CNA Financial (CNA) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-5823
Entity Registrant Name	CNA FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-6169860
Entity Address, Address Line One	151 N. Franklin
Entity Address, Postal Zip Code	60606
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
City Area Code	312
Local Phone Number	822-5000
Title of 12(b) Security	Common Stock, Par value $2.50
Trading Symbol	"CNA"
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)		270,870,525
Entity Central Index Key	0000021175
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
New York Stock Exchange
Entity Information [Line Items]
Security Exchange Name	NYSE
Chicago Stock Exchange
Entity Information [Line Items]
Security Exchange Name	CHX

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]
Revenues
Net earned premiums	$ 2,406	$ 2,221		$ 7,001	$ 6,435
Net investment income	553	422		1,653	1,302
Net investment losses	(38)	(96)		(105)	(166)
Non-insurance warranty revenue	407	399		1,221	1,173
Other revenues	8	11		22	24
Total revenues	3,336	2,957		9,792	8,768
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(41), $(211), $(75), and $(205))	1,826	1,880		5,258	4,959
Amortization of deferred acquisition costs	426	383		1,208	1,101
Non-insurance warranty expense	386	371		1,154	1,092
Other operating expenses	338	346		1,021	1,001
Interest	34	28		93	84
Total claims, benefits and expenses	3,010	3,008		8,734	8,237
Income (loss) before income tax	326	(51)		1,058	531
Income tax (expense) benefit	(68)	9		(220)	(88)
Net income (loss)	$ 258	$ (42)	[2]	$ 838	$ 443	[3]
Basic earnings (loss) per share
Basic earnings (loss) per share (in usd per share)	$ 0.95	$ (0.15)		$ 3.09	$ 1.63
Diluted earnings (loss) per share
Diluted earnings (loss) per share (in usd per share)	$ 0.95	$ (0.15)		$ 3.08	$ 1.63
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Weighted average shares outstanding (in shares)	271.2	271.4		271.2	271.7
Diluted (in shares)	272.3	272.3		272.2	272.6
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) - (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact	$ (41)	$ (211)	$ (75)	$ (205)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[2]	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 258	$ (42)	[1]	$ 838	$ 443	[1],[3]
Other Comprehensive Loss, net of tax
Net unrealized gains and losses on investments	(1,085)	(1,737)		(837)	(6,612)
Impact of changes in discount rates used to measure long-duration contract liabilities	818	994		678	4,136
Foreign currency translation adjustment	(55)	(103)		(4)	(185)
Pension and postretirement benefits	6	6		20	18
Other comprehensive loss, net of tax	(316)	(840)		(143)	(2,643)
Total comprehensive (loss) income	(58)	(882)		695	(2,200)
Net unrealized gains and losses on investments with an allowance for credit losses
Other Comprehensive Loss, net of tax
Net unrealized gains and losses on investments	(1)	(2)		(10)	(8)
Net unrealized gains and losses on other investments
Other Comprehensive Loss, net of tax
Net unrealized gains and losses on investments	$ (1,084)	$ (1,735)		$ (827)	$ (6,604)
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities at fair value (amortized cost of $42,366 and $41,032, less allowance for credit loss of $18 and $1)		$ 37,856	$ 37,627	[1]
Equity securities at fair value (cost of $712 and $703)		692	674	[1]
Limited partnership investments		2,074	1,926	[1]
Other invested assets		69	78	[1]
Mortgage loans (less allowance for uncollectible receivables of $35 and $24)		995	1,040	[1]
Short term investments		1,961	1,832	[1]
Total investments		43,647	43,177	[1]
Cash		485	475	[1]
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22)		5,447	5,416	[1]
Insurance receivables (less allowance for uncollectible receivables of $29 and $29)		3,211	3,158	[1]
Accrued investment income		441	402	[1]
Deferred acquisition costs		880	806	[1]
Deferred income taxes		1,277	1,251	[1]
Property and equipment at cost (less accumulated depreciation of $287 and $280)		257	226	[1]
Goodwill		145	144	[1]
Deferred non-insurance warranty acquisition expense		3,688	3,671	[1]
Other assets (includes $20 and $18 due from Loews Corporation)		2,474	2,274	[1]
Total assets		61,952	61,000	[1]
Insurance reserves:
Claim and claim adjustment expenses		22,836	22,120	[1]
Unearned premiums		6,789	6,374	[1]
Future policy benefits		12,654	13,480	[1]
Short term debt		793	243	[1]
Long term debt		2,480	2,538	[1]
Deferred non-insurance warranty revenue		4,736	4,714	[1]
Other liabilities (includes $20 and $26 due to Loews Corporation)		3,101	2,983	[1]
Total liabilities		53,389	52,452	[1]
Commitments and contingencies (Notes C and G)	[1]
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,865,467 and 270,895,902 shares outstanding)		683	683	[1]
Additional paid-in capital		2,213	2,220	[1]
Retained earnings		9,503	9,336	[1]
Accumulated other comprehensive loss		(3,741)	(3,598)	[1]
Treasury stock (2,174,776 and 2,144,341 shares), at cost		(95)	(93)	[1]
Total stockholders’ equity		8,563	8,548	[1]
Total liabilities and stockholders' equity		$ 61,952	$ 61,000	[1]
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fixed maturities securities at amortized cost	$ 42,366	$ 41,032
Marketable securities fixed maturities allowance for credit loss	18	1
Equity securities at cost	712	703
Mortgage loans on real estate commercial and consumer allowance for credit loss	35	24
Allowance for uncollectible reinsurance	22	22
Allowance for uncollectible insurance receivables	29	29
Accumulated depreciation on property and equipment	287	280
Other Assets	2,474	2,274	[1]
Other Liabilities	$ 3,101	$ 2,983	[1]
Common stock, par value (in usd per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	273,040,243	273,040,243
Common stock, shares outstanding (in shares)	270,865,467	270,895,902
Treasury stock, shares (in shares)	2,174,776	2,144,341
Related Party
Other Assets	$ 20	$ 18
Other Liabilities	$ 20	$ 26
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[2]
Cash Flows from Operating Activities
Net income	$ 838	$ 443	[1]
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense (benefit)	12	(71)
Trading portfolio activity	(1)	(5)
Net investment losses	105	166
Equity method investees	37	235
Net amortization of investments	(140)	(89)
Depreciation and amortization	44	38
Changes in:
Receivables, net	(84)	(390)
Accrued investment income	(39)	(37)
Deferred acquisition costs	(74)	(66)
Insurance reserves	1,184	1,999
Other, net	(117)	(233)
Net cash flows provided by operating activities	1,765	1,990
Dispositions:
Fixed maturity securities - sales	3,284	4,885
Fixed maturity securities - maturities, calls and redemptions	960	2,095
Equity securities	192	230
Limited partnerships	138	124
Mortgage loans	110	101
Purchases:
Fixed maturity securities	(5,459)	(8,768)
Equity securities	(200)	(245)
Limited partnerships	(322)	(265)
Mortgage loans	(75)	(90)
Change in other investments	6	9
Change in short term investments	(99)	903
Purchases of property and equipment	(67)	(41)
Other, net	(5)	(10)
Net cash flows used by investing activities	(1,537)	(1,072)
Cash Flows from Financing Activities
Dividends paid to common stockholders	(673)	(874)
Proceeds from the issuance of debt	491	0
Purchase of treasury stock	(24)	(39)
Other, net	(12)	(11)
Net cash flows used by financing activities	(218)	(924)
Effect of foreign exchange rate changes on cash	0	(27)
Net change in cash	10	(33)
Cash, beginning of year	475	536
Cash, end of period	$ 485	$ 503
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions		Total		Prior to Adoption	Effect of Adoption	Common Stock		Additional Paid-in Capital		Retained Earnings		Retained Earnings Prior to Adoption	Retained Earnings Effect of Adoption	Accumulated Other Comprehensive Loss		Accumulated Other Comprehensive Loss Prior to Adoption		Accumulated Other Comprehensive Loss Effect of Adoption		Treasury Stock
Total stockholder's equity at beginning of period at Dec. 31, 2021	[1]					$ 683		$ 2,215		$ 9,639		$ 9,663	$ (24)	$ (1,360)		$ 320		$ (1,680)		$ (72)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	[1]							(4)												17
Dividends to common stockholders ($0.42, $0.40, $2.46, $3.20 per share)	[1]									(876)
Net income		$ 443	[2],[3]	$ 646	$ (203)					443	[1]
Other comprehensive loss		(2,643)		(4,459)	1,816									(2,643)	[1]
Purchase of treasury stock		(39)																		(39)	[1]
Total stockholder's equity at end of period at Sep. 30, 2022	[1]	$ 8,003				683		2,211		9,206				(4,003)						(94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (usd per share)		$ 3.20
Total stockholder's equity at beginning of period at Jun. 30, 2022						683	[1]	2,203	[1]	9,358	[1]	9,415	(57)	(3,163)	[1]	(2,713)	[1]	(450)	[1]	(76)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	[1]							8												0
Dividends to common stockholders ($0.42, $0.40, $2.46, $3.20 per share)	[1]									(110)
Net income		$ (42)	[2],[4]	128	(170)					(42)	[1]
Other comprehensive loss		(840)	[4]	(1,426)	586									(840)	[1]
Purchase of treasury stock	[1]																			(18)
Total stockholder's equity at end of period at Sep. 30, 2022	[1]	$ 8,003				683		2,211		9,206				(4,003)						(94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (usd per share)		$ 0.40
Total stockholder's equity at beginning of period at Dec. 31, 2022		$ 8,548	[5]	$ 8,825	$ (277)	683		2,220		9,336		9,572	(236)	(3,598)		(3,557)		(41)		(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation								(7)												22
Dividends to common stockholders ($0.42, $0.40, $2.46, $3.20 per share)										(671)
Net income		838								838
Other comprehensive loss		(143)												(143)
Purchase of treasury stock		(24)																		(24)
Total stockholder's equity at end of period at Sep. 30, 2023		$ 8,563				683		2,213		9,503				(3,741)						(95)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (usd per share)		$ 2.46
Total stockholder's equity at beginning of period at Jun. 30, 2023						683		2,204		9,359		$ 9,359	$ 0	(3,425)		$ (3,425)		$ 0		(95)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation								9												0
Dividends to common stockholders ($0.42, $0.40, $2.46, $3.20 per share)										(114)
Net income		$ 258								258
Other comprehensive loss		(316)												(316)
Purchase of treasury stock																				0
Total stockholder's equity at end of period at Sep. 30, 2023		$ 8,563				$ 683		$ 2,213		$ 9,503				$ (3,741)						$ (95)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (usd per share)		$ 0.42
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.[2]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (usd per share)	$ 0.42	$ 0.40	$ 2.46	$ 3.20

General

General	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
General	General Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned 91.7% of the outstanding common stock of CNAF as of September 30, 2023. The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2022, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. The interim financial data as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The December 31, 2022 Consolidated Balance Sheet included in this Quarterly Report on Form 10-Q was derived from audited financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC, adjusted for the application of ASU 2018-12 : Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12). Recently Adopted Accounting Standards Updates (ASU) ASU 2018-12: In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-12 The new guidance eliminates the need to hold shadow reserves associated with the Company’s long term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves). The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level. Under the new guidance, the Net Premium Ratio (NPR) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased and a loss is recognized immediately in the Company’s results of operations. The NPR cap is applied at the cohort level each quarter when NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note F to the Condensed Consolidated Financial Statements for further explanation of the NPR and LFPB calculations. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The Company's run-off long term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The Company’s original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. In December 2022, the FASB issued ASU 2022-05, Financial Services-Insurance (Topic 944): Transition for Sold Contracts (ASU 2022-05). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, the Company novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12. Explanation of ASU 2018-12 Transition Impacts: The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021: (In millions) Balance as of December 31, 2020, as previously reported $ 13,318 Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (1) 2,844 De-recognition of shadow reserves (3,293) Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255 Other adjustments 8 Balance as of January 1, 2021, as adjusted $ 19,132 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. Shadow reserves associated with the Company’s long term care business were de-recognized as of the transition date in Accumulated other comprehensive income (AOCI). The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI. The Company did not have any cohorts for which the NPR exceeded 100% at the transition date. The Company’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level. Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12. The following table presents after tax adjustments to the opening balance of Stockholders’ equity resulting from adoption of ASU 2018-12: (In millions) Accumulated other comprehensive income (loss) Retained earnings Balance as of December 31, 2020, as previously reported $ 803 $ 9,081 De-recognition of shadow reserves 2,601 — Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate (4,941) — Other adjustments — (6) Balance as of January 1, 2021, as adjusted $ (1,537) $ 9,075 The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Operations for the three months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 1,665 $ 215 $ 1,880 Income (loss) before income tax 164 (215) (51) Income tax (expense) benefit (36) 45 9 Net income 128 (170) (42) Basic earnings (loss) per share 0.47 (0.62) (0.15) Diluted earnings (loss) per share 0.47 (0.62) (0.15) (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(211) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 4,703 $ 256 $ 4,959 Income (loss) before income tax 787 (256) 531 Income tax (expense) benefit (141) 53 (88) Net income 646 (203) 443 Basic earnings (loss) per share 2.38 (0.75) 1.63 Diluted earnings (loss) per share 2.37 (0.74) 1.63 (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(205) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Balance Sheet as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Deferred income taxes $ 1,178 $ 73 $ 1,251 Total assets 60,927 73 61,000 Claim and claim adjustment expenses (1) 25,099 (2,979) 22,120 Future policy benefits (1) 10,151 3,329 13,480 Total liabilities 52,102 350 52,452 Retained earnings 9,572 (236) 9,336 Accumulated other comprehensive income (loss) (3,557) (41) (3,598) Total stockholders' equity 8,825 (277) 8,548 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (1,327) $ (408) $ (1,735) Net unrealized gains and losses on investments (1,329) (408) (1,737) Impact of changes in discount rates used to measure long-duration contract liabilities — 994 994 Other comprehensive income (loss), net of tax (1,426) 586 (840) Total comprehensive income (loss) (1,298) 416 (882) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (4,284) $ (2,320) $ (6,604) Net unrealized gains and losses on investments (4,292) (2,320) (6,612) Impact of changes in discount rates used to measure long-duration contract liabilities — 4,136 4,136 Other comprehensive income (loss), net of tax (4,459) 1,816 (2,643) Total comprehensive income (loss) (3,813) 1,613 (2,200) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net income $ 646 $ (203) $ 443 Deferred income tax expense (benefit) (18) (53) (71) Changes in: Insurance reserves 1,743 256 1,999 The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the three months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 310 $ 215 $ 525 Core income (loss) before income tax (36) (215) (251) Income tax (expense) benefit on core income (loss) 14 45 59 Core income (loss) (22) (170) (192) (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(211) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 884 $ 256 $ 1,140 Core income (loss) before income tax (24) (256) (280) Income tax (expense) benefit on core income (loss) 31 53 84 Core income (loss) 7 (203) (196) (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(205) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results for selected balance sheet lines of the Life & Group segment as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Claim and claim adjustment expenses (1) $ 3,674 $ (2,979) $ 695 Future policy benefits (1) 10,151 3,329 13,480

