Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 02, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-5823 | ||
Entity Registrant Name | CNA FINANCIAL CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-6169860 | ||
Entity Address, Address Line One | 151 N. Franklin | ||
Entity Address, Postal Zip Code | 60606 | ||
Entity Address, City or Town | Chicago, | ||
Entity Address, State or Province | IL | ||
City Area Code | 312 | ||
Local Phone Number | 822-5000 | ||
Title of 12(b) Security | Common Stock, Par value $2.50 | ||
Trading Symbol | CNA | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 270,896,945 | ||
Entity Public Float | $ 1,013 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the CNA Financial Corporation Proxy Statement prepared for the 2024 annual meeting of shareholders, pursuant to Regulation 14A, are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0000021175 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
New York Stock Exchange | |||
Entity Information [Line Items] | |||
Security Exchange Name | NYSE | ||
Chicago Stock Exchange | |||
Entity Information [Line Items] | |||
Security Exchange Name | CHX |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 34 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | |
Revenues | |||||
Net earned premiums | $ 9,480 | $ 8,667 | $ 8,175 | ||
Net investment income | 2,264 | 1,805 | 2,159 | ||
Net investment (losses) gains | (99) | (199) | 120 | ||
Non-insurance warranty revenue | 1,624 | 1,574 | 1,430 | ||
Other revenues | 30 | 32 | 24 | ||
Total revenues | 13,299 | 11,879 | 11,908 | ||
Claims, Benefits and Expenses | |||||
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(88), $(214), and $(8)) | 7,068 | 6,653 | 6,371 | ||
Amortization of deferred acquisition costs | 1,644 | 1,490 | 1,443 | ||
Non-insurance warranty expense | 1,544 | 1,471 | 1,328 | ||
Other operating expenses | 1,398 | 1,339 | 1,191 | ||
Interest | 127 | 112 | 113 | ||
Total claims, benefits and expenses | 11,781 | 11,065 | 10,446 | ||
Income before income tax | 1,518 | 814 | 1,462 | ||
Income tax expense | (313) | (132) | (278) | ||
Net income | $ 1,205 | $ 682 | $ 1,184 | ||
Basic earnings per share | |||||
Basic earnings per share (in usd per share) | $ 4.44 | $ 2.51 | $ 4.36 | ||
Diluted earnings per share | |||||
Diluted earnings per share (in usd per share) | $ 4.43 | $ 2.51 | $ 4.34 | ||
Weighted Average Outstanding Common Stock and Common Stock Equivalents | |||||
Basic (in shares) | 271.3 | 271.6 | 271.8 | ||
Diluted (in shares) | 272.2 | 272.5 | 272.8 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Consolidated Statements of Op_2
Consolidated Statements of Operations - (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact | $ (88) | $ (214) | $ (8) |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2018-12 [Member] |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | |
Net income | $ 1,205 | $ 682 | $ 1,184 | ||
Other Comprehensive Income (Loss), net of tax | |||||
Net unrealized gains and losses on investments | 1,120 | (6,102) | (989) | ||
Impact of changes in discount rates used to measure long-duration contract liabilities | (318) | 3,959 | 941 | ||
Foreign currency translation adjustment | 58 | (108) | (19) | ||
Pension and postretirement benefits | 66 | 13 | 244 | ||
Other comprehensive income (loss), net of tax | 926 | (2,238) | 177 | ||
Total comprehensive income (loss) | 2,131 | (1,556) | 1,361 | ||
Investments | |||||
Other Comprehensive Income (Loss), net of tax | |||||
Net unrealized gains and losses on investments | (5) | (5) | (2) | ||
Net unrealized gains and losses on other investments | |||||
Other Comprehensive Income (Loss), net of tax | |||||
Net unrealized gains and losses on investments | $ 1,125 | $ (6,097) | $ (987) | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | ||
Investments: | ||||
Fixed maturity securities at fair value (amortized cost of $42,414 and $41,032, less allowance for credit loss of $16 and $1) | $ 40,425 | $ 37,627 | [1] | |
Equity securities at fair value (cost of $686 and $703) | 683 | 674 | [1] | |
Limited partnership investments | 2,174 | 1,926 | [1] | |
Other invested assets | 80 | 78 | [1] | |
Mortgage loans (less allowance for credit loss of $35 and $24) | 1,035 | 1,040 | [1] | |
Short-term investments | 2,165 | 1,832 | [1] | |
Total investments | 46,562 | 43,177 | [1] | |
Cash | 345 | 475 | [1] | |
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22) | 5,412 | 5,416 | [1] | |
Insurance receivables (less allowance for uncollectible receivables of $28 and $29) | 3,442 | 3,158 | [1] | |
Accrued investment income | 444 | 402 | [1] | |
Deferred acquisition costs | 896 | 806 | [1] | |
Deferred income taxes | 1,016 | 1,251 | [1] | |
Property and equipment at cost (less accumulated depreciation of $296 and $280) | 253 | 226 | [1] | |
Goodwill | 146 | 144 | [1] | |
Deferred non-insurance warranty acquisition expense | 3,661 | 3,671 | [1] | |
