Cincinnati Financial (CINF) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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)		156,856,162
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments
Fixed maturities, at fair value (amortized cost: 2023—$13,708; 2022—$12,979)	$ 12,870	$ 12,132
Equity securities, at fair value (cost: 2023—$4,382; 2022—$4,294)	10,502	9,841
Other invested assets	507	452
Total investments	23,879	22,425
Cash and cash equivalents	748	1,264
Investment income receivable	163	160
Finance receivable	98	92
Premiums receivable	2,749	2,322
Reinsurance recoverable	694	665
Prepaid reinsurance premiums	95	51
Deferred policy acquisition costs	1,109	1,013
Land, building and equipment, net, for company use (accumulated depreciation: 2023—$329; 2022—$322)	198	202
Other assets	708	646
Separate accounts	911	892
Total assets	31,352	29,732
Insurance reserves
Loss and loss expense reserves	8,873	8,400
Life policy and investment contract reserves	3,038	3,015
Unearned premiums	4,222	3,689
Other liabilities	1,253	1,229
Deferred income tax	1,158	1,054
Note payable	25	50
Long-term debt and lease obligations	842	841
Separate accounts	911	892
Total liabilities	20,322	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	1,410	1,392
Retained earnings	12,235	11,711
Accumulated other comprehensive income	(626)	(614)
Treasury stock at cost (2023—41.5 million shares and 2022—41.2 million shares)	(2,386)	(2,324)
Total shareholders' equity	11,030	10,562
Total liabilities and shareholders' equity	$ 31,352	$ 29,732

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 13,708	$ 12,979
Equity Securities, FV-NI, Cost	4,382	4,294
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 329	$ 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)	41.5	41.2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Earned premiums	$ 1,943	$ 1,773	$ 3,861	$ 3,466
Investment income, net of expenses	220	195	430	380
Investment gains and losses, net	434	(1,154)	540	(1,820)
Fee revenues	6	3	10	7
Other revenues	2	3	5	5
Total revenues	2,605	820	4,846	2,038
Benefits and Expenses
Insurance losses and contract holders' benefits	1,340	1,322	2,738	2,354
Underwriting, acquisition and insurance expenses	579	533	1,135	1,053
Interest expense	13	13	27	26
Other operating expenses	7	5	12	9
Total benefits and expenses	1,939	1,873	3,912	3,442
Income (Loss) Before Income Taxes	666	(1,053)	934	(1,404)
Provision (Benefit) for Income Taxes
Current	51	30	67	71
Deferred	81	(265)	108	(391)
Total provision (benefit) for income taxes	132	(235)	175	(320)
Net Income (Loss)	$ 534	$ (818)	$ 759	$ (1,084)
Per Common Share
Net income (loss)—basic	$ 3.40	$ (5.12)	$ 4.83	$ (6.77)
Net income (loss)—diluted	$ 3.38	$ (5.12)	$ 4.80	$ (6.77)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 534	$ (818)	$ 759	$ (1,084)
Change in unrealized gains and losses on investments, net of tax (benefit) of $(32), $(127), $3 and $(284), respectively	(122)	(483)	6	(1,072)
Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $(1), $0, $(2) and $0, respectively	0	0	(5)	0
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $6, $38, $(3) and $79, respectively	23	143	(13)	298
Other comprehensive income (loss)	(99)	(340)	(12)	(774)
Comprehensive Income (Loss)	$ 435	$ (1,158)	$ 747	$ (1,858)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (32)	$ (127)	$ 3	$ (284)
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	(1)	0	(2)	0
Change in life policy reserves, reinsurance recoverable and other, tax	$ 6	$ 38	$ (3)	$ 79

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	(12)					12
Share-based compensation			20
Other			3					1
Net Income (Loss)	$ (1,084)			(1,084)
Dividends declared				(220)
Other comprehensive loss	(774)					(774)
Shares acquired - share repurchase authorization								(196)
Shares acquired - share-based compensation plans								(8)
Ending Balance at Jun. 30, 2022	10,505	$ 397	1,367	11,331		(478)		(2,112)
Beginning Balance (in shares) at Dec. 31, 2021		160.3
Share-based awards (in shares)		0.5
Shares acquired - share repurchase authorization (in shares)		(1.6)
Ending Balance (in shares) at Jun. 30, 2022		159.2
Dividends declared per common share (in dollars per share)		$ 1.38
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 Mar. 31, 2022		$ 397	1,354	12,258		(138)		(1,959)
Share-based awards		0	2					3
Share-based compensation			9
Other			2					1
Net Income (Loss)	(818)			(818)
Dividends declared				(109)
Other comprehensive loss	(340)					(340)
Shares acquired - share repurchase authorization								(151)
Shares acquired - share-based compensation plans								(6)
Ending Balance at Jun. 30, 2022	10,505	$ 397	1,367	11,331		(478)		(2,112)
Beginning Balance (in shares) at Mar. 31, 2022		160.3
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		(1.2)
Ending Balance (in shares) at Jun. 30, 2022		159.2
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			22
Other			2					1
Net Income (Loss)	759			759
Dividends declared				(235)
Other comprehensive loss	(12)					(12)
Shares acquired - share repurchase authorization								(67)
Shares acquired - share-based compensation plans								(3)
Ending Balance at Jun. 30, 2023	11,030	$ 397	1,410	12,235		(626)		(2,386)
Beginning Balance (in shares) at Dec. 31, 2022		157.1
Share-based awards (in shares)		0.3
Shares acquired - share repurchase authorization (in shares)		(0.6)
Ending Balance (in shares) at Jun. 30, 2023		156.8
Dividends declared per common share (in dollars per share)		$ 1.50
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 Mar. 31, 2023		$ 397	1,398	11,818		(527)		(2,345)
Share-based awards		0	0					0
Share-based compensation			10
Other			2					1
Net Income (Loss)	534			534
Dividends declared				(117)
Other comprehensive loss	(99)					(99)
Shares acquired - share repurchase authorization								(42)
Shares acquired - share-based compensation plans								0
Ending Balance at Jun. 30, 2023	$ 11,030	$ 397	$ 1,410	$ 12,235		$ (626)		$ (2,386)
Beginning Balance (in shares) at Mar. 31, 2023		157.2
Share-based awards (in shares)		0
Shares acquired - share repurchase authorization (in shares)		(0.4)
Ending Balance (in shares) at Jun. 30, 2023		156.8
Dividends declared per common share (in dollars per share)		$ 0.75

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net Income (Loss)	$ 759	$ (1,084)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	74	78
Investment gains and losses, net	(526)	1,829
Interest credited to contract holders	21	23
Deferred income tax expense	108	(391)
Changes in:
Premiums and reinsurance receivable	(504)	(427)
Deferred policy acquisition costs	(96)	(130)
Other assets	(17)	(29)
Loss and loss expense reserves	473	364
Life policy and investment contract reserves	56	38
Unearned premiums	533	596
Other liabilities	(27)	(31)
Current income tax receivable/payable	(29)	(81)
Net cash provided by operating activities	825	755
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities	581	702
Sale of equity securities	4	178
Purchase of fixed maturities	(1,313)	(942)
Purchase of equity securities	(97)	(218)
Changes in finance receivables	(6)	11
Investment in building and equipment	(8)	(8)
Change in other invested assets, net	(81)	(47)
Net cash used in investing activities	(920)	(324)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(223)	(208)
Shares acquired - share repurchase authorization	(66)	(196)
Changes in note payable	(25)	(10)
Proceeds from stock options exercised	6	6
Contract holders' funds deposited	45	34
Contract holders' funds withdrawn	(113)	(62)
Other	(45)	(36)
Net cash used in financing activities	(421)	(472)
Net change in cash and cash equivalents	(516)	(41)
Cash and cash equivalents at beginning of year	1,264	1,139
Cash and cash equivalents at end of period	748	1,098
Supplemental Disclosures of Cash Flow Information:
Interest paid	27	26
Income taxes paid	79	142
Noncash Activities
Equipment acquired under finance lease obligations	4	6
Share-based compensation	13	24
Other assets and other liabilities	$ 65	$ 180

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 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. 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) June 30, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 694 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 95 79 51 (28) Deferred policy acquisition costs 1,109 1,014 1,013 (1) Total assets 31,352 29,736 29,732 (4) Life policy and investment contract reserves 3,038 3,059 3,015 (44) Deferred income tax 1,158 1,045 1,054 9 Total liabilities 20,322 19,205 19,170 (35) Retained earnings 12,235 11,702 11,711 9 Accumulated other comprehensive income (626) (636) (614) 22 Total shareholders' equity 11,030 10,531 10,562 31 Total liabilities and shareholders' equity 31,352 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 June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,943 $ 1,773 $ 1,773 $ — Insurance losses and contract holders' benefits 1,340 1,309 1,322 13 Underwriting, acquisition and insurance expenses 579 534 533 (1) Deferred income tax expense 81 (263) (265) (2) Net Income (Loss) 534 (808) (818) (10) Change in life policy reserves, reinsurance recoverable and other, net of tax 23 1 143 142 Other comprehensive income (loss) (99) (482) (340) 142 Comprehensive Income (Loss) 435 (1,290) (1,158) 132 Net income (loss) per share: Basic $ 3.40 $ (5.06) $ (5.12) $ (0.06) Diluted 3.38 (5.06) (5.12) (0.06) (Dollars in millions, except per share data) Six months ended June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 3,861 $ 3,463 $ 3,466 $ 3 Insurance losses and contract holders' benefits 2,738 2,348 2,354 6 Underwriting, acquisition and insurance expenses 1,135 1,053 1,053 — Deferred income tax expense 108 (391) (391) — Net Income (Loss) 759 (1,081) (1,084) (3) Change in life policy reserves, reinsurance recoverable and other, net of tax (13) 1 298 297 Other comprehensive income (loss) (12) (1,071) (774) 297 Comprehensive Income (Loss) 747 (2,152) (1,858) 294 Net income (loss) per share: Basic $ 4.83 $ (6.76) $ (6.77) $ (0.01) Diluted 4.80 (6.76) (6.77) (0.01)

