Cincinnati Financial (CINF) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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)		156,240,158
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments
Fixed maturities, at fair value (amortized cost: 2024—$15,109; 2023—$14,361)	$ 14,409	$ 13,791
Equity securities, at fair value (cost: 2024—$4,278; 2023—$4,282)	11,634	10,989
Other invested assets	641	577
Total investments	26,684	25,357
Cash and cash equivalents	771	907
Investment income receivable	201	192
Finance receivable	111	108
Premiums receivable	3,091	2,592
Reinsurance recoverable	546	651
Prepaid reinsurance premiums	121	55
Deferred policy acquisition costs	1,229	1,093
Land, building and equipment, net, for company use (accumulated depreciation: 2024—$337; 2023—$337)	213	208
Other assets	887	681
Separate accounts	948	925
Total assets	34,802	32,769
Insurance reserves
Reserve for loss and loss expenses	9,555	9,050
Life policy and investment contract reserves	2,966	3,068
Unearned premiums	4,826	4,119
Other liabilities	1,391	1,311
Deferred income tax	1,465	1,324
Note payable	25	25
Long-term debt and lease obligations	849	849
Separate accounts	948	925
Total liabilities	22,025	20,671
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million shares; issued: 2024 and 2023—198.3 million shares)	397	397
Paid-in capital	1,466	1,437
Retained earnings	13,897	13,084
Accumulated other comprehensive loss	(470)	(435)
Treasury stock at cost (2024—42.1 million shares and 2023—41.3 million shares)	(2,513)	(2,385)
Total shareholders' equity	12,777	12,098
Total liabilities and shareholders' equity	$ 34,802	$ 32,769

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 15,109	$ 14,361
Equity Securities, FV-NI, Cost	4,278	4,282
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 337	$ 337
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)	42.1	41.3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Earned premiums	$ 2,156	$ 1,943	$ 4,227	$ 3,861
Investment income, net of expenses	242	220	487	430
Investment gains and losses, net	137	434	749	540
Fee revenues	5	6	9	10
Other revenues	4	2	7	5
Total revenues	2,544	2,605	5,479	4,846
Benefits and Expenses
Insurance losses and contract holders' benefits	1,480	1,340	2,829	2,738
Underwriting, acquisition and insurance expenses	655	579	1,271	1,135
Interest expense	14	13	27	27
Other operating expenses	9	7	13	12
Total benefits and expenses	2,158	1,939	4,140	3,912
Income Before Income Taxes	386	666	1,339	934
Provision for Income Taxes
Current	61	51	122	67
Deferred	13	81	150	108
Total provision for income taxes	74	132	272	175
Net Income	$ 312	$ 534	$ 1,067	$ 759
Per Common Share
Net income — basic	$ 1.99	$ 3.40	$ 6.82	$ 4.83
Net income — diluted	$ 1.98	$ 3.38	$ 6.77	$ 4.80

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 312	$ 534	$ 1,067	$ 759
Change in unrealized gains and losses on investments, net of tax (benefit) of $(17), $(32), $(28) and $3, respectively	(58)	(122)	(102)	6
Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0, $(1), $0 and $(2), respectively	1	0	1	(5)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $8, $6, $18 and $(3), respectively	29	23	66	(13)
Other comprehensive loss	(28)	(99)	(35)	(12)
Comprehensive Income	$ 284	$ 435	$ 1,032	$ 747

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (17)	$ (32)	$ (28)	$ 3
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	0	(1)	0	(2)
Change in life policy reserves, reinsurance recoverable and other, tax	$ 8	$ 6	$ 18	$ (3)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common equities	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning Balance at Dec. 31, 2022		$ 397	$ 1,392	$ 11,711	$ (614)	$ (2,324)
Share-based awards		0	(6)			7
Share-based compensation			22
Other			2			1
Net Income	$ 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		157,100
Share-based awards (in shares)		300
Shares acquired - share repurchase authorization (in shares)		(600)
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		0
Ending Balance (in shares) at Jun. 30, 2023		156,800
Dividends declared per common share (in dollars per share)		$ 1.50
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	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		157,200
Share-based awards (in shares)		0
Shares acquired - share repurchase authorization (in shares)		(400)
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		0
Ending Balance (in shares) at Jun. 30, 2023		156,800
Dividends declared per common share (in dollars per share)		$ 0.75
Beginning Balance at Dec. 31, 2023	12,098	$ 397	1,437	13,084	(435)	(2,385)
Share-based awards		0	0			12
Share-based compensation			26
Other			3			0
Net Income	1,067			1,067
Dividends declared				(254)
Other comprehensive loss	(35)				(35)
Shares acquired - share repurchase authorization						(121)
Shares acquired - share-based compensation plans						(19)
Ending Balance at Jun. 30, 2024	12,777	$ 397	1,466	13,897	(470)	(2,513)
Beginning Balance (in shares) at Dec. 31, 2023		157,000
Share-based awards (in shares)		400
Shares acquired - share repurchase authorization (in shares)		(1,100)
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		(100)
Ending Balance (in shares) at Jun. 30, 2024		156,200
Dividends declared per common share (in dollars per share)		$ 1.62
Beginning Balance at Mar. 31, 2024		$ 397	1,446	13,712	(442)	(2,459)
Share-based awards		0	6			4
Share-based compensation			12
Other			2			0
Net Income	312			312
Dividends declared				(127)
Other comprehensive loss	(28)				(28)
Shares acquired - share repurchase authorization						(46)
Shares acquired - share-based compensation plans						(12)
Ending Balance at Jun. 30, 2024	$ 12,777	$ 397	$ 1,466	$ 13,897	$ (470)	$ (2,513)
Beginning Balance (in shares) at Mar. 31, 2024		156,500
Share-based awards (in shares)		100
Shares acquired - share repurchase authorization (in shares)		(400)
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		0
Ending Balance (in shares) at Jun. 30, 2024		156,200
Dividends declared per common share (in dollars per share)		$ 0.81

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net Income	$ 1,067	$ 759
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	76	74
Investment gains and losses, net	(744)	(526)
Interest credited to contract holders	22	21
Deferred income tax expense	150	108
Changes in:
Premiums and reinsurance receivable	(464)	(504)
Deferred policy acquisition costs	(136)	(96)
Other assets	(16)	(17)
Loss and loss expense reserves	505	473
Life policy and investment contract reserves	34	56
Unearned premiums	707	533
Other liabilities	(34)	(27)
Current income tax receivable/payable	(72)	(29)
Net cash provided by operating activities	1,095	825
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities	852	581
Sale of equity securities	347	4
Purchase of fixed maturities	(1,623)	(1,313)
Purchase of equity securities	(256)	(97)
Changes in finance receivables	(4)	(6)
Investment in building and equipment	(12)	(8)
Change in other invested assets, net	(44)	(81)
Net cash used in investing activities	(740)	(920)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(241)	(223)
Shares acquired - share repurchase authorization	(121)	(66)
Changes in note payable	0	(25)
Proceeds from stock options exercised	4	6
Contract holders' funds deposited	39	45
Contract holders' funds withdrawn	(105)	(113)
Other	(67)	(45)
Net cash used in financing activities	(491)	(421)
Net change in cash and cash equivalents	(136)	(516)
Cash and cash equivalents at beginning of year	907	1,264
Cash and cash equivalents at end of period	771	748
Supplemental Disclosures of Cash Flow Information:
Interest paid	27	27
Income taxes paid	174	79
Noncash Activities
Equipment acquired under finance lease obligations	9	4
Share-based compensation	33	13
Other assets and other liabilities	$ 217	$ 65

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2024, 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 2023 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. Pending Accounting Updates ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances reportable segment disclosures by requiring entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure of profit or loss. This ASU also requires disclosure of the title and position of the CODM as well as a description of how the reported measure of profit or loss is used to assess segment performance and allocate resources. The effective date of ASU 2023-07 is for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual periods beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements .

