Cincinnati Financial (CINF) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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)		160,355,247
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments
Fixed maturities, at fair value (amortized cost: 2022—$12,330; 2021—$12,230)	$ 12,376	$ 13,022
Equity securities, at fair value (cost: 2022—$4,167; 2021—$4,121)	10,675	11,315
Other invested assets	348	329
Total investments	23,399	24,666
Cash and cash equivalents	987	1,139
Investment income receivable	147	144
Finance receivable	92	98
Premiums receivable	2,248	2,053
Reinsurance Recoverable	556	570
Prepaid reinsurance premiums	79	78
Deferred policy acquisition costs	979	905
Land, building and equipment, net, for company use (accumulated depreciation: 2022—$309; 2021—$303)	203	205
Other assets	657	570
Separate accounts	903	959
Total assets	30,250	31,387
Insurance reserves
Loss and loss expense reserves	7,366	7,305
Life policy and investment contract reserves	3,027	3,014
Unearned premiums	3,560	3,271
Other liabilities	952	1,092
Deferred income tax	1,460	1,744
Note payable	49	54
Long-term debt and lease obligations	841	843
Separate accounts	903	959
Total liabilities	18,158	18,282
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2022 and 2021—500 million shares; issued: 2022 and 2021—198.3 million shares)	397	397
Paid-in capital	1,354	1,356
Retained earnings	12,241	12,625
Accumulated other comprehensive income	59	648
Treasury stock at cost (2022—38.0 million shares and 2021—38.0 million shares)	(1,959)	(1,921)
Total shareholders' equity	12,092	13,105
Total liabilities and shareholders' equity	$ 30,250	$ 31,387

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 12,330	$ 12,230
Equity Securities, FV-NI, Cost	4,167	4,121
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 309	$ 303
Common Stock, Par or Stated Value Per Share	$ 2	$ 2
Common Stock, Shares Authorized	500	500
Common Stock, Shares, Issued	198.3	198.3
Treasury Stock, Shares	38	38

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Earned premiums	$ 1,690	$ 1,544
Investment income, net of expenses	185	174
Investment gains and losses, net	(666)	504
Fee revenues	4	3
Other revenues	2	2
Total revenues	1,215	2,227
Benefits and Expenses
Insurance losses and contract holders' benefits	1,039	1,003
Underwriting, acquisition and insurance expenses	519	439
Interest expense	13	13
Other operating expenses	4	4
Total benefits and expenses	1,575	1,459
Income (Loss) Before Income Taxes	(360)	768
Provision (Benefit) for Income Taxes
Current	41	36
Deferred	(128)	112
Total provision (benefit) for income taxes	(87)	148
Net Income (Loss)	$ (273)	$ 620
Per Common Share
Net income (loss)—basic	$ (1.70)	$ 3.85
Net income (loss)—diluted	$ (1.70)	$ 3.82

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss)	$ (273)	$ 620
Change in unrealized gains and losses on investments, net of tax (benefit) of $(157) and $(41), respectively	(589)	(155)
Amortization of pension actuarial loss and prior service cost, net of tax of $0 and $1, respectively	0	3
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $0 and $2, respectively	0	8
Other comprehensive income (loss)	(589)	(144)
Comprehensive Income (Loss)	$ (862)	$ 476

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (157)	$ (41)
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	0	1
Other Comprehensive Income, Change in Life Deferred Acquisition Costs, Life Policy Reserves and Other, Tax	$ 0	$ 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
Beginning Balance at Dec. 31, 2020		$ 397	$ 1,328	$ 10,085	$ 769	$ (1,790)
Share-based awards		0	(16)			12
Share-based compensation			9
Other			1
Net Income (Loss)	$ 620			620
Dividends declared				(102)
Other comprehensive loss	(144)				(144)
Shares acquired - share repurchase authorization						(28)
Shares acquired - share-based compensation plans						(3)
Ending Balance at Mar. 31, 2021	11,138	$ 397	1,322	10,603	625	(1,809)
Beginning Balance (in shares) at Dec. 31, 2020		160.9
Share-based awards (in shares)		0.4
Shares acquired - share repurchase authorization (in shares)		(0.3)
Ending Balance (in shares) at Mar. 31, 2021		161
Dividends declared per common share		$ 0.63
Beginning Balance at Dec. 31, 2021	13,105	$ 397	1,356	12,625	648	(1,921)
Share-based awards		0	(14)			9
Share-based compensation			11
Other			1
Net Income (Loss)	(273)			(273)
Dividends declared				(111)
Other comprehensive loss	(589)				(589)
Shares acquired - share repurchase authorization						(45)
Shares acquired - share-based compensation plans						(2)
Ending Balance at Mar. 31, 2022	$ 12,092	$ 397	$ 1,354	$ 12,241	$ 59	$ (1,959)
Beginning Balance (in shares) at Dec. 31, 2021		160.3
Share-based awards (in shares)		0.4
Shares acquired - share repurchase authorization (in shares)		(0.4)
Ending Balance (in shares) at Mar. 31, 2022		160.3
Dividends declared per common share		$ 0.69

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities
Net Income (Loss)	$ (273)	$ 620
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29	23
Investment gains and losses, net	674	(501)
Share-based compensation	11	9
Interest credited to contract holders	12	11
Deferred income tax expense	(128)	112
Changes in:
Investment income receivable	(3)	2
Premiums and reinsurance receivable	(182)	(166)
Deferred policy acquisition costs	(68)	(49)
Other assets	(20)	(33)
Loss and loss expense reserves	61	204
Life policy and investment contract reserves	17	15
Unearned premiums	289	221
Other liabilities	(136)	(80)
Current income tax receivable/payable	(85)	(34)
Net cash provided by operating activities	198	354
Cash Flows From Investing Activities
Sale of fixed maturities	55	30
Call or maturity of fixed maturities	296	300
Sale of equity securities	56	65
Purchase of fixed maturities	(460)	(467)
Purchase of equity securities	(90)	(78)
Investment in finance receivables	(3)	(12)
Collection of finance receivables	9	8
Investment in building and equipment	(4)	(5)
Change in other invested assets, net	(21)	6
Net cash used in investing activities	(162)	(153)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(99)	(95)
Shares acquired - share repurchase authorization	(45)	(28)
Changes in note payable	(5)	3
Proceeds from stock options exercised	4	4
Contract holders' funds deposited	18	27
Contract holders' funds withdrawn	(32)	(33)
Other	(29)	(32)
Net cash used in financing activities	(188)	(154)
Net change in cash and cash equivalents	(152)	47
Cash and cash equivalents at beginning of year	1,139	900
Cash and cash equivalents at end of year	987	947
Supplemental Disclosures of Cash Flow Information:
Income taxes paid	121	66
Noncash Activities
Equipment acquired under finance lease obligations	2	3
Share-based compensation	16	16
Other assets and other liabilities	$ 10	$ 44

