Cincinnati Financial (CINF) 10-Q 26 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 22, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	0-4604
Entity Registrant Name	CINCINNATI FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-0746871
Entity Address, Address Line One	6200 S. Gilmore Road,
Entity Address, City or Town	Fairfield,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45014-5141
City Area Code	513
Local Phone Number	870-2000
Title of 12(b) Security	Common stock
Trading Symbol	CINF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		160,896,903
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments
Fixed maturities, at fair value (amortized cost: 2020—$11,273; 2019—$11,108)	$ 12,157	$ 11,698
Equity securities, at fair value (cost: 2020—$3,898; 2019—$3,581)	7,867	7,752
Other invested assets	275	296
Total investments	20,299	19,746
Cash and cash equivalents	914	767
Investment income receivable	131	133
Finance receivable	86	77
Premiums receivable	1,925	1,777
Reinsurance Recoverable	533	610
Prepaid reinsurance premiums	73	54
Deferred policy acquisition costs	817	774
Land, building and equipment, net, for company use (accumulated depreciation: 2020—$283; 2019—$276)	211	207
Other assets	452	381
Separate accounts	929	882
Assets	26,370	25,408
Insurance reserves
Loss and loss expense reserves	6,747	6,147
Life policy and investment contract reserves	2,900	2,835
Unearned premiums	3,024	2,788
Other liabilities	981	928
Deferred income tax	1,077	1,079
Note payable	123	39
Long-term debt and lease obligations	844	846
Separate accounts	929	882
Total liabilities	16,625	15,544
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2020 and 2019—500 million shares; issued: 2020 and 2019—198.3 million shares)	397	397
Paid-in capital	1,318	1,306
Retained earnings	9,132	9,257
Accumulated other comprehensive income	686	448
Treasury stock at cost (2020—37.5 million shares and 2019—35.4 million shares)	(1,788)	(1,544)
Total shareholders' equity	9,745	9,864
Total liabilities and shareholders' equity	$ 26,370	$ 25,408

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 11,273	$ 11,108
Equity securities, cost	3,898	3,581
Land, building and equipment, accumulated depreciation	$ 283	$ 276
Common stock, par value	$ 2	$ 2
Common stock, authorized	500	500
Common stock, issued	198.3	198.3
Treasury stock, shares	37.5	35.4

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Earned premiums	$ 1,522	$ 1,446	$ 4,460	$ 4,163
Investment income, net of expenses	167	161	498	478
Investment gains and losses, net	533	86	(132)	1,113
Fee revenues	2	4	8	11
Other revenues	3	3	8	7
Total revenues	2,227	1,700	4,842	5,772
Benefits and Expenses
Insurance losses and contract holders' benefits	1,143	932	3,232	2,728
Underwriting, acquisition and insurance expenses	452	455	1,372	1,296
Interest expense	13	14	40	40
Other operating expenses	5	5	15	17
Total benefits and expenses	1,613	1,406	4,659	4,081
Income Before Income Taxes	614	294	183	1,691
Provision (Benefit) for Income Taxes
Current	55	28	81	84
Deferred	75	18	(65)	236
Total provision for income taxes	130	46	16	320
Net Income	$ 484	$ 248	$ 167	$ 1,371
Per Common Share
Net income—basic	$ 3.01	$ 1.51	$ 1.03	$ 8.40
Net income—diluted	$ 2.99	$ 1.49	$ 1.03	$ 8.30

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income	$ 484	$ 248	$ 167	$ 1,371
Change in unrealized gains on investments, net of tax of $23, $21, $62 and $114, respectively	89	79	232	428
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively	0	0	2	1
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of $0, $0, $1 and $(2), respectively	0	(1)	4	(9)
Other comprehensive income	89	78	238	420
Comprehensive Income	$ 573	$ 326	$ 405	$ 1,791

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 23	$ 21	$ 62	$ 114
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	0	0	0	0
Other Comprehensive Income, Change in Life Deferred Acquisition Costs, Life Policy Reserves and Other, Tax	$ 0	$ 0	$ 1	$ (2)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common equities	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock	Previously ReportedRetained Earnings
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				$ 0
Beginning Balance at Dec. 31, 2018		$ 397	$ 1,281	7,625	$ 22	$ (1,492)	$ 7,625
Share-based awards		0	(12)			19
Share-based compensation			23
Other			3			2
Net Income	$ 1,371			1,371
Dividends declared				(274)
Other comprehensive income	420				420
Shares acquired - share repurchase authorization						(5)
Shares acquired - share-based compensation plans						(9)
Ending Balance at Sep. 30, 2019	9,371	$ 397	1,295	8,722	442	(1,485)
Beginning Balance (in shares) at Dec. 31, 2018		162.8
Share-based awards (in shares)		0.6
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Sep. 30, 2019		163.4
Dividends declared per common share		$ 1.68
Increase to allowance through retained earnings for ASU 2016-13, after-tax				0
Beginning Balance at Jun. 30, 2019		$ 397	1,286	8,566	364	(1,482)	8,566
Share-based awards		0	1			3
Share-based compensation			7
Other			1			1
Net Income	248			248
Dividends declared				(92)
Other comprehensive income	78				78
Shares acquired - share repurchase authorization						(5)
Shares acquired - share-based compensation plans						(2)
Ending Balance at Sep. 30, 2019	9,371	$ 397	1,295	8,722	442	(1,485)
Beginning Balance (in shares) at Jun. 30, 2019		163.3
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Sep. 30, 2019		163.4
Dividends declared per common share		$ 0.56
Increase to allowance through retained earnings for ASU 2016-13, after-tax	(2)			(2)
Beginning Balance at Dec. 31, 2019	9,864	$ 397	1,306	9,255	448	(1,544)	9,257
Share-based awards		0	(16)			12
Share-based compensation			24
Other			4			3
Net Income	167			167
Dividends declared				(290)
Other comprehensive income	238				238
Shares acquired - share repurchase authorization						(256)
Shares acquired - share-based compensation plans						(3)
Ending Balance at Sep. 30, 2020	9,745	$ 397	1,318	9,132	686	(1,788)
Beginning Balance (in shares) at Dec. 31, 2019		162.9
Share-based awards (in shares)		0.4
Shares acquired - share repurchase authorization (in shares)		(2.5)
Ending Balance (in shares) at Sep. 30, 2020		160.8
Dividends declared per common share		$ 1.80
Increase to allowance through retained earnings for ASU 2016-13, after-tax				0
Beginning Balance at Jun. 30, 2020		$ 397	1,309	8,745	597	(1,790)	$ 8,745
Share-based awards		0	0			0
Share-based compensation			8
Other			1			2
Net Income	484			484
Dividends declared				(97)
Other comprehensive income	89				89
Shares acquired - share repurchase authorization						0
Shares acquired - share-based compensation plans						0
Ending Balance at Sep. 30, 2020	$ 9,745	$ 397	$ 1,318	$ 9,132	$ 686	$ (1,788)
Beginning Balance (in shares) at Jun. 30, 2020		160.8
Share-based awards (in shares)		0
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Sep. 30, 2020		160.8
Dividends declared per common share		$ 0.60

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net Income	$ 167	$ 1,371
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	62	54
Investment gains and losses, net	137	(1,103)
Share-based compensation	24	23
Interest credited to contract holders'	33	31
Deferred income tax expense	(65)	236
Changes in:
Investment income receivable	2	7
Premiums and reinsurance receivable	(93)	(156)
Deferred policy acquisition costs	(46)	(69)
Other assets	(25)	(36)
Loss and loss expense reserves	600	72
Life policy and investment contract reserves	94	79
Unearned premiums	236	255
Other liabilities	(34)	39
Current income tax receivable/payable	27	77
Net cash provided by operating activities	1,119	880
Cash Flows From Investing Activities
Sale of fixed maturities	100	61
Call or maturity of fixed maturities	756	988
Sale of equity securities	471	194
Purchase of fixed maturities	(1,092)	(1,345)
Purchase of equity securities	(640)	(341)
Investment in finance receivables	(33)	(25)
Collection of finance receivables	26	20
Investment in building and equipment	(16)	(22)
Change in other invested assets, net	16	(56)
Net cash used in investing activities	(412)	(526)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(280)	(265)
Shares acquired - share repurchase authorization	(256)	(5)
Changes in note payable	84	6
Proceeds from stock options exercised	5	9
Contract holders' funds deposited	64	67
Contract holders' funds withdrawn	(123)	(133)
Other	(54)	(30)
Net cash used in financing activities	(560)	(351)
Net change in cash and cash equivalents	147	3
Cash and cash equivalents at beginning of year	767	784
Cash and cash equivalents at end of year	914	787
Supplemental Disclosures of Cash Flow Information:
Interest Paid	27	27
Income taxes paid	42	3
Noncash Activities
Equipment acquired under finance lease obligations	13	6
Cashless exercise of stock options	3	9
Other assets and other liabilities	$ 63	$ 65

