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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

December 31, 2022
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$120 $21,187 $810 $22,117 
States, municipalities and political subdivisions8,274 43 8,317 
Asset-backed6,405 788 7,193 
Fixed maturities available-for-sale120 35,866 1,641 37,627 
Fixed maturities trading1 69 70 
Total fixed maturities$121 $35,935 $1,641 $37,697 
 
Equity securities$669 $435 $35 $1,139 
Short term and other4,539 167 4,706 
Receivables19 19 
Payable to brokers(82)(82)
December 31, 2021
Fixed maturity securities:
Corporate bonds and other$140 $23,768 $937 $24,845 
States, municipalities and political subdivisions11,887 56 11,943 
Asset-backed7,029 556 7,585 
Fixed maturities available-for-sale140 42,684 1,549 44,373 
Fixed maturities trading7 7 
Total fixed maturities$140 $42,691 $1,549 $44,380 
Equity securities$924 $721 $29 $1,674 
Short term and other4,696 74 4,770 
Payable to brokers(70)(70)
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2022 and 2021:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31
2022Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, December 31
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$937 $(1)$(184)$137 $(5)$(84)$10 $810 $(183)
States, municipalities and political subdivisions56 (13)43 (13)
Asset-backed556 25 (126)424 (2)(70)75 $(94)788 (125)
Fixed maturities available-for-sale1,549 24 (323)561 (7)(154)85 (94)1,641 $— (321)
Fixed maturities trading— — 
Total fixed maturities$1,549 $24 $(323)$561 $(7)$(154)$85 $(94)$1,641 $— $(321)
 
Equity securities$29 $(9)$19 $(3)$9 $(10)$35 $(4)
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31
2021Balance, January 1Included in Net Income Included in OCIPurchasesSales Settlements Transfers into
 Level 3		Transfers out of Level 3 Balance, December 31
(In millions)          
          
Fixed maturity securities:          
Corporate bonds and other$770 $(10)$(32)$312 $(3)$(68)$20 $(52)$937 $(32)
States, municipalities and political subdivisions46 (1)12 (1)56 (1)
Asset-backed308 7 (10)287 (9)(61)109 (75)556 (11)
Fixed maturities available-for-sale1,124 (3)(43)611 (12)(130)129 (127)1,549 $— (44)
Fixed maturities trading8 (6)(2)— 
Total fixed maturities$1,132 $(9)$(43)$611 $(12)$(132)$129 $(127)$1,549 $— $(44)
 
Equity securities$43 $(15)$11 $(21)$21 $(10)$29 $(2)

Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and LiabilitiesConsolidated Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment gains (losses) and Operating revenues and other
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

December 31, 2022Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,177 Discounted cash flowCredit spread
1%
—
8%
(2%)
   
December 31, 2021  
   
Fixed maturity securities$1,225 Discounted cash flowCredit spread
1%
—
7%
(2%)
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.

Carrying AmountEstimated Fair Value
December 31, 2022Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,040 $973 $973 
 
Liabilities:
Short term debt853 $744 111 855 
Long term debt8,160 7,035 586 7,621 
 
December 31, 2021
 
Assets:
Other invested assets, primarily mortgage loans$973 $1,018 $1,018 
 
Liabilities:
Short term debt93 93 93 
Long term debt8,981 $9,170 611 9,781