Cincinnati Financial (CINF) 10-Q 31 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		157,184,308
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments
Fixed maturities, at fair value (amortized cost: 2022—$12,812; 2021—$12,230)	$ 11,734	$ 13,022
Equity securities, at fair value (cost: 2022—$4,292; 2021—$4,121)	8,840	11,315
Other invested assets	414	329
Total investments	20,988	24,666
Cash and cash equivalents	1,083	1,139
Investment income receivable	152	144
Finance receivable	87	98
Premiums receivable	2,403	2,053
Reinsurance Recoverable	561	570
Prepaid reinsurance premiums	91	78
Deferred policy acquisition costs	1,036	905
Land, building and equipment, net, for company use (accumulated depreciation: 2022—$317; 2021—$303)	204	205
Other assets	706	570
Separate accounts	888	959
Total assets	28,199	31,387
Insurance reserves
Loss and loss expense reserves	8,113	7,305
Life policy and investment contract reserves	3,053	3,014
Unearned premiums	3,798	3,271
Other liabilities	1,249	1,092
Deferred income tax	780	1,744
Note payable	44	54
Long-term debt and lease obligations	843	843
Separate accounts	888	959
Total liabilities	18,768	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	1,379	1,356
Retained earnings	10,797	12,625
Accumulated other comprehensive income	(828)	648
Treasury stock at cost (2022—41.2 million shares and 2021—38.0 million shares)	(2,314)	(1,921)
Total shareholders' equity	9,431	13,105
Total liabilities and shareholders' equity	$ 28,199	$ 31,387

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 12,812	$ 12,230
Equity Securities, FV-NI, Cost	4,292	4,121
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 317	$ 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	41.2	38

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Earned premiums	$ 1,882	$ 1,669	$ 5,345	$ 4,806
Investment income, net of expenses	193	179	573	528
Investment gains and losses, net	(674)	(70)	(2,494)	954
Fee revenues	5	4	12	11
Other revenues	2	3	7	8
Total revenues	1,408	1,785	3,443	6,307
Benefits and Expenses
Insurance losses and contract holders' benefits	1,418	1,072	3,766	2,990
Underwriting, acquisition and insurance expenses	551	511	1,604	1,440
Interest expense	14	13	40	39
Other operating expenses	4	5	13	14
Total benefits and expenses	1,987	1,601	5,423	4,483
Income (Loss) Before Income Taxes	(579)	184	(1,980)	1,824
Provision (Benefit) for Income Taxes
Current	19	55	90	166
Deferred	(180)	(24)	(571)	182
Total provision (benefit) for income taxes	(161)	31	(481)	348
Net Income (Loss)	$ (418)	$ 153	$ (1,499)	$ 1,476
Per Common Share
Net income (loss)—basic	$ (2.64)	$ 0.95	$ (9.41)	$ 9.16
Net income (loss)—diluted	$ (2.64)	$ 0.94	$ (9.41)	$ 9.07

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Income (Loss)	$ (418)	$ 153	$ (1,499)	$ 1,476
Change in unrealized gains and losses on investments, net of tax (benefit) of $(109), $(19), $(393) and $(33), respectively	(405)	(69)	(1,477)	(119)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $1, $0 and $2, respectively	0	1	0	5
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $0, $0, $0 and $2, respectively	0	0	1	8
Other comprehensive loss	(405)	(68)	(1,476)	(106)
Comprehensive Income (Loss)	$ (823)	$ 85	$ (2,975)	$ 1,370

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (109)	$ (19)	$ (393)	$ (33)
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	0	1	0	2
Other Comprehensive Income, Change in Life Deferred Acquisition Costs, Life Policy Reserves and Other, Tax	$ 0	$ 0	$ 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	(13)			16
Share-based compensation			25
Other			4			1
Net Income (Loss)	$ 1,476			1,476
Dividends declared				(304)
Other comprehensive loss	(106)				(106)
Shares acquired - share repurchase authorization						(40)
Shares acquired - share-based compensation plans						(7)
Ending Balance at Sep. 30, 2021	11,841	$ 397	1,344	11,257	663	(1,820)
Beginning Balance (in shares) at Dec. 31, 2020		160.9
Share-based awards (in shares)		0.6
Shares acquired - share repurchase authorization (in shares)		(0.4)
Ending Balance (in shares) at Sep. 30, 2021		161.1
Dividends declared per common share		$ 1.89
Beginning Balance at Jun. 30, 2021		$ 397	1,334	11,205	731	(1,809)
Share-based awards		0	1			1
Share-based compensation			8
Other			1			0
Net Income (Loss)	153			153
Dividends declared				(101)
Other comprehensive loss	(68)				(68)
Shares acquired - share repurchase authorization						(12)
Shares acquired - share-based compensation plans						0
Ending Balance at Sep. 30, 2021	11,841	$ 397	1,344	11,257	663	(1,820)
Beginning Balance (in shares) at Jun. 30, 2021		161.1
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		(0.1)
Ending Balance (in shares) at Sep. 30, 2021		161.1
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	(11)			13
Share-based compensation			29
Other			5			1
Net Income (Loss)	(1,499)			(1,499)
Dividends declared				(329)
Other comprehensive loss	(1,476)				(1,476)
Shares acquired - share repurchase authorization						(399)
Shares acquired - share-based compensation plans						(8)
Ending Balance at Sep. 30, 2022	9,431	$ 397	1,379	10,797	(828)	(2,314)
Beginning Balance (in shares) at Dec. 31, 2021		160.3
Share-based awards (in shares)		0.5
Shares acquired - share repurchase authorization (in shares)		(3.7)
Ending Balance (in shares) at Sep. 30, 2022		157.1
Dividends declared per common share		$ 2.07
Beginning Balance at Jun. 30, 2022		$ 397	1,367	11,324	(423)	(2,112)
Share-based awards		0	1			1
Share-based compensation			9
Other			2			0
Net Income (Loss)	(418)			(418)
Dividends declared				(109)
Other comprehensive loss	(405)				(405)
Shares acquired - share repurchase authorization						(203)
Shares acquired - share-based compensation plans						0
Ending Balance at Sep. 30, 2022	$ 9,431	$ 397	$ 1,379	$ 10,797	$ (828)	$ (2,314)
Beginning Balance (in shares) at Jun. 30, 2022		159.2
Share-based awards (in shares)		0
Shares acquired - share repurchase authorization (in shares)		(2.1)
Ending Balance (in shares) at Sep. 30, 2022		157.1
Dividends declared per common share		$ 0.69

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities
Net Income (Loss)	$ (1,499)	$ 1,476
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81	69
Investment gains and losses, net	2,513	(933)
Share-based compensation	29	25
Interest credited to contract holders	34	33
Deferred income tax expense	(571)	182
Changes in:
Investment income receivable	(8)	(6)
Premiums and reinsurance receivable	(354)	(280)
Deferred policy acquisition costs	(118)	(84)
Other assets	(6)	(12)
Loss and loss expense reserves	808	546
Life policy and investment contract reserves	52	76
Unearned premiums	527	382
Other liabilities	3	95
Current income tax receivable/payable	(70)	(51)
Net cash provided by operating activities	1,421	1,518
Cash Flows From Investing Activities
Sale of fixed maturities	93	88
Call or maturity of fixed maturities	818	1,049
Sale of equity securities	333	123
Purchase of fixed maturities	(1,445)	(1,831)
Purchase of equity securities	(380)	(276)
Investment in finance receivables	(18)	(30)
Collection of finance receivables	30	28
Investment in building and equipment	(12)	(12)
Change in other invested assets, net	(65)	(30)
Net cash used in investing activities	(646)	(891)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(316)	(295)
Shares acquired - share repurchase authorization	(399)	(40)
Changes in note payable	(10)	5
Proceeds from stock options exercised	8	10
Contract holders' funds deposited	54	64
Contract holders' funds withdrawn	(98)	(104)
Other	(70)	(82)
Net cash used in financing activities	(831)	(442)
Net change in cash and cash equivalents	(56)	185
Cash and cash equivalents at beginning of year	1,139	900
Cash and cash equivalents at end of year	1,083	1,085
Supplemental Disclosures of Cash Flow Information:
Interest Paid	27	26
Income taxes paid	144	205
Noncash Activities
Equipment acquired under finance lease obligations	13	9
Share-based compensation	24	22
Other assets and other liabilities	$ 203	$ 137

