Cincinnati Financial (CINF) 10-Q27 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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)		157,212,708
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments
Fixed maturities, at fair value (amortized cost: 2023—$13,362; 2022—$12,979)	$ 12,678	$ 12,132
Equity securities, at fair value (cost: 2023—$4,311; 2022—$4,294)	9,967	9,841
Other invested assets	478	452
Total investments	23,123	22,425
Cash and cash equivalents	955	1,264
Investment income receivable	160	160
Finance receivable	94	92
Premiums receivable	2,509	2,322
Reinsurance recoverable	698	665
Prepaid reinsurance premiums	57	51
Deferred policy acquisition costs	1,048	1,013
Land, building and equipment, net, for company use (accumulated depreciation: 2023—$326; 2022—$322)	199	202
Other assets	732	646
Separate accounts	899	892
Total assets	30,474	29,732
Insurance reserves
Loss and loss expense reserves	8,693	8,400
Life policy and investment contract reserves	3,059	3,015
Unearned premiums	3,890	3,689
Other liabilities	1,193	1,229
Deferred income tax	1,104	1,054
Note payable	50	50
Long-term debt and lease obligations	845	841
Separate accounts	899	892
Total liabilities	19,733	19,170
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2023 and 2022—500 million shares; issued: 2023 and 2022—198.3 million shares)	397	397
Paid-in capital	1,398	1,392
Retained earnings	11,818	11,711
Accumulated other comprehensive income	(527)	(614)
Treasury stock at cost (2023—41.1 million shares and 2022—41.2 million shares)	(2,345)	(2,324)
Total shareholders' equity	10,741	10,562
Total liabilities and shareholders' equity	$ 30,474	$ 29,732

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 13,362	$ 12,979
Equity Securities, FV-NI, Cost	4,311	4,294
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 326	$ 322
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 2	$ 2
Common Stock, Shares Authorized (in shares)	500	500
Common Stock, Shares, Issued (in shares)	198.3	198.3
Treasury Stock, Common, Shares (in shares)	41.1	41.2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Earned premiums	$ 1,918	$ 1,693
Investment income, net of expenses	210	185
Investment gains and losses, net	106	(666)
Fee revenues	4	4
Other revenues	3	2
Total revenues	2,241	1,218
Benefits and Expenses
Insurance losses and contract holders' benefits	1,398	1,032
Underwriting, acquisition and insurance expenses	556	520
Interest expense	14	13
Other operating expenses	5	4
Total benefits and expenses	1,973	1,569
Income (Loss) Before Income Taxes	268	(351)
Provision (Benefit) for Income Taxes
Current	16	41
Deferred	27	(126)
Total provision (benefit) for income taxes	43	(85)
Net Income (Loss)	$ 225	$ (266)
Per Common Share
Net income (loss)—basic	$ 1.43	$ (1.66)
Net income (loss)—diluted	$ 1.42	$ (1.66)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 225	$ (266)
Change in unrealized gains and losses on investments, net of tax (benefit) of $35 and $(157), respectively	128	(589)
Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $(1) and $0, respectively	(5)	0
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(9) and $41, respectively	(36)	155
Other comprehensive income (loss)	87	(434)
Comprehensive Income (Loss)	$ 312	$ (700)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 35	$ (157)
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	(1)	0
Change in life policy reserves, reinsurance recoverable and other, tax	$ (9)	$ 41

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common equities	Paid-In Capital	Retained Earnings	Retained Earnings As originally reported	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income As originally reported	Treasury Stock
Effect of ASU 2018-12 adoption on opening retained earnings				$ (10)
Effect of ASU 2018-12 adoption on opening accumulated other comprehensive income						$ (352)
Beginning Balance at Dec. 31, 2021		$ 397	$ 1,356	12,635	$ 12,625	296	$ 648	$ (1,921)
Share-based awards		0	(14)					9
Share-based compensation			11
Other			1
Net Income (Loss)	$ (266)			(266)
Dividends declared				(111)
Other comprehensive income (loss)	(434)					(434)
Shares acquired - share repurchase authorization								(45)
Shares acquired - share-based compensation plans								(2)
Ending Balance at Mar. 31, 2022	11,912	$ 397	1,354	12,258		(138)		(1,959)
Beginning Balance (in shares) at Dec. 31, 2021		160.3
Share-based awards (in shares)		0.4
Shares acquired - share repurchase authorization (in shares)		(0.4)
Ending Balance (in shares) at Mar. 31, 2022		160.3
Dividends declared per common share (in dollars per share)		$ 0.69
Effect of ASU 2018-12 adoption on opening retained earnings				0
Effect of ASU 2018-12 adoption on opening accumulated other comprehensive income						0
Beginning Balance at Dec. 31, 2022	10,562	$ 397	1,392	11,711	$ 11,711	(614)	$ (614)	(2,324)
Share-based awards		0	(6)					7
Share-based compensation			12
Other			0
Net Income (Loss)	225			225
Dividends declared				(118)
Other comprehensive income (loss)	87					87
Shares acquired - share repurchase authorization								(25)
Shares acquired - share-based compensation plans								(3)
Ending Balance at Mar. 31, 2023	$ 10,741	$ 397	$ 1,398	$ 11,818		$ (527)		$ (2,345)
Beginning Balance (in shares) at Dec. 31, 2022		157.1
Share-based awards (in shares)		0.3
Shares acquired - share repurchase authorization (in shares)		(0.2)
Ending Balance (in shares) at Mar. 31, 2023		157.2
Dividends declared per common share (in dollars per share)		$ 0.75

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities
Net Income (Loss)	$ 225	$ (266)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	40	37
Investment gains and losses, net	(93)	674
Interest credited to contract holders	10	12
Deferred income tax expense	27	(126)
Changes in:
Premiums and reinsurance receivable	(229)	(182)
Deferred policy acquisition costs	(36)	(67)
Other assets	(24)	(20)
Loss and loss expense reserves	293	61
Life policy and investment contract reserves	25	7
Unearned premiums	201	289
Other liabilities	(121)	(136)
Current income tax receivable/payable	(68)	(85)
Net cash provided by operating activities	250	198
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities	303	351
Sale of equity securities	4	56
Purchase of fixed maturities	(606)	(460)
Purchase of equity securities	(22)	(90)
Changes in finance receivables	(3)	6
Investment in building and equipment	(4)	(4)
Change in other invested assets, net	(34)	(21)
Net cash used in investing activities	(362)	(162)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(106)	(99)
Shares acquired - share repurchase authorization	(25)	(45)
Changes in note payable	0	(5)
Proceeds from stock options exercised	5	4
Contract holders' funds deposited	20	18
Contract holders' funds withdrawn	(58)	(32)
Other	(33)	(29)
Net cash used in financing activities	(197)	(188)
Net change in cash and cash equivalents	(309)	(152)
Cash and cash equivalents at beginning of year	1,264	1,139
Cash and cash equivalents at end of period	955	987
Supplemental Disclosures of Cash Flow Information:
Interest paid	1	0
Income taxes paid	76	121
Noncash Activities
Equipment acquired under finance lease obligations	1	2
Share-based compensation	11	16
Other assets and other liabilities	$ 96	$ 10

Accounting Policies

Accounting Policies	3 Months Ended
Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted. Our March 31, 2023, 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 2022 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. Adopted 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. 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. We adopted these ASUs on a modified retrospective basis on January 1, 2023, resulting in an after-tax increase to shareholders' equity of $31 million. The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated balance sheets: (Dollars in millions) March 31, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 698 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 57 79 51 (28) Deferred policy acquisition costs 1,048 1,014 1,013 (1) Total assets 30,474 29,736 29,732 (4) Life policy and investment contract reserves 3,059 3,059 3,015 (44) Deferred income tax 1,104 1,045 1,054 9 Total liabilities 19,733 19,205 19,170 (35) Retained earnings 11,818 11,702 11,711 9 Accumulated other comprehensive income (527) (636) (614) 22 Total shareholders' equity 10,741 10,531 10,562 31 Total liabilities and shareholders' equity 30,474 29,736 29,732 (4) The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated statements of income and condensed consolidated statements of comprehensive income: (Dollars in millions, except per share data) Three months ended March 31, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,918 $ 1,690 $ 1,693 $ 3 Insurance losses and contract holders' benefits 1,398 1,039 1,032 (7) Underwriting, acquisition and insurance expenses 556 519 520 1 Deferred income tax expense 27 (128) (126) 2 Net Income (Loss) 225 (273) (266) 7 Change in life policy reserves, reinsurance recoverable and other, net of tax (36) — 155 155 Other comprehensive income (loss) 87 (589) (434) 155 Comprehensive Income (Loss) 312 (862) (700) 162 Net income (loss) per share: Basic $ 1.43 $ (1.70) $ (1.66) $ 0.04 Diluted 1.42 (1.70) (1.66) 0.04