Earnings (Loss) Per Share Data

Earnings (Loss) Per Share Data	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share Data	Earnings (Loss) Per Share Data Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table presents the income and share data used in the basic and diluted earnings per share computations. Periods ended September 30 Three Months Nine Months (In millions, except per share data) 2023 2022 2023 2022 Net income (loss) (1) $ 258 $ (42) $ 838 $ 443 Common Stock and Common Stock Equivalents Basic Weighted average shares outstanding 271.2 271.4 271.2 271.7 Diluted Weighted average shares outstanding 271.2 271.4 271.2 271.7 Dilutive effect of stock-based awards under compensation plans 1.1 0.9 1.0 0.9 Total 272.3 272.3 272.2 272.6 Earnings (loss) per share (1) Basic $ 0.95 $ (0.15) $ 3.09 $ 1.63 Diluted $ 0.95 $ (0.15) $ 3.08 $ 1.63 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance. Excluded from the calculation of diluted earnings (loss) per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments	Investments The significant components of Net investment income are presented in the following table. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Fixed maturity securities $ 491 $ 454 $ 1,443 $ 1,324 Equity securities 9 2 42 (7) Limited partnership investments 28 (35) 108 (11) Mortgage loans 15 13 43 40 Short term investments 23 4 51 6 Trading portfolio 1 1 4 2 Other 6 1 20 1 Gross investment income 573 440 1,711 1,355 Investment expense (20) (18) (58) (53) Net investment income $ 553 $ 422 $ 1,653 $ 1,302 Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2023 and 2022 $ (3) $ (18) $ 2 $ (38) Net investment gains (losses) are presented in the following table. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Net investment gains (losses): Fixed maturity securities: Gross gains $ 12 $ 23 $ 55 $ 94 Gross losses (49) (134) (141) (222) Net investment gains (losses) on fixed maturity securities (37) (111) (86) (128) Equity securities 2 (2) (9) (111) Derivatives — 24 — 79 Mortgage loans (5) (8) (11) (8) Short term investments and other 2 1 1 2 Net investment gains (losses) $ (38) $ (96) $ (105) $ (166) Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2023 and 2022 $ 2 $ (2) $ 2 $ (109) Net investment gains (losses) for the three months ended September 30, 2022 in the table above included a $35 million net loss related to the novation of a coinsurance agreement on the Company’s legacy annuity business, which was transacted on a funds withheld basis and gave rise to an embedded derivative. The net loss of $35 million was comprised of a $59 million loss on the fixed maturity securities supporting the funds withheld liability to recognize unrealized losses which had been included in AOCI since the inception of the coinsurance agreement, partially offset by a $24 million gain on the associated embedded derivative. Taken together, this net loss was the final recognition of changes in the valuation of the funds held assets and offsets previously recognized net investment gains on the associated embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022. The components of available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Fixed maturity securities available-for-sale: Corporate and other bonds $ 8 $ 24 $ 25 $ 53 Asset-backed 4 1 12 2 Impairment losses (gains) recognized in earnings $ 12 $ 25 $ 37 $ 55 The Company also recognized $5 million and $11 million of losses on mortgage loans during the three and nine months ended September 30, 2023 due to changes in expected credit losses. There were $8 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2022. The following tables present a summary of fixed maturity securities. September 30, 2023 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 24,757 $ 196 $ 2,437 $ 5 $ 22,511 States, municipalities and political subdivisions 8,003 183 1,152 — 7,034 Asset-backed: Residential mortgage-backed 3,425 4 599 — 2,830 Commercial mortgage-backed 1,833 4 276 7 1,554 Other asset-backed 3,483 7 366 6 3,118 Total asset-backed 8,741 15 1,241 13 7,502 U.S. Treasury and obligations of government-sponsored enterprises 150 1 2 — 149 Foreign government 713 1 56 — 658 Redeemable preferred stock — — — — — Total fixed maturity securities available-for-sale 42,364 396 4,888 18 37,854 Total fixed maturity securities trading 2 — — — 2 Total fixed maturity securities $ 42,366 $ 396 $ 4,888 $ 18 $ 37,856 December 31, 2022 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 23,137 $ 301 $ 2,009 $ — $ 21,429 States, municipalities and political subdivisions 8,918 338 939 — 8,317 Asset-backed: Residential mortgage-backed 3,073 5 447 — 2,631 Commercial mortgage-backed 1,886 4 255 — 1,635 Other asset-backed 3,287 2 361 1 2,927 Total asset-backed 8,246 11 1,063 1 7,193 U.S. Treasury and obligations of government-sponsored enterprises 111 1 2 — 110 Foreign government 617 1 43 — 575 Redeemable preferred stock 3 — — — 3 Total fixed maturity securities available-for-sale 41,032 652 4,056 1 37,627 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 41,032 $ 652 $ 4,056 $ 1 $ 37,627 The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position. Less than 12 Months 12 Months or Longer Total September 30, 2023 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 6,374 $ 378 $ 12,794 $ 2,059 $ 19,168 $ 2,437 States, municipalities and political subdivisions 1,593 138 2,902 1,014 4,495 1,152 Asset-backed: Residential mortgage-backed 680 30 2,094 569 2,774 599 Commercial mortgage-backed 273 9 1,161 267 1,434 276 Other asset-backed 609 40 1,873 326 2,482 366 Total asset-backed 1,562 79 5,128 1,162 6,690 1,241 U.S. Treasury and obligations of government-sponsored enterprises 106 1 21 1 127 2 Foreign government 201 9 436 47 637 56 Total $ 9,836 $ 605 $ 21,281 $ 4,283 $ 31,117 $ 4,888 Less than 12 Months 12 Months or Longer Total December 31, 2022 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 15,946 $ 1,585 $ 1,634 $ 424 $ 17,580 $ 2,009 States, municipalities and political subdivisions 4,079 769 456 170 4,535 939 Asset-backed: Residential mortgage-backed 1,406 144 1,143 303 2,549 447 Commercial mortgage-backed 1,167 159 408 96 1,575 255 Other asset-backed 2,087 262 542 99 2,629 361 Total asset-backed 4,660 565 2,093 498 6,753 1,063 U.S. Treasury and obligations of government-sponsored enterprises 76 1 16 1 92 2 Foreign government 473 26 78 17 551 43 Total $ 25,234 $ 2,946 $ 4,277 $ 1,110 $ 29,511 $ 4,056 The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. September 30, 2023 December 31, 2022 (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government, Government agencies and Government-sponsored enterprises $ 2,620 $ 466 $ 2,355 $ 337 AAA 1,893 382 1,559 298 AA 4,458 1,037 4,327 817 A 7,240 913 6,615 749 BBB 13,704 1,881 13,226 1,621 Non-investment grade 1,202 209 1,429 234 Total $ 31,117 $ 4,888 $ 29,511 $ 4,056 Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 2023 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the continued volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of September 30, 2023. The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities tot aled $430 million, $394 million, and $401 million as of September 30, 2023, December 31, 2022, and September 30, 2022 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note. (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of July 1, 2023 $ 13 $ 9 $ 22 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 5 — 5 Available-for-sale securities accounted for as PCD assets 2 — 2 Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance 15 — 15 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 4 4 Balance as of September 30, 2023 $ 5 $ 13 $ 18 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of July 1, 2022 $ — $ 5 $ 5 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets — — — Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance — — — Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — (2) (2) Balance as of September 30, 2022 $ — $ 3 $ 3 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 6 7 13 Available-for-sale securities accounted for as PCD assets 22 — 22 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 — 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 3 — 3 Write-offs charged against the allowance 15 — 15 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 5 6 Balance as of September 30, 2023 $ 5 $ 13 $ 18 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2022 $ 11 $ 7 $ 18 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets — 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance 12 — 12 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 (7) (6) Balance as of September 30, 2022 $ — $ 3 $ 3 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2023 December 31, 2022 (In millions) Cost or Estimated Cost or Estimated Due in one year or less $ 1,137 $ 1,096 $ 1,012 $ 1,001 Due after one year through five years 11,320 10,651 9,880 9,399 Due after five years through ten years 13,044 11,610 13,788 12,453 Due after ten years 16,863 14,497 16,352 14,774 Total $ 42,364 $ 37,854 $ 41,032 $ 37,627 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Investment Commitments As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of September 30, 2023, the Company had commitments to purchase or fund approximately $1,555 million and sell approximately $65 million under the terms of these investments. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). September 30, 2023 Mortgage Loans Amortized Cost Basis by Origination Year (1) (In millions) 2023 2022 2021 2020 2019 Prior Total DSCR ≥1.6x LTV less than 55% $ — $ 9 $ 8 $ 97 $ 61 $ 242 $ 417 LTV 55% to 65% — — 5 — 8 — 13 LTV greater than 65% — 31 11 — — — 42 DSCR 1.2x - 1.6x LTV less than 55% 28 5 — 14 29 28 104 LTV 55% to 65% 15 36 36 24 — 32 143 LTV greater than 65% — 65 — — — — 65 DSCR ≤1.2 LTV less than 55% 22 34 — — — — 56 LTV 55% to 65% 10 41 — — 43 — 94 LTV greater than 65% — 27 21 — 41 7 96 Total $ 75 $ 248 $ 81 $ 135 $ 182 $ 309 $ 1,030 (1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index. As of September 30, 2023, accrued interest receivable on mortgage loans totaled $4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities. Assets and Liabilities Measured at Fair Value Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2023 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 159 $ 22,216 $ 945 $ 23,320 States, municipalities and political subdivisions — 6,993 41 7,034 Asset-backed — 6,605 897 7,502 Total fixed maturity securities 159 35,814 1,883 37,856 Equity securities: Common stock 190 — 23 213 Non-redeemable preferred stock 52 427 — 479 Total equity securities 242 427 23 692 Short term and other 1,756 35 — 1,791 Total assets $ 2,157 $ 36,276 $ 1,906 $ 40,339 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 December 31, 2022 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 120 $ 21,187 $ 810 $ 22,117 States, municipalities and political subdivisions — 8,274 43 8,317 Asset-backed — 6,405 788 7,193 Total fixed maturity securities 120 35,866 1,641 37,627 Equity securities: Common stock 150 — 35 185 Non-redeemable preferred stock 54 435 — 489 Total equity securities 204 435 35 674 Short term and other 1,608 71 — 1,679 Total assets $ 1,932 $ 36,372 $ 1,676 $ 39,980 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of July 1, 2023 $ 971 $ 43 $ 883 $ 26 $ 1,923 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (4) — (4) Reported in Net investment income — — 5 (1) 4 Reported in Other comprehensive income (loss) (36) (2) (28) — (66) Total realized and unrealized investment gains (losses) (36) (2) (27) (1) (66) Purchases 29 — 61 — 90 Sales — — — (2) (2) Settlements (19) — (13) — (32) Transfers into Level 3 — — — — — Transfers out of Level 3 — — (7) — (7) Balance as of September 30, 2023 $ 945 $ 41 $ 897 $ 23 $ 1,906 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ (1) $ (1) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period (36) (2) (28) — (66) Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of July 1, 2022 $ 846 $ 46 $ 641 $ 47 $ 1,580 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — 2 (3) (1) Reported in Net investment income 1 — 5 (4) 2 Reported in Other comprehensive income (loss) (50) (4) (38) — (92) Total realized and unrealized investment gains (losses) (49) (4) (31) (7) (91) Purchases 9 — 116 — 125 Sales — — — — — Settlements (4) — (14) — (18) Transfers into Level 3 — — 47 — 47 Transfers out of Level 3 — — (43) (10) (53) Balance as of September 30, 2022 $ 802 $ 42 $ 716 $ 30 $ 1,590 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Net income (loss) in the period $ — $ — $ — $ (7) $ (7) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Other comprehensive income (loss) in the period (51) (4) (38) — (93) Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2023 $ 810 $ 43 $ 788 $ 35 $ 1,676 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (5) — (5) Reported in Net investment income — — 15 (8) 7 Reported in Other comprehensive income (loss) (27) (2) (28) — (57) Total realized and unrealized investment gains (losses) (27) (2) (18) (8) (55) Purchases 178 — 203 — 381 Sales — — — (4) (4) Settlements (27) — (39) — (66) Transfers into Level 3 11 — 23 — 34 Transfers out of Level 3 — — (60) — (60) Balance as of September 30, 2023 $ 945 $ 41 $ 897 $ 23 $ 1,906 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ (8) $ (8) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period (27) (2) (28) — (57) Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2022 $ 937 $ 56 $ 556 $ 29 $ 1,578 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) (2) — 7 (6) (1) Reported in Net investment income 1 — 11 (1) 11 Reported in Other comprehensive income (loss) (203) (14) (122) — (339) Total realized and unrealized investment gains (losses) (204) (14) (104) (7) (329) Purchases 127 — 348 12 487 Sales (5) — (2) (3) (10) Settlements (63) — (54) 9 (108) Transfers into Level 3 10 — 66 — 76 Transfers out of Level 3 — — (94) (10) (104) Balance as of September 30, 2022 $ 802 $ 42 $ 716 $ 30 $ 1,590 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Net income (loss) in the period $ — $ — $ — $ (8) $ (8) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Other comprehensive income (loss) in the period (203) (14) (121) — (338) Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable. Equity Securities Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable. Short Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. As of September 30, 2023 and December 31, 2022, there were $63 million and $72 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient. Other Liabilities Level 2 securities include currency forward contracts valued using observable market forward rates. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value. September 30, 2023 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,359 Discounted cash flow Credit spread 1% - 7% (2%) December 31, 2022 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,177 Discounted cash flow Credit spread 1% - 8% (2%) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables. September 30, 2023 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 995 $ — $ — $ 929 $ 929 Liabilities Short term debt $ 793 $ — $ 786 $ — $ 786 Long term debt 2,480 — 2,265 — 2,265 December 31, 2022 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,040 $ — $ — $ 973 $ 973 Liabilities Short term debt $ 243 $ — $ 248 $ — $ 248 Long term debt 2,538 — 2,349 — 2,349 The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above.

Claim and Claim Adjustment Expe

Claim and Claim Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Abstract]
Claim and Claim Adjustment Expense Reserves	Claim and Claim Adjustment Expense Reserves Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions and economic conditions, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $94 million and $214 million for the three and nine months ended September 30, 2023, primarily related to severe weather related events. The Company reported catastrophe losses, net of reinsurance, of $114 million and $171 million for the three and nine months ended September 30, 2022 primarily related to severe weather events, including $87 million for Hurricane Ian. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. For the nine months ended September 30 (In millions) 2023 2022 (1) Reserves, beginning of year: Gross $ 22,120 $ 21,269 Ceded 5,191 4,969 Net reserves, beginning of year 16,929 16,300 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,221 3,830 Increase (decrease) in provision for insured events of prior years 43 (4) Amortization of discount 33 33 Total net incurred (2) 4,297 3,859 Net payments attributable to: Current year events (588) (482) Prior year events (2,953) (2,700) Total net payments (3,541) (3,182) Foreign currency translation adjustment and other (30) (383) Net reserves, end of period 17,655 16,594 Ceded reserves, end of period 5,181 5,147 Gross reserves, end of period $ 22,836 $ 21,741 (1) In conjunction with the Company's adoption of ASU 2018-12, at January 1, 2023, long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. See Note A to the Condensed Consolidated Financial Statements for additional information. (2) Total net incurred above does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible reinsurance, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Specialty $ (5) $ (15) $ (9) $ (35) Commercial (2) (2) (17) (26) International — — 15 (5) Corporate & Other 20 — 55 64 Total pretax (favorable) unfavorable development $ 13 $ (17) $ 44 $ (2) Unfavorable development of $20 million and $55 million was recorded within the Corporate & Other segment for the three and nine months ended September 30, 2023, primarily driven by higher than expected frequency and severity in legacy mass tort abuse claims in older accident years. Unfavorable development of $64 million was recorded within the Corporate & Other segment for the nine months ended September 30, 2022 largely associated with legacy mass tort abuse claims, including the Diocese of Rochester proposed settlement. Specialty The following table presents further detail of the development recorded for the Specialty segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Medical Professional Liability $ — $ 8 $ 9 $ 17 Other Professional Liability and Management Liability 17 9 16 22 Surety (21) (20) (28) (48) Warranty (2) (13) (11) (22) Other 1 1 5 (4) Total pretax (favorable) unfavorable development $ (5) $ (15) $ (9) $ (35) Three Months 2023 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s cyber and professional errors and omissions (E&O) businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. 2022 Favorable development in surety was primarily due to lower than expected loss emergence in multiple accident years and lack of systemic activity in recent accident years. Favorable development in warranty was due to lower than expected loss emergence in a recent accident year. Nine Months 2023 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s cyber and professional E&O businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Favorable development in warranty was due to lower than expected loss emergence in a recent accident year. 2022 Unfavorable development in medical professional liability was due to higher than expected large loss activity in recent accident years. Unfavorable development in other professional liability and management liability was due to higher than expected claim severity and frequency in the Company’s cyber and professional E&O businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Favorable development in warranty was due to lower than expected loss emergence in a recent accident year. Commercial The following table presents further detail of the development recorded for the Commercial segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Commercial Auto $ — $ — $ 11 $ 21 General Liability — — 70 41 Workers' Compensation (2) (2) (100) (86) Property and Other — — 2 (2) Total pretax (favorable) unfavorable development $ (2) $ (2) $ (17) $ (26) Nine Months 2023 Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s construction business in a recent accident year. Unfavorable development in general liability was due to higher than expected claim severity in the Company’s construction and middle market businesses across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. 2022 Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s construction business in multiple accident years. Unfavorable development in general liability was due to higher than expected claim severity in the Company's construction, middle market and small businesses across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. International The following table presents further detail of the development recorded for the International segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Commercial $ — $ — $ (5) $ (4) Specialty — — 22 (1) Other — — (2) — Total pretax (favorable) unfavorable development $ — $ — $ 15 $ (5) Nine Months 2023 Unfavorable development in Specialty was due to higher than expected large loss emergence in the Company’s professional liability business in accident year 2017. Asbestos & Environmental Pollution (A&EP) Reserves In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits on the Condensed Consolidated Statements of Operations. The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $15 million and $17 million for the three months ended September 30, 2023 and 2022 and $38 million and $40 million for the nine months ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, the cumulative amounts ceded under the LPT were $3.5 billion. The unrecognized deferred retroactive reinsurance benefit was $388 million and $425 million as of September 30, 2023 and December 31, 2022 and is included within Other liabilities on the Condensed Consolidated Balance Sheets. NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $2.3 billion as of September 30, 2023. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims. Credit Risk for Ceded Reserves The majority of the Company’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

Future Policy Benefit Reserves

Future Policy Benefit Reserves	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Future Policy Benefit Reserves	Future Policy Benefits Reserves Future policy benefits reserves are related to the Company's run-off long term care business, which is included in the Life & Group segment. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations. The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021. The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The Company has not elected the practical expedient that allows locking in the expense assumption. The discount rate is determined using the upper-medium grade fixed income instrument yield curve. The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. The cash flow assumption updates for the third quarter of 2023 resulted in an $8 million pretax increase in the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions. Adjusted to reflect the application of the LDTI accounting standard, the cash flow assumption updates for the third quarter of 2022 resulted in a $186 million pretax increase to the LFPB, primarily driven by the unfavorable impact of increased cost of care inflation offset by favorable premium rate assumptions. Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, the Company uses a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds. The Company uses linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, the Company applies judgment to estimate a normative rate which the Company grades to over 10 years. Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Condensed Consolidated Statements of Operations. Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly by the Company, according to issue year. The issue year for assumed contracts is defined according to the date that the Company’s assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed by the Company, issue year is defined as the year in which the reinsurance agreement incepted. For group long term care business, issue year is defined as the year the individual insurance certificate was issued. Long term care is the Company's only long-duration product line, therefore, cohorts are not further disaggregated by product. The following table summarizes balances and changes in the LFPB. (In millions) 2023 2022 Present value of future net premiums Balance, January 1 $ 3,993 $ 4,735 Effect of changes in discount rate (74) (880) Balance, January 1, at original locked in discount rate 3,919 3,855 Effect of changes in cash flow assumptions (1) 28 352 Effect of actual variances from expected experience (1) (112) (40) Adjusted balance, January 1 3,835 4,167 Interest accrual 153 161 Net premiums: earned during period (332) (341) Balance, end of period at original locked in discount rate 3,656 3,987 Effect of changes in discount rate (67) 40 Balance, September 30 $ 3,589 $ 4,027 Present value of future benefits & expenses Balance, January 1 $ 17,472 $ 22,745 Effect of changes in discount rate (125) (5,942) Balance, January 1, at original locked in discount rate 17,347 16,803 Effect of changes in cash flow assumptions (1) 36 538 Effect of actual variances from expected experience (1) (45) (21) Adjusted balance, January 1 17,338 17,320 Interest accrual 723 730 Benefit & expense payments (945) (708) Balance, end of period at original locked in discount rate 17,116 17,342 Effect of changes in discount rate (873) (134) Balance, September 30 $ 16,243 $ 17,208 Net LFPB, September 30 $ 12,654 $ 13,181 (1) As of September 30, 2023 and 2022, the re-measurement gain (loss) of $(75) million and $(205) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. The following table presents earned premiums and interest expense associated with the Company’s long term care business recognized on the Condensed Consolidated Statement of Operations. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Earned premiums $ 112 $ 118 $ 340 $ 356 Interest expense 191 192 570 569 The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums. As of September 30 (In millions) 2023 2022 Expected future benefit and expense payments $ 33,217 $ 34,496 Expected future gross premiums 5,557 6,034 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,711 million and $4,102 million as of September 30, 2023 and 2022. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 12 years as of September 30, 2023 and 2022. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. As of September 30 As of December 31 2023 2022 2022 Original locked in discount rate 5.24 % 5.28 % 5.27 % Upper-medium grade fixed income instrument discount rate 5.78 5.39 5.23 For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $109 million and $152 million. For each of the three and nine months ended September 30, 2022, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $154 million.

