Cincinnati Financial (CINF) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		156,315,102
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments
Fixed maturities, at fair value (amortized cost: 2024—$16,074; 2023—$14,361)	$ 15,871	$ 13,791
Equity securities, at fair value (cost: 2024—$4,034; 2023—$4,282)	11,570	10,989
Other invested assets	663	577
Total investments	28,104	25,357
Cash and cash equivalents	1,752	907
Investment income receivable	199	192
Finance receivable	116	108
Premiums receivable	3,012	2,592
Reinsurance recoverable	548	651
Prepaid reinsurance premiums	94	55
Deferred policy acquisition costs	1,241	1,093
Land, building and equipment, net, for company use (accumulated depreciation: 2024—$342; 2023—$337)	215	208
Other assets	785	681
Separate accounts	943	925
Total assets	37,009	32,769
Insurance reserves
Reserve for loss and loss expenses	9,928	9,050
Life policy and investment contract reserves	3,069	3,068
Unearned premiums	4,874	4,119
Other liabilities	1,917	1,311
Deferred income tax	1,600	1,324
Note payable	25	25
Long-term debt and lease obligations	849	849
Separate accounts	943	925
Total liabilities	23,205	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	1,482	1,437
Retained earnings	14,591	13,084
Accumulated other comprehensive loss	(150)	(435)
Treasury stock at cost (2024—42.0 million shares and 2023—41.3 million shares)	(2,516)	(2,385)
Total shareholders' equity	13,804	12,098
Total liabilities and shareholders' equity	$ 37,009	$ 32,769

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 16,074	$ 14,361
Equity Securities, FV-NI, Cost	4,034	4,282
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 342	$ 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	41.3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Earned premiums	$ 2,297	$ 2,033	$ 6,524	$ 5,894
Investment income, net of expenses	258	225	745	655
Investment gains and losses, net	758	(456)	1,507	84
Fee revenues	4	6	13	16
Other revenues	3	3	10	8
Total revenues	3,320	1,811	8,799	6,657
Benefits and Expenses
Insurance losses and contract holders' benefits	1,578	1,332	4,407	4,070
Underwriting, acquisition and insurance expenses	683	609	1,954	1,744
Interest expense	13	13	40	40
Other operating expenses	6	5	19	17
Total benefits and expenses	2,280	1,959	6,420	5,871
Income (Loss) Before Income Taxes	1,040	(148)	2,379	786
Provision (Benefit) for Income Taxes
Current	171	57	293	124
Deferred	49	(106)	199	2
Total provision (benefit) for income taxes	220	(49)	492	126
Net Income (Loss)	$ 820	$ (99)	$ 1,887	$ 660
Per Common Share
Net income (loss) — basic	$ 5.25	$ (0.63)	$ 12.06	$ 4.20
Net income (loss) — diluted	$ 5.20	$ (0.63)	$ 11.97	$ 4.17

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 820	$ (99)	$ 1,887	$ 660
Change in unrealized gains and losses on investments, net of tax (benefit) of $106, $(79), $78 and $(76), respectively	391	(290)	289	(284)
Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0, $0, $0 and $(2), respectively	0	0	1	(5)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(20), $22, $(2) and $19, respectively	(71)	89	(5)	76
Other comprehensive income (loss)	320	(201)	285	(213)
Comprehensive Income (Loss)	$ 1,140	$ (300)	$ 2,172	$ 447

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 106	$ (79)	$ 78	$ (76)
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	0	0	0	(2)
Change in life policy reserves, reinsurance recoverable and other, tax	$ (20)	$ 22	$ (2)	$ 19

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	(5)			8
Share-based compensation			31
Other			4			2
Net Income (Loss)	$ 660			660
Dividends declared				(353)
Other comprehensive income (loss)	(213)				(213)
Shares acquired - share repurchase authorization						(67)
Shares acquired - share-based compensation plans						(5)
Ending Balance at Sep. 30, 2023	$ 10,624	$ 397	1,422	12,018	(827)	(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
Other		100
Ending Balance (in shares) at Sep. 30, 2023		156,900
Dividends declared per common share (in dollars per share)	$ 2.25
Beginning Balance at Jun. 30, 2023		$ 397	1,410	12,235	(626)	(2,386)
Share-based awards		0	1			1
Share-based compensation			9
Other			2			1
Net Income (Loss)	$ (99)			(99)
Dividends declared				(118)
Other comprehensive income (loss)	(201)				(201)
Shares acquired - share repurchase authorization						0
Shares acquired - share-based compensation plans						(2)
Ending Balance at Sep. 30, 2023	$ 10,624	$ 397	1,422	12,018	(827)	(2,386)
Beginning Balance (in shares) at Jun. 30, 2023		156,800
Share-based awards (in shares)		0
Shares acquired - share repurchase authorization (in shares)		0
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		0
Other		100
Ending Balance (in shares) at Sep. 30, 2023		156,900
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	4			15
Share-based compensation			36
Other			5			1
Net Income (Loss)	1,887			1,887
Dividends declared				(380)
Other comprehensive income (loss)	285				285
Shares acquired - share repurchase authorization						(121)
Shares acquired - share-based compensation plans						(26)
Ending Balance at Sep. 30, 2024	$ 13,804	$ 397	1,482	14,591	(150)	(2,516)
Beginning Balance (in shares) at Dec. 31, 2023		157,000
Share-based awards (in shares)		500
Shares acquired - share repurchase authorization (in shares)		(1,100)
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		(200)
Other		100
Ending Balance (in shares) at Sep. 30, 2024		156,300
Dividends declared per common share (in dollars per share)	$ 2.43
Beginning Balance at Jun. 30, 2024		$ 397	1,466	13,897	(470)	(2,513)
Share-based awards		0	4			3
Share-based compensation			10
Other			2			1
Net Income (Loss)	$ 820			820
Dividends declared				(126)
Other comprehensive income (loss)	320				320
Shares acquired - share repurchase authorization						0
Shares acquired - share-based compensation plans						(7)
Ending Balance at Sep. 30, 2024	$ 13,804	$ 397	$ 1,482	$ 14,591	$ (150)	$ (2,516)
Beginning Balance (in shares) at Jun. 30, 2024		156,200
Share-based awards (in shares)		100
Shares acquired - share repurchase authorization (in shares)		0
Shares acquired during period, Employee Share-Based Compensation Plans, Shares		(100)
Other		100
Ending Balance (in shares) at Sep. 30, 2024		156,300
Dividends declared per common share (in dollars per share)	$ 0.81

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net Income (Loss)	$ 1,887	$ 660
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	115	88
Investment gains and losses, net	(1,499)	(69)
Interest credited to contract holders	34	33
Deferred income tax expense	199	2
Changes in:
Premiums and reinsurance receivable	(356)	(392)
Deferred policy acquisition costs	(148)	(88)
Other assets	(8)	(30)
Loss and loss expense reserves	878	677
Life policy and investment contract reserves	54	73
Unearned premiums	755	506
Other liabilities	55	8
Current income tax receivable/payable	41	7
Net cash provided by operating activities	2,007	1,475
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities	2,354	826
Sale of equity securities	1,332	68
Purchase of fixed maturities	(3,797)	(1,853)
Purchase of equity securities	(282)	(157)
Changes in finance receivables	(10)	(10)
Investment in building and equipment	(18)	(10)
Change in other invested assets, net	(68)	(102)
Net cash used in investing activities	(489)	(1,238)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(365)	(338)
Shares acquired - share repurchase authorization	(121)	(67)
Changes in note payable	0	(25)
Proceeds from stock options exercised	7	7
Contract holders' funds deposited	58	67
Contract holders' funds withdrawn	(152)	(165)
Other	(100)	(81)
Net cash used in financing activities	(673)	(602)
Net change in cash and cash equivalents	845	(365)
Cash and cash equivalents at beginning of year	907	1,264
Cash and cash equivalents at end of period	1,752	899
Supplemental Disclosures of Cash Flow Information:
Interest paid	27	28
Income taxes paid	221	94
Noncash Activities
Equipment acquired under finance lease obligations	13	10
Share-based compensation	41	15
Other assets and other liabilities	$ 562	$ 120