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2023
Investments [Abstract]
Investment	Investments The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Amortized Gross unrealized Fair value At March 31, 2023 gains losses Fixed-maturity securities: Corporate $ 7,568 $ 49 $ 526 $ 7,091 States, municipalities and political subdivisions 4,933 42 226 4,749 Government-sponsored enterprises 390 1 4 387 Commercial mortgage-backed 241 — 16 225 United States government 199 — 4 195 Foreign government 31 — — 31 Total $ 13,362 $ 92 $ 776 $ 12,678 At December 31, 2022 Fixed-maturity securities: Corporate $ 7,412 $ 37 $ 580 $ 6,869 States, municipalities and political subdivisions 4,901 24 303 4,622 Government-sponsored enterprises 186 — 3 183 Commercial mortgage-backed 250 — 16 234 United States government 196 — 5 191 Foreign government 34 — 1 33 Total $ 12,979 $ 61 $ 908 $ 12,132 Th e net unrealized investment losses in our fixed-maturity portfolio at March 31, 2023, 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- at March 31, 2023, and December 31, 2022. The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At March 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 3,910 $ 158 $ 2,273 $ 368 $ 6,183 $ 526 States, municipalities and political subdivisions 1,287 48 890 178 2,177 226 Government-sponsored enterprises 263 3 7 1 270 4 Commercial mortgage-backed 107 5 116 11 223 16 United States government 121 1 52 3 173 4 Foreign government 10 — 2 — 12 — Total $ 5,698 $ 215 $ 3,340 $ 561 $ 9,038 $ 776 At December 31, 2022 Fixed-maturity securities: Corporate $ 5,651 $ 412 $ 661 $ 168 $ 6,312 $ 580 States, municipalities and political subdivisions 2,600 274 77 29 2,677 303 Government-sponsored enterprises 123 3 3 — 126 3 Commercial mortgage-backed 215 13 14 3 229 16 United States government 146 3 41 2 187 5 Foreign government 25 1 4 — 29 1 Total $ 8,760 $ 706 $ 800 $ 202 $ 9,560 $ 908 Contractual maturity dates for fixed-maturities securities were: (Dollars in millions) Amortized Fair % of fair At March 31, 2023 Maturity dates: Due in one year or less $ 728 $ 725 5.7 % Due after one year through five years 4,139 4,003 31.6 Due after five years through ten years 3,583 3,447 27.2 Due after ten years 4,912 4,503 35.5 Total $ 13,362 $ 12,678 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended March 31, 2023 2022 Investment income: Interest $ 140 $ 123 Dividends 66 65 Other 7 1 Total 213 189 Less investment expenses 3 4 Total $ 210 $ 185 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ (1) $ 8 Unrealized gains and losses on securities still held, net 106 (683) Subtotal 105 (675) Fixed-maturity securities: Gross realized gains 1 4 Gross realized losses (1) (1) Subtotal — 3 Other 1 6 Total $ 106 $ (666) The fair value of our equity portfolio was $9.967 billion and $9.841 billion at March 31, 2023, and December 31, 2022, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with a fair value of $758 million and $597 million, which was 7.9% and 6.3% of our publicly traded common equities portfolio and 3.3% and 2.7% of the total investment portfolio at March 31, 2023, and December 31, 2022, respectively. The allowance for credit losses was $1 million at both March 31, 2023, and December 31, 2022. Changes in the allowance for credit losses were less than $1 million for both the three months ended March 31, 2023 and 2022. There were no fixed-maturity securities that were written down to fair value due to an intention to be sold during the three months ended March 31, 2023. There was one fixed-maturity security that was written down to fair value due to an intention to be sold during the three months ended March 31, 2022, resulting in an impairment charge of less than $1 million.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
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, 2022, and ultimately management determines fair value. See our 2022 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 137, for information on characteristics and valuation techniques used in determining fair value. Fair Value Disclosures for Assets The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2023, and December 31, 2022. We do not have any liabilities carried at fair value. (Dollars in millions) Level 1 Level 2 Level 3 Total At March 31, 2023 Fixed maturities, available for sale: Corporate $ — $ 7,091 $ — $ 7,091 States, municipalities and political subdivisions — 4,749 — 4,749 Government-sponsored enterprises — 387 — 387 Commercial mortgage-backed — 225 — 225 United States government 195 — — 195 Foreign government — 31 — 31 Subtotal 195 12,483 — 12,678 Common equities 9,589 — — 9,589 Nonredeemable preferred equities — 378 — 378 Separate accounts taxable fixed maturities — 836 — 836 Top Hat savings plan mutual funds and common 64 — — 64 Total $ 9,848 $ 13,697 $ — $ 23,545 At December 31, 2022 Fixed maturities, available for sale: Corporate $ — $ 6,869 $ — $ 6,869 States, municipalities and political subdivisions — 4,622 — 4,622 Government-sponsored enterprises — 183 — 183 Commercial mortgage-backed — 234 — 234 United States government 191 — — 191 Foreign government — 33 — 33 Subtotal 191 11,941 — 12,132 Common equities 9,454 — — 9,454 Nonredeemable preferred equities — 387 — 387 Separate accounts taxable fixed maturities — 815 — 815 Top Hat savings plan mutual funds and common 57 — — 57 Total $ 9,702 $ 13,143 $ — $ 22,845 We also held Level 1 cash and cash equivalents of $955 million and $1.264 billion at March 31, 2023, and December 31, 2022, respectively. Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements. This table summarizes the book value and principal amounts of our long-term debt: (Dollars in millions) Book value Principal amount Interest Year of March 31, December 31, March 31, December 31, 2023 2022 2023 2022 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) Level 1 Level 2 Level 3 Total At March 31, 2023 Note payable $ — $ 50 $ — $ 50 6.900% senior debentures, due 2028 — 30 — 30 6.920% senior debentures, due 2028 — 435 — 435 6.125% senior notes, due 2034 — 408 — 408 Total $ — $ 923 $ — $ 923 At December 31, 2022 Note payable $ — $ 50 $ — $ 50 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 418 — 418 6.125% senior notes, due 2034 — 388 — 388 Total $ — $ 885 $ — $ 885 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) Level 1 Level 2 Level 3 Total At March 31, 2023 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 608 608 Structured settlements — 144 — 144 Total $ — $ 144 $ 608 $ 752 At December 31, 2022 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 621 621 Structured settlements — 143 — 143 Total $ — $ 143 $ 621 $ 764 Outstanding principal and interest for these life policy loans totaled $30 million and $31 million at March 31, 2023, and December 31, 2022, respectively. Recorded reserves for the deferred annuities were $711 million and $734 million at March 31, 2023, and December 31, 2022, respectively. Recorded reserves for the structured settlements were $128 million and $129 million at March 31, 2023, and December 31, 2022, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	3 Months Ended
Property Casualty Loss and Loss Expenses	Mar. 31, 2023
Premiums Written, Net [Abstract]
Property Casualty Loss And Loss Expenses	Property Casualty Loss and Loss Expenses This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Three months ended March 31, 2023 2022 Gross loss and loss expense reserves, beginning of period $ 8,336 $ 7,229 Less reinsurance recoverable 405 327 Net loss and loss expense reserves, beginning of period 7,931 6,902 Net incurred loss and loss expenses related to: Current accident year 1,376 997 Prior accident years (59) (41) Total incurred 1,317 956 Net paid loss and loss expenses related to: Current accident year 187 169 Prior accident years 859 721 Total paid 1,046 890 Net loss and loss expense reserves, end of period 8,202 6,968 Plus reinsurance recoverable 424 319 Gross loss and loss expense reserves, end of period $ 8,626 $ 7,287 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 $67 million at March 31, 2023, and $79 million at March 31, 2022, for certain life and health loss and loss expense reserves. We experienced $59 million of favorable development on prior accident years, including $32 million of favorable development in commercial lines, $31 million of favorable development in personal lines and $9 million of favorable development in excess and surplus lines for the three months ended March 31, 2023. Within commercial lines, we recognized favorable reserve development of $16 million for the commercial property line and $15 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $27 million for the homeowner line.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	3 Months Ended
Life Policy and Investment Contract Reserves	Mar. 31, 2023
Liability for Future Policy Benefit, before Reinsurance [Abstract]
Long-Duration Insurance Contracts Disclosure	Life Policy and Investment Contract Reserves In the first quarter of 2023, we adopted ASU 2018-12 which resulted in changes to the life policy and investment contract reserves and the expansion of required disclosures. The below disclosures represent application of the updated guidance. See Note 1, Accounting Policies, for further discussion. We establish the reserves for traditional life policies including term, whole life and other products based on certain cash flow assumptions including expected expenses, mortality, morbidity, withdrawal rates and timing of claim presentation. These assumptions are established based on our current expectations and are reviewed annually to determine any necessary updates. Assumptions are also updated on an interim basis if evidence suggests that they should be revised. 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. These reserves also include a discount rate assumption that is based on market value discount rates and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables. There were no significant changes in the cash flow assumptions during the period. 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. The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets: (Dollars in millions) March 31, December 31, Life policy reserves: Term $ 1,011 $ 961 Whole life 427 408 Other 94 94 Subtotal 1,532 1,463 Investment contract reserves: Deferred annuities 711 734 Universal life 583 578 Structured settlements 128 129 Other 105 111 Subtotal 1,527 1,552 Total life policy and investment contract reserves $ 3,059 $ 3,015 The table below shows the ASU 2018-12 adoption impacts to the life policy and investment contract reserves as of January 1, 2021 (transition date), pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 901 $ 363 $ 761 $ 567 $ 323 $ 2,915 Removal of shadow adjustments — — — — 13 13 Net premiums in excess of gross premiums 14 1 — — — 15 Remeasurement at market value discount rates 372 245 — — — 617 Balance, post-adoption at January 1, 2021 $ 1,287 $ 609 $ 761 $ 567 $ 336 $ 3,560 The table below shows the ASU 2018-12 adoption impacts to the life reinsurance recoverable asset as of January 1, 2021, pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 113 $ 26 $ — $ — $ 78 $ 217 Remeasurement at market value discount rates 29 18 — — — 47 Other adjustments 20 1 — 2 — 23 Balance, post-adoption at January 1, 2021 $ 162 $ 45 $ — $ 2 $ 78 $ 287 Other above includes structured settlements, other life policy reserves and other investment contract reserves. The removal of shadow adjustments above represents an increase to the life policy and investment contract reserve balance as it is no longer required under ASU 2018-12 for liabilities amortized in accordance with deferred acquisition costs. Shadow adjustments were historically included to present the carrying amount of the liability as if unrealized holding gains and losses had been realized. The net premiums in excess of gross premiums adjustment represents an increase to the liability as the remeasured net premiums, calculated as the present value of future benefits and related expenses using updated cash flow assumptions as of the transition date less the carrying amount of the liability prior to transition, exceeded the present value of future gross premiums. For purposes of calculating the updated present value of future benefits and related expenses above, the discount rate assumption that was used prior to adoption of ASU 2018-12 was retained. The remeasurement at market value discount rates adjustment represents the increase to the liability as a result of updating the discount rate assumption for our term and whole life products from the rates used prior to adoption of ASU 2018-12 to market value discount rates that existed at the transition date. As the discount rate assumption decreased significantly from the date the contracts were initially made, this adjustment represents the largest impact on the liability as a result of the initial adoption of ASU 2018-12. The life reinsurance recoverable asset is included in the remeasurement as the assumptions used in estimating the life reinsurance recoverable are consistent with those used in estimating the related liabilities. Other adjustments includes a reclassification from prepaid reinsurance premiums to reinsurance recoverable. The shadow removal and remeasurement at market value discount rates adjustments were recorded as an increase to the life policy and investment contract reserves liability and a decrease to opening AOCI as of the transition date. The net premiums in excess of gross premiums adjustment was recorded as an increase to the life policy and investment contract reserves liability and a decrease to the opening balance of retained earnings as of the transition date. The following table shows the balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves: (Dollars in millions) Three months ended March 31, 2023 2022 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,643 $ 208 $ 1,801 $ 241 Beginning balance at original discount rate 1,708 217 1,503 201 Effect of changes in cash flow assumptions — — (4) — Effect of actual variances from expected experience (3) 1 11 — Adjusted beginning of period balance 1,705 218 1,510 201 Issuances 38 7 59 11 Interest accrual 18 2 15 2 Net premiums collected (46) (7) (42) (7) Ending balance at original discount rate 1,715 220 1,542 207 Effect of changes in discount rate assumptions (16) (3) 144 19 Balance, end of period 1,699 217 1,686 226 Present value of expected future policy benefits: Balance, beginning of period 2,584 614 2,993 826 Beginning balance at original discount rate 2,692 607 2,425 577 Effect of changes in cash flow assumptions — — (4) — Effect of actual variances from expected experience (2) 1 18 — Adjusted beginning of period balance 2,690 608 2,439 577 Issuances 38 6 59 11 Interest accrual 30 8 27 7 Benefits paid (46) (8) (62) (9) Ending balance at original discount rate 2,712 614 2,463 586 Effect of changes in discount rate assumptions (21) 30 282 150 Balance, end of period 2,691 644 2,745 736 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 992 427 1,059 510 Impact of flooring at cohort level 19 — 20 — Net life policy reserves 1,011 427 1,079 510 Less reinsurance recoverable at original discount rate (96) (25) (100) (27) Less effect of discount rate assumption changes on reinsurance recoverable (10) (6) (14) (11) Net life policy reserves, after reinsurance recoverable $ 905 $ 396 $ 965 $ 472 Weighted-average duration of the net life policy reserves 12 16 12 18 The total impact of flooring at cohort level in the above table includes the effect of discount rate assumption changes of $5 million and $6 million for the three months ended March 31, 2023 and 2022, respectively. The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies: (Dollars in millions) At March 31, 2023 2022 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,696 $ 2,691 $ 4,128 $ 2,745 Expected future gross premiums 4,470 2,674 4,000 2,754 Whole life Expected future benefit payments $ 1,586 $ 644 $ 1,511 $ 736 Expected future gross premiums 618 384 580 400 The following table shows the amount of revenue and interest recognized in the condensed consolidated statements of income related to our term and whole life policies: (Dollars in millions) Three months ended March 31, 2023 2022 Gross premiums Term $ 73 $ 69 Whole life 12 12 Total $ 85 $ 81 Interest accretion Term $ 12 $ 12 Whole life 6 5 Total $ 18 $ 17 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the three months ended March 31, 2023 . The following table shows the weighted-average interest rate for our term and whole life products : At March 31, 2023 2022 Term Interest accretion rate 5.32 % 5.37 % Current discount rate 4.81 3.40 Whole life Interest accretion rate 5.94 % 5.98 % Current discount rate 5.06 3.77 The discount rate assumption was developed by calculating forward rates from market yield curves of upper-medium grade fixed-income instruments. The following table shows the balances and changes in policyholders' account balances included in investment contract reserves: (Dollars in millions) Three months ended March 31, 2023 2022 Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 734 $ 457 $ 763 $ 454 Premiums received 10 11 6 11 Policy charges — (10) — (10) Surrenders and withdrawals (36) (3) (12) (3) Benefit payments (3) (2) (6) (1) Interest credited 6 5 5 5 Balance, end of period $ 711 $ 458 $ 756 $ 456 Weighted average crediting rate 3.36 % 4.26 % 2.95 % 4.25 % Net amount at risk $ — $ 4,064 $ — $ 4,172 Cash surrender value 706 424 752 421 The net amount at risk above represents the guaranteed benefit amount in excess of the current account balances. The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts: (Dollars in millions) At guaranteed minimum 1 to 50 basis points above 51-150 basis points above Greater than 150 basis points Total At March 31, 2023 Deferred annuity 1.00-3.00% $ 9 $ 423 $ 17 $ 212 661 3.01-4.00% 50 — — — 50 Total $ 59 $ 423 $ 17 $ 212 $ 711 Universal life 1.00-3.00% $ 60 $ 47 $ 9 $ 2 $ 118 3.01-4.00% 53 — — — 53 Greater than 4.00% 287 — — — 287 Total $ 400 $ 47 $ 9 $ 2 $ 458 At March 31, 2022 Deferred annuity 1.00-3.00% $ 479 $ — $ 177 $ 50 $ 706 3.01-4.00% 50 — — — 50 Total $ 529 $ — $ 177 $ 50 $ 756 Universal life 1.00-3.00% $ 61 $ 44 $ 7 $ 1 $ 113 3.01-4.00% 51 — — — 51 Greater than 4.00% 292 — — — 292 Total $ 404 $ 44 $ 7 $ 1 $ 456 The following table shows the balances and changes i n the other additional liability related to the no-lapse guarantees contained within our universal life contracts: (Dollars in millions) Three months ended March 31, 2023 2022 Balance, beginning of period $ 121 $ 133 Balance, beginning of period before shadow reserve adjustments 123 131 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (1) 3 Adjusted beginning of period balance 122 134 Interest accrual 1 1 Excess death benefits — (8) Attributed assessments 3 3 Effect of changes in interest rate assumptions 1 (3) Balance, end of period before shadow reserve adjustments 127 127 Shadow reserve adjustments (2) — Balance, end of period 125 127 Less reinsurance recoverable, end of period 6 5 Net other additional liability, after reinsurance recoverable $ 131 $ 132 Weighted-average duration of the other additional liability 34 35 The following table shows balances and changes in separate account balances during the period: (Dollars in millions) Three months ended March 31, 2023 2022 Balance, beginning of period $ 892 $ 959 Interest credited before policy charges 10 10 Change in unrealized gains and losses impacting separate account liabilities — (52) Benefit payments (2) (10) Other (1) (4) Balance, end of period $ 899 $ 903 Cash surrender value $ 896 $ 869

