortization | (73) | (191) | (230) | |
Ending balance | 1,007 | 1,080 | 1,271 | |
Deferred acquisition costs | 1,007 | 1,080 | 1,271 | |
Fixed Annuity | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | 57 | 70 | 85 | |
Costs deferred | 0 | 0 | 0 | |
Amortization | (6) | (13) | (15) | |
Ending balance | 51 | 57 | 70 | |
Deferred acquisition costs | 51 | 57 | 70 | |
Variable Annuity | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | 113 | 131 | 151 | |
Costs deferred | 0 | 0 | 0 | |
Amortization | (8) | (18) | (20) | |
Ending balance | 105 | 113 | 131 | |
Deferred acquisition costs | 105 | 113 | 131 | |
Long-duration insurance contracts | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Beginning balance | 2,185 | 2,461 | 2,780 | |
Costs deferred | 1 | 6 | 9 | |
Amortization | (116) | (282) | (328) | |
Ending balance | 2,070 | 2,185 | 2,461 | |
Deferred acquisition costs | $ 2,070 | $ 2,185 | $ 2,461 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,969 | $ 2,951 |
Accumulated amortization | (2,768) | (2,748) |
Present Value of Future Profits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,146 | 2,146 |
Accumulated amortization | (2,032) | (2,026) |
Capitalized Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 500 | 482 |
Accumulated amortization | (438) | (427) |
Deferred Sales Inducements To Contractholders | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 317 | 317 |
Accumulated amortization | (294) | (291) |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6 | 6 |
Accumulated amortization | $ (4) | $ (4) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense related to PVFP and capitalized software | $ 8 | $ 10 | $ 17 | $ 20 |
Amortization expense related to deferred sales inducements | $ 1 | $ 2 | $ 3 | $ 4 |
Changes in Present Value of Fut
Changes in Present Value of Future Profits (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Beginning balance | $ 120 | $ 134 | $ 154 |
Costs deferred | 0 | 0 | 0 |
Amortization | (6) | (14) | (20) |
Ending balance | $ 114 | $ 120 | $ 134 |
Future Policy Benefits - Summar
Future Policy Benefits - Summary of Components of Liability for Future Policy Benefits (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total long-duration insurance contracts | $ 56,241 | $ 55,200 | |||||
Deferred profit liability | 120 | 115 | |||||
Cost of reinsurance liability | 82 | 92 | |||||
Future policy benefit reserves | 56,443 | 55,407 | $ 84,786 | ||||
Long-term Care Insurance | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total long-duration insurance contracts | 42,661 | 41,457 | |||||
Future policy benefit reserves | 42,661 | 41,457 | $ 60,091 | 63,371 | |||
Life Insurance | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total long-duration insurance contracts | 1,675 | 1,820 | |||||
Future policy benefit reserves | 1,675 | [1] | 1,820 | [1] | 2,166 | [1] | 2,649 |
Fixed annuities | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total long-duration insurance contracts | 11,905 | 11,923 | |||||
Future policy benefit reserves | $ 11,905 | $ 11,923 | $ 17,039 | $ 18,766 | |||
[1]The components of the life insurance rollforward exclude flooring. |
Future Policy Benefits - Summ_2
Future Policy Benefits - Summary of Liability for Future Policy Benefit Activity (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |||||
Present value of expected future policy benefits: | ||||||||
Net liability for future policy benefits | $ 56,443 | $ 55,407 | $ 84,786 | |||||
Less: reinsurance recoverable | 26,009 | |||||||
Net liability for future policy benefits, net of reinsurance recoverable | 58,777 | |||||||
Long-term Care Insurance | ||||||||
Present value of expected net premiums: | ||||||||
Beginning balance | 19,895 | 25,247 | $ 26,283 | |||||
Beginning balance, at original discount rate | 19,959 | 20,717 | 20,600 | |||||
Effect of changes in cash flow assumptions | (148) | 102 | 1,615 | |||||
Effect of actual variances from expected experience | (79) | 82 | (444) | |||||
Adjusted beginning balance | 19,732 | 20,901 | 21,771 | |||||
Issuances | 1 | 8 | 23 | |||||
Interest accrual | 507 | 1,061 | 1,053 | |||||
Net premiums collected | [1] | (976) | (2,011) | (2,130) | ||||
Derecognition (lapses and withdrawals) | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | |||||
Ending balance, at original discount rate | 19,264 | 19,959 | 20,717 | |||||
Effect of changes in discount rate assumptions | 13 | (64) | 4,530 | |||||
Ending balance | 19,277 | 19,895 | 25,247 | |||||
Present value of expected future policy benefits: | ||||||||
Beginning balance | 61,352 | 85,338 | 89,645 | |||||
Beginning balance, at original discount rate | 61,148 | 61,146 | 59,709 | |||||
Effect of changes in cash flow assumptions | (165) | (251) | 1,678 | |||||
Effect of actual variances from expected experience | (34) | (31) | (565) | |||||
Adjusted beginning balance | 60,949 | 60,864 | 60,822 | |||||
Issuances | 1 | 10 | 23 | |||||
Interest accrual | 1,667 | 3,364 | 3,309 | |||||
Benefit payments | (1,782) | (3,090) | (3,006) | |||||
Derecognition (lapses and withdrawals) | 0 | 0 | 0 | |||||
Reinsurance transactions | [2] | 0 | ||||||
Other | 0 | 0 | (2) | |||||
Ending balance, at original discount rate | 60,835 | 61,148 | 61,146 | |||||
Effect of changes in discount rate assumptions | 1,103 | 204 | 24,192 | |||||
Ending balance | 61,938 | 61,352 | 85,338 | |||||
Net liability for future policy benefits, before flooring adjustments | 42,661 | 41,457 | 60,091 | |||||
Flooring adjustments | [3] | 0 | 0 | 0 | ||||
Net liability for future policy benefits | 42,661 | 41,457 | 60,091 | 63,371 | ||||
Less: reinsurance recoverable | 7,408 | 7,270 | 10,557 | 11,476 | ||||
Net liability for future policy benefits, net of reinsurance recoverable | $ 35,253 | $ 34,187 | $ 49,534 | 51,895 | ||||
Weighted-average liability duration (years) | 14 years 3 months 18 days | 14 years 6 months | 16 years 10 months 24 days | |||||
Life Insurance | ||||||||
Present value of expected net premiums: | ||||||||
Beginning balance | [4] | $ 4,083 | $ 5,414 | $ 5,451 | ||||
Beginning balance, at original discount rate | [4] | 3,922 | 4,086 | 3,916 | ||||