Other assets (includes $23 and $18 due from Loews Corporation) | 2,534 | 2,274 | [1] | |
Total assets | 64,711 | 61,000 | [1] | |
Insurance reserves: | ||||
Claim and claim adjustment expenses | 23,304 | 22,120 | [1] | |
Unearned premiums | 6,933 | 6,374 | [1] | |
Future policy benefits | 13,959 | 13,480 | [1] | |
Short-term debt | 550 | 243 | [1] | |
Long-term debt | 2,481 | 2,538 | [1] | |
Deferred non-insurance warranty revenue | 4,694 | 4,714 | [1] | |
Other liabilities (includes $28 and $26 due to Loews Corporation) | 2,897 | 2,983 | [1] | |
Total liabilities | 54,818 | 52,452 | [1] | |
Commitments and contingencies (Notes B and G) | [1] | |||
Stockholders' Equity | ||||
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,881,457 and 270,895,902 shares outstanding) | 683 | 683 | [1] | |
Additional paid-in capital | 2,221 | 2,220 | [1] | |
Retained earnings | 9,755 | 9,336 | [1] | |
Accumulated other comprehensive loss | (2,672) | (3,598) | [1] | |
Treasury stock (2,158,786 and 2,144,341 shares), at cost | (94) | (93) | [1] | |
Total stockholders’ equity | 9,893 | 8,548 | [1] | |
Total liabilities and stockholders' equity | $ 64,711 | $ 61,000 | [1] | |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Consolidated Balance Sheets - (
Consolidated Balance Sheets - (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed maturities securities at amortized cost | $ 42,414 | $ 41,032 | |
Marketable securities fixed maturities allowance for credit loss | 16 | 1 | |
Equity securities at cost | 686 | 703 | |
Mortgage loans on real estate commercial and consumer allowance for credit loss | 35 | 24 | |
Allowance for uncollectible reinsurance | 22 | 22 | |
Allowance for uncollectible insurance receivables | 28 | 29 | |
Accumulated depreciation on property and equipment | 296 | 280 | |
Other assets | 2,534 | 2,274 | [1] |
Other liabilities | $ 2,897 | $ 2,983 | [1] |
Common stock, par value (in usd per share) | $ 2.50 | $ 2.50 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, shares issued (in shares) | 273,040,243 | 273,040,243 | |
Common stock, shares outstanding (in shares) | 270,881,457 | 270,895,902 | |
Treasury stock, shares (in shares) | 2,158,786 | 2,144,341 | |
Related Party | |||
Other assets | $ 23 | $ 18 | |
Other liabilities | $ 28 | $ 26 | |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Cash Flows from Operating Activities | ||||||
Net income | $ 1,205 | $ 682 | [1] | $ 1,184 | [1] | |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||
Deferred income tax expense (benefit) | 2 | (89) | [1] | 43 | [1] | |
Trading portfolio activity | 1 | 6 | [1] | 20 | [1] | |
Net investment losses (gains) | 99 | 199 | [1] | (120) | [1] | |
Equity method investees | (8) | 250 | [1] | (127) | [1] | |
Net amortization of investments | (191) | (129) | [1] | (81) | [1] | |
Depreciation and amortization | 73 | 51 | [1] | 54 | [1] | |
Changes in: | ||||||
Receivables, net | (245) | (226) | [1] | (1,358) | [1] | |
Accrued investment income | (41) | (29) | [1] | 3 | [1] | |
Deferred acquisition costs | (85) | (79) | [1] | (30) | [1] | |
Insurance reserves | 1,667 | 2,058 | [1] | 2,485 | [1] | |
Other, net | (192) | (192) | [1] | (76) | [1] | |
Net cash flows provided by operating activities | 2,285 | 2,502 | [1] | 1,997 | [1] | |
Dispositions: | ||||||
Fixed maturity securities - sales | 4,029 | 5,909 | [1] | 3,816 | [1] | |
Fixed maturity securities - maturities, calls and redemptions | 1,334 | 2,358 | [1] | 4,464 | [1] | |
Equity securities | 317 | 509 | [1] | 316 | [1] | |
Limited partnerships | 164 | 138 | [1] | 246 | [1] | |
Mortgage loans | 122 | 125 | [1] | 190 | [1] | |
Purchases: | ||||||
Fixed maturity securities | (6,616) | (9,821) | [1] | (9,307) | [1] | |
Equity securities | (293) | (294) | [1] | (304) | [1] | |
Limited partnerships | (402) | (337) | [1] | (440) | [1] | |
Mortgage loans | (127) | (200) | [1] | (95) | [1] | |
Change in other investments | (2) | 8 | [1] | (6) | [1] | |
Change in short-term investments | (274) | 155 | [1] | (83) | [1] | |
Purchases of property and equipment | (90) | (52) | [1] | (26) | [1] | |
Other, net | (5) | (10) | [1] | 1 | [1] | |
Net cash flows used by investing activities | (1,843) | (1,512) | [1] | (1,228) | [1] | |
Cash Flows from Financing Activities | ||||||
Dividends paid to common stockholders | (787) | (982) | [1] | (621) | [1] | |
Proceeds from the issuance of debt | 491 | 0 | [1] | 0 | [1] | |
Repayment of debt | (243) | 0 | [1] | 0 | [1] | |
Purchase of treasury stock | (24) | (39) | [1] | (18) | [1] | |
Other, net | (14) | (11) | [1] | (9) | [1] | |
Net cash flows used by financing activities | (577) | (1,032) | [1] | (648) | [1] | |
Effect of foreign exchange rate changes on cash | 5 | (19) | [1] | (4) | [1] | |
Net change in cash | (130) | (61) | [1] | 117 | [1] | |
Cash, beginning of year | [1] | 475 | 536 | 419 | ||