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted. Our September 30, 2020, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2019 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year. The World Health Organization declared the 2019 novel coronavirus (SARS-CoV-2 or COVID-19) outbreak a Public Health Emergency of International Concern on January 30, 2020, and a pandemic on March 11, 2020. The pandemic outbreak has caused an economic downturn on a global scale and uncertainty surrounding future government and private company restrictions as many businesses resume operations. The pandemic, and unprecedented actions taken to contain the virus, has also continued to cause significant market disruption and volatility. Through the first nine months of 2020, the company estimated that pandemic-related incurred losses and expenses totaled $72 million. The company continues to monitor the impact of the pandemic as it unfolds. The company cannot predict the impact the pandemic will have on its future consolidated financial position, cash flows or results of operations, however the impact could be material. Adopted Accounting Updates ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as well as additional implementation related ASU's in 2018, 2019 and 2020. These ASU’s amend previous guidance on the impairment of financial instruments by adding an impairment model that allows an entity to recognize expected credit losses as an allowance rather than impairing as they are incurred. The new guidance is intended to reduce complexity of credit impairment models and result in a more timely recognition of expected credit losses. The standards require the company to consider all relevant information at the time of estimating the expected credit loss, including past events, the current environment, and reasonable and supportable forecasts over the life of the asset. These ASU's also eliminated the other-than-temporary impairment model for available for sale fixed-maturity securities by requiring that credit related impairments be recognized through an allowance account. Changes in the allowance account are recorded in the period of change as a credit loss expense or reversal of credit loss expense. The measurement of credit losses is not impacted, except that credit losses recognized are limited to the amount by which fair value is below amortized cost and that the length of time that a security has been below amortized cost cannot be considered. These ASU's retain the guidance requiring that impaired securities intended to be sold have their amortized cost basis written down to fair value through net income. The company adopted these ASU's on January 1, 2020, and applied them on a modified retrospective basis. As a result of this adoption, an after-tax cumulative effect decrease of $2 million was made to retained earnings representing an increase to the overall valuation allowances for financial instruments measured at amortized cost. These ASU's will be applied to available for sale fixed-maturity securities prospectively with no adjustments to the amortized cost basis of securities for which an other-than-temporary impairment had been previously recognized. The company has elected not to measure expected credit losses for accrued interest receivables related to its finance receivables and fixed-maturity securities. Pending Accounting Updates ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts and simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date . ASU 2019-09 delayed the effective date of ASU 2018-12 by one year to interim and annual reporting periods beginning after December 15, 2021. In July 2020, the FASB issued a proposed ASU that would further delay the effective date of ASU 2018-12 by an additional year to interim and annual reporting periods beginning after December 15, 20 22. These ASU's have not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, cash flows and results of operations.

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments [Abstract]
Investments	Investments The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Amortized Gross unrealized Fair value At September 30, 2020 gains losses Fixed maturity securities: Corporate $ 6,264 $ 532 $ 27 $ 6,769 States, municipalities and political subdivisions 4,579 366 3 4,942 Commercial mortgage-backed 271 13 2 282 United States government 119 5 — 124 Foreign government 27 — — 27 Government-sponsored enterprises 13 — — 13 Total $ 11,273 $ 916 $ 32 $ 12,157 At December 31, 2019 Fixed maturity securities: Corporate $ 6,074 $ 332 $ 5 $ 6,401 States, municipalities and political subdivisions 4,477 252 1 4,728 Commercial mortgage-backed 290 11 — 301 United States government 102 2 — 104 Foreign government 28 — — 28 Government-sponsored enterprises 137 — 1 136 Total $ 11,108 $ 597 $ 7 $ 11,698 The net unrealized investment gains in our fixed-maturity portfolio at September 30, 2020, are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio . Our commercial mortgage-backed securities had an average rating of Aa1/AA at September 30, 2020 and December 31, 2019. The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At September 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Corporate $ 600 $ 23 $ 62 $ 4 $ 662 $ 27 States, municipalities and political subdivisions 121 3 2 — 123 3 Commercial mortgage-backed 38 2 — — 38 2 United States government — — — — — — Foreign government 16 — — — 16 — Government-sponsored enterprises — — — — — — Total $ 775 $ 28 $ 64 $ 4 $ 839 $ 32 At December 31, 2019 Fixed maturity securities: Corporate $ 199 $ 2 $ 118 $ 3 $ 317 $ 5 States, municipalities and political subdivisions 98 1 10 — 108 1 Commercial mortgage-backed 6 — — — 6 — United States government — — 4 — 4 — Foreign government 11 — — — 11 — Government-sponsored enterprises 26 1 51 — 77 1 Total $ 340 $ 4 $ 183 $ 3 $ 523 $ 7 Contractual maturity dates for fixed-maturities investments were: (Dollars in millions) Amortized Fair % of fair At September 30, 2020 Maturity dates: Due in one year or less $ 600 $ 608 5.0 % Due after one year through five years 3,293 3,500 28.8 Due after five years through ten years 3,879 4,212 34.6 Due after ten years 3,501 3,837 31.6 Total $ 11,273 $ 12,157 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Investment income: Interest $ 113 $ 110 $ 339 $ 332 Dividends 55 50 161 146 Other 2 5 7 10 Total 170 165 507 488 Less investment expenses 3 4 9 10 Total $ 167 $ 161 $ 498 $ 478 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 55 $ — $ 75 $ 27 Unrealized gains and losses on securities still held, net 475 89 (130) 1,084 Subtotal 530 89 (55) 1,111 Fixed maturities: Gross realized gains 4 6 9 9 Gross realized losses — (1) (3) (3) Write-down of impaired securities (1) (6) (78) (6) Subtotal 3 (1) (72) — Other — (2) (5) 2 Total $ 533 $ 86 $ (132) $ 1,113 The fair value of our common equities portfolio was $7.589 billion and $7.518 billion at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020, Apple Inc. (Nasdaq:AAPL) was our largest single equity holding with a fair value of $562 million, which was 7.4% of our publicly traded common equities portfolio and 2.8% of the total investment portfolio. During the three and nine months ended September 30, 2020, there were no fixed-maturity securities with an allowance for credit losses. During the three months ended September 30, 2020, there were two fixed-maturity securities from the municipal sector which are intended to be sold and were written down to fair value and during the nine months ended September 30, 2020, there were 14 fixed-maturity securities from the energy, real estate, consumer goods, municipal and technology & electronics sectors which are intended to be sold and were written down to fair value. During the three and nine months ended September 30, 2019, there were two fixed-maturity securities other-than-temporarily impaired. At September 30, 2020, 254 fixed-maturity securities with a total unrealized loss of $32 million were in an unrealized loss position. Of that total, one fixed-maturity security from t he retail sector had a fair value below 70% of amortized cost.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2019, and ultimately management determines fair value. See our 2019 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 144, for information on characteristics and valuation techniques used in determining fair value. Fair Value Disclosures for Assets The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019. We do not have any liabilities carried at fair value. (Dollars in millions) Quoted prices in Significant other Significant Total At September 30, 2020 Fixed maturities, available for sale: Corporate $ — $ 6,769 $ — $ 6,769 States, municipalities and political subdivisions — 4,942 — 4,942 Commercial mortgage-backed — 282 — 282 United States government 124 — — 124 Foreign government — 27 — 27 Government-sponsored enterprises — 13 — 13 Subtotal 124 12,033 — 12,157 Common equities 7,589 — — 7,589 Nonredeemable preferred equities — 278 — 278 Separate accounts taxable fixed maturities — 909 — 909 Top Hat savings plan mutual funds and common 46 — — 46 Total $ 7,759 $ 13,220 $ — $ 20,979 At December 31, 2019 Fixed maturities, available for sale: Corporate $ — $ 6,401 $ — $ 6,401 States, municipalities and political subdivisions — 4,728 — 4,728 Commercial mortgage-backed — 301 — 301 United States government 104 — — 104 Foreign government — 28 — 28 Government-sponsored enterprises — 136 — 136 Subtotal 104 11,594 — 11,698 Common equities 7,518 — — 7,518 Nonredeemable preferred equities — 234 — 234 Separate accounts taxable fixed maturities — 855 — 855 Top Hat savings plan mutual funds and common 45 — — 45 Total $ 7,667 $ 12,683 $ — $ 20,350 We also held Level 1 cash and cash equivalents of $914 million and $767 million at September 30, 2020 and December 31, 2019, respectively. Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements. This table summarizes the book value and principal amounts of our long-term debt: (Dollars in millions) Book value Principal amount Interest Year of September 30, December 31, September 30, December 31, 2020 2019 2020 2019 6.900 % 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920 % 2005 Senior debentures, due 2028 391 391 391 391 6.125 % 2004 Senior notes, due 2034 370 370 374 374 Total $ 788 $ 788 $ 793 $ 793 The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Quoted prices in Significant other observable inputs (Level 2) Significant Total At September 30, 2020 Note payable $ — $ 123 $ — $ 123 6.900% senior debentures, due 2028 — 35 — 35 6.920% senior debentures, due 2028 — 518 — 518 6.125% senior notes, due 2034 — 533 — 533 Total $ — $ 1,209 $ — $ 1,209 At December 31, 2019 Note payable $ — $ 39 $ — $ 39 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 506 — 506 6.125% senior notes, due 2034 — 512 — 512 Total $ — $ 1,091 $ — $ 1,091 The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Quoted prices in Significant other Significant Total At September 30, 2020 Life policy loans $ — $ — $ 50 $ 50 Deferred annuities — — 817 817 Structured settlements — 224 — 224 Total $ — $ 224 $ 817 $ 1,041 At December 31, 2019 Life policy loans $ — $ — $ 44 $ 44 Deferred annuities — — 770 770 Structured settlements — 212 — 212 Total $ — $ 212 $ 770 $ 982 Outstanding principal and interest for these life policy loans totaled $33 million and $32 million at September 30, 2020 and December 31, 2019, respectively. Recorded reserves for the deferred annuities were $760 million at September 30, 2020 and December 31, 2019. Recorded reserves for the structured settlements were $147 million and $151 million at September 30, 2020 and December 31, 2019, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	9 Months Ended
	Sep. 30, 2020
Premiums Written, Net [Abstract]
Property Casualty Loss And Loss Expenses	Property Casualty Loss and Loss Expenses This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Gross loss and loss expense reserves, beginning of $ 6,409 $ 5,954 $ 6,088 $ 5,646 Less reinsurance recoverable 294 269 342 238 Net loss and loss expense reserves, beginning of 6,115 5,685 5,746 5,408 Net loss and loss expense reserves related to — — — 246 Net incurred loss and loss expenses related to: Current accident year 1,082 916 3,099 2,720 Prior accident years (11) (52) (91) (203) Total incurred 1,071 864 3,008 2,517 Net paid loss and loss expenses related to: Current accident year 443 457 998 995 Prior accident years 336 373 1,349 1,457 Total paid 779 830 2,347 2,452 Net loss and loss expense reserves, end of period 6,407 5,719 6,407 5,719 Plus reinsurance recoverable 285 278 285 278 Gross loss and loss expense reserves, end of period $ 6,692 $ 5,997 $ 6,692 $ 5,997 We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $55 million at September 30, 2020 and For the three months ended September 30, 2020, we experienced $11 million of favorable development on prior accident years, including $8 million of favorable development in commercial lines, less than $1 million of unfavorable development in personal lines and $1 million of favorable development in exce ss and surplus lines. Within commercial lines, we recognized favorable reserve development of $10 million for the commercial casualty line and $6 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $10 million for the commercial auto line. For the nine months ended September 30, 2020, we experienced $91 million of favorable development on prior accident years, including $59 million of favorable development in commercial lines, $28 million of favorable development in personal lines and $8 million of unfavorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $36 million for the commercial casualty line and $32 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $14 million for the commercial auto line. Within personal lines, we recognized favorable reserve development of $19 million in personal auto and $10 million for the homeowner line of business. For the three months ended September 30, 2019, we experienced $52 million of favorable development on prior accident years, including $33 million of favorable development in commercial lines, $6 million of favorable development in personal lines and $4 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $20 million for the workers' compensation line, $8 million for the commercial casualty line and $7 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $3 million in personal auto. For the nine months ended September 30, 2019, we experienced $203 million of favorable development on prior accident years, including $153 million of favorable development in commercial lines, $17 million of favorable development in personal lines and $11 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $65 million for the commercial casualty line, $62 million for the workers' compensation line, $15 million for the commercial property line and $7 million for the commercial auto line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $23 million in personal auto. We recognized unfavorable reserve development of $15 million for the homeowner line of business due primarily to higher-than-anticipated loss development on known claims.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	9 Months Ended
	Sep. 30, 2020
Liability for Future Policy Benefit, before Reinsurance [Abstract]
Life Policy And Investment Contract Reserves	Life Policy and Investment Contract Reserves We establish the reserves for traditional life insurance policies based on expected expenses, mortality, morbidity, withdrawal rates, timing of claim presentation and investment yields, including a provision for uncertainty. Once these assumptions are established, they generally are maintained throughout the lives of the contracts. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our assumptions for expected mortality, morbidity and withdrawal rates as well as for expected expenses. We base our assumptions for expected investment income on our own experience adjusted for current and future economic conditions. We establish reserves for the company's deferred annuity, universal life and structured settlement policies equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments. This table summarizes our life policy and investment contract reserves: (Dollars in millions) September 30, December 31, Life policy reserves: Ordinary/traditional life $ 1,287 $ 1,226 Other 51 50 Subtotal 1,338 1,276 Investment contract reserves: Deferred annuities 760 760 Universal life 646 640 Structured settlements 147 151 Other 9 8 Subtotal 1,562 1,559 Total life policy and investment contract reserves $ 2,900 $ 2,835