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 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. 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. Based on current conditions, management estimates at September 30, 2022, that adoption would not have a material impact and would have resulted in an after-tax increase

Investments

Investments	9 Months Ended
	Sep. 30, 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 September 30, 2022 gains losses Fixed maturity securities: Corporate $ 7,307 $ 33 $ 661 $ 6,679 States, municipalities and political subdivisions 4,911 4 433 4,482 Commercial mortgage-backed 253 — 13 240 United States government 193 — 5 188 Government-sponsored enterprises 122 — 3 119 Foreign government 26 — — 26 Total $ 12,812 $ 37 $ 1,115 $ 11,734 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 Government-sponsored enterprises 8 — — 8 Foreign government 26 — — 26 Total $ 12,230 $ 808 $ 16 $ 13,022 Th e net unrealized investment losses in our fixed-maturity portfolio at September 30, 2022, are 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- and Aa2/AA at September 30, 2022, and December 31, 2021, respectively. The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At September 30, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Corporate $ 5,835 $ 535 $ 376 $ 126 $ 6,211 $ 661 States, municipalities and political subdivisions 3,831 414 48 19 3,879 433 Commercial mortgage-backed 225 11 14 2 239 13 United States government 173 5 12 — 185 5 Government-sponsored enterprises 101 3 3 — 104 3 Foreign government 21 — — — 21 — Total $ 10,186 $ 968 $ 453 $ 147 $ 10,639 $ 1,115 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 — Government-sponsored enterprises 7 — — — 7 — Foreign government 16 — — — 16 — 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 September 30, 2022 Maturity dates: Due in one year or less $ 690 $ 687 5.9 % Due after one year through five years 3,861 3,717 31.7 Due after five years through ten years 3,573 3,334 28.4 Due after ten years 4,688 3,996 34.0 Total $ 12,812 $ 11,734 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Investment income: Interest $ 129 $ 121 $ 376 $ 356 Dividends 66 61 203 179 Other 3 1 6 4 Total 198 183 585 539 Less investment expenses 5 4 12 11 Total $ 193 $ 179 $ 573 $ 528 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 16 $ (1) $ 34 $ 6 Unrealized gains and losses on securities still held, net (705) (104) (2,568) 869 Subtotal (689) (105) (2,534) 875 Fixed maturities: Gross realized gains — 10 6 24 Gross realized losses — (1) (3) (3) Write-down of impaired securities — (1) — (1) Subtotal — 8 3 20 Other 15 27 37 59 Total $ (674) $ (70) $ (2,494) $ 954 The fair value of our equity portfolio was $8.840 billion and $11.315 billion at September 30, 2022, and December 31, 2021, respectively. At September 30, 2022, and December 31, 2021, Apple Inc. (Nasdaq:AAPL) , an equity holding, was our largest single investment holding with a fair value of $638 million and $862 million, which was 7.6% and 7.9% of our publicly traded common equities portfolio and 3.1% and 3.5% of the total investment portfolio, respectively. At September 30, 2022, and December 31, 2021, the allowance for credit losses was $1 million and less than $1 million, respectively. Changes in the amount during each period were less than $1 million. During the three months ended September 30, 2022, there were no fixed-maturity securities that were written down to fair value due to an intention to be sold. During the nine months ended September 30, 2022, there were two fixed-maturity securities that were written down to fair value due to an intention to be sold resulting in impairment charges of less than $1 million. During the three and nine months ended September 30, 2021, there were five fixed-maturity securities that were written down to fair value due to an intention to be sold. At September 30, 2022, 4,049 fixed-maturity securities with a total unrealized loss of $1.115 billion were in an unrealized loss position. Of that total, 118 fixed-maturity securities had fair values below 70% of amortized cost. At December 31, 2021, 278 fixed-maturity securities with a total unrealized loss of $16 million were in an unrealized loss position. Of that total, no fixed-maturity securities

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022 Fixed maturities, available for sale: Corporate $ — $ 6,679 $ — $ 6,679 States, municipalities and political subdivisions — 4,482 — 4,482 Commercial mortgage-backed — 240 — 240 United States government 188 — — 188 Government-sponsored enterprises — 119 — 119 Foreign government — 26 — 26 Subtotal 188 11,546 — 11,734 Common equities 8,433 — — 8,433 Nonredeemable preferred equities — 407 — 407 Separate accounts taxable fixed maturities — 811 — 811 Top Hat savings plan mutual funds and common 51 — — 51 Total $ 8,672 $ 12,764 $ — $ 21,436 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 Government-sponsored enterprises — 8 — 8 Foreign government — 26 — 26 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 $1.083 billion and $1.139 billion at September 30, 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 September 30, December 31, September 30, 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 September 30, 2022 Note payable $ — $ 44 $ — $ 44 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 415 — 415 6.125% senior notes, due 2034 — 384 — 384 Total $ — $ 872 $ — $ 872 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 September 30, 2022 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 612 612 Structured settlements — 139 — 139 Total $ — $ 139 $ 612 $ 751 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 $31 million at September 30, 2022, and Recorded reserves for the deferred annuities were $753 million and $762 million at September 30, 2022, and December 31, 2021, respectively. Recorded reserves for the structured settlements were $131 million and $136 million at September 30, 2022, and December 31, 2021, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Gross loss and loss expense reserves, beginning of period $ 7,603 $ 6,955 $ 7,229 $ 6,677 Less reinsurance recoverable 287 274 327 277 Net loss and loss expense reserves, beginning of period 7,316 6,681 6,902 6,400 Net incurred loss and loss expenses related to: Current accident year 1,391 1,090 3,687 3,072 Prior accident years (43) (102) (143) (331) Total incurred 1,348 988 3,544 2,741 Net paid loss and loss expenses related to: Current accident year 484 416 1,021 893 Prior accident years 464 349 1,709 1,344 Total paid 948 765 2,730 2,237 Net loss and loss expense reserves, end of period 7,716 6,904 7,716 6,904 Plus reinsurance recoverable 329 322 329 322 Gross loss and loss expense reserves, end of period $ 8,045 $ 7,226 $ 8,045 $ 7,226 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 $68 million at September 30, 2022, and $66 million at September 30, 2021, for certain life and health loss and loss expense reserves. For the three months ended September 30, 2022, we experienced $43 million of favorable development on prior accident years, including $4 million of favorable development in commercial lines, $8 million of favorable development in personal lines and $7 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $24 million for the commercial property line and $16 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $23 million for the commercial casualty line and $16 million for the commercial auto line. For the nine months ended September 30, 2022, we experienced $143 million of favorable development on prior accident years, including $51 million of favorable development in commercial lines, $56 million of favorable development in personal lines and $13 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $43 million for the workers' compensation line and $36 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $25 million for the commercial casualty line and $15 million for the commercial auto line. Within personal lines, we recognized favorable reserve development of $51 million for the homeowner line.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	9 Months Ended
	Sep. 30, 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) September 30, December 31, Life policy reserves: Ordinary/traditional life $ 1,432 $ 1,376 Other 52 52 Subtotal 1,484 1,428 Investment contract reserves: Deferred annuities 753 762 Universal life 677 679 Structured settlements 131 136 Other 8 9 Subtotal 1,569 1,586 Total life policy and investment contract reserves $ 3,053 $ 3,014