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 September 30, 2024 gains losses Fixed-maturity securities: Corporate $ 8,407 $ 150 $ 218 $ 8,339 States, municipalities and political subdivisions 4,944 41 176 4,809 Government-sponsored enterprises 2,147 5 1 2,151 Asset-backed 317 4 7 314 United States government 228 1 2 227 Foreign government 31 — — 31 Total $ 16,074 $ 201 $ 404 $ 15,871 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 decrease in net unrealized investment losses in our fixed-maturity portfolio at September 30, 2024, is primarily due to a decrease in U.S. Treasury yields and a tightening of corporate credit spreads as well as realized losses on sales of some lower-yielding fixed maturities. Our asset-backed securities had an average rating of Aa2/AA- and Aa3/AA- at September 30, 2024, and December 31, 2023, respectively. The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At September 30, 2024 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 402 $ 5 $ 3,937 $ 213 $ 4,339 $ 218 States, municipalities and political subdivisions 287 4 2,000 172 2,287 176 Government-sponsored enterprises 715 1 128 — 843 1 Asset-backed 48 — 99 7 147 7 United States government — — 103 2 103 2 Foreign government — — 5 — 5 — Total $ 1,452 $ 10 $ 6,272 $ 394 $ 7,724 $ 404 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 September 30, 2024 Maturity dates: Due in one year or less $ 1,198 $ 1,194 7.5 % Due after one year through five years 4,011 3,993 25.2 Due after five years through ten years 3,554 3,542 22.3 Due after ten years 7,311 7,142 45.0 Total $ 16,074 $ 15,871 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Investment income: Interest $ 187 $ 154 $ 529 $ 441 Dividends 68 69 209 205 Other 7 5 18 18 Total 262 228 756 664 Less investment expenses 4 3 11 9 Total $ 258 $ 225 $ 745 $ 655 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 24 $ (5) $ 146 $ 2 Unrealized gains and losses on securities still held, net 817 (458) 1,446 99 Subtotal 841 (463) 1,592 101 Fixed-maturity securities: Gross realized gains 1 1 5 2 Gross realized losses (87) (1) (94) (2) Change in allowance for credit losses, net — 1 (25) (2) Write-down of impaired securities with intent to sell — — — (4) Subtotal (86) 1 (114) (6) Other 3 6 29 (11) Total $ 758 $ (456) $ 1,507 $ 84 The fair value of our equity portfolio was $11.570 billion and $10.989 billion at September 30, 2024, and December 31, 2023, respectively. Apple, Inc. (Nasdaq:AAPL) and Microsoft Corporation (Nasdaq:MSFT), equity holdings, were our largest single investment holdings with a fair value of $885 million and $842 million, which was 7.9% and 7.9% of our publicly traded common equities portfolio and 3.2% and 3.4% of the total investment portfolio at September 30, 2024, and December 31, 2023, respectively. The allowance for credit losses on fixed-maturity securities was $39 million and $18 million at September 30, 2024, and December 31, 2023, respectively. There were 2,495 and 2,840 fixed-maturity securities in a total unrealized loss position of $404 million and $687 million at September 30, 2024, and December 31, 2023, respectively. Of those totals, 5 and 20 fixed-maturity securities had fair values below 70% of amortized cost at September 30, 2024, and December 31, 2023, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 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 September 30, 2024 Fixed maturities, available for sale: Corporate $ — $ 8,339 $ — $ 8,339 States, municipalities and political subdivisions — 4,809 — 4,809 Government-sponsored enterprises — 2,151 — 2,151 Asset-backed — 314 — 314 United States government 227 — — 227 Foreign government — 31 — 31 Subtotal 227 15,644 — 15,871 Common equities 11,200 — — 11,200 Nonredeemable preferred equities — 370 — 370 Separate accounts taxable fixed maturities — 894 — 894 Top Hat savings plan mutual funds and common 84 — — 84 Total $ 11,511 $ 16,908 $ — $ 28,419 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 $1.752 billion and $907 million at September 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 September 30, December 31, September 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 September 30, 2024 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 30 — 30 6.920% senior debentures, due 2028 — 427 — 427 6.125% senior notes, due 2034 — 407 — 407 Total $ — $ 889 $ — $ 889 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 September 30, 2024 Life policy loans $ — $ — $ 41 $ 41 Deferred annuities $ — $ — $ 576 $ 576 Structured settlements — 136 — 136 Total $ — $ 136 $ 576 $ 712 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 September 30, 2024, and December 31, 2023, respectively. Recorded reserves for the deferred annuities were $605 million and $656 million at September 30, 2024, and December 31, 2023, respectively. Recorded reserves for the structured settlements were $118 million and $123 million at September 30, 2024, and December 31, 2023, respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Gross loss and loss expense reserves, beginning of period $ 9,494 $ 8,807 $ 8,975 $ 8,336 Less reinsurance recoverable 303 424 362 405 Net loss and loss expense reserves, beginning of period 9,191 8,383 8,613 7,931 Net incurred loss and loss expenses related to: Current accident year 1,570 1,314 4,392 4,053 Prior accident years (71) (53) (211) (213) Total incurred 1,499 1,261 4,181 3,840 Net paid loss and loss expenses related to: Current accident year 574 597 1,262 1,286 Prior accident years 540 461 1,956 1,899 Total paid 1,114 1,058 3,218 3,185 Net loss and loss expense reserves, end of period 9,576 8,586 9,576 8,586 Plus reinsurance recoverable 290 419 290 419 Gross loss and loss expense reserves, end of period $ 9,866 $ 9,005 $ 9,866 $ 9,005 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 $62 million and $72 million at September 30, 2024, and 2023, respectively, for certain life and health loss and loss expense reserves. We experienced $71 million of favorable development on prior accident years, including $50 million of favorable development in commercial lines, less than $1 million of unfavorable development in personal lines and $5 million of unfavorable development in excess and surplus lines for the three months ended September 30, 2024. Within commercial lines, we recognized favorable reserve development of $33 million for the commercial property line and $16 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. We experienced $211 million of favorable development on prior accident years, including $117 million of favorable development in commercial lines, $27 million of favorable development in personal lines and $5 million of unfavorable development in excess and surplus lines for the nine months ended September 30, 2024. Within commercial lines, we recognized favorable reserve development of $76 million for the commercial property line, $56 million for the workers' compensation line and $10 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 $27 million for the commercial casualty line. Within personal lines, we recognized favorable reserve development of $37 million for the homeowner line. We experienced $53 million of favorable development on prior accident years, including $34 million of favorable development in commercial lines, $8 million of favorable development in personal lines and no net development in excess and surplus lines for the three months ended September 30, 2023. Within commercial lines, we recognized favorable reserve development of $20 million for the workers' compensation line and $11 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. We experienced $213 million of favorable development on prior accident years, including $125 million of favorable development in commercial lines, $54 million of favorable development in personal lines and $14 million of favorable development in excess and surplus lines for the nine months ended September 30, 2023. Within commercial lines, we recognized favorable reserve development of $46 million for the workers' compensation line and $36 million for both the commercial property and commercial casualty lines 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 $44 million for the homeowner line and $12 million for the personal auto line.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	9 Months Ended
	Sep. 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) September 30, 2024 December 31, 2023 Life policy reserves: Term $ 1,108 $ 1,066 Whole life 441 434 Other 100 97 Subtotal 1,649 1,597 Investment contract reserves: Deferred annuities 605 656 Universal life 590 585 Structured settlements 118 123 Other 107 107 Subtotal 1,420 1,471 Total life policy and investment contract reserves $ 3,069 $ 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 September 30, 2024 2023 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,620 $ 215 $ 1,664 $ 212 Beginning balance at original discount rate 1,701 225 1,712 219 Effect of changes in cash flow assumptions (1) (1) — (1) Effect of actual variances from expected experience (4) — (3) 2 Adjusted beginning of period balance 1,696 224 1,709 220 Issuances 34 9 33 7 Interest accrual 20 2 18 3 Net premiums collected (45) (8) (45) (7) Ending balance at original discount rate 1,705 227 1,715 223 Effect of changes in discount rate assumptions 3 — (133) (17) Balance, end of period 1,708 227 1,582 206 Present value of expected future policy benefits: Balance, beginning of period 2,634 619 2,662 633 Beginning balance at original discount rate 2,772 636 2,737 615 Effect of changes in cash flow assumptions (1) (2) — — Effect of actual variances from expected experience (7) (1) (6) 2 Adjusted beginning of period balance 2,764 633 2,731 617 Issuances 34 8 33 7 Interest accrual 32 8 30 8 Benefits paid (48) (8) (39) (9) Ending balance at original discount rate 2,782 641 2,755 623 Effect of changes in discount rate assumptions 12 27 (234) (37) Balance, end of period 2,794 668 2,521 586 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,086 441 939 380 Impact of flooring at cohort level 22 — 17 1 Net life policy reserves 1,108 441 956 381 Less reinsurance recoverable at original discount rate (92) (25) (99) (25) Less effect of discount rate assumption changes on reinsurance recoverable (10) (5) (7) (3) Net life policy reserves, after reinsurance recoverable $ 1,006 $ 411 $ 850 $ 353 Weighted-average duration of the net life policy reserves in years 11 16 11 16 (Dollars in millions) Nine months ended September 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 (13) — (5) (7) Effect of actual variances from expected experience (23) (3) (15) 3 Adjusted beginning of period balance 1,676 222 1,688 213 Issuances 110 20 111 24 Interest accrual 56 7 53 7 Net premiums collected (137) (22) (137) (21) Ending balance at original discount rate 1,705 227 1,715 223 Effect of changes in discount rate assumptions 3 — (133) (17) Balance, end of period 1,708 227 1,582 206 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 (30) — 5 (10) Effect of actual variances from expected experience (35) (5) (19) 3 Adjusted beginning of period balance 2,700 623 2,678 600 Issuances 110 20 111 24 Interest accrual 94 24 90 23 Benefits paid (122) (26) (124) (24) Ending balance at original discount rate 2,782 641 2,755 623 Effect of changes in discount rate assumptions 12 27 (234) (37) Balance, end of period 2,794 668 2,521 586 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,086 441 939 380 Impact of flooring at cohort level 22 — 17 1 Net life policy reserves 1,108 441 956 381 Less reinsurance recoverable at original discount rate (92) (25) (99) (25) Less effect of discount rate assumption changes on reinsurance recoverable (10) (5) (7) (3) Net life policy reserves, after reinsurance recoverable $ 1,006 $ 411 $ 850 $ 353 Weighted-average duration of the net life policy reserves in years 11 16 11 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 and $5 million at September 30, 2024 and 2023, respectively. The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies: (Dollars in millions) At September 30, 2024 2023 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,840 $ 2,794 $ 4,768 $ 2,521 Expected future gross premiums 4,524 2,736 4,364 2,464 Whole life Expected future benefit payments $ 1,702 $ 668 $ 1,631 $ 586 Expected future gross premiums 687 428 653 379 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Gross premiums Term $ 72 $ 71 $ 221 $ 217 Whole life 15 14 41 39 Total $ 87 $ 85 $ 262 $ 256 Interest accretion Term $ 12 $ 13 $ 38 $ 37 Whole life 6 5 17 16 Total $ 18 $ 18 $ 55 $ 53 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums w as immaterial for the nine months ended September 30, 2024, and 2023 . The following table shows the weighted-average interest rate for our term and whole life products : At September 30, 2024 2023 Term Interest accretion rate 5.21 % 5.29 % Current discount rate 4.53 5.73 Whole life Interest accretion rate 5.89 % 5.92 % Current discount rate 5.14 5.95 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 September 30, Nine months ended September 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 $ 618 $ 456 $ 696 $ 456 $ 656 $ 457 $ 734 $ 457 Premiums received 10 9 13 8 29 28 38 28 Policy charges — (10) — (9) — (30) — (29) Surrenders and withdrawals (25) (2) (32) (2) (88) (9) (100) (9) Benefit payments (4) (1) (3) (1) (9) (4) (9) (5) Interest credited 6 4 6 4 17 14 17 14 Balance, end of period $ 605 $ 456 $ 680 $ 456 $ 605 $ 456 $ 680 $ 456 Weighted average crediting rate 3.64 % 4.36 % 3.45 % 4.29 % 3.64 % 4.36 % 3.45 % 4.29 % Net amount at risk $ — $ 3,865 $ — $ 3,989 $ — $ 3,865 $ — $ 3,989 Cash surrender value 599 426 675 424 599 426 675 424 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 September 30, 2024 Deferred annuity 1.00-3.00% $ 4 $ 309 $ 14 $ 231 $ 558 3.01-4.00% 47 — — — 47 Total $ 51 $ 309 $ 14 $ 231 $ 605 Universal life 1.00-3.00% $ — $ 55 $ 64 $ 5 $ 124 3.01-4.00% 50 — 4 — 54 Greater than 4.00% 278 — — — 278 Total $ 328 $ 55 $ 68 $ 5 $ 456 At September 30, 2023 Deferred annuity 1.00-3.00% $ 5 $ 380 $ 16 $ 229 $ 630 3.01-4.00% 50 — — — 50 Total $ 55 $ 380 $ 16 $ 229 $ 680 Universal life 1.00-3.00% $ 60 $ — $ 57 $ 3 $ 120 3.01-4.00% 54 — — — 54 Greater than 4.00% 282 — — — 282 Total $ 396 $ — $ 57 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance, beginning of period $ 128 $ 122 $ 128 $ 121 Balance, beginning of period before shadow reserve adjustments 130 124 129 123 Effect of changes in cash flow assumptions — — (2) (5) Effect of actual variances from expected experience — 2 — 1 Adjusted beginning of period balance 130 126 127 119 Interest accrual 1 1 3 3 Excess death benefits (2) (4) (5) (6) Attributed assessments 3 3 9 9 Effect of changes in interest rate assumptions 3 (5) 1 (4) Balance, end of period before shadow reserve adjustments 135 121 135 121 Shadow reserve adjustments (1) (2) (1) (2) Balance, end of period 134 119 134 119 Less reinsurance recoverable, end of period 6 7 6 7 Net other additional liability, after reinsurance recoverable $ 140 $ 126 $ 140 $ 126 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance, beginning of period $ 948 $ 911 $ 925 $ 892 Interest credited before policy charges 10 11 31 31 Benefit payments — (3) (3) (6) Other (15) (1) (10) 1 Balance, end of period $ 943 $ 918 $ 943 $ 918 Cash surrender value $ 941 $ 912 $ 941 $ 912

