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UNITED STATES
SECURITIES AND EXCHANGE
 
COMMISSION
Washington, D.C.
 
20549
FORM
10-Q
_
X
_
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
September 30, 2022
___
 
Transition Report Pursuant
 
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission file number
1-15731
EVEREST RE GROUP, LTD.
(Exact name of registrant as specified in its charter)
Bermuda
98-0365432
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Seon Place – 4th Floor
141 Front Street
PO Box HM 845
Hamilton
HM 19
,
Bermuda
441
-
295-0006
(Address, including zip code, and telephone number, including area code,
of registrant’s principal executive office)
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant:
 
(1)
 
has
 
filed
 
all
 
reports
 
required
 
to
 
be
 
filed
 
by
 
Section
 
13
 
or
 
15(d)
 
of
 
the
 
Securities
Exchange Act
 
of 1934
 
during the
 
preceding 12
 
months (or
 
for such
 
shorter period
 
that the
 
registrant
 
was required
 
to file
 
such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes
X
No
Indicate by check mark
 
whether the registrant
 
has submitted electronically
 
every Interactive Data
 
File required to be
 
submitted pursuant
to Rule 405 of
 
Regulation S-T during the
 
preceding 12 months (or
 
for such shorter period
 
that the registrant
 
was required to
 
submit such
files).
Yes
X
No
Indicate by check mark
 
whether the registrant
 
is a large accelerated
 
filer, an
 
accelerated filer,
 
a non-accelerated filer,
 
a smaller reporting
company
 
or
 
an
 
emerging
 
growth
 
company.
 
See
 
the
 
definitions
 
of
 
“large
 
accelerated
 
filer,”
 
“accelerated
 
filer,”
 
“smaller
 
reporting
company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated Filer
X
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
Indicate by
 
check mark
 
if the
 
registrant
 
is an
 
emerging growth
 
company
 
and has
 
elected not
 
to use
 
the extended
 
transition period
 
for
complying with any new or revised financial accounting standards provided
 
pursuant to Section 13(a) of the Exchange act.
 
YES
NO
X
Indicate by check mark whether the registrant is a shell company (as defined in
 
Rule 12b-2 of the Exchange Act).
YES
NO
X
Securities registered pursuant to Section 12(b) of the Act:
 
Class
Trading Symbol
Name of Exchange where
 
Registered
Number of Shares Outstanding
At November 1, 2022
Common Shares, $0.01 par value
RE
New York Stock Exchange
39,165,034
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
EVEREST RE GROUP,
 
LTD.
CONSOLIDATED
 
BALANCE SHEETS
 
 
September 30,
 
December 31,
 
(Dollars and share amounts in millions, except par value per share)
2022
2021
(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value
$
21,009
$
22,308
(amortized cost: 2022, $
23,204
; 2021, $
22,064
, credit allowances: 2022, $
(
38
)
; 2021, $
(
30
)
)
Fixed maturities - held to maturity, at amortized cost, net of credit allowances
 
(fair value: 2022, $
817
, credit allowances: 2022, $
(
9
)
)
837
-
Equity securities, at fair value
1,301
1,826
Short-term investments (cost: 2022, $
611
; 2021, $
1,178
)
611
1,178
Other invested assets
3,079
2,920
Cash
1,679
1,441
Total investments and cash
28,516
29,673
Accrued investment income
200
149
Premiums receivable
3,452
3,294
Reinsurance recoverables
2,240
2,053
Funds held by reinsureds
893
869
Deferred acquisition costs
867
872
Prepaid reinsurance premiums
556
515
Income taxes
544
2
Other assets
876
757
TOTAL
 