Investments

Investments	6 Months Ended
	Jun. 30, 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 June 30, 2023 gains losses Fixed-maturity securities: Corporate $ 7,719 $ 39 $ 608 $ 7,150 States, municipalities and political subdivisions 4,951 23 262 4,712 Government-sponsored enterprises 582 — 8 574 Commercial mortgage-backed 227 — 17 210 United States government 209 — 5 204 Foreign government 20 — — 20 Total $ 13,708 $ 62 $ 900 $ 12,870 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 June 30, 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 June 30, 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 June 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 2,133 $ 94 $ 4,347 $ 514 $ 6,480 $ 608 States, municipalities and political subdivisions 1,042 11 1,897 251 2,939 262 Government-sponsored enterprises 502 6 32 2 534 8 Commercial mortgage-backed 1 — 208 17 209 17 United States government 144 2 60 3 204 5 Foreign government 15 — — — 15 — Total $ 3,837 $ 113 $ 6,544 $ 787 $ 10,381 $ 900 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 June 30, 2023 Maturity dates: Due in one year or less $ 772 $ 766 6.0 % Due after one year through five years 4,348 4,179 32.5 Due after five years through ten years 3,508 3,312 25.7 Due after ten years 5,080 4,613 35.8 Total $ 13,708 $ 12,870 100.0 % 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Investment income: Interest $ 147 $ 124 $ 287 $ 247 Dividends 70 72 136 137 Other 6 2 13 3 Total 223 198 436 387 Less investment expenses 3 3 6 7 Total $ 220 $ 195 $ 430 $ 380 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ — $ 5 $ (4) $ 37 Unrealized gains and losses on securities still held, net 459 (1,175) 568 (1,882) Subtotal 459 (1,170) 564 (1,845) Fixed-maturity securities: Gross realized gains — 2 1 6 Gross realized losses — (2) (1) (3) Write-down of impaired securities with intent to sell (4) — (4) — Subtotal (4) — (4) 3 Other (21) 16 (20) 22 Total $ 434 $ (1,154) $ 540 $ (1,820) The fair value of our equity portfolio was $10.502 billion and $9.841 billion at June 30, 2023, and December 31, 2022, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with a fair value of $892 million and $597 million, which was 8.8% and 6.3% of our publicly traded common equities portfolio and 3.8% and 2.7% of the total investment portfolio at June 30, 2023, and December 31, 2022, respectively. The allowance for credit losses was $4 million and $1 million at June 30, 2023, and December 31, 2022, respectively. Changes in the allowance were $3 million for both the three and six months ended June 30, 2023 and less than $1 million for both the three and six months ended June 30, 2022.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023 Fixed maturities, available for sale: Corporate $ — $ 7,150 $ — $ 7,150 States, municipalities and political subdivisions — 4,712 — 4,712 Government-sponsored enterprises — 574 — 574 Commercial mortgage-backed — 210 — 210 United States government 204 — — 204 Foreign government — 20 — 20 Subtotal 204 12,666 — 12,870 Common equities 10,124 — — 10,124 Nonredeemable preferred equities — 378 — 378 Separate accounts taxable fixed maturities — 837 — 837 Top Hat savings plan mutual funds and common 62 — — 62 Total $ 10,390 $ 13,881 $ — $ 24,271 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 $748 million and $1.264 billion at June 30, 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 June 30, December 31, June 30, 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 June 30, 2023 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 419 — 419 6.125% senior notes, due 2034 — 396 — 396 Total $ — $ 869 $ — $ 869 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 June 30, 2023 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 599 599 Structured settlements — 141 — 141 Total $ — $ 141 $ 599 $ 740 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 $31 million at both June 30, 2023, and December 31, 2022. Recorded reserves for the deferred annuities were $696 million and $734 million at June 30, 2023, and December 31, 2022, respectively. Recorded reserves for the structured settlements were $126 million and $129 million at June 30, 2023, and December 31, 2022, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Gross loss and loss expense reserves, beginning of period $ 8,626 $ 7,287 $ 8,336 $ 7,229 Less reinsurance recoverable 424 319 405 327 Net loss and loss expense reserves, beginning of period 8,202 6,968 7,931 6,902 Net incurred loss and loss expenses related to: Current accident year 1,363 1,299 2,739 2,296 Prior accident years (101) (59) (160) (100) Total incurred 1,262 1,240 2,579 2,196 Net paid loss and loss expenses related to: Current accident year 502 368 689 537 Prior accident years 579 524 1,438 1,245 Total paid 1,081 892 2,127 1,782 Net loss and loss expense reserves, end of period 8,383 7,316 8,383 7,316 Plus reinsurance recoverable 424 287 424 287 Gross loss and loss expense reserves, end of period $ 8,807 $ 7,603 $ 8,807 $ 7,603 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 $66 million at both June 30, 2023, and 2022, for certain life and health loss and loss expense reserves. We experienced $101 million of favorable development on prior accident years, including $59 million of favorable development in commercial lines, $15 million of favorable development in personal lines and $5 million of favorable development in excess and surplus lines for the three months ended June 30, 2023. Within commercial lines, we recognized favorable reserve development of $34 million for the commercial casualty line and $11 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. We experienced $160 million of favorable development on prior accident years, including $91 million of favorable development in commercial lines, $46 million of favorable development in personal lines and $14 million of favorable development in excess and surplus lines for the six months ended June 30, 2023. Within commercial lines, we recognized favorable reserve development of $36 million for the commercial casualty line, $26 million for the workers' compensation line and $25 million for the commercial property 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 $35 million for the homeowner line and $12 million for the personal auto line.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	6 Months Ended
	Jun. 30, 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. Certain assumptions, including the mortality, lapse and long-term interest rate reversion targets, were updated in the second quarter of 2023 as part of our annual assumption unlocking. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables. 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) June 30, December 31, Life policy reserves: Term $ 1,015 $ 961 Whole life 421 408 Other 95 94 Subtotal 1,531 1,463 Investment contract reserves: Deferred annuities 696 734 Universal life 578 578 Structured settlements 126 129 Other 107 111 Subtotal 1,507 1,552 Total life policy and investment contract reserves $ 3,038 $ 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), pretax: (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, pretax: (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 balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves is as follows: (Dollars in millions) Three months ended June 30, 2023 2022 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,699 $ 217 $ 1,686 $ 226 Beginning balance at original discount rate 1,715 220 1,542 207 Effect of changes in cash flow assumptions (5) (6) 149 (1) Effect of actual variances from expected experience (9) — (3) — Adjusted beginning of period balance 1,701 214 1,688 206 Issuances 40 10 45 8 Interest accrual 17 2 17 2 Net premiums collected (46) (7) (46) (7) Ending balance at original discount rate 1,712 219 1,704 209 Effect of changes in discount rate assumptions (48) (7) 19 1 Balance, end of period 1,664 212 1,723 210 Present value of expected future policy benefits: Balance, beginning of period 2,691 644 2,745 736 Beginning balance at original discount rate 2,712 614 2,463 586 Effect of changes in cash flow assumptions 5 (10) 166 (3) Effect of actual variances from expected experience (11) — (1) — Adjusted beginning of period balance 2,706 604 2,628 583 Issuances 40 11 45 7 Interest accrual 30 7 28 8 Benefits paid (39) (7) (38) (8) Ending balance at original discount rate 2,737 615 2,663 590 Effect of changes in discount rate assumptions (75) 18 39 56 Balance, end of period 2,662 633 2,702 646 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 998 421 979 436 Impact of flooring at cohort level 17 — 20 2 Net life policy reserves 1,015 421 999 438 Less reinsurance recoverable at original discount rate (100) (25) (104) (25) Less effect of discount rate assumption changes on reinsurance recoverable (8) (5) (13) (7) Net life policy reserves, after reinsurance recoverable $ 907 $ 391 $ 882 $ 406 Weighted-average duration of the net life policy reserves in years 12 16 12 17 (Dollars in millions) Six months ended June 30, 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 (5) (6) 145 (1) Effect of actual variances from expected experience (12) 1 8 — Adjusted beginning of period balance 1,691 212 1,656 200 Issuances 78 17 104 19 Interest accrual 35 4 32 4 Net premiums collected (92) (14) (88) (14) Ending balance at original discount rate 1,712 219 1,704 209 Effect of changes in discount rate assumptions (48) (7) 19 1 Balance, end of period 1,664 212 1,723 210 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 5 (10) 162 (3) Effect of actual variances from expected experience (13) 1 17 — Adjusted beginning of period balance 2,684 598 2,604 574 Issuances 78 17 104 18 Interest accrual 60 15 55 15 Benefits paid (85) (15) (100) (17) Ending balance at original discount rate 2,737 615 2,663 590 Effect of changes in discount rate assumptions (75) 18 39 56 Balance, end of period 2,662 633 2,702 646 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 998 421 979 436 Impact of flooring at cohort level 17 — 20 2 Net life policy reserves 1,015 421 999 438 Less reinsurance recoverable at original discount rate (100) (25) (104) (25) Less effect of discount rate assumption changes on reinsurance recoverable (8) (5) (13) (7) Net life policy reserves, after reinsurance recoverable $ 907 $ 391 $ 882 $ 406 Weighted-average duration of the net life policy reserves in years 12 16 12 17 The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption change s of $3 million and $10 million at June 30, 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 June 30, 2023 2022 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,738 $ 2,662 $ 4,589 $ 2,702 Expected future gross premiums 4,345 2,583 4,378 2,690 Whole life Expected future benefit payments $ 1,610 $ 633 $ 1,517 $ 646 Expected future gross premiums 641 390 583 372 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Gross premiums Term $ 73 $ 71 $ 146 $ 140 Whole life 13 12 25 24 Total $ 86 $ 83 $ 171 $ 164 Interest accretion Term $ 12 $ 11 $ 24 $ 23 Whole life 5 6 11 11 Total $ 17 $ 17 $ 35 $ 34 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the three and six months ended June 30, 2023, and 2022. The following table shows the weighted-average interest rate for our term and whole life products : At June 30, 2023 2022 Term Interest accretion rate 5.29 % 5.16 % Current discount rate 5.11 4.20 Whole life Interest accretion rate 5.93 % 5.98 % Current discount rate 5.22 4.74 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 711 $ 458 $ 756 $ 456 $ 734 $ 457 $ 763 $ 454 Premiums received 15 9 5 10 25 20 11 21 Policy charges — (10) — (9) — (20) — (19) Surrenders and withdrawals (32) (4) (8) (2) (68) (7) (20) (5) Benefit payments (3) (2) (4) (2) (6) (4) (10) (3) Interest credited 5 5 6 4 11 10 11 9 Balance, end of period $ 696 $ 456 $ 755 $ 457 $ 696 $ 456 $ 755 $ 457 Weighted average crediting rate 3.41 % 4.29 % 3.06 % 4.25 % 3.41 % 4.29 % 3.06 % 4.25 % Net amount at risk $ — $ 4,030 $ — $ 4,141 $ — $ 4,030 $ — $ 4,141 Cash surrender value 691 423 750 422 691 423 750 422 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 June 30, 2023 Deferred annuity 1.00-3.00% $ 5 $ 400 $ 17 $ 224 646 3.01-4.00% 50 — — — 50 Total $ 55 $ 400 $ 17 $ 224 $ 696 Universal life 1.00-3.00% $ 61 $ — $ 56 $ 3 $ 120 3.01-4.00% 53 — — — 53 Greater than 4.00% 283 — — — 283 Total $ 397 $ — $ 56 $ 3 $ 456 At June 30, 2022 Deferred annuity 1.00-3.00% $ 475 $ — $ 173 $ 56 $ 704 3.01-4.00% 51 — — — 51 Total $ 526 $ — $ 173 $ 56 $ 755 Universal life 1.00-3.00% $ 60 $ 45 $ 7 $ 2 $ 114 3.01-4.00% 52 — — — 52 Greater than 4.00% 291 — — — 291 Total $ 403 $ 45 $ 7 $ 2 $ 457 The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 125 $ 127 $ 121 $ 133 Balance, beginning of period before shadow reserve adjustments 127 127 123 131 Effect of changes in cash flow assumptions (5) (2) (5) (2) Effect of actual variances from expected experience — 2 (1) 5 Adjusted beginning of period balance 122 127 117 134 Interest accrual 1 1 2 2 Excess death benefits (2) (4) (2) (12) Attributed assessments 3 3 6 6 Effect of changes in interest rate assumptions — (4) 1 (7) Balance, end of period before shadow reserve adjustments 124 123 124 123 Shadow reserve adjustments (2) (1) (2) (1) Balance, end of period 122 122 122 122 Less reinsurance recoverable, end of period 7 6 7 6 Net other additional liability, after reinsurance recoverable $ 129 $ 128 $ 129 $ 128 Weighted-average duration of the other additional liability in years 32 35 32 35 The following table shows balances and changes in separate account balances during the period: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 899 $ 903 $ 892 $ 959 Interest credited before policy charges 10 10 20 20 Change in unrealized gains and losses impacting separate account liabilities — (53) — (105) Benefit payments (1) — (3) (10) Other 3 — 2 (4) Balance, end of period $ 911 $ 860 $ 911 $ 860 Cash surrender value $ 906 $ 878 $ 906 $ 878

