Investments (Tables)

9 Months Ended

Sep. 30, 2024

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:

	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(at September 30, 2024, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	6,048	$	—	$	13	$	136	$	5,925
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	18,482		—		100		1,159		17,423
Revenue	9,244		—		59		544		8,759
State general obligation	1,125		—		8		54		1,079
Pre-refunded	832		—		4		1		835
Total obligations of U.S. states, municipalities and political subdivisions	29,683		—		171		1,758		28,096
Debt securities issued by foreign governments	949		—		8		15		942
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	11,880		—		253		134		11,999
Corporate and all other bonds	38,097		—		348		1,422		37,023
Total	$	86,657	$	—	$	793	$	3,465	$	83,985

	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(at December 31, 2023, in millions)					Gains		Losses
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 obligation	18,374		—		90		1,265		17,199
Revenue	9,748		—		52		616		9,184
State general obligation	1,209		—		7		59		1,157
Pre-refunded	963		—		5		2		966
Total obligations of U.S. states, municipalities and political subdivisions	30,294		—		154		1,942		28,506
Debt securities issued by foreign governments	1,035		—		2		31		1,006
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	7,874		—		120		176		7,818
Corporate and all other bonds	35,987		5		187		2,060		34,109
Total	$	81,781	$	5	$	471	$	4,440	$	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 September 30, 2024, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	501	$	158	$	7	$	652
Non-redeemable preferred stock	46		4		—		50
Total	$	547	$	162	$	7	$	702

(at December 31, 2023, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	508	$	93	$	41	$	560
Non-redeemable preferred stock	45		3		—		48
Total	$	553	$	96	$	41	$	608

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 September 30, 2024 and December 31, 2023, 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 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report to determine whether a credit loss impairment exists.

	Less than 12 months				12 months or longer				Total
(at September 30, 2024, 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	$	105	$	—	$	3,052	$	136	$	3,157	$	136
Obligations of U.S. states, municipalities and political subdivisions	1,771		8		15,819		1,750		17,590		1,758
Debt securities issued by foreign governments	13		—		539		15		552		15
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	523		3		1,527		131		2,050		134
Corporate and all other bonds	927		5		23,413		1,417		24,340		1,422
Total	$	3,339	$	16	$	44,350	$	3,449	$	47,689	$	3,465

	Less than 12 months				12 months or longer				Total
(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 subdivisions	3,868		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 bonds	1,016		9		26,444		2,051		27,460		2,060
Total	$	7,993	$	56	$	45,976	$	4,384	$	53,969	$	4,440

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 September 30, 2024 and December 31, 2023, 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 September 30, 2024, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
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	—		—		48		581		629
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	—		—		—		—		—
Corporate and all other bonds	—		—		2		3		5
Total	$	—	$	—	$	50	$	584	$	634

	Period For Which Fair Value is Less Than 80% of Amortized Cost
(at December 31, 2023, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
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 bonds	1		3		22		25		51
Total	$	1	$	5	$	53	$	667	$	726

Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]

The following tables present 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
	At and For the Three Months Ended
(in millions)	September 30, 2024		September 30, 2023
Balance, beginning of period	$	1	$	4
Additions for expected credit losses on securities where no credit losses were previously recognized	—		—
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	(1)		—
Reductions due to sales/defaults of credit-impaired securities	—		—
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	$	—	$	4

	Fixed Maturities
	Corporate and All Other Bonds
	At and For the Nine Months Ended
(in millions)	September 30, 2024		September 30, 2023
Balance, beginning of period	$	5	$	3
Additions for expected credit losses on securities where no credit losses were previously recognized	3		—
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	(1)		1
Reductions due to sales/defaults of credit-impaired securities	(7)		—
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	$	—	$	4