Effect of changes in cash flow assumptions | [4] | 0 | 0 | 228 | ||||
Effect of actual variances from expected experience | [4] | 45 | 69 | 165 | ||||
Adjusted beginning balance | [4] | 3,967 | 4,155 | 4,309 | ||||
Issuances | [4] | 0 | 0 | 0 | ||||
Interest accrual | [4] | 110 | 226 | 221 | ||||
Net premiums collected | [1],[4] | (223) | (459) | (444) | ||||
Derecognition (lapses and withdrawals) | [4] | 0 | 0 | 0 | ||||
Other | [4] | 0 | 0 | 0 | ||||
Ending balance, at original discount rate | [4] | 3,854 | 3,922 | 4,086 | ||||
Effect of changes in discount rate assumptions | [4] | 194 | 161 | 1,328 | ||||
Ending balance | [4] | 4,048 | 4,083 | 5,414 | ||||
Present value of expected future policy benefits: | ||||||||
Beginning balance | [4] | 5,556 | 7,157 | 7,821 | ||||
Beginning balance, at original discount rate | [4] | 5,374 | 5,814 | 6,062 | ||||
Effect of changes in cash flow assumptions | [4] | 0 | 0 | 252 | ||||
Effect of actual variances from expected experience | [4] | 62 | 106 | 190 | ||||
Adjusted beginning balance | [4] | 5,436 | 5,920 | 6,504 | ||||
Issuances | [4] | 0 | 0 | 0 | ||||
Interest accrual | [4] | 143 | 304 | 322 | ||||
Benefit payments | [4] | (476) | (851) | (1,013) | ||||
Derecognition (lapses and withdrawals) | [4] | 0 | 0 | 0 | ||||
Reinsurance transactions | [2],[4] | 0 | ||||||
Other | [4] | (5) | 1 | 1 | ||||
Ending balance, at original discount rate | [4] | 5,098 | 5,374 | 5,814 | ||||
Effect of changes in discount rate assumptions | [4] | 192 | 182 | 1,343 | ||||
Ending balance | [4] | 5,290 | 5,556 | 7,157 | ||||
Net liability for future policy benefits, before flooring adjustments | [4] | 1,242 | 1,473 | 1,743 | ||||
Flooring adjustments | [3],[4] | 433 | 347 | 423 | ||||
Net liability for future policy benefits | 1,675 | [4] | 1,820 | [4] | 2,166 | [4] | 2,649 | |
Less: reinsurance recoverable | 787 | [4] | 873 | [4] | 1,040 | [4] | 834 | |
Net liability for future policy benefits, net of reinsurance recoverable | $ 888 | [4] | $ 947 | [4] | $ 1,126 | [4] | 1,815 | |
Weighted-average liability duration (years) | [4] | 6 years | 6 years | 7 years | ||||
Fixed annuities | ||||||||
Present value of expected net premiums: | ||||||||
Beginning balance | $ 0 | $ 0 | $ 0 | |||||
Beginning balance, at original discount rate | 0 | 0 | 0 | |||||
Effect of changes in cash flow assumptions | 0 | 0 | 0 | |||||
Effect of actual variances from expected experience | 0 | 0 | 0 | |||||
Adjusted beginning balance | 0 | 0 | 0 | |||||
Issuances | 22 | 50 | 47 | |||||
Interest accrual | 0 | 0 | 0 | |||||
Net premiums collected | [1] | (22) | (50) | (47) | ||||
Derecognition (lapses and withdrawals) | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | |||||
Ending balance, at original discount rate | 0 | 0 | 0 | |||||
Effect of changes in discount rate assumptions | 0 | 0 | 0 | |||||
Ending balance | 0 | 0 | 0 | |||||
Present value of expected future policy benefits: | ||||||||
Beginning balance | 11,923 | 17,039 | 18,637 | |||||
Beginning balance, at original discount rate | 10,300 | 11,012 | 11,358 | |||||
Effect of changes in cash flow assumptions | 0 | 0 | 27 | |||||
Effect of actual variances from expected experience | (1) | (24) | (24) | |||||
Adjusted beginning balance | 10,299 | 10,988 | 11,361 | |||||
Issuances | 17 | 43 | 46 | |||||
Interest accrual | 334 | 690 | 728 | |||||
Benefit payments | (505) | (1,072) | (1,119) | |||||
Derecognition (lapses and withdrawals) | 0 | 0 | 0 | |||||
Reinsurance transactions | [2] | (352) | ||||||
Other | 1 | 3 | (4) | |||||
Ending balance, at original discount rate | 10,146 | 10,300 | 11,012 | |||||
Effect of changes in discount rate assumptions | 1,759 | 1,623 | 6,027 | |||||
Ending balance | 11,905 | 11,923 | 17,039 | |||||
Net liability for future policy benefits, before flooring adjustments | 11,905 | 11,923 | 17,039 | |||||
Flooring adjustments | [3] | 0 | 0 | 0 | ||||
Net liability for future policy benefits | 11,905 | 11,923 | 17,039 | 18,766 | ||||
Less: reinsurance recoverable | 9,012 | 8,957 | 12,583 | 13,699 | ||||
Net liability for future policy benefits, net of reinsurance recoverable | $ 2,893 | $ 2,966 | $ 4,456 | $ 5,067 | ||||
Weighted-average liability duration (years) | 11 years | 10 years 10 months 24 days | 13 years 7 months 6 days | |||||
[1]Net premiums collected represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.[2]Related to a third-party recapture of certain single premium immediate annuity contracts in 2022.[3]Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases.[4]The components of the life insurance rollforward exclude flooring. |
Future Policy Benefits - Summ_3
Future Policy Benefits - Summary of Weighted Average Interest and Discount Rates (Detail) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term Care Insurance | |||
Disclosure In Tabular Form Of Weighted Average Interest And Discount Rates For The Liability For Future Policy Benefits [Line Items] | |||
Interest accretion rate | 5.80% | 5.80% | 5.80% |
Current discount rate | 5.20% | 5.40% | 2.80% |
Life Insurance | |||
Disclosure In Tabular Form Of Weighted Average Interest And Discount Rates For The Liability For Future Policy Benefits [Line Items] | |||
Interest accretion rate | 5.80% | 5.80% | 5.80% |
Current discount rate | 5.10% | 5.20% | 2.40% |
Fixed annuities | |||
Disclosure In Tabular Form Of Weighted Average Interest And Discount Rates For The Liability For Future Policy Benefits [Line Items] | |||
Interest accretion rate | 6.70% | 6.70% | 6.70% |
Current discount rate | 5.20% | 5.30% | 2.80% |
Future Policy Benefits - Summ_4
Future Policy Benefits - Summary of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefit Payments (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term Care Insurance | |||||
Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments [Line Items] | |||||
Liability for future policy benefit expected future gross premium undiscounted before reinsurance | $ 40,968 | $ 42,329 | $ 45,334 | ||
Liability for future policy benefit expected future policy benefit undiscounted before reinsurance | 128,048 | 130,315 | 133,974 | ||
Liability for future policy Benefit, expected future gross premium, discounted, before reinsurance | 27,693 | 28,278 | 36,642 | ||