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 714 $ 665 $ 682 $ 602 Capitalized deferred policy acquisition costs 407 375 779 739 Amortized deferred policy acquisition costs (350) (317) (690) (618) Deferred policy acquisition costs asset, end of period $ 771 $ 723 $ 771 $ 723 Life: Deferred policy acquisition costs asset, beginning of period $ 334 $ 319 $ 331 $ 314 Capitalized deferred policy acquisition costs 11 10 22 22 Amortized deferred policy acquisition costs (7) (6) (15) (13) Deferred policy acquisition costs asset, end of period $ 338 $ 323 $ 338 $ 323 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,048 $ 984 $ 1,013 $ 916 Capitalized deferred policy acquisition costs 418 385 801 761 Amortized deferred policy acquisition costs (357) (323) (705) (631) Deferred policy acquisition costs asset, end of period $ 1,109 $ 1,046 $ 1,109 $ 1,046 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 June 30, 2023 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 231 $ 44 $ 7 $ 52 $ 334 Capitalized deferred policy acquisition costs 7 2 1 1 11 Amortized deferred policy acquisition costs (5) (1) — (1) (7) Balance, end of period $ 233 $ 45 $ 8 $ 52 $ 338 Three months ended June 30, 2022 Balance, beginning of period $ 220 $ 39 $ 7 $ 53 $ 319 Capitalized deferred policy acquisition costs 8 1 — 1 $ 10 Amortized deferred policy acquisition costs (6) — — — $ (6) Balance, end of period $ 222 $ 40 $ 7 $ 54 $ 323 (Dollars in millions) Six months ended June 30, 2023 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 228 $ 43 $ 7 $ 53 $ 331 Capitalized deferred policy acquisition costs 16 4 1 1 22 Amortized deferred policy acquisition costs (11) (2) — (2) (15) Balance, end of period $ 233 $ 45 $ 8 $ 52 $ 338 Six months ended June 30, 2022 Balance, beginning of period $ 215 $ 38 $ 7 $ 54 $ 314 Capitalized deferred policy acquisition costs 18 3 — 1 $ 22 Amortized deferred policy acquisition costs (11) (1) — (1) $ (13) Balance, end of period $ 222 $ 40 $ 7 $ 54 $ 323 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 2022 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (684) $ (147) $ (537) $ 46 $ 8 $ 38 OCI before investment gains and losses, net, recognized in net income (158) (34) (124) (610) (127) (483) Investment gains and losses, net, recognized in net income 4 2 2 — — — OCI (154) (32) (122) (610) (127) (483) AOCI, end of period $ (838) $ (179) $ (659) $ (564) $ (119) $ (445) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 27 $ 7 $ 20 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income (1) (1) — — — — OCI (1) (1) — — — — AOCI, end of period $ 29 $ 7 $ 22 $ 27 $ 7 $ 20 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ (16) $ (4) $ (12) $ (248) $ (52) $ (196) OCI before investment gains and losses, net, recognized in net income 29 6 23 181 38 143 Investment gains and losses, net, recognized in net income — — — — — — OCI 29 6 23 181 38 143 AOCI, end of period $ 13 $ 2 $ 11 $ (67) $ (14) $ (53) Summary of AOCI: AOCI, beginning of period $ (670) $ (143) $ (527) $ (175) $ (37) $ (138) Investments OCI (154) (32) (122) (610) (127) (483) Pension obligations OCI (1) (1) — — — — Life policy reserves, reinsurance recoverable and other OCI 29 6 23 181 38 143 Total OCI (126) (27) (99) (429) (89) (340) AOCI, end of period $ (796) $ (170) $ (626) $ (604) $ (126) $ (478) (Dollars in millions) Six months ended June 30, 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 5 1 4 (1,353) (284) (1,069) Investment gains and losses, net, recognized in net income 4 2 2 (3) — (3) OCI 9 3 6 (1,356) (284) (1,072) AOCI, end of period $ (838) $ (179) $ (659) $ (564) $ (119) $ (445) 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 (2) (1) (1) — — — OCI (7) (2) (5) — — — AOCI, end of period $ 29 $ 7 $ 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 (16) (3) (13) 377 79 298 Investment gains and losses, net, recognized in net income — — — — — — OCI (16) (3) (13) 377 79 298 AOCI, end of period $ 13 $ 2 $ 11 $ (67) $ (14) $ (53) 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 9 3 6 (1,356) (284) (1,072) Pension obligations OCI (7) (2) (5) — — — Life policy reserves, reinsurance recoverable and other OCI (16) (3) (13) 377 79 298 Total OCI (14) (2) (12) (979) (205) (774) AOCI, end of period $ (796) $ (170) $ (626) $ (604) $ (126) $ (478) Investment gains and losses, net, and other investment gains and losses, net,

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Direct written premiums $ 2,071 $ 1,871 $ 3,930 $ 3,574 Assumed written premiums 194 193 438 456 Ceded written premiums (115) (100) (199) (167) Net written premiums $ 2,150 $ 1,964 $ 4,169 $ 3,863 Direct earned premiums $ 1,806 $ 1,631 $ 3,566 $ 3,192 Assumed earned premiums 134 134 293 255 Ceded earned premiums (77) (68) (155) (132) Earned premiums $ 1,863 $ 1,697 $ 3,704 $ 3,315 Direct incurred loss and loss expenses $ 1,265 $ 1,174 $ 2,564 $ 2,069 Assumed incurred loss and loss expenses 58 67 134 140 Ceded incurred loss and loss expenses (61) (1) (119) (13) Incurred loss and loss expenses $ 1,262 $ 1,240 $ 2,579 $ 2,196 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Direct earned premiums $ 100 $ 96 $ 196 $ 189 Ceded earned premiums (20) (20) (39) (38) Earned premiums $ 80 $ 76 $ 157 $ 151 Direct contract holders' benefits incurred 100 109 197 212 Ceded contract holders' benefits incurred (22) (27) (38) (54) Contract holders' benefits incurred $ 78 $ 82 $ 159 $ 158 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	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Tax at statutory rate: $ 140 21.0 % $ (220) 21.0 % $ 196 21.0 % $ (294) 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (0.8) (5) 0.5 (10) (1.1) (10) 0.7 Dividend received exclusion (6) (0.9) (5) 0.5 (11) (1.2) (10) 0.7 Other 3 0.5 (5) 0.3 — — (6) 0.4 Provision (benefit) for income taxes $ 132 19.8 % $ (235) 22.3 % $ 175 18.7 % $ (320) 22.8 % 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 June 30, 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 and six months ended June 30, 2023, Cincinnati Global decreased its net deferred tax assets by $5 million and $10 million with an offsettin g decrease of $5 million and $10 million to the valuation allowance. Cincinnati Global had a net deferred tax asset of $21 million and an offsetting valuation allowance of $21 million at June 30, 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 June 30, 2023.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss)—basic and diluted $ 534 $ (818) $ 759 $ (1,084) Denominator: Basic weighted-average common shares outstanding 157.0 159.6 157.1 160.0 Effect of share-based awards: Stock options 0.6 — 0.8 — Nonvested shares 0.4 — 0.4 — Diluted weighted-average shares 158.0 159.6 158.3 160.0 Earnings (loss) per share: Basic $ 3.40 $ (5.12) $ 4.83 $ (6.77) Diluted $ 3.38 $ (5.12) $ 4.80 $ (6.77) Number of anti-dilutive share-based awards 1.5 2.0 1.5 2.2 The above table shows the number of anti-dilutive share-based awards for the three and six months ended June 30, 2023 and 2022. In accordance with Accounting Standards Codification 260, Earnings per Share

Employee Retirement Benefits

Employee Retirement Benefits	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Service cost $ 2 $ 3 $ 3 $ 5 Non-service (benefit) costs: Interest cost 3 2 6 5 Expected return on plan assets (5) (5) (10) (11) Amortization of actuarial loss and prior service cost (1) — (2) — Other — — (5) — Total non-service benefit (3) (3) (11) (6) Net periodic benefit $ (1) $ — $ (8) $ (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 $6 million to our 401(k) and Top Hat savings plans during both the second quarter of 2023 and 2022 and contributions of $14 million for both the first half of 2023 and 2022. We m ade no con

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 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. Appellate decisions issued to date generally have been favorable for the insurance industry, and the company has received numerous favorable rulings on appeal with no adverse appellate rulings to date. Some cases remain to be decided and in some jurisdictions, 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	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Revenues: Commercial lines insurance Commercial casualty $ 373 $ 350 $ 750 $ 686 Commercial property 312 280 611 554 Commercial auto 214 210 428 415 Workers' compensation 72 68 146 136 Other commercial 95 86 187 165 Commercial lines insurance premiums 1,066 994 2,122 1,956 Fee revenues 1 1 2 2 Total commercial lines insurance 1,067 995 2,124 1,958 Personal lines insurance Personal auto 173 155 339 307 Homeowner 251 202 484 397 Other personal 69 56 134 111 Personal lines insurance premiums 493 413 957 815 Fee revenues 1 1 2 2 Total personal lines insurance 494 414 959 817 Excess and surplus lines insurance 132 124 259 236 Fee revenues 1 — 1 1 Total excess and surplus lines insurance 133 124 260 237 Life insurance premiums 80 76 157 151 Fee revenues 3 1 5 2 Total life insurance 83 77 162 153 Investments Investment income, net of expenses 220 195 430 380 Investment gains and losses, net 434 (1,154) 540 (1,820) Total investment revenue 654 (959) 970 (1,440) Other Premiums 172 166 366 308 Other 2 3 5 5 Total other revenues 174 169 371 313 Total revenues $ 2,605 $ 820 $ 4,846 $ 2,038 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 33 $ (62) $ 31 $ 14 Personal lines insurance (36) (49) (93) 16 Excess and surplus lines insurance 11 19 24 35 Life insurance 13 1 21 8 Investments 624 (987) 910 (1,495) Other 21 25 41 18 Total income (loss) before income taxes $ 666 $ (1,053) $ 934 $ (1,404) Identifiable assets: June 30, December 31, Property casualty insurance $ 5,354 $ 5,178 Life insurance 1,542 1,518 Investments 23,535 22,133 Other 921 903 Total $ 31,352 $ 29,732