Investments

Investments	6 Months Ended
	Jun. 30, 2024
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, 2024 gains losses Fixed-maturity securities: Corporate $ 8,151 $ 49 $ 475 $ 7,725 States, municipalities and political subdivisions 4,867 17 273 4,611 Government-sponsored enterprises 1,611 1 5 1,607 Asset-backed 257 — 10 247 United States government 190 — 4 186 Foreign government 33 — — 33 Total $ 15,109 $ 67 $ 767 $ 14,409 At December 31, 2023 Fixed-maturity securities: Corporate $ 7,836 $ 70 $ 454 $ 7,452 States, municipalities and political subdivisions 4,867 44 208 4,703 Government-sponsored enterprises 1,227 3 6 1,224 Asset-backed 203 — 16 187 United States government 203 — 3 200 Foreign government 25 — — 25 Total $ 14,361 $ 117 $ 687 $ 13,791 The increase in net unrealized investment losses in our fixed-maturity portfolio at June 30, 2024, is primarily due to an increase in U.S. Treasury yields. Our asset-backed securities had an average rating of Aa3/AA- at both June 30, 2024, and December 31, 2023. 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, 2024 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 1,004 $ 17 $ 5,413 $ 458 $ 6,417 $ 475 States, municipalities and political subdivisions 1,390 20 2,090 253 3,480 273 Government-sponsored enterprises 819 2 242 3 1,061 5 Asset-backed 54 — 119 10 173 10 United States government 78 — 101 4 179 4 Foreign government 25 — 7 — 32 — Total $ 3,370 $ 39 $ 7,972 $ 728 $ 11,342 $ 767 At December 31, 2023 Fixed-maturity securities: Corporate $ 379 $ 13 $ 5,560 $ 441 $ 5,939 $ 454 States, municipalities and political subdivisions 313 2 1,932 206 2,245 208 Government-sponsored enterprises 652 3 113 3 765 6 Asset-backed 5 — 172 16 177 16 United States government 32 — 129 3 161 3 Foreign government 3 — 6 — 9 — Total $ 1,384 $ 18 $ 7,912 $ 669 $ 9,296 $ 687 Contractual maturity dates for fixed-maturities securities were: (Dollars in millions) Amortized Fair % of fair At June 30, 2024 Maturity dates: Due in one year or less $ 1,181 $ 1,171 8.1 % Due after one year through five years 4,243 4,118 28.6 Due after five years through ten years 3,544 3,399 23.6 Due after ten years 6,141 5,721 39.7 Total $ 15,109 $ 14,409 100.0 % 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, 2024 2023 2024 2023 Investment income: Interest $ 173 $ 147 $ 342 $ 287 Dividends 69 70 141 136 Other 4 6 11 13 Total 246 223 494 436 Less investment expenses 4 3 7 6 Total $ 242 $ 220 $ 487 $ 430 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 7 $ — $ 4 $ (4) Unrealized gains and losses on securities still held, net 142 459 747 568 Subtotal 149 459 751 564 Fixed-maturity securities: Gross realized gains 4 — 4 1 Gross realized losses (6) — (7) (1) Change in allowance for credit losses, net (16) (3) (25) (3) Write-down of impaired securities with intent to sell — (4) — (4) Subtotal (18) (7) (28) (7) Other 6 (18) 26 (17) Total $ 137 $ 434 $ 749 $ 540 The fair value of our equity portfolio was $11.634 billion and $10.989 billion at June 30, 2024, and December 31, 2023, respectively. Microsoft Corporation (Nasdaq:MSFT), an equity holding, was our largest single investment holding with a fair value of $1.001 billion and $842 million, which was 8.9% and 7.9% of our publicly traded common equities portfolio and 3.8% and 3.4% of the total investment portfolio at June 30, 2024, and December 31, 2023, respectively. The allowance for credit losses on fixed-maturity securities was $43 million and $18 million at June 30, 2024, and December 31, 2023, respectively. There were 3,784 and 2,840 fixed-maturity securities in a total unrealized loss position of $767 million and $687 million at June 30, 2024, and December 31, 2023, respectively. Of those totals, 16 and 20 fixed-maturity securities had fair values below 70% of amortized cost at June 30, 2024, and December 31, 2023, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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, 2023, and ultimately management determines fair value. See our 2023 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 139, 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, 2024, and December 31, 2023. We do not have any liabilities carried at fair value. (Dollars in millions) Level 1 Level 2 Level 3 Total At June 30, 2024 Fixed maturities, available for sale: Corporate $ — $ 7,725 $ — $ 7,725 States, municipalities and political subdivisions — 4,611 — 4,611 Government-sponsored enterprises — 1,607 — 1,607 Asset-backed — 247 — 247 United States government 186 — — 186 Foreign government — 33 — 33 Subtotal 186 14,223 — 14,409 Common equities 11,283 — — 11,283 Nonredeemable preferred equities — 351 — 351 Separate accounts taxable fixed maturities — 882 — 882 Top Hat savings plan mutual funds and common 77 — — 77 Total $ 11,546 $ 15,456 $ — $ 27,002 At December 31, 2023 Fixed maturities, available for sale: Corporate $ — $ 7,452 $ — $ 7,452 States, municipalities and political subdivisions — 4,703 — 4,703 Government-sponsored enterprises — 1,224 — 1,224 Asset-backed — 187 — 187 United States government 200 — — 200 Foreign government — 25 — 25 Subtotal 200 13,591 — 13,791 Common equities 10,641 — — 10,641 Nonredeemable preferred equities — 348 — 348 Separate accounts taxable fixed maturities — 854 — 854 Top Hat savings plan mutual funds and common 67 — — 67 Total $ 10,908 $ 14,793 $ — $ 25,701 We also held Level 1 cash and cash equivalents of $771 million and $907 million at June 30, 2024, and December 31, 2023, 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, 2024 2023 2024 2023 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 372 372 374 374 Total $ 790 $ 790 $ 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, 2024 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 414 — 414 6.125% senior notes, due 2034 — 390 — 390 Total $ — $ 858 $ — $ 858 At December 31, 2023 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 420 — 420 6.125% senior notes, due 2034 — 394 — 394 Total $ — $ 868 $ — $ 868 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, 2024 Life policy loans $ — $ — $ 40 $ 40 Deferred annuities — — 574 574 Structured settlements — 131 — 131 Total $ — $ 131 $ 574 $ 705 At December 31, 2023 Life policy loans $ — $ — $ 39 $ 39 Deferred annuities — — 603 603 Structured settlements — 141 — 141 Total $ — $ 141 $ 603 $ 744 Outstanding principal and interest for these life policy loans totaled $35 million and $33 million at June 30, 2024, and December 31, 2023, respectively. Recorded reserves for the deferred annuities were $618 million and $656 million at June 30, 2024, and December 31, 2023, respectively. Recorded reserves for the structured settlements were $119 million and $123 million at June 30, 2024, and December 31, 2023, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Gross loss and loss expense reserves, beginning of period $ 9,178 $ 8,626 $ 8,975 $ 8,336 Less reinsurance recoverable 332 424 362 405 Net loss and loss expense reserves, beginning of period 8,846 8,202 8,613 7,931 Net incurred loss and loss expenses related to: Current accident year 1,452 1,363 2,822 2,739 Prior accident years (40) (101) (140) (160) Total incurred 1,412 1,262 2,682 2,579 Net paid loss and loss expenses related to: Current accident year 483 502 688 689 Prior accident years 584 579 1,416 1,438 Total paid 1,067 1,081 2,104 2,127 Net loss and loss expense reserves, end of period 9,191 8,383 9,191 8,383 Plus reinsurance recoverable 303 424 303 424 Gross loss and loss expense reserves, end of period $ 9,494 $ 8,807 $ 9,494 $ 8,807 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 $61 million and $66 million at June 30, 2024, and 2023, respectively, for certain life and health loss and loss expense reserves. We experienced $40 million of favorable development on prior accident years, including $29 million of favorable development in commercial lines, $6 million of unfavorable development in personal lines and $3 million of unfavorable development in excess and surplus lines for the three months ended June 30, 2024. Within commercial lines, we recognized favorable reserve development of $28 million for the workers' compensation line and $21 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $28 million for the commercial casualty line. Within personal lines, we recognized unfavorable reserve development of $12 million for the personal auto line. We experienced $140 million of favorable development on prior accident years, including $67 million of favorable development in commercial lines, $27 million of favorable development in personal lines and no net development in excess and surplus lines for the six months ended June 30, 2024. Within commercial lines, we recognized favorable reserve development of $44 million for the commercial property line, $40 million for the workers' compensation line and $11 million for the commercial auto line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $29 million for the commercial casualty line. Within personal lines, we recognized favorable reserve development of $27 million for the homeowner line. 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 line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $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, 2024
Policyholder Account Balance [Abstract]
Life Policy and Investment Contract Reserves	Life Policy and Investment Contract Reserves We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to pro vide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually to determine any necessary updates. These 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 cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (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 2024 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 our universal life, deferred annuity and other investment contracts 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 $ 1,035 $ 1,066 Whole life 404 434 Other 99 97 Subtotal 1,538 1,597 Investment contract reserves: Deferred annuities 618 656 Universal life 584 585 Structured settlements 119 123 Other 107 107 Subtotal 1,428 1,471 Total life policy and investment contract reserves $ 2,966 $ 3,068 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, 2024 2023 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,660 $ 219 $ 1,699 $ 217 Beginning balance at original discount rate 1,710 225 1,715 220 Effect of changes in cash flow assumptions (12) 1 (5) (6) Effect of actual variances from expected experience (10) (3) (9) — Adjusted beginning of period balance 1,688 223 1,701 214 Issuances 41 6 40 10 Interest accrual 18 3 17 2 Net premiums collected (46) (7) (46) (7) Ending balance at original discount rate 1,701 225 1,712 219 Effect of changes in discount rate assumptions (81) (10) (48) (7) Balance, end of period 1,620 215 1,664 212 Present value of expected future policy benefits: Balance, beginning of period 2,698 637 2,691 644 Beginning balance at original discount rate 2,780 633 2,712 614 Effect of changes in cash flow assumptions (29) 2 5 (10) Effect of actual variances from expected experience (14) (4) (11) — Adjusted beginning of period balance 2,737 631 2,706 604 Issuances 41 7 40 11 Interest accrual 31 8 30 7 Benefits paid (37) (10) (39) (7) Ending balance at original discount rate 2,772 636 2,737 615 Effect of changes in discount rate assumptions (138) (17) (75) 18 Balance, end of period 2,634 619 2,662 633 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,014 404 998 421 Impact of flooring at cohort level 21 — 17 — Net life policy reserves 1,035 404 1,015 421 Less reinsurance recoverable at original discount rate (95) (24) (100) (25) Less effect of discount rate assumption changes on reinsurance recoverable (7) (4) (8) (5) Net life policy reserves, after reinsurance recoverable $ 933 $ 376 $ 907 $ 391 Weighted-average duration of the net life policy reserves in years 11 15 12 16 (Dollars in millions) Six months ended June 30, 2024 2023 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,700 $ 223 $ 1,643 $ 208 Beginning balance at original discount rate 1,712 225 1,708 217 Effect of changes in cash flow assumptions (12) 1 (5) (6) Effect of actual variances from expected experience (19) (3) (12) 1 Adjusted beginning of period balance 1,681 223 1,691 212 Issuances 76 11 78 17 Interest accrual 36 5 35 4 Net premiums collected (92) (14) (92) (14) Ending balance at original discount rate 1,701 225 1,712 219 Effect of changes in discount rate assumptions (81) (10) (48) (7) Balance, end of period 1,620 215 1,664 212 Present value of expected future policy benefits: Balance, beginning of period 2,751 657 2,584 614 Beginning balance at original discount rate 2,765 628 2,692 607 Effect of changes in cash flow assumptions (29) 2 5 (10) Effect of actual variances from expected experience (28) (4) (13) 1 Adjusted beginning of period balance 2,708 626 2,684 598 Issuances 76 12 78 17 Interest accrual 62 16 60 15 Benefits paid (74) (18) (85) (15) Ending balance at original discount rate 2,772 636 2,737 615 Effect of changes in discount rate assumptions (138) (17) (75) 18 Balance, end of period 2,634 619 2,662 633 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,014 404 998 421 Impact of flooring at cohort level 21 — 17 — Net life policy reserves 1,035 404 1,015 421 Less reinsurance recoverable at original discount rate (95) (24) (100) (25) Less effect of discount rate assumption changes on reinsurance recoverable (7) (4) (8) (5) Net life policy reserves, after reinsurance recoverable $ 933 $ 376 $ 907 $ 391 Weighted-average duration of the net life policy reserves in years 11 15 12 16 The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption change s of $3 million at both June 30, 2024 and 2023. 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, 2024 2023 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,819 $ 2,634 $ 4,738 $ 2,662 Expected future gross premiums 4,513 2,597 4,345 2,583 Whole life Expected future benefit payments $ 1,680 $ 619 $ 1,610 $ 633 Expected future gross premiums 675 401 641 390 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, 2024 2023 2024 2023 Gross premiums Term $ 75 $ 73 $ 149 $ 146 Whole life 13 13 26 25 Total $ 88 $ 86 $ 175 $ 171 Interest accretion Term $ 13 $ 12 $ 26 $ 24 Whole life 5 5 11 11 Total $ 18 $ 17 $ 37 $ 35 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums w as immaterial for the six months ended June 30, 2024, and 2023 . The following table shows the weighted-average interest rate for our term and whole life products : At June 30, 2024 2023 Term Interest accretion rate 5.22 % 5.29 % Current discount rate 5.24 5.11 Whole life Interest accretion rate 5.90 % 5.93 % Current discount rate 5.67 5.22 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, 2024 2023 2024 2023 Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 631 $ 456 $ 711 $ 458 $ 656 $ 457 $ 734 $ 457 Premiums received 10 9 15 9 19 19 25 20 Policy charges — (10) — (10) — (20) — (20) Surrenders and withdrawals (26) (3) (32) (4) (63) (7) (68) (7) Benefit payments (2) (1) (3) (2) (5) (3) (6) (4) Interest credited 5 5 5 5 11 10 11 10 Balance, end of period $ 618 $ 456 $ 696 $ 456 $ 618 $ 456 $ 696 $ 456 Weighted average crediting rate 3.59 % 4.33 % 3.41 % 4.29 % 3.59 % 4.33 % 3.41 % 4.29 % Net amount at risk $ — $ 3,892 $ — $ 4,030 $ — $ 3,892 $ — $ 4,030 Cash surrender value 612 425 691 423 612 425 691 423 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, 2024 Deferred annuity 1.00-3.00% $ 4 $ 324 $ 14 $ 228 $ 570 3.01-4.00% 48 — — — 48 Total $ 52 $ 324 $ 14 $ 228 $ 618 Universal life 1.00-3.00% $ — $ 60 $ 59 $ 4 $ 123 3.01-4.00% 49 5 — — 54 Greater than 4.00% 279 — — — 279 Total $ 328 $ 65 $ 59 $ 4 $ 456 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 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, 2024 2023 2024 2023 Balance, beginning of period $ 129 $ 125 $ 128 $ 121 Balance, beginning of period before shadow reserve adjustments 130 127 129 123 Effect of changes in cash flow assumptions (2) (5) (2) (5) Effect of actual variances from expected experience — — — (1) Adjusted beginning of period balance 128 122 127 117 Interest accrual 1 1 2 2 Excess death benefits (1) (2) (3) (2) Attributed assessments 3 3 6 6 Effect of changes in interest rate assumptions (1) — (2) 1 Balance, end of period before shadow reserve adjustments 130 124 130 124 Shadow reserve adjustments (2) (2) (2) (2) Balance, end of period 128 122 128 122 Less reinsurance recoverable, end of period 6 7 6 7 Net other additional liability, after reinsurance recoverable $ 134 $ 129 $ 134 $ 129 Weighted-average duration of the other additional liability in years 29 32 29 32 The following table shows balances and changes in separate accounts balances during the period: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 927 $ 899 $ 925 $ 892 Interest credited before policy charges 11 10 21 20 Benefit payments (3) (1) (3) (3) Other 13 3 5 2 Balance, end of period $ 948 $ 911 $ 948 $ 911 Cash surrender value $ 932 $ 906 $ 932 $ 906