Liability for future policy benefit, expected future policy benefit discounted before reinsurance | 61,938 | 61,352 | 85,338 | $ 89,645 | |
Life Insurance | |||||
Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments [Line Items] | |||||
Liability for future policy benefit expected future gross premium undiscounted before reinsurance | 11,158 | 11,541 | 12,266 | ||
Liability for future policy benefit expected future policy benefit undiscounted before reinsurance | 7,516 | 7,924 | 8,652 | ||
Liability for future policy Benefit, expected future gross premium, discounted, before reinsurance | 6,411 | 6,559 | 8,853 | ||
Liability for future policy benefit, expected future policy benefit discounted before reinsurance | [1] | 5,290 | 5,556 | 7,157 | 7,821 |
Fixed annuities | |||||
Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments [Line Items] | |||||
Liability for future policy benefit expected future gross premium undiscounted before reinsurance | 0 | 0 | 0 | ||
Liability for future policy benefit expected future policy benefit undiscounted before reinsurance | 24,453 | 24,924 | 26,473 | ||
Liability for future policy Benefit, expected future gross premium, discounted, before reinsurance | 0 | 0 | 0 | ||
Liability for future policy benefit, expected future policy benefit discounted before reinsurance | $ 11,905 | $ 11,923 | $ 17,039 | $ 18,637 | |
[1]The components of the life insurance rollforward exclude flooring. |
Future Policy Benefits - Summ_5
Future Policy Benefits - Summary of Revenue and Interest Expense in Respect of Future (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | $ 845 | $ 866 | $ 1,699 | $ 1,724 | $ 3,494 | $ 3,606 |
Interest expense | 764 | 764 | 1,527 | 1,536 | 3,071 | 3,085 |
Long-term Care Insurance | ||||||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | 671 | 681 | 1,346 | 1,352 | 2,769 | 2,847 |
Interest expense | 582 | 573 | 1,160 | 1,145 | 2,303 | 2,256 |
Life Insurance | ||||||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | 174 | 185 | 353 | 372 | 725 | 759 |
Interest expense | 16 | 19 | 33 | 41 | 78 | 101 |
Fixed annuities | ||||||
Disclosure In Tabular Form Of Revenue And Interest Expense In Respect Of Future Policy Benefits [Line Items] | ||||||
Gross premiums | 0 | 0 | 0 | 0 | 0 | 0 |
Interest expense | $ 166 | $ 172 | $ 334 | $ 350 | $ 690 | $ 728 |
Future Policy Benefits - Additi
Future Policy Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Life Insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for future policy benefit adverse development expenses | $ 5 | $ 16 | $ 8 | |
Increase in the fair value measurement of liability for future policy benefits due to updation in the net premium ratio due to review of annual cash flow | $ 24 | |||
Liability for future policy benefit after reinsurance increase (decrease) due to effect of updating the premium ratio actual to expected experience | 17 | 37 | 25 | |
Fixed annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for future policy benefit after reinsurance increase due to effect of updating the premium ratio | 27 | |||
Liability for future policy benefit after reinsurance increase (decrease) due to effect of updating the premium ratio actual to expected experience | $ (24) | $ (24) | ||
Long-Term Care Insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for future policy benefit after reinsurance increase (decrease) due to effect of updating the premium ratio actual to expected experience | $ 45 |
Policyholder Account Balances -
Policyholder Account Balances - Summary of Liabilities for Policyholder Account (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | $ 15,922 | $ 16,564 | |||
Death and other insurance benefits | 2,638 | 2,566 | $ 2,656 | ||
Indexed universal life embedded derivatives | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | [1] | 15 | 15 | ||
Fixed indexed annuity embedded derivatives | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | [1] | 180 | 202 | ||
Life Insurance | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | 7,595 | 7,694 | 7,835 | $ 8,105 | |
Fixed Annuity | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | 4,922 | 5,477 | 6,595 | 7,892 | |
Variable Annuity | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | 567 | 610 | $ 652 | $ 689 | |
Other | |||||
Policyholder Account Balance [Line Items] | |||||
Other | 5 | 0 | |||
Total investment contracts | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder account balances | 13,084 | 13,781 | |||
Additional insurance liabilities | |||||
Policyholder Account Balance [Line Items] | |||||
Death and other insurance benefits | [2] | $ 2,638 | $ 2,566 | ||
[1]See note 6 for additional information.[2]Amount represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 12 for additional information. |
Policyholder Account Balances_2
Policyholder Account Balances - Summary of Changes in Policyholder Account Balance (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Policyholder Account Balance [Line Items] | |||||||
Beginning balance | $ 16,564 | ||||||
Interest credited | $ 126 | $ 126 | 252 | $ 251 | |||
Ending balance | 15,922 | 15,922 | $ 16,564 | ||||
Life Insurance | |||||||
Policyholder Account Balance [Line Items] | |||||||
Beginning balance | 7,694 | 7,835 | 7,835 | $ 8,105 | |||
Issuances | 0 | 0 | 0 | ||||
Premiums received | 264 | 518 | 558 | ||||
Policy charges | (311) | (632) | (644) | ||||
Surrenders and withdrawals | (143) | (177) | (298) | ||||
Benefit payments | (103) | (210) | (233) | ||||
Net transfers from (to) separate accounts | 0 | 0 | 0 | ||||
Interest credited | 194 | 381 | 365 | ||||
Other | 0 | (21) | (18) | ||||
Ending balance | $ 7,595 | $ 7,595 | $ 7,694 | $ 7,835 | |||
Weighted-average crediting rate | 3.90% | 3.90% | 3.90% | 3.90% | |||
Net amount at risk | [1] | $ 43,344 | $ 43,344 | $ 44,113 | $ 46,613 | ||
Cash surrender value | 4,284 | 4,284 | 4,415 | 4,411 | |||
Fixed Annuities | |||||||
Policyholder Account Balance [Line Items] | |||||||
Beginning balance | 5,477 | 6,595 | 6,595 | 7,892 | |||
Issuances | 0 | 0 | 0 | ||||
Premiums received | 13 | 23 | 36 | ||||