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
Deferred Policy Acquisition Costs	Mar. 31, 2023
Deferred Costs [Abstract]
Deferred Policy 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. For property casualty, we evaluate the costs for recoverability. The adoption of ASU 2018-12 on January 1, 2023 resulted in a simplified amortization of life deferred acquisition costs and the removal of shadow deferred acquisition costs. See Note 1, Accounting Policies, for further discussion. The table below shows the deferred policy acquisition costs and asset reconciliation. (Dollars in millions) Three months ended March 31, 2023 2022 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 682 $ 602 Capitalized deferred policy acquisition costs 372 364 Amortized deferred policy acquisition costs (340) (301) Deferred policy acquisition costs asset, end of period $ 714 $ 665 Life: Deferred policy acquisition costs asset, beginning of period $ 331 $ 314 Capitalized deferred policy acquisition costs 11 12 Amortized deferred policy acquisition costs (8) (7) Deferred policy acquisition costs asset, end of period $ 334 $ 319 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,013 $ 916 Capitalized deferred policy acquisition costs 383 376 Amortized deferred policy acquisition costs (348) (308) Deferred policy acquisition costs asset, end of period $ 1,048 $ 984 The removal of shadow deferred policy acquisition costs as a result of the adoption of ASU 2018-12 resulted in a $33 million increase, across all products, from $263 million pre-adoption at December 31, 2020, to $296 million post-adoption at January 1, 2021. The table below shows the life deferred policy acquisition costs asset by product: (Dollars in millions) Three months ended March 31, 2023 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 228 $ 43 $ 7 $ 53 $ 331 Capitalized deferred policy acquisition costs 9 2 — — 11 Amortized deferred policy acquisition costs (6) (1) — (1) (8) Balance, end of period $ 231 $ 44 $ 7 $ 52 $ 334 Three months ended March 31, 2022 Balance, beginning of period $ 215 $ 38 $ 7 $ 54 $ 314 Capitalized deferred policy acquisition costs 10 2 — — $ 12 Amortized deferred policy acquisition costs (5) (1) — (1) $ (7) Balance, end of period $ 220 $ 39 $ 7 $ 53 $ 319 No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
Accumulated Other Comprehensive Income	Mar. 31, 2023
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The adoption of ASU 2018-12 on January 1, 2023 resulted in restatement of certain amounts below. See Note 1, Accounting Policies, for further discussion. Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows: (Dollars in millions) Three months ended March 31, 2023 2022 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (847) $ (182) $ (665) $ 792 $ 165 $ 627 OCI before investment gains and losses, net, recognized in net income 163 35 128 (743) (157) (586) Investment gains and losses, net, recognized in net income — — — (3) — (3) OCI 163 35 128 (746) (157) (589) AOCI, end of period $ (684) $ (147) $ (537) $ 46 $ 8 $ 38 Pension obligations: AOCI, beginning of period $ 36 $ 9 $ 27 $ 27 $ 7 $ 20 OCI excluding amortization recognized in net income (5) (1) (4) — — — Amortization recognized in net income (1) — (1) — — — OCI (6) (1) (5) — — — AOCI, end of period $ 30 $ 8 $ 22 $ 27 $ 7 $ 20 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 29 $ 5 $ 24 $ 1 $ — $ 1 Cumulative effect of change in accounting for long duration insurance contracts — — — (445) (93) (352) Adjusted AOCI, beginning of period 29 5 24 (444) (93) (351) OCI before investment gains and losses, net, recognized in net income (45) (9) (36) 196 41 155 Investment gains and losses, net, recognized in net income — — — — — — OCI (45) (9) (36) 196 41 155 AOCI, end of period $ (16) $ (4) $ (12) $ (248) $ (52) $ (196) Summary of AOCI: AOCI, beginning of period $ (782) $ (168) $ (614) $ 820 $ 172 $ 648 Cumulative effect of change in accounting for long duration insurance contracts — — — (445) (93) (352) Adjusted AOCI, beginning of period (782) (168) (614) 375 79 296 Investments OCI 163 35 128 (746) (157) (589) Pension obligations OCI (6) (1) (5) — — — Life policy reserves, reinsurance recoverable and other OCI (45) (9) (36) 196 41 155 Total OCI 112 25 87 (550) (116) (434) AOCI, end of period $ (670) $ (143) $ (527) $ (175) $ (37) $ (138) Investment gains and losses, net, and other investment gains and losses, net,

Reinsurance

Reinsurance	3 Months Ended
Reinsurance	Mar. 31, 2023
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 March 31, 2023 2022 Direct written premiums $ 1,859 $ 1,703 Assumed written premiums 244 263 Ceded written premiums (84) (67) Net written premiums $ 2,019 $ 1,899 Direct earned premiums $ 1,760 $ 1,561 Assumed earned premiums 159 121 Ceded earned premiums (78) (64) Earned premiums $ 1,841 $ 1,618 Direct incurred loss and loss expenses $ 1,299 $ 895 Assumed incurred loss and loss expenses 76 73 Ceded incurred loss and loss expenses (58) (12) Incurred loss and loss expenses $ 1,317 $ 956 Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles. The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended March 31, 2023 2022 Direct earned premiums $ 96 $ 93 Ceded earned premiums (19) (18) Earned premiums $ 77 $ 75 Direct contract holders' benefits incurred 97 103 Ceded contract holders' benefits incurred (16) (27) Contract holders' benefits incurred $ 81 $ 76 The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended March 31, 2023 2022 Tax at statutory rate: $ 56 21.0 % $ (74) 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (1.9) (5) 1.4 Dividend received exclusion (5) (1.9) (5) 1.4 Other (3) (1.2) (1) 0.4 Provision (benefit) for income taxes $ 43 16.0 % $ (85) 24.2 % The provision (benefit) for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries. We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations will be realized. As a result, we have no valuation allowance for our U.S. domestic operations at March 31, 2023, and December 31, 2022. 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). Cincinnati Global As a result of operations for the three months ended March 31, 2023, Cincinnati Global decreased its net deferred tax assets by $5 million with an offsettin g decrease of $5 million to the valuation allowance. Cincinnati Global had a net deferred tax asset of $26 million and an offsetting valuation allowance of $26 million at March 31, 2023. Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. After considering all positive and negative evidence, we continue to believe it is appropriate to carry a valuation allowance at March 31, 2023.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
Net Income (Loss) Per Common Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended March 31, 2023 2022 Numerator: Net income (loss)—basic and diluted $ 225 $ (266) Denominator: Basic weighted-average common shares outstanding 157.2 160.4 Effect of share-based awards: Stock options 0.8 — Nonvested shares 0.5 — Diluted weighted-average shares 158.5 160.4 Earnings (loss) per share: Basic $ 1.43 $ (1.66) Diluted $ 1.42 $ (1.66) Number of anti-dilutive share-based awards 1.0 2.3 The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2023 and 2022. In accordance with Accounting Standards Codification 260, Earnings per Share

Employee Retirement Benefits

Employee Retirement Benefits	3 Months Ended
Employee Retirement Benefits	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans: (Dollars in millions) Three months ended March 31, 2023 2022 Service cost $ 1 $ 2 Non-service (benefit) costs: Interest cost 3 3 Expected return on plan assets (5) (6) Amortization of actuarial loss and prior service cost (1) — Other (5) — Total non-service benefit (8) (3) Net periodic benefit $ (7) $ (1) See our 2022 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 163, for information on our retirement benefits. The net periodic benefit 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 2023 and 2022. We made matching contributions totaling $8 million to our 401(k) and Top Hat savings plans during both the first quarter of 2023 and 2022. We m ade no con

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
Commitments and Contingent Liabilities	Mar. 31, 2023
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, including several that continue to be amended; many that have been dismissed; several that 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.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
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 2022 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 173, for a description of revenue, income or loss before income taxes and identifiable assets for each of the five segments. Segment information is summarized in the following table: (Dollars in millions) Three months ended March 31, 2023 2022 Revenues: Commercial lines insurance Commercial casualty $ 377 $ 336 Commercial property 299 274 Commercial auto 213 205 Workers' compensation 74 67 Other commercial 93 80 Commercial lines insurance premiums 1,056 962 Fee revenues 1 1 Total commercial lines insurance 1,057 963 Personal lines insurance Personal auto 166 152 Homeowner 232 195 Other personal 66 55 Personal lines insurance premiums 464 402 Fee revenues 1 1 Total personal lines insurance 465 403 Excess and surplus lines insurance 127 112 Fee revenues — 1 Total excess and surplus lines insurance 127 113 Life insurance premiums 77 75 Fee revenues 2 1 Total life insurance 79 76 Investments Investment income, net of expenses 210 185 Investment gains and losses, net 106 (666) Total investment revenue 316 (481) Other Premiums 194 142 Other 3 2 Total other revenues 197 144 Total revenues $ 2,241 $ 1,218 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ (2) $ 76 Personal lines insurance (57) 65 Excess and surplus lines insurance 13 16 Life insurance 8 7 Investments 286 (508) Other 20 (7) Total income (loss) before income taxes $ 268 $ (351) Identifiable assets: March 31, December 31, Property casualty insurance $ 5,229 $ 5,178 Life insurance 1,529 1,518 Investments 22,805 22,133 Other 911 903 Total $ 30,474 $ 29,732

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Adopted Accounting Updates	Adopted 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. 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. We adopted these ASUs on a modified retrospective basis on January 1, 2023, resulting in an after-tax increase to shareholders' equity of $31 million. The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated balance sheets: (Dollars in millions) March 31, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 698 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 57 79 51 (28) Deferred policy acquisition costs 1,048 1,014 1,013 (1) Total assets 30,474 29,736 29,732 (4) Life policy and investment contract reserves 3,059 3,059 3,015 (44) Deferred income tax 1,104 1,045 1,054 9 Total liabilities 19,733 19,205 19,170 (35) Retained earnings 11,818 11,702 11,711 9 Accumulated other comprehensive income (527) (636) (614) 22 Total shareholders' equity 10,741 10,531 10,562 31 Total liabilities and shareholders' equity 30,474 29,736 29,732 (4) The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated statements of income and condensed consolidated statements of comprehensive income: (Dollars in millions, except per share data) Three months ended March 31, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,918 $ 1,690 $ 1,693 $ 3 Insurance losses and contract holders' benefits 1,398 1,039 1,032 (7) Underwriting, acquisition and insurance expenses 556 519 520 1 Deferred income tax expense 27 (128) (126) 2 Net Income (Loss) 225 (273) (266) 7 Change in life policy reserves, reinsurance recoverable and other, net of tax (36) — 155 155 Other comprehensive income (loss) 87 (589) (434) 155 Comprehensive Income (Loss) 312 (862) (700) 162 Net income (loss) per share: Basic $ 1.43 $ (1.70) $ (1.66) $ 0.04 Diluted 1.42 (1.70) (1.66) 0.04 The adoption of ASU 2018-12 did not have a material impact on the company's condensed consolidated cash flows. The table below shows the ASU 2018-12 adoption impacts to the life policy and investment contract reserves as of January 1, 2021 (transition date), pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 901 $ 363 $ 761 $ 567 $ 323 $ 2,915 Removal of shadow adjustments — — — — 13 13 Net premiums in excess of gross premiums 14 1 — — — 15 Remeasurement at market value discount rates 372 245 — — — 617 Balance, post-adoption at January 1, 2021 $ 1,287 $ 609 $ 761 $ 567 $ 336 $ 3,560 The table below shows the ASU 2018-12 adoption impacts to the life reinsurance recoverable asset as of January 1, 2021, pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 113 $ 26 $ — $ — $ 78 $ 217 Remeasurement at market value discount rates 29 18 — — — 47 Other adjustments 20 1 — 2 — 23 Balance, post-adoption at January 1, 2021 $ 162 $ 45 $ — $ 2 $ 78 $ 287