Legal Proceedings, Contingencie

Legal Proceedings, Contingencies and Guarantees	9 Months Ended
	Sep. 30, 2023
Legal Proceedings, Commitments and Contingencies, and Guarantees [Abstract]
Legal Proceedings, Contingencies and Guarantees	Legal Proceedings, Contingencies and Guarantees The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position. Guarantees The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2023, the potential amount of future payments the Company could be required to pay under these guarantees was $1.5 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans The components of net periodic pension cost (benefit) are presented in the following table. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Net periodic pension cost (benefit) Interest cost on projected benefit obligation $ 25 $ 17 $ 74 $ 50 Expected return on plan assets (29) (38) (89) (114) Amortization of net actuarial loss 7 8 24 23 Total net periodic pension cost (benefit) $ 3 $ (13) $ 9 $ (41) The following table indicates the line items in which the non-service cost (benefit) is presented on the Condensed Consolidated Statements of Operations. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Non-Service Cost (Benefit): Insurance claims and policyholder's benefits $ 1 $ (3) $ 2 $ (11) Other operating expenses 2 (10) 7 (30) Total net periodic pension cost (benefit) $ 3 $ (13) $ 9 $ (41)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss) by Component	9 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss) by Component	Accumulated Other Comprehensive Income (Loss) by Component The tables below display the changes in Accumulated other comprehensive income (loss) by component. (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of July 1, 2023 $ (16) $ (2,481) $ (577) $ (181) $ (170) $ (3,425) Other comprehensive income (loss) before reclassifications (9) (1,105) — 818 (55) (351) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $6, $1, $—, $— and $9 (8) (21) (6) — — (35) Other comprehensive income (loss) net of tax (expense) benefit of $1, $289, $(1), $(217), $— and $72 (1) (1,084) 6 818 (55) (316) Balance as of September 30, 2023 $ (17) $ (3,565) $ (571) $ 637 $ (225) $ (3,741) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of July 1, 2022, as previously reported $ (8) $ (1,918) $ (592) $ — $ (195) $ (2,713) Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(108), $—, $228, $— and $120 — 408 — (858) — (450) Balance as of July 1, 2022, as adjusted (8) (1,510) (592) (858) (195) (3,163) Other comprehensive income (loss) before reclassifications — (1,837) — 994 (103) (946) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $11, $2, $—, $— and $13 2 (102) (6) — — (106) Other comprehensive income (loss) net of tax (expense) benefit of $1, $476,$(2), $(265), $— and $210 (2) (1,735) 6 994 (103) (840) Balance as of September 30, 2022 $ (10) $ (3,245) $ (586) $ 136 $ (298) $ (4,003) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2023, as previously reported $ (7) $ (2,738) $ (591) $ — $ (221) $ (3,557) Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $—, $—, $11, $— and $11 — — — (41) — (41) Balance as of January 1, 2023, as adjusted (7) (2,738) (591) (41) (221) (3,598) Other comprehensive income (loss) before reclassifications (25) (880) — 678 (4) (231) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $14, $5, $—, $— and $23 (15) (53) (20) — — (88) Other comprehensive income (loss) net of tax (expense) benefit of $3, $221, $(5), $(180), $— and $39 (10) (827) 20 678 (4) (143) Balance as of September 30, 2023 $ (17) $ (3,565) $ (571) $ 637 $ (225) $ (3,741) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2022, as previously reported $ (2) $ 1,039 $ (604) $ — $ (113) $ 320 Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(617), $—, $1,063, $— and $446 — 2,320 — (4,000) — (1,680) Balance as of January 1, 2022, as adjusted (2) 3,359 (604) (4,000) (113) (1,360) Other comprehensive income (loss) before reclassifications (5) (6,721) — 4,136 (185) (2,775) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $15, $5, $—, $— and $19 3 (117) (18) — — (132) Other comprehensive income (loss) net of tax (expense) benefit of $2, $1,764, $(5), $(1,100), $— and $661 (8) (6,604) 18 4,136 (185) (2,643) Balance as of September 30, 2022 $ (10) $ (3,245) $ (586) $ 136 $ (298) $ (4,003) (1) See Note A to the Condensed Consolidated Financial Statements for additional information. Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows: Component of AOCI Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Net investment gains (losses) Pension and postretirement benefits Other operating expenses and Insurance claims and policyholders' benefits

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Business Segments	Business Segments The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2022. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income and Net investment gains or losses are allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments. In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The performance of the Company's insurance operations is monitored by management through core income (loss), which is derived from certain income statement amounts. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses. The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily reflective of our primary operations. The Company's results of operations and selected balance sheet items by segment are presented in the following tables. Three months ended September 30, 2023 Specialty Commercial International Life & Corporate (In millions) Eliminations Total Operating revenues Net earned premiums $ 829 $ 1,170 $ 296 $ 112 $ — $ (1) $ 2,406 Net investment income 136 156 26 216 19 — 553 Non-insurance warranty revenue 407 — — — — — 407 Other revenues — 9 (1) — 2 (2) 8 Total operating revenues 1,372 1,335 321 328 21 (3) 3,374 Claims, benefits and expenses Net incurred claims and benefits 480 807 178 343 10 — 1,818 Policyholders’ dividends 2 6 — — — — 8 Amortization of deferred acquisition costs 175 188 63 — — — 426 Non-insurance warranty expense 386 — — — — — 386 Other insurance related expenses 89 156 20 29 1 (1) 294 Other expenses 13 11 6 (1) 51 (2) 78 Total claims, benefits and expenses 1,145 1,168 267 371 62 (3) 3,010 Core income (loss) before income tax 227 167 54 (43) (41) — 364 Income tax (expense) benefit on core income (loss) (49) (34) (14) 14 8 — (75) Core income (loss) $ 178 $ 133 $ 40 $ (29) $ (33) $ — 289 Net investment gains (losses) (38) Income tax (expense) benefit on net investment gains (losses) 7 Net investment gains (losses), after tax (31) Net income (loss) $ 258 Three months ended September 30, 2022 Specialty Commercial International Life & Group (1) Corporate (In millions) Eliminations Total (1) Operating revenues Net earned premiums $ 810 $ 1,023 $ 270 $ 118 $ — $ — $ 2,221 Net investment income 102 112 16 187 5 — 422 Non-insurance warranty revenue 399 — — — — — 399 Other revenues (1) 13 — — 1 (2) 11 Total operating revenues 1,310 1,148 286 305 6 (2) 3,053 Claims, benefits and expenses Net incurred claims and benefits 459 733 169 525 (13) — 1,873 Policyholders’ dividends 2 5 — — — — 7 Amortization of deferred acquisition costs 169 163 51 — — — 383 Non-insurance warranty expense 371 — — — — — 371 Other insurance related expenses 88 145 35 29 1 (1) 297 Other expenses 15 3 11 2 47 (1) 77 Total claims, benefits and expenses 1,104 1,049 266 556 35 (2) 3,008 Core income (loss) before income tax 206 99 20 (251) (29) — 45 Income tax (expense) benefit on core income (loss) (45) (19) (1) 59 4 — (2) Core income (loss) $ 161 $ 80 $ 19 $ (192) $ (25) $ — 43 Net investment gains (losses) (96) Income tax (expense) benefit on net investment gains (losses) 11 Net investment gains (losses), after tax (85) Net income (loss) $ (42) (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information. Nine months ended September 30, 2023 Specialty Commercial International Life & Corporate (In millions) Eliminations Total Operating revenues Net earned premiums $ 2,438 $ 3,336 $ 888 $ 340 $ — $ (1) $ 7,001 Net investment income 407 470 74 659 43 — 1,653 Non-insurance warranty revenue 1,221 — — — — — 1,221 Other revenues — 22 — — 7 (7) 22 Total operating revenues 4,066 3,828 962 999 50 (8) 9,897 Claims, benefits and expenses Net incurred claims and benefits 1,419 2,235 552 998 32 — 5,236 Policyholders’ dividends 5 17 — — — — 22 Amortization of deferred acquisition costs 508 532 168 — — — 1,208 Non-insurance warranty expense 1,154 — — — — — 1,154 Other insurance related expenses 269 456 102 89 2 (1) 917 Other expenses 39 27 2 — 136 (7) 197 Total claims, benefits and expenses 3,394 3,267 824 1,087 170 (8) 8,734 Core income (loss) before income tax 672 561 138 (88) (120) — 1,163 Income tax (expense) benefit on core income (loss) (146) (118) (36) 36 23 — (241) Core income (loss) $ 526 $ 443 $ 102 $ (52) $ (97) $ — 922 Net investment gains (losses) (105) Income tax (expense) benefit on net investment gains (losses) 21 Net investment gains (losses), after tax (84) Net income (loss) $ 838 September 30, 2023 (In millions) Reinsurance receivables $ 1,384 $ 1,217 $ 455 $ 97 $ 2,316 $ — $ 5,469 Insurance receivables 1,010 1,880 346 4 — — 3,240 Deferred acquisition costs 398 358 124 — — — 880 Goodwill 117 — 28 — — — 145 Deferred non-insurance warranty acquisition expense 3,688 — — — — — 3,688 Insurance reserves Claim and claim adjustment expenses 7,090 9,902 2,572 649 2,623 — 22,836 Unearned premiums 3,202 2,764 717 106 — — 6,789 Future policy benefits — — — 12,654 — — 12,654 Deferred non-insurance warranty revenue 4,736 — — — — — 4,736 Nine months ended September 30, 2022 Specialty Commercial International Life & Group (1) Corporate (In millions) Eliminations Total (1) Operating revenues Net earned premiums $ 2,376 $ 2,901 $ 803 $ 356 $ (1) $ — $ 6,435 Net investment income 305 343 44 600 10 — 1,302 Non-insurance warranty revenue 1,173 — — — — — 1,173 Other revenues — 25 — — 4 (5) 24 Total operating revenues 3,854 3,269 847 956 13 (5) 8,934 Claims, benefits and expenses Net incurred claims and benefits 1,360 1,916 487 1,140 36 — 4,939 Policyholders’ dividends 5 15 — — — — 20 Amortization of deferred acquisition costs 488 467 146 — — — 1,101 Non-insurance warranty expense 1,092 — — — — — 1,092 Other insurance related expenses 250 409 112 89 4 (1) 863 Other expenses 40 21 25 7 133 (4) 222 Total claims, benefits and expenses 3,235 2,828 770 1,236 173 (5) 8,237 Core income (loss) before income tax 619 441 77 (280) (160) — 697 Income tax (expense) benefit on core income (loss) (134) (91) (14) 84 29 — (126) Core income (loss) $ 485 $ 350 $ 63 $ (196) $ (131) $ — 571 Net investment gains (losses) (166) Income tax (expense) benefit on net investment gains (losses) 38 Net investment gains (losses), after tax (128) Net income (loss) $ 443 December 31, 2022 (In millions) Reinsurance receivables $ 1,384 $ 1,062 $ 414 $ 101 $ 2,477 $ — $ 5,438 Insurance receivables 1,082 1,728 369 8 — — 3,187 Deferred acquisition costs 381 321 104 — — — 806 Goodwill 117 — 27 — — — 144 Deferred non-insurance warranty acquisition expense 3,671 — — — — — 3,671 Insurance reserves Claim and claim adjustment expenses 6,878 9,395 2,403 695 2,749 — 22,120 Unearned premiums 3,193 2,425 653 103 — — 6,374 Future policy benefits — — — 13,480 — — 13,480 Deferred non-insurance warranty revenue 4,714 — — — — — 4,714 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information. The following table presents operating revenues by line of business for each reportable segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Specialty Management & Professional Liability $ 723 $ 688 $ 2,146 $ 2,041 Surety 189 171 540 481 Warranty & Alternative Risks 460 451 1,380 1,332 Specialty revenues 1,372 1,310 4,066 3,854 Commercial Middle Market 437 397 1,254 1,133 Construction 444 372 1,249 1,046 Small Business 160 149 470 430 Other Commercial 294 230 855 660 Commercial revenues 1,335 1,148 3,828 3,269 International Canada 98 93 287 272 Europe 139 112 401 350 Hardy 84 81 274 225 International revenues 321 286 962 847 Life & Group revenues 328 305 999 956 Corporate & Other revenues 21 6 50 13 Eliminations (3) (2) (8) (5) Total operating revenues 3,374 3,053 9,897 8,934 Net investment gains (losses) (38) (96) (105) (166) Total revenues $ 3,336 $ 2,957 $ 9,792 $ 8,768

Non-Insurance Revenues from Con

Non-Insurance Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Non-Insurance Revenues from Contracts with Customers	Non-Insurance Revenues from Contracts with CustomersThe Company had balances of $4.7 billion reported in Deferred non-insurance warranty revenue as of September 30, 2023 and December 31, 2022. For the three and nine months ended September 30, 2023, the Company recognized $0.2 billion and $0.9 billion of revenues that were included in the deferred revenue balance as of January 1, 2023. For the three and nine months ended September 30, 2022, the Company recognized $0.3 billion and $1.0 billion of revenues that were included in the deferred revenue balance as of January 1, 2022. For the three and nine months ended September 30, 2023, non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize $0.4 billion of the deferred revenue in the remainder of 2023, $1.3 billion in 2024, $1.0 billion in 2025 and $2.0 billion thereafter.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned 91.7% of the outstanding common stock of CNAF as of September 30, 2023.The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated.
Use of Estimates	The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Accounting Standards Updates (ASU) Pending Adoption	Recently Adopted Accounting Standards Updates (ASU) ASU 2018-12: In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-12 The new guidance eliminates the need to hold shadow reserves associated with the Company’s long term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves). The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level. Under the new guidance, the Net Premium Ratio (NPR) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased and a loss is recognized immediately in the Company’s results of operations. The NPR cap is applied at the cohort level each quarter when NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note F to the Condensed Consolidated Financial Statements for further explanation of the NPR and LFPB calculations. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The Company's run-off long term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The Company’s original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. In December 2022, the FASB issued ASU 2022-05, Financial Services-Insurance (Topic 944): Transition for Sold Contracts (ASU 2022-05). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, the Company novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12.
Earnings (Loss) Per Share Data	Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
Future Policy Benefit Reserves	The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations. The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021. The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The Company has not elected the practical expedient that allows locking in the expense assumption. The discount rate is determined using the upper-medium grade fixed income instrument yield curve. The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. The cash flow assumption updates for the third quarter of 2023 resulted in an $8 million pretax increase in the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions. Adjusted to reflect the application of the LDTI accounting standard, the cash flow assumption updates for the third quarter of 2022 resulted in a $186 million pretax increase to the LFPB, primarily driven by the unfavorable impact of increased cost of care inflation offset by favorable premium rate assumptions. Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, the Company uses a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds. The Company uses linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, the Company applies judgment to estimate a normative rate which the Company grades to over 10 years. Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Condensed Consolidated Statements of Operations.