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 534	$ (818)	$ 759	$ (1,084)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 694 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 95 79 51 (28) Deferred policy acquisition costs 1,109 1,014 1,013 (1) Total assets 31,352 29,736 29,732 (4) Life policy and investment contract reserves 3,038 3,059 3,015 (44) Deferred income tax 1,158 1,045 1,054 9 Total liabilities 20,322 19,205 19,170 (35) Retained earnings 12,235 11,702 11,711 9 Accumulated other comprehensive income (626) (636) (614) 22 Total shareholders' equity 11,030 10,531 10,562 31 Total liabilities and shareholders' equity 31,352 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 June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,943 $ 1,773 $ 1,773 $ — Insurance losses and contract holders' benefits 1,340 1,309 1,322 13 Underwriting, acquisition and insurance expenses 579 534 533 (1) Deferred income tax expense 81 (263) (265) (2) Net Income (Loss) 534 (808) (818) (10) Change in life policy reserves, reinsurance recoverable and other, net of tax 23 1 143 142 Other comprehensive income (loss) (99) (482) (340) 142 Comprehensive Income (Loss) 435 (1,290) (1,158) 132 Net income (loss) per share: Basic $ 3.40 $ (5.06) $ (5.12) $ (0.06) Diluted 3.38 (5.06) (5.12) (0.06) (Dollars in millions, except per share data) Six months ended June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 3,861 $ 3,463 $ 3,466 $ 3 Insurance losses and contract holders' benefits 2,738 2,348 2,354 6 Underwriting, acquisition and insurance expenses 1,135 1,053 1,053 — Deferred income tax expense 108 (391) (391) — Net Income (Loss) 759 (1,081) (1,084) (3) Change in life policy reserves, reinsurance recoverable and other, net of tax (13) 1 298 297 Other comprehensive income (loss) (12) (1,071) (774) 297 Comprehensive Income (Loss) 747 (2,152) (1,858) 294 Net income (loss) per share: Basic $ 4.83 $ (6.76) $ (6.77) $ (0.01) Diluted 4.80 (6.76) (6.77) (0.01) 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), pretax: (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, pretax: (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)	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 694 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 95 79 51 (28) Deferred policy acquisition costs 1,109 1,014 1,013 (1) Total assets 31,352 29,736 29,732 (4) Life policy and investment contract reserves 3,038 3,059 3,015 (44) Deferred income tax 1,158 1,045 1,054 9 Total liabilities 20,322 19,205 19,170 (35) Retained earnings 12,235 11,702 11,711 9 Accumulated other comprehensive income (626) (636) (614) 22 Total shareholders' equity 11,030 10,531 10,562 31 Total liabilities and shareholders' equity 31,352 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 June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,943 $ 1,773 $ 1,773 $ — Insurance losses and contract holders' benefits 1,340 1,309 1,322 13 Underwriting, acquisition and insurance expenses 579 534 533 (1) Deferred income tax expense 81 (263) (265) (2) Net Income (Loss) 534 (808) (818) (10) Change in life policy reserves, reinsurance recoverable and other, net of tax 23 1 143 142 Other comprehensive income (loss) (99) (482) (340) 142 Comprehensive Income (Loss) 435 (1,290) (1,158) 132 Net income (loss) per share: Basic $ 3.40 $ (5.06) $ (5.12) $ (0.06) Diluted 3.38 (5.06) (5.12) (0.06) (Dollars in millions, except per share data) Six months ended June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 3,861 $ 3,463 $ 3,466 $ 3 Insurance losses and contract holders' benefits 2,738 2,348 2,354 6 Underwriting, acquisition and insurance expenses 1,135 1,053 1,053 — Deferred income tax expense 108 (391) (391) — Net Income (Loss) 759 (1,081) (1,084) (3) Change in life policy reserves, reinsurance recoverable and other, net of tax (13) 1 298 297 Other comprehensive income (loss) (12) (1,071) (774) 297 Comprehensive Income (Loss) 747 (2,152) (1,858) 294 Net income (loss) per share: Basic $ 4.83 $ (6.76) $ (6.77) $ (0.01) Diluted 4.80 (6.76) (6.77) (0.01) 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), pretax: (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, pretax: (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)	6 Months Ended
	Jun. 30, 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 June 30, 2023 gains losses Fixed-maturity securities: Corporate $ 7,719 $ 39 $ 608 $ 7,150 States, municipalities and political subdivisions 4,951 23 262 4,712 Government-sponsored enterprises 582 — 8 574 Commercial mortgage-backed 227 — 17 210 United States government 209 — 5 204 Foreign government 20 — — 20 Total $ 13,708 $ 62 $ 900 $ 12,870 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 June 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 2,133 $ 94 $ 4,347 $ 514 $ 6,480 $ 608 States, municipalities and political subdivisions 1,042 11 1,897 251 2,939 262 Government-sponsored enterprises 502 6 32 2 534 8 Commercial mortgage-backed 1 — 208 17 209 17 United States government 144 2 60 3 204 5 Foreign government 15 — — — 15 — Total $ 3,837 $ 113 $ 6,544 $ 787 $ 10,381 $ 900 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 June 30, 2023 Maturity dates: Due in one year or less $ 772 $ 766 6.0 % Due after one year through five years 4,348 4,179 32.5 Due after five years through ten years 3,508 3,312 25.7 Due after ten years 5,080 4,613 35.8 Total $ 13,708 $ 12,870 100.0 %
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Investment income: Interest $ 147 $ 124 $ 287 $ 247 Dividends 70 72 136 137 Other 6 2 13 3 Total 223 198 436 387 Less investment expenses 3 3 6 7 Total $ 220 $ 195 $ 430 $ 380 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ — $ 5 $ (4) $ 37 Unrealized gains and losses on securities still held, net 459 (1,175) 568 (1,882) Subtotal 459 (1,170) 564 (1,845) Fixed-maturity securities: Gross realized gains — 2 1 6 Gross realized losses — (2) (1) (3) Write-down of impaired securities with intent to sell (4) — (4) — Subtotal (4) — (4) 3 Other (21) 16 (20) 22 Total $ 434 $ (1,154) $ 540 $ (1,820)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023 Fixed maturities, available for sale: Corporate $ — $ 7,150 $ — $ 7,150 States, municipalities and political subdivisions — 4,712 — 4,712 Government-sponsored enterprises — 574 — 574 Commercial mortgage-backed — 210 — 210 United States government 204 — — 204 Foreign government — 20 — 20 Subtotal 204 12,666 — 12,870 Common equities 10,124 — — 10,124 Nonredeemable preferred equities — 378 — 378 Separate accounts taxable fixed maturities — 837 — 837 Top Hat savings plan mutual funds and common 62 — — 62 Total $ 10,390 $ 13,881 $ — $ 24,271 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 June 30, December 31, June 30, 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 June 30, 2023 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 419 — 419 6.125% senior notes, due 2034 — 396 — 396 Total $ — $ 869 $ — $ 869 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 June 30, 2023 Life policy loans $ — $ — $ 37 $ 37 Deferred annuities — — 599 599 Structured settlements — 141 — 141 Total $ — $ 141 $ 599 $ 740 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)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Gross loss and loss expense reserves, beginning of period $ 8,626 $ 7,287 $ 8,336 $ 7,229 Less reinsurance recoverable 424 319 405 327 Net loss and loss expense reserves, beginning of period 8,202 6,968 7,931 6,902 Net incurred loss and loss expenses related to: Current accident year 1,363 1,299 2,739 2,296 Prior accident years (101) (59) (160) (100) Total incurred 1,262 1,240 2,579 2,196 Net paid loss and loss expenses related to: Current accident year 502 368 689 537 Prior accident years 579 524 1,438 1,245 Total paid 1,081 892 2,127 1,782 Net loss and loss expense reserves, end of period 8,383 7,316 8,383 7,316 Plus reinsurance recoverable 424 287 424 287 Gross loss and loss expense reserves, end of period $ 8,807 $ 7,603 $ 8,807 $ 7,603

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	6 Months Ended
	Jun. 30, 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) June 30, December 31, Life policy reserves: Term $ 1,015 $ 961 Whole life 421 408 Other 95 94 Subtotal 1,531 1,463 Investment contract reserves: Deferred annuities 696 734 Universal life 578 578 Structured settlements 126 129 Other 107 111 Subtotal 1,507 1,552 Total life policy and investment contract reserves $ 3,038 $ 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) June 30, 2023 December 31, 2022 As originally reported As adjusted Difference Reinsurance recoverable $ 694 $ 640 $ 665 $ 25 Prepaid reinsurance premiums 95 79 51 (28) Deferred policy acquisition costs 1,109 1,014 1,013 (1) Total assets 31,352 29,736 29,732 (4) Life policy and investment contract reserves 3,038 3,059 3,015 (44) Deferred income tax 1,158 1,045 1,054 9 Total liabilities 20,322 19,205 19,170 (35) Retained earnings 12,235 11,702 11,711 9 Accumulated other comprehensive income (626) (636) (614) 22 Total shareholders' equity 11,030 10,531 10,562 31 Total liabilities and shareholders' equity 31,352 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 June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 1,943 $ 1,773 $ 1,773 $ — Insurance losses and contract holders' benefits 1,340 1,309 1,322 13 Underwriting, acquisition and insurance expenses 579 534 533 (1) Deferred income tax expense 81 (263) (265) (2) Net Income (Loss) 534 (808) (818) (10) Change in life policy reserves, reinsurance recoverable and other, net of tax 23 1 143 142 Other comprehensive income (loss) (99) (482) (340) 142 Comprehensive Income (Loss) 435 (1,290) (1,158) 132 Net income (loss) per share: Basic $ 3.40 $ (5.06) $ (5.12) $ (0.06) Diluted 3.38 (5.06) (5.12) (0.06) (Dollars in millions, except per share data) Six months ended June 30, 2023 2022 As originally reported As adjusted Difference Earned premiums $ 3,861 $ 3,463 $ 3,466 $ 3 Insurance losses and contract holders' benefits 2,738 2,348 2,354 6 Underwriting, acquisition and insurance expenses 1,135 1,053 1,053 — Deferred income tax expense 108 (391) (391) — Net Income (Loss) 759 (1,081) (1,084) (3) Change in life policy reserves, reinsurance recoverable and other, net of tax (13) 1 298 297 Other comprehensive income (loss) (12) (1,071) (774) 297 Comprehensive Income (Loss) 747 (2,152) (1,858) 294 Net income (loss) per share: Basic $ 4.83 $ (6.76) $ (6.77) $ (0.01) Diluted 4.80 (6.76) (6.77) (0.01) 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), pretax: (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, pretax: (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 balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves is as follows: (Dollars in millions) Three months ended June 30, 2023 2022 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,699 $ 217 $ 1,686 $ 226 Beginning balance at original discount rate 1,715 220 1,542 207 Effect of changes in cash flow assumptions (5) (6) 149 (1) Effect of actual variances from expected experience (9) — (3) — Adjusted beginning of period balance 1,701 214 1,688 206 Issuances 40 10 45 8 Interest accrual 17 2 17 2 Net premiums collected (46) (7) (46) (7) Ending balance at original discount rate 1,712 219 1,704 209 Effect of changes in discount rate assumptions (48) (7) 19 1 Balance, end of period 1,664 212 1,723 210 Present value of expected future policy benefits: Balance, beginning of period 2,691 644 2,745 736 Beginning balance at original discount rate 2,712 614 2,463 586 Effect of changes in cash flow assumptions 5 (10) 166 (3) Effect of actual variances from expected experience (11) — (1) — Adjusted beginning of period balance 2,706 604 2,628 583 Issuances 40 11 45 7 Interest accrual 30 7 28 8 Benefits paid (39) (7) (38) (8) Ending balance at original discount rate 2,737 615 2,663 590 Effect of changes in discount rate assumptions (75) 18 39 56 Balance, end of period 2,662 633 2,702 646 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 998 421 979 436 Impact of flooring at cohort level 17 — 20 2 Net life policy reserves 1,015 421 999 438 Less reinsurance recoverable at original discount rate (100) (25) (104) (25) Less effect of discount rate assumption changes on reinsurance recoverable (8) (5) (13) (7) Net life policy reserves, after reinsurance recoverable $ 907 $ 391 $ 882 $ 406 Weighted-average duration of the net life policy reserves in years 12 16 12 17 (Dollars in millions) Six months ended June 30, 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 (5) (6) 145 (1) Effect of actual variances from expected experience (12) 1 8 — Adjusted beginning of period balance 1,691 212 1,656 200 Issuances 78 17 104 19 Interest accrual 35 4 32 4 Net premiums collected (92) (14) (88) (14) Ending balance at original discount rate 1,712 219 1,704 209 Effect of changes in discount rate assumptions (48) (7) 19 1 Balance, end of period 1,664 212 1,723 210 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 5 (10) 162 (3) Effect of actual variances from expected experience (13) 1 17 — Adjusted beginning of period balance 2,684 598 2,604 574 Issuances 78 17 104 18 Interest accrual 60 15 55 15 Benefits paid (85) (15) (100) (17) Ending balance at original discount rate 2,737 615 2,663 590 Effect of changes in discount rate assumptions (75) 18 39 56 Balance, end of period 2,662 633 2,702 646 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 998 421 979 436 Impact of flooring at cohort level 17 — 20 2 Net life policy reserves 1,015 421 999 438 Less reinsurance recoverable at original discount rate (100) (25) (104) (25) Less effect of discount rate assumption changes on reinsurance recoverable (8) (5) (13) (7) Net life policy reserves, after reinsurance recoverable $ 907 $ 391 $ 882 $ 406 Weighted-average duration of the net life policy reserves in years 12 16 12 17
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 June 30, 2023 2022 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,738 $ 2,662 $ 4,589 $ 2,702 Expected future gross premiums 4,345 2,583 4,378 2,690 Whole life Expected future benefit payments $ 1,610 $ 633 $ 1,517 $ 646 Expected future gross premiums 641 390 583 372
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Gross premiums Term $ 73 $ 71 $ 146 $ 140 Whole life 13 12 25 24 Total $ 86 $ 83 $ 171 $ 164 Interest accretion Term $ 12 $ 11 $ 24 $ 23 Whole life 5 6 11 11 Total $ 17 $ 17 $ 35 $ 34
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 June 30, 2023 2022 Term Interest accretion rate 5.29 % 5.16 % Current discount rate 5.11 4.20 Whole life Interest accretion rate 5.93 % 5.98 % Current discount rate 5.22 4.74
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 711 $ 458 $ 756 $ 456 $ 734 $ 457 $ 763 $ 454 Premiums received 15 9 5 10 25 20 11 21 Policy charges — (10) — (9) — (20) — (19) Surrenders and withdrawals (32) (4) (8) (2) (68) (7) (20) (5) Benefit payments (3) (2) (4) (2) (6) (4) (10) (3) Interest credited 5 5 6 4 11 10 11 9 Balance, end of period $ 696 $ 456 $ 755 $ 457 $ 696 $ 456 $ 755 $ 457 Weighted average crediting rate 3.41 % 4.29 % 3.06 % 4.25 % 3.41 % 4.29 % 3.06 % 4.25 % Net amount at risk $ — $ 4,030 $ — $ 4,141 $ — $ 4,030 $ — $ 4,141 Cash surrender value 691 423 750 422 691 423 750 422
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 June 30, 2023 Deferred annuity 1.00-3.00% $ 5 $ 400 $ 17 $ 224 646 3.01-4.00% 50 — — — 50 Total $ 55 $ 400 $ 17 $ 224 $ 696 Universal life 1.00-3.00% $ 61 $ — $ 56 $ 3 $ 120 3.01-4.00% 53 — — — 53 Greater than 4.00% 283 — — — 283 Total $ 397 $ — $ 56 $ 3 $ 456 At June 30, 2022 Deferred annuity 1.00-3.00% $ 475 $ — $ 173 $ 56 $ 704 3.01-4.00% 51 — — — 51 Total $ 526 $ — $ 173 $ 56 $ 755 Universal life 1.00-3.00% $ 60 $ 45 $ 7 $ 2 $ 114 3.01-4.00% 52 — — — 52 Greater than 4.00% 291 — — — 291 Total $ 403 $ 45 $ 7 $ 2 $ 457
Additional Liability, Long-Duration Insurance	The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 125 $ 127 $ 121 $ 133 Balance, beginning of period before shadow reserve adjustments 127 127 123 131 Effect of changes in cash flow assumptions (5) (2) (5) (2) Effect of actual variances from expected experience — 2 (1) 5 Adjusted beginning of period balance 122 127 117 134 Interest accrual 1 1 2 2 Excess death benefits (2) (4) (2) (12) Attributed assessments 3 3 6 6 Effect of changes in interest rate assumptions — (4) 1 (7) Balance, end of period before shadow reserve adjustments 124 123 124 123 Shadow reserve adjustments (2) (1) (2) (1) Balance, end of period 122 122 122 122 Less reinsurance recoverable, end of period 7 6 7 6 Net other additional liability, after reinsurance recoverable $ 129 $ 128 $ 129 $ 128 Weighted-average duration of the other additional liability in years 32 35 32 35
Separate Account, Liability	The following table shows balances and changes in separate account balances during the period: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 899 $ 903 $ 892 $ 959 Interest credited before policy charges 10 10 20 20 Change in unrealized gains and losses impacting separate account liabilities — (53) — (105) Benefit payments (1) — (3) (10) Other 3 — 2 (4) Balance, end of period $ 911 $ 860 $ 911 $ 860 Cash surrender value $ 906 $ 878 $ 906 $ 878