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
Accounting Policies (Tables)	Mar. 31, 2023
Accounting Policies [Abstract]
Adopted Accounting Updates	The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated balance sheets: (Dollars in millions) March 31, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 698 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 57 79 51 (28) Deferred policy acquisition costs 1,048 1,014 1,013 (1) Total assets 30,474 29,736 29,732 (4) Life policy and investment contract reserves 3,059 3,059 3,015 (44) Deferred income tax 1,104 1,045 1,054 9 Total liabilities 19,733 19,205 19,170 (35) Retained earnings 11,818 11,702 11,711 9 Accumulated other comprehensive income (527) (636) (614) 22 Total shareholders' equity 10,741 10,531 10,562 31 Total liabilities and shareholders' equity 30,474 29,736 29,732 (4) The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated statements of income and condensed consolidated statements of comprehensive income: (Dollars in millions, except per share data) Three months ended March 31, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,918 $ 1,690 $ 1,693 $ 3 Insurance losses and contract holders' benefits 1,398 1,039 1,032 (7) Underwriting, acquisition and insurance expenses 556 519 520 1 Deferred income tax expense 27 (128) (126) 2 Net Income (Loss) 225 (273) (266) 7 Change in life policy reserves, reinsurance recoverable and other, net of tax (36) — 155 155 Other comprehensive income (loss) 87 (589) (434) 155 Comprehensive Income (Loss) 312 (862) (700) 162 Net income (loss) per share: Basic $ 1.43 $ (1.70) $ (1.66) $ 0.04 Diluted 1.42 (1.70) (1.66) 0.04 The table below shows the ASU 2018-12 adoption impacts to the life policy and investment contract reserves as of January 1, 2021 (transition date), pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 901 $ 363 $ 761 $ 567 $ 323 $ 2,915 Removal of shadow adjustments — — — — 13 13 Net premiums in excess of gross premiums 14 1 — — — 15 Remeasurement at market value discount rates 372 245 — — — 617 Balance, post-adoption at January 1, 2021 $ 1,287 $ 609 $ 761 $ 567 $ 336 $ 3,560 The table below shows the ASU 2018-12 adoption impacts to the life reinsurance recoverable asset as of January 1, 2021, pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 113 $ 26 $ — $ — $ 78 $ 217 Remeasurement at market value discount rates 29 18 — — — 47 Other adjustments 20 1 — 2 — 23 Balance, post-adoption at January 1, 2021 $ 162 $ 45 $ — $ 2 $ 78 $ 287

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2023
Investments [Abstract]
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Fixed-maturity Securities	The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Amortized Gross unrealized Fair value At March 31, 2023 gains losses Fixed-maturity securities: Corporate $ 7,568 $ 49 $ 526 $ 7,091 States, municipalities and political subdivisions 4,933 42 226 4,749 Government-sponsored enterprises 390 1 4 387 Commercial mortgage-backed 241 — 16 225 United States government 199 — 4 195 Foreign government 31 — — 31 Total $ 13,362 $ 92 $ 776 $ 12,678 At December 31, 2022 Fixed-maturity securities: Corporate $ 7,412 $ 37 $ 580 $ 6,869 States, municipalities and political subdivisions 4,901 24 303 4,622 Government-sponsored enterprises 186 — 3 183 Commercial mortgage-backed 250 — 16 234 United States government 196 — 5 191 Foreign government 34 — 1 33 Total $ 12,979 $ 61 $ 908 $ 12,132
Fair Value and Unrealized Losses by Investment Category and By the Duration of the Securities' Continuous Unrealized Loss Position	The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At March 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 3,910 $ 158 $ 2,273 $ 368 $ 6,183 $ 526 States, municipalities and political subdivisions 1,287 48 890 178 2,177 226 Government-sponsored enterprises 263 3 7 1 270 4 Commercial mortgage-backed 107 5 116 11 223 16 United States government 121 1 52 3 173 4 Foreign government 10 — 2 — 12 — Total $ 5,698 $ 215 $ 3,340 $ 561 $ 9,038 $ 776 At December 31, 2022 Fixed-maturity securities: Corporate $ 5,651 $ 412 $ 661 $ 168 $ 6,312 $ 580 States, municipalities and political subdivisions 2,600 274 77 29 2,677 303 Government-sponsored enterprises 123 3 3 — 126 3 Commercial mortgage-backed 215 13 14 3 229 16 United States government 146 3 41 2 187 5 Foreign government 25 1 4 — 29 1 Total $ 8,760 $ 706 $ 800 $ 202 $ 9,560 $ 908
Investments Classified by Contractual Maturity Date	Contractual maturity dates for fixed-maturities securities were: (Dollars in millions) Amortized Fair % of fair At March 31, 2023 Maturity dates: Due in one year or less $ 728 $ 725 5.7 % Due after one year through five years 4,139 4,003 31.6 Due after five years through ten years 3,583 3,447 27.2 Due after ten years 4,912 4,503 35.5 Total $ 13,362 $ 12,678 100.0 %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses	The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended March 31, 2023 2022 Investment income: Interest $ 140 $ 123 Dividends 66 65 Other 7 1 Total 213 189 Less investment expenses 3 4 Total $ 210 $ 185 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ (1) $ 8 Unrealized gains and losses on securities still held, net 106 (683) Subtotal 105 (675) Fixed-maturity securities: Gross realized gains 1 4 Gross realized losses (1) (1) Subtotal — 3 Other 1 6 Total $ 106 $ (666)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Assets Measured at Fair Value on a Recurring Basis	The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2023, and December 31, 2022. We do not have any liabilities carried at fair value. (Dollars in millions) Level 1 Level 2 Level 3 Total At March 31, 2023 Fixed maturities, available for sale: Corporate $ — $ 7,091 $ — $ 7,091 States, municipalities and political subdivisions — 4,749 — 4,749 Government-sponsored enterprises — 387 — 387 Commercial mortgage-backed — 225 — 225 United States government 195 — — 195 Foreign government — 31 — 31 Subtotal 195 12,483 — 12,678 Common equities 9,589 — — 9,589 Nonredeemable preferred equities — 378 — 378 Separate accounts taxable fixed maturities — 836 — 836 Top Hat savings plan mutual funds and common 64 — — 64 Total $ 9,848 $ 13,697 $ — $ 23,545 At December 31, 2022 Fixed maturities, available for sale: Corporate $ — $ 6,869 $ — $ 6,869 States, municipalities and political subdivisions — 4,622 — 4,622 Government-sponsored enterprises — 183 — 183 Commercial mortgage-backed — 234 — 234 United States government 191 — — 191 Foreign government — 33 — 33 Subtotal 191 11,941 — 12,132 Common equities 9,454 — — 9,454 Nonredeemable preferred equities — 387 — 387 Separate accounts taxable fixed maturities — 815 — 815 Top Hat savings plan mutual funds and common 57 — — 57 Total $ 9,702 $ 13,143 $ — $ 22,845
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	This table summarizes the book value and principal amounts of our long-term debt: (Dollars in millions) Book value Principal amount Interest Year of March 31, December 31, March 31, December 31, 2023 2022 2023 2022 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) Level 1 Level 2 Level 3 Total At March 31, 2023 Note payable $ — $ 50 $ — $ 50 6.900% senior debentures, due 2028 — 30 — 30 6.920% senior debentures, due 2028 — 435 — 435 6.125% senior notes, due 2034 — 408 — 408 Total $ — $ 923 $ — $ 923 At December 31, 2022 Note payable $ — $ 50 $ — $ 50 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 418 — 418 6.125% senior notes, due 2034 — 388 — 388 Total $ — $ 885 $ — $ 885
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) Level 1 Level 2 Level 3 Total At March 31, 2023 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 608 608 Structured settlements — 144 — 144 Total $ — $ 144 $ 608 $ 752 At December 31, 2022 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 621 621 Structured settlements — 143 — 143 Total $ — $ 143 $ 621 $ 764

Property Casualty Loss and Lo_2

Property Casualty Loss and Loss Expenses (Tables)	3 Months Ended
Property Casualty Loss and Loss Expenses (Tables)	Mar. 31, 2023
Premiums Written, Net [Abstract]
Consolidated Property Casualty Loss And Loss Expense Reserves	This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Three months ended March 31, 2023 2022 Gross loss and loss expense reserves, beginning of period $ 8,336 $ 7,229 Less reinsurance recoverable 405 327 Net loss and loss expense reserves, beginning of period 7,931 6,902 Net incurred loss and loss expenses related to: Current accident year 1,376 997 Prior accident years (59) (41) Total incurred 1,317 956 Net paid loss and loss expenses related to: Current accident year 187 169 Prior accident years 859 721 Total paid 1,046 890 Net loss and loss expense reserves, end of period 8,202 6,968 Plus reinsurance recoverable 424 319 Gross loss and loss expense reserves, end of period $ 8,626 $ 7,287