Deferred Acquisition Costs

Deferred Acquisition Costs	9 Months Ended
	Sep. 30, 2020
Deferred Costs [Abstract]
Deferred Acquisition Costs	Deferred Policy Acquisition Costs Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation. (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 567 $ 526 $ 512 $ 464 Capitalized deferred policy acquisition costs 258 256 830 790 Amortized deferred policy acquisition costs (274) (257) (791) (729) Deferred policy acquisition costs asset, end of period $ 551 $ 525 $ 551 $ 525 Life: Deferred policy acquisition costs asset, beginning of period $ 267 $ 260 $ 262 $ 274 Capitalized deferred policy acquisition costs 14 15 43 46 Amortized deferred policy acquisition costs (12) (13) (36) (38) Shadow deferred policy acquisition costs (3) (4) (3) (24) Deferred policy acquisition costs asset, end of period $ 266 $ 258 $ 266 $ 258 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 834 $ 786 $ 774 $ 738 Capitalized deferred policy acquisition costs 272 271 873 836 Amortized deferred policy acquisition costs (286) (270) (827) (767) Shadow deferred policy acquisition costs (3) (4) (3) (24) Deferred policy acquisition costs asset, end of period $ 817 $ 783 $ 817 $ 783 No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows: (Dollars in millions) Three months ended September 30, 2020 2019 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 772 $ 162 $ 610 $ 488 $ 102 $ 386 OCI before investment gains and losses, net, recognized in net income 115 23 92 99 21 78 Investment gains and losses, net, recognized in net income (3) — (3) 1 — 1 OCI 112 23 89 100 21 79 AOCI, end of period $ 884 $ 185 $ 699 $ 588 $ 123 $ 465 Pension obligations: AOCI, beginning of period $ (7) $ — $ (7) $ (15) $ (2) $ (13) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ (7) $ — $ (7) $ (15) $ (2) $ (13) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (8) $ (2) $ (6) $ (11) $ (2) $ (9) OCI before investment gains and losses, net, recognized in net income — — — (3) — (3) Investment gains and losses, net, recognized in net income — — — 2 — 2 OCI — — — (1) — (1) AOCI, end of period $ (8) $ (2) $ (6) $ (12) $ (2) $ (10) Summary of AOCI: AOCI, beginning of period $ 757 $ 160 $ 597 $ 462 $ 98 $ 364 Investments OCI 112 23 89 100 21 79 Pension obligations OCI — — — — — — Life deferred acquisition costs, life policy reserves and other OCI — — — (1) — (1) Total OCI 112 23 89 99 21 78 AOCI, end of period $ 869 $ 183 $ 686 $ 561 $ 119 $ 442 (Dollars in millions) Nine months ended September 30, 2020 2019 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 590 $ 123 $ 467 $ 46 $ 9 $ 37 OCI before investment gains and losses, net, recognized in net income 222 46 176 542 114 428 Investment gains and losses, net, recognized in net income 72 16 56 — — — OCI 294 62 232 542 114 428 AOCI, end of period $ 884 $ 185 $ 699 $ 588 $ 123 $ 465 Pension obligations: AOCI, beginning of period $ (9) $ — $ (9) $ (16) $ (2) $ (14) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 2 — 2 1 — 1 OCI 2 — 2 1 — 1 AOCI, end of period $ (7) $ — $ (7) $ (15) $ (2) $ (13) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (13) $ (3) $ (10) $ (1) $ — $ (1) OCI before investment gains and losses, net, recognized in net income 5 1 4 (9) (2) (7) Investment gains and losses, net, recognized in net income — — — (2) — (2) OCI 5 1 4 (11) (2) (9) AOCI, end of period $ (8) $ (2) $ (6) $ (12) $ (2) $ (10) Summary of AOCI: AOCI, beginning of period $ 568 $ 120 $ 448 $ 29 $ 7 $ 22 Investments OCI 294 62 232 542 114 428 Pension obligations OCI 2 — 2 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI 5 1 4 (11) (2) (9) Total OCI 301 63 238 532 112 420 AOCI, end of period $ 869 $ 183 $ 686 $ 561 $ 119 $ 442

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2020
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed risks as well as contracts from Cincinnati Re ® , our reinsurance assumed operations. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and retrocessions on our reinsurance assumed operations. Management's decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions. The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Direct written premiums $ 1,386 $ 1,361 $ 4,383 $ 4,168 Assumed written premiums 55 41 267 203 Ceded written premiums (48) (50) (180) (162) Net written premiums $ 1,393 $ 1,352 $ 4,470 $ 4,209 Direct earned premiums $ 1,439 $ 1,386 $ 4,198 $ 3,971 Assumed earned premiums 78 52 207 145 Ceded earned premiums (67) (62) (163) (156) Earned premiums $ 1,450 $ 1,376 $ 4,242 $ 3,960 Direct incurred loss and loss expenses $ 1,039 $ 855 $ 2,915 $ 2,508 Assumed incurred loss and loss expenses 54 37 133 87 Ceded incurred loss and loss expenses (22) (28) (40) (78) Incurred loss and loss expenses $ 1,071 $ 864 $ 3,008 $ 2,517 Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles. The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Direct earned premiums $ 90 $ 87 $ 273 $ 256 Ceded earned premiums (18) (17) (55) (53) Earned premiums $ 72 $ 70 $ 218 $ 203 Direct contract holders' benefits incurred 85 87 270 259 Ceded contract holders' benefits incurred (13) (19) (46) (48) Contract holders' benefits incurred $ 72 $ 68 $ 224 $ 211