ASSETS
$
38,144
$
38,185
LIABILITIES:
Reserve for losses and loss adjustment expenses
$
21,222
$
19,009
Future policy benefit reserve
34
36
Unearned premium reserve
4,795
4,610
Funds held under reinsurance treaties
18
18
Other net payable to reinsurers
511
450
Losses in course of payment
110
261
Senior notes
2,347
2,346
Long term notes
218
224
Borrowings from FHLB
519
519
Accrued interest on debt and borrowings
39
17
Unsettled securities payable
134
17
Other liabilities
548
540
Total liabilities
30,495
28,046
Commitments and contingencies (Note 7)
(nil)
(nil)
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $
0.01
;
50.0
 
shares authorized;
 
no
 
shares issued and outstanding
-
-
Common shares, par value: $
0.01
;
200.0
 
shares authorized; (2022)
69.9
and (2021)
69.8
 
outstanding before treasury shares
1
1
Additional paid-in capital
2,293
2,274
Accumulated other comprehensive income (loss), net of deferred income
 
tax expense (benefit) of $
(269)
 
at 2022 and $
27
 
at 2021
(2,348)
12
Treasury shares, at cost;
30.8
 
shares (2022) and
30.5
 
shares (2021)
(3,907)
(3,847)
Retained earnings
11,610
11,700
Total shareholders' equity
 
7,649
10,139
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
38,144
$
38,185
The accompanying notes are an integral part of the consolidated
 
financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
EVEREST RE GROUP,
 
LTD.
CONSOLIDATED
 
STATEMENTS
 
OF OPERATIONS
 
AND COMPREHENSIVE INCOME (LOSS)
 
 
Three Months Ended
 
Nine Months Ended
September 30,
September 30,
(Dollars in millions, except per share amounts)
2022
2021
2022
2021
(unaudited)
(unaudited)
REVENUES:
Premiums earned
 
$
3,067
$
2,656
$
8,775
$
7,603
Net investment income
151
293
620
960
Net gains (losses) on investments:
Credit allowances on fixed maturity securities
(5)
(7)
(18)
(30)
Gains (losses) from fair value adjustments
(136)
(5)
(462)
128
Net realized gains (losses) from dispositions
12
8
(39)
41
Total net gains (losses) on investments
(129)
(4)
(519)
139
Other income (expense)
(16)
(20)
(71)
44
Total revenues
3,073
2,925
8,805
8,746
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses
 
2,623
2,274
6,289
5,572
Commission, brokerage, taxes and fees
641
564
1,877
1,611
Other underwriting expenses
 
169
141
500
424
Corporate expenses
16
18
45
46
Interest, fees and bond issue cost amortization expense
25
16
74
47
Total claims and expenses
3,474
3,013
8,785
7,700
INCOME (LOSS) BEFORE TAXES
(401)
(88)
20
1,046
Income tax expense (benefit)
(82)
(14)
(81)
97
NET INCOME (LOSS)
$
(319)
$
(73)
$
101
$
948
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the
 
period
(712)
(100)
(2,260)
(304)
Reclassification adjustment for realized losses (gains) included in net income (loss)
41
(1)
61
(3)
Total URA(D) on securities arising during the period
(671)
(101)
(2,199)
(308)
Foreign currency translation adjustments
(101)
(54)
(163)
(29)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)
1
2
2
6
Total benefit plan net gain (loss) for the period
1
2
2
6
Total other comprehensive income (loss), net of tax
(771)
(153)
(2,360)
(331)
COMPREHENSIVE INCOME (LOSS)
$
(1,090)
$
(227)
$
(2,259)
$
617
EARNINGS PER COMMON SHARE:
Basic
$
(8.22)
$
(1.88)
$
2.57
$
23.74
Diluted
(8.22)
(1.88)
2.57
23.72
The accompanying notes are an integral part of the consolidated
 
financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
EVEREST RE GROUP,
 
LTD.
CONSOLIDATED
 
STATEMENTS
 
OF
 
CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions, except dividends per share amounts)
2022
2021
2022
2021
(unaudited)
(unaudited)
COMMON SHARES (shares outstanding):
Balance beginning of period
39
40
39
40
Issued (redeemed) during the period, net
-
-
-
-
Treasury shares acquired
-
(1)
-
(1)
Balance end of period
 
39
39
39
39
COMMON SHARES (par value):
Balance beginning of period
$
1
$
1
$
1
$
1
Issued during the period, net
-
-
-
-
Balance end of period
 
1
1
1
1
ADDITIONAL PAID-IN CAPITAL:
Balance beginning of period
2,284
2,256
2,274
2,245
Share-based compensation plans
9
10
19
21
Balance end of period
 