Policy charges | (3) | (6) | (7) | ||||
Surrenders and withdrawals | (482) | (908) | (1,153) | ||||
Benefit payments | (198) | (475) | (508) | ||||
Net transfers from (to) separate accounts | 0 | 0 | 0 | ||||
Interest credited | 82 | 173 | 199 | ||||
Other | 33 | 75 | 136 | ||||
Ending balance | $ 4,922 | $ 4,922 | $ 5,477 | $ 6,595 | |||
Weighted-average crediting rate | 2.60% | 2.60% | 2.40% | 2.30% | |||
Net amount at risk | [1] | $ 23 | $ 23 | $ 21 | $ 98 | ||
Cash surrender value | 3,916 | 3,916 | 4,449 | 5,471 | |||
Variable Annuities | |||||||
Policyholder Account Balance [Line Items] | |||||||
Beginning balance | 610 | $ 652 | 652 | 689 | |||
Issuances | 0 | 0 | 0 | ||||
Premiums received | 7 | 21 | 24 | ||||
Policy charges | (2) | (8) | (8) | ||||
Surrenders and withdrawals | (38) | (48) | (43) | ||||
Benefit payments | (41) | (69) | (58) | ||||
Net transfers from (to) separate accounts | 1 | 11 | 5 | ||||
Interest credited | 2 | 4 | 5 | ||||
Other | 28 | 47 | 38 | ||||
Ending balance | $ 567 | $ 567 | $ 610 | $ 652 | |||
Weighted-average crediting rate | 3.30% | 3.30% | 3.30% | 3.20% | |||
Net amount at risk | [1] | $ 531 | $ 531 | $ 661 | $ 648 | ||
Cash surrender value | $ 567 | $ 567 | $ 610 | $ 652 | |||
[1]The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. |
Policyholder Account Balances_3
Policyholder Account Balances - Summary of Range Guaranteed Minimum Crediting Rate (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | $ 15,922 | $ 16,564 | ||
Policyholder account balance | 8,068 | [1] | 8,579 | [2] |
At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 6,039 | 6,589 | ||
1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 838 | 830 | ||
51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,186 | 1,159 | ||
Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 5 | 1 | ||
Less than 2.00% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 715 | [1] | 1,109 | [2] |
Less than 2.00% | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 618 | 1,065 | ||
Less than 2.00% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 92 | 42 | ||
Less than 2.00% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 5 | 2 | ||
Less than 2.00% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 0 | 0 | ||
2.00%–2.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,040 | [1] | 949 | [2] |
2.00%–2.99% | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,038 | 947 | ||
2.00%–2.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 2 | 2 | ||
2.00%–2.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 0 | 0 | ||
2.00%–2.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 0 | 0 | ||
3.00%–3.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 3,736 | [1] | 3,859 | [2] |
3.00%–3.99% | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,826 | 1,928 | ||
3.00%–3.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 728 | 774 | ||
3.00%–3.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 1,177 | 1,156 | ||
3.00%–3.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 5 | 1 | ||
4.00% and greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 2,577 | [1] | 2,662 | [2] |
4.00% and greater | At guaranteed minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 2,557 | 2,649 | ||
4.00% and greater | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 16 | 12 | ||
4.00% and greater | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | 4 | 1 | ||
4.00% and greater | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balance | $ 0 | $ 0 | ||
[1]Excludes investment contracts of approximately $5,016 million that have a market component to their crediting strategy.[2]Excludes investment contracts of approximately $5,202 million that have a market component to their crediting strategy. |
Policyholder Account Balances_4
Policyholder Account Balances - Summary of Range Guaranteed Minimum Crediting Rate (Parenthetical) (Detail) $ in Millions | Jun. 30, 2023 USD ($) bps | Dec. 31, 2022 USD ($) bps | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 15,922 | $ 16,564 | ||
1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 838 | 830 | ||
51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 1,186 | $ 1,159 | ||
Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 150 | 150 | ||
Policyholder account balances | $ 5 | $ 1 | ||
Minimum | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 1 | 1 | ||
Minimum | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 51 | 51 | ||
Maximum | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 50 | 50 | ||
Maximum | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | bps | 150 | 150 | ||
Less than 2.00% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 715 | [1] | $ 1,109 | [2] |
Less than 2.00% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 92 | 42 | ||
Less than 2.00% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 5 | 2 | ||
Less than 2.00% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 0 | $ 0 | ||
Less than 2.00% | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2% | 2% | ||
2.00%–2.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 1,040 | [1] | $ 949 | [2] |
2.00%–2.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 2 | 2 | ||
2.00%–2.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 0 | 0 | ||
2.00%–2.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 0 | $ 0 | ||
2.00%–2.99% | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2% | 2% | ||
2.00%–2.99% | Maximum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2.99% | 2.99% | ||
3.00%–3.99% | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 3,736 | [1] | $ 3,859 | [2] |
3.00%–3.99% | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 728 | 774 | ||
3.00%–3.99% | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 1,177 | 1,156 | ||
3.00%–3.99% | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 5 | $ 1 | ||
3.00%–3.99% | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3% | 3% | ||
3.00%–3.99% | Maximum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3.99% | 3.99% | ||
4.00% and greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 2,577 | [1] | $ 2,662 | [2] |