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Tax at statutory rate: $ 129 21.0 % $ 62 21.0 % $ 38 21.0 % $ 355 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (0.8) (5) (1.7) (15) (8.2) (14) (0.8) Dividend received exclusion (5) (0.8) (3) (1.0) (13) (7.1) (11) (0.7) Other 11 1.8 (8) (2.7) 6 3.0 (10) (0.6) Provision for income taxes $ 130 21.2 % $ 46 15.6 % $ 16 8.7 % $ 320 18.9 % The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries. We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations will be realized. As a result, we have no valuation allowance for our U.S. domestic operations as of September 30, 2020 and December 31, 2019. As more fully discussed below, we do carry a valuation allowance on the deferred tax assets related to Cincinnati Global. During the first quarter of 2020, the IRS notified us they would be expanding their audit of tax year 2017 to include the tax year ended December 31, 2018. In response to the novel coronavirus (SARS-CoV-2 or COVID-19), as more fully discussed in Note 1, Accounting Policies, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020. We have evaluated the CARES Act and believe any impact to our financial statements will be immaterial. Unrecognized Tax Benefits As of September 30, 2020 and December 31, 2019, we had a gross unrecognized tax benefit of $34 million. There were no changes to this amount during the first nine months of 2020. It is reasonably possible that within the next 12 months, our unrecognized tax benefit could change when the IRS completes its examination of the tax year ended December 31, 2018. Cincinnati Global As a result of operations for the three and nine months ended September 30, 2020, Cincinnati Global, our London-based global specialty underwriter, increased their net deferred assets $15 million and $13 million with an offsetting increase of $15 million and $13 million to their valuation allowance. As of September 30, 2020, Cincinnati Global had a net deferred tax asset of $54 million and an offsetting valuation allowance of $54 million. Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. After considering all positive and negative evidence related to the Cincinnati Global operations, we continue to believe it is appropriate to carry a valuation allowance as of September 30, 2020. As of September 30, 2020, Cincinnati Global had operating loss carryforwards of $178 million in the United Kingdom. These Cincinnati Global losses can only be utilized within Cincinnati Global in the United Kingdom and cannot offset the income of our domestic operations in the United States. Other than the Cincinnati Global loss carryforwards, we had no other operating or capital loss carryforwards as of September 30, 2020.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income—basic and diluted $ 484 $ 248 $ 167 $ 1,371 Denominator: Basic weighted-average common shares outstanding 160.9 163.3 161.3 163.2 Effect of share-based awards: Stock options 0.5 1.4 0.7 1.2 Nonvested shares 0.6 0.9 0.5 0.7 Diluted weighted-average shares 162.0 165.6 162.5 165.1 Earnings per share: Basic $ 3.01 $ 1.51 $ 1.03 $ 8.40 Diluted $ 2.99 $ 1.49 $ 1.03 $ 8.30 Number of anti-dilutive share-based awards 1.4 — 1.4 0.4

Employee Retirement Benefits

Employee Retirement Benefits	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits The following summarizes the components of net periodic benefit cost for our qualified and supplemental pension plans: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Service cost $ 2 $ 2 $ 7 $ 6 Non-service costs (benefit): Interest cost 3 4 9 10 Expected return on plan assets (5) (5) (16) (15) Amortization of actuarial loss and prior service cost — — 2 1 Other — — — 1 Total non-service benefit (2) (1) (5) (3) Net periodic benefit cost $ — $ 1 $ 2 $ 3 See our 2019 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 170, for information on our retirement benefits. Service costs and non-service costs (benefit) are allocated in the same proportion primarily to the underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the condensed consolidated statements of income for both 2020 and 2019. We made matching contributions totaling $6 million to our 401(k) and Top Hat savings plans during both the third quart ers of 2020 and 2019 and c ontributions of $18 million and $15 million for the first nine months of 2020 and 2019, respectively. We m ade no con

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities In the ordinary course of conducting business, the company and its subsidiaries are named as defendants in various legal proceedings. Most of these proceedings are claims litigation involving the company's insurance subsidiaries in which the company is either defending or providing indemnity for third-party claims brought against insureds or litigating first-party coverage claims. Recently, these proceedings have included claims for coverage under commercial property policies for economic losses related to the COVID-19 pandemic. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. We believe that the ultimate liability, if any, with respect to such claims litigation, after consideration of provisions made for potential losses and costs of defense, is immaterial to our consolidated financial condition, results of operations and cash flows. Future court decisions and interpretations, as well as future changes, if any, in legislation could create uncertainties and additional liabilities may arise for amounts in excess of the company's current insurance reserves and could have a material effect on the company's consolidated results of operations or cash flows. The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of a state or national class. Such proceedings have alleged, for example, breach of an alleged duty to search national databases to ascertain unreported deaths of insureds under life insurance policies. The company's insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith handling of insurance claims or writing unauthorized coverage or claims alleging discrimination by former or current associates. On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial condition or results of operations. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company's consolidated results of operations or cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are: • Commercial lines insurance • Personal lines insurance • Excess and surplus lines insurance • Life insurance • Investments We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2019 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 179, for a description of revenue, income or loss before income taxes and identifiable assets for each of the five segments. Segment information is summarized in the following table: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Revenues: Commercial lines insurance Commercial casualty $ 290 $ 277 $ 868 $ 822 Commercial property 252 241 755 709 Commercial auto 189 179 563 524 Workers' compensation 64 73 207 224 Other commercial 70 64 205 188 Commercial lines insurance premiums 865 834 2,598 2,467 Fee revenues 1 1 3 3 Total commercial lines insurance 866 835 2,601 2,470 Personal lines insurance Personal auto 154 156 462 466 Homeowner 165 154 487 450 Other personal 48 44 141 130 Personal lines insurance premiums 367 354 1,090 1,046 Fee revenues 1 1 3 3 Total personal lines insurance 368 355 1,093 1,049 Excess and surplus lines insurance 82 72 238 202 Fee revenues — 1 1 2 Total excess and surplus lines insurance 82 73 239 204 Life insurance premiums 72 70 218 203 Fee revenues — 1 1 3 Total life insurance 72 71 219 206 Investments Investment income, net of expenses 167 161 498 478 Investment gains and losses, net 533 86 (132) 1,113 Total investment revenue 700 247 366 1,591 Other Premiums 136 116 316 245 Other 3 3 8 7 Total other revenues 139 119 324 252 Total revenues $ 2,227 $ 1,700 $ 4,842 $ 5,772 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ (20) $ 56 $ (32) $ 144 Personal lines insurance (2) 3 (24) 4 Excess and surplus lines insurance 11 12 19 40 Life insurance 6 5 9 2 Investments 674 222 289 1,517 Other (55) (4) (78) (16) Total income before income taxes $ 614 $ 294 $ 183 $ 1,691 Identifiable assets: September 30, December 31, Property casualty insurance $ 3,796 $ 3,437 Life insurance 1,619 1,516 Investments 20,155 19,583 Other 800 872 Total $ 26,370 $ 25,408

Accounting Policies Pending Acc

Accounting Policies Pending Accounting Updates (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Adopted Accounting Updates and Pending Accounting Updates	Adopted Accounting Updates ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as well as additional implementation related ASU's in 2018, 2019 and 2020. These ASU’s amend previous guidance on the impairment of financial instruments by adding an impairment model that allows an entity to recognize expected credit losses as an allowance rather than impairing as they are incurred. The new guidance is intended to reduce complexity of credit impairment models and result in a more timely recognition of expected credit losses. The standards require the company to consider all relevant information at the time of estimating the expected credit loss, including past events, the current environment, and reasonable and supportable forecasts over the life of the asset. These ASU's also eliminated the other-than-temporary impairment model for available for sale fixed-maturity securities by requiring that credit related impairments be recognized through an allowance account. Changes in the allowance account are recorded in the period of change as a credit loss expense or reversal of credit loss expense. The measurement of credit losses is not impacted, except that credit losses recognized are limited to the amount by which fair value is below amortized cost and that the length of time that a security has been below amortized cost cannot be considered. These ASU's retain the guidance requiring that impaired securities intended to be sold have their amortized cost basis written down to fair value through net income. The company adopted these ASU's on January 1, 2020, and applied them on a modified retrospective basis. As a result of this adoption, an after-tax cumulative effect decrease of $2 million was made to retained earnings representing an increase to the overall valuation allowances for financial instruments measured at amortized cost. These ASU's will be applied to available for sale fixed-maturity securities prospectively with no adjustments to the amortized cost basis of securities for which an other-than-temporary impairment had been previously recognized. The company has elected not to measure expected credit losses for accrued interest receivables related to its finance receivables and fixed-maturity securities. Pending Accounting Updates ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts and simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date . ASU 2019-09 delayed the effective date of ASU 2018-12 by one year to interim and annual reporting periods beginning after December 15, 2021. In July 2020, the FASB issued a proposed ASU that would further delay the effective date of ASU 2018-12 by an additional year to interim and annual reporting periods beginning after December 15, 20 22. These ASU's have not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, cash flows and results of operations.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments [Abstract]
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Fixed-maturity Securities	The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Amortized Gross unrealized Fair value At September 30, 2020 gains losses Fixed maturity securities: Corporate $ 6,264 $ 532 $ 27 $ 6,769 States, municipalities and political subdivisions 4,579 366 3 4,942 Commercial mortgage-backed 271 13 2 282 United States government 119 5 — 124 Foreign government 27 — — 27 Government-sponsored enterprises 13 — — 13 Total $ 11,273 $ 916 $ 32 $ 12,157 At December 31, 2019 Fixed maturity securities: Corporate $ 6,074 $ 332 $ 5 $ 6,401 States, municipalities and political subdivisions 4,477 252 1 4,728 Commercial mortgage-backed 290 11 — 301 United States government 102 2 — 104 Foreign government 28 — — 28 Government-sponsored enterprises 137 — 1 136 Total $ 11,108 $ 597 $ 7 $ 11,698
Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position	The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At September 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Corporate $ 600 $ 23 $ 62 $ 4 $ 662 $ 27 States, municipalities and political subdivisions 121 3 2 — 123 3 Commercial mortgage-backed 38 2 — — 38 2 United States government — — — — — — Foreign government 16 — — — 16 — Government-sponsored enterprises — — — — — — Total $ 775 $ 28 $ 64 $ 4 $ 839 $ 32 At December 31, 2019 Fixed maturity securities: Corporate $ 199 $ 2 $ 118 $ 3 $ 317 $ 5 States, municipalities and political subdivisions 98 1 10 — 108 1 Commercial mortgage-backed 6 — — — 6 — United States government — — 4 — 4 — Foreign government 11 — — — 11 — Government-sponsored enterprises 26 1 51 — 77 1 Total $ 340 $ 4 $ 183 $ 3 $ 523 $ 7
Investments Classified by Contractual Maturity Date	Contractual maturity dates for fixed-maturities investments were: (Dollars in millions) Amortized Fair % of fair At September 30, 2020 Maturity dates: Due in one year or less $ 600 $ 608 5.0 % Due after one year through five years 3,293 3,500 28.8 Due after five years through ten years 3,879 4,212 34.6 Due after ten years 3,501 3,837 31.6 Total $ 11,273 $ 12,157 100.0 %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses	The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Investment income: Interest $ 113 $ 110 $ 339 $ 332 Dividends 55 50 161 146 Other 2 5 7 10 Total 170 165 507 488 Less investment expenses 3 4 9 10 Total $ 167 $ 161 $ 498 $ 478 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 55 $ — $ 75 $ 27 Unrealized gains and losses on securities still held, net 475 89 (130) 1,084 Subtotal 530 89 (55) 1,111 Fixed maturities: Gross realized gains 4 6 9 9 Gross realized losses — (1) (3) (3) Write-down of impaired securities (1) (6) (78) (6) Subtotal 3 (1) (72) — Other — (2) (5) 2 Total $ 533 $ 86 $ (132) $ 1,113