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 2021 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 company continues to monitor the impact of the coronavirus (SARS-CoV-2 or COVID-19) pandemic outbreak. The company cannot predict the impact the pandemic will have on its future consolidated financial position, results of operations and cash flows, however the impact could be material. Pending Accounting Updates ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . ASU 2018-12 requires changes to the measurement and disclosure of long-duration insurance contracts. In November 2020, the FASB issued an ASU that delayed the effective date of ASU 2018-12 to interim and annual reporting periods beginning after December 15, 2022. We plan to adopt these ASUs on a modified retrospective basis on January 1, 2023, with a transition date of January 1, 2021. Related to the company's term and whole life products included in life policy and investment contract reserves, the new guidance requires that cash flow assumptions be reviewed at least annually to determine any necessary updates. Additionally, the discount rate assumption is required to be updated quarterly based on upper-medium grade fixed-income instrument yields (market value discount rates). The life policy and investment contract reserves balance is adjusted through insurance losses and contract holders' benefits for cash flow assumption updates and through accumulated other comprehensive income (AOCI) for discount rate updates. These ASUs also amend the previous guidance related to life deferred policy acquisition costs by requiring amortization of those costs on a constant level basis for a group of contracts that approximates straight-line and the removal of shadow deferred policy acquisition costs for universal life and deferred annuity products. These ASUs also require entities to provide additional disclosures including disaggregated rollforwards of the life policy and investment contract reserves, separate account liabilities and life deferred policy acquisition costs. Management has identified that the requirement to measure term and whole life policy reserves using updated discount rates is expected to have a material impact on shareholders' equity, through an increase to life policy and investment contract reserves and a decrease to AOCI, at the transition date. The company is in the process of addressing necessary implementation-related items, including modifications to reporting and analysis capabilities as well as actuarial systems and associated data processes. Further, the company continues to refine its accounting policy decisions associated with the new guidance. Additional impacts of these ASUs on our company's consolidated financial position, results of operations and cash flows are being further evaluated by management .

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Investment	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 March 31, 2022 gains losses Fixed maturity securities: Corporate $ 7,131 $ 184 $ 166 $ 7,149 States, municipalities and political subdivisions 4,780 106 76 4,810 Commercial mortgage-backed 267 1 2 266 United States government 113 — 1 112 Foreign government 25 — — 25 Government-sponsored enterprises 14 — — 14 Total $ 12,330 $ 291 $ 245 $ 12,376 At December 31, 2021 Fixed maturity securities: Corporate $ 7,043 $ 467 $ 13 $ 7,497 States, municipalities and political subdivisions 4,768 330 3 5,095 Commercial mortgage-backed 264 9 — 273 United States government 121 2 — 123 Foreign government 26 — — 26 Government-sponsored enterprises 8 — — 8 Total $ 12,230 $ 808 $ 16 $ 13,022 The decrease in net unrealized investment gains in our fixed-maturity portfolio at March 31, 2022, is primarily due to an increase in U.S. Treasury yields and a widening of corporate credit spreads. Our commercial mortgage-backed securities had an average rating of Aa2/AA at March 31, 2022, and December 31, 2021. 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 March 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Corporate $ 2,603 $ 157 $ 78 $ 9 $ 2,681 $ 166 States, municipalities and political subdivisions 977 72 21 4 998 76 Commercial mortgage-backed 128 2 10 — 138 2 United States government 72 1 — — 72 1 Foreign government 7 — — — 7 — Government-sponsored enterprises 10 — 3 — 13 — Total $ 3,797 $ 232 $ 112 $ 13 $ 3,909 $ 245 At December 31, 2021 Fixed maturity securities: Corporate $ 861 $ 13 $ 15 $ — $ 876 $ 13 States, municipalities and political subdivisions 105 2 2 1 107 3 Commercial mortgage-backed 10 — 11 — 21 — United States government 48 — — — 48 — Foreign government 16 — — — 16 — Government-sponsored enterprises 7 — — — 7 — Total $ 1,047 $ 15 $ 28 $ 1 $ 1,075 $ 16 Contractual maturity dates for fixed-maturities securities were: (Dollars in millions) Amortized Fair % of fair At March 31, 2022 Maturity dates: Due in one year or less $ 686 $ 690 5.6 % Due after one year through five years 3,636 3,690 29.8 Due after five years through ten years 3,460 3,525 28.5 Due after ten years 4,548 4,471 36.1 Total $ 12,330 $ 12,376 100.0 % 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 March 31, 2022 2021 Investment income: Interest $ 123 $ 118 Dividends 65 58 Other 1 2 Total 189 178 Less investment expenses 4 4 Total $ 185 $ 174 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 8 $ 4 Unrealized gains and losses on securities still held, net (683) 487 Subtotal (675) 491 Fixed maturities: Gross realized gains 4 3 Gross realized losses (1) — Subtotal 3 3 Other 6 10 Total $ (666) $ 504 The fair value of our equity portfolio was $10.675 billion and $11.315 billion at March 31, 2022, and December 31, 2021, respectively. At March 31, 2022, and December 31, 2021, Apple Inc. (Nasdaq:AAPL) , an equity holding, was our largest single investment holding with a fair value of $848 million and $862 million, which was 8.3% and 7.9% of our publicly traded common equities portfolio and 3.7% and 3.5% of the total investment portfolio, respectively. At March 31, 2022, and December 31, 2021, the allowance for credit losses, including changes in the amount during each period, was less than $1 million. During the three months ended March 31, 2022, there was one fixed-maturity security that was written down to fair value due to an intention to be sold resulting in an impairment charge of less than $1 million. During the three months ended March 31, 2021, there were no fixed-maturity securities that were written down to fair value due to an intention to be sold. At March 31, 2022, 1,377 fixed-maturity securities with a total unrealized loss of $245 million were in an unrealized loss position. Of that total, no fixed-maturity securities