General (Tables)

General (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of new accounting pronouncements and changes in accounting principles	The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021: (In millions) Balance as of December 31, 2020, as previously reported $ 13,318 Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (1) 2,844 De-recognition of shadow reserves (3,293) Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255 Other adjustments 8 Balance as of January 1, 2021, as adjusted $ 19,132 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The following table presents after tax adjustments to the opening balance of Stockholders’ equity resulting from adoption of ASU 2018-12: (In millions) Accumulated other comprehensive income (loss) Retained earnings Balance as of December 31, 2020, as previously reported $ 803 $ 9,081 De-recognition of shadow reserves 2,601 — Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate (4,941) — Other adjustments — (6) Balance as of January 1, 2021, as adjusted $ (1,537) $ 9,075 The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Operations for the three months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 1,665 $ 215 $ 1,880 Income (loss) before income tax 164 (215) (51) Income tax (expense) benefit (36) 45 9 Net income 128 (170) (42) Basic earnings (loss) per share 0.47 (0.62) (0.15) Diluted earnings (loss) per share 0.47 (0.62) (0.15) (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(211) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 4,703 $ 256 $ 4,959 Income (loss) before income tax 787 (256) 531 Income tax (expense) benefit (141) 53 (88) Net income 646 (203) 443 Basic earnings (loss) per share 2.38 (0.75) 1.63 Diluted earnings (loss) per share 2.37 (0.74) 1.63 (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(205) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Balance Sheet as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Deferred income taxes $ 1,178 $ 73 $ 1,251 Total assets 60,927 73 61,000 Claim and claim adjustment expenses (1) 25,099 (2,979) 22,120 Future policy benefits (1) 10,151 3,329 13,480 Total liabilities 52,102 350 52,452 Retained earnings 9,572 (236) 9,336 Accumulated other comprehensive income (loss) (3,557) (41) (3,598) Total stockholders' equity 8,825 (277) 8,548 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (1,327) $ (408) $ (1,735) Net unrealized gains and losses on investments (1,329) (408) (1,737) Impact of changes in discount rates used to measure long-duration contract liabilities — 994 994 Other comprehensive income (loss), net of tax (1,426) 586 (840) Total comprehensive income (loss) (1,298) 416 (882) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (4,284) $ (2,320) $ (6,604) Net unrealized gains and losses on investments (4,292) (2,320) (6,612) Impact of changes in discount rates used to measure long-duration contract liabilities — 4,136 4,136 Other comprehensive income (loss), net of tax (4,459) 1,816 (2,643) Total comprehensive income (loss) (3,813) 1,613 (2,200) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net income $ 646 $ (203) $ 443 Deferred income tax expense (benefit) (18) (53) (71) Changes in: Insurance reserves 1,743 256 1,999 The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the three months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 310 $ 215 $ 525 Core income (loss) before income tax (36) (215) (251) Income tax (expense) benefit on core income (loss) 14 45 59 Core income (loss) (22) (170) (192) (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(211) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the nine months ended September 30, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 884 $ 256 $ 1,140 Core income (loss) before income tax (24) (256) (280) Income tax (expense) benefit on core income (loss) 31 53 84 Core income (loss) 7 (203) (196) (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(205) million, which is presented parenthetically on the Condensed Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results for selected balance sheet lines of the Life & Group segment as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Claim and claim adjustment expenses (1) $ 3,674 $ (2,979) $ 695 Future policy benefits (1) 10,151 3,329 13,480

Earnings (Loss) Per Share Data

Earnings (Loss) Per Share Data (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the income and share data used in the basic and diluted earnings per share computations. Periods ended September 30 Three Months Nine Months (In millions, except per share data) 2023 2022 2023 2022 Net income (loss) (1) $ 258 $ (42) $ 838 $ 443 Common Stock and Common Stock Equivalents Basic Weighted average shares outstanding 271.2 271.4 271.2 271.7 Diluted Weighted average shares outstanding 271.2 271.4 271.2 271.7 Dilutive effect of stock-based awards under compensation plans 1.1 0.9 1.0 0.9 Total 272.3 272.3 272.2 272.6 Earnings (loss) per share (1) Basic $ 0.95 $ (0.15) $ 3.09 $ 1.63 Diluted $ 0.95 $ (0.15) $ 3.08 $ 1.63 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Net investment income	The significant components of Net investment income are presented in the following table. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Fixed maturity securities $ 491 $ 454 $ 1,443 $ 1,324 Equity securities 9 2 42 (7) Limited partnership investments 28 (35) 108 (11) Mortgage loans 15 13 43 40 Short term investments 23 4 51 6 Trading portfolio 1 1 4 2 Other 6 1 20 1 Gross investment income 573 440 1,711 1,355 Investment expense (20) (18) (58) (53) Net investment income $ 553 $ 422 $ 1,653 $ 1,302 Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2023 and 2022 $ (3) $ (18) $ 2 $ (38)
Net realized investment gains (losses)	Net investment gains (losses) are presented in the following table. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Net investment gains (losses): Fixed maturity securities: Gross gains $ 12 $ 23 $ 55 $ 94 Gross losses (49) (134) (141) (222) Net investment gains (losses) on fixed maturity securities (37) (111) (86) (128) Equity securities 2 (2) (9) (111) Derivatives — 24 — 79 Mortgage loans (5) (8) (11) (8) Short term investments and other 2 1 1 2 Net investment gains (losses) $ (38) $ (96) $ (105) $ (166) Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2023 and 2022 $ 2 $ (2) $ 2 $ (109)
Components of net other than temporary impairment losses recognized in earnings by asset type	The components of available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Fixed maturity securities available-for-sale: Corporate and other bonds $ 8 $ 24 $ 25 $ 53 Asset-backed 4 1 12 2 Impairment losses (gains) recognized in earnings $ 12 $ 25 $ 37 $ 55
Summary of fixed maturity securities	The following tables present a summary of fixed maturity securities. September 30, 2023 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 24,757 $ 196 $ 2,437 $ 5 $ 22,511 States, municipalities and political subdivisions 8,003 183 1,152 — 7,034 Asset-backed: Residential mortgage-backed 3,425 4 599 — 2,830 Commercial mortgage-backed 1,833 4 276 7 1,554 Other asset-backed 3,483 7 366 6 3,118 Total asset-backed 8,741 15 1,241 13 7,502 U.S. Treasury and obligations of government-sponsored enterprises 150 1 2 — 149 Foreign government 713 1 56 — 658 Redeemable preferred stock — — — — — Total fixed maturity securities available-for-sale 42,364 396 4,888 18 37,854 Total fixed maturity securities trading 2 — — — 2 Total fixed maturity securities $ 42,366 $ 396 $ 4,888 $ 18 $ 37,856 December 31, 2022 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 23,137 $ 301 $ 2,009 $ — $ 21,429 States, municipalities and political subdivisions 8,918 338 939 — 8,317 Asset-backed: Residential mortgage-backed 3,073 5 447 — 2,631 Commercial mortgage-backed 1,886 4 255 — 1,635 Other asset-backed 3,287 2 361 1 2,927 Total asset-backed 8,246 11 1,063 1 7,193 U.S. Treasury and obligations of government-sponsored enterprises 111 1 2 — 110 Foreign government 617 1 43 — 575 Redeemable preferred stock 3 — — — 3 Total fixed maturity securities available-for-sale 41,032 652 4,056 1 37,627 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 41,032 $ 652 $ 4,056 $ 1 $ 37,627
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position. Less than 12 Months 12 Months or Longer Total September 30, 2023 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 6,374 $ 378 $ 12,794 $ 2,059 $ 19,168 $ 2,437 States, municipalities and political subdivisions 1,593 138 2,902 1,014 4,495 1,152 Asset-backed: Residential mortgage-backed 680 30 2,094 569 2,774 599 Commercial mortgage-backed 273 9 1,161 267 1,434 276 Other asset-backed 609 40 1,873 326 2,482 366 Total asset-backed 1,562 79 5,128 1,162 6,690 1,241 U.S. Treasury and obligations of government-sponsored enterprises 106 1 21 1 127 2 Foreign government 201 9 436 47 637 56 Total $ 9,836 $ 605 $ 21,281 $ 4,283 $ 31,117 $ 4,888 Less than 12 Months 12 Months or Longer Total December 31, 2022 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 15,946 $ 1,585 $ 1,634 $ 424 $ 17,580 $ 2,009 States, municipalities and political subdivisions 4,079 769 456 170 4,535 939 Asset-backed: Residential mortgage-backed 1,406 144 1,143 303 2,549 447 Commercial mortgage-backed 1,167 159 408 96 1,575 255 Other asset-backed 2,087 262 542 99 2,629 361 Total asset-backed 4,660 565 2,093 498 6,753 1,063 U.S. Treasury and obligations of government-sponsored enterprises 76 1 16 1 92 2 Foreign government 473 26 78 17 551 43 Total $ 25,234 $ 2,946 $ 4,277 $ 1,110 $ 29,511 $ 4,056 The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. September 30, 2023 December 31, 2022 (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government, Government agencies and Government-sponsored enterprises $ 2,620 $ 466 $ 2,355 $ 337 AAA 1,893 382 1,559 298 AA 4,458 1,037 4,327 817 A 7,240 913 6,615 749 BBB 13,704 1,881 13,226 1,621 Non-investment grade 1,202 209 1,429 234 Total $ 31,117 $ 4,888 $ 29,511 $ 4,056
Debt securities, available-for-sale, allowance for credit loss	(In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of July 1, 2023 $ 13 $ 9 $ 22 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 5 — 5 Available-for-sale securities accounted for as PCD assets 2 — 2 Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance 15 — 15 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 4 4 Balance as of September 30, 2023 $ 5 $ 13 $ 18 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of July 1, 2022 $ — $ 5 $ 5 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets — — — Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance — — — Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — (2) (2) Balance as of September 30, 2022 $ — $ 3 $ 3 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 6 7 13 Available-for-sale securities accounted for as PCD assets 22 — 22 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 — 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 3 — 3 Write-offs charged against the allowance 15 — 15 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 5 6 Balance as of September 30, 2023 $ 5 $ 13 $ 18 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2022 $ 11 $ 7 $ 18 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets — 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance 12 — 12 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 (7) (6) Balance as of September 30, 2022 $ — $ 3 $ 3
Contractual maturity	The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2023 December 31, 2022 (In millions) Cost or Estimated Cost or Estimated Due in one year or less $ 1,137 $ 1,096 $ 1,012 $ 1,001 Due after one year through five years 11,320 10,651 9,880 9,399 Due after five years through ten years 13,044 11,610 13,788 12,453 Due after ten years 16,863 14,497 16,352 14,774 Total $ 42,364 $ 37,854 $ 41,032 $ 37,627
Financing receivable credit quality indicators	The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). September 30, 2023 Mortgage Loans Amortized Cost Basis by Origination Year (1) (In millions) 2023 2022 2021 2020 2019 Prior Total DSCR ≥1.6x LTV less than 55% $ — $ 9 $ 8 $ 97 $ 61 $ 242 $ 417 LTV 55% to 65% — — 5 — 8 — 13 LTV greater than 65% — 31 11 — — — 42 DSCR 1.2x - 1.6x LTV less than 55% 28 5 — 14 29 28 104 LTV 55% to 65% 15 36 36 24 — 32 143 LTV greater than 65% — 65 — — — — 65 DSCR ≤1.2 LTV less than 55% 22 34 — — — — 56 LTV 55% to 65% 10 41 — — 43 — 94 LTV greater than 65% — 27 21 — 41 7 96 Total $ 75 $ 248 $ 81 $ 135 $ 182 $ 309 $ 1,030 (1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2023 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 159 $ 22,216 $ 945 $ 23,320 States, municipalities and political subdivisions — 6,993 41 7,034 Asset-backed — 6,605 897 7,502 Total fixed maturity securities 159 35,814 1,883 37,856 Equity securities: Common stock 190 — 23 213 Non-redeemable preferred stock 52 427 — 479 Total equity securities 242 427 23 692 Short term and other 1,756 35 — 1,791 Total assets $ 2,157 $ 36,276 $ 1,906 $ 40,339 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 December 31, 2022 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 120 $ 21,187 $ 810 $ 22,117 States, municipalities and political subdivisions — 8,274 43 8,317 Asset-backed — 6,405 788 7,193 Total fixed maturity securities 120 35,866 1,641 37,627 Equity securities: Common stock 150 — 35 185 Non-redeemable preferred stock 54 435 — 489 Total equity securities 204 435 35 674 Short term and other 1,608 71 — 1,679 Total assets $ 1,932 $ 36,372 $ 1,676 $ 39,980 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1
Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs	The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of July 1, 2023 $ 971 $ 43 $ 883 $ 26 $ 1,923 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (4) — (4) Reported in Net investment income — — 5 (1) 4 Reported in Other comprehensive income (loss) (36) (2) (28) — (66) Total realized and unrealized investment gains (losses) (36) (2) (27) (1) (66) Purchases 29 — 61 — 90 Sales — — — (2) (2) Settlements (19) — (13) — (32) Transfers into Level 3 — — — — — Transfers out of Level 3 — — (7) — (7) Balance as of September 30, 2023 $ 945 $ 41 $ 897 $ 23 $ 1,906 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ (1) $ (1) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period (36) (2) (28) — (66) Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of July 1, 2022 $ 846 $ 46 $ 641 $ 47 $ 1,580 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — 2 (3) (1) Reported in Net investment income 1 — 5 (4) 2 Reported in Other comprehensive income (loss) (50) (4) (38) — (92) Total realized and unrealized investment gains (losses) (49) (4) (31) (7) (91) Purchases 9 — 116 — 125 Sales — — — — — Settlements (4) — (14) — (18) Transfers into Level 3 — — 47 — 47 Transfers out of Level 3 — — (43) (10) (53) Balance as of September 30, 2022 $ 802 $ 42 $ 716 $ 30 $ 1,590 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Net income (loss) in the period $ — $ — $ — $ (7) $ (7) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Other comprehensive income (loss) in the period (51) (4) (38) — (93) Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2023 $ 810 $ 43 $ 788 $ 35 $ 1,676 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (5) — (5) Reported in Net investment income — — 15 (8) 7 Reported in Other comprehensive income (loss) (27) (2) (28) — (57) Total realized and unrealized investment gains (losses) (27) (2) (18) (8) (55) Purchases 178 — 203 — 381 Sales — — — (4) (4) Settlements (27) — (39) — (66) Transfers into Level 3 11 — 23 — 34 Transfers out of Level 3 — — (60) — (60) Balance as of September 30, 2023 $ 945 $ 41 $ 897 $ 23 $ 1,906 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ (8) $ (8) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period (27) (2) (28) — (57) Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2022 $ 937 $ 56 $ 556 $ 29 $ 1,578 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) (2) — 7 (6) (1) Reported in Net investment income 1 — 11 (1) 11 Reported in Other comprehensive income (loss) (203) (14) (122) — (339) Total realized and unrealized investment gains (losses) (204) (14) (104) (7) (329) Purchases 127 — 348 12 487 Sales (5) — (2) (3) (10) Settlements (63) — (54) 9 (108) Transfers into Level 3 10 — 66 — 76 Transfers out of Level 3 — — (94) (10) (104) Balance as of September 30, 2022 $ 802 $ 42 $ 716 $ 30 $ 1,590 Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Net income (loss) in the period $ — $ — $ — $ (8) $ (8) Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Other comprehensive income (loss) in the period (203) (14) (121) — (338)
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets	The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value. September 30, 2023 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,359 Discounted cash flow Credit spread 1% - 7% (2%) December 31, 2022 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,177 Discounted cash flow Credit spread 1% - 8% (2%)
Carrying amount and estimated fair value of financial instrument assets and liabilities not measured at fair value	The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables. September 30, 2023 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 995 $ — $ — $ 929 $ 929 Liabilities Short term debt $ 793 $ — $ 786 $ — $ 786 Long term debt 2,480 — 2,265 — 2,265 December 31, 2022 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,040 $ — $ — $ 973 $ 973 Liabilities Short term debt $ 243 $ — $ 248 $ — $ 248 Long term debt 2,538 — 2,349 — 2,349

Claim and Claim Adjustment Ex_2

Claim and Claim Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2023
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]
Schedule of liability for unpaid claims and claims adjustment expense	The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. For the nine months ended September 30 (In millions) 2023 2022 (1) Reserves, beginning of year: Gross $ 22,120 $ 21,269 Ceded 5,191 4,969 Net reserves, beginning of year 16,929 16,300 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,221 3,830 Increase (decrease) in provision for insured events of prior years 43 (4) Amortization of discount 33 33 Total net incurred (2) 4,297 3,859 Net payments attributable to: Current year events (588) (482) Prior year events (2,953) (2,700) Total net payments (3,541) (3,182) Foreign currency translation adjustment and other (30) (383) Net reserves, end of period 17,655 16,594 Ceded reserves, end of period 5,181 5,147 Gross reserves, end of period $ 22,836 $ 21,741 (1) In conjunction with the Company's adoption of ASU 2018-12, at January 1, 2023, long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. See Note A to the Condensed Consolidated Financial Statements for additional information.
Net prior year development	The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Specialty $ (5) $ (15) $ (9) $ (35) Commercial (2) (2) (17) (26) International — — 15 (5) Corporate & Other 20 — 55 64 Total pretax (favorable) unfavorable development $ 13 $ (17) $ 44 $ (2)
Specialty
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]
Net prior year claim and allocated claim adjustment expense reserve development	The following table presents further detail of the development recorded for the Specialty segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Medical Professional Liability $ — $ 8 $ 9 $ 17 Other Professional Liability and Management Liability 17 9 16 22 Surety (21) (20) (28) (48) Warranty (2) (13) (11) (22) Other 1 1 5 (4) Total pretax (favorable) unfavorable development $ (5) $ (15) $ (9) $ (35)
Commercial
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]
Net prior year claim and allocated claim adjustment expense reserve development	The following table presents further detail of the development recorded for the Commercial segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Commercial Auto $ — $ — $ 11 $ 21 General Liability — — 70 41 Workers' Compensation (2) (2) (100) (86) Property and Other — — 2 (2) Total pretax (favorable) unfavorable development $ (2) $ (2) $ (17) $ (26)
International
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]
Net prior year claim and allocated claim adjustment expense reserve development	The following table presents further detail of the development recorded for the International segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Pretax (favorable) unfavorable development: Commercial $ — $ — $ (5) $ (4) Specialty — — 22 (1) Other — — (2) — Total pretax (favorable) unfavorable development $ — $ — $ 15 $ (5)