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Assets Measured at Fair Value on a Recurring Basis	The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019. We do not have any liabilities carried at fair value. (Dollars in millions) Quoted prices in Significant other Significant Total At September 30, 2020 Fixed maturities, available for sale: Corporate $ — $ 6,769 $ — $ 6,769 States, municipalities and political subdivisions — 4,942 — 4,942 Commercial mortgage-backed — 282 — 282 United States government 124 — — 124 Foreign government — 27 — 27 Government-sponsored enterprises — 13 — 13 Subtotal 124 12,033 — 12,157 Common equities 7,589 — — 7,589 Nonredeemable preferred equities — 278 — 278 Separate accounts taxable fixed maturities — 909 — 909 Top Hat savings plan mutual funds and common 46 — — 46 Total $ 7,759 $ 13,220 $ — $ 20,979 At December 31, 2019 Fixed maturities, available for sale: Corporate $ — $ 6,401 $ — $ 6,401 States, municipalities and political subdivisions — 4,728 — 4,728 Commercial mortgage-backed — 301 — 301 United States government 104 — — 104 Foreign government — 28 — 28 Government-sponsored enterprises — 136 — 136 Subtotal 104 11,594 — 11,698 Common equities 7,518 — — 7,518 Nonredeemable preferred equities — 234 — 234 Separate accounts taxable fixed maturities — 855 — 855 Top Hat savings plan mutual funds and common 45 — — 45 Total $ 7,667 $ 12,683 $ — $ 20,350
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	This table summarizes the book value and principal amounts of our long-term debt: (Dollars in millions) Book value Principal amount Interest Year of September 30, December 31, September 30, December 31, 2020 2019 2020 2019 6.900 % 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920 % 2005 Senior debentures, due 2028 391 391 391 391 6.125 % 2004 Senior notes, due 2034 370 370 374 374 Total $ 788 $ 788 $ 793 $ 793
Fair Values of Deferred Annuities, Structured Settlements and Other Items	The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Quoted prices in Significant other observable inputs (Level 2) Significant Total At September 30, 2020 Note payable $ — $ 123 $ — $ 123 6.900% senior debentures, due 2028 — 35 — 35 6.920% senior debentures, due 2028 — 518 — 518 6.125% senior notes, due 2034 — 533 — 533 Total $ — $ 1,209 $ — $ 1,209 At December 31, 2019 Note payable $ — $ 39 $ — $ 39 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 506 — 506 6.125% senior notes, due 2034 — 512 — 512 Total $ — $ 1,091 $ — $ 1,091
Fair Value of Life Policy Loans	The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Quoted prices in Significant other Significant Total At September 30, 2020 Life policy loans $ — $ — $ 50 $ 50 Deferred annuities — — 817 817 Structured settlements — 224 — 224 Total $ — $ 224 $ 817 $ 1,041 At December 31, 2019 Life policy loans $ — $ — $ 44 $ 44 Deferred annuities — — 770 770 Structured settlements — 212 — 212 Total $ — $ 212 $ 770 $ 982

Property Casualty Loss and Lo_2

Property Casualty Loss and Loss Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Premiums Written, Net [Abstract]
Consolidated Property Casualty Loss And Loss Expense Reserves	This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Gross loss and loss expense reserves, beginning of $ 6,409 $ 5,954 $ 6,088 $ 5,646 Less reinsurance recoverable 294 269 342 238 Net loss and loss expense reserves, beginning of 6,115 5,685 5,746 5,408 Net loss and loss expense reserves related to — — — 246 Net incurred loss and loss expenses related to: Current accident year 1,082 916 3,099 2,720 Prior accident years (11) (52) (91) (203) Total incurred 1,071 864 3,008 2,517 Net paid loss and loss expenses related to: Current accident year 443 457 998 995 Prior accident years 336 373 1,349 1,457 Total paid 779 830 2,347 2,452 Net loss and loss expense reserves, end of period 6,407 5,719 6,407 5,719 Plus reinsurance recoverable 285 278 285 278 Gross loss and loss expense reserves, end of period $ 6,692 $ 5,997 $ 6,692 $ 5,997

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	9 Months Ended
	Sep. 30, 2020
Liability for Future Policy Benefit, before Reinsurance [Abstract]
Reserve For Losses Loss Adjustment Expenses Table	This table summarizes our life policy and investment contract reserves: (Dollars in millions) September 30, December 31, Life policy reserves: Ordinary/traditional life $ 1,287 $ 1,226 Other 51 50 Subtotal 1,338 1,276 Investment contract reserves: Deferred annuities 760 760 Universal life 646 640 Structured settlements 147 151 Other 9 8 Subtotal 1,562 1,559 Total life policy and investment contract reserves $ 2,900 $ 2,835

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2020
Deferred Costs [Abstract]
Deferred Policy Acquisition Costs And Asset Reconciliation, Including the Amortized Deferred Policy Acquisition Costs	The table below shows the deferred policy acquisition costs and asset reconciliation. (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 567 $ 526 $ 512 $ 464 Capitalized deferred policy acquisition costs 258 256 830 790 Amortized deferred policy acquisition costs (274) (257) (791) (729) Deferred policy acquisition costs asset, end of period $ 551 $ 525 $ 551 $ 525 Life: Deferred policy acquisition costs asset, beginning of period $ 267 $ 260 $ 262 $ 274 Capitalized deferred policy acquisition costs 14 15 43 46 Amortized deferred policy acquisition costs (12) (13) (36) (38) Shadow deferred policy acquisition costs (3) (4) (3) (24) Deferred policy acquisition costs asset, end of period $ 266 $ 258 $ 266 $ 258 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 834 $ 786 $ 774 $ 738 Capitalized deferred policy acquisition costs 272 271 873 836 Amortized deferred policy acquisition costs (286) (270) (827) (767) Shadow deferred policy acquisition costs (3) (4) (3) (24) Deferred policy acquisition costs asset, end of period $ 817 $ 783 $ 817 $ 783

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows: (Dollars in millions) Three months ended September 30, 2020 2019 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 772 $ 162 $ 610 $ 488 $ 102 $ 386 OCI before investment gains and losses, net, recognized in net income 115 23 92 99 21 78 Investment gains and losses, net, recognized in net income (3) — (3) 1 — 1 OCI 112 23 89 100 21 79 AOCI, end of period $ 884 $ 185 $ 699 $ 588 $ 123 $ 465 Pension obligations: AOCI, beginning of period $ (7) $ — $ (7) $ (15) $ (2) $ (13) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ (7) $ — $ (7) $ (15) $ (2) $ (13) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (8) $ (2) $ (6) $ (11) $ (2) $ (9) OCI before investment gains and losses, net, recognized in net income — — — (3) — (3) Investment gains and losses, net, recognized in net income — — — 2 — 2 OCI — — — (1) — (1) AOCI, end of period $ (8) $ (2) $ (6) $ (12) $ (2) $ (10) Summary of AOCI: AOCI, beginning of period $ 757 $ 160 $ 597 $ 462 $ 98 $ 364 Investments OCI 112 23 89 100 21 79 Pension obligations OCI — — — — — — Life deferred acquisition costs, life policy reserves and other OCI — — — (1) — (1) Total OCI 112 23 89 99 21 78 AOCI, end of period $ 869 $ 183 $ 686 $ 561 $ 119 $ 442 (Dollars in millions) Nine months ended September 30, 2020 2019 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 590 $ 123 $ 467 $ 46 $ 9 $ 37 OCI before investment gains and losses, net, recognized in net income 222 46 176 542 114 428 Investment gains and losses, net, recognized in net income 72 16 56 — — — OCI 294 62 232 542 114 428 AOCI, end of period $ 884 $ 185 $ 699 $ 588 $ 123 $ 465 Pension obligations: AOCI, beginning of period $ (9) $ — $ (9) $ (16) $ (2) $ (14) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 2 — 2 1 — 1 OCI 2 — 2 1 — 1 AOCI, end of period $ (7) $ — $ (7) $ (15) $ (2) $ (13) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (13) $ (3) $ (10) $ (1) $ — $ (1) OCI before investment gains and losses, net, recognized in net income 5 1 4 (9) (2) (7) Investment gains and losses, net, recognized in net income — — — (2) — (2) OCI 5 1 4 (11) (2) (9) AOCI, end of period $ (8) $ (2) $ (6) $ (12) $ (2) $ (10) Summary of AOCI: AOCI, beginning of period $ 568 $ 120 $ 448 $ 29 $ 7 $ 22 Investments OCI 294 62 232 542 114 428 Pension obligations OCI 2 — 2 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI 5 1 4 (11) (2) (9) Total OCI 301 63 238 532 112 420 AOCI, end of period $ 869 $ 183 $ 686 $ 561 $ 119 $ 442