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	6 Months Ended
	Jun. 30, 2024
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. 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. 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, 2024 2023 2024 2023 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 796 $ 714 $ 749 $ 682 Capitalized deferred policy acquisition costs 475 407 882 779 Amortized deferred policy acquisition costs (393) (350) (753) (690) Deferred policy acquisition costs asset, end of period $ 878 $ 771 $ 878 $ 771 Life: Deferred policy acquisition costs asset, beginning of period $ 347 $ 334 $ 344 $ 331 Capitalized deferred policy acquisition costs 12 11 22 22 Amortized deferred policy acquisition costs (8) (7) (15) (15) Deferred policy acquisition costs asset, end of period $ 351 $ 338 $ 351 $ 338 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,143 $ 1,048 $ 1,093 $ 1,013 Capitalized deferred policy acquisition costs 487 418 904 801 Amortized deferred policy acquisition costs (401) (357) (768) (705) Deferred policy acquisition costs asset, end of period $ 1,229 $ 1,109 $ 1,229 $ 1,109 The table below shows the life deferred policy acquisition costs asset by product: (Dollars in millions) Three months ended June 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 238 $ 49 $ 8 $ 52 $ 347 Capitalized deferred policy acquisition costs 8 2 1 1 12 Amortized deferred policy acquisition costs (5) (1) (1) (1) (8) Balance, end of period $ 241 $ 50 $ 8 $ 52 $ 351 Three months ended June 30, 2023 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 (Dollars in millions) Six months ended June 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 236 $ 48 $ 8 $ 52 $ 344 Capitalized deferred policy acquisition costs 16 4 1 1 22 Amortized deferred policy acquisition costs (11) (2) (1) (1) (15) Balance, end of period $ 241 $ 50 $ 8 $ 52 $ 351 Six months ended June 30, 2023 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

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows: (Dollars in millions) Three months ended June 30, 2024 2023 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (625) $ (134) $ (491) $ (684) $ (147) $ (537) OCI before investment gains and losses, net, recognized in net income (93) (21) (72) (158) (34) (124) Investment gains and losses, net, recognized in net income 18 4 14 4 2 2 OCI (75) (17) (58) (154) (32) (122) AOCI, end of period $ (700) $ (151) $ (549) $ (838) $ (179) $ (659) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 30 $ 8 $ 22 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 1 — 1 (1) (1) — OCI 1 — 1 (1) (1) — AOCI, end of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 34 $ 7 $ 27 $ (16) $ (4) $ (12) OCI before investment gains and losses, net, recognized in net income 37 8 29 29 6 23 Investment gains and losses, net, recognized in net income — — — — — — OCI 37 8 29 29 6 23 AOCI, end of period $ 71 $ 15 $ 56 $ 13 $ 2 $ 11 Summary of AOCI: AOCI, beginning of period $ (561) $ (119) $ (442) $ (670) $ (143) $ (527) Investments OCI (75) (17) (58) (154) (32) (122) Pension obligations OCI 1 — 1 (1) (1) — Life policy reserves, reinsurance recoverable and other OCI 37 8 29 29 6 23 Total OCI (37) (9) (28) (126) (27) (99) AOCI, end of period $ (598) $ (128) $ (470) $ (796) $ (170) $ (626) (Dollars in millions) Six months ended June 30, 2024 2023 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (570) $ (123) $ (447) $ (847) $ (182) $ (665) OCI before investment gains and losses, net, recognized in net income (158) (34) (124) 5 1 4 Investment gains and losses, net, recognized in net income 28 6 22 4 2 2 OCI (130) (28) (102) 9 3 6 AOCI, end of period $ (700) $ (151) $ (549) $ (838) $ (179) $ (659) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 36 $ 9 $ 27 OCI excluding amortization recognized in net income — — — (5) (1) (4) Amortization recognized in net income 1 — 1 (2) (1) (1) OCI 1 — 1 (7) (2) (5) AOCI, end of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ (13) $ (3) $ (10) $ 29 $ 5 $ 24 OCI before investment gains and losses, net, recognized in net income 84 18 66 (16) (3) (13) Investment gains and losses, net, recognized in net income — — — — — — OCI 84 18 66 (16) (3) (13) AOCI, end of period $ 71 $ 15 $ 56 $ 13 $ 2 $ 11 Summary of AOCI: AOCI, beginning of period $ (553) $ (118) $ (435) $ (782) $ (168) $ (614) Investments OCI (130) (28) (102) 9 3 6 Pension obligations OCI 1 — 1 (7) (2) (5) Life policy reserves, reinsurance recoverable and other OCI 84 18 66 (16) (3) (13) Total OCI (45) (10) (35) (14) (2) (12) AOCI, end of period $ (598) $ (128) $ (470) $ (796) $ (170) $ (626) Investment gains and losses, net, and other investment gains and losses, net,

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Direct written premiums $ 2,362 $ 2,071 $ 4,487 $ 3,930 Assumed written premiums 236 194 475 438 Ceded written premiums (139) (115) (255) (199) Net written premiums $ 2,459 $ 2,150 $ 4,707 $ 4,169 Direct earned premiums $ 2,015 $ 1,806 $ 3,949 $ 3,566 Assumed earned premiums 155 134 307 293 Ceded earned premiums (95) (77) (189) (155) Earned premiums $ 2,075 $ 1,863 $ 4,067 $ 3,704 Direct incurred loss and loss expenses $ 1,352 $ 1,265 $ 2,545 $ 2,564 Assumed incurred loss and loss expenses 63 58 139 134 Ceded incurred loss and loss expenses (3) (61) (2) (119) Incurred loss and loss expenses $ 1,412 $ 1,262 $ 2,682 $ 2,579 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, 2024 2023 2024 2023 Direct earned premiums $ 101 $ 100 $ 200 $ 196 Ceded earned premiums (20) (20) (40) (39) Earned premiums $ 81 $ 80 $ 160 $ 157 Direct contract holders' benefits incurred $ 76 $ 100 $ 170 $ 197 Ceded contract holders' benefits incurred (8) (22) (23) (38) Contract holders' benefits incurred $ 68 $ 78 $ 147 $ 159 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, 2024
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, 2024 2023 2024 2023 Tax at statutory rate: $ 81 21.0 % $ 140 21.0 % $ 281 21.0 % $ 196 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (6) (1.6) (5) (0.8) (11) (0.8) (10) (1.1) Dividend received exclusion (5) (1.3) (6) (0.9) (10) (0.7) (11) (1.2) Other 4 1.1 3 0.5 12 0.8 — — Provision for income taxes $ 74 19.2 % $ 132 19.8 % $ 272 20.3 % $ 175 18.7 % The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries. We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations and those related to Cincinnati Global Underwriting Ltd. SM (Cincinnati Global) will be realized. As a result, we have no valuation allowance for our U.S. domestic operations or Cincinnati Global at both June 30, 2024, and December 31, 2023. Cincinnati Global

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Numerator: Net income—basic and diluted $ 312 $ 534 $ 1,067 $ 759 Denominator: Basic weighted-average common shares outstanding 156.3 157.0 156.6 157.1 Effect of share-based awards: Stock options 0.7 0.6 0.7 0.8 Nonvested shares 0.5 0.4 0.4 0.4 Diluted weighted-average shares 157.5 158.0 157.7 158.3 Earnings per share: Basic $ 1.99 $ 3.40 $ 6.82 $ 4.83 Diluted $ 1.98 $ 3.38 $ 6.77 $ 4.80 Number of anti-dilutive share-based awards 1.2 1.5 1.3 1.5 The source of dilution of our common shares are certain equity-based awards. See our 2023 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 177, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three and six months ended June 30, 2024 and 2023.

Employee Retirement Benefits

Employee Retirement Benefits	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Service cost $ 2 $ 2 $ 3 $ 3 Non-service (benefit) costs: Interest cost 3 3 6 6 Expected return on plan assets (6) (5) (11) (10) Amortization of actuarial loss (gain) and prior 1 (1) 1 (2) Other — — — (5) Total non-service benefit (2) (3) (4) (11) Net periodic benefit $ — $ (1) $ (1) $ (8) See our 2023 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 170, 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 2024 and 2023. We made matching contributions totaling $7 million and $6 million to our 401(k) and Top Hat savings plans during the second quarter of 2024 and 2023, respectively, and contributions of $16 million and $14 million for the first half of 2024 and 2023, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2024
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 continues to vigorously defend them. 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 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. Most of these lawsuits have been dismissed, both by courts and by plaintiffs, but some have been appealed and a few others remain pending in trial courts. 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. On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a covered loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial position, results of operations and cash flows. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated financial position, results of operations and cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our CODM 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 2023 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 180, 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, 2024 2023 2024 2023 Revenues: Commercial lines insurance Commercial casualty $ 372 $ 373 $ 737 $ 750 Commercial property 348 312 684 611 Commercial auto 228 214 448 428 Workers' compensation 59 72 120 146 Other commercial 100 95 200 187 Commercial lines insurance premiums 1,107 1,066 2,189 2,122 Fee revenues 1 1 2 2 Total commercial lines insurance 1,108 1,067 2,191 2,124 Personal lines insurance Personal auto 224 173 432 339 Homeowner 326 251 629 484 Other personal 81 69 158 134 Personal lines insurance premiums 631 493 1,219 957 Fee revenues 1 1 2 2 Total personal lines insurance 632 494 1,221 959 Excess and surplus lines insurance 151 132 290 259 Fee revenues 1 1 2 1 Total excess and surplus lines insurance 152 133 292 260 Life insurance premiums 81 80 160 157 Fee revenues 2 3 3 5 Total life insurance 83 83 163 162 Investments Investment income, net of expenses 242 220 487 430 Investment gains and losses, net 137 434 749 540 Total investment revenue 379 654 1,236 970 Other Premiums 186 172 369 366 Other 4 2 7 5 Total other revenues 190 174 376 371 Total revenues $ 2,544 $ 2,605 $ 5,479 $ 4,846 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 10 $ 33 $ 49 $ 31 Personal lines insurance (42) (36) (5) (93) Excess and surplus lines insurance 8 11 20 24 Life insurance 22 13 32 21 Investments 348 624 1,174 910 Other 40 21 69 41 Total income before income taxes $ 386 $ 666 $ 1,339 $ 934 Identifiable assets: June 30, December 31, Property casualty insurance $ 5,864 $ 5,294 Life insurance 1,600 1,562 Investments 26,285 24,999 Other 1,053 914 Total $ 34,802 $ 32,769

