XML 35 R25.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments (Tables)
3 Months Ended
Mar. 31, 2024
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 unrealizedFair value
At March 31, 2024gainslosses
Fixed-maturity securities:    
Corporate $8,002 $60 $463 $7,599 
States, municipalities and political subdivisions4,872 28 232 4,668 
Government-sponsored enterprises 1,424 1 4 1,421 
Asset-backed200  11 189 
United States government182  4 178 
Foreign government29   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 subdivisions4,867 44 208 4,703 
Government-sponsored enterprises1,227 1,224 
Asset-backed 203 — 16 187 
United States government203 — 200 
Foreign government25 — — 25 
Total$14,361 $117 $687 $13,791 
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 months12 months or moreTotal
At March 31, 2024Fair
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 subdivisions1,099 9 1,900 223 2,999 232 
Government-sponsored enterprises396 1 168 3 564 4 
Asset-backed30  133 11 163 11 
United States government74  105 4 179 4 
Foreign government17  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 subdivisions313 1,932 206 2,245 208 
Government-sponsored enterprises652 113 765 
Asset-backed— 172 16 177 16 
United States government32 — 129 161 
Foreign government— — — 
Total$1,384 $18 $7,912 $669 $9,296 $687 
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 years4,413 4,300 30.5 
Due after five years through ten years3,553 3,427 24.3 
Due after ten years5,772 5,394 38.4 
Total$14,709 $14,084 100.0 %
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, net:
(Dollars in millions)Three months ended March 31,
20242023
Investment income:
Interest$169 $140 
Dividends72 66 
Other 7 
Total248 213 
Less investment expenses3 
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, net613 106 
Subtotal602 105 
Fixed-maturity securities:  
Gross realized gains 
Gross realized losses(1)(1)
Change in allowance for credit losses, net(9)— 
Subtotal(10)— 
Other20 
Total$612 $106