Deferred Policy Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs [Abstract]

Deferred Policy Acquisition Costs And Asset Reconciliation, Including the Amortized Deferred Policy Acquisition Costs

The table below shows the deferred policy acquisition costs and asset reconciliation.

(Dollars in millions)	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Property casualty:
Deferred policy acquisition costs asset, beginning of period	$	771	$	723	$	682	$	602
Capitalized deferred policy acquisition costs	355		325		1,134		1,064
Amortized deferred policy acquisition costs	(366)		(342)		(1,056)		(960)
Deferred policy acquisition costs asset, end of period	$	760	$	706	$	760	$	706
Life:
Deferred policy acquisition costs asset, beginning of period	$	338	$	323	$	331	$	314
Capitalized deferred policy acquisition costs	10		11		32		33
Amortized deferred policy acquisition costs	(7)		(7)		(22)		(20)
Deferred policy acquisition costs asset, end of period	$	341	$	327	$	341	$	327
Consolidated:
Deferred policy acquisition costs asset, beginning of period	$	1,109	$	1,046	$	1,013	$	916
Capitalized deferred policy acquisition costs	365		336		1,166		1,097
Amortized deferred policy acquisition costs	(373)		(349)		(1,078)		(980)
Deferred policy acquisition costs asset, end of period	$	1,101	$	1,033	$	1,101	$	1,033

Life Deferred Policy Acquisition Costs by Product

The table below shows the life deferred policy acquisition costs asset by product:

(Dollars in millions)
Three months ended September 30, 2023	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	233	$	45	$	8	$	52	$	338
Capitalized deferred policy acquisition costs	8		2		—		—		10
Amortized deferred policy acquisition costs	(7)		—		—		—		(7)
Balance, end of period	$	234	$	47	$	8	$	52	$	341
Three months ended September 30, 2022
Balance, beginning of period	$	222	$	40	$	7	$	54	$	323
Capitalized deferred policy acquisition costs	9		2		—		—		$	11
Amortized deferred policy acquisition costs	(5)		(1)		—		(1)		$	(7)
Balance, end of period	$	226	$	41	$	7	$	53	$	327

(Dollars in millions)
Nine months ended September 30, 2023	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	228	$	43	$	7	$	53	$	331
Capitalized deferred policy acquisition costs	24		6		1		1		32
Amortized deferred policy acquisition costs	(18)		(2)		—		(2)		(22)
Balance, end of period	$	234	$	47	$	8	$	52	$	341
Nine months ended September 30, 2022
Balance, beginning of period	$	215	$	38	$	7	$	54	$	314
Capitalized deferred policy acquisition costs	27		5		—		1		$	33
Amortized deferred policy acquisition costs	(16)		(2)		—		(2)		$	(20)
Balance, end of period	$	226	$	41	$	7	$	53	$	327