Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments [Abstract]

Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value for Investments

The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and equity securities:

(Dollars in millions)	Cost or amortized cost		Gross unrealized				Fair value
At December 31, 2018			gains		losses
Fixed-maturity securities:
Corporate	$	5,712	$	85	$	87	$	5,710
States, municipalities and political subdivisions	4,251		84		31		4,304
Commercial mortgage-backed	287		3		2		288
Government-sponsored enterprises	316		1		7		310
United States government	67		1		1		67
Foreign government	10		—		—		10
Total	$	10,643	$	174	$	128	$	10,689
At December 31, 2017
Fixed-maturity securities:
Corporate	$	5,420	$	246	$	13	$	5,653
States, municipalities and political subdivisions	4,316		155		6		4,465
Commercial mortgage-backed	280		7		1		286
Government-sponsored enterprises	257		1		4		254
United States government	31		—		—		31
Foreign government	10		—		—		10
Subtotal	10,314		409		24		10,699
Equity securities:
Common equities	2,918		3,135		14		6,039
Nonredeemable preferred equities	176		34		—		210
Subtotal	3,094		3,169		14		6,249
Total	$	13,408	$	3,578	$	38	$	16,948

Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position

The table below provides fair values and unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions:

(Dollars in millions)	Less than 12 months				12 months or more				Total
At December 31, 2018	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed-maturity securities:
Corporate	$	2,082	$	51	$	501	$	36	$	2,583	$	87
States, municipalities and political subdivisions	823		18		340		13		1,163		31
Commercial mortgage-backed	77		—		64		2		141		2
Government-sponsored enterprises	49		1		211		6		260		7
United States government	—		—		33		1		33		1
Total	$	3,031	$	70	$	1,149	$	58	$	4,180	$	128
At December 31, 2017
Fixed-maturity securities:
Corporate	$	330	$	4	$	252	$	9	$	582	$	13
States, municipalities and political subdivisions	88		1		264		5		352		6
Commercial mortgage-backed	33		—		36		1		69		1
Government-sponsored enterprises	96		1		124		3		220		4
Foreign government	10		—		—		—		10		—
United States government	23		—		6		—		29		—
Subtotal	580		6		682		18		1,262		24
Equity securities:
Common equities	229		14		—		—		229		14
Subtotal	229		14		—		—		229		14
Total	$	809	$	20	$	682	$	18	$	1,491	$	38

Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments

Contractual maturity dates for fixed-maturity investments were:

(Dollars in millions)	Amortized cost		Fair value		% of fair value
At December 31, 2018
Maturity dates:
Due in one year or less	$	586	$	592	5.5	%
Due after one year through five years	2,894		2,912		27.3
Due after five years through ten years	3,663		3,653		34.2
Due after ten years	3,500		3,532		33.0
Total	$	10,643	$	10,689	100.0	%

Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses

The following table provides investment income and investment gains and losses:

(Dollars in millions)	Years ended December 31,
	2018			2017			2016
Investment income:
Interest	$	445		$	445		$	440
Dividends	181			170			161
Other	5			4			3
Total	631			619			604
Less investment expenses	12			10			9
Total	$	619		$	609		$	595
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net	$	9		$	—		$	—
Unrealized gains and losses on securities still held, net	(404		)	—			—
Gross realized gains	—			195			152
Gross realized losses	—			(72		)	(53		)
Other-than-temporary impairments	—			(3		)	—
Subtotal	(395		)	120			99
Fixed maturities:
Gross realized gains	12			25			26
Gross realized losses	(2		)	—			(1		)
Other-than-temporary impairments	(5		)	(6		)	(2		)
Subtotal	5			19			23
Other	(12		)	9			2
Total	(402		)	148			124