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 878 $ 771 $ 749 $ 682 Capitalized deferred policy acquisition costs 436 355 1,318 1,134 Amortized deferred policy acquisition costs (427) (366) (1,180) (1,056) Deferred policy acquisition costs asset, end of period $ 887 $ 760 $ 887 $ 760 Life: Deferred policy acquisition costs asset, beginning of period $ 351 $ 338 $ 344 $ 331 Capitalized deferred policy acquisition costs 11 10 33 32 Amortized deferred policy acquisition costs (8) (7) (23) (22) Deferred policy acquisition costs asset, end of period $ 354 $ 341 $ 354 $ 341 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,229 $ 1,109 $ 1,093 $ 1,013 Capitalized deferred policy acquisition costs 447 365 1,351 1,166 Amortized deferred policy acquisition costs (435) (373) (1,203) (1,078) Deferred policy acquisition costs asset, end of period $ 1,241 $ 1,101 $ 1,241 $ 1,101 The table below shows the life deferred policy acquisition costs asset by product: (Dollars in millions) Three months ended September 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 241 $ 50 $ 8 $ 52 $ 351 Capitalized deferred policy acquisition costs 9 1 — 1 11 Amortized deferred policy acquisition costs (7) — — (1) (8) Balance, end of period $ 243 $ 51 $ 8 $ 52 $ 354 Three months ended September 30, 2023 Balance, beginning of period $ 233 $ 45 $ 8 $ 52 $ 338 Capitalized deferred policy acquisition costs 8 2 — — 10 Amortized deferred policy acquisition costs (7) — — — (7) Balance, end of period $ 234 $ 47 $ 8 $ 52 $ 341 (Dollars in millions) Nine months ended September 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 236 $ 48 $ 8 $ 52 $ 344 Capitalized deferred policy acquisition costs 25 5 1 2 33 Amortized deferred policy acquisition costs (18) (2) (1) (2) (23) Balance, end of period $ 243 $ 51 $ 8 $ 52 $ 354 Nine months ended September 30, 2023 Balance, beginning of period $ 228 $ 43 $ 7 $ 53 $ 331 Capitalized deferred policy acquisition costs 24 6 1 1 32 Amortized deferred policy acquisition costs (18) (2) — (2) (22) Balance, end of period $ 234 $ 47 $ 8 $ 52 $ 341

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 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 September 30, 2024 2023 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (700) $ (151) $ (549) $ (838) $ (179) $ (659) OCI before investment gains and losses, net, recognized in net income 411 88 323 (369) (79) (290) Investment gains and losses, net, recognized in net income 86 18 68 — — — OCI 497 106 391 (369) (79) (290) AOCI, end of period $ (203) $ (45) $ (158) $ (1,207) $ (258) $ (949) Pension obligations: AOCI, beginning of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 71 $ 15 $ 56 $ 13 $ 2 $ 11 OCI before investment gains and losses, net, recognized in net income (91) (20) (71) 111 22 89 Investment gains and losses, net, recognized in net income — — — — — — OCI (91) (20) (71) 111 22 89 AOCI, end of period $ (20) $ (5) $ (15) $ 124 $ 24 $ 100 Summary of AOCI: AOCI, beginning of period $ (598) $ (128) $ (470) $ (796) $ (170) $ (626) Investments OCI 497 106 391 (369) (79) (290) Pension obligations OCI — — — — — — Life policy reserves, reinsurance recoverable and other OCI (91) (20) (71) 111 22 89 Total OCI 406 86 320 (258) (57) (201) AOCI, end of period $ (192) $ (42) $ (150) $ (1,054) $ (227) $ (827) (Dollars in millions) Nine months ended September 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 253 54 199 (364) (77) (287) Investment gains and losses, net, recognized in net income 114 24 90 4 1 3 OCI 367 78 289 (360) (76) (284) AOCI, end of period $ (203) $ (45) $ (158) $ (1,207) $ (258) $ (949) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 36 $ 9 $ 27 OCI excluding amortization recognized in net income — — — (5) (2) (3) Amortization recognized in net income 1 — 1 (2) — (2) 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 (7) (2) (5) 95 19 76 Investment gains and losses, net, recognized in net income — — — — — — OCI (7) (2) (5) 95 19 76 AOCI, end of period $ (20) $ (5) $ (15) $ 124 $ 24 $ 100 Summary of AOCI: AOCI, beginning of period $ (553) $ (118) $ (435) $ (782) $ (168) $ (614) Investments OCI 367 78 289 (360) (76) (284) Pension obligations OCI 1 — 1 (7) (2) (5) Life policy reserves, reinsurance recoverable and other OCI (7) (2) (5) 95 19 76 Total OCI 361 76 285 (272) (59) (213) AOCI, end of period $ (192) $ (42) $ (150) $ (1,054) $ (227) $ (827) Investment gains and losses, net, and other investment gains and losses, net,

Reinsurance

Reinsurance	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Direct written premiums $ 2,285 $ 1,939 $ 6,772 $ 5,869 Assumed written premiums 102 89 577 527 Ceded written premiums (94) (71) (349) (270) Net written premiums $ 2,293 $ 1,957 $ 7,000 $ 6,126 Direct earned premiums $ 2,179 $ 1,912 $ 6,128 $ 5,478 Assumed earned premiums 159 142 466 435 Ceded earned premiums (121) (97) (310) (252) Earned premiums $ 2,217 $ 1,957 $ 6,284 $ 5,661 Direct incurred loss and loss expenses $ 1,415 $ 1,220 $ 3,960 $ 3,784 Assumed incurred loss and loss expenses 103 82 242 216 Ceded incurred loss and loss expenses (19) (41) (21) (160) Incurred loss and loss expenses $ 1,499 $ 1,261 $ 4,181 $ 3,840 Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles. The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Direct earned premiums $ 101 $ 97 $ 301 $ 293 Ceded earned premiums (21) (21) (61) (60) Earned premiums $ 80 $ 76 $ 240 $ 233 Direct contract holders' benefits incurred $ 92 $ 92 $ 262 $ 289 Ceded contract holders' benefits incurred (13) (21) (36) (59) Contract holders' benefits incurred $ 79 $ 71 $ 226 $ 230 The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Tax at statutory rate: $ 219 21.0 % $ (31) 21.0 % $ 500 21.0 % $ 165 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (0.5) (5) 3.4 (16) (0.7) (15) (1.9) Dividend received exclusion (6) (0.6) (5) 3.4 (16) (0.7) (16) (2.0) Other 12 1.3 (8) 5.3 24 1.1 (8) (1.1) Provision (benefit) for income taxes $ 220 21.2 % $ (49) 33.1 % $ 492 20.7 % $ 126 16.0 % The provision (benefit) for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries. We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations 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 September 30, 2024, and December 31, 2023. During the third quarter of 2024, we were notified by the Internal Revenue Service (IRS) that the audit of tax years ended December 31, 2021 and 2020, has concluded. Despite this, the statute of limitations remains open through September of 2025. Cincinnati Global

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss)—basic and diluted $ 820 $ (99) $ 1,887 $ 660 Denominator: Basic weighted-average common shares 156.2 156.9 156.5 157.0 Effect of share-based awards: Stock options 0.9 — 0.7 0.7 Nonvested shares 0.6 — 0.5 0.5 Diluted weighted-average shares 157.7 156.9 157.7 158.2 Earnings (loss) per share: Basic $ 5.25 $ (0.63) $ 12.06 $ 4.20 Diluted $ 5.20 $ (0.63) $ 11.97 $ 4.17 Number of anti-dilutive share-based awards 0.6 2.4 1.3 1.3 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 nine months ended September 30, 2024 and 2023. In accordance with Accounting Standards Codification 260, Earnings per Share , the assumed exercise of share-based awards was excluded from the computation of diluted loss per share for the three months ended September 30, 2023 because their exercise would have anti-dilutive effects.