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2020
Reinsurance Disclosures [Abstract]
Property Casualty Insurance Assumed And Ceded Business	The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Direct written premiums $ 1,386 $ 1,361 $ 4,383 $ 4,168 Assumed written premiums 55 41 267 203 Ceded written premiums (48) (50) (180) (162) Net written premiums $ 1,393 $ 1,352 $ 4,470 $ 4,209 Direct earned premiums $ 1,439 $ 1,386 $ 4,198 $ 3,971 Assumed earned premiums 78 52 207 145 Ceded earned premiums (67) (62) (163) (156) Earned premiums $ 1,450 $ 1,376 $ 4,242 $ 3,960 Direct incurred loss and loss expenses $ 1,039 $ 855 $ 2,915 $ 2,508 Assumed incurred loss and loss expenses 54 37 133 87 Ceded incurred loss and loss expenses (22) (28) (40) (78) Incurred loss and loss expenses $ 1,071 $ 864 $ 3,008 $ 2,517
Life Insurance Assumed and Ceded Business	The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Direct earned premiums $ 90 $ 87 $ 273 $ 256 Ceded earned premiums (18) (17) (55) (53) Earned premiums $ 72 $ 70 $ 218 $ 203 Direct contract holders' benefits incurred 85 87 270 259 Ceded contract holders' benefits incurred (13) (19) (46) (48) Contract holders' benefits incurred $ 72 $ 68 $ 224 $ 211

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Differences Between Statutory Income Tax Rate And Effective Income Tax Rate	The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Tax at statutory rate: $ 129 21.0 % $ 62 21.0 % $ 38 21.0 % $ 355 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (0.8) (5) (1.7) (15) (8.2) (14) (0.8) Dividend received exclusion (5) (0.8) (3) (1.0) (13) (7.1) (11) (0.7) Other 11 1.8 (8) (2.7) 6 3.0 (10) (0.6) Provision for income taxes $ 130 21.2 % $ 46 15.6 % $ 16 8.7 % $ 320 18.9 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Calculations For Basic And Diluted Earnings Per Share	The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income—basic and diluted $ 484 $ 248 $ 167 $ 1,371 Denominator: Basic weighted-average common shares outstanding 160.9 163.3 161.3 163.2 Effect of share-based awards: Stock options 0.5 1.4 0.7 1.2 Nonvested shares 0.6 0.9 0.5 0.7 Diluted weighted-average shares 162.0 165.6 162.5 165.1 Earnings per share: Basic $ 3.01 $ 1.51 $ 1.03 $ 8.40 Diluted $ 2.99 $ 1.49 $ 1.03 $ 8.30 Number of anti-dilutive share-based awards 1.4 — 1.4 0.4

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	The following summarizes the components of net periodic benefit cost for our qualified and supplemental pension plans: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Service cost $ 2 $ 2 $ 7 $ 6 Non-service costs (benefit): Interest cost 3 4 9 10 Expected return on plan assets (5) (5) (16) (15) Amortization of actuarial loss and prior service cost — — 2 1 Other — — — 1 Total non-service benefit (2) (1) (5) (3) Net periodic benefit cost $ — $ 1 $ 2 $ 3

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Revenues: Commercial lines insurance Commercial casualty $ 290 $ 277 $ 868 $ 822 Commercial property 252 241 755 709 Commercial auto 189 179 563 524 Workers' compensation 64 73 207 224 Other commercial 70 64 205 188 Commercial lines insurance premiums 865 834 2,598 2,467 Fee revenues 1 1 3 3 Total commercial lines insurance 866 835 2,601 2,470 Personal lines insurance Personal auto 154 156 462 466 Homeowner 165 154 487 450 Other personal 48 44 141 130 Personal lines insurance premiums 367 354 1,090 1,046 Fee revenues 1 1 3 3 Total personal lines insurance 368 355 1,093 1,049 Excess and surplus lines insurance 82 72 238 202 Fee revenues — 1 1 2 Total excess and surplus lines insurance 82 73 239 204 Life insurance premiums 72 70 218 203 Fee revenues — 1 1 3 Total life insurance 72 71 219 206 Investments Investment income, net of expenses 167 161 498 478 Investment gains and losses, net 533 86 (132) 1,113 Total investment revenue 700 247 366 1,591 Other Premiums 136 116 316 245 Other 3 3 8 7 Total other revenues 139 119 324 252 Total revenues $ 2,227 $ 1,700 $ 4,842 $ 5,772 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ (20) $ 56 $ (32) $ 144 Personal lines insurance (2) 3 (24) 4 Excess and surplus lines insurance 11 12 19 40 Life insurance 6 5 9 2 Investments 674 222 289 1,517 Other (55) (4) (78) (16) Total income before income taxes $ 614 $ 294 $ 183 $ 1,691 Identifiable assets: September 30, December 31, Property casualty insurance $ 3,796 $ 3,437 Life insurance 1,619 1,516 Investments 20,155 19,583 Other 800 872 Total $ 26,370 $ 25,408

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Increase to allowance through retained earnings for ASU 2016-13, after-tax		$ 2
Covid-19 pandemic-related incurred loss and expenses	$ 72

Investments - Analysis of Cost

Investments - Analysis of Cost or Amortized Cost, Gross Unrealized Gains and Losses and Fair Value for Investments (Detail) - Debt Securities - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale
Cost or Amortized Cost	$ 11,273	$ 11,108
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	916	597
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	32	7
Fair Value	12,157	11,698
Corporate
Debt Securities, Available-for-sale
Cost or Amortized Cost	6,264	6,074
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	532	332
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	27	5
Fair Value	6,769	6,401
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Cost or Amortized Cost	4,579	4,477
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	366	252
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	3	1
Fair Value	4,942	4,728
Commercial mortgage-backed
Debt Securities, Available-for-sale
Cost or Amortized Cost	271	290
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	13	11
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	2	0
Fair Value	282	301
United States government
Debt Securities, Available-for-sale
Cost or Amortized Cost	119	102
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	5	2
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Fair Value	124	104
Foreign government
Debt Securities, Available-for-sale
Cost or Amortized Cost	27	28
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Fair Value	27	28
Government-sponsored enterprises
Debt Securities, Available-for-sale
Cost or Amortized Cost	13	137
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	1
Fair Value	$ 13	$ 136

Investments - Fair Values and U

Investments - Fair Values and Unrealized Losses by Investment Category and by Duration of Securities' Continuous Unrealized Loss Position (Detail) - Fixed maturities - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments, Unrealized Loss Position
Less than 12 months Fair Value	$ 775	$ 340
Less than 12 months Unrealized Losses	28	4
12 months or more Fair Value	64	183
12 months or more Unrealized Losses	4	3
Total Fair Value	839	523
Total Unrealized Losses	32	7
Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	600	199
Less than 12 months Unrealized Losses	23	2
12 months or more Fair Value	62	118
12 months or more Unrealized Losses	4	3
Total Fair Value	662	317
Total Unrealized Losses	27	5
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	121	98
Less than 12 months Unrealized Losses	3	1
12 months or more Fair Value	2	10
12 months or more Unrealized Losses	0	0
Total Fair Value	123	108
Total Unrealized Losses	3	1
Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	38	6
Less than 12 months Unrealized Losses	2	0
12 months or more Fair Value	0	0
12 months or more Unrealized Losses	0	0
Total Fair Value	38	6
Total Unrealized Losses	2	0
United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	0	0
Less than 12 months Unrealized Losses	0	0
12 months or more Fair Value	0	4
12 months or more Unrealized Losses	0	0
Total Fair Value	0	4
Total Unrealized Losses	0	0
Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	16	11
Less than 12 months Unrealized Losses	0	0
12 months or more Fair Value	0	0
12 months or more Unrealized Losses	0	0
Total Fair Value	16	11
Total Unrealized Losses	0	0
Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	0	26
Less than 12 months Unrealized Losses	0	1
12 months or more Fair Value	0	51
12 months or more Unrealized Losses	0	0
Total Fair Value	0	77
Total Unrealized Losses	$ 0	$ 1

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Amortized cost
Due in one year or less	$ 600
Due after one year through five years	3,293
Due after five years through ten years	3,879
Due after ten years	3,501
Total	11,273	$ 11,108
Fair value
Due in one year or less	608
Due after one year through five years	3,500
Due after five years through ten years	4,212
Due after ten years	3,837
Total	$ 12,157	$ 11,698
% of fair value
Due in one year or less	5.00%
Due after one year through five years	28.80%
Due after five years through ten years	34.60%
Due after ten years	31.60%
Total	100.00%

Investments - Realized Investme

Investments - Realized Investment Gains and Losses and Change in Unrealized Investment Gains and Losses and Other Items (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment income:
Interest	$ 113	$ 110	$ 339	$ 332
Dividends	55	50	161	146
Other	2	5	7	10
Total	170	165	507	488
Less investment expenses	3	4	9	10
Total	167	161	498	478
Gain (Loss) on Sale of Investments			(137)	1,103
Investment gains and losses, net:
Investment gains and losses, net	533	86	(132)	1,113
Equity securities
Investment income:
Gain (Loss) on Sale of Investments	55	0	75	27
Unrealized Gain (Loss) on Investments	475	89	(130)	1,084
Investment gains and losses, net:
Other	0	(2)	(5)	2
Investment gains and losses, net	530	89	(55)	1,111
Fixed maturities
Investment gains and losses, net:
Gross realized gains	4	6	9	9
Writedown of Impaired Securities Intended to be Sold	(1)		(78)
Other-than-temporary impairment		(6)		(6)
Investment gains and losses, net	3	(1)	(72)	0
Available-for-sale Securities, Gross Realized Losses	$ 0	$ (1)	$ (3)	$ (3)