Future Policy Benefit Reserves

Future Policy Benefit Reserves (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Liability for Future Policy Benefit, Activity	The following table summarizes balances and changes in the LFPB. (In millions) 2023 2022 Present value of future net premiums Balance, January 1 $ 3,993 $ 4,735 Effect of changes in discount rate (74) (880) Balance, January 1, at original locked in discount rate 3,919 3,855 Effect of changes in cash flow assumptions (1) 28 352 Effect of actual variances from expected experience (1) (112) (40) Adjusted balance, January 1 3,835 4,167 Interest accrual 153 161 Net premiums: earned during period (332) (341) Balance, end of period at original locked in discount rate 3,656 3,987 Effect of changes in discount rate (67) 40 Balance, September 30 $ 3,589 $ 4,027 Present value of future benefits & expenses Balance, January 1 $ 17,472 $ 22,745 Effect of changes in discount rate (125) (5,942) Balance, January 1, at original locked in discount rate 17,347 16,803 Effect of changes in cash flow assumptions (1) 36 538 Effect of actual variances from expected experience (1) (45) (21) Adjusted balance, January 1 17,338 17,320 Interest accrual 723 730 Benefit & expense payments (945) (708) Balance, end of period at original locked in discount rate 17,116 17,342 Effect of changes in discount rate (873) (134) Balance, September 30 $ 16,243 $ 17,208 Net LFPB, September 30 $ 12,654 $ 13,181 (1) As of September 30, 2023 and 2022, the re-measurement gain (loss) of $(75) million and $(205) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. The following table presents earned premiums and interest expense associated with the Company’s long term care business recognized on the Condensed Consolidated Statement of Operations. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Earned premiums $ 112 $ 118 $ 340 $ 356 Interest expense 191 192 570 569 The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums. As of September 30 (In millions) 2023 2022 Expected future benefit and expense payments $ 33,217 $ 34,496 Expected future gross premiums 5,557 6,034 The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. As of September 30 As of December 31 2023 2022 2022 Original locked in discount rate 5.24 % 5.28 % 5.27 % Upper-medium grade fixed income instrument discount rate 5.78 5.39 5.23

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Components of net periodic cost (benefit)	The components of net periodic pension cost (benefit) are presented in the following table. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Net periodic pension cost (benefit) Interest cost on projected benefit obligation $ 25 $ 17 $ 74 $ 50 Expected return on plan assets (29) (38) (89) (114) Amortization of net actuarial loss 7 8 24 23 Total net periodic pension cost (benefit) $ 3 $ (13) $ 9 $ (41) The following table indicates the line items in which the non-service cost (benefit) is presented on the Condensed Consolidated Statements of Operations. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Non-Service Cost (Benefit): Insurance claims and policyholder's benefits $ 1 $ (3) $ 2 $ (11) Other operating expenses 2 (10) 7 (30) Total net periodic pension cost (benefit) $ 3 $ (13) $ 9 $ (41)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) by Component (Tables)	9 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss) by Component	The tables below display the changes in Accumulated other comprehensive income (loss) by component. (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of July 1, 2023 $ (16) $ (2,481) $ (577) $ (181) $ (170) $ (3,425) Other comprehensive income (loss) before reclassifications (9) (1,105) — 818 (55) (351) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $6, $1, $—, $— and $9 (8) (21) (6) — — (35) Other comprehensive income (loss) net of tax (expense) benefit of $1, $289, $(1), $(217), $— and $72 (1) (1,084) 6 818 (55) (316) Balance as of September 30, 2023 $ (17) $ (3,565) $ (571) $ 637 $ (225) $ (3,741) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of July 1, 2022, as previously reported $ (8) $ (1,918) $ (592) $ — $ (195) $ (2,713) Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(108), $—, $228, $— and $120 — 408 — (858) — (450) Balance as of July 1, 2022, as adjusted (8) (1,510) (592) (858) (195) (3,163) Other comprehensive income (loss) before reclassifications — (1,837) — 994 (103) (946) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $11, $2, $—, $— and $13 2 (102) (6) — — (106) Other comprehensive income (loss) net of tax (expense) benefit of $1, $476,$(2), $(265), $— and $210 (2) (1,735) 6 994 (103) (840) Balance as of September 30, 2022 $ (10) $ (3,245) $ (586) $ 136 $ (298) $ (4,003) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2023, as previously reported $ (7) $ (2,738) $ (591) $ — $ (221) $ (3,557) Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $—, $—, $11, $— and $11 — — — (41) — (41) Balance as of January 1, 2023, as adjusted (7) (2,738) (591) (41) (221) (3,598) Other comprehensive income (loss) before reclassifications (25) (880) — 678 (4) (231) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $14, $5, $—, $— and $23 (15) (53) (20) — — (88) Other comprehensive income (loss) net of tax (expense) benefit of $3, $221, $(5), $(180), $— and $39 (10) (827) 20 678 (4) (143) Balance as of September 30, 2023 $ (17) $ (3,565) $ (571) $ 637 $ (225) $ (3,741) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2022, as previously reported $ (2) $ 1,039 $ (604) $ — $ (113) $ 320 Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(617), $—, $1,063, $— and $446 — 2,320 — (4,000) — (1,680) Balance as of January 1, 2022, as adjusted (2) 3,359 (604) (4,000) (113) (1,360) Other comprehensive income (loss) before reclassifications (5) (6,721) — 4,136 (185) (2,775) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $15, $5, $—, $— and $19 3 (117) (18) — — (132) Other comprehensive income (loss) net of tax (expense) benefit of $2, $1,764, $(5), $(1,100), $— and $661 (8) (6,604) 18 4,136 (185) (2,643) Balance as of September 30, 2022 $ (10) $ (3,245) $ (586) $ 136 $ (298) $ (4,003) (1) See Note A to the Condensed Consolidated Financial Statements for additional information.
Reclassification out of Accumulated Other Comprehensive Income	Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows: Component of AOCI Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Net investment gains (losses) Pension and postretirement benefits Other operating expenses and Insurance claims and policyholders' benefits

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Significant components of the Company's continuing operations and selected balance sheet items	The Company's results of operations and selected balance sheet items by segment are presented in the following tables. Three months ended September 30, 2023 Specialty Commercial International Life & Corporate (In millions) Eliminations Total Operating revenues Net earned premiums $ 829 $ 1,170 $ 296 $ 112 $ — $ (1) $ 2,406 Net investment income 136 156 26 216 19 — 553 Non-insurance warranty revenue 407 — — — — — 407 Other revenues — 9 (1) — 2 (2) 8 Total operating revenues 1,372 1,335 321 328 21 (3) 3,374 Claims, benefits and expenses Net incurred claims and benefits 480 807 178 343 10 — 1,818 Policyholders’ dividends 2 6 — — — — 8 Amortization of deferred acquisition costs 175 188 63 — — — 426 Non-insurance warranty expense 386 — — — — — 386 Other insurance related expenses 89 156 20 29 1 (1) 294 Other expenses 13 11 6 (1) 51 (2) 78 Total claims, benefits and expenses 1,145 1,168 267 371 62 (3) 3,010 Core income (loss) before income tax 227 167 54 (43) (41) — 364 Income tax (expense) benefit on core income (loss) (49) (34) (14) 14 8 — (75) Core income (loss) $ 178 $ 133 $ 40 $ (29) $ (33) $ — 289 Net investment gains (losses) (38) Income tax (expense) benefit on net investment gains (losses) 7 Net investment gains (losses), after tax (31) Net income (loss) $ 258 Three months ended September 30, 2022 Specialty Commercial International Life & Group (1) Corporate (In millions) Eliminations Total (1) Operating revenues Net earned premiums $ 810 $ 1,023 $ 270 $ 118 $ — $ — $ 2,221 Net investment income 102 112 16 187 5 — 422 Non-insurance warranty revenue 399 — — — — — 399 Other revenues (1) 13 — — 1 (2) 11 Total operating revenues 1,310 1,148 286 305 6 (2) 3,053 Claims, benefits and expenses Net incurred claims and benefits 459 733 169 525 (13) — 1,873 Policyholders’ dividends 2 5 — — — — 7 Amortization of deferred acquisition costs 169 163 51 — — — 383 Non-insurance warranty expense 371 — — — — — 371 Other insurance related expenses 88 145 35 29 1 (1) 297 Other expenses 15 3 11 2 47 (1) 77 Total claims, benefits and expenses 1,104 1,049 266 556 35 (2) 3,008 Core income (loss) before income tax 206 99 20 (251) (29) — 45 Income tax (expense) benefit on core income (loss) (45) (19) (1) 59 4 — (2) Core income (loss) $ 161 $ 80 $ 19 $ (192) $ (25) $ — 43 Net investment gains (losses) (96) Income tax (expense) benefit on net investment gains (losses) 11 Net investment gains (losses), after tax (85) Net income (loss) $ (42) (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information. Nine months ended September 30, 2023 Specialty Commercial International Life & Corporate (In millions) Eliminations Total Operating revenues Net earned premiums $ 2,438 $ 3,336 $ 888 $ 340 $ — $ (1) $ 7,001 Net investment income 407 470 74 659 43 — 1,653 Non-insurance warranty revenue 1,221 — — — — — 1,221 Other revenues — 22 — — 7 (7) 22 Total operating revenues 4,066 3,828 962 999 50 (8) 9,897 Claims, benefits and expenses Net incurred claims and benefits 1,419 2,235 552 998 32 — 5,236 Policyholders’ dividends 5 17 — — — — 22 Amortization of deferred acquisition costs 508 532 168 — — — 1,208 Non-insurance warranty expense 1,154 — — — — — 1,154 Other insurance related expenses 269 456 102 89 2 (1) 917 Other expenses 39 27 2 — 136 (7) 197 Total claims, benefits and expenses 3,394 3,267 824 1,087 170 (8) 8,734 Core income (loss) before income tax 672 561 138 (88) (120) — 1,163 Income tax (expense) benefit on core income (loss) (146) (118) (36) 36 23 — (241) Core income (loss) $ 526 $ 443 $ 102 $ (52) $ (97) $ — 922 Net investment gains (losses) (105) Income tax (expense) benefit on net investment gains (losses) 21 Net investment gains (losses), after tax (84) Net income (loss) $ 838 September 30, 2023 (In millions) Reinsurance receivables $ 1,384 $ 1,217 $ 455 $ 97 $ 2,316 $ — $ 5,469 Insurance receivables 1,010 1,880 346 4 — — 3,240 Deferred acquisition costs 398 358 124 — — — 880 Goodwill 117 — 28 — — — 145 Deferred non-insurance warranty acquisition expense 3,688 — — — — — 3,688 Insurance reserves Claim and claim adjustment expenses 7,090 9,902 2,572 649 2,623 — 22,836 Unearned premiums 3,202 2,764 717 106 — — 6,789 Future policy benefits — — — 12,654 — — 12,654 Deferred non-insurance warranty revenue 4,736 — — — — — 4,736 Nine months ended September 30, 2022 Specialty Commercial International Life & Group (1) Corporate (In millions) Eliminations Total (1) Operating revenues Net earned premiums $ 2,376 $ 2,901 $ 803 $ 356 $ (1) $ — $ 6,435 Net investment income 305 343 44 600 10 — 1,302 Non-insurance warranty revenue 1,173 — — — — — 1,173 Other revenues — 25 — — 4 (5) 24 Total operating revenues 3,854 3,269 847 956 13 (5) 8,934 Claims, benefits and expenses Net incurred claims and benefits 1,360 1,916 487 1,140 36 — 4,939 Policyholders’ dividends 5 15 — — — — 20 Amortization of deferred acquisition costs 488 467 146 — — — 1,101 Non-insurance warranty expense 1,092 — — — — — 1,092 Other insurance related expenses 250 409 112 89 4 (1) 863 Other expenses 40 21 25 7 133 (4) 222 Total claims, benefits and expenses 3,235 2,828 770 1,236 173 (5) 8,237 Core income (loss) before income tax 619 441 77 (280) (160) — 697 Income tax (expense) benefit on core income (loss) (134) (91) (14) 84 29 — (126) Core income (loss) $ 485 $ 350 $ 63 $ (196) $ (131) $ — 571 Net investment gains (losses) (166) Income tax (expense) benefit on net investment gains (losses) 38 Net investment gains (losses), after tax (128) Net income (loss) $ 443 December 31, 2022 (In millions) Reinsurance receivables $ 1,384 $ 1,062 $ 414 $ 101 $ 2,477 $ — $ 5,438 Insurance receivables 1,082 1,728 369 8 — — 3,187 Deferred acquisition costs 381 321 104 — — — 806 Goodwill 117 — 27 — — — 144 Deferred non-insurance warranty acquisition expense 3,671 — — — — — 3,671 Insurance reserves Claim and claim adjustment expenses 6,878 9,395 2,403 695 2,749 — 22,120 Unearned premiums 3,193 2,425 653 103 — — 6,374 Future policy benefits — — — 13,480 — — 13,480 Deferred non-insurance warranty revenue 4,714 — — — — — 4,714 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.
Revenues by line of business	The following table presents operating revenues by line of business for each reportable segment. Periods ended September 30 Three Months Nine Months (In millions) 2023 2022 2023 2022 Specialty Management & Professional Liability $ 723 $ 688 $ 2,146 $ 2,041 Surety 189 171 540 481 Warranty & Alternative Risks 460 451 1,380 1,332 Specialty revenues 1,372 1,310 4,066 3,854 Commercial Middle Market 437 397 1,254 1,133 Construction 444 372 1,249 1,046 Small Business 160 149 470 430 Other Commercial 294 230 855 660 Commercial revenues 1,335 1,148 3,828 3,269 International Canada 98 93 287 272 Europe 139 112 401 350 Hardy 84 81 274 225 International revenues 321 286 962 847 Life & Group revenues 328 305 999 956 Corporate & Other revenues 21 6 50 13 Eliminations (3) (2) (8) (5) Total operating revenues 3,374 3,053 9,897 8,934 Net investment gains (losses) (38) (96) (105) (166) Total revenues $ 3,336 $ 2,957 $ 9,792 $ 8,768

General (Narrative) (Details)

General (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2018-12 [Member]
CNAF Consolidated | Loews
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent	91.70%

General (Pre-Transition LFPB to

General (Pre-Transition LFPB to Adjusted Opening Balance) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of future net premiums
Effect of change in cash flow assumptions	$ 36	$ 538
Reclassification of reserves for policyholders on claim to Future policy benefits
Present value of future net premiums
Effect of change in cash flow assumptions			$ 2,844
De-recognition of shadow reserves
Present value of future net premiums
Effect of change in cash flow assumptions			(3,293)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate
Present value of future net premiums
Effect of change in cash flow assumptions			6,255
Other adjustments
Present value of future net premiums
Effect of change in cash flow assumptions			$ 8

General (Effects of Adoption of

General (Effects of Adoption of ASU 2018-12, Stockholders' Equity) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022		Sep. 30, 2022	[2]	Jun. 30, 2022		Dec. 31, 2021	[2]	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity	$ 8,563		$ 8,548	[1]	$ 8,003
Accumulated Other Comprehensive Loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity	(3,741)	$ (3,425)	(3,598)		(4,003)		$ (3,163)	[2]	$ (1,360)		$ (1,537)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity	$ 9,503	9,359	9,336		$ 9,206		9,358	[2]	9,639		9,075
Prior to Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity			8,825
Prior to Adoption | Accumulated Other Comprehensive Loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity		(3,425)	(3,557)				(2,713)	[2]	320		803
Prior to Adoption | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity		$ 9,359	$ 9,572				$ 9,415		$ 9,663		9,081
De-recognition of shadow reserves | Accumulated Other Comprehensive Loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity											2,601
De-recognition of shadow reserves | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity											0
Re-measurement using an upper-medium grade fixed income instrument yield discount rate | Accumulated Other Comprehensive Loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity											(4,941)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity											0
Other adjustments | Accumulated Other Comprehensive Loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity											0
Other adjustments | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity											$ (6)
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.[2]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

General (Effects of Adoption _2

General (Effects of Adoption of ASU 2018-12, Operations) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders' benefits	$ 1,826	$ 1,880	[1]	$ 5,258	$ 4,959	[1]
Income (loss) before income tax	326	(51)	[1]	1,058	531	[1]
Income tax (expense) benefit	68	(9)	[1]	220	88	[1]
Net income (loss)	$ 258	$ (42)	[1],[2]	$ 838	$ 443	[1],[3]
Basic earnings (loss) per share (in usd per share)	$ 0.95	$ (0.15)	[1]	$ 3.09	$ 1.63	[1]
Diluted earnings (loss) per share (in usd per share)	$ 0.95	$ (0.15)	[1]	$ 3.08	$ 1.63	[1]
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact	$ (41)	$ (211)		$ (75)	$ (205)
Prior to Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders' benefits		1,665			4,703
Income (loss) before income tax		164			787
Income tax (expense) benefit		36			141
Net income (loss)		$ 128			$ 646
Basic earnings (loss) per share (in usd per share)		$ 0.47			$ 2.38
Diluted earnings (loss) per share (in usd per share)		$ 0.47			$ 2.37
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders' benefits		$ 215			$ 256
Income (loss) before income tax		(215)			(256)
Income tax (expense) benefit		(45)			(53)
Net income (loss)		$ (170)			$ (203)
Basic earnings (loss) per share (in usd per share)		$ (0.62)			$ (0.75)
Diluted earnings (loss) per share (in usd per share)		$ (0.62)			$ (0.74)
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

General (Effects of Adoption _3

General (Effects of Adoption of ASU 2018-12, Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022		Sep. 30, 2022		Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes	$ 1,277	$ 1,251	[1]
Total assets	61,952	61,000	[1]
Claim and claim adjustment expenses	22,836	22,120	[1]
Future policy benefits	12,654	13,480	[1]	$ 13,181		$ 19,132
Total liabilities	53,389	52,452	[1]
Retained earnings	9,503	9,336	[1]
Accumulated other comprehensive loss	(3,741)	(3,598)	[1]
Total stockholders' equity	$ 8,563	8,548	[1]	$ 8,003	[2]
Prior to Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes		1,178
Total assets		60,927
Claim and claim adjustment expenses		25,099
Future policy benefits		10,151				$ 13,318
Total liabilities		52,102
Retained earnings		9,572
Accumulated other comprehensive loss		(3,557)
Total stockholders' equity		8,825
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes		73
Total assets		73
Claim and claim adjustment expenses		(2,979)
Future policy benefits		3,329
Total liabilities		350
Retained earnings		(236)
Accumulated other comprehensive loss		(41)
Total stockholders' equity		$ (277)
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.[2]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