2,293
2,266
2,293
2,266
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),
NET OF DEFERRED INCOME TAXES:
Balance beginning of period
(1,577)
357
12
535
Net increase (decrease) during the period
(771)
(153)
(2,360)
(331)
Balance end of period
 
(2,348)
204
(2,348)
204
RETAINED EARNINGS:
Balance beginning of period
11,994
11,465
11,700
10,567
Net income (loss)
 
(319)
(73)
101
948
Dividends declared ($
1.65
 
per share in 3Q 2022 and $
4.85
 
per share YTD
in 2022; $
1.55
 
per share in 3Q 2021 and $
4.65
 
per share YTD in 2021)
(65)
(61)
(191)
(186)
Balance, end of period
11,610
11,330
11,610
11,330
TREASURY SHARES AT COST:
Balance beginning of period
(3,849)
(3,662)
(3,847)
(3,622)
Purchase of treasury shares
(58)
(160)
(60)
(200)
Balance end of period
 
(3,907)
(3,822)
(3,907)
(3,822)
TOTAL
 
SHAREHOLDERS' EQUITY, END OF PERIOD
$
7,649
$
9,979
$
7,649
$
9,979
The accompanying notes are an integral part
 
of the consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
EVEREST RE GROUP,
 
LTD.
CONSOLIDATED
 
STATEMENTS
 
OF CASH FLOWS
 
 
Nine Months Ended
September 30,
(Dollars in millions)
2022
2021
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
101
$
948
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable
(405)
(737)
Decrease (increase) in funds held by reinsureds, net
(35)
(93)
Decrease (increase) in reinsurance recoverables
(662)
(231)
Decrease (increase) in income taxes
(249)
57
Decrease (increase) in prepaid reinsurance premiums
(194)
(147)
Increase (decrease) in reserve for losses and loss adjustment expenses
3,117
2,560
Increase (decrease) in future policy benefit reserve
(2)
(1)
Increase (decrease) in unearned premiums
435
928
Increase (decrease) in other net payable to reinsurers
242
199
Increase (decrease) in losses in course of payment
(150)
24
Change in equity adjustments in limited partnerships
(126)
(543)
Distribution of limited partnership income
139
106
Change in other assets and liabilities, net
(134)
(230)
Non-cash compensation expense
 
35
33
Amortization of bond premium (accrual of bond discount)
49
57
Net (gains) losses on investments
519
(139)
Net cash provided by (used in) operating activities
2,680
2,791
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale
2,171
2,757
Proceeds from fixed maturities matured/called/repaid - held to maturity
18
-
Proceeds from fixed maturities sold - available for sale
1,177
883
Proceeds from equity securities sold, at fair value
1,030
579
Distributions from other invested assets
244
217
Cost of fixed maturities acquired - available for sale
(5,958)
(5,671)
Cost of fixed maturities acquired - held to maturity
(133)
-
Cost of equity securities acquired, at fair value
(960)
(508)
Cost of other invested assets acquired
(455)
(604)
Net change in short-term investments
568
423
Net change in unsettled securities transactions
102
(177)
Net cash provided by (used in) investing activities
(2,196)
(2,102)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense
(16)
(12)
Purchase of treasury shares
(60)
(200)
Dividends paid to shareholders
(191)
(186)
Cost of debt repurchase
(6)
-
Cost of shares withheld on settlements of share-based compensation awards
(19)
(15)
Net cash provided by (used in) financing activities
(292)
(413)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
46
(9)
Net increase (decrease) in cash
238
267
Cash, beginning of period
1,441
802
Cash, end of period
$
1,679
$
1,068
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)
$
167
$
40
Interest paid
 
51
33
NON-CASH TRANSACTIONS:
Reclassification of specific investments from fixed maturity securities, available for sale
 
at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances
$
722
$
-
The accompanying notes are an integral
 
part of the consolidated financial statements.
 
5
NOTES TO CONSOLIDATED
 
INTERIM FINANCIAL STATEMENTS
 
(UNAUDITED)
For the Three and Nine Months Ended September
 
30, 2022 and 2021
1.
 