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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, 2021, and ultimately management determines fair value. See our 2021 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 137, 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 March 31, 2022, and December 31, 2021. We do not have any liabilities carried at fair value. (Dollars in millions) Quoted prices in Significant other Significant Total At March 31, 2022 Fixed maturities, available for sale: Corporate $ — $ 7,149 $ — $ 7,149 States, municipalities and political subdivisions — 4,810 — 4,810 Commercial mortgage-backed — 266 — 266 United States government 112 — — 112 Foreign government — 25 — 25 Government-sponsored enterprises — 14 — 14 Subtotal 112 12,264 — 12,376 Common equities 10,245 — — 10,245 Nonredeemable preferred equities — 430 — 430 Separate accounts taxable fixed maturities — 887 — 887 Top Hat savings plan mutual funds and common 70 — — 70 Total $ 10,427 $ 13,581 $ — $ 24,008 At December 31, 2021 Fixed maturities, available for sale: Corporate $ — $ 7,497 $ — $ 7,497 States, municipalities and political subdivisions — 5,095 — 5,095 Commercial mortgage-backed — 273 — 273 United States government 123 — — 123 Foreign government — 26 — 26 Government-sponsored enterprises — 8 — 8 Subtotal 123 12,899 — 13,022 Common equities 10,862 — — 10,862 Nonredeemable preferred equities — 453 — 453 Separate accounts taxable fixed maturities — 948 — 948 Top Hat savings plan mutual funds and common 64 — — 64 Total $ 11,049 $ 14,300 $ — $ 25,349 We also held Level 1 cash and cash equivalents of $987 million and $1.139 billion at March 31, 2022, and December 31, 2021, 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 March 31, December 31, March 31, December 31, 2022 2021 2022 2021 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 371 371 374 374 Total $ 789 $ 789 $ 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 March 31, 2022 Note payable $ — $ 49 $ — $ 49 6.900% senior debentures, due 2028 — 32 — 32 6.920% senior debentures, due 2028 — 466 — 466 6.125% senior notes, due 2034 — 462 — 462 Total $ — $ 1,009 $ — $ 1,009 At December 31, 2021 Note payable $ — $ 54 $ — $ 54 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 501 — 501 6.125% senior notes, due 2034 — 510 — 510 Total $ — $ 1,099 $ — $ 1,099 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 March 31, 2022 Life policy loans $ — $ — $ 40 $ 40 Deferred annuities — — 704 704 Structured settlements — 177 — 177 Total $ — $ 177 $ 704 $ 881 At December 31, 2021 Life policy loans $ — $ — $ 44 $ 44 Deferred annuities — — 778 778 Structured settlements — 201 — 201 Total $ — $ 201 $ 778 $ 979 Outstanding principal and interest for these life policy loans totaled $30 million and $31 million at March 31, 2022, and December 31, 2021, respectively. Recorded reserves for the deferred annuities were $757 million and $762 million at March 31, 2022, and December 31, 2021, respectively. Recorded reserves for the structured settlements were $135 million and $136 million at March 31, 2022, and December 31, 2021, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Gross loss and loss expense reserves, beginning of period $ 7,229 $ 6,677 Less reinsurance recoverable 327 277 Net loss and loss expense reserves, beginning of period 6,902 6,400 Net incurred loss and loss expenses related to: Current accident year 997 1,033 Prior accident years (41) (110) Total incurred 956 923 Net paid loss and loss expenses related to: Current accident year 169 143 Prior accident years 721 562 Total paid 890 705 Net loss and loss expense reserves, end of period 6,968 6,618 Plus reinsurance recoverable 319 262 Gross loss and loss expense reserves, end of period $ 7,287 $ 6,880 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 $79 million at March 31, 2022, and $70 million at March 31, 2021, for certain life and health loss and loss expense reserves. For the three months ended March 31, 2022, we experienced $41 million of favorable development on prior accident years, including $18 million of favorable development in commercial lines, $34 million of favorable development in personal lines and $5 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $10 million for the workers' compensation line and $6 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 development of $31 million for the homeowner line.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	3 Months Ended
	Mar. 31, 2022
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) March 31, December 31, Life policy reserves: Ordinary/traditional life $ 1,395 $ 1,376 Other 52 52 Subtotal 1,447 1,428 Investment contract reserves: Deferred annuities 757 762 Universal life 680 679 Structured settlements 135 136 Other 8 9 Subtotal 1,580 1,586 Total life policy and investment contract reserves $ 3,027 $ 3,014

Deferred Acquisition Costs

Deferred Acquisition Costs	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 602 $ 542 Capitalized deferred policy acquisition costs 364 312 Amortized deferred policy acquisition costs (301) (268) Deferred policy acquisition costs asset, end of period $ 665 $ 586 Life: Deferred policy acquisition costs asset, beginning of period $ 303 $ 263 Capitalized deferred policy acquisition costs 15 14 Amortized deferred policy acquisition costs (10) (9) Shadow deferred policy acquisition costs 6 26 Deferred policy acquisition costs asset, end of period $ 314 $ 294 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 905 $ 805 Capitalized deferred policy acquisition costs 379 326 Amortized deferred policy acquisition costs (311) (277) Shadow deferred policy acquisition costs 6 26 Deferred policy acquisition costs asset, end of period $ 979 $ 880 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 792 $ 165 $ 627 $ 1,026 $ 215 $ 811 OCI before investment gains and losses, net, recognized in net income (743) (157) (586) (193) (41) (152) Investment gains and losses, net, recognized in net income (3) — (3) (3) — (3) OCI (746) (157) (589) (196) (41) (155) AOCI, end of period $ 46 $ 8 $ 38 $ 830 $ 174 $ 656 Pension obligations: AOCI, beginning of period $ 27 $ 7 $ 20 $ (41) $ (7) $ (34) OCI excluding amortization recognized in net income — — — 2 1 1 Amortization recognized in net income — — — 2 — 2 OCI — — — 4 1 3 AOCI, end of period $ 27 $ 7 $ 20 $ (37) $ (6) $ (31) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ 1 $ — $ 1 $ (10) $ (2) $ (8) OCI before investment gains and losses, net, recognized in net income — — — 10 2 8 Investment gains and losses, net, recognized in net income — — — — — — OCI — — — 10 2 8 AOCI, end of period $ 1 $ — $ 1 $ — $ — $ — Summary of AOCI: AOCI, beginning of period $ 820 $ 172 $ 648 $ 975 $ 206 $ 769 Investments OCI (746) (157) (589) (196) (41) (155) Pension obligations OCI — — — 4 1 3 Life deferred acquisition costs, life policy reserves and other OCI — — — 10 2 8 Total OCI (746) (157) (589) (182) (38) (144) AOCI, end of period $ 74 $ 15 $ 59 $ 793 $ 168 $ 625 Investment gains and losses, net, and life deferred acquisition costs, life policy reserves and other investment gains and losses, net,

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. 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 catastrophe bonds 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 March 31, 2022 2021 Direct written premiums $ 1,703 $ 1,545 Assumed written premiums 263 205 Ceded written premiums (67) (57) Net written premiums $ 1,899 $ 1,693 Direct earned premiums $ 1,561 $ 1,429 Assumed earned premiums 121 101 Ceded earned premiums (64) (55) Earned premiums $ 1,618 $ 1,475 Direct incurred loss and loss expenses $ 895 $ 868 Assumed incurred loss and loss expenses 73 78 Ceded incurred loss and loss expenses (12) (23) Incurred loss and loss expenses $ 956 $ 923 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 March 31, 2022 2021 Direct earned premiums $ 90 $ 87 Ceded earned premiums (18) (18) Earned premiums $ 72 $ 69 Direct contract holders' benefits incurred 114 107 Ceded contract holders' benefits incurred (31) (27) Contract holders' benefits incurred $ 83 $ 80 The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Tax at statutory rate: $ (76) 21.0 % $ 161 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) 1.4 (5) (0.7) Dividend received exclusion (5) 1.4 (5) (0.7) Other (1) 0.4 (3) (0.3) Provision (benefit) for income taxes $ (87) 24.2 % $ 148 19.3 % The provision (benefit) 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 at March 31, 2022, and December 31, 2021. As more fully discussed below, we do carry a valuation allowance on the deferred tax assets related to Cincinnati Global Underwriting Ltd. SM (Cincinnati Global). Unrecognized Tax Benefits At March 31, 2022, and December 31, 2021, we had a gross unrecognized tax benefit of $34 million. There were no changes to this amount during the first quarter of 2022. 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 months ended March 31, 2022, Cincinnati Global decreased its net deferred tax assets by $3 million with an offsetting decrease of $3 million to the valuation allowance. At March 31, 2022, Cincinnati Global had a net deferred tax asset of $50 million and an offsetting valuation allowance of $50 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, we continue to believe it is appropriate to carry a valuation allowance at March 31, 2022.