Deferred Acquisition Costs

Deferred Acquisition Costs	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 723 $ 630 $ 602 $ 542 Capitalized deferred policy acquisition costs 325 287 1,064 924 Amortized deferred policy acquisition costs (342) (300) (960) (849) Deferred policy acquisition costs asset, end of period $ 706 $ 617 $ 706 $ 617 Life: Deferred policy acquisition costs asset, beginning of period $ 322 $ 294 $ 303 $ 263 Capitalized deferred policy acquisition costs 16 15 46 44 Amortized deferred policy acquisition costs (12) (12) (33) (35) Shadow deferred policy acquisition costs 4 1 14 26 Deferred policy acquisition costs asset, end of period $ 330 $ 298 $ 330 $ 298 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,045 $ 924 $ 905 $ 805 Capitalized deferred policy acquisition costs 341 302 1,110 968 Amortized deferred policy acquisition costs (354) (312) (993) (884) Shadow deferred policy acquisition costs 4 1 14 26 Deferred policy acquisition costs asset, end of period $ 1,036 $ 915 $ 1,036 $ 915 No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 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 September 30, 2022 2021 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (564) $ (119) $ (445) $ 962 $ 201 $ 761 OCI before investment gains and losses, net, recognized in net income (514) (109) (405) (80) (18) (62) Investment gains and losses, net, recognized in net income — — — (8) (1) (7) OCI (514) (109) (405) (88) (19) (69) AOCI, end of period $ (1,078) $ (228) $ (850) $ 874 $ 182 $ 692 Pension obligations: AOCI, beginning of period $ 27 $ 7 $ 20 $ (36) $ (6) $ (30) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — 2 1 1 OCI — — — 2 1 1 AOCI, end of period $ 27 $ 7 $ 20 $ (34) $ (5) $ (29) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ 2 $ — $ 2 $ — $ — $ — OCI before investment gains and losses, net, recognized in net income — — — — — — Investment gains and losses, net, recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ 2 $ — $ 2 $ — $ — $ — Summary of AOCI: AOCI, beginning of period $ (535) $ (112) $ (423) $ 926 $ 195 $ 731 Investments OCI (514) (109) (405) (88) (19) (69) Pension obligations OCI — — — 2 1 1 Life deferred acquisition costs, life policy reserves and other OCI — — — — — — Total OCI (514) (109) (405) (86) (18) (68) AOCI, end of period $ (1,049) $ (221) $ (828) $ 840 $ 177 $ 663 (Dollars in millions) Nine months ended September 30, 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 (1,867) (392) (1,475) (132) (29) (103) Investment gains and losses, net, recognized in net income (3) (1) (2) (20) (4) (16) OCI (1,870) (393) (1,477) (152) (33) (119) AOCI, end of period $ (1,078) $ (228) $ (850) $ 874 $ 182 $ 692 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 — — — 5 1 4 OCI — — — 7 2 5 AOCI, end of period $ 27 $ 7 $ 20 $ (34) $ (5) $ (29) 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 1 — 1 10 2 8 Investment gains and losses, net, recognized in net income — — — — — — OCI 1 — 1 10 2 8 AOCI, end of period $ 2 $ — $ 2 $ — $ — $ — Summary of AOCI: AOCI, beginning of period $ 820 $ 172 $ 648 $ 975 $ 206 $ 769 Investments OCI (1,870) (393) (1,477) (152) (33) (119) Pension obligations OCI — — — 7 2 5 Life deferred acquisition costs, life policy reserves and other OCI 1 — 1 10 2 8 Total OCI (1,869) (393) (1,476) (135) (29) (106) AOCI, end of period $ (1,049) $ (221) $ (828) $ 840 $ 177 $ 663 Investment gains and losses, net, and life deferred acquisition costs, life policy reserves and other investment gains and losses, net,

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 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 retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions. The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Direct written premiums $ 1,730 $ 1,527 $ 5,304 $ 4,721 Assumed written premiums 92 66 548 432 Ceded written premiums (72) (55) (239) (208) Net written premiums $ 1,750 $ 1,538 $ 5,613 $ 4,945 Direct earned premiums $ 1,743 $ 1,553 $ 4,935 $ 4,447 Assumed earned premiums 161 117 416 327 Ceded earned premiums (95) (74) (227) (189) Earned premiums $ 1,809 $ 1,596 $ 5,124 $ 4,585 Direct incurred loss and loss expenses $ 1,247 $ 876 $ 3,316 $ 2,525 Assumed incurred loss and loss expenses 164 165 304 297 Ceded incurred loss and loss expenses (63) (53) (76) (81) Incurred loss and loss expenses $ 1,348 $ 988 $ 3,544 $ 2,741 Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles. The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Direct earned premiums $ 92 $ 93 $ 278 $ 278 Ceded earned premiums (19) (20) (57) (57) Earned premiums $ 73 $ 73 $ 221 $ 221 Direct contract holders' benefits incurred 93 103 298 310 Ceded contract holders' benefits incurred (23) (19) (76) (61) Contract holders' benefits incurred $ 70 $ 84 $ 222 $ 249 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	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Tax at statutory rate: $ (122) 21.0 % $ 39 21.0 % $ (416) 21.0 % $ 383 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) 0.9 (5) (2.7) (15) 0.8 (15) (0.8) Dividend received exclusion (5) 0.9 (5) (2.7) (15) 0.8 (14) (0.8) Release of unrecognized tax benefit (34) 5.9 — — (34) 1.7 — — Other 5 (0.9) 2 1.2 (1) — (6) (0.3) Provision (benefit) for income taxes $ (161) 27.8 % $ 31 16.8 % $ (481) 24.3 % $ 348 19.1 % 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 September 30, 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). Enactment of the Inflation Reduction Act of 2022 The Inflation Reduction Act of 2022 (Tax Act) was enacted on August 16, 2022. Along with other changes, the Tax Act created a new corporate alternative minimum tax (AMT) for certain corporations based on 15% of adjusted financial statement income for the taxable year. In addition, the Tax Act imposes a 1% excise tax on corporate stock repurchases. The effective date of these two provisions is January 1, 2023. We do not expect the enactment of the Tax Act to have a material impact on our financial statements. Any excise tax incurred on corporate stock repurchases will be recognized as part of the cost basis of the treasury stock acquired and not reported as part of income tax expense. Unrecognized Tax Benefits During the current quarter, we received favorable guidance from the Internal Revenue Service (IRS) supporting our tax position related to our unrecognized tax benefit set up in 2018. As a result of this guidance, we released our $34 million gross unrecognized tax benefit liability at September 30, 2022. The $34 million release is recognized as an additional income tax benefit and is shown separately in our effective income tax rate reconciliation. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Gross unrecognized tax benefits, beginning of period $ 34 $ 34 $ 34 $ 34 Gross increase in prior year positions — — — — Gross decrease in prior year positions (34) — (34) — Gross increase in current year positions — — — — Settlements with tax authorities — — — — Lapse of statute of limitations — — — — Gross unrecognized tax benefits, end of period $ — $ 34 $ — $ 34 During the current quarter, the Congressional Joint Committee on Taxation completed review of our 2017 tax return and related carryback claims with no change to our returns as filed. Our 2018 tax year remains open and we recently received notice from the IRS of their intent to audit tax year ended December 31, 2020. Cincinnati Global As a result of operations for the three and nine months ended September 30, 2022, Cincinnati Global increased its net deferred tax assets by $7 million and decreased it by $4 million with an offsetting increase of $7 million and decrease of $4 million to the valuation allowance. At September 30, 2022, Cincinnati Global had a net deferred tax asset of $49 million and an offsetting valuation allowance of $49 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 September 30, 2022.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Numerator: Net income (loss)—basic and diluted $ (418) $ 153 $ (1,499) $ 1,476 Denominator: Basic weighted-average common shares outstanding 158.0 161.1 159.3 161.1 Effect of share-based awards: Stock options — 1.2 — 1.1 Nonvested shares — 0.6 — 0.6 Diluted weighted-average shares 158.0 162.9 159.3 162.8 Earnings (loss) per share: Basic $ (2.64) $ 0.95 $ (9.41) $ 9.16 Diluted $ (2.64) $ 0.94 $ (9.41) $ 9.07 Number of anti-dilutive share-based awards 2.3 0.4 1.9 0.9 The above table shows the number of anti-dilutive share-based awards for the three and nine months ended September 30, 2022 and 2021. In accordance with Accounting Standards Codification 260, Earnings per Share