GENERAL
 
Everest
 
Re Group,
 
Ltd. (“Group”),
 
a Bermuda company,
 
through its
 
subsidiaries, principally
 
provides reinsurance
and
 
insurance
 
in
 
the
 
U.S.,
 
Bermuda
 
and
 
international
 
markets.
 
As
 
used
 
in
 
this
 
document,
 
“Company”
 
means
Group and its subsidiaries.
 
2.
 
BASIS OF PRESENTATION
The unaudited
 
consolidated
 
financial statements
 
of the
 
Company
 
as of
 
September
 
30, 2022
 
and December
 
31,
2021 and for the three
 
and nine months ended
 
September 30, 2022 and
 
2021 include all adjustments,
 
consisting
of
 
normal
 
recurring
 
accruals,
 
which,
 
in
 
the
 
opinion
 
of
 
management,
 
are
 
necessary
 
for
 
a
 
fair
 
statement
 
of
 
the
results
 
on
 
an
 
interim
 
basis.
 
Certain
 
financial
 
information,
 
which
 
is
 
normally
 
included
 
in
 
annual
 
financial
statements
 
prepared
 
in
 
accordance
 
with
 
accounting
 
principles
 
generally
 
accepted
 
in
 
the
 
United
 
States
 
of
America (“GAAP”),
 
has been
 
omitted since
 
it is
 
not required
 
for interim
 
reporting purposes.
 
The December
 
31,
2021
 
consolidated
 
balance
 
sheet
 
data
 
was
 
derived
 
from
 
audited
 
financial
 
statements
 
but
 
does
 
not
 
include
 
all
disclosures
 
required by
 
GAAP.
 
The results
 
for the
 
three and
 
nine months
 
ended September
 
30, 2022
 
and 2021
are
 
not
 
necessarily
 
indicative
 
of
 
the
 
results
 
for
 
a
 
full
 
year.
 
These
 
financial
 
statements
 
should
 
be
 
read
 
in
conjunction with the audited consolidated
 
financial statements and
 
notes thereto for
 
the years ended December
31, 2021, 2020 and 2019, included in the Company’s
 
most recent Form 10-K filing.
The Company
 
consolidates
 
the results
 
of operations
 
and financial
 
position of
 
all voting
 
interest
 
entities ("VOE")
in
 
which
 
the
 
Company
 
has
 
a controlling
 
financial
 
interest
 
and
 
all
 
variable
 
interest
 
entities
 
("VIE")
 
in
 
which
 
the
Company is considered to be the primary beneficiary.
 
The consolidation assessment, including
 
the determination
as
 
to
 
whether
 
an
 
entity
 
qualifies
 
as
 
a
 
VIE
 
or
 
VOE,
 
depends
 
on
 
the
 
facts
 
and
 
circumstances
 
surrounding
 
each
entity.
 
The preparation
 
of financial
 
statements
 
in conformity
 
with GAAP
 
requires
 
management
 
to make
 
estimates
 
and
assumptions
 
that
 
affect
 
the reported
 
amounts
 
of assets
 
and liabilities
 
(and disclosure
 
of contingent
 
assets
 
and
liabilities) at the date of the financial
 
statements and the reported
 
amounts of revenues and expenses
 
during the
reporting period.
 
Ultimate actual results could differ,
 
possibly materially,
 
from those estimates.
 
All intercompany accounts
 
and transactions have been eliminated.
 
Certain
 
reclassifications
 
and
 
format
 
changes
 
have
 
been
 
made
 
to
 
prior
 
years’
 
amounts
 
to
 
conform
 
to
 
the
 
2022
presentation.
Application of Recently Issued Accounting
 
Standard Changes.
 
The Company did
 
not adopt any
 
new accounting standards
 
that had a
 
material impact during
 
the three and
 
nine
months ended
 
September 30,
 
2022.
 
The Company
 
assessed the
 
adoption impacts
 
of recently
 
issued accounting
standards
 
by the
 
Financial Accounting
 
Standards
 
Board on
 
the Company’s
 
consolidated
 
financial statements
 
as
well as
 
material updates
 
to previous
 
assessments,
 
if any,
 
from the
 
Company’s
 
Annual Report
 
on Form
 
10-K for
the
 
year
 
ended
 
December
 
31,
 
2021.
 