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income (Loss) 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 March 31, 2022 2021 Numerator: Net income (loss)—basic and diluted $ (273) $ 620 Denominator: Basic weighted-average common shares outstanding 160.4 161.0 Effect of share-based awards: Stock options — 0.9 Nonvested shares — 0.6 Diluted weighted-average shares 160.4 162.5 Earnings (loss) per share: Basic $ (1.70) $ 3.85 Diluted $ (1.70) $ 3.82 Number of anti-dilutive share-based awards 2.3 1.0 In accordance with Accounting Standards Codification 260, Earnings per Share

Employee Retirement Benefits

Employee Retirement Benefits	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Service cost $ 2 $ 2 Non-service (benefit) costs: Interest cost 3 2 Expected return on plan assets (6) (5) Amortization of actuarial loss and prior service cost — 2 Other — 2 Total non-service (benefit) cost (3) 1 Net periodic (benefit) cost $ (1) $ 3 See our 2021 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 162, 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 2022 and 2021. We m ade no con

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows. Beginning in April 2020, like many companies in the property casualty insurance industry, the company’s property casualty subsidiaries, were named as defendants in lawsuits seeking insurance coverage under commercial property insurance policies issued by the company for alleged losses resulting from the shutdown or suspension of their businesses due to the COVID-19 pandemic. Although the allegations vary, the plaintiffs generally seek a declaration of insurance coverage, damages for breach of contract in unspecified amounts for claim denials, interest and attorney fees. Some of the lawsuits also allege that the insurance claims were denied in bad faith or otherwise in violation of state laws and seek extra-contractual or punitive damages. The company denies the allegations in these lawsuits and intends to continue to vigorously defend the lawsuits. The company maintains that it has no coverage obligations with respect to these lawsuits for business income allegedly lost by the plaintiffs due to the COVID-19 pandemic based on the terms of the applicable insurance policies. Although the policy terms vary, in general, the claims at issue in these lawsuits were denied because the policyholder identified no direct physical loss or damage to property at the insured premises, and the governmental orders that led to the complete or partial shutdown of the business were not due to the existence of any direct physical loss or damage to property in the immediate vicinity of the insured premises and did not prohibit access to the insured premises, as required by the terms of the insurance policies. Depending on the individual policy, additional policy terms and conditions may also prohibit coverage, such as exclusions for pollutants, ordinance or law, loss of use, and acts or decisions. The company’s standard commercial property insurance policies generally did not contain a specific virus exclusion. In addition to the inherent difficulty in predicting litigation outcomes, the COVID-19 pandemic business income coverage lawsuits present a number of uncertainties and contingencies that are not yet known, including how many policyholders will ultimately file claims, the number of lawsuits that will be filed, the extent to which any class may be certified, and the size and scope of any such classes. The legal theories advanced by plaintiffs vary by case as do the state laws that govern the policy interpretation. These lawsuits are at various stages of litigation; many complaints continue to be amended; several have been dismissed voluntarily and may be refiled; and others have been dismissed by trial courts and appealed. While early appellate decisions have been favorable, many remain to be decided. In some jurisdictions, many cases have been stayed pending appellate decisions in their state or federal circuit. Accordingly, little discovery has occurred on pending cases. In addition, business income calculations depend upon a wide range of factors that are particular to the circumstances of each individual policyholder and, here, virtually none of the plaintiffs have submitted proofs of loss or otherwise quantified or factually supported any allegedly covered loss. Moreover, the company’s experience shows that demands for damages often bear little relation to a reasonable estimate of potential loss. Accordingly, management cannot now reasonably estimate the possible loss or range of loss, if any. Nonetheless, given the number of claims and potential claims, the indeterminate amounts sought, and the inherent unpredictability of litigation, it is possible that adverse outcomes, if any, in the aggregate could have a material adverse effect on the company’s consolidated financial position, results of operations and 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 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 position, results of operations and cash flows. 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 financial position, results of operations and 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	3 Months Ended
	Mar. 31, 2022
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 2021 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 172, 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 March 31, 2022 2021 Revenues: Commercial lines insurance Commercial casualty $ 336 $ 303 Commercial property 274 253 Commercial auto 205 193 Workers' compensation 67 67 Other commercial 80 70 Commercial lines insurance premiums 962 886 Fee revenues 1 1 Total commercial lines insurance 963 887 Personal lines insurance Personal auto 152 152 Homeowner 195 174 Other personal 55 50 Personal lines insurance premiums 402 376 Fee revenues 1 1 Total personal lines insurance 403 377 Excess and surplus lines insurance 112 89 Fee revenues 1 — Total excess and surplus lines insurance 113 89 Life insurance premiums 72 69 Fee revenues 1 1 Total life insurance 73 70 Investments Investment income, net of expenses 185 174 Investment gains and losses, net (666) 504 Total investment revenue (481) 678 Other Premiums 142 124 Other 2 2 Total other revenues 144 126 Total revenues $ 1,215 $ 2,227 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 76 $ 130 Personal lines insurance 65 (3) Excess and surplus lines insurance 16 8 Life insurance (2) (2) Investments (508) 652 Other (7) (17) Total income (loss) before income taxes $ (360) $ 768 Identifiable assets: March 31, December 31, Property casualty insurance $ 4,607 $ 4,421 Life insurance 1,577 1,590 Investments 23,201 24,481 Other 865 895 Total $ 30,250 $ 31,387

Accounting Policies Pending Acc

Accounting Policies Pending Accounting Updates (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Adopted Accounting Updates and Pending Accounting Updates	Pending Accounting Updates ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . ASU 2018-12 requires changes to the measurement and disclosure of long-duration insurance contracts. In November 2020, the FASB issued an ASU that delayed the effective date of ASU 2018-12 to interim and annual reporting periods beginning after December 15, 2022. We plan to adopt these ASUs on a modified retrospective basis on January 1, 2023, with a transition date of January 1, 2021. Related to the company's term and whole life products included in life policy and investment contract reserves, the new guidance requires that cash flow assumptions be reviewed at least annually to determine any necessary updates. Additionally, the discount rate assumption is required to be updated quarterly based on upper-medium grade fixed-income instrument yields (market value discount rates). The life policy and investment contract reserves balance is adjusted through insurance losses and contract holders' benefits for cash flow assumption updates and through accumulated other comprehensive income (AOCI) for discount rate updates. These ASUs also amend the previous guidance related to life deferred policy acquisition costs by requiring amortization of those costs on a constant level basis for a group of contracts that approximates straight-line and the removal of shadow deferred policy acquisition costs for universal life and deferred annuity products. These ASUs also require entities to provide additional disclosures including disaggregated rollforwards of the life policy and investment contract reserves, separate account liabilities and life deferred policy acquisition costs. Management has identified that the requirement to measure term and whole life policy reserves using updated discount rates is expected to have a material impact on shareholders' equity, through an increase to life policy and investment contract reserves and a decrease to AOCI, at the transition date. The company is in the process of addressing necessary implementation-related items, including modifications to reporting and analysis capabilities as well as actuarial systems and associated data processes. Further, the company continues to refine its accounting policy decisions associated with the new guidance. Additional impacts of these ASUs on our company's consolidated financial position, results of operations and cash flows are being further evaluated by management .

