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Pension Plans, Retirement Benefits and Savings Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of the funded status, obligations and amounts recognized in the consolidated balance sheet for the Company's benefit plans [Table Text Block] The following tables summarize the funded status, obligations and amounts recognized in the consolidated balance sheet for the Company’s benefit plans. The Company uses a December 31 measurement date for its pension and postretirement benefit plans.
(at and for the year ended December 31,  in millions)Qualified Domestic
Pension Plan
Nonqualified and Foreign
Pension Plans
Total
202220212022202120222021
Change in projected benefit obligation:
Benefit obligation at beginning of year
$4,212 $4,326 $259 $265 $4,471 $4,591 
Benefits earned137 135 8 145 141 
Interest cost on benefit obligation95 79 6 101 83 
Actuarial gain(781)(73)(64)(2)(845)(75)
Benefits paid(263)(255)(14)(13)(277)(268)
Settlement — (3)— (3)— 
Foreign currency exchange rate change
 — (12)(1)(12)(1)
Benefit obligation at end of year$3,400 $4,212 $180 $259 $3,580 $4,471 
Change in plan assets:
Fair value of plan assets at beginning of year
$4,902 $4,631 $134 $125 $5,036 $4,756 
Actual return on plan assets(701)526 (22)11 (723)537 
Company contributions — 13 12 13 12 
Benefits paid(263)(255)(14)(13)(277)(268)
Settlement — (3)— (3)— 
Foreign currency exchange rate change
 — (13)(1)(13)(1)
Fair value of plan assets at end
 of year
3,938 4,902 95 134 4,033 5,036 
Funded status of plan at end
 of year
$538 $690 $(85)$(125)$453 $565 
Amounts recognized in the consolidated balance sheet consist of:
Accrued over-funded benefit plan assets
$538 $690 $23 $$561 $696 
Accrued under-funded benefit plan liabilities
 — (108)(131)(108)(131)
Total$538 $690 $(85)$(125)$453 $565 
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actuarial loss$785 $618 $5 $49 $790 $667 
Prior service cost (benefit)(1)(2)1  (1)
Total$784 $616 $6 $50 $790 $666 
Postretirement
Benefit Plans
(at and for the year ended December 31, in millions)20222021
Change in accumulated benefit obligation:
Benefit obligation at beginning of year$149 $171 
Benefits earned — 
Interest cost on benefit obligation3 
Actuarial gain(45)(16)
Benefits paid(7)(9)
Foreign currency exchange rate change(1)— 
Benefit obligation at end of year$99 $149 
Change in plan assets:
Fair value of plan assets at beginning of year$9 $11 
Actual return on plan assets — 
Company contributions6 
Benefits paid(7)(9)
Fair value of plan assets at end of year8 
Funded status of plan at end of year$(91)$(140)
Amounts recognized in the consolidated balance sheet consist of:
Accrued under-funded benefit plan liability$(91)$(140)
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actuarial gain$(94)$(54)
Prior service benefit(11)(14)
Total$(105)$(68)
Summary of the components of net periodic benefit cost (benefit) and other amounts recognized in other comprehensive income (loss) related to the benefit plans [Table Text Block]
The following table summarizes the components of net periodic benefit cost (benefit) and other amounts recognized in other comprehensive income (loss) related to the benefit plans.
Pension PlansPostretirement Benefit
Plans
(for the year ended December 31, in millions)202220212020202220212020
Net Periodic Benefit Cost (Benefit):
Service cost$145 $141 $133 $ $— $— 
Non-service cost (benefit):
Interest cost on benefit obligation101 83 114 3 
Expected return on plan assets(296)(274)(275) — — 
Amortization of unrecognized:
Prior service benefit(1)(1)(1)(3)(4)(3)
Net actuarial (gain) loss49 109 93 (4)(2)(4)
Total non-service cost (benefit)(147)(83)(69)(4)(3)(3)
Net periodic benefit cost (benefit)(2)58 64 (4)(3)(3)
Other Changes in Benefit Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Prior service benefit —  — — 
Net actuarial (gain) loss174 (338)61 (45)(16)
Foreign currency exchange rate change(2)— 1 — — 
Amortization of prior service benefit1 3 
Amortization of net actuarial gain (loss)(49)(109)(93)4 
Total other changes recognized in other comprehensive income (loss)124 (446)(29)(37)(10)11 
Total other changes recognized in net periodic benefit cost and other comprehensive income (loss)$122 $(388)$35 $(41)$(13)$
Consolidated statement of income line items impacted by service costs and non-service cost (benefit) [Table Text Block]
The following table indicates the line items in which the respective service costs and non-service cost (benefit) are presented in the consolidated statement of income for the years ended December 31, 2022, 2021 and 2020.