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 714 $ 665 $ 682 $ 602 Capitalized deferred policy acquisition costs 407 375 779 739 Amortized deferred policy acquisition costs (350) (317) (690) (618) Deferred policy acquisition costs asset, end of period $ 771 $ 723 $ 771 $ 723 Life: Deferred policy acquisition costs asset, beginning of period $ 334 $ 319 $ 331 $ 314 Capitalized deferred policy acquisition costs 11 10 22 22 Amortized deferred policy acquisition costs (7) (6) (15) (13) Deferred policy acquisition costs asset, end of period $ 338 $ 323 $ 338 $ 323 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,048 $ 984 $ 1,013 $ 916 Capitalized deferred policy acquisition costs 418 385 801 761 Amortized deferred policy acquisition costs (357) (323) (705) (631) Deferred policy acquisition costs asset, end of period $ 1,109 $ 1,046 $ 1,109 $ 1,046
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 June 30, 2023 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 231 $ 44 $ 7 $ 52 $ 334 Capitalized deferred policy acquisition costs 7 2 1 1 11 Amortized deferred policy acquisition costs (5) (1) — (1) (7) Balance, end of period $ 233 $ 45 $ 8 $ 52 $ 338 Three months ended June 30, 2022 Balance, beginning of period $ 220 $ 39 $ 7 $ 53 $ 319 Capitalized deferred policy acquisition costs 8 1 — 1 $ 10 Amortized deferred policy acquisition costs (6) — — — $ (6) Balance, end of period $ 222 $ 40 $ 7 $ 54 $ 323 (Dollars in millions) Six months ended June 30, 2023 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 228 $ 43 $ 7 $ 53 $ 331 Capitalized deferred policy acquisition costs 16 4 1 1 22 Amortized deferred policy acquisition costs (11) (2) — (2) (15) Balance, end of period $ 233 $ 45 $ 8 $ 52 $ 338 Six months ended June 30, 2022 Balance, beginning of period $ 215 $ 38 $ 7 $ 54 $ 314 Capitalized deferred policy acquisition costs 18 3 — 1 $ 22 Amortized deferred policy acquisition costs (11) (1) — (1) $ (13) Balance, end of period $ 222 $ 40 $ 7 $ 54 $ 323

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 2022 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (684) $ (147) $ (537) $ 46 $ 8 $ 38 OCI before investment gains and losses, net, recognized in net income (158) (34) (124) (610) (127) (483) Investment gains and losses, net, recognized in net income 4 2 2 — — — OCI (154) (32) (122) (610) (127) (483) AOCI, end of period $ (838) $ (179) $ (659) $ (564) $ (119) $ (445) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 27 $ 7 $ 20 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income (1) (1) — — — — OCI (1) (1) — — — — AOCI, end of period $ 29 $ 7 $ 22 $ 27 $ 7 $ 20 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ (16) $ (4) $ (12) $ (248) $ (52) $ (196) OCI before investment gains and losses, net, recognized in net income 29 6 23 181 38 143 Investment gains and losses, net, recognized in net income — — — — — — OCI 29 6 23 181 38 143 AOCI, end of period $ 13 $ 2 $ 11 $ (67) $ (14) $ (53) Summary of AOCI: AOCI, beginning of period $ (670) $ (143) $ (527) $ (175) $ (37) $ (138) Investments OCI (154) (32) (122) (610) (127) (483) Pension obligations OCI (1) (1) — — — — Life policy reserves, reinsurance recoverable and other OCI 29 6 23 181 38 143 Total OCI (126) (27) (99) (429) (89) (340) AOCI, end of period $ (796) $ (170) $ (626) $ (604) $ (126) $ (478) (Dollars in millions) Six months ended June 30, 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 5 1 4 (1,353) (284) (1,069) Investment gains and losses, net, recognized in net income 4 2 2 (3) — (3) OCI 9 3 6 (1,356) (284) (1,072) AOCI, end of period $ (838) $ (179) $ (659) $ (564) $ (119) $ (445) 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 (2) (1) (1) — — — OCI (7) (2) (5) — — — AOCI, end of period $ 29 $ 7 $ 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 (16) (3) (13) 377 79 298 Investment gains and losses, net, recognized in net income — — — — — — OCI (16) (3) (13) 377 79 298 AOCI, end of period $ 13 $ 2 $ 11 $ (67) $ (14) $ (53) 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 9 3 6 (1,356) (284) (1,072) Pension obligations OCI (7) (2) (5) — — — Life policy reserves, reinsurance recoverable and other OCI (16) (3) (13) 377 79 298 Total OCI (14) (2) (12) (979) (205) (774) AOCI, end of period $ (796) $ (170) $ (626) $ (604) $ (126) $ (478)

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Direct written premiums $ 2,071 $ 1,871 $ 3,930 $ 3,574 Assumed written premiums 194 193 438 456 Ceded written premiums (115) (100) (199) (167) Net written premiums $ 2,150 $ 1,964 $ 4,169 $ 3,863 Direct earned premiums $ 1,806 $ 1,631 $ 3,566 $ 3,192 Assumed earned premiums 134 134 293 255 Ceded earned premiums (77) (68) (155) (132) Earned premiums $ 1,863 $ 1,697 $ 3,704 $ 3,315 Direct incurred loss and loss expenses $ 1,265 $ 1,174 $ 2,564 $ 2,069 Assumed incurred loss and loss expenses 58 67 134 140 Ceded incurred loss and loss expenses (61) (1) (119) (13) Incurred loss and loss expenses $ 1,262 $ 1,240 $ 2,579 $ 2,196
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Direct earned premiums $ 100 $ 96 $ 196 $ 189 Ceded earned premiums (20) (20) (39) (38) Earned premiums $ 80 $ 76 $ 157 $ 151 Direct contract holders' benefits incurred 100 109 197 212 Ceded contract holders' benefits incurred (22) (27) (38) (54) Contract holders' benefits incurred $ 78 $ 82 $ 159 $ 158

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Tax at statutory rate: $ 140 21.0 % $ (220) 21.0 % $ 196 21.0 % $ (294) 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (0.8) (5) 0.5 (10) (1.1) (10) 0.7 Dividend received exclusion (6) (0.9) (5) 0.5 (11) (1.2) (10) 0.7 Other 3 0.5 (5) 0.3 — — (6) 0.4 Provision (benefit) for income taxes $ 132 19.8 % $ (235) 22.3 % $ 175 18.7 % $ (320) 22.8 %

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss)—basic and diluted $ 534 $ (818) $ 759 $ (1,084) Denominator: Basic weighted-average common shares outstanding 157.0 159.6 157.1 160.0 Effect of share-based awards: Stock options 0.6 — 0.8 — Nonvested shares 0.4 — 0.4 — Diluted weighted-average shares 158.0 159.6 158.3 160.0 Earnings (loss) per share: Basic $ 3.40 $ (5.12) $ 4.83 $ (6.77) Diluted $ 3.38 $ (5.12) $ 4.80 $ (6.77) Number of anti-dilutive share-based awards 1.5 2.0 1.5 2.2

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Service cost $ 2 $ 3 $ 3 $ 5 Non-service (benefit) costs: Interest cost 3 2 6 5 Expected return on plan assets (5) (5) (10) (11) Amortization of actuarial loss and prior service cost (1) — (2) — Other — — (5) — Total non-service benefit (3) (3) (11) (6) Net periodic benefit $ (1) $ — $ (8) $ (1)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Revenues: Commercial lines insurance Commercial casualty $ 373 $ 350 $ 750 $ 686 Commercial property 312 280 611 554 Commercial auto 214 210 428 415 Workers' compensation 72 68 146 136 Other commercial 95 86 187 165 Commercial lines insurance premiums 1,066 994 2,122 1,956 Fee revenues 1 1 2 2 Total commercial lines insurance 1,067 995 2,124 1,958 Personal lines insurance Personal auto 173 155 339 307 Homeowner 251 202 484 397 Other personal 69 56 134 111 Personal lines insurance premiums 493 413 957 815 Fee revenues 1 1 2 2 Total personal lines insurance 494 414 959 817 Excess and surplus lines insurance 132 124 259 236 Fee revenues 1 — 1 1 Total excess and surplus lines insurance 133 124 260 237 Life insurance premiums 80 76 157 151 Fee revenues 3 1 5 2 Total life insurance 83 77 162 153 Investments Investment income, net of expenses 220 195 430 380 Investment gains and losses, net 434 (1,154) 540 (1,820) Total investment revenue 654 (959) 970 (1,440) Other Premiums 172 166 366 308 Other 2 3 5 5 Total other revenues 174 169 371 313 Total revenues $ 2,605 $ 820 $ 4,846 $ 2,038 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 33 $ (62) $ 31 $ 14 Personal lines insurance (36) (49) (93) 16 Excess and surplus lines insurance 11 19 24 35 Life insurance 13 1 21 8 Investments 624 (987) 910 (1,495) Other 21 25 41 18 Total income (loss) before income taxes $ 666 $ (1,053) $ 934 $ (1,404) Identifiable assets: June 30, December 31, Property casualty insurance $ 5,354 $ 5,178 Life insurance 1,542 1,518 Investments 23,535 22,133 Other 921 903 Total $ 31,352 $ 29,732