There
 
were
 
no
 
accounting
 
standards
 
issued
 
in
 
the
 
nine
 
months
 
ended
September 30, 2022, that are expected to
 
have a material impact to Group.
Any
 
issued
 
guidance
 
and
 
pronouncements,
 
other
 
than
 
those
 
directly
 
referenced
 
above,
 
are
 
deemed
 
by
 
the
Company to be either not applicable or immaterial to
 
its financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
3.
 
INVESTMENTS
 
The
 
following
 
tables
 
show
 
amortized
 
cost,
 
allowance
 
for
 
credit
 
losses,
 
gross
 
unrealized
appreciation/(depreciation) and fair
 
value of fixed maturity securities available
 
for sale as of the dates indicated:
 
At September 30, 2022
Amortized
Allowance for
Unrealized
Unrealized
Fair
(Dollars in millions)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
 
U.S. government agencies and corporations
$
1,367
$
-
$
19
$
(79)
$
1,308
Obligations of U.S. states and political subdivisions
519
-
1
(38)
481
Corporate securities
7,010
(29)
69
(653)
6,397
Asset-backed securities
3,935
-
1
(164)
3,772
Mortgage-backed securities
Commercial
1,016
-
-
(108)
908
Agency residential
3,058
-
2
(337)
2,723
Non-agency residential
5
-
-
-
5
Foreign government securities
1,528
-
13
(205)
1,335
Foreign corporate securities
4,768
(9)
47
(726)
4,080
Total fixed maturity securities - available for sale
$
23,204
$
(38)
$
153
$
(2,310)
$
21,009
(Some amounts may not reconcile due to rounding.)
At December 31, 2021
Amortized
Allowance for
Unrealized
Unrealized
Fair
(Dollars in millions)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
 
U.S. government agencies and corporations
$
1,407
$
-
$
24
$
(10)
$
1,421
Obligations of U.S. states and political subdivisions
559
-
29
(1)
587
Corporate securities
7,444
(19)
195
(63)
7,557
Asset-backed securities
3,579
(8)
22
(12)
3,582
Mortgage-backed securities
Commercial
1,033
-
38
(6)
1,064
Agency residential
2,361
-
33
(19)
2,375
Non-agency residential
7
-
-
-
7
Foreign government securities
1,424
-
42
(28)
1,438
Foreign corporate securities
4,251
(3)
95
(65)
4,279
Total fixed maturity securities - available for sale
$
22,064
$
(30)
$
478
$
(203)
$
22,308
(Some amounts may not reconcile due to rounding.)
The
 
following
 
tables
 
show
 
amortized
 
cost,
 
allowance
 
for
 
credit
 
losses,
 
gross
 
unrealized
appreciation/(depreciation) and fair
 
value of fixed maturity securities held to
 
maturity as of the dates indicated:
 
 
At September 30, 2022
Amortized
Allowance for
Unrealized
Unrealized
Fair
(Dollars in millions)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities - held to maturity
Corporate securities
$
160
$
(2)
$
-
$
(11)
$
147
Asset-backed securities
653
(6)
1
(10)
639
Mortgage-backed securities
Commercial
6
-
-
-
6
Foreign corporate securities
28
(1)
-
(1)
26
Total fixed maturity securities - held to maturity
$
846
(9)
$
1
$
(21)
$
817
(Some amounts may not reconcile due to rounding.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
The amortized
 
cost and
 
fair value
 
of fixed
 
maturity securities
 
available for
 
sale are
 
shown in
 
the following
 
table
by
 
contractual
 
maturity.
 
Mortgage-backed
 
securities
 
are
 
generally
 
more
 
likely
 
to
 
be
 
prepaid
 
than
 
other
 
fixed
maturity securities. As the stated
 
maturity of such securities may not be indicative
 
of actual maturities, the totals
for mortgage-backed and
 
asset-backed securities
 
are shown separately.
 