Employee Retirement Benefits

Employee Retirement Benefits	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Service cost $ 2 $ 2 $ 7 $ 7 Non-service (benefit) costs: Interest cost 3 2 8 7 Expected return on plan assets (6) (5) (17) (16) Amortization of actuarial loss and prior service cost — 2 — 5 Other — — — 2 Total non-service benefit (3) (1) (9) (2) Net periodic (benefit) cost $ (1) $ 1 $ (2) $ 5 See our 2021 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 162, for information on our retirement benefits. The net periodic (benefit) cost is 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	9 Months Ended
	Sep. 30, 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: a few filed in 2022, including several that continue to be amended; several that have been dismissed voluntarily and may be refiled; and others that have been dismissed by trial courts and appealed. While appellate decisions issued to date generally have been favorable for the insurance industry and the company, 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 state or national classes. Such proceedings have alleged, for example, improper depreciation of labor costs in repair estimates. 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	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues: Commercial lines insurance Commercial casualty $ 360 $ 323 $ 1,046 $ 938 Commercial property 292 264 846 776 Commercial auto 213 200 627 591 Workers' compensation 73 66 209 201 Other commercial 90 77 256 221 Commercial lines insurance premiums 1,028 930 2,984 2,727 Fee revenues 1 1 3 3 Total commercial lines insurance 1,029 931 2,987 2,730 Personal lines insurance Personal auto 158 153 465 457 Homeowner 213 184 609 536 Other personal 60 51 172 153 Personal lines insurance premiums 431 388 1,246 1,146 Fee revenues 1 1 3 3 Total personal lines insurance 432 389 1,249 1,149 Excess and surplus lines insurance 125 105 361 289 Fee revenues 1 1 2 2 Total excess and surplus lines insurance 126 106 363 291 Life insurance premiums 73 73 221 221 Fee revenues 2 1 4 3 Total life insurance 75 74 225 224 Investments Investment income, net of expenses 193 179 573 528 Investment gains and losses, net (674) (70) (2,494) 954 Total investment revenue (481) 109 (1,921) 1,482 Other Premiums 225 173 533 423 Other 2 3 7 8 Total other revenues 227 176 540 431 Total revenues $ 1,408 $ 1,785 $ 3,443 $ 6,307 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 11 $ 182 $ 25 $ 457 Personal lines insurance (18) (10) (2) 16 Excess and surplus lines insurance 9 7 44 25 Life insurance 11 (5) 22 (9) Investments (508) 83 (2,003) 1,403 Other (84) (73) (66) (68) Total income (loss) before income taxes $ (579) $ 184 $ (1,980) $ 1,824 Identifiable assets: September 30, December 31, Property casualty insurance $ 5,072 $ 4,421 Life insurance 1,525 1,590 Investments 20,726 24,481 Other 876 895 Total $ 28,199 $ 31,387

Accounting Policies Pending Acc

Accounting Policies Pending Accounting Updates (Policies)	9 Months Ended
	Sep. 30, 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. 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. Based on current conditions, management estimates at September 30, 2022, that adoption would not have a material impact and would have resulted in an after-tax increase

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 gains losses Fixed maturity securities: Corporate $ 7,307 $ 33 $ 661 $ 6,679 States, municipalities and political subdivisions 4,911 4 433 4,482 Commercial mortgage-backed 253 — 13 240 United States government 193 — 5 188 Government-sponsored enterprises 122 — 3 119 Foreign government 26 — — 26 Total $ 12,812 $ 37 $ 1,115 $ 11,734 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 Government-sponsored enterprises 8 — — 8 Foreign government 26 — — 26 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 September 30, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Corporate $ 5,835 $ 535 $ 376 $ 126 $ 6,211 $ 661 States, municipalities and political subdivisions 3,831 414 48 19 3,879 433 Commercial mortgage-backed 225 11 14 2 239 13 United States government 173 5 12 — 185 5 Government-sponsored enterprises 101 3 3 — 104 3 Foreign government 21 — — — 21 — Total $ 10,186 $ 968 $ 453 $ 147 $ 10,639 $ 1,115 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 — Government-sponsored enterprises 7 — — — 7 — Foreign government 16 — — — 16 — 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 September 30, 2022 Maturity dates: Due in one year or less $ 690 $ 687 5.9 % Due after one year through five years 3,861 3,717 31.7 Due after five years through ten years 3,573 3,334 28.4 Due after ten years 4,688 3,996 34.0 Total $ 12,812 $ 11,734 100.0 %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses	The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Investment income: Interest $ 129 $ 121 $ 376 $ 356 Dividends 66 61 203 179 Other 3 1 6 4 Total 198 183 585 539 Less investment expenses 5 4 12 11 Total $ 193 $ 179 $ 573 $ 528 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 16 $ (1) $ 34 $ 6 Unrealized gains and losses on securities still held, net (705) (104) (2,568) 869 Subtotal (689) (105) (2,534) 875 Fixed maturities: Gross realized gains — 10 6 24 Gross realized losses — (1) (3) (3) Write-down of impaired securities — (1) — (1) Subtotal — 8 3 20 Other 15 27 37 59 Total $ (674) $ (70) $ (2,494) $ 954

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022 Fixed maturities, available for sale: Corporate $ — $ 6,679 $ — $ 6,679 States, municipalities and political subdivisions — 4,482 — 4,482 Commercial mortgage-backed — 240 — 240 United States government 188 — — 188 Government-sponsored enterprises — 119 — 119 Foreign government — 26 — 26 Subtotal 188 11,546 — 11,734 Common equities 8,433 — — 8,433 Nonredeemable preferred equities — 407 — 407 Separate accounts taxable fixed maturities — 811 — 811 Top Hat savings plan mutual funds and common 51 — — 51 Total $ 8,672 $ 12,764 $ — $ 21,436 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 Government-sponsored enterprises — 8 — 8 Foreign government — 26 — 26 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 September 30, December 31, September 30, 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 September 30, 2022 Note payable $ — $ 44 $ — $ 44 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 415 — 415 6.125% senior notes, due 2034 — 384 — 384 Total $ — $ 872 $ — $ 872 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 September 30, 2022 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 612 612 Structured settlements — 139 — 139 Total $ — $ 139 $ 612 $ 751 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Gross loss and loss expense reserves, beginning of period $ 7,603 $ 6,955 $ 7,229 $ 6,677 Less reinsurance recoverable 287 274 327 277 Net loss and loss expense reserves, beginning of period 7,316 6,681 6,902 6,400 Net incurred loss and loss expenses related to: Current accident year 1,391 1,090 3,687 3,072 Prior accident years (43) (102) (143) (331) Total incurred 1,348 988 3,544 2,741 Net paid loss and loss expenses related to: Current accident year 484 416 1,021 893 Prior accident years 464 349 1,709 1,344 Total paid 948 765 2,730 2,237 Net loss and loss expense reserves, end of period 7,716 6,904 7,716 6,904 Plus reinsurance recoverable 329 322 329 322 Gross loss and loss expense reserves, end of period $ 8,045 $ 7,226 $ 8,045 $ 7,226

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	9 Months Ended
	Sep. 30, 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) September 30, December 31, Life policy reserves: Ordinary/traditional life $ 1,432 $ 1,376 Other 52 52 Subtotal 1,484 1,428 Investment contract reserves: Deferred annuities 753 762 Universal life 677 679 Structured settlements 131 136 Other 8 9 Subtotal 1,569 1,586 Total life policy and investment contract reserves $ 3,053 $ 3,014

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 723 $ 630 $ 602 $ 542 Capitalized deferred policy acquisition costs 325 287 1,064 924 Amortized deferred policy acquisition costs (342) (300) (960) (849) Deferred policy acquisition costs asset, end of period $ 706 $ 617 $ 706 $ 617 Life: Deferred policy acquisition costs asset, beginning of period $ 322 $ 294 $ 303 $ 263 Capitalized deferred policy acquisition costs 16 15 46 44 Amortized deferred policy acquisition costs (12) (12) (33) (35) Shadow deferred policy acquisition costs 4 1 14 26 Deferred policy acquisition costs asset, end of period $ 330 $ 298 $ 330 $ 298 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,045 $ 924 $ 905 $ 805 Capitalized deferred policy acquisition costs 341 302 1,110 968 Amortized deferred policy acquisition costs (354) (312) (993) (884) Shadow deferred policy acquisition costs 4 1 14 26 Deferred policy acquisition costs asset, end of period $ 1,036 $ 915 $ 1,036 $ 915