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 gains losses Fixed maturity securities: Corporate $ 7,131 $ 184 $ 166 $ 7,149 States, municipalities and political subdivisions 4,780 106 76 4,810 Commercial mortgage-backed 267 1 2 266 United States government 113 — 1 112 Foreign government 25 — — 25 Government-sponsored enterprises 14 — — 14 Total $ 12,330 $ 291 $ 245 $ 12,376 At December 31, 2021 Fixed maturity securities: Corporate $ 7,043 $ 467 $ 13 $ 7,497 States, municipalities and political subdivisions 4,768 330 3 5,095 Commercial mortgage-backed 264 9 — 273 United States government 121 2 — 123 Foreign government 26 — — 26 Government-sponsored enterprises 8 — — 8 Total $ 12,230 $ 808 $ 16 $ 13,022
Fair Value 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 March 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Corporate $ 2,603 $ 157 $ 78 $ 9 $ 2,681 $ 166 States, municipalities and political subdivisions 977 72 21 4 998 76 Commercial mortgage-backed 128 2 10 — 138 2 United States government 72 1 — — 72 1 Foreign government 7 — — — 7 — Government-sponsored enterprises 10 — 3 — 13 — Total $ 3,797 $ 232 $ 112 $ 13 $ 3,909 $ 245 At December 31, 2021 Fixed maturity securities: Corporate $ 861 $ 13 $ 15 $ — $ 876 $ 13 States, municipalities and political subdivisions 105 2 2 1 107 3 Commercial mortgage-backed 10 — 11 — 21 — United States government 48 — — — 48 — Foreign government 16 — — — 16 — Government-sponsored enterprises 7 — — — 7 — Total $ 1,047 $ 15 $ 28 $ 1 $ 1,075 $ 16
Investments Classified by Contractual Maturity Date	Contractual maturity dates for fixed-maturities securities were: (Dollars in millions) Amortized Fair % of fair At March 31, 2022 Maturity dates: Due in one year or less $ 686 $ 690 5.6 % Due after one year through five years 3,636 3,690 29.8 Due after five years through ten years 3,460 3,525 28.5 Due after ten years 4,548 4,471 36.1 Total $ 12,330 $ 12,376 100.0 %
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 March 31, 2022 2021 Investment income: Interest $ 123 $ 118 Dividends 65 58 Other 1 2 Total 189 178 Less investment expenses 4 4 Total $ 185 $ 174 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 8 $ 4 Unrealized gains and losses on securities still held, net (683) 487 Subtotal (675) 491 Fixed maturities: Gross realized gains 4 3 Gross realized losses (1) — Subtotal 3 3 Other 6 10 Total $ (666) $ 504

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, and December 31, 2021. We do not have any liabilities carried at fair value. (Dollars in millions) Quoted prices in Significant other Significant Total At March 31, 2022 Fixed maturities, available for sale: Corporate $ — $ 7,149 $ — $ 7,149 States, municipalities and political subdivisions — 4,810 — 4,810 Commercial mortgage-backed — 266 — 266 United States government 112 — — 112 Foreign government — 25 — 25 Government-sponsored enterprises — 14 — 14 Subtotal 112 12,264 — 12,376 Common equities 10,245 — — 10,245 Nonredeemable preferred equities — 430 — 430 Separate accounts taxable fixed maturities — 887 — 887 Top Hat savings plan mutual funds and common 70 — — 70 Total $ 10,427 $ 13,581 $ — $ 24,008 At December 31, 2021 Fixed maturities, available for sale: Corporate $ — $ 7,497 $ — $ 7,497 States, municipalities and political subdivisions — 5,095 — 5,095 Commercial mortgage-backed — 273 — 273 United States government 123 — — 123 Foreign government — 26 — 26 Government-sponsored enterprises — 8 — 8 Subtotal 123 12,899 — 13,022 Common equities 10,862 — — 10,862 Nonredeemable preferred equities — 453 — 453 Separate accounts taxable fixed maturities — 948 — 948 Top Hat savings plan mutual funds and common 64 — — 64 Total $ 11,049 $ 14,300 $ — $ 25,349
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 March 31, December 31, March 31, December 31, 2022 2021 2022 2021 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 371 371 374 374 Total $ 789 $ 789 $ 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 March 31, 2022 Note payable $ — $ 49 $ — $ 49 6.900% senior debentures, due 2028 — 32 — 32 6.920% senior debentures, due 2028 — 466 — 466 6.125% senior notes, due 2034 — 462 — 462 Total $ — $ 1,009 $ — $ 1,009 At December 31, 2021 Note payable $ — $ 54 $ — $ 54 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 501 — 501 6.125% senior notes, due 2034 — 510 — 510 Total $ — $ 1,099 $ — $ 1,099
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 March 31, 2022 Life policy loans $ — $ — $ 40 $ 40 Deferred annuities — — 704 704 Structured settlements — 177 — 177 Total $ — $ 177 $ 704 $ 881 At December 31, 2021 Life policy loans $ — $ — $ 44 $ 44 Deferred annuities — — 778 778 Structured settlements — 201 — 201 Total $ — $ 201 $ 778 $ 979

Property Casualty Loss and Lo_2

Property Casualty Loss and Loss Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Gross loss and loss expense reserves, beginning of period $ 7,229 $ 6,677 Less reinsurance recoverable 327 277 Net loss and loss expense reserves, beginning of period 6,902 6,400 Net incurred loss and loss expenses related to: Current accident year 997 1,033 Prior accident years (41) (110) Total incurred 956 923 Net paid loss and loss expenses related to: Current accident year 169 143 Prior accident years 721 562 Total paid 890 705 Net loss and loss expense reserves, end of period 6,968 6,618 Plus reinsurance recoverable 319 262 Gross loss and loss expense reserves, end of period $ 7,287 $ 6,880

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	3 Months Ended
	Mar. 31, 2022
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) March 31, December 31, Life policy reserves: Ordinary/traditional life $ 1,395 $ 1,376 Other 52 52 Subtotal 1,447 1,428 Investment contract reserves: Deferred annuities 757 762 Universal life 680 679 Structured settlements 135 136 Other 8 9 Subtotal 1,580 1,586 Total life policy and investment contract reserves $ 3,027 $ 3,014

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 602 $ 542 Capitalized deferred policy acquisition costs 364 312 Amortized deferred policy acquisition costs (301) (268) Deferred policy acquisition costs asset, end of period $ 665 $ 586 Life: Deferred policy acquisition costs asset, beginning of period $ 303 $ 263 Capitalized deferred policy acquisition costs 15 14 Amortized deferred policy acquisition costs (10) (9) Shadow deferred policy acquisition costs 6 26 Deferred policy acquisition costs asset, end of period $ 314 $ 294 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 905 $ 805 Capitalized deferred policy acquisition costs 379 326 Amortized deferred policy acquisition costs (311) (277) Shadow deferred policy acquisition costs 6 26 Deferred policy acquisition costs asset, end of period $ 979 $ 880

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 792 $ 165 $ 627 $ 1,026 $ 215 $ 811 OCI before investment gains and losses, net, recognized in net income (743) (157) (586) (193) (41) (152) Investment gains and losses, net, recognized in net income (3) — (3) (3) — (3) OCI (746) (157) (589) (196) (41) (155) AOCI, end of period $ 46 $ 8 $ 38 $ 830 $ 174 $ 656 Pension obligations: AOCI, beginning of period $ 27 $ 7 $ 20 $ (41) $ (7) $ (34) OCI excluding amortization recognized in net income — — — 2 1 1 Amortization recognized in net income — — — 2 — 2 OCI — — — 4 1 3 AOCI, end of period $ 27 $ 7 $ 20 $ (37) $ (6) $ (31) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ 1 $ — $ 1 $ (10) $ (2) $ (8) OCI before investment gains and losses, net, recognized in net income — — — 10 2 8 Investment gains and losses, net, recognized in net income — — — — — — OCI — — — 10 2 8 AOCI, end of period $ 1 $ — $ 1 $ — $ — $ — Summary of AOCI: AOCI, beginning of period $ 820 $ 172 $ 648 $ 975 $ 206 $ 769 Investments OCI (746) (157) (589) (196) (41) (155) Pension obligations OCI — — — 4 1 3 Life deferred acquisition costs, life policy reserves and other OCI — — — 10 2 8 Total OCI (746) (157) (589) (182) (38) (144) AOCI, end of period $ 74 $ 15 $ 59 $ 793 $ 168 $ 625