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 312	$ 534	$ 1,067	$ 759

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
Accounting Policies [Abstract]
Pending Accounting Updates	Pending Accounting Updates ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances reportable segment disclosures by requiring entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure of profit or loss. This ASU also requires disclosure of the title and position of the CODM as well as a description of how the reported measure of profit or loss is used to assess segment performance and allocate resources. The effective date of ASU 2023-07 is for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual periods beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 gains losses Fixed-maturity securities: Corporate $ 8,151 $ 49 $ 475 $ 7,725 States, municipalities and political subdivisions 4,867 17 273 4,611 Government-sponsored enterprises 1,611 1 5 1,607 Asset-backed 257 — 10 247 United States government 190 — 4 186 Foreign government 33 — — 33 Total $ 15,109 $ 67 $ 767 $ 14,409 At December 31, 2023 Fixed-maturity securities: Corporate $ 7,836 $ 70 $ 454 $ 7,452 States, municipalities and political subdivisions 4,867 44 208 4,703 Government-sponsored enterprises 1,227 3 6 1,224 Asset-backed 203 — 16 187 United States government 203 — 3 200 Foreign government 25 — — 25 Total $ 14,361 $ 117 $ 687 $ 13,791
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, 2024 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 1,004 $ 17 $ 5,413 $ 458 $ 6,417 $ 475 States, municipalities and political subdivisions 1,390 20 2,090 253 3,480 273 Government-sponsored enterprises 819 2 242 3 1,061 5 Asset-backed 54 — 119 10 173 10 United States government 78 — 101 4 179 4 Foreign government 25 — 7 — 32 — Total $ 3,370 $ 39 $ 7,972 $ 728 $ 11,342 $ 767 At December 31, 2023 Fixed-maturity securities: Corporate $ 379 $ 13 $ 5,560 $ 441 $ 5,939 $ 454 States, municipalities and political subdivisions 313 2 1,932 206 2,245 208 Government-sponsored enterprises 652 3 113 3 765 6 Asset-backed 5 — 172 16 177 16 United States government 32 — 129 3 161 3 Foreign government 3 — 6 — 9 — Total $ 1,384 $ 18 $ 7,912 $ 669 $ 9,296 $ 687
Investments Classified by Contractual Maturity Date	Contractual maturity dates for fixed-maturities securities were: (Dollars in millions) Amortized Fair % of fair At June 30, 2024 Maturity dates: Due in one year or less $ 1,181 $ 1,171 8.1 % Due after one year through five years 4,243 4,118 28.6 Due after five years through ten years 3,544 3,399 23.6 Due after ten years 6,141 5,721 39.7 Total $ 15,109 $ 14,409 100.0 %
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, 2024 2023 2024 2023 Investment income: Interest $ 173 $ 147 $ 342 $ 287 Dividends 69 70 141 136 Other 4 6 11 13 Total 246 223 494 436 Less investment expenses 4 3 7 6 Total $ 242 $ 220 $ 487 $ 430 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 7 $ — $ 4 $ (4) Unrealized gains and losses on securities still held, net 142 459 747 568 Subtotal 149 459 751 564 Fixed-maturity securities: Gross realized gains 4 — 4 1 Gross realized losses (6) — (7) (1) Change in allowance for credit losses, net (16) (3) (25) (3) Write-down of impaired securities with intent to sell — (4) — (4) Subtotal (18) (7) (28) (7) Other 6 (18) 26 (17) Total $ 137 $ 434 $ 749 $ 540

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024, and December 31, 2023. We do not have any liabilities carried at fair value. (Dollars in millions) Level 1 Level 2 Level 3 Total At June 30, 2024 Fixed maturities, available for sale: Corporate $ — $ 7,725 $ — $ 7,725 States, municipalities and political subdivisions — 4,611 — 4,611 Government-sponsored enterprises — 1,607 — 1,607 Asset-backed — 247 — 247 United States government 186 — — 186 Foreign government — 33 — 33 Subtotal 186 14,223 — 14,409 Common equities 11,283 — — 11,283 Nonredeemable preferred equities — 351 — 351 Separate accounts taxable fixed maturities — 882 — 882 Top Hat savings plan mutual funds and common 77 — — 77 Total $ 11,546 $ 15,456 $ — $ 27,002 At December 31, 2023 Fixed maturities, available for sale: Corporate $ — $ 7,452 $ — $ 7,452 States, municipalities and political subdivisions — 4,703 — 4,703 Government-sponsored enterprises — 1,224 — 1,224 Asset-backed — 187 — 187 United States government 200 — — 200 Foreign government — 25 — 25 Subtotal 200 13,591 — 13,791 Common equities 10,641 — — 10,641 Nonredeemable preferred equities — 348 — 348 Separate accounts taxable fixed maturities — 854 — 854 Top Hat savings plan mutual funds and common 67 — — 67 Total $ 10,908 $ 14,793 $ — $ 25,701
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, 2024 2023 2024 2023 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 372 372 374 374 Total $ 790 $ 790 $ 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, 2024 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 414 — 414 6.125% senior notes, due 2034 — 390 — 390 Total $ — $ 858 $ — $ 858 At December 31, 2023 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 29 — 29 6.920% senior debentures, due 2028 — 420 — 420 6.125% senior notes, due 2034 — 394 — 394 Total $ — $ 868 $ — $ 868
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, 2024 Life policy loans $ — $ — $ 40 $ 40 Deferred annuities — — 574 574 Structured settlements — 131 — 131 Total $ — $ 131 $ 574 $ 705 At December 31, 2023 Life policy loans $ — $ — $ 39 $ 39 Deferred annuities — — 603 603 Structured settlements — 141 — 141 Total $ — $ 141 $ 603 $ 744

Property Casualty Loss and Lo_2

Property Casualty Loss and Loss Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Gross loss and loss expense reserves, beginning of period $ 9,178 $ 8,626 $ 8,975 $ 8,336 Less reinsurance recoverable 332 424 362 405 Net loss and loss expense reserves, beginning of period 8,846 8,202 8,613 7,931 Net incurred loss and loss expenses related to: Current accident year 1,452 1,363 2,822 2,739 Prior accident years (40) (101) (140) (160) Total incurred 1,412 1,262 2,682 2,579 Net paid loss and loss expenses related to: Current accident year 483 502 688 689 Prior accident years 584 579 1,416 1,438 Total paid 1,067 1,081 2,104 2,127 Net loss and loss expense reserves, end of period 9,191 8,383 9,191 8,383 Plus reinsurance recoverable 303 424 303 424 Gross loss and loss expense reserves, end of period $ 9,494 $ 8,807 $ 9,494 $ 8,807

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	6 Months Ended
	Jun. 30, 2024
Policyholder Account Balance [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 $ 1,035 $ 1,066 Whole life 404 434 Other 99 97 Subtotal 1,538 1,597 Investment contract reserves: Deferred annuities 618 656 Universal life 584 585 Structured settlements 119 123 Other 107 107 Subtotal 1,428 1,471 Total life policy and investment contract reserves $ 2,966 $ 3,068
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, 2024 2023 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,660 $ 219 $ 1,699 $ 217 Beginning balance at original discount rate 1,710 225 1,715 220 Effect of changes in cash flow assumptions (12) 1 (5) (6) Effect of actual variances from expected experience (10) (3) (9) — Adjusted beginning of period balance 1,688 223 1,701 214 Issuances 41 6 40 10 Interest accrual 18 3 17 2 Net premiums collected (46) (7) (46) (7) Ending balance at original discount rate 1,701 225 1,712 219 Effect of changes in discount rate assumptions (81) (10) (48) (7) Balance, end of period 1,620 215 1,664 212 Present value of expected future policy benefits: Balance, beginning of period 2,698 637 2,691 644 Beginning balance at original discount rate 2,780 633 2,712 614 Effect of changes in cash flow assumptions (29) 2 5 (10) Effect of actual variances from expected experience (14) (4) (11) — Adjusted beginning of period balance 2,737 631 2,706 604 Issuances 41 7 40 11 Interest accrual 31 8 30 7 Benefits paid (37) (10) (39) (7) Ending balance at original discount rate 2,772 636 2,737 615 Effect of changes in discount rate assumptions (138) (17) (75) 18 Balance, end of period 2,634 619 2,662 633 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,014 404 998 421 Impact of flooring at cohort level 21 — 17 — Net life policy reserves 1,035 404 1,015 421 Less reinsurance recoverable at original discount rate (95) (24) (100) (25) Less effect of discount rate assumption changes on reinsurance recoverable (7) (4) (8) (5) Net life policy reserves, after reinsurance recoverable $ 933 $ 376 $ 907 $ 391 Weighted-average duration of the net life policy reserves in years 11 15 12 16 (Dollars in millions) Six months ended June 30, 2024 2023 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,700 $ 223 $ 1,643 $ 208 Beginning balance at original discount rate 1,712 225 1,708 217 Effect of changes in cash flow assumptions (12) 1 (5) (6) Effect of actual variances from expected experience (19) (3) (12) 1 Adjusted beginning of period balance 1,681 223 1,691 212 Issuances 76 11 78 17 Interest accrual 36 5 35 4 Net premiums collected (92) (14) (92) (14) Ending balance at original discount rate 1,701 225 1,712 219 Effect of changes in discount rate assumptions (81) (10) (48) (7) Balance, end of period 1,620 215 1,664 212 Present value of expected future policy benefits: Balance, beginning of period 2,751 657 2,584 614 Beginning balance at original discount rate 2,765 628 2,692 607 Effect of changes in cash flow assumptions (29) 2 5 (10) Effect of actual variances from expected experience (28) (4) (13) 1 Adjusted beginning of period balance 2,708 626 2,684 598 Issuances 76 12 78 17 Interest accrual 62 16 60 15 Benefits paid (74) (18) (85) (15) Ending balance at original discount rate 2,772 636 2,737 615 Effect of changes in discount rate assumptions (138) (17) (75) 18 Balance, end of period 2,634 619 2,662 633 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,014 404 998 421 Impact of flooring at cohort level 21 — 17 — Net life policy reserves 1,035 404 1,015 421 Less reinsurance recoverable at original discount rate (95) (24) (100) (25) Less effect of discount rate assumption changes on reinsurance recoverable (7) (4) (8) (5) Net life policy reserves, after reinsurance recoverable $ 933 $ 376 $ 907 $ 391 Weighted-average duration of the net life policy reserves in years 11 15 12 16 The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption change s of $3 million at both June 30, 2024 and 2023. 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, 2024 2023 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,819 $ 2,634 $ 4,738 $ 2,662 Expected future gross premiums 4,513 2,597 4,345 2,583 Whole life Expected future benefit payments $ 1,680 $ 619 $ 1,610 $ 633 Expected future gross premiums 675 401 641 390 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, 2024 2023 2024 2023 Gross premiums Term $ 75 $ 73 $ 149 $ 146 Whole life 13 13 26 25 Total $ 88 $ 86 $ 175 $ 171 Interest accretion Term $ 13 $ 12 $ 26 $ 24 Whole life 5 5 11 11 Total $ 18 $ 17 $ 37 $ 35 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums w as immaterial for the six months ended June 30, 2024, and 2023 . The following table shows the weighted-average interest rate for our term and whole life products : At June 30, 2024 2023 Term Interest accretion rate 5.22 % 5.29 % Current discount rate 5.24 5.11 Whole life Interest accretion rate 5.90 % 5.93 % Current discount rate 5.67 5.22 The discount rate assumption was developed by calculating forward rates from market yield curves of upper-medium grade fixed-income instruments.
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, 2024 2023 2024 2023 Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 631 $ 456 $ 711 $ 458 $ 656 $ 457 $ 734 $ 457 Premiums received 10 9 15 9 19 19 25 20 Policy charges — (10) — (10) — (20) — (20) Surrenders and withdrawals (26) (3) (32) (4) (63) (7) (68) (7) Benefit payments (2) (1) (3) (2) (5) (3) (6) (4) Interest credited 5 5 5 5 11 10 11 10 Balance, end of period $ 618 $ 456 $ 696 $ 456 $ 618 $ 456 $ 696 $ 456 Weighted average crediting rate 3.59 % 4.33 % 3.41 % 4.29 % 3.59 % 4.33 % 3.41 % 4.29 % Net amount at risk $ — $ 3,892 $ — $ 4,030 $ — $ 3,892 $ — $ 4,030 Cash surrender value 612 425 691 423 612 425 691 423
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, 2024 Deferred annuity 1.00-3.00% $ 4 $ 324 $ 14 $ 228 $ 570 3.01-4.00% 48 — — — 48 Total $ 52 $ 324 $ 14 $ 228 $ 618 Universal life 1.00-3.00% $ — $ 60 $ 59 $ 4 $ 123 3.01-4.00% 49 5 — — 54 Greater than 4.00% 279 — — — 279 Total $ 328 $ 65 $ 59 $ 4 $ 456 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
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, 2024 2023 2024 2023 Balance, beginning of period $ 129 $ 125 $ 128 $ 121 Balance, beginning of period before shadow reserve adjustments 130 127 129 123 Effect of changes in cash flow assumptions (2) (5) (2) (5) Effect of actual variances from expected experience — — — (1) Adjusted beginning of period balance 128 122 127 117 Interest accrual 1 1 2 2 Excess death benefits (1) (2) (3) (2) Attributed assessments 3 3 6 6 Effect of changes in interest rate assumptions (1) — (2) 1 Balance, end of period before shadow reserve adjustments 130 124 130 124 Shadow reserve adjustments (2) (2) (2) (2) Balance, end of period 128 122 128 122 Less reinsurance recoverable, end of period 6 7 6 7 Net other additional liability, after reinsurance recoverable $ 134 $ 129 $ 134 $ 129 Weighted-average duration of the other additional liability in years 29 32 29 32
Separate Account, Liability	The following table shows balances and changes in separate accounts balances during the period: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 927 $ 899 $ 925 $ 892 Interest credited before policy charges 11 10 21 20 Benefit payments (3) (1) (3) (3) Other 13 3 5 2 Balance, end of period $ 948 $ 911 $ 948 $ 911 Cash surrender value $ 932 $ 906 $ 932 $ 906