Employee Retirement Benefits

Employee Retirement Benefits	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 4 $ 4 Non-service (benefit) costs: Interest cost 4 3 10 9 Expected return on plan assets (5) (5) (16) (15) Amortization of actuarial loss (gain) and prior — — 1 (2) Other — — — (5) Total non-service benefit (1) (2) (5) (13) Net periodic benefit $ — $ (1) $ (1) $ (9) 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 third quarter of 2024 and 2023, respectively, and contributions of $23 million and $20 million for the first nine months of 2024 and 2023, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 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. 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues: Commercial lines insurance Commercial casualty $ 381 $ 365 $ 1,118 $ 1,115 Commercial property 361 321 1,045 933 Commercial auto 231 216 679 644 Workers' compensation 61 66 182 212 Other commercial 103 94 302 280 Commercial lines insurance premiums 1,137 1,062 3,326 3,184 Fee revenues 1 1 3 3 Total commercial lines insurance 1,138 1,063 3,329 3,187 Personal lines insurance Personal auto 242 185 674 524 Homeowner 352 271 981 755 Other personal 84 71 242 205 Personal lines insurance premiums 678 527 1,897 1,484 Fee revenues 2 1 4 3 Total personal lines insurance 680 528 1,901 1,487 Excess and surplus lines insurance 157 135 447 394 Fee revenues — 1 2 2 Total excess and surplus lines insurance 157 136 449 396 Life insurance premiums 80 76 240 233 Fee revenues 1 3 4 8 Total life insurance 81 79 244 241 Investments Investment income, net of expenses 258 225 745 655 Investment gains and losses, net 758 (456) 1,507 84 Total investment revenue 1,016 (231) 2,252 739 Other Premiums 245 233 614 599 Other 3 3 10 8 Total other revenues 248 236 624 607 Total revenues $ 3,320 $ 1,811 $ 8,799 $ 6,657 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 81 $ 52 $ 130 $ 83 Personal lines insurance (69) 1 (74) (92) Excess and surplus lines insurance 8 14 28 38 Life insurance 10 17 42 38 Investments 984 (262) 2,158 648 Other 26 30 95 71 Total income (loss) before income taxes $ 1,040 $ (148) $ 2,379 $ 786 Identifiable assets: September 30, December 31, Property casualty insurance $ 6,223 $ 5,294 Life insurance 1,654 1,562 Investments 27,640 24,999 Other 1,492 914 Total $ 37,009 $ 32,769

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 820	$ (99)	$ 1,887	$ 660

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 30, 2024 gains losses Fixed-maturity securities: Corporate $ 8,407 $ 150 $ 218 $ 8,339 States, municipalities and political subdivisions 4,944 41 176 4,809 Government-sponsored enterprises 2,147 5 1 2,151 Asset-backed 317 4 7 314 United States government 228 1 2 227 Foreign government 31 — — 31 Total $ 16,074 $ 201 $ 404 $ 15,871 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 September 30, 2024 Fair Unrealized Fair Unrealized Fair Unrealized Fixed-maturity securities: Corporate $ 402 $ 5 $ 3,937 $ 213 $ 4,339 $ 218 States, municipalities and political subdivisions 287 4 2,000 172 2,287 176 Government-sponsored enterprises 715 1 128 — 843 1 Asset-backed 48 — 99 7 147 7 United States government — — 103 2 103 2 Foreign government — — 5 — 5 — Total $ 1,452 $ 10 $ 6,272 $ 394 $ 7,724 $ 404 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 September 30, 2024 Maturity dates: Due in one year or less $ 1,198 $ 1,194 7.5 % Due after one year through five years 4,011 3,993 25.2 Due after five years through ten years 3,554 3,542 22.3 Due after ten years 7,311 7,142 45.0 Total $ 16,074 $ 15,871 100.0 %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses	The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Investment income: Interest $ 187 $ 154 $ 529 $ 441 Dividends 68 69 209 205 Other 7 5 18 18 Total 262 228 756 664 Less investment expenses 4 3 11 9 Total $ 258 $ 225 $ 745 $ 655 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 24 $ (5) $ 146 $ 2 Unrealized gains and losses on securities still held, net 817 (458) 1,446 99 Subtotal 841 (463) 1,592 101 Fixed-maturity securities: Gross realized gains 1 1 5 2 Gross realized losses (87) (1) (94) (2) Change in allowance for credit losses, net — 1 (25) (2) Write-down of impaired securities with intent to sell — — — (4) Subtotal (86) 1 (114) (6) Other 3 6 29 (11) Total $ 758 $ (456) $ 1,507 $ 84

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2024 Fixed maturities, available for sale: Corporate $ — $ 8,339 $ — $ 8,339 States, municipalities and political subdivisions — 4,809 — 4,809 Government-sponsored enterprises — 2,151 — 2,151 Asset-backed — 314 — 314 United States government 227 — — 227 Foreign government — 31 — 31 Subtotal 227 15,644 — 15,871 Common equities 11,200 — — 11,200 Nonredeemable preferred equities — 370 — 370 Separate accounts taxable fixed maturities — 894 — 894 Top Hat savings plan mutual funds and common 84 — — 84 Total $ 11,511 $ 16,908 $ — $ 28,419 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 September 30, December 31, September 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 September 30, 2024 Note payable $ — $ 25 $ — $ 25 6.900% senior debentures, due 2028 — 30 — 30 6.920% senior debentures, due 2028 — 427 — 427 6.125% senior notes, due 2034 — 407 — 407 Total $ — $ 889 $ — $ 889 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 September 30, 2024 Life policy loans $ — $ — $ 41 $ 41 Deferred annuities $ — $ — $ 576 $ 576 Structured settlements — 136 — 136 Total $ — $ 136 $ 576 $ 712 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Gross loss and loss expense reserves, beginning of period $ 9,494 $ 8,807 $ 8,975 $ 8,336 Less reinsurance recoverable 303 424 362 405 Net loss and loss expense reserves, beginning of period 9,191 8,383 8,613 7,931 Net incurred loss and loss expenses related to: Current accident year 1,570 1,314 4,392 4,053 Prior accident years (71) (53) (211) (213) Total incurred 1,499 1,261 4,181 3,840 Net paid loss and loss expenses related to: Current accident year 574 597 1,262 1,286 Prior accident years 540 461 1,956 1,899 Total paid 1,114 1,058 3,218 3,185 Net loss and loss expense reserves, end of period 9,576 8,586 9,576 8,586 Plus reinsurance recoverable 290 419 290 419 Gross loss and loss expense reserves, end of period $ 9,866 $ 9,005 $ 9,866 $ 9,005

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	9 Months Ended
	Sep. 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) September 30, 2024 December 31, 2023 Life policy reserves: Term $ 1,108 $ 1,066 Whole life 441 434 Other 100 97 Subtotal 1,649 1,597 Investment contract reserves: Deferred annuities 605 656 Universal life 590 585 Structured settlements 118 123 Other 107 107 Subtotal 1,420 1,471 Total life policy and investment contract reserves $ 3,069 $ 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 September 30, 2024 2023 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,620 $ 215 $ 1,664 $ 212 Beginning balance at original discount rate 1,701 225 1,712 219 Effect of changes in cash flow assumptions (1) (1) — (1) Effect of actual variances from expected experience (4) — (3) 2 Adjusted beginning of period balance 1,696 224 1,709 220 Issuances 34 9 33 7 Interest accrual 20 2 18 3 Net premiums collected (45) (8) (45) (7) Ending balance at original discount rate 1,705 227 1,715 223 Effect of changes in discount rate assumptions 3 — (133) (17) Balance, end of period 1,708 227 1,582 206 Present value of expected future policy benefits: Balance, beginning of period 2,634 619 2,662 633 Beginning balance at original discount rate 2,772 636 2,737 615 Effect of changes in cash flow assumptions (1) (2) — — Effect of actual variances from expected experience (7) (1) (6) 2 Adjusted beginning of period balance 2,764 633 2,731 617 Issuances 34 8 33 7 Interest accrual 32 8 30 8 Benefits paid (48) (8) (39) (9) Ending balance at original discount rate 2,782 641 2,755 623 Effect of changes in discount rate assumptions 12 27 (234) (37) Balance, end of period 2,794 668 2,521 586 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,086 441 939 380 Impact of flooring at cohort level 22 — 17 1 Net life policy reserves 1,108 441 956 381 Less reinsurance recoverable at original discount rate (92) (25) (99) (25) Less effect of discount rate assumption changes on reinsurance recoverable (10) (5) (7) (3) Net life policy reserves, after reinsurance recoverable $ 1,006 $ 411 $ 850 $ 353 Weighted-average duration of the net life policy reserves in years 11 16 11 16 (Dollars in millions) Nine months ended September 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 (13) — (5) (7) Effect of actual variances from expected experience (23) (3) (15) 3 Adjusted beginning of period balance 1,676 222 1,688 213 Issuances 110 20 111 24 Interest accrual 56 7 53 7 Net premiums collected (137) (22) (137) (21) Ending balance at original discount rate 1,705 227 1,715 223 Effect of changes in discount rate assumptions 3 — (133) (17) Balance, end of period 1,708 227 1,582 206 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 (30) — 5 (10) Effect of actual variances from expected experience (35) (5) (19) 3 Adjusted beginning of period balance 2,700 623 2,678 600 Issuances 110 20 111 24 Interest accrual 94 24 90 23 Benefits paid (122) (26) (124) (24) Ending balance at original discount rate 2,782 641 2,755 623 Effect of changes in discount rate assumptions 12 27 (234) (37) Balance, end of period 2,794 668 2,521 586 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,086 441 939 380 Impact of flooring at cohort level 22 — 17 1 Net life policy reserves 1,108 441 956 381 Less reinsurance recoverable at original discount rate (92) (25) (99) (25) Less effect of discount rate assumption changes on reinsurance recoverable (10) (5) (7) (3) Net life policy reserves, after reinsurance recoverable $ 1,006 $ 411 $ 850 $ 353 Weighted-average duration of the net life policy reserves in years 11 16 11 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 and $5 million at September 30, 2024 and 2023, respectively. The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies: (Dollars in millions) At September 30, 2024 2023 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,840 $ 2,794 $ 4,768 $ 2,521 Expected future gross premiums 4,524 2,736 4,364 2,464 Whole life Expected future benefit payments $ 1,702 $ 668 $ 1,631 $ 586 Expected future gross premiums 687 428 653 379 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Gross premiums Term $ 72 $ 71 $ 221 $ 217 Whole life 15 14 41 39 Total $ 87 $ 85 $ 262 $ 256 Interest accretion Term $ 12 $ 13 $ 38 $ 37 Whole life 6 5 17 16 Total $ 18 $ 18 $ 55 $ 53 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums w as immaterial for the nine months ended September 30, 2024, and 2023 . The following table shows the weighted-average interest rate for our term and whole life products : At September 30, 2024 2023 Term Interest accretion rate 5.21 % 5.29 % Current discount rate 4.53 5.73 Whole life Interest accretion rate 5.89 % 5.92 % Current discount rate 5.14 5.95 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 September 30, Nine months ended September 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 $ 618 $ 456 $ 696 $ 456 $ 656 $ 457 $ 734 $ 457 Premiums received 10 9 13 8 29 28 38 28 Policy charges — (10) — (9) — (30) — (29) Surrenders and withdrawals (25) (2) (32) (2) (88) (9) (100) (9) Benefit payments (4) (1) (3) (1) (9) (4) (9) (5) Interest credited 6 4 6 4 17 14 17 14 Balance, end of period $ 605 $ 456 $ 680 $ 456 $ 605 $ 456 $ 680 $ 456 Weighted average crediting rate 3.64 % 4.36 % 3.45 % 4.29 % 3.64 % 4.36 % 3.45 % 4.29 % Net amount at risk $ — $ 3,865 $ — $ 3,989 $ — $ 3,865 $ — $ 3,989 Cash surrender value 599 426 675 424 599 426 675 424
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 September 30, 2024 Deferred annuity 1.00-3.00% $ 4 $ 309 $ 14 $ 231 $ 558 3.01-4.00% 47 — — — 47 Total $ 51 $ 309 $ 14 $ 231 $ 605 Universal life 1.00-3.00% $ — $ 55 $ 64 $ 5 $ 124 3.01-4.00% 50 — 4 — 54 Greater than 4.00% 278 — — — 278 Total $ 328 $ 55 $ 68 $ 5 $ 456 At September 30, 2023 Deferred annuity 1.00-3.00% $ 5 $ 380 $ 16 $ 229 $ 630 3.01-4.00% 50 — — — 50 Total $ 55 $ 380 $ 16 $ 229 $ 680 Universal life 1.00-3.00% $ 60 $ — $ 57 $ 3 $ 120 3.01-4.00% 54 — — — 54 Greater than 4.00% 282 — — — 282 Total $ 396 $ — $ 57 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance, beginning of period $ 128 $ 122 $ 128 $ 121 Balance, beginning of period before shadow reserve adjustments 130 124 129 123 Effect of changes in cash flow assumptions — — (2) (5) Effect of actual variances from expected experience — 2 — 1 Adjusted beginning of period balance 130 126 127 119 Interest accrual 1 1 3 3 Excess death benefits (2) (4) (5) (6) Attributed assessments 3 3 9 9 Effect of changes in interest rate assumptions 3 (5) 1 (4) Balance, end of period before shadow reserve adjustments 135 121 135 121 Shadow reserve adjustments (1) (2) (1) (2) Balance, end of period 134 119 134 119 Less reinsurance recoverable, end of period 6 7 6 7 Net other additional liability, after reinsurance recoverable $ 140 $ 126 $ 140 $ 126 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance, beginning of period $ 948 $ 911 $ 925 $ 892 Interest credited before policy charges 10 11 31 31 Benefit payments — (3) (3) (6) Other (15) (1) (10) 1 Balance, end of period $ 943 $ 918 $ 943 $ 918 Cash surrender value $ 941 $ 912 $ 941 $ 912