4.00% and greater | 1–50 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 16 | 12 | ||
4.00% and greater | 51–150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | 4 | 1 | ||
4.00% and greater | Greater than than 150 basis points above | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 0 | $ 0 | ||
4.00% and greater | Minimum | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4% | 4% | ||
Investment Contracts Market Component | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder account balances | $ 5,016 | $ 5,202 | ||
[1]Excludes investment contracts of approximately $5,016 million that have a market component to their crediting strategy.[2]Excludes investment contracts of approximately $5,202 million that have a market component to their crediting strategy. |
Additional Insurance Liabilit_3
Additional Insurance Liabilities - Summary of Balances of and Changes in Additional Insurance Liabilities (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Liability, Long-Duration Insurance [Line Items] | |||
Beginning balance | $ 2,566 | $ 2,656 | $ 2,524 |
Beginning balance before shadow accounting adjustments | 2,634 | 2,523 | 2,341 |
Effect of changes in cash flow assumptions | 0 | (37) | 85 |
Effect of actual variances from expected experience | 8 | 33 | (4) |
Adjusted beginning balance | 2,642 | 2,519 | 2,422 |
Issuances | 0 | 0 | 0 |
Interest accrual | 44 | 85 | 84 |
Assessments collected | 123 | 245 | 274 |
Benefit payments | (109) | (215) | (300) |
Derecognition (lapses and withdrawals) | 0 | 0 | 0 |
Flooring and other adjustments | 0 | 0 | 43 |
Ending balance before shadow accounting adjustments | 2,700 | 2,634 | 2,523 |
Effect of shadow accounting adjustments | (62) | (68) | 133 |
Ending balance | 2,638 | 2,566 | 2,656 |
Less: reinsurance recoverable | 375 | 377 | 407 |
Additional insurance liabilities, net of reinsurance recoverable | $ 2,263 | $ 2,189 | $ 2,249 |
Weighted-average liability duration (years) | 20 years 2 months 12 days | 20 years 9 months 18 days | 22 years 7 months 6 days |
Additional Insurance Liabilit_4
Additional Insurance Liabilities - Summary of Weighted-Average Anterest rates for the Liability for Additional Insurance Liabilities (Detail) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Weighted Average Interest Rates for the Liability for Additional Insurance Liabilities [Abstract] | ||||
Interest accretion rate | [1] | 3.30% | 3.30% | 3.20% |
Projected crediting rate | [2] | 3.80% | 3.80% | 3.60% |
[1]The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accrual.[2]The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits. |
Additional Insurance Liabilit_5
Additional Insurance Liabilities - Summary of Additional Liability Long Duration Insurance Revenue and Interest Expense Recognized (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Additional Liability Long Duration Insurance Revenue and Interest Expense Recognized [Abstract] | |||||||
Gross assessments | $ 136 | $ 144 | $ 272 | $ 291 | $ 559 | $ 592 | |
Interest expense | [1] | $ 22 | $ 21 | $ 44 | $ 41 | $ 85 | $ 84 |
[1]Amounts for interest accretion, labeled “interest expense” in the table above, are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. |
Additional Insurance Liabilit_6
Additional Insurance Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Liability, Long-Duration Insurance [Line Items] | |||
Additional insurance liabilities | $ 8 | $ 33 | |
Universal Life Insurance Products | |||
Additional Liability, Long-Duration Insurance [Line Items] | |||
Policyholder Account Balance, Period Increase (Decrease) | $ 37 | $ 85 |
Summary of Market Risk Benefit
Summary of Market Risk Benefit (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Market Risk Benefit [Line Items] | |||
Asset | $ 37 | $ 26 | $ 22 |
Liability | 666 | 748 | 1,310 |
Net liability | 629 | 722 | 1,288 |
Fixed Indexed Annuities | |||
Market Risk Benefit [Line Items] | |||
Asset | 0 | 0 | |
Liability | 57 | 52 | |
Net liability | 57 | 52 | 115 |
Variable Annuities | |||
Market Risk Benefit [Line Items] | |||
Asset | 37 | 26 | |
Liability | 609 | 696 | |
Net liability | $ 572 | $ 670 | $ 1,173 |
Summary of Balances of and Chan
Summary of Balances of and Changes in Market Risk Benefits (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | ||
Market Risk Benefit [Line Items] | |||||
Beginning balance | $ 722 | ||||
Ending balance | 629 | $ 722 | |||
Less: reinsurance recoverable | $ 244 | ||||
Market risk benefits, net of reinsurance recoverable | $ 1,044 | ||||
Fixed Indexed Annuities | |||||
Market Risk Benefit [Line Items] | |||||
Beginning balance | 52 | 94 | $ 115 | ||
Beginning balance before effect of changes in instrument-specific credit risk | 50 | 90 | 110 | ||
Issuances | 0 | 0 | 0 | ||
Interest accrual | 1 | 1 | 0 | ||
Attributed fees collected | 3 | 5 | 6 | ||
Benefit payments | 0 | 0 | 0 | ||
Effect of changes in interest rates | 3 | (51) | (10) | ||
Effect of changes in equity markets | (1) | 5 | (7) | ||
Actual policyholder behavior different from expected behavior | (1) | (2) | (7) | ||
Effect of changes in future expected policyholder behavior | 0 | 0 | 0 | ||
Effect of changes in other future expected assumptions | 0 | 0 | 0 | ||
Other | 2 | (2) | |||
Ending balance before effect of changes in instrument-specific credit risk | 55 | 50 | 90 | ||
Effect of changes in instrument-specific credit risk | 2 | 2 | 4 | ||
Ending balance | 57 | 52 | 94 | ||
Less: reinsurance recoverable | 0 | 0 | 0 | ||
Market risk benefits, net of reinsurance recoverable | $ 57 | $ 52 | $ 94 | ||
Weighted-average attained age of contractholders | 72 years | 72 years | 71 years | ||
Net amount at risk | [1] | ||||
Variable Annuities | |||||
Market Risk Benefit [Line Items] | |||||
Beginning balance | 670 | 855 | 1,173 | ||
Beginning balance before effect of changes in instrument-specific credit risk | 660 | 840 | 1,154 | ||
Issuances | 0 | 6 | 3 | ||
Interest accrual | 18 | 18 | 4 | ||
Attributed fees collected | 19 | 42 | 48 | ||
Benefit payments | (18) | (28) | (23) | ||
Effect of changes in interest rates | (7) | (513) | (115) | ||
Effect of changes in equity markets | (113) | 286 | (267) | ||
Actual policyholder behavior different from expected behavior | 4 | 8 | 36 | ||