General (Effects of Adoption _4

General (Effects of Adoption of ASU 2018-12, Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gains and losses on investments	$ (1,085)	$ (1,737)	[1]	$ (837)	$ (6,612)
Impact of changes in discount rates used to measure long-duration contract liabilities	818	994	[1]	678	4,136
Other comprehensive loss	(316)	(840)	[1]	(143)	(2,643)
Total comprehensive income (loss)	(58)	(882)	[1]	695	(2,200)
Net unrealized gains and losses on other investments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gains and losses on investments	$ (1,084)	(1,735)	[1]	$ (827)	(6,604)
Prior to Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gains and losses on investments		(1,329)			(4,292)
Impact of changes in discount rates used to measure long-duration contract liabilities		0			0
Other comprehensive loss		(1,426)			(4,459)
Total comprehensive income (loss)		(1,298)			(3,813)
Prior to Adoption | Net unrealized gains and losses on other investments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gains and losses on investments		(1,327)			(4,284)
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gains and losses on investments		(408)			(2,320)
Impact of changes in discount rates used to measure long-duration contract liabilities		994			4,136
Other comprehensive loss		586			1,816
Total comprehensive income (loss)		416			1,613
Effect of Adoption | Net unrealized gains and losses on other investments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gains and losses on investments		$ (408)			$ (2,320)
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

General (Effects of Adoption AS

General (Effects of Adoption ASU 2018-12, Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 258	$ (42)	[1],[2]	$ 838	$ 443	[1],[3]
Deferred income tax expense (benefit)				12	(71)	[3]
Insurance reserves				$ 1,184	1,999	[3]
Prior to Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		128			646
Deferred income tax expense (benefit)					(18)
Insurance reserves					1,743
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		$ (170)			(203)
Deferred income tax expense (benefit)					(53)
Insurance reserves					$ 256
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

General (Effects of Adoption _5

General (Effects of Adoption ASU 2018-12, Segment Results) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022		Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net incurred claims and benefits	$ 1,818	$ 1,873	$ 5,236	$ 4,939
Core income (loss) before income tax	364	45	1,163	697
Income tax (expense) benefit on core income (loss)	(75)	(2)	(241)	(126)
Core income (loss)	289	43	922	571
Claim and claim adjustment expenses	22,836		22,836		$ 22,120	[1]
Future policy benefits	12,654	13,181	12,654	13,181	13,480	[1]	$ 19,132
Life & Group | Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net incurred claims and benefits	343	525	998	1,140
Core income (loss) before income tax	(43)	(251)	(88)	(280)
Income tax (expense) benefit on core income (loss)	14	59	36	84
Core income (loss)	(29)	(192)	(52)	(196)
Claim and claim adjustment expenses	649		649		695
Future policy benefits	$ 12,654		$ 12,654		13,480
Prior to Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Claim and claim adjustment expenses					25,099
Future policy benefits					10,151		$ 13,318
Prior to Adoption | Life & Group | Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net incurred claims and benefits		310		884
Core income (loss) before income tax		(36)		(24)
Income tax (expense) benefit on core income (loss)		14		31
Core income (loss)		(22)		7
Claim and claim adjustment expenses					3,674
Future policy benefits					10,151
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Claim and claim adjustment expenses					(2,979)
Future policy benefits					3,329
Effect of Adoption | Life & Group | Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net incurred claims and benefits		215		256
Core income (loss) before income tax		(215)		(256)
Income tax (expense) benefit on core income (loss)		45		53
Core income (loss)		$ (170)		$ (203)
Claim and claim adjustment expenses					(2,979)
Future policy benefits					$ 3,329
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Earnings (Loss) Per Share Dat_2

Earnings (Loss) Per Share Data (Computations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 258	$ (42)	[1],[2]	$ 838	$ 443	[1],[3]
Basic
Weighted average shares outstanding (in shares)	271.2	271.4	[1]	271.2	271.7	[1]
Diluted earnings (loss) per share
Weighted average shares outstanding (in shares)	271.2	271.4	[1]	271.2	271.7	[1]
Diluted effect of stock-based awards under compensation plans (in shares)	1.1	0.9		1	0.9
Total (in shares)	272.3	272.3	[1]	272.2	272.6	[1]
Earnings (loss) per share
Basic earnings (loss) per share (in usd per share)	$ 0.95	$ (0.15)	[1]	$ 3.09	$ 1.63	[1]
Diluted earnings (loss) per share (in usd per share)	$ 0.95	$ (0.15)	[1]	$ 3.08	$ 1.63	[1]
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Earnings (Loss) Per Share Dat_3

Earnings (Loss) Per Share Data (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Treasury stock, shares, acquired (in shares)	550,000	890,000
Purchase of treasury stock	$ 24	$ 39

Investments (Net investment inc

Investments (Net investment income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Gross investment income	$ 573	$ 440	$ 1,711	$ 1,355
Investment expense	(20)	(18)	(58)	(53)
Net investment income	553	422	1,653	1,302
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	491	454	1,443	1,324
Equity securities
Net Investment Income [Line Items]
Gross investment income	9	2	42	(7)
Limited partnership investments
Net Investment Income [Line Items]
Gross investment income	28	(35)	108	(11)
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	15	13	43	40
Short term investments
Net Investment Income [Line Items]
Gross investment income	23	4	51	6
Trading portfolio
Net Investment Income [Line Items]
Gross investment income	1	1	4	2
Other
Net Investment Income [Line Items]
Gross investment income	6	1	20	1
Common Stock
Net Investment Income [Line Items]
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2023 and 2022	$ (3)	$ (18)	$ 2	$ (38)

Investments (Net realized inves

Investments (Net realized investment gains (losses)) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fixed maturity securities:
Gross gains	$ 12,000,000	$ 23,000,000	$ 55,000,000	$ 94,000,000
Gross losses	(49,000,000)	(134,000,000)	(141,000,000)	(222,000,000)
Net investment gains (losses) on fixed maturity securities	(37,000,000)	(111,000,000)	(86,000,000)	(128,000,000)
Equity securities	2,000,000	(2,000,000)	(9,000,000)	(111,000,000)
Derivatives	0	24,000,000	0	79,000,000
Mortgage loans	(5,000,000)	(8,000,000)	(11,000,000)	(8,000,000)
Short term investments and other	2,000,000	1,000,000	1,000,000	2,000,000
Net investment gains (losses)	(38,000,000)	(96,000,000)	(105,000,000)	(166,000,000)
Non-redeemable preferred stock
Fixed maturity securities:
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2023 and 2022	$ 2,000,000	$ (2,000,000)	$ 2,000,000	$ (109,000,000)

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Investment and derivative, realized gain (loss), coinsurance agreement		$ 35,000,000
Debt securities, available-for-sale, realized loss	$ 49,000,000	134,000,000	$ 141,000,000	$ 222,000,000
Embedded derivative, gain on embedded derivative		24,000,000
Mortgage loan losses due to changes in expected credit losses	5,000,000	8,000,000	11,000,000	8,000,000
Commitments to purchase or fund privately placed debt securities	1,555,000,000		1,555,000,000
Commitments to sell various privately placed debt securities	65,000,000		65,000,000
Mortgage loans
Gain (Loss) on Securities [Line Items]
Financing receivable, accrued interest, after allowance for credit loss	4,000,000		4,000,000
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Debt securities, available-for-sale, accrued interest, after allowance for credit loss	$ 430,000,000	401,000,000	$ 430,000,000	$ 401,000,000	$ 394,000,000
Funds Withheld Liability Securities
Gain (Loss) on Securities [Line Items]
Debt securities, available-for-sale, realized loss		$ 59,000,000

Investments (Components of othe

Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Impairment losses (gains) recognized in earnings	$ 12	$ 25	$ 37	$ 55
Corporate and other bonds
Debt Securities, Available-for-sale [Line Items]
Impairment losses (gains) recognized in earnings	8	24	25	53
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Impairment losses (gains) recognized in earnings	$ 4	$ 1	$ 12	$ 2

Investments (Summary of fixed m

Investments (Summary of fixed maturity and equity securities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	$ 42,364		$ 41,032
Gross Unrealized Gains	396		652
Gross Unrealized Losses	4,888		4,056
Allowance for Credit Losses	18	$ 22	1		$ 3	$ 5	$ 18
Estimated Fair Value	37,854		37,627
Total fixed maturity securities trading
Debt securities, amortized cost	42,366		41,032
Total fixed maturity securities	37,856		37,627	[1]
Corporate and other bonds
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	24,757		23,137
Gross Unrealized Gains	196		301
Gross Unrealized Losses	2,437		2,009
Allowance for Credit Losses	5	13	0		0	0	11
Estimated Fair Value	22,511		21,429
Total fixed maturity securities trading
Total fixed maturity securities	23,320		22,117
States, municipalities and political subdivisions
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	8,003		8,918
Gross Unrealized Gains	183		338
Gross Unrealized Losses	1,152		939
Allowance for Credit Losses	0		0
Estimated Fair Value	7,034		8,317
Total fixed maturity securities trading
Total fixed maturity securities	7,034		8,317
Asset-backed
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	8,741		8,246
Gross Unrealized Gains	15		11
Gross Unrealized Losses	1,241		1,063
Allowance for Credit Losses	13	$ 9	1		$ 3	$ 5	$ 7
Estimated Fair Value	7,502		7,193
Total fixed maturity securities trading
Total fixed maturity securities	7,502		7,193
Residential mortgage-backed
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	3,425		3,073
Gross Unrealized Gains	4		5
Gross Unrealized Losses	599		447
Allowance for Credit Losses	0		0
Estimated Fair Value	2,830		2,631
Commercial mortgage-backed
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	1,833		1,886
Gross Unrealized Gains	4		4
Gross Unrealized Losses	276		255
Allowance for Credit Losses	7		0
Estimated Fair Value	1,554		1,635
Other asset-backed
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	3,483		3,287
Gross Unrealized Gains	7		2
Gross Unrealized Losses	366		361
Allowance for Credit Losses	6		1
Estimated Fair Value	3,118		2,927
U.S. Treasury and obligations of government-sponsored enterprises
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	150		111
Gross Unrealized Gains	1		1
Gross Unrealized Losses	2		2
Allowance for Credit Losses	0		0
Estimated Fair Value	149		110
Foreign government
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	713		617
Gross Unrealized Gains	1		1
Gross Unrealized Losses	56		43
Allowance for Credit Losses	0		0
Estimated Fair Value	658		575
Redeemable preferred stock
Fixed maturity securities available-for-sale:
Cost or Amortized Cost	0		3
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Allowance for Credit Losses	0		0
Estimated Fair Value	0		3
Total fixed maturity securities trading
Total fixed maturity securities trading
Cost or Amortized Cost	2		0
Estimated Fair Value	$ 2		$ 0
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Investments (Securities in a gr

Investments (Securities in a gross unrealized loss position) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	$ 9,836	$ 25,234
Gross Unrealized Losses, Less than 12 Months	605	2,946
Estimated Fair Value, 12 Months or Longer	21,281	4,277
Gross Unrealized Losses, 12 Months or Longer	4,283	1,110
Estimated Fair Value, Total	31,117	29,511
Gross Unrealized Losses, Total	4,888	4,056
Corporate and other bonds
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	6,374	15,946
Gross Unrealized Losses, Less than 12 Months	378	1,585
Estimated Fair Value, 12 Months or Longer	12,794	1,634
Gross Unrealized Losses, 12 Months or Longer	2,059	424
Estimated Fair Value, Total	19,168	17,580
Gross Unrealized Losses, Total	2,437	2,009
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	1,593	4,079
Gross Unrealized Losses, Less than 12 Months	138	769
Estimated Fair Value, 12 Months or Longer	2,902	456
Gross Unrealized Losses, 12 Months or Longer	1,014	170
Estimated Fair Value, Total	4,495	4,535
Gross Unrealized Losses, Total	1,152	939
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	1,562	4,660
Gross Unrealized Losses, Less than 12 Months	79	565
Estimated Fair Value, 12 Months or Longer	5,128	2,093
Gross Unrealized Losses, 12 Months or Longer	1,162	498
Estimated Fair Value, Total	6,690	6,753
Gross Unrealized Losses, Total	1,241	1,063
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	680	1,406
Gross Unrealized Losses, Less than 12 Months	30	144
Estimated Fair Value, 12 Months or Longer	2,094	1,143
Gross Unrealized Losses, 12 Months or Longer	569	303
Estimated Fair Value, Total	2,774	2,549
Gross Unrealized Losses, Total	599	447
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	273	1,167
Gross Unrealized Losses, Less than 12 Months	9	159
Estimated Fair Value, 12 Months or Longer	1,161	408
Gross Unrealized Losses, 12 Months or Longer	267	96
Estimated Fair Value, Total	1,434	1,575
Gross Unrealized Losses, Total	276	255
Other asset-backed
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	609	2,087
Gross Unrealized Losses, Less than 12 Months	40	262
Estimated Fair Value, 12 Months or Longer	1,873	542
Gross Unrealized Losses, 12 Months or Longer	326	99
Estimated Fair Value, Total	2,482	2,629
Gross Unrealized Losses, Total	366	361
U.S. Treasury and obligations of government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	106	76
Gross Unrealized Losses, Less than 12 Months	1	1
Estimated Fair Value, 12 Months or Longer	21	16
Gross Unrealized Losses, 12 Months or Longer	1	1
Estimated Fair Value, Total	127	92
Gross Unrealized Losses, Total	2	2
Foreign government
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value, Less than 12 months	201	473
Gross Unrealized Losses, Less than 12 Months	9	26
Estimated Fair Value, 12 Months or Longer	436	78
Gross Unrealized Losses, 12 Months or Longer	47	17
Estimated Fair Value, Total	637	551
Gross Unrealized Losses, Total	$ 56	$ 43

Investments (Securities in a _2

Investments (Securities in a gross unrealized loss position by ratings) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 31,117	$ 29,511
Gross Unrealized Losses	4,888	4,056
U.S. Government, Government agencies and Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,620	2,355
Gross Unrealized Losses	466	337
AAA
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,893	1,559
Gross Unrealized Losses	382	298
AA
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,458	4,327
Gross Unrealized Losses	1,037	817
A
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,240	6,615
Gross Unrealized Losses	913	749
BBB
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	13,704	13,226
Gross Unrealized Losses	1,881	1,621
Non-investment grade
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,202	1,429
Gross Unrealized Losses	$ 209	$ 234

Investments (Allowance on avail

Investments (Allowance on available-for-sale securities with credit impairments and PCD assets activity) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for credit losses:
Balance, beginning of period	$ 22	$ 5	$ 1	$ 18
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	5	0	13	0
Available-for-sale securities accounted for as PCD assets	2	0	22	3
Reductions to the allowance for credit losses:
Securities sold during the period (realized)	0	0	6	0
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	0	0	3	0
Write-offs charged against the allowance	15	0	15	12
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	4	(2)	6	(6)
Balance, end of period	18	3	18	3
Corporate and other bonds
Allowance for credit losses:
Balance, beginning of period	13	0	0	11
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	5	0	6	0
Available-for-sale securities accounted for as PCD assets	2	0	22	0
Reductions to the allowance for credit losses:
Securities sold during the period (realized)	0	0	6	0
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	0	0	3	0
Write-offs charged against the allowance	15	0	15	12
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	0	0	1	1
Balance, end of period	5	0	5	0
Asset-backed
Allowance for credit losses:
Balance, beginning of period	9	5	1	7
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	0	0	7	0
Available-for-sale securities accounted for as PCD assets	0	0	0	3
Reductions to the allowance for credit losses:
Securities sold during the period (realized)	0	0	0	0
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	0	0	0	0
Write-offs charged against the allowance	0	0	0	0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	4	(2)	5	(7)
Balance, end of period	$ 13	$ 3	$ 13	$ 3

Investments (Contractual maturi

Investments (Contractual maturity) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Due in one year or less, cost or amortized cost	$ 1,137	$ 1,012
Due after one year through five years, cost or amortized cost	11,320	9,880
Due after five years through ten years, cost or amortized cost	13,044	13,788
Due after ten years, cost or amortized cost	16,863	16,352
Cost or Amortized Cost	42,364	41,032
Due in one year or less, estimated fair value	1,096	1,001
Due after one year through five years, estimated fair value	10,651	9,399
Due after five years through ten years, estimated fair value	11,610	12,453
Due after ten years, estimated fair value	14,497	14,774
Estimated Fair Value	$ 37,854	$ 37,627

Investments (Credit quality ind

Investments (Credit quality indicator) (Details) - Mortgage loans $ in Millions	Sep. 30, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
2023	$ 75
2022	248
2021	81
2020	135
2019	182
Prior	309
Total	1,030
DSCR ≥1.6x | LTV less than 55%
Debt Securities, Available-for-sale [Line Items]
2023	0
2022	9
2021	8
2020	97
2019	61
Prior	242
Total	417
DSCR ≥1.6x | LTV 55% to 65%
Debt Securities, Available-for-sale [Line Items]
2023	0
2022	0
2021	5
2020	0
2019	8
Prior	0
Total	13
DSCR ≥1.6x | LTV greater than 65%
Debt Securities, Available-for-sale [Line Items]
2023	0
2022	31
2021	11
2020	0
2019	0
Prior	0
Total	42
DSCR 1.2x - 1.6x | LTV less than 55%
Debt Securities, Available-for-sale [Line Items]
2023	28
2022	5
2021	0
2020	14
2019	29
Prior	28
Total	104
DSCR 1.2x - 1.6x | LTV 55% to 65%
Debt Securities, Available-for-sale [Line Items]
2023	15
2022	36
2021	36
2020	24
2019	0
Prior	32
Total	143
DSCR 1.2x - 1.6x | LTV greater than 65%
Debt Securities, Available-for-sale [Line Items]
2023	0
2022	65
2021	0
2020	0
2019	0
Prior	0
Total	65
DSCR ≤1.2 | LTV less than 55%
Debt Securities, Available-for-sale [Line Items]
2023	22
2022	34
2021	0
2020	0
2019	0
Prior	0
Total	56
DSCR ≤1.2 | LTV 55% to 65%
Debt Securities, Available-for-sale [Line Items]
2023	10
2022	41
2021	0
2020	0
2019	43
Prior	0
Total	94
DSCR ≤1.2 | LTV greater than 65%
Debt Securities, Available-for-sale [Line Items]
2023	0
2022	27
2021	21
2020	0
2019	41
Prior	7
Total	$ 96