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	3 Months Ended
Life Policy and Investment Contract Reserves (Tables)	Mar. 31, 2023
Liability for Future Policy Benefit, before Reinsurance [Abstract]
Reserve For Losses Loss Adjustment Expenses Table	The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets: (Dollars in millions) March 31, December 31, Life policy reserves: Term $ 1,011 $ 961 Whole life 427 408 Other 94 94 Subtotal 1,532 1,463 Investment contract reserves: Deferred annuities 711 734 Universal life 583 578 Structured settlements 128 129 Other 105 111 Subtotal 1,527 1,552 Total life policy and investment contract reserves $ 3,059 $ 3,015
Adopted Accounting Updates	The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated balance sheets: (Dollars in millions) March 31, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 698 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 57 79 51 (28) Deferred policy acquisition costs 1,048 1,014 1,013 (1) Total assets 30,474 29,736 29,732 (4) Life policy and investment contract reserves 3,059 3,059 3,015 (44) Deferred income tax 1,104 1,045 1,054 9 Total liabilities 19,733 19,205 19,170 (35) Retained earnings 11,818 11,702 11,711 9 Accumulated other comprehensive income (527) (636) (614) 22 Total shareholders' equity 10,741 10,531 10,562 31 Total liabilities and shareholders' equity 30,474 29,736 29,732 (4) The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated statements of income and condensed consolidated statements of comprehensive income: (Dollars in millions, except per share data) Three months ended March 31, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,918 $ 1,690 $ 1,693 $ 3 Insurance losses and contract holders' benefits 1,398 1,039 1,032 (7) Underwriting, acquisition and insurance expenses 556 519 520 1 Deferred income tax expense 27 (128) (126) 2 Net Income (Loss) 225 (273) (266) 7 Change in life policy reserves, reinsurance recoverable and other, net of tax (36) — 155 155 Other comprehensive income (loss) 87 (589) (434) 155 Comprehensive Income (Loss) 312 (862) (700) 162 Net income (loss) per share: Basic $ 1.43 $ (1.70) $ (1.66) $ 0.04 Diluted 1.42 (1.70) (1.66) 0.04 The table below shows the ASU 2018-12 adoption impacts to the life policy and investment contract reserves as of January 1, 2021 (transition date), pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 901 $ 363 $ 761 $ 567 $ 323 $ 2,915 Removal of shadow adjustments — — — — 13 13 Net premiums in excess of gross premiums 14 1 — — — 15 Remeasurement at market value discount rates 372 245 — — — 617 Balance, post-adoption at January 1, 2021 $ 1,287 $ 609 $ 761 $ 567 $ 336 $ 3,560 The table below shows the ASU 2018-12 adoption impacts to the life reinsurance recoverable asset as of January 1, 2021, pre-tax: (Dollars in millions) Term Whole life Deferred annuity Universal life Other Total At January 1, 2021 Balance, pre-adoption at December 31, 2020 $ 113 $ 26 $ — $ — $ 78 $ 217 Remeasurement at market value discount rates 29 18 — — — 47 Other adjustments 20 1 — 2 — 23 Balance, post-adoption at January 1, 2021 $ 162 $ 45 $ — $ 2 $ 78 $ 287
Liability for Future Policy Benefit, Activity	The following table shows the balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves: (Dollars in millions) Three months ended March 31, 2023 2022 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,643 $ 208 $ 1,801 $ 241 Beginning balance at original discount rate 1,708 217 1,503 201 Effect of changes in cash flow assumptions — — (4) — Effect of actual variances from expected experience (3) 1 11 — Adjusted beginning of period balance 1,705 218 1,510 201 Issuances 38 7 59 11 Interest accrual 18 2 15 2 Net premiums collected (46) (7) (42) (7) Ending balance at original discount rate 1,715 220 1,542 207 Effect of changes in discount rate assumptions (16) (3) 144 19 Balance, end of period 1,699 217 1,686 226 Present value of expected future policy benefits: Balance, beginning of period 2,584 614 2,993 826 Beginning balance at original discount rate 2,692 607 2,425 577 Effect of changes in cash flow assumptions — — (4) — Effect of actual variances from expected experience (2) 1 18 — Adjusted beginning of period balance 2,690 608 2,439 577 Issuances 38 6 59 11 Interest accrual 30 8 27 7 Benefits paid (46) (8) (62) (9) Ending balance at original discount rate 2,712 614 2,463 586 Effect of changes in discount rate assumptions (21) 30 282 150 Balance, end of period 2,691 644 2,745 736 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 992 427 1,059 510 Impact of flooring at cohort level 19 — 20 — Net life policy reserves 1,011 427 1,079 510 Less reinsurance recoverable at original discount rate (96) (25) (100) (27) Less effect of discount rate assumption changes on reinsurance recoverable (10) (6) (14) (11) Net life policy reserves, after reinsurance recoverable $ 905 $ 396 $ 965 $ 472 Weighted-average duration of the net life policy reserves 12 16 12 18
Undiscounted and Discounted Expected Future Benefit Payments and Expected Gross Premiums	The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies: (Dollars in millions) At March 31, 2023 2022 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,696 $ 2,691 $ 4,128 $ 2,745 Expected future gross premiums 4,470 2,674 4,000 2,754 Whole life Expected future benefit payments $ 1,586 $ 644 $ 1,511 $ 736 Expected future gross premiums 618 384 580 400
Revenue and Interest Recognized in Income	The following table shows the amount of revenue and interest recognized in the condensed consolidated statements of income related to our term and whole life policies: (Dollars in millions) Three months ended March 31, 2023 2022 Gross premiums Term $ 73 $ 69 Whole life 12 12 Total $ 85 $ 81 Interest accretion Term $ 12 $ 12 Whole life 6 5 Total $ 18 $ 17
Weighted Average Interest Rate for Life Policy Products	The following table shows the weighted-average interest rate for our term and whole life products : At March 31, 2023 2022 Term Interest accretion rate 5.32 % 5.37 % Current discount rate 4.81 3.40 Whole life Interest accretion rate 5.94 % 5.98 % Current discount rate 5.06 3.77
Policyholder Account Balance	The following table shows the balances and changes in policyholders' account balances included in investment contract reserves: (Dollars in millions) Three months ended March 31, 2023 2022 Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 734 $ 457 $ 763 $ 454 Premiums received 10 11 6 11 Policy charges — (10) — (10) Surrenders and withdrawals (36) (3) (12) (3) Benefit payments (3) (2) (6) (1) Interest credited 6 5 5 5 Balance, end of period $ 711 $ 458 $ 756 $ 456 Weighted average crediting rate 3.36 % 4.26 % 2.95 % 4.25 % Net amount at risk $ — $ 4,064 $ — $ 4,172 Cash surrender value 706 424 752 421
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts: (Dollars in millions) At guaranteed minimum 1 to 50 basis points above 51-150 basis points above Greater than 150 basis points Total At March 31, 2023 Deferred annuity 1.00-3.00% $ 9 $ 423 $ 17 $ 212 661 3.01-4.00% 50 — — — 50 Total $ 59 $ 423 $ 17 $ 212 $ 711 Universal life 1.00-3.00% $ 60 $ 47 $ 9 $ 2 $ 118 3.01-4.00% 53 — — — 53 Greater than 4.00% 287 — — — 287 Total $ 400 $ 47 $ 9 $ 2 $ 458 At March 31, 2022 Deferred annuity 1.00-3.00% $ 479 $ — $ 177 $ 50 $ 706 3.01-4.00% 50 — — — 50 Total $ 529 $ — $ 177 $ 50 $ 756 Universal life 1.00-3.00% $ 61 $ 44 $ 7 $ 1 $ 113 3.01-4.00% 51 — — — 51 Greater than 4.00% 292 — — — 292 Total $ 404 $ 44 $ 7 $ 1 $ 456
Additional Liability, Long-Duration Insurance	The following table shows the balances and changes i n the other additional liability related to the no-lapse guarantees contained within our universal life contracts: (Dollars in millions) Three months ended March 31, 2023 2022 Balance, beginning of period $ 121 $ 133 Balance, beginning of period before shadow reserve adjustments 123 131 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (1) 3 Adjusted beginning of period balance 122 134 Interest accrual 1 1 Excess death benefits — (8) Attributed assessments 3 3 Effect of changes in interest rate assumptions 1 (3) Balance, end of period before shadow reserve adjustments 127 127 Shadow reserve adjustments (2) — Balance, end of period 125 127 Less reinsurance recoverable, end of period 6 5 Net other additional liability, after reinsurance recoverable $ 131 $ 132 Weighted-average duration of the other additional liability 34 35
Separate Account, Liability	The following table shows balances and changes in separate account balances during the period: (Dollars in millions) Three months ended March 31, 2023 2022 Balance, beginning of period $ 892 $ 959 Interest credited before policy charges 10 10 Change in unrealized gains and losses impacting separate account liabilities — (52) Benefit payments (2) (10) Other (1) (4) Balance, end of period $ 899 $ 903 Cash surrender value $ 896 $ 869

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
Deferred Policy Acquisition Costs (Tables)	Mar. 31, 2023
Deferred Costs [Abstract]
Deferred Policy Acquisition Costs And Asset Reconciliation, Including the Amortized Deferred Policy Acquisition Costs	The table below shows the deferred policy acquisition costs and asset reconciliation. (Dollars in millions) Three months ended March 31, 2023 2022 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 682 $ 602 Capitalized deferred policy acquisition costs 372 364 Amortized deferred policy acquisition costs (340) (301) Deferred policy acquisition costs asset, end of period $ 714 $ 665 Life: Deferred policy acquisition costs asset, beginning of period $ 331 $ 314 Capitalized deferred policy acquisition costs 11 12 Amortized deferred policy acquisition costs (8) (7) Deferred policy acquisition costs asset, end of period $ 334 $ 319 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,013 $ 916 Capitalized deferred policy acquisition costs 383 376 Amortized deferred policy acquisition costs (348) (308) Deferred policy acquisition costs asset, end of period $ 1,048 $ 984
Life Deferred Policy Acquisition Costs by Product	The table below shows the life deferred policy acquisition costs asset by product: (Dollars in millions) Three months ended March 31, 2023 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 228 $ 43 $ 7 $ 53 $ 331 Capitalized deferred policy acquisition costs 9 2 — — 11 Amortized deferred policy acquisition costs (6) (1) — (1) (8) Balance, end of period $ 231 $ 44 $ 7 $ 52 $ 334 Three months ended March 31, 2022 Balance, beginning of period $ 215 $ 38 $ 7 $ 54 $ 314 Capitalized deferred policy acquisition costs 10 2 — — $ 12 Amortized deferred policy acquisition costs (5) (1) — (1) $ (7) Balance, end of period $ 220 $ 39 $ 7 $ 53 $ 319

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Tables)	Mar. 31, 2023
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 policy reserves, reinsurance recoverable and other as follows: (Dollars in millions) Three months ended March 31, 2023 2022 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (847) $ (182) $ (665) $ 792 $ 165 $ 627 OCI before investment gains and losses, net, recognized in net income 163 35 128 (743) (157) (586) Investment gains and losses, net, recognized in net income — — — (3) — (3) OCI 163 35 128 (746) (157) (589) AOCI, end of period $ (684) $ (147) $ (537) $ 46 $ 8 $ 38 Pension obligations: AOCI, beginning of period $ 36 $ 9 $ 27 $ 27 $ 7 $ 20 OCI excluding amortization recognized in net income (5) (1) (4) — — — Amortization recognized in net income (1) — (1) — — — OCI (6) (1) (5) — — — AOCI, end of period $ 30 $ 8 $ 22 $ 27 $ 7 $ 20 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 29 $ 5 $ 24 $ 1 $ — $ 1 Cumulative effect of change in accounting for long duration insurance contracts — — — (445) (93) (352) Adjusted AOCI, beginning of period 29 5 24 (444) (93) (351) OCI before investment gains and losses, net, recognized in net income (45) (9) (36) 196 41 155 Investment gains and losses, net, recognized in net income — — — — — — OCI (45) (9) (36) 196 41 155 AOCI, end of period $ (16) $ (4) $ (12) $ (248) $ (52) $ (196) Summary of AOCI: AOCI, beginning of period $ (782) $ (168) $ (614) $ 820 $ 172 $ 648 Cumulative effect of change in accounting for long duration insurance contracts — — — (445) (93) (352) Adjusted AOCI, beginning of period (782) (168) (614) 375 79 296 Investments OCI 163 35 128 (746) (157) (589) Pension obligations OCI (6) (1) (5) — — — Life policy reserves, reinsurance recoverable and other OCI (45) (9) (36) 196 41 155 Total OCI 112 25 87 (550) (116) (434) AOCI, end of period $ (670) $ (143) $ (527) $ (175) $ (37) $ (138)

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
Reinsurance (Tables)	Mar. 31, 2023
Reinsurance Disclosures [Abstract]
Property Casualty Insurance Assumed And Ceded Business	The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses: (Dollars in millions) Three months ended March 31, 2023 2022 Direct written premiums $ 1,859 $ 1,703 Assumed written premiums 244 263 Ceded written premiums (84) (67) Net written premiums $ 2,019 $ 1,899 Direct earned premiums $ 1,760 $ 1,561 Assumed earned premiums 159 121 Ceded earned premiums (78) (64) Earned premiums $ 1,841 $ 1,618 Direct incurred loss and loss expenses $ 1,299 $ 895 Assumed incurred loss and loss expenses 76 73 Ceded incurred loss and loss expenses (58) (12) Incurred loss and loss expenses $ 1,317 $ 956
Life Insurance Assumed and Ceded Business	The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended March 31, 2023 2022 Direct earned premiums $ 96 $ 93 Ceded earned premiums (19) (18) Earned premiums $ 77 $ 75 Direct contract holders' benefits incurred 97 103 Ceded contract holders' benefits incurred (16) (27) Contract holders' benefits incurred $ 81 $ 76

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Differences Between Statutory Income Tax Rate And Effective Income Tax Rate	The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended March 31, 2023 2022 Tax at statutory rate: $ 56 21.0 % $ (74) 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (1.9) (5) 1.4 Dividend received exclusion (5) (1.9) (5) 1.4 Other (3) (1.2) (1) 0.4 Provision (benefit) for income taxes $ 43 16.0 % $ (85) 24.2 %

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
Net Income (Loss) Per Common Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Calculations For Basic And Diluted Earnings Per Share	The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended March 31, 2023 2022 Numerator: Net income (loss)—basic and diluted $ 225 $ (266) Denominator: Basic weighted-average common shares outstanding 157.2 160.4 Effect of share-based awards: Stock options 0.8 — Nonvested shares 0.5 — Diluted weighted-average shares 158.5 160.4 Earnings (loss) per share: Basic $ 1.43 $ (1.66) Diluted $ 1.42 $ (1.66) Number of anti-dilutive share-based awards 1.0 2.3