 
At September 30, 2022
At December 31, 2021
Amortized
Fair
Amortized
Fair
(Dollars in millions)
Cost
Value
Cost
Value
Fixed maturity securities – available for sale:
 
Due in one year or less
$
1,257
$
1,258
$
1,399
$
1,398
 
Due after one year through five years
7,875
7,216
7,075
7,154
 
Due after five years through ten years
4,603
3,938
5,004
5,101
 
Due after ten years
1,456
1,189
1,606
1,627
Asset-backed securities
3,935
3,772
3,579
3,582
Mortgage-backed securities:
Commercial
1,016
908
1,033
1,064
Agency residential
3,058
2,723
2,361
2,375
Non-agency residential
5
5
7
7
Total fixed maturity securities - available for sale
$
23,204
$
21,009
$
22,064
$
22,308
(Some amounts may not reconcile due to rounding.)
The amortized
 
cost and
 
fair value
 
of fixed
 
maturity securities
 
held to
 
maturity are
 
shown in
 
the following
 
table
by contractual maturity.
At September 30, 2022
Amortized
Fair
(Dollars in millions)
Cost
Value
Fixed maturity securities – held to maturity:
 
Due after one year through five years
$
61
$
58
 
Due after five years through ten years
46
41
 
Due after ten years
80
74
Asset-backed securities
653
639
Mortgage-backed securities:
Commercial
6
6
Total fixed
 
maturity securities - held to maturity
$
846
$
817
(Some amounts may not reconcile due
 
to rounding.)
During the
 
third
 
quarter
 
of 2022,
 
the Company
 
re-designated
 
a portion
 
of its
 
fixed
 
maturity
 
securities from
 
its
fixed maturity – available
 
for sale portfolio
 
to its fixed maturity
 
– held to maturity portfolio.
 
The fair value of the
securities
 
reclassified
 
at
 
the
 
date
 
of
 
transfer
 
was
 
$
722
 
million,
 
net
 
of
 
allowance
 
for
 
current
 
expected
 
credit
losses,
 
which
 
was
 
subsequently
 
recognized
 
as
 
the
 
new
 
amortized
 
cost
 
basis.
 
As of
 
the date
 
of transfer,
 
these
securities had an unrealized
 
loss of $
53
 
million, which remained in accumulated
 
other comprehensive income
 
on
the
 
balance
 
sheet
 
and
 
will
 
be
 
amortized
 
into
 
income
 
through
 
an
 
adjustment
 
to
 
the
 
yields
 
of
 
the
 
underlying
securities over the remaining life of the securities.
 
The Company evaluated
 
fixed maturity
 
securities classified as
 
held to maturity
 
for current
 
expected credit
 
losses
as of
 
September 30,
 
2022 utilizing
 
risk characteristics
 
of each security,
 
including credit
 
rating, remaining
 
time to
maturity,
 
adjusted
 
for
 
prepayment
 
considerations,
 
and
 
subordination
 
level,
 
and
 
applying
 
default
 
and
 
recovery
rates,
 
which
 
include
 
the
 
incorporation
 
of
 
historical
 
credit
 
loss
 
experience
 
and
 
macroeconomic
 
forecasts,
 
to
develop an estimate
 
of current expected
 
credit losses. These
 
fixed maturities classified
 
as held to maturity
 
are of
a high credit quality and are all rated
 
investment grade as of September
 
30, 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
The changes
 
in net
 
unrealized
 
appreciation
 
(depreciation)
 
for the
 
Company’s
 
investments
 
are derived
 
from the
following sources for the periods
 
indicated:
 
 
Three Months Ended
 
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2022
2021
2022
2021
Increase (decrease) during the period between the fair value and cost
of investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities and short-term investments
$
(724)
$
(109)
$
(2,484)
$
(344)
Change in unrealized appreciation (depreciation), pre-tax
(724)
(109)
(2,484)
(344)
Deferred tax benefit (expense)
53
7
285
36
Change in unrealized appreciation (depreciation),
 
net of deferred taxes, included in shareholders’ equity
 
$
(671)
$
(101)
$
(2,199)
$
(308)
(Some amounts may not reconcile due to rounding.)
The tables
 
below display
 
the aggregate
 
fair value
 
and gross
 
unrealized
 
depreciation
 
of fixed
 
maturity securities
available for
 
sale, by security
 
type and contractual
 
maturity,
 
in each case
 
subdivided according
 
to length
 
of time
that individual securities had been in a continuous unrealized
 
loss position for the periods indicated.
 