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 796 $ 714 $ 749 $ 682 Capitalized deferred policy acquisition costs 475 407 882 779 Amortized deferred policy acquisition costs (393) (350) (753) (690) Deferred policy acquisition costs asset, end of period $ 878 $ 771 $ 878 $ 771 Life: Deferred policy acquisition costs asset, beginning of period $ 347 $ 334 $ 344 $ 331 Capitalized deferred policy acquisition costs 12 11 22 22 Amortized deferred policy acquisition costs (8) (7) (15) (15) Deferred policy acquisition costs asset, end of period $ 351 $ 338 $ 351 $ 338 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,143 $ 1,048 $ 1,093 $ 1,013 Capitalized deferred policy acquisition costs 487 418 904 801 Amortized deferred policy acquisition costs (401) (357) (768) (705) Deferred policy acquisition costs asset, end of period $ 1,229 $ 1,109 $ 1,229 $ 1,109
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, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 238 $ 49 $ 8 $ 52 $ 347 Capitalized deferred policy acquisition costs 8 2 1 1 12 Amortized deferred policy acquisition costs (5) (1) (1) (1) (8) Balance, end of period $ 241 $ 50 $ 8 $ 52 $ 351 Three months ended June 30, 2023 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 (Dollars in millions) Six months ended June 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 236 $ 48 $ 8 $ 52 $ 344 Capitalized deferred policy acquisition costs 16 4 1 1 22 Amortized deferred policy acquisition costs (11) (2) (1) (1) (15) Balance, end of period $ 241 $ 50 $ 8 $ 52 $ 351 Six months ended June 30, 2023 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

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (625) $ (134) $ (491) $ (684) $ (147) $ (537) OCI before investment gains and losses, net, recognized in net income (93) (21) (72) (158) (34) (124) Investment gains and losses, net, recognized in net income 18 4 14 4 2 2 OCI (75) (17) (58) (154) (32) (122) AOCI, end of period $ (700) $ (151) $ (549) $ (838) $ (179) $ (659) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 30 $ 8 $ 22 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 1 — 1 (1) (1) — OCI 1 — 1 (1) (1) — AOCI, end of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 34 $ 7 $ 27 $ (16) $ (4) $ (12) OCI before investment gains and losses, net, recognized in net income 37 8 29 29 6 23 Investment gains and losses, net, recognized in net income — — — — — — OCI 37 8 29 29 6 23 AOCI, end of period $ 71 $ 15 $ 56 $ 13 $ 2 $ 11 Summary of AOCI: AOCI, beginning of period $ (561) $ (119) $ (442) $ (670) $ (143) $ (527) Investments OCI (75) (17) (58) (154) (32) (122) Pension obligations OCI 1 — 1 (1) (1) — Life policy reserves, reinsurance recoverable and other OCI 37 8 29 29 6 23 Total OCI (37) (9) (28) (126) (27) (99) AOCI, end of period $ (598) $ (128) $ (470) $ (796) $ (170) $ (626) (Dollars in millions) Six months ended June 30, 2024 2023 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (570) $ (123) $ (447) $ (847) $ (182) $ (665) OCI before investment gains and losses, net, recognized in net income (158) (34) (124) 5 1 4 Investment gains and losses, net, recognized in net income 28 6 22 4 2 2 OCI (130) (28) (102) 9 3 6 AOCI, end of period $ (700) $ (151) $ (549) $ (838) $ (179) $ (659) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 36 $ 9 $ 27 OCI excluding amortization recognized in net income — — — (5) (1) (4) Amortization recognized in net income 1 — 1 (2) (1) (1) OCI 1 — 1 (7) (2) (5) AOCI, end of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ (13) $ (3) $ (10) $ 29 $ 5 $ 24 OCI before investment gains and losses, net, recognized in net income 84 18 66 (16) (3) (13) Investment gains and losses, net, recognized in net income — — — — — — OCI 84 18 66 (16) (3) (13) AOCI, end of period $ 71 $ 15 $ 56 $ 13 $ 2 $ 11 Summary of AOCI: AOCI, beginning of period $ (553) $ (118) $ (435) $ (782) $ (168) $ (614) Investments OCI (130) (28) (102) 9 3 6 Pension obligations OCI 1 — 1 (7) (2) (5) Life policy reserves, reinsurance recoverable and other OCI 84 18 66 (16) (3) (13) Total OCI (45) (10) (35) (14) (2) (12) AOCI, end of period $ (598) $ (128) $ (470) $ (796) $ (170) $ (626)

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Direct written premiums $ 2,362 $ 2,071 $ 4,487 $ 3,930 Assumed written premiums 236 194 475 438 Ceded written premiums (139) (115) (255) (199) Net written premiums $ 2,459 $ 2,150 $ 4,707 $ 4,169 Direct earned premiums $ 2,015 $ 1,806 $ 3,949 $ 3,566 Assumed earned premiums 155 134 307 293 Ceded earned premiums (95) (77) (189) (155) Earned premiums $ 2,075 $ 1,863 $ 4,067 $ 3,704 Direct incurred loss and loss expenses $ 1,352 $ 1,265 $ 2,545 $ 2,564 Assumed incurred loss and loss expenses 63 58 139 134 Ceded incurred loss and loss expenses (3) (61) (2) (119) Incurred loss and loss expenses $ 1,412 $ 1,262 $ 2,682 $ 2,579
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, 2024 2023 2024 2023 Direct earned premiums $ 101 $ 100 $ 200 $ 196 Ceded earned premiums (20) (20) (40) (39) Earned premiums $ 81 $ 80 $ 160 $ 157 Direct contract holders' benefits incurred $ 76 $ 100 $ 170 $ 197 Ceded contract holders' benefits incurred (8) (22) (23) (38) Contract holders' benefits incurred $ 68 $ 78 $ 147 $ 159

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Tax at statutory rate: $ 81 21.0 % $ 140 21.0 % $ 281 21.0 % $ 196 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (6) (1.6) (5) (0.8) (11) (0.8) (10) (1.1) Dividend received exclusion (5) (1.3) (6) (0.9) (10) (0.7) (11) (1.2) Other 4 1.1 3 0.5 12 0.8 — — Provision for income taxes $ 74 19.2 % $ 132 19.8 % $ 272 20.3 % $ 175 18.7 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Numerator: Net income—basic and diluted $ 312 $ 534 $ 1,067 $ 759 Denominator: Basic weighted-average common shares outstanding 156.3 157.0 156.6 157.1 Effect of share-based awards: Stock options 0.7 0.6 0.7 0.8 Nonvested shares 0.5 0.4 0.4 0.4 Diluted weighted-average shares 157.5 158.0 157.7 158.3 Earnings per share: Basic $ 1.99 $ 3.40 $ 6.82 $ 4.83 Diluted $ 1.98 $ 3.38 $ 6.77 $ 4.80 Number of anti-dilutive share-based awards 1.2 1.5 1.3 1.5

