Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) in 2023, 2022 and 2021:

	At December 31,
In millions	2023		2022		2021
Net unrealized investment gains (losses):
Beginning of year balance	$	(1,519)	$	798	$	1,214
Adoption of new accounting standard ($0, $0 and $181 pretax) (1)	—		—		140
Other comprehensive income (loss) before reclassifications ($612, $(3,021) and $(644) pretax)	603		(2,556)		(530)
Amounts reclassified from accumulated other comprehensive income (loss) ($566, $315 and $(32) pretax) (2)	487		239		(26)
Other comprehensive income (loss)	1,090		(2,317)		(556)
End of year balance	(429)		(1,519)		798
Change in discount rate on long-duration insurance reserves:
Beginning of period balance	219		(651)		—
Adoption of new accounting standard ($0, $0 and $(1,166) pretax) (1)	—		—		(906)
Other comprehensive income (loss) before reclassifications ($(92), $1,126, and $328 pretax)	(67)		870		255
Other comprehensive income (loss)	(67)		870		255
End of period balance	152		219		(651)
Foreign currency translation adjustments:
Beginning of year balance	—		—		7
Other comprehensive loss before reclassifications	—		—		(7)
Other comprehensive loss	—		—		(7)
End of year balance	—		—		—
Net cash flow hedges:
Beginning of year balance	239		222		248
Other comprehensive income before reclassifications ($25, $38 and $0 pretax)	19		28		—
Amounts reclassified from accumulated other comprehensive income ($(19), $(15) and $(34) pretax) (3)	(14)		(11)		(26)
Other comprehensive income (loss)	5		17		(26)
End of year balance	244		239		222
Pension and other postretirement benefits:
Beginning of year balance	(203)		(35)		(55)
Other comprehensive income (loss) before reclassifications ($(81), $(229) and $20 pretax)	(61)		(170)		15
Amounts reclassified from accumulated other comprehensive loss ($0, $3 and $6 pretax) (4)	—		2		5
Other comprehensive income (loss)	(61)		(168)		20
End of year balance	(264)		(203)		(35)
Total beginning of year accumulated other comprehensive income (loss)	(1,264)		334		1,414
Adoption of new accounting standard (1)	—		—		(766)
Total other comprehensive income (loss)	967		(1,598)		(314)
Total end of year accumulated other comprehensive income (loss)	$	(297)	$	(1,264)	$	334

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(1)Reflects the adoption of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944) during the year ended December 31, 2021. See Note 1 ‘‘Significant Accounting Policies’’ for additional information.

(2)Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified debt securities are included in net investment income in the consolidated statements of operations.

(3)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included within interest expense in the consolidated statements of operations. The Company expects to reclassify $15 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

(4)Amounts reclassified from accumulated other comprehensive loss for specifically identified pension and other postretirement benefits are included in other income in the consolidated statements of operations.