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	3 Months Ended
Employee Retirement Benefits (Tables)	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans: (Dollars in millions) Three months ended March 31, 2023 2022 Service cost $ 1 $ 2 Non-service (benefit) costs: Interest cost 3 3 Expected return on plan assets (5) (6) Amortization of actuarial loss and prior service cost (1) — Other (5) — Total non-service benefit (8) (3) Net periodic benefit $ (7) $ (1)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended March 31, 2023 2022 Revenues: Commercial lines insurance Commercial casualty $ 377 $ 336 Commercial property 299 274 Commercial auto 213 205 Workers' compensation 74 67 Other commercial 93 80 Commercial lines insurance premiums 1,056 962 Fee revenues 1 1 Total commercial lines insurance 1,057 963 Personal lines insurance Personal auto 166 152 Homeowner 232 195 Other personal 66 55 Personal lines insurance premiums 464 402 Fee revenues 1 1 Total personal lines insurance 465 403 Excess and surplus lines insurance 127 112 Fee revenues — 1 Total excess and surplus lines insurance 127 113 Life insurance premiums 77 75 Fee revenues 2 1 Total life insurance 79 76 Investments Investment income, net of expenses 210 185 Investment gains and losses, net 106 (666) Total investment revenue 316 (481) Other Premiums 194 142 Other 3 2 Total other revenues 197 144 Total revenues $ 2,241 $ 1,218 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ (2) $ 76 Personal lines insurance (57) 65 Excess and surplus lines insurance 13 16 Life insurance 8 7 Investments 286 (508) Other 20 (7) Total income (loss) before income taxes $ 268 $ (351) Identifiable assets: March 31, December 31, Property casualty insurance $ 5,229 $ 5,178 Life insurance 1,529 1,518 Investments 22,805 22,133 Other 911 903 Total $ 30,474 $ 29,732

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASU 2018-12
Reinsurance recoverable	$ 698		$ 665
Prepaid reinsurance premiums	57		51
Deferred policy acquisition costs	1,048	$ 984	1,013	$ 916
Total assets	30,474		29,732
Life policy and investment contract reserves	3,059		3,015
Deferred income tax	1,104		1,054
Total liabilities	19,733		19,170
Retained earnings	11,818		11,711
Accumulated other comprehensive income	(527)		(614)
Total shareholders' equity	10,741	11,912	10,562
Total liabilities and shareholders' equity	30,474		29,732
Earned premiums	1,918	1,693
Insurance losses and contract holders' benefits	1,398	1,032
Underwriting, acquisition and insurance expenses	556	520
Deferred	27	(126)
Net Income (Loss)	225	(266)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(9) and $41, respectively	(36)	155
Other comprehensive income (loss)	87	(434)
Comprehensive Income (Loss)	$ 312	$ (700)
Basic (in USD per share)	$ 1.43	$ (1.66)
Diluted (in USD per share)	$ 1.42	$ (1.66)
Accounting Standards Update 2018-12
ASU 2018-12
Reinsurance recoverable			665		$ 287
Prepaid reinsurance premiums			51
Deferred policy acquisition costs			1,013		296
Total assets			29,732
Life policy and investment contract reserves			3,015
Deferred income tax			1,054
Total liabilities			19,170
Retained earnings			11,711
Accumulated other comprehensive income			(614)
Total shareholders' equity			10,562
Total liabilities and shareholders' equity			29,732
Earned premiums		$ 1,693
Insurance losses and contract holders' benefits		1,032
Underwriting, acquisition and insurance expenses		520
Deferred		(126)
Net Income (Loss)		(266)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(9) and $41, respectively		(155)
Other comprehensive income (loss)		(434)
Comprehensive Income (Loss)		$ (700)
Basic (in USD per share)		$ (1.66)
Diluted (in USD per share)		$ (1.66)
Accounting Standards Update 2018-12 \| As originally reported
ASU 2018-12
Reinsurance recoverable			640		217
Prepaid reinsurance premiums			79
Deferred policy acquisition costs			1,014		263
Total assets			29,736
Life policy and investment contract reserves			3,059
Deferred income tax			1,045
Total liabilities			19,205
Retained earnings			11,702
Accumulated other comprehensive income			(636)
Total shareholders' equity			10,531
Total liabilities and shareholders' equity			29,736
Earned premiums		$ 1,690
Insurance losses and contract holders' benefits		1,039
Underwriting, acquisition and insurance expenses		519
Deferred		(128)
Net Income (Loss)		(273)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(9) and $41, respectively		0
Other comprehensive income (loss)		(589)
Comprehensive Income (Loss)		$ (862)
Basic (in USD per share)		$ (1.70)
Diluted (in USD per share)		$ (1.70)
Accounting Standards Update 2018-12 \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12
ASU 2018-12
Reinsurance recoverable			25
Prepaid reinsurance premiums			(28)
Deferred policy acquisition costs			(1)		$ 33
Total assets			(4)
Life policy and investment contract reserves			(44)
Deferred income tax			9
Total liabilities			(35)
Retained earnings			9
Accumulated other comprehensive income			22
Total shareholders' equity			31
Total liabilities and shareholders' equity			$ (4)
Earned premiums		$ 3
Insurance losses and contract holders' benefits		(7)
Underwriting, acquisition and insurance expenses		1
Deferred		2
Net Income (Loss)		7
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(9) and $41, respectively		(155)
Other comprehensive income (loss)		155
Comprehensive Income (Loss)		$ 162
Basic (in USD per share)		$ 0.04
Diluted (in USD per share)		$ 0.04

Investments - Analysis of Cost

Investments - Analysis of Cost or Amortized Cost, Gross Unrealized Gains and Losses and Fair Value for Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale
Total	$ 13,362	$ 12,979
Gross unrealized gain	92	61
Gross unrealized loss	776	908
Fixed maturities, at fair value	12,678	12,132
Corporate
Debt Securities, Available-for-sale
Total	7,568	7,412
Gross unrealized gain	49	37
Gross unrealized loss	526	580
Fixed maturities, at fair value	7,091	6,869
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Total	4,933	4,901
Gross unrealized gain	42	24
Gross unrealized loss	226	303
Fixed maturities, at fair value	4,749	4,622
Government-sponsored enterprises
Debt Securities, Available-for-sale
Total	390	186
Gross unrealized gain	1	0
Gross unrealized loss	4	3
Fixed maturities, at fair value	387	183
Commercial mortgage-backed
Debt Securities, Available-for-sale
Total	241	250
Gross unrealized gain	0	0
Gross unrealized loss	16	16
Fixed maturities, at fair value	225	234
United States government
Debt Securities, Available-for-sale
Total	199	196
Gross unrealized gain	0	0
Gross unrealized loss	4	5
Fixed maturities, at fair value	195	191
Foreign government
Debt Securities, Available-for-sale
Total	31	34
Gross unrealized gain	0	0
Gross unrealized loss	0	1
Fixed maturities, at fair value	$ 31	$ 33

Investments - Fair Values and U

Investments - Fair Values and Unrealized Losses by Investment Category and by Duration of Securities' Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, Unrealized Loss Position
Gross unrealized loss	$ 776	$ 908
Corporate
Investments, Unrealized Loss Position
Gross unrealized loss	526	580
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Gross unrealized loss	226	303
Government-sponsored enterprises
Investments, Unrealized Loss Position
Gross unrealized loss	4	3
Commercial mortgage-backed
Investments, Unrealized Loss Position
Gross unrealized loss	16	16
United States government
Investments, Unrealized Loss Position
Gross unrealized loss	4	5
Foreign government
Investments, Unrealized Loss Position
Gross unrealized loss	0	1
Fixed maturities
Investments, Unrealized Loss Position
Less than 12 months Fair Value	5,698	8,760
Less than 12 Months, Unrealized Loss	215	706
12 months or more, Fair Value	3,340	800
12 months or longer, Unrealized Loss	561	202
Total Fair Value	9,038	9,560
Gross unrealized loss	776	908
Fixed maturities \| Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	3,910	5,651
Less than 12 Months, Unrealized Loss	158	412
12 months or more, Fair Value	2,273	661
12 months or longer, Unrealized Loss	368	168
Total Fair Value	6,183	6,312
Gross unrealized loss	526	580
Fixed maturities \| States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	1,287	2,600
Less than 12 Months, Unrealized Loss	48	274
12 months or more, Fair Value	890	77
12 months or longer, Unrealized Loss	178	29
Total Fair Value	2,177	2,677
Gross unrealized loss	226	303
Fixed maturities \| Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	263	123
Less than 12 Months, Unrealized Loss	3	3
12 months or more, Fair Value	7	3
12 months or longer, Unrealized Loss	1	0
Total Fair Value	270	126
Gross unrealized loss	4	3
Fixed maturities \| Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	107	215
Less than 12 Months, Unrealized Loss	5	13
12 months or more, Fair Value	116	14
12 months or longer, Unrealized Loss	11	3
Total Fair Value	223	229
Gross unrealized loss	16	16
Fixed maturities \| United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	121	146
Less than 12 Months, Unrealized Loss	1	3
12 months or more, Fair Value	52	41
12 months or longer, Unrealized Loss	3	2
Total Fair Value	173	187
Gross unrealized loss	4	5
Fixed maturities \| Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	10	25
Less than 12 Months, Unrealized Loss	0	1
12 months or more, Fair Value	2	4
12 months or longer, Unrealized Loss	0	0
Total Fair Value	12	29
Gross unrealized loss	$ 0	$ 1

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized cost
Due in one year or less	$ 728
Due after one year through five years	4,139
Due after five years through ten years	3,583
Due after ten years	4,912
Total	13,362	$ 12,979
Fair value
Due in one year or less	725
Due after one year through five years	4,003
Due after five years through ten years	3,447
Due after ten years	4,503
Total	$ 12,678	$ 12,132
% of fair value
Due in one year or less	5.70%
Due after one year through five years	31.60%
Due after five years through ten years	27.20%
Due after ten years	35.50%
Total	100%

Investments - Realized Investme

Investments - Realized Investment Gains and Losses and Change in Unrealized Investment Gains and Losses and Other Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment income:
Interest	$ 140	$ 123
Dividends	66	65
Other	7	1
Total	213	189
Less investment expenses	3	4
Total	210	185
Investment gains and losses on securities sold, net	93	(674)
Investment gains and losses, net:
Investment gains and losses, net	106	(666)
Equity securities
Investment income:
Investment gains and losses on securities sold, net	(1)	8
Unrealized gains and losses on securities still held, net	106	(683)
Investment gains and losses, net:
Other	1	6
Investment gains and losses, net	105	(675)
Fixed maturities
Investment gains and losses, net:
Gross realized gains	1	4
Available-for-sale Securities, Gross Realized Losses	(1)	(1)
Investment gains and losses, net	$ 0	$ 3

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 security	Dec. 31, 2022 USD ($) security
Gain (Loss) on Securities
Equity Securities at Fair Value	$ 9,967		$ 9,841
Largest Single Common Stock Holding	$ 758		$ 597
Largest equity holdings to total equity portfolio	7.90%		6.30%
Largest equity holdings to total portfolio	3.30%		2.70%
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 1		$ 1
Changes in Allowance for Credit Losses During Period	$ 1		$ 1
Fixed maturities
Gain (Loss) on Securities
Number Of Impaired Securities Intended to be Sold \| security	0	1
Number Of Securities Continuous Unrealized Loss Position \| security	2,900		3,272
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss 3	$ 776		$ 908
Number Of Securities Continuous Unrealized Loss Position and Below 70 Percent of Amortized Cost	26		49
Fixed maturity investments, Percentage of amortized costs	70%		70%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 12,678	$ 12,132
Fair value of asset	23,545	22,845
Separate accounts	899	892
Top Hat savings plan mutual funds and common equity (included in Other assets)	64	57
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	7,091	6,869
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,749	4,622
Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	387	183
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	225	234
United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	195	191
Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	31	33
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	195	191
Fair value of asset	9,848	9,702
Top Hat savings plan mutual funds and common equity (included in Other assets)	64	57
Level 1 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
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
Level 1 \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Level 1 \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Level 1 \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	195	191
Level 1 \| Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	12,483	11,941
Fair value of asset	13,697	13,143
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Level 2 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	7,091	6,869
Level 2 \| States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,749	4,622
Level 2 \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	387	183
Level 2 \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	225	234
Level 2 \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Level 2 \| Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	31	33
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Fair value of asset	0	0
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Level 3 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
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
Level 3 \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Level 3 \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Level 3 \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
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	9,589	9,454
Equity securities \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	378	387
Equity securities \| Level 1 \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	9,589	9,454
Equity securities \| Level 1 \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Equity securities \| Level 2 \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Equity securities \| Level 2 \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	378	387
Equity securities \| Level 3 \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Equity securities \| Level 3 \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	0	0
Separate accounts taxable fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	836	815
Separate accounts taxable fixed maturities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	0	0
Separate accounts taxable fixed maturities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	836	815
Separate accounts taxable fixed maturities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 955	$ 1,264
Finance receivable	94	92
Life policy and investment contract reserves	3,059	3,015
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	30	31
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	1,527	1,552
Investment contract reserves: \| Deferred Fixed Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	711	734
Investment contract reserves: \| Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	$ 128	$ 129