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Service cost $ 2 $ 2 $ 3 $ 3 Non-service (benefit) costs: Interest cost 3 3 6 6 Expected return on plan assets (6) (5) (11) (10) Amortization of actuarial loss (gain) and prior 1 (1) 1 (2) Other — — — (5) Total non-service benefit (2) (3) (4) (11) Net periodic benefit $ — $ (1) $ (1) $ (8)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Revenues: Commercial lines insurance Commercial casualty $ 372 $ 373 $ 737 $ 750 Commercial property 348 312 684 611 Commercial auto 228 214 448 428 Workers' compensation 59 72 120 146 Other commercial 100 95 200 187 Commercial lines insurance premiums 1,107 1,066 2,189 2,122 Fee revenues 1 1 2 2 Total commercial lines insurance 1,108 1,067 2,191 2,124 Personal lines insurance Personal auto 224 173 432 339 Homeowner 326 251 629 484 Other personal 81 69 158 134 Personal lines insurance premiums 631 493 1,219 957 Fee revenues 1 1 2 2 Total personal lines insurance 632 494 1,221 959 Excess and surplus lines insurance 151 132 290 259 Fee revenues 1 1 2 1 Total excess and surplus lines insurance 152 133 292 260 Life insurance premiums 81 80 160 157 Fee revenues 2 3 3 5 Total life insurance 83 83 163 162 Investments Investment income, net of expenses 242 220 487 430 Investment gains and losses, net 137 434 749 540 Total investment revenue 379 654 1,236 970 Other Premiums 186 172 369 366 Other 4 2 7 5 Total other revenues 190 174 376 371 Total revenues $ 2,544 $ 2,605 $ 5,479 $ 4,846 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 10 $ 33 $ 49 $ 31 Personal lines insurance (42) (36) (5) (93) Excess and surplus lines insurance 8 11 20 24 Life insurance 22 13 32 21 Investments 348 624 1,174 910 Other 40 21 69 41 Total income before income taxes $ 386 $ 666 $ 1,339 $ 934 Identifiable assets: June 30, December 31, Property casualty insurance $ 5,864 $ 5,294 Life insurance 1,600 1,562 Investments 26,285 24,999 Other 1,053 914 Total $ 34,802 $ 32,769

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, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
Total	$ 15,109	$ 14,361
Gross unrealized gain	67	117
Gross unrealized loss	767	687
Fixed maturities, at fair value	14,409	13,791
Corporate
Debt Securities, Available-for-sale
Total	8,151	7,836
Gross unrealized gain	49	70
Gross unrealized loss	475	454
Fixed maturities, at fair value	7,725	7,452
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Total	4,867	4,867
Gross unrealized gain	17	44
Gross unrealized loss	273	208
Fixed maturities, at fair value	4,611	4,703
Government-sponsored enterprises
Debt Securities, Available-for-sale
Total	1,611	1,227
Gross unrealized gain	1	3
Gross unrealized loss	5	6
Fixed maturities, at fair value	1,607	1,224
Asset-backed
Debt Securities, Available-for-sale
Total	257	203
Gross unrealized gain	0	0
Gross unrealized loss	10	16
Fixed maturities, at fair value	247	187
United States government
Debt Securities, Available-for-sale
Total	190	203
Gross unrealized gain	0	0
Gross unrealized loss	4	3
Fixed maturities, at fair value	186	200
Foreign government
Debt Securities, Available-for-sale
Total	33	25
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Fixed maturities, at fair value	$ 33	$ 25

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, 2024	Dec. 31, 2023
Investments, Unrealized Loss Position
Less than 12 months Fair Value	$ 3,370	$ 1,384
Less than 12 Months, Unrealized Loss	39	18
12 months or more, Fair Value	7,972	7,912
12 months or longer, Unrealized Loss	728	669
Total Fair Value	11,342	9,296
Total Unrealized Losses	767	687
Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	1,004	379
Less than 12 Months, Unrealized Loss	17	13
12 months or more, Fair Value	5,413	5,560
12 months or longer, Unrealized Loss	458	441
Total Fair Value	6,417	5,939
Total Unrealized Losses	475	454
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	1,390	313
Less than 12 Months, Unrealized Loss	20	2
12 months or more, Fair Value	2,090	1,932
12 months or longer, Unrealized Loss	253	206
Total Fair Value	3,480	2,245
Total Unrealized Losses	273	208
Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	819	652
Less than 12 Months, Unrealized Loss	2	3
12 months or more, Fair Value	242	113
12 months or longer, Unrealized Loss	3	3
Total Fair Value	1,061	765
Total Unrealized Losses	5	6
Asset-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	54	5
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	119	172
12 months or longer, Unrealized Loss	10	16
Total Fair Value	173	177
Total Unrealized Losses	10	16
United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	78	32
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	101	129
12 months or longer, Unrealized Loss	4	3
Total Fair Value	179	161
Total Unrealized Losses	4	3
Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	25	3
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	7	6
12 months or longer, Unrealized Loss	0	0
Total Fair Value	32	9
Total Unrealized Losses	$ 0	$ 0

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 1,181
Due after one year through five years	4,243
Due after five years through ten years	3,544
Due after ten years	6,141
Total	15,109	$ 14,361
Fair value
Due in one year or less	1,171
Due after one year through five years	4,118
Due after five years through ten years	3,399
Due after ten years	5,721
Total	$ 14,409	$ 13,791
% of fair value
Due in one year or less	8.10%
Due after one year through five years	28.60%
Due after five years through ten years	23.60%
Due after ten years	39.70%
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment income:
Interest	$ 173	$ 147	$ 342	$ 287
Dividends	69	70	141	136
Other	4	6	11	13
Total	246	223	494	436
Less investment expenses	4	3	7	6
Total	242	220	487	430
Investment gains and losses, net
Other	6	(18)	26	(17)
Total	137	434	749	540
Equity securities
Investment gains and losses, net
Investment gains and losses on securities sold, net	7	0	4	(4)
Unrealized gains and losses on securities still held, net	142	459	747	568
Total	149	459	751	564
Fixed maturities
Investment gains and losses, net
Gross realized gains	4	0	4	1
Gross realized losses	(6)	0	(7)	(1)
Change in allowance for credit losses, net	(16)	(3)	(25)	(3)
Write-down of impaired securities with intent to sell	0	(4)	0	(4)
Total	$ (18)	$ (7)	$ (28)	$ (7)

Investments - (Narrative) (Deta

Investments - (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Investments [Abstract]
Equity Securities at Fair Value	$ 11,634	$ 10,989
Fair value of largest single common stock holding	$ 1,001	$ 842
Largest equity holdings to total equity portfolio	8.90%	7.90%
Largest equity holdings to total investment portfolio	3.80%	3.40%
Allowance for credit loss on fixed-maturity	$ 43	$ 18
Number of fixed-maturity securities in a total unrealized loss position | security	3,784	2,840
Fixed-maturity securities, total unrealized loss	$ 767	$ 687
Number of fixed-maturity securities in continuous unrealized loss position and below 70 percent of amortized cost	16	20
Fixed maturity investments, Percentage of amortized costs	70%

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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 14,409	$ 13,791
Fair value of asset	27,002	25,701
Separate accounts	948	925
Top Hat savings plan mutual funds and common equity (included in Other assets)	77	67
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	7,725	7,452
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,611	4,703
Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	1,607	1,224
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	247	187
United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	186	200
Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	33	25
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	186	200
Fair value of asset	11,546	10,908
Top Hat savings plan mutual funds and common equity (included in Other assets)	77	67
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 | Asset-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	186	200
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	14,223	13,591
Fair value of asset	15,456	14,793
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	7,725	7,452
Level 2 | States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,611	4,703
Level 2 | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	1,607	1,224
Level 2 | Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	247	187
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	33	25
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 | Asset-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	11,283	10,641
Equity securities | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	351	348
Equity securities | Level 1 | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	11,283	10,641
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	351	348
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	882	854
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	882	854
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 - (Narr

Fair Value Measurements - (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 771	$ 907
Finance receivable	111	108
Life policy and investment contract reserves	2,966	3,068
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	35	33
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	1,428	1,471
Investment contract reserves: | Deferred Fixed Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	618	656
Investment contract reserves: | Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	$ 119	$ 123

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, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Book value	$ 790	$ 790
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	$ 372	$ 372
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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 25	$ 25
Total	$ 858	$ 868
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	$ 414	$ 420
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	$ 390	$ 394
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	25
Total	858	868
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	414	420
Level 2 | Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	390	394
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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 40	$ 39
Liabilities Related to Investment Contracts, Fair Value Disclosure	705	744
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	131	141
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	40	39
Liabilities Related to Investment Contracts, Fair Value Disclosure	574	603
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	574	603
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	574	603
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	131	141
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	131	141
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period			$ 9,050
Prior accident years	$ (40)	$ (101)	(140)	$ (160)
Gross loss and loss expense reserves, end of period	9,555		9,555
Property and Casualty Insurance
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	9,178	8,626	8,975	8,336
Less reinsurance recoverable	332	424	362	405
Net loss and loss expense reserves, beginning of period	8,846	8,202	8,613	7,931
Current accident year	1,452	1,363	2,822	2,739
Prior accident years	(40)	(101)	(140)	(160)
Total incurred	1,412	1,262	2,682	2,579
Current accident year	483	502	688	689
Prior accident years	584	579	1,416	1,438
Total paid	1,067	1,081	2,104	2,127
Net loss and loss expense reserves, end of period	9,191	8,383	9,191	8,383
Plus reinsurance recoverable	303	424	303	424
Gross loss and loss expense reserves, end of period	$ 9,494	$ 8,807	$ 9,494	$ 8,807

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 9,555		$ 9,555		$ 9,050
Prior accident years	(40)	$ (101)	(140)	$ (160)
Life Insurance Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	61	66	61	66
Commercial Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(29)	(59)	(67)	(91)
Commercial Insurance | Commercial Property Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(21)		(44)	(25)
Commercial Insurance | Commercial Casualty Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	28	(34)	29	(36)
Commercial Insurance | Commercial Auto Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(11)
Commercial Insurance | Workers' Compensation Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(28)	(11)	(40)	(26)
Personal Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	6	(15)	(27)	(46)
Personal Insurance | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	12			(12)
Personal Insurance | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(27)	(35)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ 3	$ (5)	$ 0	$ (14)

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, 2024	Dec. 31, 2023	Jun. 30, 2023
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 2,966	$ 3,068
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,538	1,597
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,428	1,471
Term Life Insurance | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,035	1,066	$ 1,015
Whole Life Insurance | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	404	434	$ 421
Long-Duration Insurance, Other | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	99	97
Long-Duration Insurance, Other | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	107	107
Deferred Fixed Annuity | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	618	656
Universal life | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	584	585
Structured Settlement Annuity | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 119	$ 123