 
Duration of Unrealized Loss at September
 
30, 2022 By Security Type
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities - available for
 
sale
U.S. Treasury securities and
 
obligations of
U.S. government agencies and corporations
$
807
$
(47)
$
273
$
(32)
$
1,080
$
(79)
Obligations of U.S. states and
 
political subdivisions
326
(30)
25
(8)
351
(38)
Corporate securities
4,247
(447)
996
(189)
5,243
(636)
Asset-backed securities
2,827
(158)
55
(5)
2,882
(164)
Mortgage-backed securities
Commercial
877
(104)
27
(4)
904
(108)
Agency residential
2,086
(222)
588
(115)
2,674
(337)
Non-agency residential
3
-
2
-
5
-
Foreign government securities
971
(137)
250
(68)
1,221
(205)
Foreign corporate securities
2,792
(496)
808
(229)
3,600
(726)
Total
$
14,937
$
(1,640)
$
3,023
$
(651)
$
17,960
$
(2,291)
Securities where an allowance for credit
 
loss was recorded
23
(19)
-
-
23
(19)
Total fixed
 
maturity securities
$
14,960
$
(1,659)
$
3,023
$
(651)
$
17,983
$
(2,310)
(Some amounts may not reconcile due to rounding.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
Duration of Unrealized Loss at September
 
30, 2022 By Maturity
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities
 
- available for sale
Due in one year or less
$
895
$
(21)
$
59
$
(6)
$
954
$
(27)
Due in one year through five years
4,908
(502)
1,264
(204)
6,173
(706)
Due in five years through ten years
2,517
(459)
812
(239)
3,329
(697)
Due after ten years
823
(174)
217
(77)
1,040
(252)
Asset-backed securities
2,827
(158)
55
(5)
2,882
(164)
Mortgage-backed securities
2,967
(325)
616
(120)
3,583
(445)
Total
 
$
14,937
$
(1,640)
$
3,023
$
(651)
$
17,960
$
(2,291)
Securities where an allowance for credit
 
loss was recorded
23
(19)
-
-
23
(19)
Total fixed
 
maturity securities
$
14,960
$
(1,659)
$
3,023
$
(651)
$
17,983
$
(2,310)
(Some amounts may not reconcile due to rounding.)
The aggregate
 
fair
 
value
 
and gross
 
unrealized
 
losses related
 
to
 
fixed
 
maturity
 
securities available
 
for
 
sale in
 
an
unrealized loss position
 
at September 30, 2022
 
were $
18.0
 
billion and $
2.3
 
billion, respectively.
 
The fair value
 
of
securities for the
 
single issuer (the United
 
States government)
 
whose securities comprised
 
the largest unrealized
loss
 
position
 
at
 
September 30,
 
2022,
 
did
 
not
 
exceed
5.2
%
 
of
 
the
 
overall
 
fair
 
value
 
of
 
the
 
Company’s
 
fixed
maturity
 
securities
 
available
 
for
 
sale.
 
The
 
fair
 
value
 
of
 
the
 
securities
 
for
 
the
 
issuer
 
with
 
the
 
second
 
largest
unrealized
 
loss
 
position
 
at
 
September 30,
 
2022,
 
comprised
 
less
 
than
0.9
%
 
of
 
the
 
Company’s
 
fixed
 
maturity
securities available
 
for sale.
 
In addition,
 
as indicated
 
on the
 
above table,
 
there was
 
no significant
 
concentration
of
 
unrealized
 
losses
 
in
 
any
 
one
 
market
 
sector.
 
The
 
$
1.7
 
billion
 
of
 
unrealized
 
losses
 
related
 
to
 
fixed
 
maturity
securities available
 
for
 
sale that
 
have
 
been in
 
an unrealized
 
loss position
 
for
 
less than
 
one year
 
were generally
comprised
 
of
 
foreign
 
and
 
domestic
 
corporate
 
securities,
 
agency
 
residential
 
and
 
commercial
 
mortgage-backed
securities,
 
asset-backed
 
securities
 
and
 
foreign
 
government
 
securities.
 
