Commitments to invest in limited partnership interests

Notes to Condensed Consolidated Financial Statements  
Assets measured at fair value on a non-recurring basisComprise long-lived assets to be disposed of by sale, including real estate, that are written down to fair value less costs to sell.Investments excluded from the fair value hierarchyLimited partnerships carried at fair value, which do not have readily determinable fair values, use NAV provided by the investees and are excluded from the fair value hierarchy. These investments are generally not redeemable by the investees and generally cannot be sold without approval of the general partner. The Company receives distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years 4-9 of the typical contractual life of 10-12 years. As of September 30, 2022, the Company has commitments to invest $215 million in these limited partnership interests. 

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| Assets and liabilities measured at fair value |
|  |  | September 30, 2022 |
| ($ in millions) |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Counterparty and cash collateral netting |  | Total |
| Assets |  |   |  |   |  |   |  |   |  |   |
| Fixed income securities: |  |   |  |   |  |   |  |   |  |   |
| U.S. government and agencies |  | $ | 8,424  |  |  | $ | 20  |  |  | $ | —  |  |  |   |  | $ | 8,444  |  |
| Municipal |  | —  |  |  | 6,010  |  |  | 19  |  |  |   |  | 6,029  |  |
| Corporate - public |  | —  |  |  | 16,751  |  |  | 68  |  |  |   |  | 16,819  |  |
| Corporate - privately placed |  | —  |  |  | 7,842  |  |  | 71  |  |  |  |  | 7,913  |  |
| Foreign government |  | —  |  |  | 890  |  |  | —  |  |  |   |  | 890  |  |
| ABS |  | —  |  |  | 1,572  |  |  | 48  |  |  |  |  | 1,620  |  |
| Total fixed income securities |  | 8,424  |  |  | 33,085  |  |  | 206  |  |  |   |  | 41,715  |  |
| Equity securities |  | 4,092  |  |  | 304  |  |  | 327  |  |  |   |  | 4,723  |  |
| Short-term investments |  | 928  |  |  | 3,096  |  |  | 6  |  |  |   |  | 4,030  |  |
| Other investments |  | —  |  |  | 107  |  |  | 2  |  |  | $ | (59) |  |  | 50  |  |
| Other assets |  | 14  |  |  | —  |  |  | 104  |  |  |   |  | 118  |  |
| Total recurring basis assets |  | 13,458  |  |  | 36,592  |  |  | 645  |  |  | (59) |  |  | 50,636  |  |
| Non-recurring basis  |  | —  |  |  | —  |  |  | 23  |  |  |   |  | 23  |  |
| Total assets at fair value |  | $ | 13,458  |  |  | $ | 36,592  |  |  | $ | 668  |  |  | $ | (59) |  |  | $ | 50,659  |  |
| % of total assets at fair value |  | 26.6  | % |  | 72.2  | % |  | 1.3  | % |  | (0.1) | % |  | 100.0  | % |
|  |  |  |  |  |  |  |  |  |  |  |
| Investments reported at NAV |  |  |  |  |  |  |  |  |  | 1,318  |  |
| Total |  |  |  |  |  |  |  |  |  | $ | 51,977  |  |
| Liabilities |  |   |  |   |  |   |  |   |  |   |
| Other liabilities |  | $ | (9) |  |  | $ | (32) |  |  | $ | —  |  |  | $ | (7) |  |  | $ | (48) |  |
| Total recurring basis liabilities |  | (9) |  |  | (32) |  |  | —  |  |  | (7) |  |  | (48) |  |
|  |  |  |  |  |  |  |  |  |  |  |
| Total liabilities at fair value |  | $ | (9) |  |  | $ | (32) |  |  | $ | —  |  |  | $ | (7) |  |  | $ | (48) |  |
| % of total liabilities at fair value |  | 18.7  | % |  | 66.7  | % |  | —  | % |  | 14.6  | % |  | 100.0  | % |

Third Quarter 2022 Form 10-Q  23