Liability for Future Policy Ben

Liability for Future Policy Benefit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Net liability for future policy benefits:
Net life policy reserves	$ 2,966		$ 2,966		$ 3,068
Life policy reserves:
Net liability for future policy benefits:
Net life policy reserves	1,538		1,538		1,597
Term Life Insurance | Life policy reserves:
Present value of expected net premiums:
Balance, beginning of period	1,660	$ 1,699	1,700	$ 1,643
Beginning balance at original discount rate	1,710	1,715	1,712	1,708
Effect of changes in cash flow assumptions	(12)	(5)	(12)	(5)
Effect of changes in cash flow assumptions	(10)	(9)	(19)	(12)
Adjusted beginning of period balance	1,688	1,701	1,681	1,691
Issuances	41	40	76	78
Interest accrual	18	17	36	35
Net premiums collected	(46)	(46)	(92)	(92)
Ending balance at original discount rate	1,701	1,712	1,701	1,712
Effect of changes in discount rate assumptions	(81)	(48)	(81)	(48)
Balance, end of period	1,620	1,664	1,620	1,664
Present value of expected future policy benefits:
Balance, beginning of period	2,698	2,691	2,751	2,584
Effect of changes in cash flow assumptions	2,780	2,712	2,765	2,692
Effect of changes in cash flow assumptions	(29)	5	(29)	5
Effect of changes in cash flow assumptions	(14)	(11)	(28)	(13)
Adjusted beginning of period balance	2,737	2,706	2,708	2,684
Issuances	41	40	76	78
Interest accrual	31	30	62	60
Benefits paid	(37)	(39)	(74)	(85)
Ending balance at original discount rate	2,772	2,737	2,772	2,737
Effect of changes in discount rate assumptions	(138)	(75)	(138)	(75)
Balance, end of period	2,634	2,662	2,634	2,662
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	1,014	998	1,014	998
Impact of flooring at cohort level	21	17	21	17
Net life policy reserves	1,035	1,015	1,035	1,015	1,066
Less reinsurance recoverable at original discount rate	(95)	(100)	(95)	(100)
Less effect of discount rate assumption changes on reinsurance recoverable	(7)	(8)	(7)	(8)
Net life policy reserves, after reinsurance recoverable	$ 933	$ 907	$ 933	$ 907
Weighted-average duration of the net life policy reserves in years	11 years	12 years	11 years	12 years
Whole Life Insurance | Life policy reserves:
Present value of expected net premiums:
Balance, beginning of period	$ 219	$ 217	$ 223	$ 208
Beginning balance at original discount rate	225	220	225	217
Effect of changes in cash flow assumptions	1	(6)	1	(6)
Effect of changes in cash flow assumptions	(3)	0	(3)	1
Adjusted beginning of period balance	223	214	223	212
Issuances	6	10	11	17
Interest accrual	3	2	5	4
Net premiums collected	(7)	(7)	(14)	(14)
Ending balance at original discount rate	225	219	225	219
Effect of changes in discount rate assumptions	(10)	(7)	(10)	(7)
Balance, end of period	215	212	215	212
Present value of expected future policy benefits:
Balance, beginning of period	637	644	657	614
Effect of changes in cash flow assumptions	633	614	628	607
Effect of changes in cash flow assumptions	2	(10)	2	(10)
Effect of changes in cash flow assumptions	(4)	0	(4)	1
Adjusted beginning of period balance	631	604	626	598
Issuances	7	11	12	17
Interest accrual	8	7	16	15
Benefits paid	(10)	(7)	(18)	(15)
Ending balance at original discount rate	636	615	636	615
Effect of changes in discount rate assumptions	(17)	18	(17)	18
Balance, end of period	619	633	619	633
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	404	421	404	421
Impact of flooring at cohort level	0	0	0	0
Net life policy reserves	404	421	404	421	$ 434
Less reinsurance recoverable at original discount rate	(24)	(25)	(24)	(25)
Less effect of discount rate assumption changes on reinsurance recoverable	(4)	(5)	(4)	(5)
Net life policy reserves, after reinsurance recoverable	$ 376	$ 391	$ 376	$ 391
Weighted-average duration of the net life policy reserves in years	15 years	16 years	15 years	16 years

Life Policy and Investment Co_3

Life Policy and Investment Contract Reserves (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Life policy reserves:
Liability for Future Policy Benefit, after Reinsurance [Abstract]
Discount Rate Assumption Changes included in Impact of flooring at Cohort Level	$ 3,000,000	$ 3,000,000
Life Insurance Segment
Liability for Future Policy Benefit, after Reinsurance [Abstract]
Liability for Future Policy Benefit, Adverse Development, Expense	$ 0	$ 0

Undiscounted and Discounted Fut

Undiscounted and Discounted Future Benefit Payments and Gross Premiums (Details) - Life policy reserves: - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	$ 4,819			$ 4,738
Undiscounted expected future gross premiums	4,513			4,345
Discounted expected future benefit payments	2,634	$ 2,698	$ 2,751	2,662	$ 2,691	$ 2,584
Discounted expected future gross premiums	2,597			2,583
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	1,680			1,610
Undiscounted expected future gross premiums	675			641
Discounted expected future benefit payments	619	$ 637	$ 657	633	$ 644	$ 614
Discounted expected future gross premiums	$ 401			$ 390

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	$ 88	$ 86	$ 175	$ 171
Interest accretion	18	17	37	35
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	75	73	149	146
Interest accretion	13	12	26	24
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	13	13	26	25
Interest accretion	$ 5	$ 5	$ 11	$ 11

Weighted Average Interest Rate

Weighted Average Interest Rate for Life Policy Products (Details) - Life policy reserves:	Jun. 30, 2024	Jun. 30, 2023
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.22%	5.29%
Current discount rate	5.24%	5.11%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.90%	5.93%
Current discount rate	5.67%	5.22%

Changes in Policyholders' Accou

Changes in Policyholders' Account Balances (Details) - Investment contract reserves: - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Deferred Fixed Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 631	$ 711	$ 656	$ 734
Premiums received	10	15	19	25
Policy charges	0	0	0	0
Surrenders and withdrawals	(26)	(32)	(63)	(68)
Benefit payments	(2)	(3)	(5)	(6)
Interest credited	5	5	11	11
Balance, end of period	$ 618	$ 696	$ 618	$ 696
Weighted average crediting rate	3.59%	3.41%	3.59%	3.41%
Net amount at risk	$ 0	$ 0	$ 0	$ 0
Cash surrender value	612	691	612	691
Universal life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	456	458	457	457
Premiums received	9	9	19	20
Policy charges	(10)	(10)	(20)	(20)
Surrenders and withdrawals	(3)	(4)	(7)	(7)
Benefit payments	(1)	(2)	(3)	(4)
Interest credited	5	5	10	10
Balance, end of period	$ 456	$ 456	$ 456	$ 456
Weighted average crediting rate	4.33%	4.29%	4.33%	4.29%
Net amount at risk	$ 3,892	$ 4,030	$ 3,892	$ 4,030
Cash surrender value	$ 425	$ 423	$ 425	$ 423

Account Values by Range of Guar

Account Values by Range of Guaranteed Minimum Crediting Rates (Details) - Investment contract reserves: - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023
Deferred Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	$ 618	$ 631	$ 656	$ 696	$ 711
Deferred Fixed Annuity | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	52			55
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	324			400
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	14			17
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	228			224
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	570			646
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	4			5
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	324			400
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	14			17
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	228			224
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	48			50
Deferred Fixed Annuity | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	48			50
Deferred Fixed Annuity | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0			0
Deferred Fixed Annuity | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0			0
Deferred Fixed Annuity | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0			0
Universal life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	456	$ 456	$ 457	456	$ 458
Universal life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	328			397
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	65			0
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	59			56
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	4			3
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	123			120
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	0			61
Universal life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	60			0
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	59			56
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	4			3
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	54			53
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	49			53
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	5			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	279			283
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	279			283
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 129	$ 125	$ 128	$ 121
Balance, beginning of period before shadow reserve adjustments	130	127	129	123
Effect of changes in cash flow assumptions	(2)	(5)	(2)	(5)
Effect of actual variances from expected experience	0	0	0	(1)
Effect of actual variances from expected experience	128	122	127	117
Interest accrual	1	1	2	2
Excess death benefits	(1)	(2)	(3)	(2)
Attributed assessments	3	3	6	6
Effect of changes in interest rate assumptions	(1)	0	(2)	1
Balance, end of period before shadow reserve adjustments	130	124	130	124
Shadow reserve adjustments	(2)	(2)	(2)	(2)
Balance, end of period	128	122	128	122
Less reinsurance recoverable, end of period	6	7	6	7
Net other additional liability, after reinsurance recoverable	$ 134	$ 129	$ 134	$ 129
Weighted-average duration of the other additional liability in years	29 years	32 years	29 years	32 years

Separate Account Balances and C

Separate Account Balances and Changes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Separate Account, Liability [Roll Forward]
Balance, beginning of period			$ 925
Balance, end of period	$ 948		948
Universal life
Separate Account, Liability [Roll Forward]
Balance, beginning of period	927	$ 899	925	$ 892
Interest credited before policy charges	11	10	21	20
Benefit payments	(3)	(1)	(3)	(3)
Other	13	3	5	2
Balance, end of period	948	911	948	911
Cash surrender value	$ 932	$ 906	$ 932	$ 906

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,143	$ 1,048	$ 1,093	$ 1,013
Capitalized deferred policy acquisition costs	487	418	904	801
Amortized deferred policy acquisition costs	(401)	(357)	(768)	(705)
Deferred policy acquisition costs asset, end of period	1,229	1,109	1,229	1,109
Consolidated Property And Casualty Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	796	714	749	682
Capitalized deferred policy acquisition costs	475	407	882	779
Amortized deferred policy acquisition costs	(393)	(350)	(753)	(690)
Deferred policy acquisition costs asset, end of period	878	771	878	771
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	347	334	344	331
Capitalized deferred policy acquisition costs	12	11	22	22
Amortized deferred policy acquisition costs	(8)	(7)	(15)	(15)
Deferred policy acquisition costs asset, end of period	$ 351	$ 338	$ 351	$ 338

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Life Deferred Acquisition Costs Rollforward by Product (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,143	$ 1,048	$ 1,093	$ 1,013
Capitalized deferred policy acquisition costs	487	418	904	801
Amortized deferred policy acquisition costs	(401)	(357)	(768)	(705)
Deferred policy acquisition costs asset, end of period	1,229	1,109	1,229	1,109
Term Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	238	231
Capitalized deferred policy acquisition costs	8	7
Amortized deferred policy acquisition costs	(5)	(5)
Deferred policy acquisition costs asset, end of period	241	233	241	233
Whole Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	49	44
Capitalized deferred policy acquisition costs	2	2
Amortized deferred policy acquisition costs	(1)	(1)
Deferred policy acquisition costs asset, end of period	50	45	50	45
Deferred Fixed Annuity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	8	7
Capitalized deferred policy acquisition costs	1	1
Amortized deferred policy acquisition costs	(1)	0
Deferred policy acquisition costs asset, end of period	8	8	8	8
Universal life
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	52	52
Capitalized deferred policy acquisition costs	1	1
Amortized deferred policy acquisition costs	(1)	(1)
Deferred policy acquisition costs asset, end of period	52	52	52	52
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	347	334	344	331
Capitalized deferred policy acquisition costs	12	11	22	22
Amortized deferred policy acquisition costs	(8)	(7)	(15)	(15)
Deferred policy acquisition costs asset, end of period	351	338	351	338
Life Insurance Segment | Term Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period			236	228
Capitalized deferred policy acquisition costs			16	16
Amortized deferred policy acquisition costs			(11)	(11)
Deferred policy acquisition costs asset, end of period	241	233	241	233
Life Insurance Segment | Whole Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period			48	43
Capitalized deferred policy acquisition costs			4	4
Amortized deferred policy acquisition costs			(2)	(2)
Deferred policy acquisition costs asset, end of period	50	45	50	45
Life Insurance Segment | Deferred Fixed Annuity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period			8	7
Capitalized deferred policy acquisition costs			1	1
Amortized deferred policy acquisition costs			(1)	0
Deferred policy acquisition costs asset, end of period	8	8	8	8
Life Insurance Segment | Universal life
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period			52	53
Capitalized deferred policy acquisition costs			1	1
Amortized deferred policy acquisition costs			(1)	(2)
Deferred policy acquisition costs asset, end of period	$ 52	$ 52	$ 52	$ 52