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 2021 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (564) $ (119) $ (445) $ 962 $ 201 $ 761 OCI before investment gains and losses, net, recognized in net income (514) (109) (405) (80) (18) (62) Investment gains and losses, net, recognized in net income — — — (8) (1) (7) OCI (514) (109) (405) (88) (19) (69) AOCI, end of period $ (1,078) $ (228) $ (850) $ 874 $ 182 $ 692 Pension obligations: AOCI, beginning of period $ 27 $ 7 $ 20 $ (36) $ (6) $ (30) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — 2 1 1 OCI — — — 2 1 1 AOCI, end of period $ 27 $ 7 $ 20 $ (34) $ (5) $ (29) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ 2 $ — $ 2 $ — $ — $ — OCI before investment gains and losses, net, recognized in net income — — — — — — Investment gains and losses, net, recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ 2 $ — $ 2 $ — $ — $ — Summary of AOCI: AOCI, beginning of period $ (535) $ (112) $ (423) $ 926 $ 195 $ 731 Investments OCI (514) (109) (405) (88) (19) (69) Pension obligations OCI — — — 2 1 1 Life deferred acquisition costs, life policy reserves and other OCI — — — — — — Total OCI (514) (109) (405) (86) (18) (68) AOCI, end of period $ (1,049) $ (221) $ (828) $ 840 $ 177 $ 663 (Dollars in millions) Nine months ended September 30, 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 (1,867) (392) (1,475) (132) (29) (103) Investment gains and losses, net, recognized in net income (3) (1) (2) (20) (4) (16) OCI (1,870) (393) (1,477) (152) (33) (119) AOCI, end of period $ (1,078) $ (228) $ (850) $ 874 $ 182 $ 692 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 — — — 5 1 4 OCI — — — 7 2 5 AOCI, end of period $ 27 $ 7 $ 20 $ (34) $ (5) $ (29) 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 1 — 1 10 2 8 Investment gains and losses, net, recognized in net income — — — — — — OCI 1 — 1 10 2 8 AOCI, end of period $ 2 $ — $ 2 $ — $ — $ — Summary of AOCI: AOCI, beginning of period $ 820 $ 172 $ 648 $ 975 $ 206 $ 769 Investments OCI (1,870) (393) (1,477) (152) (33) (119) Pension obligations OCI — — — 7 2 5 Life deferred acquisition costs, life policy reserves and other OCI 1 — 1 10 2 8 Total OCI (1,869) (393) (1,476) (135) (29) (106) AOCI, end of period $ (1,049) $ (221) $ (828) $ 840 $ 177 $ 663

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Direct written premiums $ 1,730 $ 1,527 $ 5,304 $ 4,721 Assumed written premiums 92 66 548 432 Ceded written premiums (72) (55) (239) (208) Net written premiums $ 1,750 $ 1,538 $ 5,613 $ 4,945 Direct earned premiums $ 1,743 $ 1,553 $ 4,935 $ 4,447 Assumed earned premiums 161 117 416 327 Ceded earned premiums (95) (74) (227) (189) Earned premiums $ 1,809 $ 1,596 $ 5,124 $ 4,585 Direct incurred loss and loss expenses $ 1,247 $ 876 $ 3,316 $ 2,525 Assumed incurred loss and loss expenses 164 165 304 297 Ceded incurred loss and loss expenses (63) (53) (76) (81) Incurred loss and loss expenses $ 1,348 $ 988 $ 3,544 $ 2,741
Life Insurance Assumed and Ceded Business	The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Direct earned premiums $ 92 $ 93 $ 278 $ 278 Ceded earned premiums (19) (20) (57) (57) Earned premiums $ 73 $ 73 $ 221 $ 221 Direct contract holders' benefits incurred 93 103 298 310 Ceded contract holders' benefits incurred (23) (19) (76) (61) Contract holders' benefits incurred $ 70 $ 84 $ 222 $ 249

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Tax at statutory rate: $ (122) 21.0 % $ 39 21.0 % $ (416) 21.0 % $ 383 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) 0.9 (5) (2.7) (15) 0.8 (15) (0.8) Dividend received exclusion (5) 0.9 (5) (2.7) (15) 0.8 (14) (0.8) Release of unrecognized tax benefit (34) 5.9 — — (34) 1.7 — — Other 5 (0.9) 2 1.2 (1) — (6) (0.3) Provision (benefit) for income taxes $ (161) 27.8 % $ 31 16.8 % $ (481) 24.3 % $ 348 19.1 %
Reconciliation of the Total Amounts of Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Gross unrecognized tax benefits, beginning of period $ 34 $ 34 $ 34 $ 34 Gross increase in prior year positions — — — — Gross decrease in prior year positions (34) — (34) — Gross increase in current year positions — — — — Settlements with tax authorities — — — — Lapse of statute of limitations — — — — Gross unrecognized tax benefits, end of period $ — $ 34 $ — $ 34

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Numerator: Net income (loss)—basic and diluted $ (418) $ 153 $ (1,499) $ 1,476 Denominator: Basic weighted-average common shares outstanding 158.0 161.1 159.3 161.1 Effect of share-based awards: Stock options — 1.2 — 1.1 Nonvested shares — 0.6 — 0.6 Diluted weighted-average shares 158.0 162.9 159.3 162.8 Earnings (loss) per share: Basic $ (2.64) $ 0.95 $ (9.41) $ 9.16 Diluted $ (2.64) $ 0.94 $ (9.41) $ 9.07 Number of anti-dilutive share-based awards 2.3 0.4 1.9 0.9

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Service cost $ 2 $ 2 $ 7 $ 7 Non-service (benefit) costs: Interest cost 3 2 8 7 Expected return on plan assets (6) (5) (17) (16) Amortization of actuarial loss and prior service cost — 2 — 5 Other — — — 2 Total non-service benefit (3) (1) (9) (2) Net periodic (benefit) cost $ (1) $ 1 $ (2) $ 5

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues: Commercial lines insurance Commercial casualty $ 360 $ 323 $ 1,046 $ 938 Commercial property 292 264 846 776 Commercial auto 213 200 627 591 Workers' compensation 73 66 209 201 Other commercial 90 77 256 221 Commercial lines insurance premiums 1,028 930 2,984 2,727 Fee revenues 1 1 3 3 Total commercial lines insurance 1,029 931 2,987 2,730 Personal lines insurance Personal auto 158 153 465 457 Homeowner 213 184 609 536 Other personal 60 51 172 153 Personal lines insurance premiums 431 388 1,246 1,146 Fee revenues 1 1 3 3 Total personal lines insurance 432 389 1,249 1,149 Excess and surplus lines insurance 125 105 361 289 Fee revenues 1 1 2 2 Total excess and surplus lines insurance 126 106 363 291 Life insurance premiums 73 73 221 221 Fee revenues 2 1 4 3 Total life insurance 75 74 225 224 Investments Investment income, net of expenses 193 179 573 528 Investment gains and losses, net (674) (70) (2,494) 954 Total investment revenue (481) 109 (1,921) 1,482 Other Premiums 225 173 533 423 Other 2 3 7 8 Total other revenues 227 176 540 431 Total revenues $ 1,408 $ 1,785 $ 3,443 $ 6,307 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 11 $ 182 $ 25 $ 457 Personal lines insurance (18) (10) (2) 16 Excess and surplus lines insurance 9 7 44 25 Life insurance 11 (5) 22 (9) Investments (508) 83 (2,003) 1,403 Other (84) (73) (66) (68) Total income (loss) before income taxes $ (579) $ 184 $ (1,980) $ 1,824 Identifiable assets: September 30, December 31, Property casualty insurance $ 5,072 $ 4,421 Life insurance 1,525 1,590 Investments 20,726 24,481 Other 876 895 Total $ 28,199 $ 31,387

Accounting Policies (Details)

Accounting Policies (Details) $ in Millions	Sep. 30, 2022 USD ($)
Accounting Standards Update 2018-12
ASU 2018-12
Estimated amount of reduction to shareholder's equity	$ 50