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASU 2018-12
Reinsurance recoverable	$ 694		$ 694			$ 665
Prepaid reinsurance premiums	95		95			51
Deferred policy acquisition costs	1,109	$ 1,046	1,109	$ 1,046	$ 1,048	1,013	$ 984	$ 916
Total assets	31,352		31,352			29,732
Life policy and investment contract reserves	3,038		3,038			3,015
Deferred income tax	1,158		1,158			1,054
Total liabilities	20,322		20,322			19,170
Retained earnings	12,235		12,235			11,711
Accumulated other comprehensive income	(626)		(626)			(614)
Total shareholders' equity	11,030	10,505	11,030	10,505		10,562
Total liabilities and shareholders' equity	31,352		31,352			29,732
Earned premiums	1,943	1,773	3,861	3,466
Insurance losses and contract holders' benefits	1,340	1,322	2,738	2,354
Underwriting, acquisition and insurance expenses	579	533	1,135	1,053
Deferred	81	(265)	108	(391)
Net Income (Loss)	534	(818)	759	(1,084)
Change in life policy reserves, reinsurance recoverable and other, net of tax	23	143	(13)	298
Other comprehensive income (loss)	(99)	(340)	(12)	(774)
Comprehensive Income (Loss)	$ 435	$ (1,158)	$ 747	$ (1,858)
Basic (in USD per share)	$ 3.40	$ (5.12)	$ 4.83	$ (6.77)
Diluted (in USD per share)	$ 3.38	$ (5.12)	$ 4.80	$ (6.77)
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		$ 1,773		$ 3,466
Insurance losses and contract holders' benefits		1,322		2,354
Underwriting, acquisition and insurance expenses		533		1,053
Deferred		(265)		(391)
Net Income (Loss)		(818)		(1,084)
Change in life policy reserves, reinsurance recoverable and other, net of tax		143		298
Other comprehensive income (loss)		(340)		(774)
Comprehensive Income (Loss)		$ (1,158)		$ (1,858)
Basic (in USD per share)		$ (5.12)		$ (6.77)
Diluted (in USD per share)		$ (5.12)		$ (6.77)
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		$ 1,773		$ 3,463
Insurance losses and contract holders' benefits		1,309		2,348
Underwriting, acquisition and insurance expenses		534		1,053
Deferred		(263)		(391)
Net Income (Loss)		(808)		(1,081)
Change in life policy reserves, reinsurance recoverable and other, net of tax		1		1
Other comprehensive income (loss)		(482)		(1,071)
Comprehensive Income (Loss)		$ (1,290)		$ (2,152)
Basic (in USD per share)		$ (5.06)		$ (6.76)
Diluted (in USD per share)		$ (5.06)		$ (6.76)
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		$ 0		$ 3
Insurance losses and contract holders' benefits		13		6
Underwriting, acquisition and insurance expenses		(1)		0
Deferred		(2)		0
Net Income (Loss)		(10)		(3)
Change in life policy reserves, reinsurance recoverable and other, net of tax		142		297
Other comprehensive income (loss)		142		297
Comprehensive Income (Loss)		$ 132		$ 294
Basic (in USD per share)		$ (0.06)		$ (0.01)
Diluted (in USD per share)		$ (0.06)		$ (0.01)

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	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale
Total	$ 13,708	$ 12,979
Gross unrealized gain	62	61
Gross unrealized loss	900	908
Fixed maturities, at fair value	12,870	12,132
Corporate
Debt Securities, Available-for-sale
Total	7,719	7,412
Gross unrealized gain	39	37
Gross unrealized loss	608	580
Fixed maturities, at fair value	7,150	6,869
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Total	4,951	4,901
Gross unrealized gain	23	24
Gross unrealized loss	262	303
Fixed maturities, at fair value	4,712	4,622
Government-sponsored enterprises
Debt Securities, Available-for-sale
Total	582	186
Gross unrealized gain	0	0
Gross unrealized loss	8	3
Fixed maturities, at fair value	574	183
Commercial mortgage-backed
Debt Securities, Available-for-sale
Total	227	250
Gross unrealized gain	0	0
Gross unrealized loss	17	16
Fixed maturities, at fair value	210	234
United States government
Debt Securities, Available-for-sale
Total	209	196
Gross unrealized gain	0	0
Gross unrealized loss	5	5
Fixed maturities, at fair value	204	191
Foreign government
Debt Securities, Available-for-sale
Total	20	34
Gross unrealized gain	0	0
Gross unrealized loss	0	1
Fixed maturities, at fair value	$ 20	$ 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	Jun. 30, 2023	Dec. 31, 2022
Investments, Unrealized Loss Position
Gross unrealized loss	$ 900	$ 908
Corporate
Investments, Unrealized Loss Position
Gross unrealized loss	608	580
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Gross unrealized loss	262	303
Government-sponsored enterprises
Investments, Unrealized Loss Position
Gross unrealized loss	8	3
Commercial mortgage-backed
Investments, Unrealized Loss Position
Gross unrealized loss	17	16
United States government
Investments, Unrealized Loss Position
Gross unrealized loss	5	5
Foreign government
Investments, Unrealized Loss Position
Gross unrealized loss	0	1
Fixed maturities
Investments, Unrealized Loss Position
Less than 12 months Fair Value	3,837	8,760
Less than 12 Months, Unrealized Loss	113	706
12 months or more, Fair Value	6,544	800
12 months or longer, Unrealized Loss	787	202
Total Fair Value	10,381	9,560
Gross unrealized loss	900	908
Fixed maturities | Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	2,133	5,651
Less than 12 Months, Unrealized Loss	94	412
12 months or more, Fair Value	4,347	661
12 months or longer, Unrealized Loss	514	168
Total Fair Value	6,480	6,312
Gross unrealized loss	608	580
Fixed maturities | States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	1,042	2,600
Less than 12 Months, Unrealized Loss	11	274
12 months or more, Fair Value	1,897	77
12 months or longer, Unrealized Loss	251	29
Total Fair Value	2,939	2,677
Gross unrealized loss	262	303
Fixed maturities | Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	502	123
Less than 12 Months, Unrealized Loss	6	3
12 months or more, Fair Value	32	3
12 months or longer, Unrealized Loss	2	0
Total Fair Value	534	126
Gross unrealized loss	8	3
Fixed maturities | Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	1	215
Less than 12 Months, Unrealized Loss	0	13
12 months or more, Fair Value	208	14
12 months or longer, Unrealized Loss	17	3
Total Fair Value	209	229
Gross unrealized loss	17	16
Fixed maturities | United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	144	146
Less than 12 Months, Unrealized Loss	2	3
12 months or more, Fair Value	60	41
12 months or longer, Unrealized Loss	3	2
Total Fair Value	204	187
Gross unrealized loss	5	5
Fixed maturities | Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	15	25
Less than 12 Months, Unrealized Loss	0	1
12 months or more, Fair Value	0	4
12 months or longer, Unrealized Loss	0	0
Total Fair Value	15	29
Gross unrealized loss	$ 0	$ 1

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amortized cost
Due in one year or less	$ 772
Due after one year through five years	4,348
Due after five years through ten years	3,508
Due after ten years	5,080
Total	13,708	$ 12,979
Fair value
Due in one year or less	766
Due after one year through five years	4,179
Due after five years through ten years	3,312
Due after ten years	4,613
Total	$ 12,870	$ 12,132
% of fair value
Due in one year or less	6%
Due after one year through five years	32.50%
Due after five years through ten years	25.70%
Due after ten years	35.80%
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment income:
Interest	$ 147	$ 124	$ 287	$ 247
Dividends	70	72	136	137
Other	6	2	13	3
Total	223	198	436	387
Less investment expenses	3	3	6	7
Total	220	195	430	380
Investment gains and losses, net
Other	(21)	16	(20)	22
Total	434	(1,154)	540	(1,820)
Equity securities
Investment gains and losses, net
Investment gains and losses on securities sold, net	0	5	(4)	37
Unrealized gains and losses on securities still held, net	459	(1,175)	568	(1,882)
Total	459	(1,170)	564	(1,845)
Fixed maturities
Investment gains and losses, net
Gross realized gains	0	2	1	6
Gross realized losses	0	(2)	(1)	(3)
Writedown of Impaired Securities Intended to be Sold	(4)	0	(4)	0
Total	$ (4)	$ 0	$ (4)	$ 3

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Gain (Loss) on Securities
Equity Securities at Fair Value	$ 10,502		$ 10,502		$ 9,841
Largest Single Common Stock Holding	$ 892		$ 892		$ 597
Largest equity holdings to total equity portfolio	8.80%		8.80%		6.30%
Largest equity holdings to total portfolio	3.80%		3.80%		2.70%
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 4		$ 4		$ 1
Fixed maturities
Gain (Loss) on Securities
Number Of Securities Continuous Unrealized Loss Position | security	3,452		3,452		3,272
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss 3	$ 900		$ 900		$ 908
Number Of Securities Continuous Unrealized Loss Position and Below 70 Percent of Amortized Cost	23		23		49
Fixed maturity investments, Percentage of amortized costs			70%		70%
Change in allowance for credit losses, net	$ 3	$ 1	$ 3	$ 1

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 12,870	$ 12,132
Fair value of asset	24,271	22,845
Separate accounts	911	892
Top Hat savings plan mutual funds and common equity (included in Other assets)	62	57
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	7,150	6,869
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,712	4,622
Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	574	183
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	210	234
United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	204	191
Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	20	33
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	204	191
Fair value of asset	10,390	9,702
Top Hat savings plan mutual funds and common equity (included in Other assets)	62	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	204	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	12,666	11,941
Fair value of asset	13,881	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	7,150	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	4,712	4,622
Level 2 | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	574	183
Level 2 | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	210	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	20	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	10,124	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	10,124	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	837	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	837	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	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 748	$ 1,264
Finance receivable	98	92
Life policy and investment contract reserves	3,038	3,015
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	31	31
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	1,507	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	696	734
Investment contract reserves: | Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	$ 126	$ 129

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 25	$ 50
Total	$ 869	$ 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	$ 29	$ 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	$ 419	$ 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	$ 396	$ 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	25	50
Total	869	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	29	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	419	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	396	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	Jun. 30, 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	740	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	141	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	599	621
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	599	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	599	621
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	141	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	141	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	$ 8,626	$ 7,287	$ 8,336	$ 7,229
Less reinsurance recoverable	424	319	405	327
Net loss and loss expense reserves, beginning of period	8,202	6,968	7,931	6,902
Current accident year	1,363	1,299	2,739	2,296
Prior accident years	(101)	(59)	(160)	(100)
Total incurred	1,262	1,240	2,579	2,196
Current accident year	502	368	689	537
Prior accident years	579	524	1,438	1,245
Total paid	1,081	892	2,127	1,782
Net loss and loss expense reserves, end of period	8,383	7,316	8,383	7,316
Plus reinsurance recoverable	424	287	424	287
Gross loss and loss expense reserves, end of period	$ 8,807	$ 7,603	$ 8,807	$ 7,603

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 8,807	$ 7,603	$ 8,807	$ 7,603	$ 8,626	$ 8,336	$ 7,287	$ 7,229
Prior accident years	(101)	(59)	(160)	(100)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	66		66
Commercial Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(59)	(29)	(91)	(47)
Commercial Insurance | Commercial Property Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(7)	(25)	(12)
Commercial Insurance | Workers' Compensation Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(11)	(18)	(26)	(27)
Commercial Insurance | Commercial Casualty Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(34)		(36)
Personal Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(15)	(14)	(46)	(48)
Personal Insurance | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(16)	(35)	(46)
Personal Insurance | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(12)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (5)	$ (1)	$ (14)	$ (6)

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	Jun. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 3,038	$ 3,015
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,531	1,463
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,507	1,552
Term Life Insurance | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,015	961
Whole Life Insurance | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	421	408
Long-Duration Insurance, Other | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	95	94
Long-Duration Insurance, Other | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	107	111
Deferred Fixed Annuity | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	696	734
Universal life | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	578	578
Structured Settlement Annuity | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 126	$ 129

