Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

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

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

(Dollars in millions)	Amortized cost		Gross unrealized				Fair value
At December 31, 2019			gains		losses
Fixed-maturity securities:
Corporate	$	6,074	$	332	$	5	$	6,401
States, municipalities and political subdivisions	4,477		252		1		4,728
Commercial mortgage-backed	290		11		—		301
Government-sponsored enterprises	137		—		1		136
United States government	102		2		—		104
Foreign government	28		—		—		28
Total	$	11,108	$	597	$	7	$	11,698
At December 31, 2018
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

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, 2019	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed-maturity securities:
Corporate	$	199	$	2	$	118	$	3	$	317	$	5
States, municipalities and political subdivisions	98		1		10		—		108		1
Commercial mortgage-backed	6		—		—		—		6		—
Government-sponsored enterprises	26		1		51		—		77		1
United States government	—		—		4		—		4		—
Foreign government	11		—		—		—		11		—
Total	$	340	$	4	$	183	$	3	$	523	$	7
At December 31, 2018
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

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, 2019
Maturity dates:
Due in one year or less	$	455	$	459	3.9	%
Due after one year through five years	3,180		3,302		28.2
Due after five years through ten years	3,792		4,011		34.3
Due after ten years	3,681		3,926		33.6
Total	$	11,108	$	11,698	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,
	2019			2018			2017
Investment income:
Interest	$	446		$	445		$	445
Dividends	201			181			170
Other	12			5			4
Total	659			631			619
Less investment expenses	13			12			10
Total	$	646		$	619		$	609
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net	$	26		$	9		$	—
Unrealized gains and losses on securities still held, net	1,626			(404		)	—
Gross realized gains	—			—			195
Gross realized losses	—			—			(72		)
Other-than-temporary impairments	—			—			(3		)
Subtotal	1,652			(395		)	120
Fixed maturities:
Gross realized gains	13			12			25
Gross realized losses	(3		)	(2		)	—
Other-than-temporary impairments	(9		)	(5		)	(6		)
Subtotal	1			5			19
Other	(3		)	(12		)	9
Total	$	1,650		$	(402	)	$	148