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	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale
Total	$ 12,812	$ 12,230
Gross unrealized gain	37	808
Gross unrealized loss	1,115	16
Fixed maturities, at fair value	11,734	13,022
Corporate
Debt Securities, Available-for-sale
Total	7,307	7,043
Gross unrealized gain	33	467
Gross unrealized loss	661	13
Fixed maturities, at fair value	6,679	7,497
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Total	4,911	4,768
Gross unrealized gain	4	330
Gross unrealized loss	433	3
Fixed maturities, at fair value	4,482	5,095
Commercial mortgage-backed
Debt Securities, Available-for-sale
Total	253	264
Gross unrealized gain	0	9
Gross unrealized loss	13	0
Fixed maturities, at fair value	240	273
United States government
Debt Securities, Available-for-sale
Total	193	121
Gross unrealized gain	0	2
Gross unrealized loss	5	0
Fixed maturities, at fair value	188	123
Government-sponsored enterprises
Debt Securities, Available-for-sale
Total	122	8
Gross unrealized gain	0	0
Gross unrealized loss	3	0
Fixed maturities, at fair value	119	8
Foreign government
Debt Securities, Available-for-sale
Total	26	26
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Fixed maturities, at fair value	26	26
Debt Securities
Debt Securities, Available-for-sale
Gross unrealized loss	1,115	16
Debt Securities | Corporate
Debt Securities, Available-for-sale
Gross unrealized loss	661	13
Debt Securities | States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Gross unrealized loss	433	3
Debt Securities | Commercial mortgage-backed
Debt Securities, Available-for-sale
Gross unrealized loss	13	0
Debt Securities | United States government
Debt Securities, Available-for-sale
Gross unrealized loss	5	0
Debt Securities | Government-sponsored enterprises
Debt Securities, Available-for-sale
Gross unrealized loss	3	0
Debt Securities | Foreign government
Debt Securities, Available-for-sale
Gross unrealized loss	$ 0	$ 0

Investments - Fair Values and U

Investments - Fair Values and Unrealized Losses by Investment Category and by Duration of Securities' Continuous Unrealized Loss Position (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments, Unrealized Loss Position
Gross unrealized loss	$ 1,115	$ 16
Corporate
Investments, Unrealized Loss Position
Gross unrealized loss	661	13
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Gross unrealized loss	433	3
Commercial mortgage-backed
Investments, Unrealized Loss Position
Gross unrealized loss	13	0
United States government
Investments, Unrealized Loss Position
Gross unrealized loss	5	0
Government-sponsored enterprises
Investments, Unrealized Loss Position
Gross unrealized loss	3	0
Foreign government
Investments, Unrealized Loss Position
Gross unrealized loss	0	0
Fixed maturities
Investments, Unrealized Loss Position
Less than 12 months Fair Value	10,186	1,047
Less than 12 Months, Unrealized Loss	968	15
12 months or more, Fair Value	453	28
12 months or longer, Unrealized Loss	147	1
Total Fair Value	10,639	1,075
Gross unrealized loss	1,115	16
Fixed maturities | Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	5,835	861
Less than 12 Months, Unrealized Loss	535	13
12 months or more, Fair Value	376	15
12 months or longer, Unrealized Loss	126	0
Total Fair Value	6,211	876
Gross unrealized loss	661	13
Fixed maturities | States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	3,831	105
Less than 12 Months, Unrealized Loss	414	2
12 months or more, Fair Value	48	2
12 months or longer, Unrealized Loss	19	1
Total Fair Value	3,879	107
Gross unrealized loss	433	3
Fixed maturities | Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	225	10
Less than 12 Months, Unrealized Loss	11	0
12 months or more, Fair Value	14	11
12 months or longer, Unrealized Loss	2	0
Total Fair Value	239	21
Gross unrealized loss	13	0
Fixed maturities | United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	173	48
Less than 12 Months, Unrealized Loss	5	0
12 months or more, Fair Value	12	0
12 months or longer, Unrealized Loss	0	0
Total Fair Value	185	48
Gross unrealized loss	5	0
Fixed maturities | Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	101	7
Less than 12 Months, Unrealized Loss	3	0
12 months or more, Fair Value	3	0
12 months or longer, Unrealized Loss	0	0
Total Fair Value	104	7
Gross unrealized loss	3	0
Fixed maturities | Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	21	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	21	16
Gross unrealized loss	$ 0	$ 0

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Amortized cost
Due in one year or less	$ 690
Due after one year through five years	3,861
Due after five years through ten years	3,573
Due after ten years	4,688
Total	12,812	$ 12,230
Fair value
Due in one year or less	687
Due after one year through five years	3,717
Due after five years through ten years	3,334
Due after ten years	3,996
Total	$ 11,734	$ 13,022
% of fair value
Due in one year or less	5.90%
Due after one year through five years	31.70%
Due after five years through ten years	28.40%
Due after ten years	34%
Total	100%

Investments - Realized Investme

Investments - Realized Investment Gains and Losses and Change in Unrealized Investment Gains and Losses and Other Items (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment income:
Interest	$ 129	$ 121	$ 376	$ 356
Dividends	66	61	203	179
Other	3	1	6	4
Total	198	183	585	539
Less investment expenses	5	4	12	11
Total	193	179	573	528
Gain (Loss) on Sale of Investments			(2,513)	933
Investment gains and losses, net:
Investment gains and losses, net	(674)	(70)	(2,494)	954
Equity securities
Investment income:
Gain (Loss) on Sale of Investments	16	(1)	34	6
Unrealized Gain (Loss) on Investments	(705)	(104)	(2,568)	869
Investment gains and losses, net:
Other	15	27	37	59
Investment gains and losses, net	(689)	(105)	(2,534)	875
Fixed maturities
Investment gains and losses, net:
Gross realized gains	0	10	6	24
Available-for-sale Securities, Gross Realized Losses	0	(1)	(3)	(3)
Writedown of Impaired Securities Intended to be Sold	0	(1)	0	(1)
Investment gains and losses, net	$ 0	$ 8	$ 3	$ 20

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($) security	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($) security	Dec. 31, 2021 USD ($) security
Gain (Loss) on Securities
Equity Securities at Fair Value	$ 8,840		$ 8,840		$ 11,315
Largest Single Common Stock Holding	$ 638		$ 638		$ 862
Largest equity holdings to total equity portfolio	7.60%		7.60%		7.90%
Largest equity holdings to total portfolio	3.10%		3.10%		3.50%
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 1		$ 1
Maximum
Gain (Loss) on Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss					$ 1
Changes in Allowance for Credit Losses During Period			1		$ 1
Writedown of Impaired Securities Intended to be Sold			$ 1
Fixed maturities
Gain (Loss) on Securities
Number Of Impaired Securities Intended to be Sold | security	0	5	2	5
Number Of Securities Continuous Unrealized Loss Position | security	4,049		4,049		278
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss 3	$ 1,115		$ 1,115		$ 16
Number Of Securities Continuous Unrealized Loss Position and Below 70 Percent of Amortized Cost	118		118		0
Fixed maturity investments, Percentage of amortized costs			70%		70%
Writedown of Impaired Securities Intended to be Sold	$ 0	$ 1	$ 0	$ 1