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 878 $ 771 $ 749 $ 682 Capitalized deferred policy acquisition costs 436 355 1,318 1,134 Amortized deferred policy acquisition costs (427) (366) (1,180) (1,056) Deferred policy acquisition costs asset, end of period $ 887 $ 760 $ 887 $ 760 Life: Deferred policy acquisition costs asset, beginning of period $ 351 $ 338 $ 344 $ 331 Capitalized deferred policy acquisition costs 11 10 33 32 Amortized deferred policy acquisition costs (8) (7) (23) (22) Deferred policy acquisition costs asset, end of period $ 354 $ 341 $ 354 $ 341 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,229 $ 1,109 $ 1,093 $ 1,013 Capitalized deferred policy acquisition costs 447 365 1,351 1,166 Amortized deferred policy acquisition costs (435) (373) (1,203) (1,078) Deferred policy acquisition costs asset, end of period $ 1,241 $ 1,101 $ 1,241 $ 1,101
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 September 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 241 $ 50 $ 8 $ 52 $ 351 Capitalized deferred policy acquisition costs 9 1 — 1 11 Amortized deferred policy acquisition costs (7) — — (1) (8) Balance, end of period $ 243 $ 51 $ 8 $ 52 $ 354 Three months ended September 30, 2023 Balance, beginning of period $ 233 $ 45 $ 8 $ 52 $ 338 Capitalized deferred policy acquisition costs 8 2 — — 10 Amortized deferred policy acquisition costs (7) — — — (7) Balance, end of period $ 234 $ 47 $ 8 $ 52 $ 341 (Dollars in millions) Nine months ended September 30, 2024 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 236 $ 48 $ 8 $ 52 $ 344 Capitalized deferred policy acquisition costs 25 5 1 2 33 Amortized deferred policy acquisition costs (18) (2) (1) (2) (23) Balance, end of period $ 243 $ 51 $ 8 $ 52 $ 354 Nine months ended September 30, 2023 Balance, beginning of period $ 228 $ 43 $ 7 $ 53 $ 331 Capitalized deferred policy acquisition costs 24 6 1 1 32 Amortized deferred policy acquisition costs (18) (2) — (2) (22) Balance, end of period $ 234 $ 47 $ 8 $ 52 $ 341

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 2023 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ (700) $ (151) $ (549) $ (838) $ (179) $ (659) OCI before investment gains and losses, net, recognized in net income 411 88 323 (369) (79) (290) Investment gains and losses, net, recognized in net income 86 18 68 — — — OCI 497 106 391 (369) (79) (290) AOCI, end of period $ (203) $ (45) $ (158) $ (1,207) $ (258) $ (949) Pension obligations: AOCI, beginning of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ 31 $ 8 $ 23 $ 29 $ 7 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 71 $ 15 $ 56 $ 13 $ 2 $ 11 OCI before investment gains and losses, net, recognized in net income (91) (20) (71) 111 22 89 Investment gains and losses, net, recognized in net income — — — — — — OCI (91) (20) (71) 111 22 89 AOCI, end of period $ (20) $ (5) $ (15) $ 124 $ 24 $ 100 Summary of AOCI: AOCI, beginning of period $ (598) $ (128) $ (470) $ (796) $ (170) $ (626) Investments OCI 497 106 391 (369) (79) (290) Pension obligations OCI — — — — — — Life policy reserves, reinsurance recoverable and other OCI (91) (20) (71) 111 22 89 Total OCI 406 86 320 (258) (57) (201) AOCI, end of period $ (192) $ (42) $ (150) $ (1,054) $ (227) $ (827) (Dollars in millions) Nine months ended September 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 253 54 199 (364) (77) (287) Investment gains and losses, net, recognized in net income 114 24 90 4 1 3 OCI 367 78 289 (360) (76) (284) AOCI, end of period $ (203) $ (45) $ (158) $ (1,207) $ (258) $ (949) Pension obligations: AOCI, beginning of period $ 30 $ 8 $ 22 $ 36 $ 9 $ 27 OCI excluding amortization recognized in net income — — — (5) (2) (3) Amortization recognized in net income 1 — 1 (2) — (2) 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 (7) (2) (5) 95 19 76 Investment gains and losses, net, recognized in net income — — — — — — OCI (7) (2) (5) 95 19 76 AOCI, end of period $ (20) $ (5) $ (15) $ 124 $ 24 $ 100 Summary of AOCI: AOCI, beginning of period $ (553) $ (118) $ (435) $ (782) $ (168) $ (614) Investments OCI 367 78 289 (360) (76) (284) Pension obligations OCI 1 — 1 (7) (2) (5) Life policy reserves, reinsurance recoverable and other OCI (7) (2) (5) 95 19 76 Total OCI 361 76 285 (272) (59) (213) AOCI, end of period $ (192) $ (42) $ (150) $ (1,054) $ (227) $ (827)

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Direct written premiums $ 2,285 $ 1,939 $ 6,772 $ 5,869 Assumed written premiums 102 89 577 527 Ceded written premiums (94) (71) (349) (270) Net written premiums $ 2,293 $ 1,957 $ 7,000 $ 6,126 Direct earned premiums $ 2,179 $ 1,912 $ 6,128 $ 5,478 Assumed earned premiums 159 142 466 435 Ceded earned premiums (121) (97) (310) (252) Earned premiums $ 2,217 $ 1,957 $ 6,284 $ 5,661 Direct incurred loss and loss expenses $ 1,415 $ 1,220 $ 3,960 $ 3,784 Assumed incurred loss and loss expenses 103 82 242 216 Ceded incurred loss and loss expenses (19) (41) (21) (160) Incurred loss and loss expenses $ 1,499 $ 1,261 $ 4,181 $ 3,840
Life Insurance Assumed and Ceded Business	The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Direct earned premiums $ 101 $ 97 $ 301 $ 293 Ceded earned premiums (21) (21) (61) (60) Earned premiums $ 80 $ 76 $ 240 $ 233 Direct contract holders' benefits incurred $ 92 $ 92 $ 262 $ 289 Ceded contract holders' benefits incurred (13) (21) (36) (59) Contract holders' benefits incurred $ 79 $ 71 $ 226 $ 230

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Tax at statutory rate: $ 219 21.0 % $ (31) 21.0 % $ 500 21.0 % $ 165 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5) (0.5) (5) 3.4 (16) (0.7) (15) (1.9) Dividend received exclusion (6) (0.6) (5) 3.4 (16) (0.7) (16) (2.0) Other 12 1.3 (8) 5.3 24 1.1 (8) (1.1) Provision (benefit) for income taxes $ 220 21.2 % $ (49) 33.1 % $ 492 20.7 % $ 126 16.0 %

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss)—basic and diluted $ 820 $ (99) $ 1,887 $ 660 Denominator: Basic weighted-average common shares 156.2 156.9 156.5 157.0 Effect of share-based awards: Stock options 0.9 — 0.7 0.7 Nonvested shares 0.6 — 0.5 0.5 Diluted weighted-average shares 157.7 156.9 157.7 158.2 Earnings (loss) per share: Basic $ 5.25 $ (0.63) $ 12.06 $ 4.20 Diluted $ 5.20 $ (0.63) $ 11.97 $ 4.17 Number of anti-dilutive share-based awards 0.6 2.4 1.3 1.3

