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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, in millions)CostGainsLossesValue
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,591 $— $8 $231 $6,368 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation18,374 — 90 1,265 17,199 
Revenue9,748 — 52 616 9,184 
State general obligation1,209 — 7 59 1,157 
Pre-refunded963 — 5 2 966 
Total obligations of U.S. states, municipalities and political subdivisions30,294 — 154 1,942 28,506 
Debt securities issued by foreign governments1,035 — 2 31 1,006 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
7,874 — 120 176 7,818 
Corporate and all other bonds35,987 5 187 2,060 34,109 
Total$81,781 $5 $471 $4,440 $77,807 
AmortizedAllowance for Expected Credit LossesGross UnrealizedFair
(at December 31, 2022, in millions)CostGainsLossesValue
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,798 $— $3 $363 $5,438 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation19,615 — 33 1,825 17,823 
Revenue11,076 — 29 907 10,198 
State general obligation1,104 — 3 88 1,019 
Pre-refunded2,323 — 17 1 2,339 
Total obligations of U.S. states, municipalities and political subdivisions34,118 — 82 2,821 31,379 
Debt securities issued by foreign governments1,049 — — 55 994 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,178 — 13 200 1,991 
Corporate and all other bonds34,237 3 37 2,913 31,358 
Total$77,380 $3 $135 $6,352 $71,160 
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, 2023, in millions)Amortized
Cost		Fair
Value
Due in one year or less$5,004 $4,965 
Due after 1 year through 5 years25,328 24,592 
Due after 5 years through 10 years21,407 19,740 
Due after 10 years22,168 20,692 
73,907 69,989 
Mortgage-backed securities, collateralized mortgage obligations
 and pass-through securities
7,874 7,818 
Total$81,781 $77,807 
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, 2023, in millions)CostGross GainsGross LossesFair Value
Common stock$508 $93 $41 $560 
Non-redeemable preferred stock45 3 — 48 
Total$553 $96 $41 $608 
(at December 31, 2022, in millions)CostGross GainsGross LossesFair Value
Common stock$706 $89 $32 $763 
Non-redeemable preferred stock41 3 — 44 
Total$747 $92 $32 $807 
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, 2023 and 2022, the aggregate fair value and gross unrealized loss by the 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, 2023, 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
$1,864 $7 $2,985 $224 $4,849 $231 
Obligations of U.S. states, municipalities and political subdivisions3,868 31 14,351 1,911 18,219 1,942 
Debt securities issued by foreign governments
30 — 763 31 793 31 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,215 9 1,433 167 2,648 176 
Corporate and all other bonds1,016 9 26,444 2,051 27,460 2,060 
Total $7,993 $56 $45,976 $4,384 $53,969 $4,440 
Less than 12 months12 months or longerTotal
(at December 31, 2022, 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
$2,835 $100 $1,679 $263 $4,514 $363 
Obligations of U.S. states, municipalities and political subdivisions19,251 1,975 3,134 846 22,385 2,821 
Debt securities issued by foreign governments
604 22 367 33 971 55 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,414 128 316 72 1,730 200 
Corporate and all other bonds24,080 1,635 6,096 1,278 30,176 2,913 
Total $48,184 $3,860 $11,592 $2,492 $59,776 $6,352 
Gross unrealized investment losses on securities continuously in an unrealized loss position of greater than 20% of amortized cost by length of time [Table Text Block]
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost at December 31, 2023 and December 31, 2022, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(at December 31, 2023, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions— 2 31 642 675 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds1 3 22 25 51 
Total$1 $5 $53 $667 $726 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(at December 31, 2022, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions81 776 643 — 1,500 
Debt securities issued by foreign governments
1 — — — 1 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
4 48 — — 52 
Corporate and all other bonds89 526 8 — 623 
Total$175 $1,350 $651 $— $2,176 
Credit impairment charges included in net realized investment gains (losses) [Table Text Block]
Credit impairment charges included in net realized investment gains (losses) in the consolidated statement of income were as follows:
(for the year ended December 31, in millions)202320222021
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $12 $— 
Obligations of U.S. states, municipalities and political subdivisions1 14 — 
Debt securities issued by foreign governments— — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — 
Corporate and all other bonds2 — 2 
Total fixed maturities$3 $26 $2 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]
The following table presents changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):
Fixed Maturities
Corporate and All Other Bonds
(in millions)At and For the Twelve Months Ended December 31, 2023At and For the Twelve Months Ended December 31, 2022
Balance, beginning of period$3 $3 
Additions for expected credit losses on securities where no credit losses were previously recognized
1 — 
Additions for expected credit losses on securities where credit losses were previously recognized1 1 
 Reductions due to sales/defaults of credit-impaired securities— (1)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell — — 
Balance, end of period$5 $3 
Net investment income [Table Text Block]
(for the year ended December 31, in millions)202320222021
Gross investment income
Fixed maturities$2,472 $2,113 $1,989 
Equity securities18 17 19 
Short-term securities241 73 7 
Real estate investments64 66 59 
Other investments171 336 999 
Gross investment income2,966 2,605 3,073 
Investment expenses44 43 40 
Net investment income$2,922 $2,562 $3,033 
Change in net unrealized investments gains (losses) [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)202320222021
Changes in net unrealized investment gains (losses)
Fixed maturities$2,248 $(9,279)$(2,113)
Other investments2 (1)(2)
Change in net pre-tax unrealized gains (losses) on investment securities2,250 (9,280)(2,115)
Related tax expense (benefit)481 (1,967)(456)
Change in net unrealized gains (losses) on investment securities1,769 (7,313)(1,659)
Balance, beginning of year(4,898)2,415 4,074 
Balance, end of year$(3,129)$(4,898)$2,415