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Direct written premiums $ 1,703 $ 1,545 Assumed written premiums 263 205 Ceded written premiums (67) (57) Net written premiums $ 1,899 $ 1,693 Direct earned premiums $ 1,561 $ 1,429 Assumed earned premiums 121 101 Ceded earned premiums (64) (55) Earned premiums $ 1,618 $ 1,475 Direct incurred loss and loss expenses $ 895 $ 868 Assumed incurred loss and loss expenses 73 78 Ceded incurred loss and loss expenses (12) (23) Incurred loss and loss expenses $ 956 $ 923
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 March 31, 2022 2021 Direct earned premiums $ 90 $ 87 Ceded earned premiums (18) (18) Earned premiums $ 72 $ 69 Direct contract holders' benefits incurred 114 107 Ceded contract holders' benefits incurred (31) (27) Contract holders' benefits incurred $ 83 $ 80

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Tax at statutory rate: $ (76) 21.0 % $ 161 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) 1.4 (5) (0.7) Dividend received exclusion (5) 1.4 (5) (0.7) Other (1) 0.4 (3) (0.3) Provision (benefit) for income taxes $ (87) 24.2 % $ 148 19.3 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator: Net income (loss)—basic and diluted $ (273) $ 620 Denominator: Basic weighted-average common shares outstanding 160.4 161.0 Effect of share-based awards: Stock options — 0.9 Nonvested shares — 0.6 Diluted weighted-average shares 160.4 162.5 Earnings (loss) per share: Basic $ (1.70) $ 3.85 Diluted $ (1.70) $ 3.82 Number of anti-dilutive share-based awards 2.3 1.0

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Service cost $ 2 $ 2 Non-service (benefit) costs: Interest cost 3 2 Expected return on plan assets (6) (5) Amortization of actuarial loss and prior service cost — 2 Other — 2 Total non-service (benefit) cost (3) 1 Net periodic (benefit) cost $ (1) $ 3

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended March 31, 2022 2021 Revenues: Commercial lines insurance Commercial casualty $ 336 $ 303 Commercial property 274 253 Commercial auto 205 193 Workers' compensation 67 67 Other commercial 80 70 Commercial lines insurance premiums 962 886 Fee revenues 1 1 Total commercial lines insurance 963 887 Personal lines insurance Personal auto 152 152 Homeowner 195 174 Other personal 55 50 Personal lines insurance premiums 402 376 Fee revenues 1 1 Total personal lines insurance 403 377 Excess and surplus lines insurance 112 89 Fee revenues 1 — Total excess and surplus lines insurance 113 89 Life insurance premiums 72 69 Fee revenues 1 1 Total life insurance 73 70 Investments Investment income, net of expenses 185 174 Investment gains and losses, net (666) 504 Total investment revenue (481) 678 Other Premiums 142 124 Other 2 2 Total other revenues 144 126 Total revenues $ 1,215 $ 2,227 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 76 $ 130 Personal lines insurance 65 (3) Excess and surplus lines insurance 16 8 Life insurance (2) (2) Investments (508) 652 Other (7) (17) Total income (loss) before income taxes $ (360) $ 768 Identifiable assets: March 31, December 31, Property casualty insurance $ 4,607 $ 4,421 Life insurance 1,577 1,590 Investments 23,201 24,481 Other 865 895 Total $ 30,250 $ 31,387

Investments - Analysis of Cost

Investments - Analysis of Cost or Amortized Cost, Gross Unrealized Gains and Losses and Fair Value for Investments (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale
Total	$ 12,330	$ 12,230
Fixed maturities, at fair value	12,376	13,022
Debt Securities
Debt Securities, Available-for-sale
Total	12,330	12,230
Gross unrealized gain	291	808
Gross unrealized loss	245	16
Fixed maturities, at fair value	12,376	13,022
Debt Securities | Corporate
Debt Securities, Available-for-sale
Total	7,131	7,043
Gross unrealized gain	184	467
Gross unrealized loss	166	13
Fixed maturities, at fair value	7,149	7,497
Debt Securities | States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Total	4,780	4,768
Gross unrealized gain	106	330
Gross unrealized loss	76	3
Fixed maturities, at fair value	4,810	5,095
Debt Securities | Commercial mortgage-backed
Debt Securities, Available-for-sale
Total	267	264
Gross unrealized gain	1	9
Gross unrealized loss	2	0
Fixed maturities, at fair value	266	273
Debt Securities | United States government
Debt Securities, Available-for-sale
Total	113	121
Gross unrealized gain	0	2
Gross unrealized loss	1	0
Fixed maturities, at fair value	112	123
Debt Securities | Foreign government
Debt Securities, Available-for-sale
Total	25	26
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Fixed maturities, at fair value	25	26
Debt Securities | Government-sponsored enterprises
Debt Securities, Available-for-sale
Total	14	8
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Fixed maturities, at fair value	$ 14	$ 8

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	Mar. 31, 2022	Dec. 31, 2021
Investments, Unrealized Loss Position
Less than 12 months Fair Value	$ 3,797	$ 1,047
Less than 12 Months, Unrealized Loss	232	15
12 months or more, Fair Value	112	28
12 months or longer, Unrealized Loss	13	1
Total Fair Value	3,909	1,075
Gross unrealized loss	245	16
Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	2,603	861
Less than 12 Months, Unrealized Loss	157	13
12 months or more, Fair Value	78	15
12 months or longer, Unrealized Loss	9	0
Total Fair Value	2,681	876
Gross unrealized loss	166	13
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	977	105
Less than 12 Months, Unrealized Loss	72	2
12 months or more, Fair Value	21	2
12 months or longer, Unrealized Loss	4	1
Total Fair Value	998	107
Gross unrealized loss	76	3
Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	128	10
Less than 12 Months, Unrealized Loss	2	0
12 months or more, Fair Value	10	11
12 months or longer, Unrealized Loss	0	0
Total Fair Value	138	21
Gross unrealized loss	2	0
United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	72	48
Less than 12 Months, Unrealized Loss	1	0
12 months or more, Fair Value	0	0
12 months or longer, Unrealized Loss	0	0
Total Fair Value	72	48
Gross unrealized loss	1	0
Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	7	16
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	0	0
12 months or longer, Unrealized Loss	0	0
Total Fair Value	7	16
Gross unrealized loss	0	0
Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	10	7
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	3	0
12 months or longer, Unrealized Loss	0	0
Total Fair Value	13	7
Gross unrealized loss	$ 0	$ 0

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Amortized cost
Due in one year or less	$ 686
Due after one year through five years	3,636
Due after five years through ten years	3,460
Due after ten years	4,548
Total	12,330	$ 12,230
Fair value
Due in one year or less	690
Due after one year through five years	3,690
Due after five years through ten years	3,525
Due after ten years	4,471
Total	$ 12,376	$ 13,022
% of fair value
Due in one year or less	5.60%
Due after one year through five years	29.80%
Due after five years through ten years	28.50%
Due after ten years	36.10%
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
	Mar. 31, 2022	Mar. 31, 2021
Investment income:
Interest	$ 123	$ 118
Dividends	65	58
Other	1	2
Total	189	178
Less investment expenses	4	4
Total	185	174
Gain (Loss) on Sale of Investments	(674)	501
Investment gains and losses, net:
Investment gains and losses, net	(666)	504
Equity securities
Investment income:
Gain (Loss) on Sale of Investments	8	4
Unrealized Gain (Loss) on Investments	(683)	487
Investment gains and losses, net:
Other	6	10
Investment gains and losses, net	(675)	491
Fixed maturities
Investment gains and losses, net:
Gross realized gains	4	3
Available-for-sale Securities, Gross Realized Losses	(1)	0
Investment gains and losses, net	$ 3	$ 3