Effect of changes in future expected policyholder behavior | 0 | 0 | 0 | ||
Effect of changes in other future expected assumptions | 0 | 0 | 0 | ||
Other | 1 | 0 | |||
Ending balance before effect of changes in instrument-specific credit risk | 563 | 660 | 840 | ||
Effect of changes in instrument-specific credit risk | 9 | 10 | 15 | ||
Ending balance | 572 | 670 | 855 | ||
Less: reinsurance recoverable | 135 | 158 | 193 | ||
Market risk benefits, net of reinsurance recoverable | $ 437 | $ 512 | $ 662 | ||
Weighted-average attained age of contractholders | 76 years | 76 years | 75 years | ||
Net amount at risk | [1] | ||||
Reinsurance recoverable | |||||
Market Risk Benefit [Line Items] | |||||
Beginning balance | [2] | 158 | 193 | 244 | |
Beginning balance before effect of changes in instrument-specific credit risk | [2] | 158 | 193 | 244 | |
Issuances | [2] | 0 | 0 | 0 | |
Interest accrual | [2] | 4 | 4 | 1 | |
Attributed fees collected | [2] | 5 | 9 | 11 | |
Benefit payments | [2] | (8) | (16) | (13) | |
Effect of changes in interest rates | [2] | (4) | (74) | (21) | |
Effect of changes in equity markets | [2] | (23) | 39 | (42) | |
Actual policyholder behavior different from expected behavior | [2] | 3 | 3 | 13 | |
Effect of changes in future expected policyholder behavior | [2] | 0 | 0 | 0 | |
Effect of changes in other future expected assumptions | [2] | 0 | 0 | 0 | |
Other | [2] | 0 | 0 | ||
Ending balance before effect of changes in instrument-specific credit risk | [2] | 135 | 158 | 193 | |
Effect of changes in instrument-specific credit risk | [2] | 0 | 0 | 0 | |
Ending balance | [2] | 135 | 158 | 193 | |
Net amount at risk | [1],[2] | ||||
[1]See note 11 for additional information on the net amount at risk.[2]Represents the net reinsured asset related to our variable annuity MRBs. |
Summary of Changes in Separate
Summary of Changes in Separate Account Liabilities (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account, Liability [Line Items] | |||
Beginning balance | $ 4,417 | ||
Ending balance | 4,533 | $ 4,417 | |
Variable Annuity | |||
Separate Account, Liability [Line Items] | |||
Beginning balance | 4,417 | 6,066 | $ 6,081 |
Premiums and deposits | 20 | 48 | 47 |
Policy charges | (53) | (115) | (136) |
Surrenders and withdrawals | (177) | (352) | (506) |
Benefit payments | (114) | (226) | (266) |
Investment performance | 442 | (991) | 852 |
Net transfers to general account | (1) | (11) | (5) |
Other charges | (1) | (2) | (1) |
Ending balance | 4,533 | 4,417 | 6,066 |
Cash surrender value | 4,531 | 4,414 | 6,065 |
Variable Universal Life | |||
Separate Account, Liability [Line Items] | |||
Beginning balance | 4,417 | 6,066 | 6,081 |
Premiums and deposits | 20 | 48 | 47 |
Policy charges | (53) | (115) | (136) |
Surrenders and withdrawals | (177) | (352) | (506) |
Benefit payments | (114) | (226) | (266) |
Investment performance | 442 | (991) | 852 |
Net transfers to general account | (1) | (11) | (5) |
Other charges | (1) | (2) | (1) |
Ending balance | 4,533 | 4,417 | 6,066 |
Cash surrender value | $ 4,531 | $ 4,414 | $ 6,065 |
Summary of Aggregate Fair Value
Summary of Aggregate Fair Value of Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Separate Account Assets | $ 4,533 | $ 4,417 | $ 6,081 |
Equity funds | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Separate Account Assets | 1,986 | 1,866 | |
Balanced funds | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Separate Account Assets | 1,976 | 1,962 | |
Bond funds | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Separate Account Assets | 329 | 332 | |
Money market funds | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Separate Account Assets | $ 242 | $ 257 |
Liability for Policy and Cont_3
Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total liability for policy and contract claims | $ 628 | $ 683 | $ 733 | $ 819 | $ 761 |
Enact Segment | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total liability for policy and contract claims | 490 | 519 | |||
Life and Annuities Segment | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total liability for policy and contract claims | 131 | 158 | |||
Other Mortgage Insurance Business | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total liability for policy and contract claims | $ 7 | $ 6 |
Changes in Liability for Policy
Changes in Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Beginning balance | $ 683 | $ 819 |
Less reinsurance recoverables | (23) | (26) |
Net beginning balance | 660 | 793 |
Current year | 417 | 415 |
Prior years | (120) | (136) |
Total incurred | 297 | 279 |
Current year | (257) | (277) |
Prior years | (90) | (97) |
Total paid | (347) | (374) |
Foreign currency translation | 1 | |
Net ending balance | 611 | 698 |
Add reinsurance recoverables | 17 | 35 |
Ending balance | $ 628 | $ 733 |
Liability for Policy and Cont_4
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred related to insured events of prior year | $ (120) | $ (136) |
Enact segment | GNW Covid Nineteen | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred related to insured events of prior year | $ 133 | $ 146 |
Reconciliation of Federal Statu
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Examination [Line Items] | ||||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | 21% |
Tax on income from terminated swaps | 3.40% | 2.40% | 3.60% | 2.20% |
Other, net | 0.50% | 0.40% | 1% | 0.50% |
Effective rate | 24.90% | 23.80% | 25.60% | 23.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Line Items] | ||||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | 21% |
Forward Starting Swaps | ||||
Income Taxes [Line Items] | ||||
Statutory U.S. federal income tax rate | 35% | 35% | 35% | 35% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 3 | |||
Corporate federal income tax rate | 21% | 21% | 21% | 21% |
Assumed tax rate on adjustments to adjusted operating income | 21% |
Summary of Revenues for Segment
Summary of Revenues for Segments and Corporate and Growth (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,892 | $ 1,887 | $ 3,746 | $ 3,780 |