Fair Value (Assets and liabilit

Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fixed maturity securities:
Fixed maturity securities	$ 37,856	$ 37,627	[1]
Equity securities:
Equity securities	692	674	[1]
Short term and other	1,791	1,679
Total assets	40,339	39,980
Other liabilities	1	1
Total liabilities	1	1
Corporate and other bonds
Fixed maturity securities:
Fixed maturity securities	23,320	22,117
States, municipalities and political subdivisions
Fixed maturity securities:
Fixed maturity securities	7,034	8,317
Asset-backed
Fixed maturity securities:
Fixed maturity securities	7,502	7,193
Common Stock
Equity securities:
Equity securities	213	185
Non-redeemable preferred stock
Equity securities:
Equity securities	479	489
Level 1
Fixed maturity securities:
Fixed maturity securities	159	120
Equity securities:
Equity securities	242	204
Short term and other	1,756	1,608
Total assets	2,157	1,932
Other liabilities	0	0
Total liabilities	0	0
Level 1 | Corporate and other bonds
Fixed maturity securities:
Fixed maturity securities	159	120
Level 1 | States, municipalities and political subdivisions
Fixed maturity securities:
Fixed maturity securities	0	0
Level 1 | Asset-backed
Fixed maturity securities:
Fixed maturity securities	0	0
Level 1 | Common Stock
Equity securities:
Equity securities	190	150
Level 1 | Non-redeemable preferred stock
Equity securities:
Equity securities	52	54
Level 2
Fixed maturity securities:
Fixed maturity securities	35,814	35,866
Equity securities:
Equity securities	427	435
Short term and other	35	71
Total assets	36,276	36,372
Other liabilities	1	1
Total liabilities	1	1
Level 2 | Corporate and other bonds
Fixed maturity securities:
Fixed maturity securities	22,216	21,187
Level 2 | States, municipalities and political subdivisions
Fixed maturity securities:
Fixed maturity securities	6,993	8,274
Level 2 | Asset-backed
Fixed maturity securities:
Fixed maturity securities	6,605	6,405
Level 2 | Common Stock
Equity securities:
Equity securities	0	0
Level 2 | Non-redeemable preferred stock
Equity securities:
Equity securities	427	435
Level 3
Fixed maturity securities:
Fixed maturity securities	1,883	1,641
Equity securities:
Equity securities	23	35
Short term and other	0	0
Total assets	1,906	1,676
Other liabilities	0	0
Total liabilities	0	0
Level 3 | Corporate and other bonds
Fixed maturity securities:
Fixed maturity securities	945	810
Level 3 | States, municipalities and political subdivisions
Fixed maturity securities:
Fixed maturity securities	41	43
Level 3 | Asset-backed
Fixed maturity securities:
Fixed maturity securities	897	788
Level 3 | Common Stock
Equity securities:
Equity securities	23	35
Level 3 | Non-redeemable preferred stock
Equity securities:
Equity securities	$ 0	$ 0
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Fair Value (Table of reconcilia

Fair Value (Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning, Assets	$ 1,923	$ 1,580	$ 1,676	$ 1,578
Reported in Net investment gains (losses)	$ (4)	$ (1)	$ (5)	$ (1)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment losses	Net investment losses	Net investment losses	Net investment losses
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive loss	Other comprehensive loss	Other comprehensive loss	Other comprehensive loss
Reported in Other comprehensive income (loss)	$ (66)	$ (92)	$ (57)	$ (339)
Total realized and unrealized investment gains (losses)	(66)	(91)	(55)	(329)
Purchases	90	125	381	487
Sales	(2)	0	(4)	(10)
Settlements	(32)	(18)	(66)	(108)
Transfers into Level 3	0	47	34	76
Transfers out of Level 3	(7)	(53)	(60)	(104)
Balance, Ending, Assets	1,906	1,590	1,906	1,590
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period	(1)	(7)	(8)	(8)
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period	(66)	(93)	(57)	(338)
Corporate and other bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning, Assets	971	846	810	937
Reported in Net investment gains (losses)	0	0	0	(2)
Reported in Other comprehensive income (loss)	(36)	(50)	(27)	(203)
Total realized and unrealized investment gains (losses)	(36)	(49)	(27)	(204)
Purchases	29	9	178	127
Sales	0	0	0	(5)
Settlements	(19)	(4)	(27)	(63)
Transfers into Level 3	0	0	11	10
Transfers out of Level 3	0	0	0	0
Balance, Ending, Assets	945	802	945	802
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period	0	0	0	0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period	(36)	(51)	(27)	(203)
States, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning, Assets	43	46	43	56
Reported in Net investment gains (losses)	0	0	0	0
Reported in Other comprehensive income (loss)	(2)	(4)	(2)	(14)
Total realized and unrealized investment gains (losses)	(2)	(4)	(2)	(14)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, Ending, Assets	41	42	41	42
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period	0	0	0	0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period	(2)	(4)	(2)	(14)
Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning, Assets	883	641	788	556
Reported in Net investment gains (losses)	(4)	2	(5)	7
Reported in Other comprehensive income (loss)	(28)	(38)	(28)	(122)
Total realized and unrealized investment gains (losses)	(27)	(31)	(18)	(104)
Purchases	61	116	203	348
Sales	0	0	0	(2)
Settlements	(13)	(14)	(39)	(54)
Transfers into Level 3	0	47	23	66
Transfers out of Level 3	(7)	(43)	(60)	(94)
Balance, Ending, Assets	897	716	897	716
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period	0	0	0	0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period	(28)	(38)	(28)	(121)
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning, Assets	26	47	35	29
Reported in Net investment gains (losses)	0	(3)	0	(6)
Reported in Other comprehensive income (loss)	0	0	0	0
Total realized and unrealized investment gains (losses)	(1)	(7)	(8)	(7)
Purchases	0	0	0	12
Sales	(2)	0	(4)	(3)
Settlements	0	0	0	9
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	(10)	0	(10)
Balance, Ending, Assets	23	30	23	30
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period	(1)	(7)	(8)	(8)
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period	0	0	0	0
Reported in Net investment income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reported in Net investment income	4	2	7	11
Reported in Net investment income | Corporate and other bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reported in Net investment income	0	1	0	1
Reported in Net investment income | States, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reported in Net investment income	0	0	0	0
Reported in Net investment income | Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reported in Net investment income	5	5	15	11
Reported in Net investment income | Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reported in Net investment income	$ (1)	$ (4)	$ (8)	$ (1)

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Other invested assets overseas deposit	$ 63	$ 72

Fair Value (Quantitative inform

Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) $ in Millions	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated fair value	$ 40,339	$ 39,980
Fixed maturity securities | Discounted cash flow
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated fair value	$ 1,359	$ 1,177
Credit spread | Discounted cash flow | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt securities, available-for-sale, measurement Input	0.01	0.01
Credit spread | Discounted cash flow | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt securities, available-for-sale, measurement Input	0.07	0.08
Credit spread | Discounted cash flow | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt securities, available-for-sale, measurement Input	0.02	0.02

Fair Value (Carrying amount and

Fair Value (Carrying amount and estimated fair value of financial instrument assets and liabilities which are not measured at fair value) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Mortgage loans	$ 995	$ 1,040	[1]
Liabilities
Long term debt	2,480	2,538	[1]
Carrying Amount
Assets
Mortgage loans	995	1,040
Liabilities
Short term debt	793	243
Long term debt	2,480	2,538
Estimated Fair Value
Assets
Mortgage loans	929	973
Liabilities
Short term debt	786	248
Long term debt	2,265	2,349
Level 1 | Estimated Fair Value
Assets
Mortgage loans	0	0
Liabilities
Short term debt	0	0
Long term debt	0	0
Level 2 | Estimated Fair Value
Assets
Mortgage loans	0	0
Liabilities
Short term debt	786	248
Long term debt	2,265	2,349
Level 3 | Estimated Fair Value
Assets
Mortgage loans	929	973
Liabilities
Short term debt	0	0
Long term debt	$ 0	$ 0
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Claim and Claim Adjustment Ex_3

Claim and Claim Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2010
Liability for Claims and Claims Adjustment Expense [Line Items]
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds	$ 94	$ 114	$ 214	$ 171
Total pretax (favorable) unfavorable development	13	(17)	44	(2)
Retroactive reinsurance benefit recognized	15	17	38	40
Cumulative amounts ceded under AEP Loss Portfolio Transfer	3,500		3,500		$ 3,500
Hurricane Ian
Liability for Claims and Claims Adjustment Expense [Line Items]
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds				87
Corporate & Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Total pretax (favorable) unfavorable development	20	$ 0	55	$ 64
Asbestos and Environmental Reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Net A&EP claim and allocated claim adjustment expense reserves ceded to NICO						$ 1,600
Aggregate limit under A&EP Loss Portfolio Transfer						4,000
A&EP claim and allocated claim adjustment expense reserves ceded under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer						1,200
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer						2,000
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer						215
Total consideration paid to NICO under AEP Loss Portfolio Transfer						$ 2,200
Deferred reinsurance benefit yet to be recognized	388		388		$ 425
Fair value of collateral trust account established by NICO under A&EP Loss Portfolio Transfer	$ 2,300		$ 2,300

Claim and Claim Adjustment Ex_4

Claim and Claim Adjustment Expense Reserves (Reconciliation of claim and claim adjustment expense reserves) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Reserves, beginning of year:
Gross	$ 22,120	$ 21,269
Ceded	5,191	4,969
Net reserves, beginning of year	16,929	16,300
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	4,221	3,830
Increase (decrease) in provision for insured events of prior years	43	(4)
Amortization of discount	33	33
Total net incurred	4,297	3,859
Net payments attributable to:
Current year events	(588)	(482)
Prior year events	(2,953)	(2,700)
Total net payments	(3,541)	(3,182)
Foreign currency translation adjustment and other	(30)	(383)
Net reserves, end of period	17,655	16,594
Ceded reserves, end of period	5,181	5,147
Gross reserves, end of period	$ 22,836	$ 21,741

Claim and Claim Adjustment Ex_5

Claim and Claim Adjustment Expense Reserves (Net prior year development) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total pretax (favorable) unfavorable development	$ 13	$ (17)	$ 44	$ (2)
Specialty
Segment Reporting Information [Line Items]
Total pretax (favorable) unfavorable development	(5)	(15)	(9)	(35)
Commercial
Segment Reporting Information [Line Items]
Total pretax (favorable) unfavorable development	(2)	(2)	(17)	(26)
International
Segment Reporting Information [Line Items]
Total pretax (favorable) unfavorable development	0	0	15	(5)
Corporate & Other
Segment Reporting Information [Line Items]
Total pretax (favorable) unfavorable development	$ 20	$ 0	$ 55	$ 64

Claim and Claim Adjustment Ex_6

Claim and Claim Adjustment Expense Reserves (Specialty - Net prior year claim and allocated claim adjustment expense reserve development) (Details) - Specialty - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Medical Professional Liability	$ 0	$ 8	$ 9	$ 17
Other Professional Liability and Management Liability	17	9	16	22
Surety	(21)	(20)	(28)	(48)
Warranty	(2)	(13)	(11)	(22)
Other	1	1	5	(4)
Total pretax (favorable) unfavorable development	$ (5)	$ (15)	$ (9)	$ (35)

Claim and Claim Adjustment Ex_7

Claim and Claim Adjustment Expense Reserves (Commercial - Net prior year claim and allocated claim adjustment expense reserve development) (Details) - Commercial - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Commercial	$ 0	$ 0	$ 11	$ 21
General Liability	0	0	70	41
Workers' Compensation	(2)	(2)	(100)	(86)
Property and Other	0	0	2	(2)
Total pretax (favorable) unfavorable development	$ (2)	$ (2)	$ (17)	$ (26)

Claim and Claim Adjustment Ex_8

Claim and Claim Adjustment Expense Reserves (International - Net prior year claim and allocated claim adjustment expense reserve development) (Details) - International - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Commercial	$ 0	$ 0	$ (5)	$ (4)
Specialty	0	0	22	(1)
Other	0	0	(2)	0
Total pretax (favorable) unfavorable development	$ 0	$ 0	$ 15	$ (5)

Future Policy Benefit Reserve_2

Future Policy Benefit Reserves - Summary of Balances and Changes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Present value of future net premiums
Balance, January 1	$ 3,993	$ 4,735
Effect of changes in discount rate	67	(40)	$ (74)		$ (880)
Balance, January 1, at original locked in discount rate	3,919	3,855
Effect of changes in cash flow assumptions			28		352
Expect of actual variances from expected experience			(112)		(40)
Adjusted balance, January 1			3,835		4,167
Interest accrual	153	161
Net premiums: earned during period	(332)	(341)
Balance, end of period at original locked in discount rate	3,656	3,987
Effect of changes in discount rate	(67)	40	74		880
Balance, September 30	3,589	4,027
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, January 1	17,472	22,745
Effect of changes in discount rate	873	134	(125)		(5,942)
Balance, January 1, at original locked in discount rate	17,347	16,803
Effect of change in cash flow assumptions			36		538
Effect of actual variances from expected experience			(45)		(21)
Adjusted balance, January 1			17,338		17,320
Interest accrual	723	730
Benefit & expense payments	(945)	(708)
Balance, end of period at original locked in discount rate	17,116	17,342
Effect of changes in discount rate	(873)	(134)	125		$ 5,942
Balance, September 30	16,243	17,208
Net LFPB, September 30	$ 12,654	$ 13,181	$ 13,480	[1]		$ 19,132
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Future Policy Benefit Reserve_3

Future Policy Benefit Reserves - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Liability for unpaid claims and claims adjustment expense, long term care policies, period increase (decrease)	$ 8	$ 186
Liability for unpaid claims and claims adjustment, cash flows beyond tenor, normative rate grading term	10 years		10 years
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact	$ (41)	(211)	$ (75)	$ (205)
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance	$ 3,711	$ 4,102	$ 3,711	$ 4,102
Liability for future policy benefit, weighted-average duration	12 years	12 years	12 years	12 years
Liability for future policy benefit, adverse development, expense	$ 109	$ 154	$ 152	$ 154
Liability future policy benefit, losses recognized in prior period	$ 26	$ 1	$ 37	$ 1

Future Policy Benefit Reserve_4

Future Policy Benefit Reserves - Earned Premiums and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Earned premiums	$ 112	$ 118	$ 340	$ 356
Interest expense	$ 191	$ 192	$ 570	$ 569

Future Policy Benefit Reserve_5

Future Policy Benefit Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Expected future benefit and expense payments	$ 33,217	$ 34,496
Expected future gross premiums	$ 5,557	$ 6,034

Future Policy Benefit Reserve_6

Future Policy Benefit Reserves - Weighted Average Interest Rates (Details)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Insurance [Abstract]
Original locked in discount rate	5.24%	5.27%	5.28%
Upper-medium grade fixed income instrument discount rate	5.78%	5.23%	5.39%

Legal Proceedings, Contingenc_2

Legal Proceedings, Contingencies and Guarantees (Narrative) (Details) $ in Billions	Sep. 30, 2023 USD ($)
Guarantee Obligations
Legal Proceedings, Commitments and Contingencies, and Guarantees [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 1.5

Benefit Plans (Components of ne

Benefit Plans (Components of net periodic cost (benefit)) (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	$ 25	$ 17	$ 74	$ 50
Expected return on plan assets	(29)	(38)	(89)	(114)
Amortization of net actuarial loss	7	8	24	23
Total net periodic pension cost (benefit)	$ 3	$ (13)	$ 9	$ (41)