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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 (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 50	$ 50
Total	$ 923	$ 885
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	$ 30	$ 29
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	$ 435	$ 418
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	$ 408	$ 388
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	0	0
Total	0	0
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
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
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
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	50	50
Total	923	885
Level 2 \| Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	30	29
Level 2 \| Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	435	418
Level 2 \| Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	408	388
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	0	0
Total	0	0
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
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
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 (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 37	$ 37
Liabilities Related to Investment Contracts, Fair Value Disclosure	752	764
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
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	144	143
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	37	37
Liabilities Related to Investment Contracts, Fair Value Disclosure	608	621
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	608	621
Deferred annuities \| 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 \| 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 \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	608	621
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	144	143
Structured settlements \| 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 \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	144	143
Structured settlements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	$ 0	$ 0

Property Casualty Loss and Lo_3

Property Casualty Loss and Loss Expenses - Consolidated Property Casualty Loss and Loss Expense Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	$ 8,336	$ 7,229
Less reinsurance recoverable	405	327
Net loss and loss expense reserves, beginning of period	7,931	6,902
Current accident year	1,376	997
Prior accident years	(59)	(41)
Total incurred	1,317	956
Current accident year	187	169
Prior accident years	859	721
Total paid	1,046	890
Net loss and loss expense reserves, end of period	8,202	6,968
Plus reinsurance recoverable	424	319
Gross loss and loss expense reserves, end of period	$ 8,626	$ 7,287

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 8,626	$ 7,287	$ 8,336	$ 7,229
Prior accident years	(59)	(41)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	67	79
Commercial Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(32)	(18)
Commercial Insurance \| Commercial Property Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(16)
Commercial Insurance \| Workers' Compensation Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(15)	(10)
Commercial Insurance \| Commercial Auto Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(6)
Personal Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(31)	(34)
Personal Insurance \| Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(27)	(31)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (9)	$ (5)

Reserves in Addition to Account

Reserves in Addition to Account Balance, Based on Expected No-Lapse Guarantee Benefits and Expected Policy Assessments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 3,059	$ 3,015
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,532	1,463
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,527	1,552
Term Life Insurance \| Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,011	961
Whole Life Insurance \| Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	427	408
Long-Duration Insurance, Other \| Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	94	94
Long-Duration Insurance, Other \| Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	105	111
Deferred Fixed Annuity \| Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	711	734
Universal life \| Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	583	578
Structured Settlement Annuity \| Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 128	$ 129

Transition Date Adoption Impact

Transition Date Adoption Impacts (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves	$ 698	$ 665
Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			$ 3,560
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves		665	287
As originally reported \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			2,915
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves		640	217
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Removal of shadow adjustments			13
Net premiums in excess of gross premiums			15
Remeasurement at market value discount rates			617
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves		$ 25
Remeasurement at market value discount rates			47
Other adjustments			23
Term Life Insurance \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			1,287
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			162
Term Life Insurance \| As originally reported \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			901
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			113
Term Life Insurance \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Removal of shadow adjustments			0
Net premiums in excess of gross premiums			14
Remeasurement at market value discount rates			372
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Remeasurement at market value discount rates			29
Other adjustments			20
Whole Life Insurance \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			609
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			45
Whole Life Insurance \| As originally reported \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			363
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			26
Whole Life Insurance \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Removal of shadow adjustments			0
Net premiums in excess of gross premiums			1
Remeasurement at market value discount rates			245
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Remeasurement at market value discount rates			18
Other adjustments			1
Deferred Fixed Annuity \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			761
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			0
Deferred Fixed Annuity \| As originally reported \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			761
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			0
Deferred Fixed Annuity \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Removal of shadow adjustments			0
Net premiums in excess of gross premiums			0
Remeasurement at market value discount rates			0
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Remeasurement at market value discount rates			0
Other adjustments			0
Universal life \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			567
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			2
Universal life \| As originally reported \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			567
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			0
Universal life \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Removal of shadow adjustments			0
Net premiums in excess of gross premiums			0
Remeasurement at market value discount rates			0
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Remeasurement at market value discount rates			0
Other adjustments			2
Long-Duration Insurance, Other \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			336
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			78
Long-Duration Insurance, Other \| As originally reported \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			323
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves			78
Long-Duration Insurance, Other \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12 Adoption Impacts to the life policy and investment contract reserves
Removal of shadow adjustments			13
Net premiums in excess of gross premiums			0
Remeasurement at market value discount rates			0
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Remeasurement at market value discount rates			0
Other adjustments			$ 0

Liability for Future Policy Ben

Liability for Future Policy Benefit (Details) - Life policy reserves: - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Term Life Insurance
Present value of expected net premiums:
Balance, beginning of period	$ 1,643	$ 1,801
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			$ 1,708	$ 1,503
Effect of changes in cash flow assumptions			0	(4)
Effect of actual variances from expected experience			(3)	11
Adjusted beginning of period balance	1,705	1,510
Issuances	38	59
Interest accrual	18	15
Net premiums collected	(46)	(42)
Ending balance at original discount rate	1,715	1,542
Effect of changes in discount rate assumptions	(16)	144
Balance, end of period	1,699	1,686
Present value of expected future policy benefits:
Balance, beginning of period	2,584	2,993
Beginning balance at original discount rate			2,692	2,425
Effect of changes in cash flow assumptions			0	(4)
Effect of actual variances from expected experience			(2)	18
Adjusted beginning of period balance	2,690	2,439
Issuances	38	59
Interest accrual	30	27
Benefits paid	(46)	(62)
Ending balance at original discount rate	2,712	2,463
Effect of changes in discount rate assumptions	(21)	282
Balance, end of period	2,691	2,745
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	992	1,059
Impact of flooring at cohort level	19	20
Net life policy reserves	1,011	1,079
Less reinsurance recoverable at original discount rate	(96)	(100)
Less effect of discount rate assumption changes on reinsurance recoverable	(10)	(14)
Net life policy reserves, after reinsurance recoverable	$ 905	$ 965
Weighted-average duration of the net life policy reserves	12 years	12 years
Whole Life Insurance
Present value of expected net premiums:
Balance, beginning of period	$ 208	$ 241
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance			217	201
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			1	0
Adjusted beginning of period balance	218	201
Issuances	7	11
Interest accrual	2	2
Net premiums collected	(7)	(7)
Ending balance at original discount rate	220	207
Effect of changes in discount rate assumptions	(3)	19
Balance, end of period	217	226
Present value of expected future policy benefits:
Balance, beginning of period	614	826
Beginning balance at original discount rate			607	577
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			$ 1	$ 0
Adjusted beginning of period balance	608	577
Issuances	6	11
Interest accrual	8	7
Benefits paid	(8)	(9)
Ending balance at original discount rate	614	586
Effect of changes in discount rate assumptions	30	150
Balance, end of period	644	736
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	427	510
Impact of flooring at cohort level	0	0
Net life policy reserves	427	510
Less reinsurance recoverable at original discount rate	(25)	(27)
Less effect of discount rate assumption changes on reinsurance recoverable	(6)	(11)
Net life policy reserves, after reinsurance recoverable	$ 396	$ 472
Weighted-average duration of the net life policy reserves	16 years	18 years

Life Policy and Investment Co_3

Life Policy and Investment Contract Reserves (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Life policy reserves:
Liability for Future Policy Benefit, Activity [Line Items]
Discount Rate Assumption Changes included in Impact of flooring at Cohort Level	$ 5,000,000	$ 6,000,000
Life Insurance Segment
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Adverse Development, Expense	$ 0

Undiscounted and Discounted Fut

Undiscounted and Discounted Future Benefit Payments and Gross Premiums (Details) - Life policy reserves: - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	$ 4,696		$ 4,128
Undiscounted expected future gross premiums	4,470		4,000
Discounted expected future benefit payments	2,691	$ 2,584	2,745	$ 2,993
Discounted expected future gross premiums	2,674		2,754
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	1,586		1,511
Undiscounted expected future gross premiums	618		580
Discounted expected future benefit payments	644	$ 614	736	$ 826
Discounted expected future gross premiums	$ 384		$ 400

Revenue and Interest Recognized

Revenue and Interest Recognized in Income (Details) - Life policy reserves: - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	$ 85	$ 81
Interest accretion	18	17
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	73	69
Interest accretion	12	12
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	12	12
Interest accretion	$ 6	$ 5

Weighted Average Interest Rate

Weighted Average Interest Rate for Life Policy Products (Details) - Life policy reserves:	Mar. 31, 2023	Mar. 31, 2022
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.32%	5.37%
Current discount rate	4.81%	3.40%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.94%	5.98%
Current discount rate	5.06%	3.77%

Changes in Policyholders' Accou

Changes in Policyholders' Account Balances (Details) - Investment contract reserves: - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Fixed Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 734	$ 763
Premiums received	10	6
Policy charges	0	0
Surrenders and withdrawals	(36)	(12)
Benefit payments	(3)	(6)
Interest credited	6	5
Balance, end of period	$ 711	$ 756
Weighted average crediting rate	3.36%	2.95%
Net amount at risk	$ 0	$ 0
Cash surrender value	706	752
Universal life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	457	454
Premiums received	11	11
Policy charges	(10)	(10)
Surrenders and withdrawals	(3)	(3)
Benefit payments	(2)	(1)
Interest credited	5	5
Balance, end of period	$ 458	$ 456
Weighted average crediting rate	4.26%	4.25%
Net amount at risk	$ 4,064	$ 4,172
Cash surrender value	$ 424	$ 421

Account Values by Range of Guar

Account Values by Range of Guaranteed Minimum Crediting Rates (Details) - Investment contract reserves: - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Deferred Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	$ 711	$ 734	$ 756
Deferred Fixed Annuity \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	59		529
Deferred Fixed Annuity \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	423		0
Deferred Fixed Annuity \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	17		177
Deferred Fixed Annuity \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	212		50
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	661		706
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	9		479
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	423		0
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	17		177
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	212		50
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	50		50
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	50		50
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Deferred Fixed Annuity \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Universal life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	458	$ 457	456
Universal life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	400		404
Universal life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	47		44
Universal life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	9		7
Universal life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	2		1
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	118		113
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	60		61
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	47		44
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	9		7
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	2		1
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	53		51
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	53		51
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	287		292
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	287		292
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0		0
Universal life \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	$ 0		$ 0

Other Additional Liability Roll

Other Additional Liability Rollforward (Details) - Universal life - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 121	$ 133
Balance, beginning of period before shadow reserve adjustments			$ 123	$ 131
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			(1)	3
Adjusted beginning of period balance			122	134
Interest accrual	1	1
Excess death benefits	0	(8)
Attributed assessments	3	3
Effect of changes in interest rate assumptions	1	(3)
Balance, end of period before shadow reserve adjustments	127	127
Shadow reserve adjustments	(2)	0
Balance, end of period	125	127	$ 121	$ 133
Less reinsurance recoverable, end of period	6	5
Net other additional liability, after reinsurance recoverable	$ 131	$ 132
Weighted-average duration of the other additional liability	34 years	35 years

Separate Account Balances and C

Separate Account Balances and Changes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 892
Balance, end of period	899
Universal life
Separate Account, Liability [Roll Forward]
Balance, beginning of period	892	$ 959
Interest credited before policy charges	10	10
Change in unrealized gains and losses impacting separate account liabilities	0	(52)
Benefit payments	(2)	(10)
Other	(1)	(4)
Balance, end of period	899	903
Cash surrender value	$ 896	$ 869