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)security	Sep. 30, 2019security	Sep. 30, 2020USD ($)security	Sep. 30, 2019security	Dec. 31, 2019USD ($)security
Gain (Loss) on Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Equity securities, at fair value | $	$ 7,867		$ 7,867		$ 7,752
Largest Single Common Stock Holding | $	$ 562		$ 562
Largest equity holdings to total equity portfolio	7.40%		7.40%
Largest equity holdings to total portfolio	2.80%		2.80%
Number Of Securities Other Than Temporary Impairment Losses1		2
Fixed maturity investments, Percentage of amortized costs			70.00%		70.00%
Fixed maturities
Gain (Loss) on Securities
Number Of Impaired Securities Intended to be Sold	2		14
Number Of Securities Other Than Temporary Impairment Losses1				2
Number Of Securities Continuous Unrealized Loss Position	254		254
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss 3 | $	$ 32		$ 32		$ 7
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months					38
Unrealized losses 12 months or more (equity investment less than $500,000) | $	$ (4)		$ (4)		$ (3)
Number Of Securities Continuous Unrealized Loss Position and Below 70 Percent of Amortized Cost	1		1
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months and Below 70 Percent of Amortized Cost					0
Common equities | Equity securities
Gain (Loss) on Securities
Equity securities, at fair value | $	$ 7,589		$ 7,589		$ 7,518

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 12,157	$ 11,698
Equity securities, at fair value	7,867	7,752
Separate accounts	929	882
Top Hat savings plan mutual funds and common equity (included in Other assets)	46	45
Fair value of asset	20,979	20,350
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	46	45
Fair value of asset	7,759	7,667
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	13,220	12,683
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	0	0
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	12,157	11,698
Debt Securities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	6,769	6,401
Debt Securities | States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,942	4,728
Debt Securities | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	282	301
Debt Securities | United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	124	104
Debt Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	27	28
Debt Securities | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	13	136
Debt Securities | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	124	104
Debt Securities | Quoted prices in active markets for identical assets (Level 1) | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Quoted prices in active markets for identical assets (Level 1) | States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Quoted prices in active markets for identical assets (Level 1) | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Quoted prices in active markets for identical assets (Level 1) | United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	124	104
Debt Securities | Quoted prices in active markets for identical assets (Level 1) | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Quoted prices in active markets for identical assets (Level 1) | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	12,033	11,594
Debt Securities | Significant other observable inputs (Level 2) | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	6,769	6,401
Debt Securities | Significant other observable inputs (Level 2) | States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,942	4,728
Debt Securities | Significant other observable inputs (Level 2) | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	282	301
Debt Securities | Significant other observable inputs (Level 2) | United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant other observable inputs (Level 2) | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	27	28
Debt Securities | Significant other observable inputs (Level 2) | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	13	136
Debt Securities | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant unobservable inputs (Level 3) | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant unobservable inputs (Level 3) | States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant unobservable inputs (Level 3) | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant unobservable inputs (Level 3) | United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant unobservable inputs (Level 3) | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities | Significant unobservable inputs (Level 3) | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Equity securities | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	7,589	7,518
Equity securities | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	278	234
Equity securities | Quoted prices in active markets for identical assets (Level 1) | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	7,589	7,518
Equity securities | Quoted prices in active markets for identical assets (Level 1) | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Equity securities | Significant other observable inputs (Level 2) | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Equity securities | Significant other observable inputs (Level 2) | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	278	234
Equity securities | Significant unobservable inputs (Level 3) | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Equity securities | Significant unobservable inputs (Level 3) | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Taxable Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	909	855
Taxable Fixed Maturities | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	0	0
Taxable Fixed Maturities | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	909	855
Taxable Fixed Maturities | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Book value	$ 788	$ 788
Principal amount of debt	$ 793	$ 793
Senior Debentures 6.900% Due 2028
Debt Instrument [Line Items]
Interest rate	6.90%	6.90%
Debt issuance year	1998	1998
Book value	$ 27	$ 27
Principal amount of debt	$ 28	$ 28
Senior Debentures 6.920% Due 2028
Debt Instrument [Line Items]
Interest rate	6.92%	6.92%
Debt issuance year	2005	2005
Book value	$ 391	$ 391
Principal amount of debt	$ 391	$ 391
Senior Notes 6.125% Due 2034
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%
Debt issuance year	2004	2004
Book value	$ 370	$ 370
Principal amount of debt	$ 374	$ 374

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Values of Note Payable and Long-Term Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 123	$ 39
Total	$ 1,209	$ 1,091
Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.90%	6.90%
Fair value of senior debt	$ 35	$ 34
Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.92%	6.92%
Fair value of senior debt	$ 518	$ 506
Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.125%	6.125%
Fair value of senior debt	$ 533	$ 512
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	0	0
Total	0	0
Quoted prices in active markets for identical assets (Level 1) | Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	0	0
Quoted prices in active markets for identical assets (Level 1) | Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	0	0
Quoted prices in active markets for identical assets (Level 1) | Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	0	0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	123	39
Total	1,209	1,091
Significant other observable inputs (Level 2) | Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	35	34
Significant other observable inputs (Level 2) | Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	518	506
Significant other observable inputs (Level 2) | Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	533	512
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	0	0
Total	0	0
Significant unobservable inputs (Level 3) | Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	0	0
Significant unobservable inputs (Level 3) | Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	0	0
Significant unobservable inputs (Level 3) | Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	$ 0	$ 0

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Value of Life Policy Loans, Deferred Annuities, and Structured Settlements (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 50	$ 44
Liabilities Related to Investment Contracts, Fair Value Disclosure	1,041	982
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	0	0
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	0	0
Liabilities Related to Investment Contracts, Fair Value Disclosure	224	212
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	50	44
Liabilities Related to Investment Contracts, Fair Value Disclosure	817	770
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	817	770
Deferred annuities | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Deferred annuities | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Deferred annuities | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	817	770
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	224	212
Structured settlements | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Structured settlements | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	224	212
Structured settlements | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	$ 86	$ 77
Loss and loss expense reserves	2,900	2,835
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	33	32
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	1,562	1,559
Investment contract reserves: | Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	760	760
Investment contract reserves: | Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	147	151
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 914	$ 767

Property Casualty Loss and Lo_3

Property Casualty Loss and Loss Expenses - Consolidated Property Casualty Loss and Loss Expense Reserves (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 28, 2019
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	$ 6,409	$ 5,954	$ 6,088	$ 5,646
Less reinsurance recoverable	294	269	342	238
Net loss and loss expense reserves, beginning of period	6,115	5,685	5,746	5,408
Current accident year	1,082	916	3,099	2,720
Prior accident years	(11)	(52)	(91)	(203)
Total incurred	1,071	864	3,008	2,517
Current accident year	443	457	998	995
Prior accident years	336	373	1,349	1,457
Total paid	779	830	2,347	2,452
Net loss and loss expense reserves, end of period	6,407	5,719	6,407	5,719
Plus reinsurance recoverable	285	278	285	278
Gross loss and loss expense reserves, end of period	$ 6,692	$ 5,997	$ 6,692	$ 5,997
Cincinnati Global
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Net loss and loss expense reserves related to acquisition of Cincinnati Global at February 28, 2019					$ 246

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 6,692	$ 5,997	$ 6,692	$ 5,997	$ 6,409	$ 6,088	$ 5,954	$ 5,646
Prior accident years	(11)	(52)	(91)	(203)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	55	59	55	59
Commercial Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(8)	(33)	(59)	(153)
Commercial Lines | Commercial Casualty Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(10)	(8)	36	(65)
Commercial Lines | Workers' Compensation
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(6)	(20)	(32)	(62)
Commercial Lines | Commercial Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	10		14	(7)
Commercial Lines | Commercial Property Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(7)		(15)
Personal Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(6)	(28)	(17)
Personal Lines | Maximum
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	1
Personal Lines | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(10)	15
Personal Lines | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(3)	(19)	(23)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (1)	$ (4)	$ 8	$ (11)

Reserves in Addition to Account

Reserves in Addition to Account Balance, Based on Expected No-Lapse Guarantee Benefits and Expected Policy Assessments (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 2,900	$ 2,835
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,338	1,276
Life policy reserves: | Ordinary/traditional life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,287	1,226
Life policy reserves: | Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	51	50
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,562	1,559
Investment contract reserves: | Deferred annuities
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	760	760
Investment contract reserves: | Universal life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	646	640
Investment contract reserves: | Structured Settlement Annuity
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	147	151
Investment contract reserves: | Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 9	$ 8

Deferred Acquisition Costs - De

Deferred Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 834	$ 786	$ 774	$ 738
Capitalized deferred policy acquisition costs	272	271	873	836
Amortized deferred policy acquisition costs	(286)	(270)	(827)	(767)
Shadow deferred policy acquisition costs	(3)	(4)	(3)	(24)
Deferred policy acquisition costs asset, end of period	817	783	817	783
Consolidated Property and Casualty Insurance Entity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	567	526	512	464
Capitalized deferred policy acquisition costs	258	256	830	790
Amortized deferred policy acquisition costs	(274)	(257)	(791)	(729)
Deferred policy acquisition costs asset, end of period	551	525	551	525
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	267	260	262	274
Capitalized deferred policy acquisition costs	14	15	43	46
Amortized deferred policy acquisition costs	(12)	(13)	(36)	(38)
Shadow deferred policy acquisition costs	(3)	(4)	(3)	(24)
Deferred policy acquisition costs asset, end of period	$ 266	$ 258	$ 266	$ 258