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)security	Mar. 31, 2021security	Dec. 31, 2021USD ($)security
Gain (Loss) on Securities
Equity Securities at Fair Value	$ 10,675		$ 11,315
Largest Single Common Stock Holding	$ 848		$ 862
Largest equity holdings to total equity portfolio	8.30%		7.90%
Largest equity holdings to total portfolio	3.70%		3.50%
Maximum
Gain (Loss) on Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 1		$ 1
Writedown of Impaired Securities Intended to be Sold	1
Changes in Allowance for Credit Losses During Period	$ 1		$ 1
Fixed maturities
Gain (Loss) on Securities
Number Of Impaired Securities Intended to be Sold | security	1	0
Number Of Securities Continuous Unrealized Loss Position | security	1,377		278
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss 3	$ 245		$ 16
Number Of Securities Continuous Unrealized Loss Position and Below 70 Percent of Amortized Cost	0		0
Fixed maturity investments, Percentage of amortized costs	70.00%		70.00%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 12,376	$ 13,022
Separate accounts	903	959
Top Hat savings plan mutual funds and common equity (included in Other assets)	70	64
Fair value of asset	24,008	25,349
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)	70	64
Fair value of asset	10,427	11,049
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	13,581	14,300
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	12,376	13,022
Debt Securities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	7,149	7,497
Debt Securities | States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,810	5,095
Debt Securities | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	266	273
Debt Securities | United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	112	123
Debt Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	25	26
Debt Securities | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	14	8
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	112	123
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	112	123
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	12,264	12,899
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	7,149	7,497
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	4,810	5,095
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	266	273
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	25	26
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	14	8
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
Fair value of asset	10,245	10,862
Equity securities | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	430	453
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
Fair value of asset	10,245	10,862
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
Fair value of asset	0	0
Equity securities | Significant other observable inputs (Level 2) | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Equity securities | Significant other observable inputs (Level 2) | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	430	453
Equity securities | Significant unobservable inputs (Level 3) | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Equity securities | Significant unobservable inputs (Level 3) | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Taxable Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	887	948
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	887	948
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	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Book value	$ 789	$ 789
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	$ 371	$ 371
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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 49	$ 54
Total	$ 1,009	$ 1,099
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	$ 32	$ 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	$ 466	$ 501
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	$ 462	$ 510
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	49	54
Total	1,009	1,099
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	32	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	466	501
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	462	510
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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 40	$ 44
Liabilities Related to Investment Contracts, Fair Value Disclosure	881	979
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	177	201
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	40	44
Liabilities Related to Investment Contracts, Fair Value Disclosure	704	778
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	704	778
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	704	778
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	177	201
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	177	201
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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 987	$ 1,139
Finance receivable	92	98
Loss and loss expense reserves	3,027	3,014
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	30	31
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	1,580	1,586
Investment contract reserves: | Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	757	762
Investment contract reserves: | Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	$ 135	$ 136

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
	Mar. 31, 2022	Mar. 31, 2021
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	$ 7,229	$ 6,677
Less reinsurance recoverable	327	277
Net loss and loss expense reserves, beginning of period	6,902	6,400
Current accident year	997	1,033
Prior accident years	(41)	(110)
Total incurred	956	923
Current accident year	169	143
Prior accident years	721	562
Total paid	890	705
Net loss and loss expense reserves, end of period	6,968	6,618
Plus reinsurance recoverable	319	262
Gross loss and loss expense reserves, end of period	$ 7,287	$ 6,880

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 7,287	$ 6,880	$ 7,229	$ 6,677
Prior accident years	(41)	(110)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	79	70
Commercial Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(18)	(83)
Commercial Insurance | Workers' Compensation Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(10)	(25)
Commercial Insurance | Commercial Auto Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(6)	(24)
Commercial Insurance | Commercial Property Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(21)
Personal Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(34)	(20)
Personal Insurance | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(15)
Personal Insurance | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(31)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (5)	$ 4

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	Mar. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 3,027	$ 3,014
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,447	1,428
Life policy reserves: | Ordinary/traditional life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,395	1,376
Life policy reserves: | Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	52	52
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,580	1,586
Investment contract reserves: | Deferred annuities
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	757	762
Investment contract reserves: | Universal life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	680	679
Investment contract reserves: | Structured Settlement Annuity
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	135	136
Investment contract reserves: | Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 8	$ 9

Deferred Acquisition Costs - De

Deferred Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 905	$ 805
Capitalized deferred policy acquisition costs	379	326
Amortized deferred policy acquisition costs	(311)	(277)
Shadow deferred policy acquisition costs	6	26
Deferred policy acquisition costs asset, end of period	979	880
Consolidated Property And Casualty Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	602	542
Capitalized deferred policy acquisition costs	364	312
Amortized deferred policy acquisition costs	(301)	(268)
Deferred policy acquisition costs asset, end of period	665	586
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	303	263
Capitalized deferred policy acquisition costs	15	14
Amortized deferred policy acquisition costs	(10)	(9)
Shadow deferred policy acquisition costs	6	26
Deferred policy acquisition costs asset, end of period	$ 314	$ 294

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	$ 59		$ 648
Accumulated other comprehensive income, net of tax, end of period	59
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Other comprehensive income before reclassification, before tax	(743)	$ (193)
Reclassification adjustment, before tax	(3)	(3)
Effect on other comprehensive income, before tax	(746)	(196)
Accumulated other comprehensive income, before tax, end of period	46	830
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income before reclassification, tax	(157)	(41)
Reclassification adjustment, tax	0	0
Effect on other comprehensive income, tax	(157)	(41)
Accumulated other comprehensive income, tax, end of period	8	174
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	38	656
Other comprehensive income before reclassification, net of tax	(586)	(152)
Reclassification adjustment, net of tax	(3)	(3)
Effect on other comprehensive income, net of tax	(589)	(155)
Accumulated other comprehensive income, net of tax, end of period	38	656
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	27	(41)
Other comprehensive income before reclassification, before tax	0	2
Reclassification adjustment, before tax	0	2
Effect on other comprehensive income, before tax	0	4
Accumulated other comprehensive income, before tax, end of period	27	(37)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	7	(7)
Other comprehensive income before reclassification, tax	0	1
Reclassification adjustment, tax	0	0
Effect on other comprehensive income, tax	0	1
Accumulated other comprehensive income, tax, end of period	7	(6)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	20	(31)	20	$ (34)
Other comprehensive income before reclassification, net of tax	0	1
Reclassification adjustment, net of tax	0	2
Effect on other comprehensive income, net of tax	0	3
Accumulated other comprehensive income, net of tax, end of period	20	(31)
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	1	(10)
Other comprehensive income before reclassification, before tax	0	10
Reclassification adjustment, before tax	0	0
Effect on other comprehensive income, before tax	0	10
Accumulated other comprehensive income, before tax, end of period	1	0
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	0	(2)
Other comprehensive income before reclassification, tax	0	2
Reclassification adjustment, tax	0	0
Effect on other comprehensive income, tax	0	2
Accumulated other comprehensive income, tax, end of period	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	1	0	1	(8)
Other comprehensive income before reclassification, net of tax	0	8
Reclassification adjustment, net of tax	0	0
Effect on other comprehensive income, net of tax	0	8
Accumulated other comprehensive income, net of tax, end of period	1	0
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	(746)	(196)
Change in pension obligations, before tax	0	4
Change in life deferred acquisition costs, life policy reserves and other, before tax	0	10
Effect on other comprehensive income, before tax	(746)	(182)
Accumulated other comprehensive income, before tax, end of period	74	793
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Change in unrealized gains, net, on investments available for sale, tax	(157)	(41)
Change in pension obligations, tax	0	1
Change in life deferred acquisition costs, life policy reserves and other, tax	0	2
Effect on other comprehensive income, tax	(157)	(38)
Accumulated other comprehensive income, tax, end of period	15	168
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	59	625
Change in unrealized gains, net, on investments available for sale, net of tax	(589)	(155)
Change in pension obligations, net of tax	0	3
Change in life deferred acquisition costs, life policy reserves and other, net of tax	0	8
Effect on other comprehensive income, net of tax	(589)	(144)
Accumulated other comprehensive income, net of tax, end of period	59	625
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	792	1,026
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	165	215
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			627	811
Previously Reported | Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	820	975
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	$ 172	$ 206
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			$ 648	$ 769