Of
 
these
 
unrealized
 
losses,
 
$
1.5
 
billion
were related
 
to securities
 
that were
 
rated investment
 
grade by
 
at least
 
one nationally
 
recognized rating
 
agency.
 
The $
651
 
million of
 
unrealized
 
losses related
 
to fixed
 
maturity securities
 
available
 
for sale
 
in an
 
unrealized
 
loss
position
 
for
 
more
 
than
 
one
 
year
 
related
 
primarily
 
to
 
foreign
 
and
 
domestic
 
corporate
 
securities,
 
agency
residential
 
mortgage-backed
 
securities
 
and
 
foreign
 
government
 
securities.
 
Of
 
these
 
unrealized
 
losses,
 
$
616
million were
 
related to
 
securities that
 
were rated
 
investment
 
grade by
 
at least
 
one nationally
 
recognized
 
rating
agency.
 
In
 
all
 
instances,
 
there
 
were
 
no
 
projected
 
cash
 
flow
 
shortfalls
 
to
 
recover
 
the
 
full
 
book
 
value
 
of
 
the
investments
 
and
 
the
 
related
 
interest
 
obligations.
 
The
 
mortgage-backed
 
securities
 
still
 
have
 
excess
 
credit
coverage
 
and are
 
current on
 
interest
 
and principal
 
payments.
 
Based upon
 
the Company’s
 
current evaluation
 
of
securities in
 
an unrealized
 
loss
 
position
 
as of
 
September
 
30, 2022,
 
the
 
unrealized
 
losses
 
are
 
due
 
to
 
changes
 
in
interest
 
rates
 
and
 
non-issuer
 
specific
 
credit
 
spreads
 
and
 
are
 
not
 
credit-related.
 
In
 
addition,
 
the
 
contractual
terms of these securities do not permit these securities to be settled
 
at a price less than their amortized cost.
 
The
 
Company,
 
given
 
the
 
size
 
of
 
its
 
investment
 
portfolio
 
and
 
capital
 
position,
 
does
 
not
 
have
 
the
 
intent
 
to
 
sell
these securities; and it is more
 
likely than not that
 
the Company will not have
 
to sell the security before
 
recovery
of
 
its
 
cost
 
basis.
 
In
 
addition,
 
all
 
securities
 
currently
 
in
 
an
 
unrealized
 
loss
 
position
 
are
 
current
 
with
 
respect
 
to
principal and interest payments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
The tables
 
below display
 
the aggregate
 
fair value
 
and gross
 
unrealized
 
depreciation
 
of fixed
 
maturity securities
available for
 
sale, by security
 
type and contractual
 
maturity,
 
in each case
 
subdivided according
 
to length
 
of time
that
 
individual
 
securities
 
had
 
been
 
in
 
a
 
continuous
 
unrealized
 
loss
 
position
 
for
 
the
 
periods
 
indicated.
 
The
amounts
 
presented
 
in
 
the
 
tables
 
below
 
include
 
$
16
 
million
 
of
 
fair
 
value
 
and
 
$(
0.4
)
 
million
 
of
 
gross
 
unrealized
depreciation
 
as
 
of
 
December
 
31,
 
2021
 
related
 
to
 
fixed
 
maturity
 
securities
 
available
 
for
 
sale
 
for
 
which
 
the
Company has recorded an allowance
 
for credit losses.
 
Duration of Unrealized Loss at December
 
31, 2021 By Security Type
 
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities - available for
 
sale
U.S. Treasury securities and
 
obligations of
U.S. government agencies and corporations
$
504
$
(6)
$
92
$
(4)
$
596
$
(10)
Obligations of U.S. states and
 
political subdivisions
51
(1)
3
-
54
(1)
Corporate securities
2,133
(38)
473
(24)
2,605
(63)
Asset-backed securities
1,954
(11)
42
(1)
1,996
(12)
Mortgage-backed securities
Commercial
222
(3)
40
(3)
262
(6)
Agency residential
1,101
(12)
280
(7)
1,381
(19)
Non-agency residential
2
-
-
-
2
-
Foreign government securities
392
(10)
101
(18)
493
(28)
Foreign corporate securities
1,735
(46)
211
(