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	$ 686		$ 686			$ 448
Accumulated other comprehensive income, net of tax, end of period	686		686
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Other comprehensive income before reclassification, before tax	115	$ 99	222	$ 542
Reclassification adjustment, before tax	(3)	1	72	0
Effect on other comprehensive income, before tax	112	100	294	542
Accumulated other comprehensive income, before tax, end of period	884	588	884	588
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income before reclassification, tax	23	21	46	114
Reclassification adjustment, tax	0	0	16	0
Effect on other comprehensive income, tax	23	21	62	114
Accumulated other comprehensive income, tax, end of period	185	123	185	123
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	699	465	699	465
Other comprehensive income before reclassification, net of tax	92	78	176	428
Reclassification adjustment, net of tax	(3)	1	56	0
Effect on other comprehensive income, net of tax	89	79	232	428
Accumulated other comprehensive income, net of tax, end of period	699	465	699	465
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(7)	(15)	(9)	(16)
Other comprehensive income before reclassification, before tax	0	0	0	0
Reclassification adjustment, before tax	0	0	2	1
Effect on other comprehensive income, before tax	0	0	2	1
Accumulated other comprehensive income, before tax, end of period	(7)	(15)	(7)	(15)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	0	(2)	0	(2)
Other comprehensive income before reclassification, tax	0	0	0	0
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	0	0	0	0
Accumulated other comprehensive income, tax, end of period	0	(2)	0	(2)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(7)	(13)	(7)	(13)	$ (7)	(9)	$ (13)	$ (14)
Other comprehensive income before reclassification, net of tax	0	0	0	0
Reclassification adjustment, net of tax	0	0	2	1
Effect on other comprehensive income, net of tax	0	0	2	1
Accumulated other comprehensive income, net of tax, end of period	(7)	(13)	(7)	(13)
Accumulated Net Unrealized Gain (Loss) on Deferred Costs, Reserves And Other
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(8)	(11)	(13)	(1)
Other comprehensive income before reclassification, before tax	0	(3)	5	(9)
Reclassification adjustment, before tax	0	2	0	(2)
Effect on other comprehensive income, before tax	0	(1)	5	(11)
Accumulated other comprehensive income, before tax, end of period	(8)	(12)	(8)	(12)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(2)	(2)	(3)	0
Other comprehensive income before reclassification, tax	0	0	1	(2)
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	0	0	1	(2)
Accumulated other comprehensive income, tax, end of period	(2)	(2)	(2)	(2)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(6)	(10)	(6)	(10)	(6)	(10)	(9)	(1)
Other comprehensive income before reclassification, net of tax	0	(3)	4	(7)
Reclassification adjustment, net of tax	0	2	0	(2)
Effect on other comprehensive income, net of tax	0	(1)	4	(9)
Accumulated other comprehensive income, net of tax, end of period	(6)	(10)	(6)	(10)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Change in unrealized gains, net, on investments available for sale, before tax	112	100	294	542
Change in pension obligations, before tax	0	0	2	1
Change in life deferred acquisition costs, life policy reserves and other, before tax	0	(1)	5	(11)
Effect on other comprehensive income, before tax	112	99	301	532
Accumulated other comprehensive income, before tax, end of period	869	561	869	561
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Change in unrealized gains, net, on investments available for sale, tax	23	21	62	114
Change in pension obligations, tax	0	0	0	0
Change in life deferred acquisition costs, life policy reserves and other, tax	0	0	1	(2)
Effect on other comprehensive income, tax	23	21	63	112
Accumulated other comprehensive income, tax, end of period	183	119	183	119
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	686	442	686	442
Change in unrealized gains, net, on investments available for sale, net of tax	89	79	232	428
Change in pension obligations, net of tax	0	0	2	1
Change in life deferred acquisition costs, life policy reserves and other, net of tax	0	(1)	4	(9)
Effect on other comprehensive income, net of tax	89	78	238	420
Accumulated other comprehensive income, net of tax, end of period	686	442	686	442
Previously Reported | Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	772	488	590	46
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	162	102	123	9
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period					610	467	386	37
Previously Reported | Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	757	462	568	29
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	$ 160	$ 98	$ 120	$ 7
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period					$ 597	$ 448	$ 364	$ 22

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 1,522	$ 1,446	$ 4,460	$ 4,163
Incurred loss and loss expenses	1,143	932	3,232	2,728
Consolidated Property and Casualty Insurance Entity
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	1,386	1,361	4,383	4,168
Assumed written premiums	55	41	267	203
Ceded written premiums	(48)	(50)	(180)	(162)
Net written premiums	1,393	1,352	4,470	4,209
Direct earned premiums	1,439	1,386	4,198	3,971
Assumed earned premiums	78	52	207	145
Ceded earned premiums	(67)	(62)	(163)	(156)
Earned premiums	1,450	1,376	4,242	3,960
Direct incurred loss and loss expenses	1,039	855	2,915	2,508
Assumed incurred loss and loss expenses	54	37	133	87
Ceded incurred loss and loss expenses	(22)	(28)	(40)	(78)
Incurred loss and loss expenses	$ 1,071	$ 864	$ 3,008	$ 2,517

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reinsurance for Insurance Companies, by Product Segment [Line Items]
Insurance losses and contract holders' benefits	$ 1,143	$ 932	$ 3,232	$ 2,728
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment [Line Items]
Direct earned premiums	90	87	273	256
Ceded earned premiums	(18)	(17)	(55)	(53)
Earned premiums	72	70	218	203
Direct contract holders' benefits incurred	85	87	270	259
Ceded contract holders' benefits incurred	(13)	(19)	(46)	(48)
Insurance losses and contract holders' benefits	$ 72	$ 68	$ 224	$ 211

Income Taxes - Differences Betw

Income Taxes - Differences Between Statutory Income Tax Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (decrease) resulting from:
Tax at statutory rate	$ 129	$ 62	$ 38	$ 355
Tax-exempt income from municipal bonds	(5)	(5)	(15)	(14)
Dividend received exclusion	(5)	(3)	(13)	(11)
Other	11	(8)	6	(10)
Total provision for income taxes	$ 130	$ 46	$ 16	$ 320
Increase (decrease) resulting from:
Tax at statutory rate	21.00%	21.00%	21.00%	21.00%
Tax-exempt income from municipal bonds	(0.80%)	(1.70%)	(8.20%)	(0.80%)
Dividend received exclusion	(0.80%)	(1.00%)	(7.10%)	(0.70%)
Other	1.80%	(2.70%)	3.00%	(0.60%)
Provision for income taxes	21.20%	15.60%	8.70%	18.90%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Contingency
Tax at statutory rate, percentage	21.00%	21.00%	21.00%	21.00%
Unrecognized Tax Benefits	$ 34		$ 34		$ 34
Deferred tax assets valuation allowance	0		0		$ 0
Cincinnati Global
Income Tax Contingency
Change in deferred tax assets	15		13
Change in deferred tax valuation allowance	15		13
Net deferred tax assets	54		54
Deferred tax assets valuation allowance	54		54
Operating loss carryforwards	$ 178		$ 178

Net Income Per Common Share - C

Net Income Per Common Share - Calculations for Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income—basic and diluted	$ 484	$ 248	$ 167	$ 1,371
Denominator:
Basic weighted-average common shares outstanding (in shares)	160.9	163.3	161.3	163.2
Diluted weighted-average shares	162	165.6	162.5	165.1
Earnings per share:
Basic (in USD per share)	$ 3.01	$ 1.51	$ 1.03	$ 8.40
Diluted (in USD per share)	$ 2.99	$ 1.49	$ 1.03	$ 8.30
Number of anti-dilutive stock-based awards (in shares)	1.4	0	1.4	0.4
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0.5	1.4	0.7	1.2
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.6	0.9	0.5	0.7

Employee Retirement Benefits -

Employee Retirement Benefits - Components of Net Periodic Costs for Qualified and Supplemental Pension Plans (Detail) - Qualified Pension Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2	$ 7	$ 6
Interest cost	3	4	9	10
Expected return on plan assets	(5)	(5)	(16)	(15)
Amortization of actuarial loss and prior service cost	0	0	2	1
Other	0	0	0	1
Total non-service benefit	(2)	(1)	(5)	(3)
Net periodic benefit cost	$ 0	$ 1	$ 2	$ 3

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 6,000,000	$ 6,000,000	$ 18,000,000	$ 15,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions			$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2020segmentindustry
Segment Reporting [Abstract]
Number of Industries Operating In | industry	2
Number of Reportable Segments | segment	5

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information
Assets	$ 26,370		$ 26,370		$ 25,408
Earned premiums	1,522	$ 1,446	4,460	$ 4,163
Fee revenues	2	4	8	11
Other revenues	3	3	8	7
Investment income, net of expenses	167	161	498	478
Investment gains and losses, net	533	86	(132)	1,113
Total revenues	2,227	1,700	4,842	5,772
Income Before Income Taxes	614	294	183	1,691
Consolidated Property and Casualty Insurance Entity
Segment Reporting Information
Assets	3,796		3,796		3,437
Earned premiums	1,450	1,376	4,242	3,960
Life Insurance Segment
Segment Reporting Information
Assets	1,619		1,619		1,516
Investments Segment
Segment Reporting Information
Assets	20,155		20,155		19,583
Corporate, Non-Segment
Segment Reporting Information
Assets	800		800		$ 872
Other revenues	3	3	8	7
Total revenues	139	119	324	252
Income Before Income Taxes	(55)	(4)	(78)	(16)
Corporate, Non-Segment | Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	136	116	316	245
Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	865	834	2,598	2,467
Fee revenues	1	1	3	3
Total revenues	866	835	2,601	2,470
Income Before Income Taxes	(20)	56	(32)	144
Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	367	354	1,090	1,046
Fee revenues	1	1	3	3
Total revenues	368	355	1,093	1,049
Income Before Income Taxes	(2)	3	(24)	4
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	82	72	238	202
Fee revenues	0	1	1	2
Total revenues	82	73	239	204
Income Before Income Taxes	11	12	19	40
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	72	70	218	203
Fee revenues	0	1	1	3
Total revenues	72	71	219	206
Income Before Income Taxes	6	5	9	2
Operating Segments | Investments Segment
Segment Reporting Information
Investment income, net of expenses	167	161	498	478
Investment gains and losses, net	533	86	(132)	1,113
Total revenues	700	247	366	1,591
Income Before Income Taxes	674	222	289	1,517
Commercial Casualty | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	290	277	868	822
Commercial Property | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	252	241	755	709
Commercial Auto | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	189	179	563	524
Workers' Compensation | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	64	73	207	224
Other Commercial Lines | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	70	64	205	188
Personal Auto | Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	154	156	462	466
Home Owner Segment | Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	165	154	487	450
Other Personal Lines | Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	$ 48	$ 44	$ 141	$ 130