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 11,734	$ 13,022
Separate accounts	888	959
Top Hat savings plan mutual funds and common equity (included in Other assets)	51	64
Fair value of asset	21,436	25,349
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	6,679	7,497
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,482	5,095
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	240	273
United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	188	123
Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	119	8
Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	26	26
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	188	123
Top Hat savings plan mutual funds and common equity (included in Other assets)	51	64
Fair value of asset	8,672	11,049
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
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
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
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	188	123
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
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
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	11,546	12,899
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	12,764	14,300
Significant other observable inputs (Level 2) | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	6,679	7,497
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	4,482	5,095
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	240	273
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
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	119	8
Significant other observable inputs (Level 2) | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	26	26
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	0	0
Significant unobservable inputs (Level 3) | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
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
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
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
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
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
Equity securities | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	8,433	10,862
Equity securities | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	407	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	8,433	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	407	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	811	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	811	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	9 Months Ended	12 Months Ended
	Sep. 30, 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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 44	$ 54
Total	$ 872	$ 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	$ 29	$ 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	$ 415	$ 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	$ 384	$ 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	44	54
Total	872	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	29	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	415	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	384	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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 37	$ 44
Liabilities Related to Investment Contracts, Fair Value Disclosure	751	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	139	201
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	37	44
Liabilities Related to Investment Contracts, Fair Value Disclosure	612	778
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	612	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	612	778
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	139	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	139	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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 1,083	$ 1,139
Finance receivable	87	98
Loss and loss expense reserves	3,053	3,014
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	31	31
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	1,569	1,586
Investment contract reserves: | Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	753	762
Investment contract reserves: | Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	$ 131	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	$ 7,603	$ 6,955	$ 7,229	$ 6,677
Less reinsurance recoverable	287	274	327	277
Net loss and loss expense reserves, beginning of period	7,316	6,681	6,902	6,400
Current accident year	1,391	1,090	3,687	3,072
Prior accident years	(43)	(102)	(143)	(331)
Total incurred	1,348	988	3,544	2,741
Current accident year	484	416	1,021	893
Prior accident years	464	349	1,709	1,344
Total paid	948	765	2,730	2,237
Net loss and loss expense reserves, end of period	7,716	6,904	7,716	6,904
Plus reinsurance recoverable	329	322	329	322
Gross loss and loss expense reserves, end of period	$ 8,045	$ 7,226	$ 8,045	$ 7,226

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 8,045	$ 7,226	$ 8,045	$ 7,226	$ 7,603	$ 7,229	$ 6,955	$ 6,677
Prior accident years	(43)	(102)	(143)	(331)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	68	66	68	66
Commercial Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(4)	(107)	(51)	(276)
Commercial Insurance | Commercial Casualty Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	23	(52)	25	(85)
Commercial Insurance | Workers' Compensation Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(16)		(43)	(59)
Commercial Insurance | Commercial Auto Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	16		15	(44)
Commercial Insurance | Commercial Property Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(24)	(34)	(36)	(68)
Personal Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(8)	(3)	(56)	(35)
Personal Insurance | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years				(24)
Personal Insurance | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(51)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (7)	$ 3	$ (13)	$ 6

Reserves in Addition to Account

Reserves in Addition to Account Balance, Based on Expected No-Lapse Guarantee Benefits and Expected Policy Assessments (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 3,053	$ 3,014
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,484	1,428
Life policy reserves: | Ordinary/traditional life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,432	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	1,569	1,586
Investment contract reserves: | Deferred annuities
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	753	762
Investment contract reserves: | Universal life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	677	679
Investment contract reserves: | Structured Settlement Annuity
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	131	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,045	$ 924	$ 905	$ 805
Capitalized deferred policy acquisition costs	341	302	1,110	968
Amortized deferred policy acquisition costs	(354)	(312)	(993)	(884)
Shadow deferred policy acquisition costs	4	1	14	26
Deferred policy acquisition costs asset, end of period	1,036	915	1,036	915
Consolidated Property And Casualty Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	723	630	602	542
Capitalized deferred policy acquisition costs	325	287	1,064	924
Amortized deferred policy acquisition costs	(342)	(300)	(960)	(849)
Deferred policy acquisition costs asset, end of period	706	617	706	617
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	322	294	303	263
Capitalized deferred policy acquisition costs	16	15	46	44
Amortized deferred policy acquisition costs	(12)	(12)	(33)	(35)
Shadow deferred policy acquisition costs	4	1	14	26
Deferred policy acquisition costs asset, end of period	$ 330	$ 298	$ 330	$ 298

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	$ (828)		$ (828)			$ 648
Accumulated other comprehensive income, net of tax, end of period	(828)		(828)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Other comprehensive income before reclassification, before tax	(514)	$ (80)	(1,867)	$ (132)
Reclassification adjustment, before tax	0	(8)	(3)	(20)
Effect on other comprehensive income, before tax	(514)	(88)	(1,870)	(152)
Accumulated other comprehensive income, before tax, end of period	(1,078)	874	(1,078)	874
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income before reclassification, tax	(109)	(18)	(392)	(29)
Reclassification adjustment, tax	0	(1)	(1)	(4)
Effect on other comprehensive income, tax	(109)	(19)	(393)	(33)
Accumulated other comprehensive income, tax, end of period	(228)	182	(228)	182
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(850)	692	(850)	692
Other comprehensive income before reclassification, net of tax	(405)	(62)	(1,475)	(103)
Reclassification adjustment, net of tax	0	(7)	(2)	(16)
Effect on other comprehensive income, net of tax	(405)	(69)	(1,477)	(119)
Accumulated other comprehensive income, net of tax, end of period	(850)	692	(850)	692
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	27	(36)	27	(41)
Other comprehensive income before reclassification, before tax	0	0	0	2
Reclassification adjustment, before tax	0	2	0	5
Effect on other comprehensive income, before tax	0	2	0	7
Accumulated other comprehensive income, before tax, end of period	27	(34)	27	(34)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	7	(6)	7	(7)
Other comprehensive income before reclassification, tax	0	0	0	1
Reclassification adjustment, tax	0	1	0	1
Effect on other comprehensive income, tax	0	1	0	2
Accumulated other comprehensive income, tax, end of period	7	(5)	7	(5)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	20	(29)	20	(29)	$ 20	20	$ (30)	$ (34)
Other comprehensive income before reclassification, net of tax	0	0	0	1
Reclassification adjustment, net of tax	0	1	0	4
Effect on other comprehensive income, net of tax	0	1	0	5
Accumulated other comprehensive income, net of tax, end of period	20	(29)	20	(29)
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	2	0	1	(10)
Other comprehensive income before reclassification, before tax	0	0	1	10
Reclassification adjustment, before tax	0	0	0	0
Effect on other comprehensive income, before tax	0	0	1	10
Accumulated other comprehensive income, before tax, end of period	2	0	2	0
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	0	0	0	(2)
Other comprehensive income before reclassification, tax	0	0	0	2
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	0	0	0	2
Accumulated other comprehensive income, tax, end of period	0	0	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	2	0	2	0	2	1	0	(8)
Other comprehensive income before reclassification, net of tax	0	0	1	8
Reclassification adjustment, net of tax	0	0	0	0
Effect on other comprehensive income, net of tax	0	0	1	8
Accumulated other comprehensive income, net of tax, end of period	2	0	2	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	(514)	(88)	(1,870)	(152)
Change in pension obligations, before tax	0	2	0	7
Change in life deferred acquisition costs, life policy reserves and other, before tax	0	0	1	10
Effect on other comprehensive income, before tax	(514)	(86)	(1,869)	(135)
Accumulated other comprehensive income, before tax, end of period	(1,049)	840	(1,049)	840
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Change in unrealized gains, net, on investments available for sale, tax	(109)	(19)	(393)	(33)
Change in pension obligations, tax	0	1	0	2
Change in life deferred acquisition costs, life policy reserves and other, tax	0	0	0	2
Effect on other comprehensive income, tax	(109)	(18)	(393)	(29)
Accumulated other comprehensive income, tax, end of period	(221)	177	(221)	177
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(828)	663	(828)	663
Change in unrealized gains, net, on investments available for sale, net of tax	(405)	(69)	(1,477)	(119)
Change in pension obligations, net of tax	0	1	0	5
Change in life deferred acquisition costs, life policy reserves and other, net of tax	0	0	1	8
Effect on other comprehensive income, net of tax	(405)	(68)	(1,476)	(106)
Accumulated other comprehensive income, net of tax, end of period	(828)	663	(828)	663
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	(564)	962	792	1,026
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(119)	201	165	215
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period					(445)	627	761	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	(535)	926	820	975
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	$ (112)	$ 195	$ 172	$ 206
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period					$ (423)	$ 648	$ 731	$ 769

