Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Fixed-maturity securities

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

(Dollars in millions)	Amortized cost		Gross unrealized				Fair value
At December 31, 2022			gains		losses
Fixed-maturity securities:
Corporate	$	7,412	$	37	$	580	$	6,869
States, municipalities and political subdivisions	4,901		24		303		4,622
Commercial mortgage-backed	250		—		16		234
United States government	196		—		5		191
Government-sponsored enterprises	186		—		3		183
Foreign government	34		—		1		33
Total	$	12,979	$	61	$	908	$	12,132
At December 31, 2021
Fixed-maturity securities:
Corporate	$	7,043	$	467	$	13	$	7,497
States, municipalities and political subdivisions	4,768		330		3		5,095
Commercial mortgage-backed	264		9		—		273
United States government	121		2		—		123
Government-sponsored enterprises	8		—		—		8
Foreign government	26		—		—		26
Total	$	12,230	$	808	$	16	$	13,022

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, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed-maturity securities:
Corporate	$	5,651	$	412	$	661	$	168	$	6,312	$	580
States, municipalities and political subdivisions	2,600		274		77		29		2,677		303
Commercial mortgage-backed	215		13		14		3		229		16
United States government	146		3		41		2		187		5
Government-sponsored enterprises	123		3		3		—		126		3
Foreign government	25		1		4		—		29		1
Total	$	8,760	$	706	$	800	$	202	$	9,560	$	908
At December 31, 2021
Fixed-maturity securities:
Corporate	$	861	$	13	$	15	$	—	$	876	$	13
States, municipalities and political subdivisions	105		2		2		1		107		3
Commercial mortgage-backed	10		—		11		—		21		—
United States government	48		—		—		—		48		—
Government-sponsored enterprises	7		—		—		—		7		—
Foreign government	16		—		—		—		16		—
Total	$	1,047	$	15	$	28	$	1	$	1,075	$	16

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

Contractual maturity dates for fixed-maturity securities were:

(Dollars in millions)	Amortized cost		Fair value		% of fair value
At December 31, 2022
Maturity dates:
Due in one year or less	$	713	$	709	5.8	%
Due after one year through five years	3,966		3,834		31.6
Due after five years through ten years	3,533		3,357		27.7
Due after ten years	4,767		4,232		34.9
Total	$	12,979	$	12,132	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,
	2022		2021		2020
Investment income:
Interest	$	510	$	477	$	455
Dividends	275		246		220
Other	11		5		8
Total	796		728		683
Less investment expenses	15		14		13
Total	$	781	$	714	$	670
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net	$	16	$	4	$	79
Unrealized gains and losses on securities still held, net	(1,526)		2,278		841
Subtotal	(1,510)		2,282		920
Fixed-maturity securities:
Gross realized gains	6		36		16
Gross realized losses	(4)		(5)		(3)
Write-down of impaired securities	(5)		(1)		(78)
Subtotal	(3)		30		(65)
Other	46		97		10
Total	$	(1,467)	$	2,409	$	865