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Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Amortized cost and fair value of investments in fixed maturities [Table Text Block]
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
AmortizedAllowance for Expected Credit LossesGross UnrealizedFair
(at December 31, 2020, in millions)CostGainsLossesValue
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$2,111 $— $38 $— $2,149 
Obligations of states, municipalities and political subdivisions:
Local general obligation17,289 — 1,370 2 18,657 
Revenue11,806 — 909 — 12,715 
State general obligation1,343 — 101 — 1,444 
Pre-refunded3,325 — 219 — 3,544 
Total obligations of states, municipalities and political subdivisions
33,763 — 2,599 2 36,360 
Debt securities issued by foreign governments1,028 — 26 — 1,054 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,222 — 139 — 2,361 
All other corporate bonds29,683 2 2,382 9 32,054 
Redeemable preferred stock23 — 2 — 25 
Total$68,830 $2 $5,186 $11 $74,003 

AmortizedGross UnrealizedFair
(at December 31, 2019, in millions)CostGainsLossesValue
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$2,076 $19 $— $2,095 
Obligations of states, municipalities and political subdivisions:
Local general obligation15,490 829 4 16,315 
Revenue9,731 586 2 10,315 
State general obligation1,167 64 — 1,231 
Pre-refunded1,968 88 — 2,056 
Total obligations of states, municipalities and political subdivisions
28,356 1,567 6 29,917 
Debt securities issued by foreign governments1,167 8 2 1,173 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
3,192 91 3 3,280 
All other corporate bonds30,442 1,195 18 31,619 
Redeemable preferred stock48 2 — 50 
Total$65,281 $2,882 $29 $68,134 
Amortized cost and fair value of fixed maturities by contractual maturity [Table Text Block]
The amortized cost and fair value of fixed maturities by contractual maturity follow. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(at December 31, 2020, in millions)Amortized
Cost		Fair
Value
Due in one year or less$5,074 $5,127 
Due after 1 year through 5 years18,476 19,660 
Due after 5 years through 10 years18,200 19,936 
Due after 10 years24,858 26,919 
66,608 71,642 
Mortgage-backed securities, collateralized mortgage obligations
 and pass-through securities
2,222 2,361 
Total$68,830 $74,003 
Cost and fair value of investments in equity securities [Table Text Block]
The cost and fair value of investments in equity securities were as follows:
(at December 31, 2020, in millions)CostGross GainsGross LossesFair Value
Public common stock$352 $70 $12 $410 
Non-redeemable preferred stock35 8 — 43 
Total$387 $78 $12 $453 

(at December 31, 2019, in millions)CostGross GainsGross LossesFair Value
Public common stock$341 $45 $3 $383 
Non-redeemable preferred stock35 7 — 42 
Total$376 $52 $3 $425 
Unrealized investment losses [Table Text Block]
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position at December 31, 2020 and 2019, the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position.  The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1, in determining whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(at December 31, 2020, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$92 $— $— $— $92 $— 
Obligations of states, municipalities and political subdivisions
245 2 — — 245 2 
Debt securities issued by foreign governments
7 — — — 7 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
20 — 1 — 21 — 
All other corporate bonds681 6 97 3 778 9 
Total fixed maturities$1,045 $8 $98 $3 $1,143 $11 
Less than 12 months12 months or longerTotal
(at December 31, 2019, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5 $— $193 $— $198 $— 
Obligations of states, municipalities and political subdivisions
668 6 12 — 680 6 
Debt securities issued by foreign governments
257 1 147 1 404 2 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
399 2 131 1 530 3 
All other corporate bonds1,571 10 662 8 2,233 18 
Total fixed maturities$2,900 $19 $1,145 $10 $4,045 $29 
Credit impairment charges included in net realized investment gains [Table Text Block]
Credit impairment charges included in net realized investment gains in the consolidated statement of income were as follows:
(for the year ended December 31, in millions)202020192018
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— 
Obligations of states, municipalities and political subdivisions— — — 
Debt securities issued by foreign governments— — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — 
All other corporate bonds15 4 1 
Redeemable preferred stock— — — 
Total fixed maturities15 4 1 
Other investments40 — — 
Total$55 $4 $1 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block] The following table presents a reconciliation of the beginning and ending balances of the allowance for credit losses on fixed maturities classified as available for sale:
Fixed Maturities
(for the twelve months ended December 31, 2020 in millions)Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through SecuritiesAll Other Corporate BondsTotal
Balance, January 1, 2020$— $— $— 
Additions for expected credit losses on securities where no credit losses were previously recognized
— 10 10 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
— (6)(6)
 Reductions due to sales/defaults of credit-impaired securities— (2)(2)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell (1)
— — — 
Balance, December 31, 2020$— $2 $2 

 _________________________________________________________
(1)Credit impairment charges recognized in net realized investment gains for the twelve months ended December 31, 2020 included $13 million of credit losses on fixed maturity securities which the Company intends to sell. An allowance for expected credit losses was not previously recorded for these securities.
Cumulative amount of and the changes during the year in the credit losses of other-than-temporary impairments (OTTI) on fixed maturities recognized [Table Text Block]
The following table presents the cumulative amount of, and the changes during the year in, credit losses on fixed maturities held at December 31, 2019 that were recognized in the consolidated statement of income from other-than-temporary impairments (OTTI) and for which a portion of the OTTI was recognized in other comprehensive income (loss) in the consolidated balance sheet:
Fixed Maturities
(for the twelve months ended December 31, 2019 in millions)Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through SecuritiesAll Other Corporate BondsTotal
Cumulative OTTI Credit Losses Recognized for Securities Held, December 31, 2018
$15 $42 $57 
Additions for OTTI losses on securities where no credit losses were previously recognized— — — 
Additions (reductions) for OTTI losses on securities where credit losses were previously recognized— — — 
   Reductions due to sales/defaults of credit-impaired securities (9)(49)(58)
Adjustments to book value of credit-impaired securities due to changes in cash flows3 10 13 
Cumulative OTTI Credit Losses Recognized for Securities Held, December 31, 2019$9 $3 $12 
Net investment income [Table Text Block]
(for the year ended December 31, in millions)202020192018
Gross investment income
Fixed maturities$2,011 $2,070 $1,980 
Equity securities15 15 16 
Short-term securities44 105 92 
Real estate investments48 55 48 
Other investments146 263 377 
Gross investment income2,264 2,508 2,513 
Investment expenses37 40 39 
Net investment income$2,227 $2,468 $2,474 
Change in net unrealized investments gains [Table Text Block]
Changes in net unrealized gains (losses) on investment securities that are included as a separate component of other comprehensive income (loss) were as follows:

(at and for the year ended December 31, in millions)202020192018
Changes in net unrealized investment gains (losses)
Fixed maturities$2,322 $2,990 $(1,515)
Other investments— — (1)
Change in net pre-tax unrealized gains (losses) on investment securities2,322 2,990 (1,516)
Related tax expense (benefit)494 631 (319)
Change in net unrealized gains (losses) on investment securities1,828 2,359 (1,197)
Cumulative effect of adoption of updated accounting guidance
 for equity financial instruments at January 1, 2018
— — (22)
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018
— — 152 
Balance, beginning of year2,246 (113)954 
Balance, end of year$4,074 $2,246 $(113)