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 4 $ 4 Non-service (benefit) costs: Interest cost 4 3 10 9 Expected return on plan assets (5) (5) (16) (15) Amortization of actuarial loss (gain) and prior — — 1 (2) Other — — — (5) Total non-service benefit (1) (2) (5) (13) Net periodic benefit $ — $ (1) $ (1) $ (9)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues: Commercial lines insurance Commercial casualty $ 381 $ 365 $ 1,118 $ 1,115 Commercial property 361 321 1,045 933 Commercial auto 231 216 679 644 Workers' compensation 61 66 182 212 Other commercial 103 94 302 280 Commercial lines insurance premiums 1,137 1,062 3,326 3,184 Fee revenues 1 1 3 3 Total commercial lines insurance 1,138 1,063 3,329 3,187 Personal lines insurance Personal auto 242 185 674 524 Homeowner 352 271 981 755 Other personal 84 71 242 205 Personal lines insurance premiums 678 527 1,897 1,484 Fee revenues 2 1 4 3 Total personal lines insurance 680 528 1,901 1,487 Excess and surplus lines insurance 157 135 447 394 Fee revenues — 1 2 2 Total excess and surplus lines insurance 157 136 449 396 Life insurance premiums 80 76 240 233 Fee revenues 1 3 4 8 Total life insurance 81 79 244 241 Investments Investment income, net of expenses 258 225 745 655 Investment gains and losses, net 758 (456) 1,507 84 Total investment revenue 1,016 (231) 2,252 739 Other Premiums 245 233 614 599 Other 3 3 10 8 Total other revenues 248 236 624 607 Total revenues $ 3,320 $ 1,811 $ 8,799 $ 6,657 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 81 $ 52 $ 130 $ 83 Personal lines insurance (69) 1 (74) (92) Excess and surplus lines insurance 8 14 28 38 Life insurance 10 17 42 38 Investments 984 (262) 2,158 648 Other 26 30 95 71 Total income (loss) before income taxes $ 1,040 $ (148) $ 2,379 $ 786 Identifiable assets: September 30, December 31, Property casualty insurance $ 6,223 $ 5,294 Life insurance 1,654 1,562 Investments 27,640 24,999 Other 1,492 914 Total $ 37,009 $ 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	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
Total	$ 16,074	$ 14,361
Gross unrealized gain	201	117
Gross unrealized loss	404	687
Fixed maturities, at fair value	15,871	13,791
Corporate
Debt Securities, Available-for-sale
Total	8,407	7,836
Gross unrealized gain	150	70
Gross unrealized loss	218	454
Fixed maturities, at fair value	8,339	7,452
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Total	4,944	4,867
Gross unrealized gain	41	44
Gross unrealized loss	176	208
Fixed maturities, at fair value	4,809	4,703
Government-sponsored enterprises
Debt Securities, Available-for-sale
Total	2,147	1,227
Gross unrealized gain	5	3
Gross unrealized loss	1	6
Fixed maturities, at fair value	2,151	1,224
Asset-backed
Debt Securities, Available-for-sale
Total	317	203
Gross unrealized gain	4	0
Gross unrealized loss	7	16
Fixed maturities, at fair value	314	187
United States government
Debt Securities, Available-for-sale
Total	228	203
Gross unrealized gain	1	0
Gross unrealized loss	2	3
Fixed maturities, at fair value	227	200
Foreign government
Debt Securities, Available-for-sale
Total	31	25
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Fixed maturities, at fair value	$ 31	$ 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	Sep. 30, 2024	Dec. 31, 2023
Investments, Unrealized Loss Position
Less than 12 months Fair Value	$ 1,452	$ 1,384
Less than 12 Months, Unrealized Loss	10	18
12 months or more, Fair Value	6,272	7,912
12 months or longer, Unrealized Loss	394	669
Total Fair Value	7,724	9,296
Total Unrealized Losses	404	687
Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	402	379
Less than 12 Months, Unrealized Loss	5	13
12 months or more, Fair Value	3,937	5,560
12 months or longer, Unrealized Loss	213	441
Total Fair Value	4,339	5,939
Total Unrealized Losses	218	454
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	287	313
Less than 12 Months, Unrealized Loss	4	2
12 months or more, Fair Value	2,000	1,932
12 months or longer, Unrealized Loss	172	206
Total Fair Value	2,287	2,245
Total Unrealized Losses	176	208
Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	715	652
Less than 12 Months, Unrealized Loss	1	3
12 months or more, Fair Value	128	113
12 months or longer, Unrealized Loss	0	3
Total Fair Value	843	765
Total Unrealized Losses	1	6
Asset-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	48	5
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	99	172
12 months or longer, Unrealized Loss	7	16
Total Fair Value	147	177
Total Unrealized Losses	7	16
United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	0	32
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	103	129
12 months or longer, Unrealized Loss	2	3
Total Fair Value	103	161
Total Unrealized Losses	2	3
Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	0	3
Less than 12 Months, Unrealized Loss	0	0
12 months or more, Fair Value	5	6
12 months or longer, Unrealized Loss	0	0
Total Fair Value	5	9
Total Unrealized Losses	$ 0	$ 0

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 1,198
Due after one year through five years	4,011
Due after five years through ten years	3,554
Due after ten years	7,311
Total	16,074	$ 14,361
Fair value
Due in one year or less	1,194
Due after one year through five years	3,993
Due after five years through ten years	3,542
Due after ten years	7,142
Total	$ 15,871	$ 13,791
% of fair value
Due in one year or less	7.50%
Due after one year through five years	25.20%
Due after five years through ten years	22.30%
Due after ten years	45%
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investment income:
Interest	$ 187	$ 154	$ 529	$ 441
Dividends	68	69	209	205
Other	7	5	18	18
Total	262	228	756	664
Less investment expenses	4	3	11	9
Total	258	225	745	655
Investment gains and losses, net
Other	3	6	29	(11)
Total	758	(456)	1,507	84
Equity securities
Investment gains and losses, net
Investment gains and losses on securities sold, net	24	(5)	146	2
Unrealized gains and losses on securities still held, net	817	(458)	1,446	99
Total	841	(463)	1,592	101
Fixed maturities
Investment gains and losses, net
Gross realized gains	1	1	5	2
Gross realized losses	(87)	(1)	(94)	(2)
Change in allowance for credit losses, net	0	1	(25)	(2)
Write-down of impaired securities with intent to sell	0	0	0	(4)
Total	$ (86)	$ 1	$ (114)	$ (6)

Investments - (Narrative) (Deta

Investments - (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Investments [Abstract]
Equity Securities at Fair Value	$ 11,570	$ 10,989
Fair value of largest single common stock holding	$ 885	$ 842
Largest equity holdings to total equity portfolio	7.90%	7.90%
Largest equity holdings to total investment portfolio	3.20%	3.40%
Allowance for credit loss on fixed-maturity	$ 39	$ 18
Number of fixed-maturity securities in a total unrealized loss position | security	2,495	2,840
Fixed-maturity securities, total unrealized loss	$ 404	$ 687
Number of fixed-maturity securities in continuous unrealized loss position and below 70 percent of amortized cost	5	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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 15,871	$ 13,791
Fair value of asset	28,419	25,701
Separate accounts	943	925
Top Hat savings plan mutual funds and common equity (included in Other assets)	84	67
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	8,339	7,452
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,809	4,703
Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	2,151	1,224
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	314	187
United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	227	200
Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	31	25
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	227	200
Fair value of asset	11,511	10,908
Top Hat savings plan mutual funds and common equity (included in Other assets)	84	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	227	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	15,644	13,591
Fair value of asset	16,908	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	8,339	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	4,809	4,703
Level 2 | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	2,151	1,224
Level 2 | Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	314	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	31	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	11,200	10,641
Equity securities | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	370	348
Equity securities | Level 1 | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of asset	11,200	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	370	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	894	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	894	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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash and Cash Equivalents, Fair Value Disclosure	$ 1,752	$ 907
Finance receivable	116	108
Life policy and investment contract reserves	3,069	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	1,420	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	605	656
Investment contract reserves: | Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Life policy and investment contract reserves	$ 118	$ 123

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 25	$ 25
Total	$ 889	$ 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	$ 30	$ 29
Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.92%	6.92%
Fair value of senior debt	$ 427	$ 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	$ 407	$ 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	889	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	30	29
Level 2 | Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	427	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	407	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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 41	$ 39
Liabilities Related to Investment Contracts, Fair Value Disclosure	712	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	136	141
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	41	39
Liabilities Related to Investment Contracts, Fair Value Disclosure	576	603
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	576	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	576	603
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	136	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	136	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ (71)	$ (53)	(211)	$ (213)
Gross loss and loss expense reserves, end of period	9,928		9,928
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	9,494	8,807	8,975	8,336
Less reinsurance recoverable	303	424	362	405
Net loss and loss expense reserves, beginning of period	9,191	8,383	8,613	7,931
Current accident year	1,570	1,314	4,392	4,053
Prior accident years	(71)	(53)	(211)	(213)
Total incurred	1,499	1,261	4,181	3,840
Current accident year	574	597	1,262	1,286
Prior accident years	540	461	1,956	1,899
Total paid	1,114	1,058	3,218	3,185
Net loss and loss expense reserves, end of period	9,576	8,586	9,576	8,586
Plus reinsurance recoverable	290	419	290	419
Gross loss and loss expense reserves, end of period	$ 9,866	$ 9,005	$ 9,866	$ 9,005

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 9,928		$ 9,928		$ 9,050
Prior accident years	(71)	$ (53)	(211)	$ (213)
Life Insurance Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	62	72	62	72
Commercial Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(50)	(34)	(117)	(125)
Commercial Insurance | Commercial Property Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(33)	(11)	(76)	(36)
Commercial Insurance | Commercial Casualty Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			27	(36)
Commercial Insurance | Commercial Auto Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(10)
Commercial Insurance | Workers' Compensation Line
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(16)	(20)	(56)	(46)
Personal Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	1	(8)	(27)	(54)
Personal Insurance | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years				(12)
Personal Insurance | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years			(37)	(44)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ 5	$ 0	$ 5	$ (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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 3,069	$ 3,068
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,649	1,597
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,420	1,471
Term Life Insurance | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,108	1,066	$ 956
Whole Life Insurance | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	441	434	$ 381
Long-Duration Insurance, Other | Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	100	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	605	656
Universal life | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	590	585
Structured Settlement Annuity | Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 118	$ 123