Benefit Plans (Summary of non-s

Benefit Plans (Summary of non-service cost (benefit) in the condensed consolidated statements of operations (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic defined benefits expense (reversal of expense), excluding service cost component	$ 3	$ (13)	$ 9	$ (41)
Insurance claims and policyholder's benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic defined benefits expense (reversal of expense), excluding service cost component	1	(3)	2	(11)
Other operating expenses
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic defined benefits expense (reversal of expense), excluding service cost component	$ 2	$ (10)	$ 7	$ (30)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) by Component (Schedule of Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended		9 Months Ended			12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022		Jun. 30, 2022		Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022		Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period	[1]						$ 8,548
Other comprehensive income (loss) before reclassifications		$ (351)	$ (946)				(231)	$ (2,775)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax		(35)	(106)				(88)	(132)
Other comprehensive income (loss) after tax (expense) benefit		(316)	(840)				(143)	(2,643)
Total stockholder's equity at end of period		8,563	8,003	[2]			8,563	8,003	[2]	$ 8,548	[1]
Income tax effects allocated directly to equity, cumulative effect of change in accounting principle					$ 120					11		$ 446
Reclassification from AOCI, tax		9	13				23	19
Tax (expense) benefit on other comprehensive income (loss)		72	210				39	661
Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period							8,825
Total stockholder's equity at end of period										8,825
Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period							(277)
Total stockholder's equity at end of period										(277)
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(3,425)	(3,163)	[2]	(1,360)	[2]	(3,598)	(1,360)	[2]	(1,360)	[2]	(1,537)
Total stockholder's equity at end of period		(3,741)	(4,003)	[2]	(3,163)	[2]	(3,741)	(4,003)	[2]	(3,598)		(1,360)	[2]
Accumulated other comprehensive income (loss) | Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(3,425)	(2,713)	[2]	320	[2]	(3,557)	320	[2]	320	[2]	803
Total stockholder's equity at end of period					(2,713)	[2]				(3,557)		320	[2]
Accumulated other comprehensive income (loss) | Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		0	(450)	[2]	(1,680)	[2]	(41)	(1,680)	[2]	(1,680)	[2]
Total stockholder's equity at end of period					(450)	[2]				(41)		(1,680)	[2]
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(16)	(8)		(2)		(7)	(2)		(2)
Other comprehensive income (loss) before reclassifications		(9)	0				(25)	(5)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax		(8)	2				(15)	3
Other comprehensive income (loss) after tax (expense) benefit		(1)	(2)				(10)	(8)
Total stockholder's equity at end of period		(17)	(10)		(8)		(17)	(10)		(7)		(2)
Income tax effects allocated directly to equity, cumulative effect of change in accounting principle					0					0		0
Reclassification from AOCI, tax		2	0				4	(1)
Tax (expense) benefit on other comprehensive income (loss)		1	1				3	2
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			(8)		(2)		(7)	(2)		(2)
Total stockholder's equity at end of period					(8)					(7)		(2)
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			0		0		0	0		0
Total stockholder's equity at end of period					0					0		0
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on other investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(2,481)	(1,510)		3,359		(2,738)	3,359		3,359
Other comprehensive income (loss) before reclassifications		(1,105)	(1,837)				(880)	(6,721)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax		(21)	(102)				(53)	(117)
Other comprehensive income (loss) after tax (expense) benefit		(1,084)	(1,735)				(827)	(6,604)
Total stockholder's equity at end of period		(3,565)	(3,245)		(1,510)		(3,565)	(3,245)		(2,738)		3,359
Income tax effects allocated directly to equity, cumulative effect of change in accounting principle					(108)					0		(617)
Reclassification from AOCI, tax		6	11				14	15
Tax (expense) benefit on other comprehensive income (loss)		289	476				221	1,764
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on other investments | Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			(1,918)		1,039		(2,738)	1,039		1,039
Total stockholder's equity at end of period					(1,918)					(2,738)		1,039
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on other investments | Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			408		2,320		0	2,320		2,320
Total stockholder's equity at end of period					408					0		2,320
Pension and postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(577)	(592)		(604)		(591)	(604)		(604)
Other comprehensive income (loss) before reclassifications		0	0				0	0
Amounts reclassified from accumulated other comprehensive income (loss) net of tax		(6)	(6)				(20)	(18)
Other comprehensive income (loss) after tax (expense) benefit		6	6				20	18
Total stockholder's equity at end of period		(571)	(586)		(592)		(571)	(586)		(591)		(604)
Income tax effects allocated directly to equity, cumulative effect of change in accounting principle					0					0		0
Reclassification from AOCI, tax		1	2				5	5
Tax (expense) benefit on other comprehensive income (loss)		(1)	(2)				(5)	(5)
Pension and postretirement benefits | Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			(592)		(604)		(591)	(604)		(604)
Total stockholder's equity at end of period					(592)					(591)		(604)
Pension and postretirement benefits | Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			0		0		0	0		0
Total stockholder's equity at end of period					0					0		0
Cumulative impact of changes in discount rates used to measure long duration contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(181)	(858)		(4,000)		(41)	(4,000)		(4,000)
Other comprehensive income (loss) before reclassifications		818	994				678	4,136
Amounts reclassified from accumulated other comprehensive income (loss) net of tax		0	0				0	0
Other comprehensive income (loss) after tax (expense) benefit		818	994				678	4,136
Total stockholder's equity at end of period		637	136		(858)		637	136		(41)		(4,000)
Income tax effects allocated directly to equity, cumulative effect of change in accounting principle					228					11		1,063
Reclassification from AOCI, tax		0	0				0	0
Tax (expense) benefit on other comprehensive income (loss)		(217)	(265)				(180)	(1,100)
Cumulative impact of changes in discount rates used to measure long duration contracts | Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			0		0		0	0		0
Total stockholder's equity at end of period					0					0		0
Cumulative impact of changes in discount rates used to measure long duration contracts | Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			(858)		(4,000)		(41)	(4,000)		(4,000)
Total stockholder's equity at end of period					(858)					(41)		(4,000)
Cumulative foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period		(170)	(195)		(113)		(221)	(113)		(113)
Other comprehensive income (loss) before reclassifications		(55)	(103)				(4)	(185)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax		0	0				0	0
Other comprehensive income (loss) after tax (expense) benefit		(55)	(103)				(4)	(185)
Total stockholder's equity at end of period		(225)	(298)		(195)		(225)	(298)		(221)		(113)
Income tax effects allocated directly to equity, cumulative effect of change in accounting principle					0					0		0
Reclassification from AOCI, tax		0	0				0	0
Tax (expense) benefit on other comprehensive income (loss)		$ 0	0				0	0
Cumulative foreign currency translation adjustment | Prior to Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			(195)		(113)		(221)	(113)		(113)
Total stockholder's equity at end of period					(195)					(221)		(113)
Cumulative foreign currency translation adjustment | Effect of Adoption
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholder's equity at beginning of period			$ 0		0		$ 0	$ 0		0
Total stockholder's equity at end of period					$ 0					$ 0		$ 0
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.[2]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023 segment
Core Segments - Specialty, Commercial and International
Segment Reporting Information [Line Items]
Number of operating segments	3
Non-Core Segments - Life & Group and Corporate & Other
Segment Reporting Information [Line Items]
Number of operating segments	2

Business Segments (Income State

Business Segments (Income Statement Information) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Operating revenues
Net earned premiums	$ 2,406	$ 2,221	[1]	$ 7,001	$ 6,435	[1]
Net investment income	553	422	[1]	1,653	1,302	[1]
Non-insurance warranty revenue	407	399	[1]	1,221	1,173	[1]
Other revenues	8	11	[1]	22	24	[1]
Total operating revenues	3,374	3,053		9,897	8,934
Claims, Benefits and Expenses
Net incurred claims and benefits	1,818	1,873		5,236	4,939
Policyholders’ dividends	8	7		22	20
Amortization of deferred acquisition costs	426	383	[1]	1,208	1,101	[1]
Non-insurance warranty expense	386	371	[1]	1,154	1,092	[1]
Other insurance related expenses	294	297		917	863
Other expenses	78	77		197	222
Total claims, benefits and expenses	3,010	3,008	[1]	8,734	8,237	[1]
Core income (loss) before income tax	364	45		1,163	697
Income tax (expense) benefit on core income (loss)	(75)	(2)		(241)	(126)
Core income (loss)	289	43		922	571
Net investment gains (losses)	(38)	(96)		(105)	(166)
Income tax (expense) benefit on net investment gains (losses)	7	11		21	38
Net investment gains (losses), after tax	(31)	(85)		(84)	(128)
Net income (loss)	258	(42)		838	443
Operating Segments | Specialty
Operating revenues
Net earned premiums	829	810		2,438	2,376
Net investment income	136	102		407	305
Non-insurance warranty revenue	407	399		1,221	1,173
Other revenues	0	(1)		0	0
Total operating revenues	1,372	1,310		4,066	3,854
Claims, Benefits and Expenses
Net incurred claims and benefits	480	459		1,419	1,360
Policyholders’ dividends	2	2		5	5
Amortization of deferred acquisition costs	175	169		508	488
Non-insurance warranty expense	386	371		1,154	1,092
Other insurance related expenses	89	88		269	250
Other expenses	13	15		39	40
Total claims, benefits and expenses	1,145	1,104		3,394	3,235
Core income (loss) before income tax	227	206		672	619
Income tax (expense) benefit on core income (loss)	(49)	(45)		(146)	(134)
Core income (loss)	178	161		526	485
Operating Segments | Commercial
Operating revenues
Net earned premiums	1,170	1,023		3,336	2,901
Net investment income	156	112		470	343
Non-insurance warranty revenue	0	0		0	0
Other revenues	9	13		22	25
Total operating revenues	1,335	1,148		3,828	3,269
Claims, Benefits and Expenses
Net incurred claims and benefits	807	733		2,235	1,916
Policyholders’ dividends	6	5		17	15
Amortization of deferred acquisition costs	188	163		532	467
Non-insurance warranty expense	0	0		0	0
Other insurance related expenses	156	145		456	409
Other expenses	11	3		27	21
Total claims, benefits and expenses	1,168	1,049		3,267	2,828
Core income (loss) before income tax	167	99		561	441
Income tax (expense) benefit on core income (loss)	(34)	(19)		(118)	(91)
Core income (loss)	133	80		443	350
Operating Segments | International
Operating revenues
Net earned premiums	296	270		888	803
Net investment income	26	16		74	44
Non-insurance warranty revenue	0	0		0	0
Other revenues	(1)	0		0	0
Total operating revenues	321	286		962	847
Claims, Benefits and Expenses
Net incurred claims and benefits	178	169		552	487
Policyholders’ dividends	0	0		0	0
Amortization of deferred acquisition costs	63	51		168	146
Non-insurance warranty expense	0	0		0	0
Other insurance related expenses	20	35		102	112
Other expenses	6	11		2	25
Total claims, benefits and expenses	267	266		824	770
Core income (loss) before income tax	54	20		138	77
Income tax (expense) benefit on core income (loss)	(14)	(1)		(36)	(14)
Core income (loss)	40	19		102	63
Operating Segments | Life & Group
Operating revenues
Net earned premiums	112	118		340	356
Net investment income	216	187		659	600
Non-insurance warranty revenue	0	0		0	0
Other revenues	0	0		0	0
Total operating revenues	328	305		999	956
Claims, Benefits and Expenses
Net incurred claims and benefits	343	525		998	1,140
Policyholders’ dividends	0	0		0	0
Amortization of deferred acquisition costs	0	0		0	0
Non-insurance warranty expense	0	0		0	0
Other insurance related expenses	29	29		89	89
Other expenses	(1)	2		0	7
Total claims, benefits and expenses	371	556		1,087	1,236
Core income (loss) before income tax	(43)	(251)		(88)	(280)
Income tax (expense) benefit on core income (loss)	14	59		36	84
Core income (loss)	(29)	(192)		(52)	(196)
Operating Segments | Corporate & Other
Operating revenues
Net earned premiums	0	0		0	(1)
Net investment income	19	5		43	10
Non-insurance warranty revenue	0	0		0	0
Other revenues	2	1		7	4
Total operating revenues	21	6		50	13
Claims, Benefits and Expenses
Net incurred claims and benefits	10	(13)		32	36
Policyholders’ dividends	0	0		0	0
Amortization of deferred acquisition costs	0	0		0	0
Non-insurance warranty expense	0	0		0	0
Other insurance related expenses	1	1		2	4
Other expenses	51	47		136	133
Total claims, benefits and expenses	62	35		170	173
Core income (loss) before income tax	(41)	(29)		(120)	(160)
Income tax (expense) benefit on core income (loss)	8	4		23	29
Core income (loss)	(33)	(25)		(97)	(131)
Eliminations
Operating revenues
Net earned premiums	(1)	0		(1)	0
Net investment income	0	0		0	0
Non-insurance warranty revenue	0	0		0	0
Other revenues	(2)	(2)		(7)	(5)
Total operating revenues	(3)	(2)		(8)	(5)
Claims, Benefits and Expenses
Net incurred claims and benefits	0	0		0	0
Policyholders’ dividends	0	0		0	0
Amortization of deferred acquisition costs	0	0		0	0
Non-insurance warranty expense	0	0		0	0
Other insurance related expenses	(1)	(1)		(1)	(1)
Other expenses	(2)	(1)		(7)	(4)
Total claims, benefits and expenses	(3)	(2)		(8)	(5)
Core income (loss) before income tax	0	0		0	0
Income tax (expense) benefit on core income (loss)	0	0		0	0
Core income (loss)	$ 0	$ 0		$ 0	$ 0
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Business Segments (Balance Shee

Business Segments (Balance Sheet Information) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022		Sep. 30, 2022	Dec. 31, 2020
Segment Reporting Information [Line Items]
Reinsurance receivables	$ 5,469	$ 5,438
Insurance receivables	3,240	3,187
Deferred acquisition costs	880	806	[1]
Goodwill	145	144	[1]
Deferred non-insurance warranty acquisition expense	3,688	3,671	[1]
Insurance reserves
Claim and claim adjustment expenses	22,836	22,120	[1]
Unearned premiums	6,789	6,374	[1]
Future policy benefits	12,654	13,480	[1]	$ 13,181	$ 19,132
Deferred non-insurance warranty revenue	4,736	4,714	[1]
Operating Segments | Specialty
Segment Reporting Information [Line Items]
Reinsurance receivables	1,384	1,384
Insurance receivables	1,010	1,082
Deferred acquisition costs	398	381
Goodwill	117	117
Deferred non-insurance warranty acquisition expense	3,688	3,671
Insurance reserves
Claim and claim adjustment expenses	7,090	6,878
Unearned premiums	3,202	3,193
Future policy benefits	0	0
Deferred non-insurance warranty revenue	4,736	4,714
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Reinsurance receivables	1,217	1,062
Insurance receivables	1,880	1,728
Deferred acquisition costs	358	321
Goodwill	0	0
Deferred non-insurance warranty acquisition expense	0	0
Insurance reserves
Claim and claim adjustment expenses	9,902	9,395
Unearned premiums	2,764	2,425
Future policy benefits	0	0
Deferred non-insurance warranty revenue	0	0
Operating Segments | International
Segment Reporting Information [Line Items]
Reinsurance receivables	455	414
Insurance receivables	346	369
Deferred acquisition costs	124	104
Goodwill	28	27
Deferred non-insurance warranty acquisition expense	0	0
Insurance reserves
Claim and claim adjustment expenses	2,572	2,403
Unearned premiums	717	653
Future policy benefits	0	0
Deferred non-insurance warranty revenue	0	0
Operating Segments | Life & Group
Segment Reporting Information [Line Items]
Reinsurance receivables	97	101
Insurance receivables	4	8
Deferred acquisition costs	0	0
Goodwill	0	0
Deferred non-insurance warranty acquisition expense	0	0
Insurance reserves
Claim and claim adjustment expenses	649	695
Unearned premiums	106	103
Future policy benefits	12,654	13,480
Deferred non-insurance warranty revenue	0	0
Operating Segments | Corporate & Other
Segment Reporting Information [Line Items]
Reinsurance receivables	2,316	2,477
Insurance receivables	0	0
Deferred acquisition costs	0	0
Goodwill	0	0
Deferred non-insurance warranty acquisition expense	0	0
Insurance reserves
Claim and claim adjustment expenses	2,623	2,749
Unearned premiums	0	0
Future policy benefits	0	0
Deferred non-insurance warranty revenue	0	0
Eliminations
Segment Reporting Information [Line Items]
Reinsurance receivables	0	0
Insurance receivables	0	0
Deferred acquisition costs	0	0
Goodwill	0	0
Deferred non-insurance warranty acquisition expense	0	0
Insurance reserves
Claim and claim adjustment expenses	0	0
Unearned premiums	0	0
Future policy benefits	0	0
Deferred non-insurance warranty revenue	$ 0	$ 0
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Business Segments (Revenues by

Business Segments (Revenues by Line of Business) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Total revenues	$ 3,336	$ 2,957	[1]	$ 9,792	$ 8,768	[1]
Total operating revenues	3,374	3,053		9,897	8,934
Net investment gains (losses)	(38)	(96)	[1]	(105)	(166)	[1]
Operating Segments | Specialty
Total revenues	1,372	1,310		4,066	3,854
Operating Segments | Commercial
Total revenues	1,335	1,148		3,828	3,269
Operating Segments | International
Total revenues	321	286		962	847
Operating Segments | Life & Group
Total revenues	328	305		999	956
Operating Segments | Corporate & Other
Total revenues	21	6		50	13
Eliminations
Total revenues	(3)	(2)		(8)	(5)
Management & Professional Liability | Operating Segments | Specialty
Total revenues	723	688		2,146	2,041
Surety | Operating Segments | Specialty
Total revenues	189	171		540	481
Warranty & Alternative Risks | Operating Segments | Specialty
Total revenues	460	451		1,380	1,332
Middle Market | Operating Segments | Commercial
Total revenues	437	397		1,254	1,133
Construction | Operating Segments | Commercial
Total revenues	444	372		1,249	1,046
Small Business | Operating Segments | Commercial
Total revenues	160	149		470	430
Other Commercial | Operating Segments | Commercial
Total revenues	294	230		855	660
Canada | Operating Segments | International
Total revenues	98	93		287	272
Europe | Operating Segments | International
Total revenues	139	112		401	350
Hardy | Operating Segments | International
Total revenues	$ 84	$ 81		$ 274	$ 225
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Non-Insurance Revenues from C_2

Non-Insurance Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	[1]
Revenue from Contract with Customer [Abstract]
Deferred non-insurance warranty revenue	$ 4,736		$ 4,736		$ 4,714
Contract with customer, liability, revenue recognized	200	$ 300	900	$ 1,000
Deferred non-insurance warranty acquisition expense	$ 3,688		$ 3,688		$ 3,671
[1]As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Non-Insurance Revenues from C_3

Non-Insurance Revenues from Contracts with Customers (Performance obligation) (Details) $ in Billions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 0.4
Remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 1.3
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 1
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 2
Remaining performance obligation, expected timing of satisfaction, period