Transition Date Adoption Impact

Transition Date Adoption Impacts (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
ASU 2018-12 Adoption Impacts to the Life Reinsurance Recoverable Assets
Life policy and investment contract reserves	$ 694	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Term Life Insurance
Present value of expected net premiums:
Balance, beginning of period	$ 1,699	$ 1,686	$ 1,643	$ 1,801
Beginning balance at original discount rate					$ 1,715	$ 1,708	$ 1,542	$ 1,503
Effect of changes in cash flow assumptions					(5)	(5)	149	145
Effect of actual variances from expected experience					(9)	(12)	(3)	8
Adjusted beginning of period balance	1,701	1,688	1,691	1,656
Issuances	40	45	78	104
Interest accrual	17	17	35	32
Net premiums collected	(46)	(46)	(92)	(88)
Ending balance at original discount rate	1,712	1,704	1,712	1,704
Effect of changes in discount rate assumptions	(48)	19	(48)	19
Balance, end of period	1,664	1,723	1,664	1,723
Present value of expected future policy benefits:
Balance, beginning of period	2,691	2,745	2,584	2,993
Beginning balance at original discount rate					2,712	2,692	2,463	2,425
Effect of changes in cash flow assumptions					5	5	166	162
Effect of actual variances from expected experience					(11)	(13)	(1)	17
Adjusted beginning of period balance	2,706	2,628	2,684	2,604
Issuances	40	45	78	104
Interest accrual	30	28	60	55
Benefits paid	(39)	(38)	(85)	(100)
Ending balance at original discount rate	2,737	2,663	2,737	2,663
Effect of changes in discount rate assumptions	(75)	39	(75)	39
Balance, end of period	2,662	2,702	2,662	2,702
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	998	979	998	979
Impact of flooring at cohort level	17	20	17	20
Net life policy reserves	1,015	999	1,015	999
Less reinsurance recoverable at original discount rate	(100)	(104)	(100)	(104)
Less effect of discount rate assumption changes on reinsurance recoverable	(8)	(13)	(8)	(13)
Net life policy reserves, after reinsurance recoverable	$ 907	$ 882	$ 907	$ 882
Weighted-average duration of the net life policy reserves in years	12 years	12 years	12 years	12 years
Whole Life Insurance
Present value of expected net premiums:
Balance, beginning of period	$ 217	$ 226	$ 208	$ 241
Beginning balance at original discount rate					220	217	207	201
Effect of changes in cash flow assumptions					(6)	(6)	(1)	(1)
Effect of actual variances from expected experience					0	1	0	0
Adjusted beginning of period balance	214	206	212	200
Issuances	10	8	17	19
Interest accrual	2	2	4	4
Net premiums collected	(7)	(7)	(14)	(14)
Ending balance at original discount rate	219	209	219	209
Effect of changes in discount rate assumptions	(7)	1	(7)	1
Balance, end of period	212	210	212	210
Present value of expected future policy benefits:
Balance, beginning of period	644	736	614	826
Beginning balance at original discount rate					614	607	586	577
Effect of changes in cash flow assumptions					(10)	(10)	(3)	(3)
Effect of actual variances from expected experience					$ 0	$ 1	$ 0	$ 0
Adjusted beginning of period balance	604	583	598	574
Issuances	11	7	17	18
Interest accrual	7	8	15	15
Benefits paid	(7)	(8)	(15)	(17)
Ending balance at original discount rate	615	590	615	590
Effect of changes in discount rate assumptions	18	56	18	56
Balance, end of period	633	646	633	646
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	421	436	421	436
Impact of flooring at cohort level	0	2	0	2
Net life policy reserves	421	438	421	438
Less reinsurance recoverable at original discount rate	(25)	(25)	(25)	(25)
Less effect of discount rate assumption changes on reinsurance recoverable	(5)	(7)	(5)	(7)
Net life policy reserves, after reinsurance recoverable	$ 391	$ 406	$ 391	$ 406
Weighted-average duration of the net life policy reserves in years	16 years	17 years	16 years	17 years

Life Policy and Investment Co_3

Life Policy and Investment Contract Reserves (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Life policy reserves:
Liability for Future Policy Benefit, Activity [Line Items]
Discount Rate Assumption Changes included in Impact of flooring at Cohort Level	$ 3,000,000	$ 10,000,000
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	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	$ 4,738			$ 4,589
Undiscounted expected future gross premiums	4,345			4,378
Discounted expected future benefit payments	2,662	$ 2,691	$ 2,584	2,702	$ 2,745	$ 2,993
Discounted expected future gross premiums	2,583			2,690
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	1,610			1,517
Undiscounted expected future gross premiums	641			583
Discounted expected future benefit payments	633	$ 644	$ 614	646	$ 736	$ 826
Discounted expected future gross premiums	$ 390			$ 372

Revenue and Interest Recognized

Revenue and Interest Recognized in Income (Details) - Life policy reserves: - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	$ 86	$ 83	$ 171	$ 164
Interest accretion	17	17	35	34
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	73	71	146	140
Interest accretion	12	11	24	23
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	13	12	25	24
Interest accretion	$ 5	$ 6	$ 11	$ 11

Weighted Average Interest Rate

Weighted Average Interest Rate for Life Policy Products (Details) - Life policy reserves:	Jun. 30, 2023	Jun. 30, 2022
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.29%	5.16%
Current discount rate	5.11%	4.20%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.93%	5.98%
Current discount rate	5.22%	4.74%

Changes in Policyholders' Accou

Changes in Policyholders' Account Balances (Details) - Investment contract reserves: - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred Fixed Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 711	$ 756	$ 734	$ 763
Premiums received	15	5	25	11
Policy charges	0	0	0	0
Surrenders and withdrawals	(32)	(8)	(68)	(20)
Benefit payments	(3)	(4)	(6)	(10)
Interest credited	5	6	11	11
Balance, end of period	$ 696	$ 755	$ 696	$ 755
Weighted average crediting rate	3.41%	3.06%	3.41%	3.06%
Net amount at risk	$ 0	$ 0	$ 0	$ 0
Cash surrender value	691	750	691	750
Universal life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	458	456	457	454
Premiums received	9	10	20	21
Policy charges	(10)	(9)	(20)	(19)
Surrenders and withdrawals	(4)	(2)	(7)	(5)
Benefit payments	(2)	(2)	(4)	(3)
Interest credited	5	4	10	9
Balance, end of period	$ 456	$ 457	$ 456	$ 457
Weighted average crediting rate	4.29%	4.25%	4.29%	4.25%
Net amount at risk	$ 4,030	$ 4,141	$ 4,030	$ 4,141
Cash surrender value	$ 423	$ 422	$ 423	$ 422

Account Values by Range of Guar

Account Values by Range of Guaranteed Minimum Crediting Rates (Details) - Investment contract reserves: - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022
Deferred Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	$ 696	$ 711	$ 734	$ 755	$ 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	55			526
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	400			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			173
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	224			56
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	646			704
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	5			475
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	400			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			173
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	224			56
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			51
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			51
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	456	$ 458	$ 457	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	397			403
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	0			45
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	56			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	3			2
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	120			114
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	61			60
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	0			45
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	56			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	3			2
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			52
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			52
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	283			291
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	283			291
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 125	$ 127	$ 121	$ 133
Balance, beginning of period before shadow reserve adjustments					$ 127	$ 123	$ 127	$ 131
Effect of changes in cash flow assumptions					(5)	(5)	(2)	(2)
Effect of actual variances from expected experience					0	(1)	2	5
Adjusted beginning of period balance					122	117	127	134
Interest accrual	1	1	2	2
Excess death benefits	(2)	(4)	(2)	(12)
Attributed assessments	3	3	6	6
Effect of changes in interest rate assumptions	0	(4)	1	(7)
Balance, end of period before shadow reserve adjustments	124	123	124	123
Shadow reserve adjustments	(2)	(1)	(2)	(1)
Balance, end of period	122	122	122	122	$ 125	$ 121	$ 127	$ 133
Less reinsurance recoverable, end of period	7	6	7	6
Net other additional liability, after reinsurance recoverable	$ 129	$ 128	$ 129	$ 128
Weighted-average duration of the other additional liability in years	32 years	35 years	32 years	35 years

Separate Account Balances and C

Separate Account Balances and Changes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Separate Account, Liability [Roll Forward]
Balance, beginning of period			$ 892
Balance, end of period	$ 911		911
Universal life
Separate Account, Liability [Roll Forward]
Balance, beginning of period	899	$ 903	892	$ 959
Interest credited before policy charges	10	10	20	20
Change in unrealized gains and losses impacting separate account liabilities	0	(53)	0	(105)
Benefit payments	(1)	0	(3)	(10)
Other	3	0	2	(4)
Balance, end of period	911	860	911	860
Cash surrender value	$ 906	$ 878	$ 906	$ 878

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,048	$ 984	$ 1,013	$ 916
Capitalized deferred policy acquisition costs	418	385	801	761
Amortized deferred policy acquisition costs	(357)	(323)	(705)	(631)
Deferred policy acquisition costs asset, end of period	1,109	1,046	1,109	1,046
Consolidated Property And Casualty Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	714	665	682	602
Capitalized deferred policy acquisition costs	407	375	779	739
Amortized deferred policy acquisition costs	(350)	(317)	(690)	(618)
Deferred policy acquisition costs asset, end of period	771	723	771	723
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	334	319	331	314
Capitalized deferred policy acquisition costs	11	10	22	22
Amortized deferred policy acquisition costs	(7)	(6)	(15)	(13)
Deferred policy acquisition costs asset, end of period	$ 338	$ 323	$ 338	$ 323

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - ASU 2018-12 Transition Deferred Acquisition Costs Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASU 2018-12
Deferred policy acquisition costs	$ 1,109	$ 1,048	$ 1,013	$ 1,046	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,048	$ 984	$ 1,013	$ 916
Capitalized deferred policy acquisition costs	418	385	801	761
Amortized deferred policy acquisition costs	(357)	(323)	(705)	(631)
Deferred policy acquisition costs asset, end of period	1,109	1,046	1,109	1,046
Term Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	231	220	228	215
Capitalized deferred policy acquisition costs	7	8	16	18
Amortized deferred policy acquisition costs	(5)	(6)	(11)	(11)
Deferred policy acquisition costs asset, end of period	233	222	233	222
Whole Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	44	39	43	38
Capitalized deferred policy acquisition costs	2	1	4	3
Amortized deferred policy acquisition costs	(1)	0	(2)	(1)
Deferred policy acquisition costs asset, end of period	45	40	45	40
Deferred Fixed Annuity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	7	7	7	7
Capitalized deferred policy acquisition costs	1	0	1	0
Amortized deferred policy acquisition costs	0	0	0	0
Deferred policy acquisition costs asset, end of period	8	7	8	7
Universal life
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	52	53	53	54
Capitalized deferred policy acquisition costs	1	1	1	1
Amortized deferred policy acquisition costs	(1)	0	(2)	(1)
Deferred policy acquisition costs asset, end of period	52	54	52	54
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	334	319	331	314
Capitalized deferred policy acquisition costs	11	10	22	22
Amortized deferred policy acquisition costs	(7)	(6)	(15)	(13)
Deferred policy acquisition costs asset, end of period	$ 338	$ 323	$ 338	$ 323

