Investments (Tables)
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3 Months Ended |
Mar. 31, 2024 |
Investments [Abstract] |
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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 March 31, 2024 | | | gains | | losses | | Fixed-maturity securities: | | | | | | | | | Corporate | | $ | 8,002 | | | $ | 60 | | | $ | 463 | | | $ | 7,599 | | States, municipalities and political subdivisions | | 4,872 | | | 28 | | | 232 | | | 4,668 | | Government-sponsored enterprises | | 1,424 | | | 1 | | | 4 | | | 1,421 | | Asset-backed | | 200 | | | — | | | 11 | | | 189 | | United States government | | 182 | | | — | | | 4 | | | 178 | | Foreign government | | 29 | | | — | | | — | | | 29 | | | | | | | | | | | Total | | $ | 14,709 | | | $ | 89 | | | $ | 714 | | | $ | 14,084 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2023 | | | | | | | | | Fixed-maturity securities: | | | | | | | | | Corporate | | $ | 7,836 | | | $ | 70 | | | $ | 454 | | | $ | 7,452 | | States, municipalities and political subdivisions | | 4,867 | | | 44 | | | 208 | | | 4,703 | | Government-sponsored enterprises | | 1,227 | | | 3 | | | 6 | | | 1,224 | | Asset-backed | | 203 | | | — | | | 16 | | | 187 | | United States government | | 203 | | | — | | | 3 | | | 200 | | Foreign government | | 25 | | | — | | | — | | | 25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 14,361 | | | $ | 117 | | | $ | 687 | | | $ | 13,791 | | | | | | | | | | |
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Fair Value and Unrealized Losses by Investment Category and By the Duration of the Securities' Continuous Unrealized Loss Position |
The table below provides fair values and gross 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 March 31, 2024 | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | Fixed-maturity securities: | | | | | | | | | | | | | Corporate | | $ | 642 | | | $ | 13 | | | $ | 5,488 | | | $ | 450 | | | $ | 6,130 | | | $ | 463 | | States, municipalities and political subdivisions | | 1,099 | | | 9 | | | 1,900 | | | 223 | | | 2,999 | | | 232 | | Government-sponsored enterprises | | 396 | | | 1 | | | 168 | | | 3 | | | 564 | | | 4 | | Asset-backed | | 30 | | | — | | | 133 | | | 11 | | | 163 | | | 11 | | United States government | | 74 | | | — | | | 105 | | | 4 | | | 179 | | | 4 | | Foreign government | | 17 | | | — | | | 5 | | | — | | | 22 | | | — | | Total | | $ | 2,258 | | | $ | 23 | | | $ | 7,799 | | | $ | 691 | | | $ | 10,057 | | | $ | 714 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2023 | | | | | | | | | | | | | Fixed-maturity securities: | | | | | | | | | | | | | Corporate | | $ | 379 | | | $ | 13 | | | $ | 5,560 | | | $ | 441 | | | $ | 5,939 | | | $ | 454 | | States, municipalities and political subdivisions | | 313 | | | 2 | | | 1,932 | | | 206 | | | 2,245 | | | 208 | | Government-sponsored enterprises | | 652 | | | 3 | | | 113 | | | 3 | | | 765 | | | 6 | | Asset-backed | | 5 | | | — | | | 172 | | | 16 | | | 177 | | | 16 | | United States government | | 32 | | | — | | | 129 | | | 3 | | | 161 | | | 3 | | Foreign government | | 3 | | | — | | | 6 | | | — | | | 9 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 1,384 | | | $ | 18 | | | $ | 7,912 | | | $ | 669 | | | $ | 9,296 | | | $ | 687 | | | | | | | | | | | | | | |
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Investments Classified by Contractual Maturity Date |
Contractual maturity dates for fixed-maturities securities were: | | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Amortized cost | | Fair value | | % of fair value | At March 31, 2024 | | | | Maturity dates: | | | | | | | Due in one year or less | | $ | 971 | | | $ | 963 | | | 6.8 | % | Due after one year through five years | | 4,413 | | | 4,300 | | | 30.5 | | Due after five years through ten years | | 3,553 | | | 3,427 | | | 24.3 | | Due after ten years | | 5,772 | | | 5,394 | | | 38.4 | | Total | | $ | 14,709 | | | $ | 14,084 | | | 100.0 | % | | | | | | | |
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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, net: | | | | | | | | | | | | | | | | (Dollars in millions) | | | Three months ended March 31, | | | | | | 2024 | | 2023 | Investment income: | | | | | | | | Interest | | | | | $ | 169 | | | $ | 140 | | Dividends | | | | | 72 | | | 66 | | Other | | | | | 7 | | | 7 | | Total | | | | | 248 | | | 213 | | Less investment expenses | | | | | 3 | | | 3 | | Total | | | | | $ | 245 | | | $ | 210 | | | | | | | | | | Investment gains and losses, net: | | | | | | | | Equity securities: | | | | | | | | Investment gains and losses on securities sold, net | | | | | $ | (11) | | | $ | (1) | | Unrealized gains and losses on securities still held, net | | | | | 613 | | | 106 | | Subtotal | | | | | 602 | | | 105 | | Fixed-maturity securities: | | | | | | | | Gross realized gains | | | | | — | | | 1 | | Gross realized losses | | | | | (1) | | | (1) | | Change in allowance for credit losses, net | | | | | (9) | | | — | | | | | | | | | | Subtotal | | | | | (10) | | | — | | | | | | | | | | Other | | | | | 20 | | | 1 | | | | | | | | | | Total | | | | | $ | 612 | | | $ | 106 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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