Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

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 loss for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2024		2023		2024		2023
Net unrealized investment losses:
Beginning of period balance	$	(537)	$	(1,049)	$	(429)	$	(1,519)
Other comprehensive income (loss) before reclassifications ($(121),$(175), $(283), $165 pretax)	(109)		(174)		(265)		165
Amounts reclassified from accumulated other comprehensive loss ($94, $110, $148, $241 pretax) (1)	82		110		130		241
Other comprehensive income (loss)	(27)		(64)		(135)		406
End of period balance	(564)		(1,113)		(564)		(1,113)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance	220		145		152		219
Other comprehensive income (loss) before reclassifications ($68, $78, $156, $(23) pretax)	53		60		121		(14)
Other comprehensive income (loss)	53		60		121		(14)
End of period balance	273		205		273		205
Foreign currency translation adjustments:
Beginning of period balance	—		(1)		—		—
Other comprehensive income before reclassifications	—		2		—		—
Other comprehensive income	—		2		—		1
End of period balance	—		1		—		1
Net cash flow hedges:
Beginning of period balance	240		233		244		239
Other comprehensive income (loss) before reclassifications ($0, $3, $0, $(3) pretax)	—		2		—		(2)
Amounts reclassified from accumulated other comprehensive income ($(5), $23, $(11), $20 pretax) (2)	(4)		17		(8)		15
Other comprehensive income (loss)	(4)		19		(8)		13
End of period balance	236		252		236		252
Pension and other postretirement benefits:
Beginning of period balance	(264)		(203)		(264)		(203)
Other comprehensive income	—		—		—		—
End of period balance	(264)		(203)		(264)		(203)
Total beginning of period accumulated other comprehensive loss	(341)		(875)		(297)		(1,264)
Total other comprehensive income (loss)	22		17		(22)		406
Total end of period accumulated other comprehensive loss	$	(319)	$	(858)	$	(319)	$	(858)

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

(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $22 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.