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ (614)
AOCI, net of tax, end of period	$ (626)		(626)
AOCI on Net Unrecognized Investment Gain (Loss)
AOCI, Before Tax
AOCI, before tax, beginning of period	(684)	$ 46	(847)	$ 792
Other comprehensive income before reclassification, before tax	(158)	(610)	5	(1,353)
Reclassification adjustment, before tax	4	0	4	(3)
Effect on other comprehensive income, before tax	(154)	(610)	9	(1,356)
AOCI, before tax, end of period	(838)	(564)	(838)	(564)
AOCI, Tax
AOCI, tax, beginning of period	(147)	8	(182)	165
Other comprehensive income before reclassification, tax	(34)	(127)	1	(284)
Reclassification adjustment, tax	2	0	2	0
Effect on other comprehensive income, tax	(32)	(127)	3	(284)
AOCI, tax, end of period	(179)	(119)	(179)	(119)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(537)	38	(665)	627
Other comprehensive income before reclassification, net of tax	(124)	(483)	4	(1,069)
Reclassification adjustment, net of tax	2	0	2	(3)
Effect on other comprehensive income, net of tax	(122)	(483)	6	(1,072)
AOCI, net of tax, end of period	(659)	(445)	(659)	(445)
AOCI on Pension Obligations
AOCI, Before Tax
AOCI, before tax, beginning of period	30	27	36	27
Other comprehensive income before reclassification, before tax	0	0	(5)	0
Reclassification adjustment, before tax	(1)	0	(2)	0
Effect on other comprehensive income, before tax	(1)	0	(7)	0
AOCI, before tax, end of period	29	27	29	27
AOCI, Tax
AOCI, tax, beginning of period	8	7	9	7
Other comprehensive income before reclassification, tax	0	0	(1)	0
Reclassification adjustment, tax	(1)	0	(1)	0
Effect on other comprehensive income, tax	(1)	0	(2)	0
AOCI, tax, end of period	7	7	7	7
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	22	20	27	20
Other comprehensive income before reclassification, net of tax	0	0	(4)	0
Reclassification adjustment, net of tax	0	0	(1)	0
Effect on other comprehensive income, net of tax	0	0	(5)	0
AOCI, net of tax, end of period	22	20	22	20
AOCI on Life Policy Reserves, Reinsurance Recoverable And Other
AOCI, Before Tax
AOCI, before tax, beginning of period	(16)	(248)	29	(444)
Other comprehensive income before reclassification, before tax	29	181	(16)	377
Reclassification adjustment, before tax	0	0	0	0
Effect on other comprehensive income, before tax	29	181	(16)	377
AOCI, before tax, end of period	13	(67)	13	(67)
AOCI, Tax
AOCI, tax, beginning of period	(4)	(52)	5	(93)
Other comprehensive income before reclassification, tax	6	38	(3)	79
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	6	38	(3)	79
AOCI, tax, end of period	2	(14)	2	(14)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(12)	(196)	24	(351)
Other comprehensive income before reclassification, net of tax	23	143	(13)	298
Reclassification adjustment, net of tax	0	0	0	0
Effect on other comprehensive income, net of tax	23	143	(13)	298
AOCI, net of tax, end of period	11	(53)	11	(53)
Summary of AOCI
AOCI, Before Tax
AOCI, before tax, beginning of period	(670)	(175)	(782)	375
Change in unrealized gains, net, on investments available for sale, before tax	(154)	(610)	9	(1,356)
Change in pension obligations, before tax	(1)	0	(7)	0
Change in life policy reserves, reinsurance recoverable and other, before tax	29	181	(16)	377
Effect on other comprehensive income, before tax	(126)	(429)	(14)	(979)
AOCI, before tax, end of period	(796)	(604)	(796)	(604)
AOCI, Tax
AOCI, tax, beginning of period	(143)	(37)	(168)	79
Change in unrealized gains, net, on investments available for sale, tax	(32)	(127)	3	(284)
Change in pension obligations, tax	(1)	0	(2)	0
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Tax	6	38	(3)	79
Effect on other comprehensive income, tax	(27)	(89)	(2)	(205)
AOCI, tax, end of period	(170)	(126)	(170)	(126)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(527)	(138)	(614)	296
Change in unrealized gains, net, on investments available for sale, net of tax	(122)	(483)	6	(1,072)
Change in pension obligations, net of tax	0	0	(5)	0
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Net of Tax	23	143	(13)	298
Effect on other comprehensive income, net of tax	(99)	(340)	(12)	(774)
AOCI, net of tax, end of period	$ (626)	$ (478)	(626)	(478)
As originally reported | AOCI on Life Policy Reserves, Reinsurance Recoverable And Other
AOCI, Before Tax
AOCI, before tax, beginning of period			29	1
AOCI, Tax
AOCI, tax, beginning of period			5	0
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			24	1
As originally reported | Summary of AOCI
AOCI, Before Tax
AOCI, before tax, beginning of period			(782)	820
AOCI, Tax
AOCI, tax, beginning of period			(168)	172
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			(614)	648
As adjusted | AOCI on Life Policy Reserves, Reinsurance Recoverable And Other
AOCI, Before Tax
AOCI, before tax, beginning of period			0	(445)
AOCI, Tax
AOCI, tax, beginning of period			0	(93)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			0	(352)
As adjusted | Summary of AOCI
AOCI, Before Tax
AOCI, before tax, beginning of period			0	(445)
AOCI, Tax
AOCI, tax, beginning of period			0	(93)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ 0	$ (352)

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 1,943	$ 1,773	$ 3,861	$ 3,466
Incurred loss and loss expenses	1,340	1,322	2,738	2,354
Consolidated Property And Casualty Insurance
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	2,071	1,871	3,930	3,574
Assumed written premiums	194	193	438	456
Ceded written premiums	(115)	(100)	(199)	(167)
Net written premiums	2,150	1,964	4,169	3,863
Direct earned premiums	1,806	1,631	3,566	3,192
Assumed earned premiums	134	134	293	255
Ceded earned premiums	(77)	(68)	(155)	(132)
Earned premiums	1,863	1,697	3,704	3,315
Direct incurred loss and loss expenses	1,265	1,174	2,564	2,069
Assumed incurred loss and loss expenses	58	67	134	140
Ceded incurred loss and loss expenses	(61)	(1)	(119)	(13)
Incurred loss and loss expenses	$ 1,262	$ 1,240	$ 2,579	$ 2,196

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reinsurance for Insurance Companies, by Product Segment
Insurance losses and contract holders' benefits	$ 1,340	$ 1,322	$ 2,738	$ 2,354
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment
Direct earned premiums	100	96	196	189
Ceded earned premiums	(20)	(20)	(39)	(38)
Earned premiums	80	76	157	151
Direct contract holders' benefits incurred	100	109	197	212
Ceded contract holders' benefits incurred	(22)	(27)	(38)	(54)
Insurance losses and contract holders' benefits	$ 78	$ 82	$ 159	$ 158

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Consolidated Property And Casualty Insurance
Reinsurance for Insurance Companies, by Product Segment
Premium Receivable, Allowance for Credit Loss	$ 14	$ 13

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Contingency
Tax at statutory rate, percentage	21%	21%	21%	21%
Deferred tax assets valuation allowance	$ 0		$ 0		$ 0
Cincinnati Global
Income Tax Contingency
Decrease in deferred tax assets	5		10
Decrease in deferred tax valuation allowance	5		10
Net deferred tax assets	21		21
Deferred tax assets valuation allowance	21		21
Cincinnati Global | United States
Income Tax Contingency
Operating loss carryforwards	6		6		5
Cincinnati Global | United Kingdom
Income Tax Contingency
Operating loss carryforwards	$ 101		$ 101		$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (decrease) resulting from:
Tax at statutory rate	$ 140	$ (220)	$ 196	$ (294)
Tax-exempt income from municipal bonds	(5)	(5)	(10)	(10)
Dividend received exclusion	(6)	(5)	(11)	(10)
Other	3	(5)	0	(6)
Total provision (benefit) for income taxes	$ 132	$ (235)	$ 175	$ (320)
Increase (decrease) resulting from:
Tax at statutory rate	21%	21%	21%	21%
Tax-exempt income from municipal bonds, Percent	(0.80%)	0.50%	(1.10%)	0.70%
Dividend received exclusion, Percent	(0.90%)	0.50%	(1.20%)	0.70%
Other	0.50%	0.30%	0%	0.40%
Provision for income taxes	19.80%	22.30%	18.70%	22.80%

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss)—basic and diluted	$ 534	$ (818)	$ 759	$ (1,084)
Denominator:
Basic weighted-average common shares outstanding (in shares)	157	159.6	157.1	160
Diluted weighted-average shares	158	159.6	158.3	160
Earnings (loss) per share:
Basic (in USD per share)	$ 3.40	$ (5.12)	$ 4.83	$ (6.77)
Diluted (in USD per share)	$ 3.38	$ (5.12)	$ 4.80	$ (6.77)
Number of anti-dilutive stock-based awards (in shares)	1.5	2	1.5	2.2
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0.6	0	0.8	0
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.4	0	0.4	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 3	$ 3	$ 5
Interest cost	3	2	6	5
Expected return on plan assets	(5)	(5)	(10)	(11)
Amortization of actuarial loss and prior service cost	(1)	0	(2)	0
Other	0	0	(5)	0
Total non-service benefit	(3)	(3)	(11)	(6)
Net periodic benefit cost	$ (1)	$ 0	$ (8)	$ (1)

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 6,000,000	$ 6,000,000	$ 14,000,000	$ 14,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions			$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information
Earned premiums	$ 1,943	$ 1,773	$ 3,861	$ 3,466
Fee revenues	6	3	10	7
Investment income, net of expenses	220	195	430	380
Investment gains and losses, net	434	(1,154)	540	(1,820)
Other revenues	2	3	5	5
Total revenues	2,605	820	4,846	2,038
Income before Income Taxes	666	(1,053)	934	(1,404)
Assets	31,352		31,352		$ 29,732
Consolidated Property And Casualty Insurance
Segment Reporting Information
Earned premiums	1,863	1,697	3,704	3,315
Assets	5,354		5,354		5,178
Life Insurance Segment
Segment Reporting Information
Assets	1,542		1,542		1,518
Investment Segment
Segment Reporting Information
Assets	23,535		23,535		22,133
Corporate and Other
Segment Reporting Information
Assets	921		921		$ 903
Operating Segments | Commercial Insurance
Segment Reporting Information
Earned premiums	1,066	994	2,122	1,956
Fee revenues	1	1	2	2
Total revenues	1,067	995	2,124	1,958
Income Before Income Taxes	33	(62)	31	14
Operating Segments | Commercial Insurance | Commercial Casualty Line
Segment Reporting Information
Earned premiums	373	350	750	686
Operating Segments | Commercial Insurance | Commercial Property Line
Segment Reporting Information
Earned premiums	312	280	611	554
Operating Segments | Commercial Insurance | Commercial Auto Line
Segment Reporting Information
Earned premiums	214	210	428	415
Operating Segments | Commercial Insurance | Workers' Compensation Line
Segment Reporting Information
Earned premiums	72	68	146	136
Operating Segments | Commercial Insurance | Other Commercial Lines
Segment Reporting Information
Earned premiums	95	86	187	165
Operating Segments | Personal Insurance
Segment Reporting Information
Earned premiums	493	413	957	815
Fee revenues	1	1	2	2
Total revenues	494	414	959	817
Income Before Income Taxes	(36)	(49)	(93)	16
Operating Segments | Personal Insurance | Personal Auto
Segment Reporting Information
Earned premiums	173	155	339	307
Operating Segments | Personal Insurance | Home Owner Line
Segment Reporting Information
Earned premiums	251	202	484	397
Operating Segments | Personal Insurance | Other Personal Lines
Segment Reporting Information
Earned premiums	69	56	134	111
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	132	124	259	236
Fee revenues	1	0	1	1
Total revenues	133	124	260	237
Income Before Income Taxes	11	19	24	35
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	80	76	157	151
Fee revenues	3	1	5	2
Total revenues	83	77	162	153
Income Before Income Taxes	13	1	21	8
Operating Segments | Investment Segment
Segment Reporting Information
Investment income, net of expenses	220	195	430	380
Investment gains and losses, net	434	(1,154)	540	(1,820)
Total revenues	654	(959)	970	(1,440)
Income Before Income Taxes	624	(987)	910	(1,495)
Corporate, Non-Segment
Segment Reporting Information
Total revenues	174	169	371	313
Corporate, Non-Segment | Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	172	166	366	308
Corporate, Non-Segment | Corporate and Other
Segment Reporting Information
Other revenues	2	3	5	5
Income Before Income Taxes	$ 21	$ 25	$ 41	$ 18