Liability for Future Policy Ben

Liability for Future Policy Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net liability for future policy benefits:
Net life policy reserves	$ 3,069		$ 3,069		$ 3,068
Life policy reserves:
Net liability for future policy benefits:
Net life policy reserves	1,649		1,649		1,597
Term Life Insurance | Life policy reserves:
Present value of expected net premiums:
Balance, beginning of period	1,620	$ 1,664	1,700	$ 1,643
Beginning balance at original discount rate	1,701	1,712	1,712	1,708
Effect of changes in cash flow assumptions	(1)	0	(13)	(5)
Effect of actual variances from expected experience	(4)	(3)	(23)	(15)
Adjusted beginning of period balance	1,696	1,709	1,676	1,688
Issuances	34	33	110	111
Interest accrual	20	18	56	53
Net premiums collected	(45)	(45)	(137)	(137)
Ending balance at original discount rate	1,705	1,715	1,705	1,715
Effect of changes in discount rate assumptions	3	(133)	3	(133)
Balance, end of period	1,708	1,582	1,708	1,582
Present value of expected future policy benefits:
Balance, beginning of period	2,634	2,662	2,751	2,584
Beginning balance at original discount rate	2,772	2,737	2,765	2,692
Effect of changes in cash flow assumptions	(1)	0	(30)	5
Effect of actual variances from expected experience	(7)	(6)	(35)	(19)
Adjusted beginning of period balance	2,764	2,731	2,700	2,678
Issuances	34	33	110	111
Interest accrual	32	30	94	90
Benefits paid	(48)	(39)	(122)	(124)
Ending balance at original discount rate	2,782	2,755	2,782	2,755
Effect of changes in discount rate assumptions	12	(234)	12	(234)
Balance, end of period	2,794	2,521	2,794	2,521
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	1,086	939	1,086	939
Impact of flooring at cohort level	22	17	22	17
Net life policy reserves	1,108	956	1,108	956	1,066
Less reinsurance recoverable at original discount rate	(92)	(99)	(92)	(99)
Less effect of discount rate assumption changes on reinsurance recoverable	(10)	(7)	(10)	(7)
Net life policy reserves, after reinsurance recoverable	$ 1,006	$ 850	$ 1,006	$ 850
Weighted-average duration of the net life policy reserves in years	11 years	11 years	11 years	11 years
Whole Life Insurance | Life policy reserves:
Present value of expected net premiums:
Balance, beginning of period	$ 215	$ 212	$ 223	$ 208
Beginning balance at original discount rate	225	219	225	217
Effect of changes in cash flow assumptions	(1)	(1)	0	(7)
Effect of actual variances from expected experience	0	2	(3)	3
Adjusted beginning of period balance	224	220	222	213
Issuances	9	7	20	24
Interest accrual	2	3	7	7
Net premiums collected	(8)	(7)	(22)	(21)
Ending balance at original discount rate	227	223	227	223
Effect of changes in discount rate assumptions	0	(17)	0	(17)
Balance, end of period	227	206	227	206
Present value of expected future policy benefits:
Balance, beginning of period	619	633	657	614
Beginning balance at original discount rate	636	615	628	607
Effect of changes in cash flow assumptions	(2)	0	0	(10)
Effect of actual variances from expected experience	(1)	2	(5)	3
Adjusted beginning of period balance	633	617	623	600
Issuances	8	7	20	24
Interest accrual	8	8	24	23
Benefits paid	(8)	(9)	(26)	(24)
Ending balance at original discount rate	641	623	641	623
Effect of changes in discount rate assumptions	27	(37)	27	(37)
Balance, end of period	668	586	668	586
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	441	380	441	380
Impact of flooring at cohort level	0	1	0	1
Net life policy reserves	441	381	441	381	$ 434
Less reinsurance recoverable at original discount rate	(25)	(25)	(25)	(25)
Less effect of discount rate assumption changes on reinsurance recoverable	(5)	(3)	(5)	(3)
Net life policy reserves, after reinsurance recoverable	$ 411	$ 353	$ 411	$ 353
Weighted-average duration of the net life policy reserves in years	16 years	16 years	16 years	16 years

Life Policy and Investment Co_3

Life Policy and Investment Contract Reserves (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 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	$ 5,000,000
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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	$ 4,840			$ 4,768
Undiscounted expected future gross premiums	4,524			4,364
Discounted expected future benefit payments	2,794	$ 2,634	$ 2,751	2,521	$ 2,662	$ 2,584
Discounted expected future gross premiums	2,736			2,464
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	1,702			1,631
Undiscounted expected future gross premiums	687			653
Discounted expected future benefit payments	668	$ 619	$ 657	586	$ 633	$ 614
Discounted expected future gross premiums	$ 428			$ 379

Revenue and Interest Recognized

Revenue and Interest Recognized in Income (Details) - Life policy reserves: - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	$ 87	$ 85	$ 262	$ 256
Interest accretion	18	18	55	53
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	72	71	221	217
Interest accretion	12	13	38	37
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	15	14	41	39
Interest accretion	$ 6	$ 5	$ 17	$ 16

Weighted Average Interest Rate

Weighted Average Interest Rate for Life Policy Products (Details) - Life policy reserves:	Sep. 30, 2024	Sep. 30, 2023
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.21%	5.29%
Current discount rate	4.53%	5.73%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.89%	5.92%
Current discount rate	5.14%	5.95%

Changes in Policyholders' Accou

Changes in Policyholders' Account Balances (Details) - Investment contract reserves: - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Fixed Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 618	$ 696	$ 656	$ 734
Premiums received	10	13	29	38
Policy charges	0	0	0	0
Surrenders and withdrawals	(25)	(32)	(88)	(100)
Benefit payments	(4)	(3)	(9)	(9)
Interest credited	6	6	17	17
Balance, end of period	$ 605	$ 680	$ 605	$ 680
Weighted average crediting rate	3.64%	3.45%	3.64%	3.45%
Net amount at risk	$ 0	$ 0	$ 0	$ 0
Cash surrender value	599	675	599	675
Universal life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	456	456	457	457
Premiums received	9	8	28	28
Policy charges	(10)	(9)	(30)	(29)
Surrenders and withdrawals	(2)	(2)	(9)	(9)
Benefit payments	(1)	(1)	(4)	(5)
Interest credited	4	4	14	14
Balance, end of period	$ 456	$ 456	$ 456	$ 456
Weighted average crediting rate	4.36%	4.29%	4.36%	4.29%
Net amount at risk	$ 3,865	$ 3,989	$ 3,865	$ 3,989
Cash surrender value	$ 426	$ 424	$ 426	$ 424

Account Values by Range of Guar

Account Values by Range of Guaranteed Minimum Crediting Rates (Details) - Investment contract reserves: - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Deferred Fixed Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	$ 605	$ 618	$ 656	$ 680	$ 696
Deferred Fixed Annuity | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	51			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	309			380
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			16
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	231			229
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	558			630
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	309			380
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			16
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	231			229
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	47			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	47			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	$ 456
Universal life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	328			396
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	55			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	68			57
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	5			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	124			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			60
Universal life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	55			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	64			57
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	5			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			54
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	50			54
Universal life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	0			0
Universal life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Balance, end of period	4			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	278			282
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	278			282
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 128	$ 122	$ 128	$ 121
Balance, beginning of period before shadow reserve adjustments	130	124	129	123
Effect of changes in cash flow assumptions	0	0	(2)	(5)
Effect of actual variances from expected experience	0	2	0	1
Adjusted beginning of period balance	130	126	127	119
Interest accrual	1	1	3	3
Excess death benefits	(2)	(4)	(5)	(6)
Attributed assessments	3	3	9	9
Effect of changes in interest rate assumptions	3	(5)	1	(4)
Balance, end of period before shadow reserve adjustments	135	121	135	121
Shadow reserve adjustments	(1)	(2)	(1)	(2)
Balance, end of period	134	119	134	119
Less reinsurance recoverable, end of period	6	7	6	7
Net other additional liability, after reinsurance recoverable	$ 140	$ 126	$ 140	$ 126
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Separate Account, Liability [Roll Forward]
Balance, beginning of period			$ 925
Balance, end of period	$ 943		943
Universal life
Separate Account, Liability [Roll Forward]
Balance, beginning of period	948	$ 911	925	$ 892
Interest credited before policy charges	10	11	31	31
Benefit payments	0	(3)	(3)	(6)
Other	(15)	(1)	(10)	1
Balance, end of period	943	918	943	918
Cash surrender value	$ 941	$ 912	$ 941	$ 912

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,229	$ 1,109	$ 1,093	$ 1,013
Capitalized deferred policy acquisition costs	447	365	1,351	1,166
Amortized deferred policy acquisition costs	(435)	(373)	(1,203)	(1,078)
Deferred policy acquisition costs asset, end of period	1,241	1,101	1,241	1,101
Consolidated Property And Casualty Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	878	771	749	682
Capitalized deferred policy acquisition costs	436	355	1,318	1,134
Amortized deferred policy acquisition costs	(427)	(366)	(1,180)	(1,056)
Deferred policy acquisition costs asset, end of period	887	760	887	760
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	351	338	344	331
Capitalized deferred policy acquisition costs	11	10	33	32
Amortized deferred policy acquisition costs	(8)	(7)	(23)	(22)
Deferred policy acquisition costs asset, end of period	$ 354	$ 341	$ 354	$ 341

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Life Deferred Acquisition Costs Rollforward by Product (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 1,229	$ 1,109	$ 1,093	$ 1,013
Capitalized deferred policy acquisition costs	447	365	1,351	1,166
Amortized deferred policy acquisition costs	(435)	(373)	(1,203)	(1,078)
Deferred policy acquisition costs asset, end of period	1,241	1,101	1,241	1,101
Term Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	241	233	236	228
Capitalized deferred policy acquisition costs	9	8	25	24
Amortized deferred policy acquisition costs	(7)	(7)	(18)	(18)
Deferred policy acquisition costs asset, end of period	243	234	243	234
Whole Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	50	45	48	43
Capitalized deferred policy acquisition costs	1	2	5	6
Amortized deferred policy acquisition costs	0	0	(2)	(2)
Deferred policy acquisition costs asset, end of period	51	47	51	47
Deferred Fixed Annuity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	8	8	8	7
Capitalized deferred policy acquisition costs	0	0	1	1
Amortized deferred policy acquisition costs	0	0	(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	52	53
Capitalized deferred policy acquisition costs	1	0	2	1
Amortized deferred policy acquisition costs	(1)	0	(2)	(2)
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	351	338	344	331
Capitalized deferred policy acquisition costs	11	10	33	32
Amortized deferred policy acquisition costs	(8)	(7)	(23)	(22)
Deferred policy acquisition costs asset, end of period	$ 354	$ 341	$ 354	$ 341