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 1,690	$ 1,544
Incurred loss and loss expenses	1,039	1,003
Consolidated Property And Casualty Insurance
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	1,703	1,545
Assumed written premiums	263	205
Ceded written premiums	(67)	(57)
Net written premiums	1,899	1,693
Direct earned premiums	1,561	1,429
Assumed earned premiums	121	101
Ceded earned premiums	(64)	(55)
Earned premiums	1,618	1,475
Direct incurred loss and loss expenses	895	868
Assumed incurred loss and loss expenses	73	78
Ceded incurred loss and loss expenses	(12)	(23)
Incurred loss and loss expenses	$ 956	$ 923

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reinsurance for Insurance Companies, by Product Segment
Insurance losses and contract holders' benefits	$ 1,039	$ 1,003
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment
Direct earned premiums	90	87
Ceded earned premiums	(18)	(18)
Earned premiums	72	69
Direct contract holders' benefits incurred	114	107
Ceded contract holders' benefits incurred	(31)	(27)
Insurance losses and contract holders' benefits	$ 83	$ 80

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Consolidated Property And Casualty Insurance
Reinsurance for Insurance Companies, by Product Segment
Premium Receivable, Allowance for Credit Loss	$ 14	$ 14

Income Taxes - Differences Betw

Income Taxes - Differences Between Statutory Income Tax Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (decrease) resulting from:
Tax at statutory rate	$ (76)	$ 161
Tax-exempt income from municipal bonds	(5)	(5)
Dividend received exclusion	(5)	(5)
Other	(1)	(3)
Total provision (benefit) for income taxes	$ (87)	$ 148
Increase (decrease) resulting from:
Tax at statutory rate	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent	1.40%	(0.70%)
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent	1.40%	(0.70%)
Other	0.40%	(0.30%)
Provision for income taxes	24.20%	19.30%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Contingency
Tax at statutory rate, percentage	21.00%	21.00%
Unrecognized Tax Benefits	$ 34		$ 34
Deferred tax assets valuation allowance	0		0
Cincinnati Global
Income Tax Contingency
Decrease in deferred tax assets	3
Decrease in deferred tax valuation allowance	3
Net deferred tax assets	50
Deferred tax assets valuation allowance	50
Cincinnati Global | United States
Income Tax Contingency
Operating loss carryforwards	6		8
Cincinnati Global | United Kingdom
Income Tax Contingency
Operating loss carryforwards	$ 130		$ 130

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
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)—basic and diluted	$ (273)	$ 620
Denominator:
Basic weighted-average common shares outstanding (in shares)	160.4	161
Diluted weighted-average shares	160.4	162.5
Earnings (loss) per share:
Basic (in USD per share)	$ (1.70)	$ 3.85
Diluted (in USD per share)	$ (1.70)	$ 3.82
Number of anti-dilutive stock-based awards (in shares)	2.3	1
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0	0.9
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0	0.6

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
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2
Interest cost	3	2
Expected return on plan assets	(6)	(5)
Amortization of actuarial loss and prior service cost	0	2
Other	0	2
Total non-service (benefit) cost	(3)	1
Net periodic benefit cost	$ (1)	$ 3

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 8,000,000	$ 6,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022industrysegment
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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information
Earned premiums	$ 1,690	$ 1,544
Fee revenues	4	3
Other revenues	2	2
Investment income, net of expenses	185	174
Investment gains and losses, net	(666)	504
Total revenues	1,215	2,227
Income before Income Taxes	(360)	768
Identifiable Assets	30,250		$ 31,387
Consolidated Property And Casualty Insurance
Segment Reporting Information
Earned premiums	1,618	1,475
Identifiable Assets	4,607		4,421
Life Insurance Segment
Segment Reporting Information
Identifiable Assets	1,577		1,590
Investment Segment
Segment Reporting Information
Identifiable Assets	23,201		24,481
Corporate and Other
Segment Reporting Information
Identifiable Assets	865		$ 895
Operating Segments | Commercial Insurance
Segment Reporting Information
Earned premiums	962	886
Fee revenues	1	1
Total revenues	963	887
Income Before Income Taxes	76	130
Operating Segments | Commercial Insurance | Commercial Casualty Line
Segment Reporting Information
Earned premiums	336	303
Operating Segments | Commercial Insurance | Commercial Property Line
Segment Reporting Information
Earned premiums	274	253
Operating Segments | Commercial Insurance | Commercial Auto Line
Segment Reporting Information
Earned premiums	205	193
Operating Segments | Commercial Insurance | Workers' Compensation Line
Segment Reporting Information
Earned premiums	67	67
Operating Segments | Commercial Insurance | Other Commercial Lines
Segment Reporting Information
Earned premiums	80	70
Operating Segments | Personal Insurance
Segment Reporting Information
Earned premiums	402	376
Fee revenues	1	1
Total revenues	403	377
Income Before Income Taxes	65	(3)
Operating Segments | Personal Insurance | Personal Auto
Segment Reporting Information
Earned premiums	152	152
Operating Segments | Personal Insurance | Home Owner Line
Segment Reporting Information
Earned premiums	195	174
Operating Segments | Personal Insurance | Other Personal Lines
Segment Reporting Information
Earned premiums	55	50
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	112	89
Fee revenues	1	0
Total revenues	113	89
Income Before Income Taxes	16	8
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	72	69
Fee revenues	1	1
Total revenues	73	70
Income Before Income Taxes	(2)	(2)
Operating Segments | Investment Segment
Segment Reporting Information
Investment income, net of expenses	185	174
Investment gains and losses, net	(666)	504
Total revenues	(481)	678
Income Before Income Taxes	(508)	652
Corporate, Non-Segment
Segment Reporting Information
Total revenues	144	126
Corporate, Non-Segment | Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	142	124
Corporate, Non-Segment | Corporate and Other
Segment Reporting Information
Other revenues	2	2
Income Before Income Taxes	$ (7)	$ (17)