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ (435)
AOCI, net of tax, end of period	$ (470)		(470)
AOCI on Net Unrecognized Investment Gain (Loss)
AOCI, Before Tax
AOCI, before tax, beginning of period	(625)	$ (684)	(570)	$ (847)
Other comprehensive income before reclassification, before tax	(93)	(158)	(158)	5
Reclassification adjustment, before tax	18	4	28	4
Effect on other comprehensive income, before tax	(75)	(154)	(130)	9
AOCI, before tax, end of period	(700)	(838)	(700)	(838)
AOCI, Tax
AOCI, tax, beginning of period	(134)	(147)	(123)	(182)
Other comprehensive income before reclassification, tax	(21)	(34)	(34)	1
Reclassification adjustment, tax	4	2	6	2
Effect on other comprehensive income, tax	(17)	(32)	(28)	3
AOCI, tax, end of period	(151)	(179)	(151)	(179)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(491)	(537)	(447)	(665)
Other comprehensive income before reclassification, net of tax	(72)	(124)	(124)	4
Reclassification adjustment, net of tax	14	2	22	2
Effect on other comprehensive income, net of tax	(58)	(122)	(102)	6
AOCI, net of tax, end of period	(549)	(659)	(549)	(659)
AOCI on Pension Obligations
AOCI, Before Tax
AOCI, before tax, beginning of period	30	30	30	36
Other comprehensive income before reclassification, before tax	0	0	0	(5)
Reclassification adjustment, before tax	1	(1)	1	(2)
Effect on other comprehensive income, before tax	1	(1)	1	(7)
AOCI, before tax, end of period	31	29	31	29
AOCI, Tax
AOCI, tax, beginning of period	8	8	8	9
Other comprehensive income before reclassification, tax	0	0	0	(1)
Reclassification adjustment, tax	0	(1)	0	(1)
Effect on other comprehensive income, tax	0	(1)	0	(2)
AOCI, tax, end of period	8	7	8	7
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	22	22	22	27
Other comprehensive income before reclassification, net of tax	0	0	0	(4)
Reclassification adjustment, net of tax	1	0	1	(1)
Effect on other comprehensive income, net of tax	1	0	1	(5)
AOCI, net of tax, end of period	23	22	23	22
AOCI on Life Policy Reserves, Reinsurance Recoverable And Other
AOCI, Before Tax
AOCI, before tax, beginning of period	34	(16)	(13)	29
Other comprehensive income before reclassification, before tax	37	29	84	(16)
Reclassification adjustment, before tax	0	0	0	0
Effect on other comprehensive income, before tax	37	29	84	(16)
AOCI, before tax, end of period	71	13	71	13
AOCI, Tax
AOCI, tax, beginning of period	7	(4)	(3)	5
Other comprehensive income before reclassification, tax	8	6	18	(3)
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	8	6	18	(3)
AOCI, tax, end of period	15	2	15	2
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	27	(12)	(10)	24
Other comprehensive income before reclassification, net of tax	29	23	66	(13)
Reclassification adjustment, net of tax	0	0	0	0
Effect on other comprehensive income, net of tax	29	23	66	(13)
AOCI, net of tax, end of period	56	11	56	11
Summary of AOCI
AOCI, Before Tax
AOCI, before tax, beginning of period	(561)	(670)	(553)	(782)
Change in unrealized gains, net, on investments available for sale, before tax	(75)	(154)	(130)	9
Change in pension obligations, before tax	1	(1)	1	(7)
Change in life policy reserves, reinsurance recoverable and other, before tax	37	29	84	(16)
Effect on other comprehensive income, before tax	(37)	(126)	(45)	(14)
AOCI, before tax, end of period	(598)	(796)	(598)	(796)
AOCI, Tax
AOCI, tax, beginning of period	(119)	(143)	(118)	(168)
Change in unrealized gains, net, on investments available for sale, tax	(17)	(32)	(28)	3
Change in pension obligations, tax	0	(1)	0	(2)
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Tax	8	6	18	(3)
Effect on other comprehensive income, tax	(9)	(27)	(10)	(2)
AOCI, tax, end of period	(128)	(170)	(128)	(170)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(442)	(527)	(435)	(614)
Change in unrealized gains, net, on investments available for sale, net of tax	(58)	(122)	(102)	6
Change in pension obligations, net of tax	1	0	1	(5)
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Net of Tax	29	23	66	(13)
Effect on other comprehensive income, net of tax	(28)	(99)	(35)	(12)
AOCI, net of tax, end of period	$ (470)	$ (626)	$ (470)	$ (626)

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 2,156	$ 1,943	$ 4,227	$ 3,861
Incurred loss and loss expenses	1,480	1,340	2,829	2,738
Consolidated Property And Casualty Insurance
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	2,362	2,071	4,487	3,930
Assumed written premiums	236	194	475	438
Ceded written premiums	(139)	(115)	(255)	(199)
Net written premiums	2,459	2,150	4,707	4,169
Direct earned premiums	2,015	1,806	3,949	3,566
Assumed earned premiums	155	134	307	293
Ceded earned premiums	(95)	(77)	(189)	(155)
Earned premiums	2,075	1,863	4,067	3,704
Direct incurred loss and loss expenses	1,352	1,265	2,545	2,564
Assumed incurred loss and loss expenses	63	58	139	134
Ceded incurred loss and loss expenses	(3)	(61)	(2)	(119)
Incurred loss and loss expenses	$ 1,412	$ 1,262	$ 2,682	$ 2,579

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reinsurance for Insurance Companies, by Product Segment
Insurance losses and contract holders' benefits	$ 1,480	$ 1,340	$ 2,829	$ 2,738
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment
Direct earned premiums	101	100	200	196
Ceded earned premiums	(20)	(20)	(40)	(39)
Earned premiums	81	80	160	157
Direct contract holders' benefits incurred	76	100	170	197
Ceded contract holders' benefits incurred	(8)	(22)	(23)	(38)
Insurance losses and contract holders' benefits	$ 68	$ 78	$ 147	$ 159

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Consolidated Property and Casualty Insurance
Reinsurance for Insurance Companies, by Product Segment
Premium Receivable, Allowance for Credit Loss	$ 18	$ 16

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure
Tax at statutory rate, percentage	21%	21%	21%	21%
United States
Income Tax Disclosure
Deferred tax assets valuation allowance	$ 0		$ 0		$ 0
Cincinnati Global
Income Tax Disclosure
Deferred tax assets valuation allowance	0		0		0
Cincinnati Global | United Kingdom
Income Tax Disclosure
Operating loss carryforwards	$ 85		$ 85		$ 100

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (decrease) resulting from:
Tax at statutory rate	$ 81	$ 140	$ 281	$ 196
Tax-exempt income from municipal bonds	(6)	(5)	(11)	(10)
Dividend received exclusion	(5)	(6)	(10)	(11)
Other	4	3	12	0
Total provision for income taxes	$ 74	$ 132	$ 272	$ 175
Increase (decrease) resulting from:
Tax at statutory rate	21%	21%	21%	21%
Tax-exempt income from municipal bonds, Percent	(1.60%)	(0.80%)	(0.80%)	(1.10%)
Dividend received exclusion, Percent	(1.30%)	(0.90%)	(0.70%)	(1.20%)
Other	1.10%	0.50%	0.80%	0%
Provision for income taxes	19.20%	19.80%	20.30%	18.70%

Net Income Per Common Share - C

Net Income 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income—basic and diluted	$ 312	$ 534	$ 1,067	$ 759
Denominator:
Basic weighted-average common shares outstanding (in shares)	156.3	157	156.6	157.1
Diluted weighted-average shares	157.5	158	157.7	158.3
Earnings per share:
Basic (in USD per share)	$ 1.99	$ 3.40	$ 6.82	$ 4.83
Diluted (in USD per share)	$ 1.98	$ 3.38	$ 6.77	$ 4.80
Number of anti-dilutive stock-based awards (in shares)	1.2	1.5	1.3	1.5
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0.7	0.6	0.7	0.8
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.5	0.4	0.4	0.4

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2	$ 3	$ 3
Interest cost	3	3	6	6
Expected return on plan assets	(6)	(5)	(11)	(10)
Amortization of actuarial loss (gain) and prior service cost	1	(1)	1	(2)
Other	0	0	0	(5)
Total non-service benefit	(2)	(3)	(4)	(11)
Net periodic benefit cost	$ 0	$ (1)	$ (1)	$ (8)

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 7,000,000	$ 6,000,000	$ 16,000,000	$ 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, 2024 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information
Earned premiums	$ 2,156	$ 1,943	$ 4,227	$ 3,861
Fee revenues	5	6	9	10
Other	4	2	7	5
Investment income, net of expenses	242	220	487	430
Investment gains and losses, net	137	434	749	540
Total revenues	2,544	2,605	5,479	4,846
Income before Income Taxes	386	666	1,339	934
Assets	34,802		34,802		$ 32,769
Operating Segments
Segment Reporting Information
Assets	5,864		5,864		5,294
Operating Segments | Commercial Insurance
Segment Reporting Information
Earned premiums	1,107	1,066	2,189	2,122
Fee revenues	1	1	2	2
Total revenues	1,108	1,067	2,191	2,124
Income Before Income Taxes	10	33	49	31
Operating Segments | Commercial Insurance | Commercial Casualty Line
Segment Reporting Information
Earned premiums	372	373	737	750
Operating Segments | Commercial Insurance | Commercial Property Line
Segment Reporting Information
Earned premiums	348	312	684	611
Operating Segments | Commercial Insurance | Commercial Auto Line
Segment Reporting Information
Earned premiums	228	214	448	428
Operating Segments | Commercial Insurance | Workers' Compensation Line
Segment Reporting Information
Earned premiums	59	72	120	146
Operating Segments | Commercial Insurance | Other Commercial Lines
Segment Reporting Information
Earned premiums	100	95	200	187
Operating Segments | Personal Insurance
Segment Reporting Information
Earned premiums	631	493	1,219	957
Fee revenues	1	1	2	2
Total revenues	632	494	1,221	959
Income Before Income Taxes	(42)	(36)	(5)	(93)
Operating Segments | Personal Insurance | Personal Auto
Segment Reporting Information
Earned premiums	224	173	432	339
Operating Segments | Personal Insurance | Home Owner Line
Segment Reporting Information
Earned premiums	326	251	629	484
Operating Segments | Personal Insurance | Other Personal Lines
Segment Reporting Information
Earned premiums	81	69	158	134
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	151	132	290	259
Fee revenues	1	1	2	1
Total revenues	152	133	292	260
Income Before Income Taxes	8	11	20	24
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	81	80	160	157
Fee revenues	2	3	3	5
Total revenues	83	83	163	162
Income Before Income Taxes	22	13	32	21
Assets	1,600		1,600		1,562
Operating Segments | Investment Segment
Segment Reporting Information
Investment income, net of expenses	242	220	487	430
Investment gains and losses, net	137	434	749	540
Total revenues	379	654	1,236	970
Income Before Income Taxes	348	624	1,174	910
Assets	26,285		26,285		24,999
Corporate, Non-Segment
Segment Reporting Information
Earned premiums	186	172	369	366
Other	4	2	7	5
Total revenues	190	174	376	371
Income Before Income Taxes	40	$ 21	69	$ 41
Assets	$ 1,053		$ 1,053		$ 914