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 1,882	$ 1,669	$ 5,345	$ 4,806
Incurred loss and loss expenses	1,418	1,072	3,766	2,990
Consolidated Property And Casualty Insurance
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	1,730	1,527	5,304	4,721
Assumed written premiums	92	66	548	432
Ceded written premiums	(72)	(55)	(239)	(208)
Net written premiums	1,750	1,538	5,613	4,945
Direct earned premiums	1,743	1,553	4,935	4,447
Assumed earned premiums	161	117	416	327
Ceded earned premiums	(95)	(74)	(227)	(189)
Earned premiums	1,809	1,596	5,124	4,585
Direct incurred loss and loss expenses	1,247	876	3,316	2,525
Assumed incurred loss and loss expenses	164	165	304	297
Ceded incurred loss and loss expenses	(63)	(53)	(76)	(81)
Incurred loss and loss expenses	$ 1,348	$ 988	$ 3,544	$ 2,741

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reinsurance for Insurance Companies, by Product Segment
Insurance losses and contract holders' benefits	$ 1,418	$ 1,072	$ 3,766	$ 2,990
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment
Direct earned premiums	92	93	278	278
Ceded earned premiums	(19)	(20)	(57)	(57)
Earned premiums	73	73	221	221
Direct contract holders' benefits incurred	93	103	298	310
Ceded contract holders' benefits incurred	(23)	(19)	(76)	(61)
Insurance losses and contract holders' benefits	$ 70	$ 84	$ 222	$ 249

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Consolidated Property And Casualty Insurance
Reinsurance for Insurance Companies, by Product Segment
Premium Receivable, Allowance for Credit Loss	$ 15	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (decrease) resulting from:
Tax at statutory rate	$ (122)	$ 39	$ (416)	$ 383
Tax-exempt income from municipal bonds	(5)	(5)	(15)	(15)
Dividend received exclusion	(5)	(5)	(15)	(14)
Release of unrecognized tax benefit	(34)	0	(34)	0
Other	5	2	(1)	(6)
Total provision (benefit) for income taxes	$ (161)	$ 31	$ (481)	$ 348
Increase (decrease) resulting from:
Tax at statutory rate	21%	21%	21%	21%
Tax-exempt income from municipal bonds, Percent	0.90%	(2.70%)	0.80%	(0.80%)
Dividend received exclusion, Percent	0.90%	(2.70%)	0.80%	(0.80%)
Release of unrecognized tax benefit, Percent	5.90%	0%	1.70%	0%
Other	(0.90%)	1.20%	0%	(0.30%)
Provision for income taxes	27.80%	16.80%	24.30%	19.10%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of unrecognized tax benefits
Gross unrecognized tax benefits, beginning of period	$ 0	$ 34	$ 0	$ 34	$ 34	$ 34	$ 34	$ 34
Gross increase in prior year positions	0	0	0	0
Gross decrease in prior year positions	34	0	34	0
Gross increase in current year positions	0	0	0	0
Settlements with tax authorities	0	0	0	0
Lapse of statute of limitations	0	0	0	0
Gross unrecognized tax benefits, end of period	$ 0	$ 34	$ 0	$ 34	$ 34	$ 34	$ 34	$ 34

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Contingency
Tax at statutory rate, percentage	21%	21%	21%	21%
Deferred tax assets valuation allowance	$ 0		$ 0		$ 0
Cincinnati Global
Income Tax Contingency
Decrease in deferred tax assets	7		4
Decrease in deferred tax valuation allowance	7		4
Net deferred tax assets	49		49
Deferred tax assets valuation allowance	49		49
Cincinnati Global | United States
Income Tax Contingency
Operating loss carryforwards	6		6		8
Cincinnati Global | United Kingdom
Income Tax Contingency
Operating loss carryforwards	$ 123		$ 123		$ 130

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Calculations for Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss)—basic and diluted	$ (418)	$ 153	$ (1,499)	$ 1,476
Denominator:
Basic weighted-average common shares outstanding (in shares)	158	161.1	159.3	161.1
Diluted weighted-average shares	158	162.9	159.3	162.8
Earnings (loss) per share:
Basic (in USD per share)	$ (2.64)	$ 0.95	$ (9.41)	$ 9.16
Diluted (in USD per share)	$ (2.64)	$ 0.94	$ (9.41)	$ 9.07
Number of anti-dilutive stock-based awards (in shares)	2.3	0.4	1.9	0.9
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0	1.2	0	1.1
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0	0.6	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2	$ 7	$ 7
Interest cost	3	2	8	7
Expected return on plan assets	(6)	(5)	(17)	(16)
Amortization of actuarial loss and prior service cost	0	2	0	5
Other	0	0	0	2
Total non-service benefit	(3)	(1)	(9)	(2)
Net periodic benefit cost	$ (1)	$ 1	$ (2)	$ 5

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 6,000,000	$ 7,000,000	$ 20,000,000	$ 18,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions			$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 industry segment
Segment Reporting [Abstract]
Number of Industries Operating In | industry	2
Number of Reportable Segments | segment	5

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information
Earned premiums	$ 1,882	$ 1,669	$ 5,345	$ 4,806
Fee revenues	5	4	12	11
Other revenues	2	3	7	8
Investment income, net of expenses	193	179	573	528
Investment gains and losses, net	(674)	(70)	(2,494)	954
Total revenues	1,408	1,785	3,443	6,307
Income before Income Taxes	(579)	184	(1,980)	1,824
Identifiable Assets	28,199		28,199		$ 31,387
Consolidated Property And Casualty Insurance
Segment Reporting Information
Earned premiums	1,809	1,596	5,124	4,585
Identifiable Assets	5,072		5,072		4,421
Life Insurance Segment
Segment Reporting Information
Identifiable Assets	1,525		1,525		1,590
Investment Segment
Segment Reporting Information
Identifiable Assets	20,726		20,726		24,481
Corporate and Other
Segment Reporting Information
Identifiable Assets	876		876		$ 895
Operating Segments | Commercial Insurance
Segment Reporting Information
Earned premiums	1,028	930	2,984	2,727
Fee revenues	1	1	3	3
Total revenues	1,029	931	2,987	2,730
Income Before Income Taxes	11	182	25	457
Operating Segments | Commercial Insurance | Commercial Casualty Line
Segment Reporting Information
Earned premiums	360	323	1,046	938
Operating Segments | Commercial Insurance | Commercial Property Line
Segment Reporting Information
Earned premiums	292	264	846	776
Operating Segments | Commercial Insurance | Commercial Auto Line
Segment Reporting Information
Earned premiums	213	200	627	591
Operating Segments | Commercial Insurance | Workers' Compensation Line
Segment Reporting Information
Earned premiums	73	66	209	201
Operating Segments | Commercial Insurance | Other Commercial Lines
Segment Reporting Information
Earned premiums	90	77	256	221
Operating Segments | Personal Insurance
Segment Reporting Information
Earned premiums	431	388	1,246	1,146
Fee revenues	1	1	3	3
Total revenues	432	389	1,249	1,149
Income Before Income Taxes	(18)	(10)	(2)	16
Operating Segments | Personal Insurance | Personal Auto
Segment Reporting Information
Earned premiums	158	153	465	457
Operating Segments | Personal Insurance | Home Owner Line
Segment Reporting Information
Earned premiums	213	184	609	536
Operating Segments | Personal Insurance | Other Personal Lines
Segment Reporting Information
Earned premiums	60	51	172	153
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	125	105	361	289
Fee revenues	1	1	2	2
Total revenues	126	106	363	291
Income Before Income Taxes	9	7	44	25
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	73	73	221	221
Fee revenues	2	1	4	3
Total revenues	75	74	225	224
Income Before Income Taxes	11	(5)	22	(9)
Operating Segments | Investment Segment
Segment Reporting Information
Investment income, net of expenses	193	179	573	528
Investment gains and losses, net	(674)	(70)	(2,494)	954
Total revenues	(481)	109	(1,921)	1,482
Income Before Income Taxes	(508)	83	(2,003)	1,403
Corporate, Non-Segment
Segment Reporting Information
Total revenues	227	176	540	431
Corporate, Non-Segment | Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	225	173	533	423
Corporate, Non-Segment | Corporate and Other
Segment Reporting Information
Other revenues	2	3	7	8
Income Before Income Taxes	$ (84)	$ (73)	$ (66)	$ (68)