Segment, Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,892 | 1,887 | 3,746 | 3,780 |
Segment, Continuing Operations | Enact | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 277 | 273 | 558 | 543 |
Segment, Continuing Operations | Long-Term Care Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,143 | 1,108 | 2,241 | 2,203 |
Segment, Continuing Operations | Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 350 | 359 | 708 | 740 |
Segment, Continuing Operations | Fixed Annuities | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 84 | 93 | 169 | 208 |
Segment, Continuing Operations | Variable Annuities | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 35 | 37 | 71 | 77 |
Segment, Continuing Operations | Life and Annuities Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 469 | 489 | 948 | 1,025 |
Segment, Continuing Operations | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 3 | $ 17 | $ (1) | $ 9 |
Summary of Net Operating Income
Summary of Net Operating Income (Loss) for Segments and Corporate and Growth (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 137 | $ 122 | $ 159 | $ 240 | $ 259 | $ 399 | |
Add: net income from continuing operations attributable to noncontrolling interests | 31 | 38 | 63 | 68 | |||
Add: net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||
Net income | 168 | 154 | 197 | 270 | 322 | 467 | |
Less: income (loss) from discontinued operations, net of taxes | 2 | (1) | 2 | (3) | |||
Income from continuing operations | 166 | $ 154 | 198 | $ 272 | 320 | 470 | |
Less: net income from continuing operations attributable to noncontrolling interests | 31 | 38 | 63 | 68 | |||
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 135 | 160 | 257 | 402 | |||
Net investment (gains) losses, net | [1] | (41) | (19) | (30) | (61) | ||
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges | [2] | (23) | 8 | (9) | (46) | ||
(Gains) losses on early extinguishment of debt | [3] | 0 | 1 | (1) | 4 | ||
Expenses related to restructuring | 1 | 1 | 4 | 1 | |||
Taxes on adjustments | 13 | 2 | 8 | 22 | |||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 85 | 153 | 229 | 322 | |||
Segment, Continuing Operations | |||||||
Segment Reporting Information [Line Items] | |||||||
Net income | 168 | 197 | 322 | 467 | |||
Income from continuing operations | 166 | 198 | 320 | 470 | |||
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 135 | 160 | 257 | 402 | |||
Segment, Continuing Operations | Enact | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 146 | 167 | 289 | 302 | |||
Segment, Continuing Operations | Long-Term Care Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (43) | 17 | (20) | 90 | |||
Segment, Continuing Operations | Life Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | (17) | (37) | (44) | (84) | |||
Segment, Continuing Operations | Fixed Annuities | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 10 | 20 | 24 | 33 | |||
Segment, Continuing Operations | Variable Annuities | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 9 | 2 | 18 | 6 | |||
Segment, Continuing Operations | Life and Annuities Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | 2 | (15) | (2) | (45) | |||
Segment, Continuing Operations | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders | $ (20) | $ (16) | $ (38) | $ (25) | |||
[1]For the three and six months ended June 30, 2023, net investment (gains) losses were adjusted for the portion of net investment losses attributable to noncontrolling interests of $2 million.[2]For the three months ended June 30, 2023 and 2022, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(4) million and $(12) million, respectively. For the six months ended June 30, 2023 and 2022, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(7) million and $(25) million, respectively.[3]During the six months ended June 30, 2023, we repurchased $11 million principal amount of Genworth Holdings’ senior notes due in June 2034 for a pre-tax gain of $1 million. During the three and six months ended June 30, 2022, we repurchased $48 million and $130 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $4 million, respectively. |
Summary of Net Operating Inco_2
Summary of Net Operating Income (Loss) for Segments and Corporate and Growth (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Pre-tax gain (loss) on early extinguishment of debt | [1] | $ 0 | $ (1) | $ 1 | $ (4) |
Genworth Holdings | Senior Notes 2024 | |||||
Segment Reporting Information [Line Items] | |||||
Aggregate principal amount of notes repurchased | 48 | 130 | 48 | 130 | |
Pre-tax gain (loss) on early extinguishment of debt | (1) | (4) | |||
Genworth Holdings | Senior Notes 2034 | |||||
Segment Reporting Information [Line Items] | |||||
Aggregate principal amount of notes repurchased | 11 | 11 | |||
Pre-tax gain (loss) on early extinguishment of debt | 1 | ||||
Net Investment (Gains) Losses | |||||
Segment Reporting Information [Line Items] | |||||
Adjustment for portion of net investment gains (losses) attributable to noncontrolling interests | (2) | (2) | |||
Changes in fair value of market risk benefits and associated hedges | |||||
Segment Reporting Information [Line Items] | |||||
Adjustment for changes in reserves, attributed fees and benefit payments | $ (4) | $ (12) | $ (7) | $ (25) | |
[1]During the six months ended June 30, 2023, we repurchased $11 million principal amount of Genworth Holdings’ senior notes due in June 2034 for a pre-tax gain of $1 million. During the three and six months ended June 30, 2022, we repurchased $48 million and $130 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $4 million, respectively. |
Summary of Assets for Segments
Summary of Assets for Segments and Corporate and Growth (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 89,844 | $ 89,714 | $ 122,346 |
Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 89,844 | 89,714 | |
Enact | Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 5,922 | 5,712 | |
Long-Term Care Insurance | Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 45,194 | 44,156 | |
Life and Annuities Segment | Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 37,168 | 37,975 | |