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ (435)
AOCI, net of tax, end of period	$ (150)		(150)
AOCI on Net Unrecognized Investment Gain (Loss)
AOCI, Before Tax
AOCI, before tax, beginning of period	(700)	$ (838)	(570)	$ (847)
Other comprehensive income before reclassification, before tax	411	(369)	253	(364)
Reclassification adjustment, before tax	86	0	114	4
Effect on other comprehensive income, before tax	497	(369)	367	(360)
AOCI, before tax, end of period	(203)	(1,207)	(203)	(1,207)
AOCI, Tax
AOCI, tax, beginning of period	(151)	(179)	(123)	(182)
Other comprehensive income before reclassification, tax	88	(79)	54	(77)
Reclassification adjustment, tax	18	0	24	1
Effect on other comprehensive income, tax	106	(79)	78	(76)
AOCI, tax, end of period	(45)	(258)	(45)	(258)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(549)	(659)	(447)	(665)
Other comprehensive income before reclassification, net of tax	323	(290)	199	(287)
Reclassification adjustment, net of tax	68	0	90	3
Effect on other comprehensive income, net of tax	391	(290)	289	(284)
AOCI, net of tax, end of period	(158)	(949)	(158)	(949)
AOCI on Pension Obligations
AOCI, Before Tax
AOCI, before tax, beginning of period	31	29	30	36
Other comprehensive income before reclassification, before tax	0	0	0	(5)
Reclassification adjustment, before tax	0	0	1	(2)
Effect on other comprehensive income, before tax	0	0	1	(7)
AOCI, before tax, end of period	31	29	31	29
AOCI, Tax
AOCI, tax, beginning of period	8	7	8	9
Other comprehensive income before reclassification, tax	0	0	0	(2)
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	0	0	0	(2)
AOCI, tax, end of period	8	7	8	7
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	23	22	22	27
Other comprehensive income before reclassification, net of tax	0	0	0	(3)
Reclassification adjustment, net of tax	0	0	1	(2)
Effect on other comprehensive income, net of tax	0	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	71	13	(13)	29
Other comprehensive income before reclassification, before tax	(91)	111	(7)	95
Reclassification adjustment, before tax	0	0	0	0
Effect on other comprehensive income, before tax	(91)	111	(7)	95
AOCI, before tax, end of period	(20)	124	(20)	124
AOCI, Tax
AOCI, tax, beginning of period	15	2	(3)	5
Other comprehensive income before reclassification, tax	(20)	22	(2)	19
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	(20)	22	(2)	19
AOCI, tax, end of period	(5)	24	(5)	24
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	56	11	(10)	24
Other comprehensive income before reclassification, net of tax	(71)	89	(5)	76
Reclassification adjustment, net of tax	0	0	0	0
Effect on other comprehensive income, net of tax	(71)	89	(5)	76
AOCI, net of tax, end of period	(15)	100	(15)	100
Summary of AOCI
AOCI, Before Tax
AOCI, before tax, beginning of period	(598)	(796)	(553)	(782)
Change in unrealized gains, net, on investments available for sale, before tax	497	(369)	367	(360)
Change in pension obligations, before tax	0	0	1	(7)
Change in life policy reserves, reinsurance recoverable and other, before tax	(91)	111	(7)	95
Effect on other comprehensive income, before tax	406	(258)	361	(272)
AOCI, before tax, end of period	(192)	(1,054)	(192)	(1,054)
AOCI, Tax
AOCI, tax, beginning of period	(128)	(170)	(118)	(168)
Change in unrealized gains, net, on investments available for sale, tax	106	(79)	78	(76)
Change in pension obligations, tax	0	0	0	(2)
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Tax	(20)	22	(2)	19
Effect on other comprehensive income, tax	86	(57)	76	(59)
AOCI, tax, end of period	(42)	(227)	(42)	(227)
AOCI, Net of Tax
Accumulated Other Comprehensive Income (Loss), Net of Tax	(470)	(626)	(435)	(614)
Change in unrealized gains, net, on investments available for sale, net of tax	391	(290)	289	(284)
Change in pension obligations, net of tax	0	0	1	(5)
Change in Life Policy Reserves, Reinsurance Recoverable and Other, Net of Tax	(71)	89	(5)	76
Effect on other comprehensive income, net of tax	320	(201)	285	(213)
AOCI, net of tax, end of period	$ (150)	$ (827)	$ (150)	$ (827)

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property Casualty Insurance Assumed And Ceded Business
Earned premiums	$ 2,297	$ 2,033	$ 6,524	$ 5,894
Incurred loss and loss expenses	1,578	1,332	4,407	4,070
Consolidated Property And Casualty Insurance
Property Casualty Insurance Assumed And Ceded Business
Direct written premiums	2,285	1,939	6,772	5,869
Assumed written premiums	102	89	577	527
Ceded written premiums	(94)	(71)	(349)	(270)
Net written premiums	2,293	1,957	7,000	6,126
Direct earned premiums	2,179	1,912	6,128	5,478
Assumed earned premiums	159	142	466	435
Ceded earned premiums	(121)	(97)	(310)	(252)
Earned premiums	2,217	1,957	6,284	5,661
Direct incurred loss and loss expenses	1,415	1,220	3,960	3,784
Assumed incurred loss and loss expenses	103	82	242	216
Ceded incurred loss and loss expenses	(19)	(41)	(21)	(160)
Incurred loss and loss expenses	$ 1,499	$ 1,261	$ 4,181	$ 3,840

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reinsurance for Insurance Companies, by Product Segment
Insurance losses and contract holders' benefits	$ 1,578	$ 1,332	$ 4,407	$ 4,070
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment
Direct earned premiums	101	97	301	293
Ceded earned premiums	(21)	(21)	(61)	(60)
Earned premiums	80	76	240	233
Direct contract holders' benefits incurred	92	92	262	289
Ceded contract holders' benefits incurred	(13)	(21)	(36)	(59)
Insurance losses and contract holders' benefits	$ 79	$ 71	$ 226	$ 230

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Consolidated Property and Casualty Insurance
Reinsurance for Insurance Companies, by Product Segment
Premium Receivable, Allowance for Credit Loss	$ 17	$ 16

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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 States
Income Tax Disclosure
Operating loss carryforwards	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (decrease) resulting from:
Tax at statutory rate	$ 219	$ (31)	$ 500	$ 165
Tax-exempt income from municipal bonds	(5)	(5)	(16)	(15)
Dividend received exclusion	(6)	(5)	(16)	(16)
Other	12	(8)	24	(8)
Total provision (benefit) for income taxes	$ 220	$ (49)	$ 492	$ 126
Increase (decrease) resulting from:
Tax at statutory rate	21%	21%	21%	21%
Tax-exempt income from municipal bonds, Percent	(0.50%)	3.40%	(0.70%)	(1.90%)
Dividend received exclusion, Percent	(0.60%)	3.40%	(0.70%)	(2.00%)
Other	1.30%	5.30%	1.10%	(1.10%)
Provision for income taxes	21.20%	33.10%	20.70%	16%

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Calculations for Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)—basic and diluted	$ 820	$ (99)	$ 1,887	$ 660
Denominator:
Basic weighted-average common shares outstanding (in shares)	156.2	156.9	156.5	157
Diluted weighted-average shares	157.7	156.9	157.7	158.2
Earnings (loss) per share:
Basic (in USD per share)	$ 5.25	$ (0.63)	$ 12.06	$ 4.20
Diluted (in USD per share)	$ 5.20	$ (0.63)	$ 11.97	$ 4.17
Number of anti-dilutive stock-based awards (in shares)	0.6	2.4	1.3	1.3
Stock Options
Denominator:
Effect of stock-based awards (in shares)	0.9	0	0.7	0.7
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.6	0	0.5	0.5

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure
Service cost	$ 1	$ 1	$ 4	$ 4
Interest cost	4	3	10	9
Expected return on plan assets	(5)	(5)	(16)	(15)
Amortization of actuarial loss (gain) and prior service cost	0	0	1	(2)
Other	0	0	0	(5)
Total non-service benefit	(1)	(2)	(5)	(13)
Net periodic benefit cost	$ 0	$ (1)	$ (1)	$ (9)

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 7,000,000	$ 6,000,000	$ 23,000,000	$ 20,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions			$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment industry
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information
Earned premiums	$ 2,297	$ 2,033	$ 6,524	$ 5,894
Fee revenues	4	6	13	16
Other	3	3	10	8
Investment income, net of expenses	258	225	745	655
Investment gains and losses, net	758	(456)	1,507	84
Total revenues	3,320	1,811	8,799	6,657
Income before Income Taxes	1,040	(148)	2,379	786
Assets	37,009		37,009		$ 32,769
Operating Segments
Segment Reporting Information
Assets	6,223		6,223		5,294
Operating Segments | Commercial Insurance
Segment Reporting Information
Earned premiums	1,137	1,062	3,326	3,184
Fee revenues	1	1	3	3
Total revenues	1,138	1,063	3,329	3,187
Income Before Income Taxes	81	52	130	83
Operating Segments | Commercial Insurance | Commercial Casualty Line
Segment Reporting Information
Earned premiums	381	365	1,118	1,115
Operating Segments | Commercial Insurance | Commercial Property Line
Segment Reporting Information
Earned premiums	361	321	1,045	933
Operating Segments | Commercial Insurance | Commercial Auto Line
Segment Reporting Information
Earned premiums	231	216	679	644
Operating Segments | Commercial Insurance | Workers' Compensation Line
Segment Reporting Information
Earned premiums	61	66	182	212
Operating Segments | Commercial Insurance | Other Commercial Lines
Segment Reporting Information
Earned premiums	103	94	302	280
Operating Segments | Personal Insurance
Segment Reporting Information
Earned premiums	678	527	1,897	1,484
Fee revenues	2	1	4	3
Total revenues	680	528	1,901	1,487
Income Before Income Taxes	(69)	1	(74)	(92)
Operating Segments | Personal Insurance | Personal Auto
Segment Reporting Information
Earned premiums	242	185	674	524
Operating Segments | Personal Insurance | Home Owner Line
Segment Reporting Information
Earned premiums	352	271	981	755
Operating Segments | Personal Insurance | Other Personal Lines
Segment Reporting Information
Earned premiums	84	71	242	205
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	157	135	447	394
Fee revenues	0	1	2	2
Total revenues	157	136	449	396
Income Before Income Taxes	8	14	28	38
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	80	76	240	233
Fee revenues	1	3	4	8
Total revenues	81	79	244	241
Income Before Income Taxes	10	17	42	38
Assets	1,654		1,654		1,562
Operating Segments | Investment Segment
Segment Reporting Information
Investment income, net of expenses	258	225	745	655
Investment gains and losses, net	758	(456)	1,507	84
Total revenues	1,016	(231)	2,252	739
Income Before Income Taxes	984	(262)	2,158	648
Assets	27,640		27,640		24,999
Corporate, Non-Segment
Segment Reporting Information
Earned premiums	245	233	614	599
Other	3	3	10	8
Total revenues	248	236	624	607
Income Before Income Taxes	26	$ 30	95	$ 71
Assets	$ 1,492		$ 1,492		$ 914