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,013	$ 916
Capitalized deferred policy acquisition costs	383	376
Amortized deferred policy acquisition costs	(348)	(308)
Deferred policy acquisition costs asset, end of period	1,048	984
Consolidated Property And Casualty Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	682	602
Capitalized deferred policy acquisition costs	372	364
Amortized deferred policy acquisition costs	(340)	(301)
Deferred policy acquisition costs asset, end of period	714	665
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	331	314
Capitalized deferred policy acquisition costs	11	12
Amortized deferred policy acquisition costs	(8)	(7)
Deferred policy acquisition costs asset, end of period	$ 334	$ 319

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - ASU 2018-12 Transition Deferred Acquisition Costs Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASU 2018-12
Deferred policy acquisition costs	$ 1,048	$ 1,013	$ 984	$ 916
Accounting Standards Update 2018-12
ASU 2018-12
Deferred policy acquisition costs		1,013			$ 296
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12
ASU 2018-12
Deferred policy acquisition costs		$ (1)			$ 33

Deferred Policy Acquisition C_5

Deferred Policy Acquisition Costs - Life Deferred Acquisition Costs Rollforward by Product (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,013	$ 916
Capitalized deferred policy acquisition costs	383	376
Amortized deferred policy acquisition costs	(348)	(308)
Deferred policy acquisition costs asset, end of period	1,048	984
Term Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	228	215
Capitalized deferred policy acquisition costs	9	10
Amortized deferred policy acquisition costs	(6)	(5)
Deferred policy acquisition costs asset, end of period	231	220
Whole Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	43	38
Capitalized deferred policy acquisition costs	2	2
Amortized deferred policy acquisition costs	(1)	(1)
Deferred policy acquisition costs asset, end of period	44	39
Deferred Fixed Annuity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	7	7
Capitalized deferred policy acquisition costs	0	0
Amortized deferred policy acquisition costs	0	0
Deferred policy acquisition costs asset, end of period	7	7
Universal life
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	53	54
Capitalized deferred policy acquisition costs	0	0
Amortized deferred policy acquisition costs	(1)	(1)
Deferred policy acquisition costs asset, end of period	52	53
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	331	314
Capitalized deferred policy acquisition costs	11	12
Amortized deferred policy acquisition costs	(8)	(7)
Deferred policy acquisition costs asset, end of period	$ 334	$ 319

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	$ (527)		$ (614)
Accumulated other comprehensive income, net of tax, end of period	(527)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Other comprehensive income before reclassification, before tax	163	$ (743)
Reclassification adjustment, before tax	0	(3)
Effect on other comprehensive income, before tax	163	(746)
Accumulated other comprehensive income, before tax, end of period	(684)	46
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income before reclassification, tax	35	(157)
Reclassification adjustment, tax	0	0
Effect on other comprehensive income, tax	35	(157)
Accumulated other comprehensive income, tax, end of period	(147)	8
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(537)	38
Other comprehensive income before reclassification, net of tax	128	(586)
Reclassification adjustment, net of tax	0	(3)
Effect on other comprehensive income, net of tax	128	(589)
Accumulated other comprehensive income, net of tax, end of period	(537)	38
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	36	27
Other comprehensive income before reclassification, before tax	(5)	0
Reclassification adjustment, before tax	(1)	0
Effect on other comprehensive income, before tax	(6)	0
Accumulated other comprehensive income, before tax, end of period	30	27
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	9	7
Other comprehensive income before reclassification, tax	(1)	0
Reclassification adjustment, tax	0	0
Effect on other comprehensive income, tax	(1)	0
Accumulated other comprehensive income, tax, end of period	8	7
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	22	20	27	$ 20
Other comprehensive income before reclassification, net of tax	(4)	0
Reclassification adjustment, net of tax	(1)	0
Effect on other comprehensive income, net of tax	(5)	0
Accumulated other comprehensive income, net of tax, end of period	22	20
Accumulated Net Unrealized Gain (Loss) on Life Policy Reserves, Reinsurance Recoverable And Other
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	29	(444)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	5	(93)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			24	(351)
Accumulated Net Unrealized Gain (Loss) on Life Policy Reserves, Reinsurance Recoverable And Other
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Other comprehensive income before reclassification, before tax	(45)	196
Reclassification adjustment, before tax	0	0
Effect on other comprehensive income, before tax	(45)	196
Accumulated other comprehensive income, before tax, end of period	(16)	(248)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income before reclassification, tax	(9)	41
Reclassification adjustment, tax	0	0
Effect on other comprehensive income, tax	(9)	41
Accumulated other comprehensive income, tax, end of period	(4)	(52)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(12)	(196)
Other comprehensive income before reclassification, net of tax	(36)	155
Reclassification adjustment, net of tax	0	0
Effect on other comprehensive income, net of tax	(36)	155
Accumulated other comprehensive income, net of tax, end of period	(12)	(196)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(782)	375
Change in unrealized gains, net, on investments available for sale, before tax	163	(746)
Change in pension obligations, before tax	(6)	0
Change in Life Policy Reserves, Reinsurance Recoverable and Other	(45)	196
Effect on other comprehensive income, before tax	112	(550)
Accumulated other comprehensive income, before tax, end of period	(670)	(175)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(168)	79
Change in unrealized gains, net, on investments available for sale, tax	35	(157)
Change in pension obligations, tax	(1)	0
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Tax	(9)	41
Effect on other comprehensive income, tax	25	(116)
Accumulated other comprehensive income, tax, end of period	(143)	(37)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(527)	(138)	(614)	296
Change in unrealized gains, net, on investments available for sale, net of tax	128	(589)
Change in pension obligations, net of tax	(5)	0
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Net of Tax	(36)	155
Effect on other comprehensive income, net of tax	87	(434)
Accumulated other comprehensive income, net of tax, end of period	(527)	(138)
As originally reported \| Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(847)	792
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(182)	165
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			(665)	627
As originally reported \| Accumulated Net Unrealized Gain (Loss) on Life Policy Reserves, Reinsurance Recoverable And Other
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	29	1
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	5	0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			24	1
As originally reported \| Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(782)	820
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(168)	172
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			(614)	648
As adjusted \| Accumulated Net Unrealized Gain (Loss) on Life Policy Reserves, Reinsurance Recoverable And Other
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	0	(445)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	0	(93)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			0	(352)
As adjusted \| Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	0	(445)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	$ 0	$ (93)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period			$ 0	$ (352)

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 1,918	$ 1,693
Incurred loss and loss expenses	1,398	1,032
Consolidated Property And Casualty Insurance
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	1,859	1,703
Assumed written premiums	244	263
Ceded written premiums	(84)	(67)
Net written premiums	2,019	1,899
Direct earned premiums	1,760	1,561
Assumed earned premiums	159	121
Ceded earned premiums	(78)	(64)
Earned premiums	1,841	1,618
Direct incurred loss and loss expenses	1,299	895
Assumed incurred loss and loss expenses	76	73
Ceded incurred loss and loss expenses	(58)	(12)
Incurred loss and loss expenses	$ 1,317	$ 956

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reinsurance for Insurance Companies, by Product Segment
Insurance losses and contract holders' benefits	$ 1,398	$ 1,032
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment
Direct earned premiums	96	93
Ceded earned premiums	(19)	(18)
Earned premiums	77	75
Direct contract holders' benefits incurred	97	103
Ceded contract holders' benefits incurred	(16)	(27)
Insurance losses and contract holders' benefits	$ 81	$ 76

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Consolidated Property And Casualty Insurance
Reinsurance for Insurance Companies, by Product Segment
Premium Receivable, Allowance for Credit Loss	$ 13	$ 13

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Contingency
Tax at statutory rate, percentage	21%	21%
Deferred tax assets valuation allowance	$ 0		$ 0
Cincinnati Global
Income Tax Contingency
Deferred tax assets valuation allowance	26
Decrease in deferred tax assets	5
Decrease in deferred tax valuation allowance	5
Net deferred tax assets	26
Cincinnati Global \| United States
Income Tax Contingency
Operating loss carryforwards	6		5
Cincinnati Global \| United Kingdom
Income Tax Contingency
Operating loss carryforwards	$ 105		$ 109

Income Taxes - Differences Betw

Income Taxes - Differences Between Statutory Income Tax Rate and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (decrease) resulting from:
Tax at statutory rate	$ 56	$ (74)
Tax-exempt income from municipal bonds	(5)	(5)
Dividend received exclusion	(5)	(5)
Other	(3)	(1)
Total provision (benefit) for income taxes	$ 43	$ (85)
Increase (decrease) resulting from:
Tax at statutory rate	21%	21%
Tax-exempt income from municipal bonds, Percent	(1.90%)	1.40%
Dividend received exclusion, Percent	(1.90%)	1.40%
Other	(1.20%)	0.40%
Provision for income taxes	16%	24.20%

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Calculations for Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)—basic and diluted	$ 225	$ (266)
Denominator:
Basic weighted-average common shares outstanding (in shares)	157.2	160.4
Diluted weighted-average shares	158.5	160.4
Earnings (loss) per share:
Basic (in USD per share)	$ 1.43	$ (1.66)
Diluted (in USD per share)	$ 1.42	$ (1.66)
Number of anti-dilutive stock-based awards (in shares)	1	2.3
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0.8	0
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.5	0

Employee Retirement Benefits -

Employee Retirement Benefits - Components of Net Periodic Costs for Qualified and Supplemental Pension Plans (Details) - Qualified Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure
Service cost	$ 1	$ 2
Interest cost	3	3
Expected return on plan assets	(5)	(6)
Amortization of actuarial loss and prior service cost	(1)	0
Other	(5)	0
Total non-service benefit	(8)	(3)
Net periodic benefit cost	$ (7)	$ (1)

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 8,000,000	$ 8,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2023 industry segment
Segment Reporting [Abstract]
Number of Industries Operating In \| industry	2
Number of Reportable Segments \| segment	5

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information
Earned premiums	$ 1,918	$ 1,693
Fee revenues	4	4
Total revenues	2,241	1,218
Investment income, net of expenses	210	185
Investment gains and losses, net	106	(666)
Other revenues	3	2
Income before Income Taxes	268	(351)
Assets	30,474		$ 29,732
Consolidated Property And Casualty Insurance
Segment Reporting Information
Earned premiums	1,841	1,618
Assets	5,229		5,178
Life Insurance Segment
Segment Reporting Information
Assets	1,529		1,518
Investment Segment
Segment Reporting Information
Assets	22,805		22,133
Corporate and Other
Segment Reporting Information
Assets	911		$ 903
Operating Segments \| Commercial Insurance
Segment Reporting Information
Earned premiums	1,056	962
Fee revenues	1	1
Total revenues	1,057	963
Income Before Income Taxes	(2)	76
Operating Segments \| Commercial Insurance \| Commercial Casualty Line
Segment Reporting Information
Earned premiums	377	336
Operating Segments \| Commercial Insurance \| Commercial Property Line
Segment Reporting Information
Earned premiums	299	274
Operating Segments \| Commercial Insurance \| Commercial Auto Line
Segment Reporting Information
Earned premiums	213	205
Operating Segments \| Commercial Insurance \| Workers' Compensation Line
Segment Reporting Information
Earned premiums	74	67
Operating Segments \| Commercial Insurance \| Other Commercial Lines
Segment Reporting Information
Earned premiums	93	80
Operating Segments \| Personal Insurance
Segment Reporting Information
Earned premiums	464	402
Fee revenues	1	1
Total revenues	465	403
Income Before Income Taxes	(57)	65
Operating Segments \| Personal Insurance \| Personal Auto
Segment Reporting Information
Earned premiums	166	152
Operating Segments \| Personal Insurance \| Home Owner Line
Segment Reporting Information
Earned premiums	232	195
Operating Segments \| Personal Insurance \| Other Personal Lines
Segment Reporting Information
Earned premiums	66	55
Operating Segments \| Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	127	112
Fee revenues	0	1
Total revenues	127	113
Income Before Income Taxes	13	16
Operating Segments \| Life Insurance Segment
Segment Reporting Information
Earned premiums	77	75
Fee revenues	2	1
Total revenues	79	76
Income Before Income Taxes	8	7
Operating Segments \| Investment Segment
Segment Reporting Information
Total revenues	316	(481)
Investment income, net of expenses	210	185
Investment gains and losses, net	106	(666)
Income Before Income Taxes	286	(508)
Corporate, Non-Segment
Segment Reporting Information
Total revenues	197	144
Corporate, Non-Segment \| Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	194	142
Corporate, Non-Segment \| Corporate and Other
Segment Reporting Information
Other revenues	3	2
Income Before Income Taxes	$ 20	$ (7)