Corporate and Other | Segment, Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 1,560 | $ 1,871 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 11, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Dec. 31, 2019 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 11, 2019 | |
Commitments and Contingencies Disclosure [Line Items] | |||||||
Off-balance sheet risk | $ 1,399 | $ 1,365 | |||||
Commitments to Fund Limited Partnerships | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Off-balance sheet risk | 1,399 | ||||||
Commitments to Fund Private Placement Investments | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Off-balance sheet risk | 17 | ||||||
Commitments to Fund Bank Loan Investments | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Off-balance sheet risk | 153 | ||||||
Commitments to fund commercial mortgage loan investments | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Off-balance sheet risk | $ 0 | ||||||
Other Litigation | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Plaintiff's Motion Dismissed | $ 395 | ||||||
Loss Contingency, Damages Sought | $ 5 | $ 5 | |||||
Plaintiffs' motion | $ 15 | $ 410 | |||||
Restricted cash proceeds on sale per litigation | $ 450 |
Component of Changes in Accumul
Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (2,853) | $ (4,549) | $ (2,614) | $ (5,855) |
OCI before reclassifications | 1 | 1,266 | (199) | 2,562 |
Amounts reclassified from (to) OCI | (14) | (33) | (41) | (64) |
Total other comprehensive income (loss) | (13) | 1,233 | (240) | 2,498 |
Balances before noncontrolling interests | (2,866) | (3,316) | (2,854) | (3,357) |
Less: change in OCI attributable to noncontrolling interests | (5) | (28) | 7 | (69) |
Ending balance | (2,861) | (3,288) | (2,861) | (3,288) |
Change in the discount rate used to measure future policy benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,628) | (8,447) | (403) | (13,918) |
OCI before reclassifications | 664 | 5,280 | (561) | 10,751 |
Amounts reclassified from (to) OCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 664 | 5,280 | (561) | 10,751 |
Balances before noncontrolling interests | (964) | (3,167) | (964) | (3,167) |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | (964) | (3,167) | (964) | (3,167) |
Change in instrument- specific credit risk of market risk benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (9) | (13) | (10) | (15) |
OCI before reclassifications | 0 | 1 | 1 | 3 |
Amounts reclassified from (to) OCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 1 | 1 | 3 |
Balances before noncontrolling interests | (9) | (12) | (9) | (12) |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | (9) | (12) | (9) | (12) |
Net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,500) | 2,151 | (3,407) | 6,077 |
OCI before reclassifications | (584) | (3,701) | 322 | (7,674) |
Amounts reclassified from (to) OCI | 23 | 4 | 36 | 10 |
Total other comprehensive income (loss) | (561) | (3,697) | 358 | (7,664) |
Balances before noncontrolling interests | (3,061) | (1,546) | (3,049) | (1,587) |
Less: change in OCI attributable to noncontrolling interests | (5) | (28) | 7 | (69) |
Ending balance | (3,056) | (1,518) | (3,056) | (1,518) |
Derivatives qualifying as hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 1,274 | 1,789 | 1,200 | 2,025 |
OCI before reclassifications | (83) | (307) | 31 | (506) |
Amounts reclassified from (to) OCI | (37) | (37) | (77) | (74) |
Total other comprehensive income (loss) | (120) | (344) | (46) | (580) |
Balances before noncontrolling interests | 1,154 | 1,445 | 1,154 | 1,445 |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 1,154 | 1,445 | 1,154 | 1,445 |
Foreign currency translation and other adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 10 | (29) | 6 | (24) |
OCI before reclassifications | 4 | (7) | 8 | (12) |
Amounts reclassified from (to) OCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 4 | (7) | 8 | (12) |
Balances before noncontrolling interests | 14 | (36) | 14 | (36) |
Less: change in OCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | $ 14 | $ (36) | $ 14 | $ (36) |
Changes In Accumulated Other _3
Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrecognized postretirement benefit obligation, current period OCI | $ 34 | $ (4) |
Unrecognized postretirement benefit obligation, current period OCI, tax | (9) | 1 |
Foreign currency translation and other adjustments, current period OCI, tax | 1 | 2 |
Change in the discount rate used to measure future policy benefits, current period OCI, tax | 255 | 855 |
Change in instrument-specific credit risk of MRBs, current period OCI, tax | $ 2 | $ 3 |
Reclassifications In (Out) of A
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment income | $ (785) | $ (787) | $ (1,572) | $ (1,551) | ||
Net investment (gains) losses | (39) | (19) | (28) | (61) | ||
Interest expense | 29 | 26 | 58 | 52 | ||
Income taxes | 55 | $ 55 | 62 | $ 84 | 110 | 146 |
(Income) loss from continuing operations | (166) | $ (154) | (198) | $ (272) | (320) | (470) |
Amount reclassified from accumulated other comprehensive income (loss) | Net unrealized investment (gains) losses | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment (gains) losses | 30 | 4 | 46 | 12 | ||
Income taxes | (7) | 0 | (10) | (2) | ||
(Income) loss from continuing operations | 23 | 4 | 36 | 10 | ||
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income taxes | 21 | 19 | 42 | 39 | ||
(Income) loss from continuing operations | (37) | (37) | (77) | (74) | ||
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative liabilities | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment (gains) losses | 0 | 0 | (1) | 0 | ||
Interest expense | 0 | 1 | 1 | 2 | ||
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative assets | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment income | (55) | (57) | (109) | (112) | ||
Net investment (gains) losses | (3) | 0 | (8) | (2) | ||
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Foreign currency swaps | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment income | 0 | 0 | 0 | (1) | ||
Net investment (gains) losses | $ 0 | $ 0 | $ (2) | $ 0 |