 Pension PlansPostretirement Benefit
Plans
(for the year ended December 31, in millions)202220212020202220212020
Service Cost:
Net investment income$1 $$$ $— $— 
Claims and claim adjustment expenses58 57 55  — — 
General and administrative expenses86 83 77  — — 
Total service cost145 141 133  — — 
Non-Service Cost (Benefit):
Net investment income(1)— —  — — 
Claims and claim adjustment expenses(59)(34)(29)(2)(1)(1)
General and administrative expenses(87)(49)(40)(2)(2)(2)
Total non-service cost (benefit)(147)(83)(69)(4)(3)(3)
Net periodic benefit cost (benefit)$(2)$58 $64 $(4)$(3)$(3)
Benefit obligations assumptions, net periodic benefit cost assumptions and health care cost trend rates [Table Text Block]
The following table summarizes assumptions used with regard to the Company’s qualified and nonqualified domestic pension plans and the domestic postretirement benefit plans.
(at and for the year ended December 31,)20222021
Assumptions used to determine benefit obligations
Discount rate:
Qualified domestic pension plan5.19 %2.96 %
Nonqualified domestic pension plan5.13 %2.82 %
Domestic postretirement benefit plan5.08 %2.62 %
Cash balance interest crediting rate4.01 %4.01 %
Future compensation increase rate4.00 %4.00 %
Assumptions used to determine net periodic benefit cost
Discount rate:
Qualified domestic pension plan:
Service cost3.18 %2.96 %
Interest cost2.34 %1.88 %
Nonqualified domestic pension plan:
Service cost2.92 %2.58 %
Interest cost2.23 %1.69 %
Domestic postretirement benefit plan:
Interest cost2.08 %1.57 %
Expected long-term rate of return on assets:
Pension plan6.50 %6.50 %
Postretirement benefit plan4.00 %4.00 %
Assumed health care cost trend rates
Following year:
Medical (before age 65)7.25 %6.50 %
Medical (age 65 and older)9.50 %8.00 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate:
Medical (before age 65)20322029
Medical (age 65 and older)20322031
Level within the fair value hierarchy at which the financial assets of the Company's pension plans are measured [Table Text Block] The following tables present the level within the fair value hierarchy at which the financial assets of the Company’s pension plans are measured on a recurring basis.
(at December 31, 2022, in millions)TotalLevel 1Level 2Level 3
Invested assets:
Fixed maturities
Obligations of U.S. states, municipalities and political subdivisions$80 $ $80 $ 
Debt securities issued by foreign governments25  25  
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
4  4  
Corporate and all other bonds713  713  
Total fixed maturities822  822  
Mutual funds
Equity mutual funds1,157 1,151 6  
Bond mutual funds754 751 3  
Total mutual funds1,911 1,902 9  
Equity securities1,116 1,116   
Other investments 1   1 
Cash and short-term securities
U.S. Treasury securities    
Other183 131 52  
Total cash and short-term securities183 131 52  
Total$4,033 $3,149 $883 $1 

(at December 31, 2021, in millions)TotalLevel 1Level 2Level 3
Invested assets:
Fixed maturities
Obligations of U.S. states, municipalities and political subdivisions$26 $— $26 $— 
Debt securities issued by foreign governments38 — 38 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — 
Corporate and all other bonds678 — 678 — 
Total fixed maturities748 — 748 — 
Mutual funds
Equity mutual funds1,645 1,638 — 
Bond mutual funds1,114 1,111 — 
Total mutual funds2,759 2,749 10 — 
Equity securities1,385 1,384 — 
Other investments — — 
Cash and short-term securities
U.S. Treasury securities— — — — 
Other143 106 37 — 
Total cash and short-term securities143 106 37 — 
Total$5,036 $4,239 $796 $
Estimated future benefit payments [Table Text Block]
The following table presents the estimated benefits expected to be paid by the Company’s pension and postretirement benefit plans for the next ten years (reflecting estimated future employee service).
Benefits Expected to be Paid
(in millions)Pension PlansPostretirement Benefit Plans
2023$294 $9 
2024293 9 
2025292 9 
2026298 9 
2027296 9 
2028 through 20321,442 40