Cash, end of year | $ 345 | $ 475 | [1] | $ 536 | [1] | |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Prior to Adoption | Effect of Adoption | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Prior to Adoption | Retained Earnings Effect of Adoption | Accumulated Other Comprehensive (Loss) | Accumulated Other Comprehensive (Loss) Prior to Adoption | Accumulated Other Comprehensive (Loss) Effect of Adoption | Treasury Stock | |||||||
Total stockholder's equity at beginning of period at Dec. 31, 2020 | [1] | $ 683 | $ 2,211 | $ 9,075 | $ 9,081 | $ (6) | $ (1,537) | $ 803 | $ (2,340) | $ (71) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation | [1] | 4 | 17 | ||||||||||||||||
Dividends to common stockholders ($2.88, $3.60, and $2.27 per share) | [1] | (620) | |||||||||||||||||
Net income | $ 1,184 | [1] | $ 1,202 | $ (18) | 1,184 | [1] | |||||||||||||
Other comprehensive income (loss) | 177 | [1] | (483) | 660 | 177 | [1] | |||||||||||||
Purchase of treasury stock | [1] | (18) | |||||||||||||||||
Total stockholder's equity at end of period at Dec. 31, 2021 | [1] | 11,105 | 683 | 2,215 | 9,639 | 9,663 | (24) | (1,360) | 320 | (1,680) | (72) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation | [1] | 5 | 18 | ||||||||||||||||
Dividends to common stockholders ($2.88, $3.60, and $2.27 per share) | [1] | (985) | |||||||||||||||||
Net income | 682 | [1] | 894 | (212) | 682 | [1] | |||||||||||||
Other comprehensive income (loss) | (2,238) | [1] | (3,877) | 1,639 | (2,238) | [1] | |||||||||||||
Purchase of treasury stock | [1] | (39) | |||||||||||||||||
Total stockholder's equity at end of period at Dec. 31, 2022 | 8,548 | [1] | $ 8,825 | $ (277) | 683 | [1] | 2,220 | [1] | 9,336 | [1] | $ 9,572 | $ (236) | (3,598) | [1] | $ (3,557) | $ (41) | (93) | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation | 1 | 23 | |||||||||||||||||
Dividends to common stockholders ($2.88, $3.60, and $2.27 per share) | (786) | ||||||||||||||||||
Net income | 1,205 | 1,205 | |||||||||||||||||
Other comprehensive income (loss) | 926 | 926 | |||||||||||||||||
Purchase of treasury stock | (24) | ||||||||||||||||||
Total stockholder's equity at end of period at Dec. 31, 2023 | $ 9,893 | $ 683 | $ 2,221 | $ 9,755 | $ (2,672) | $ (94) | |||||||||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity - (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share (usd per share) | $ 2.88 | $ 3.60 | $ 2.27 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2023. The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Recently Adopted Accounting Standards Updates (ASU) ASU 2018-12: In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-12 : Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12; LDTI), which requires changes to the measurement and disclosure of long-duration contracts. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (LFPB) at least annually. The LFPB must also be updated for actual experience at least annually. The LFPB is reflected as Insurance reserves: Future policy benefits on the Consolidated Balance Sheet. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the Company's results of operations within Insurance claims and policyholders' benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked-in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using the Company’s internal investment portfolio yield, which was generally higher than a single-A yield. The new guidance eliminates the need to hold shadow reserves associated with the Company’s long-term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long-term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves). The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level. Under the new guidance, the Net Premium Ratio (NPR) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased and a loss is recognized immediately in the Company’s results of operations. The NPR cap is applied at the cohort level each quarter when the NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note F to the Consolidated Financial Statements for further explanation of the NPR and LFPB calculations. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The Company's run-off long-term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The Company’s original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. In December 2022, the FASB issued ASU 2022-05, Financial Services-Insurance (Topic 944): Transition for Sold Contracts (ASU 2022-05). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, the Company novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12. Explanation of ASU 2018-12 Transition Impacts: The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021: (In millions) Balance as of December 31, 2020, as previously reported $ 13,318 Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (1) 2,844 De-recognition of shadow reserves (3,293) Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255 Other adjustments 8 Balance as of January 1, 2021, as adjusted $ 19,132 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. Shadow reserves associated with the Company’s long-term care business were de-recognized as of the transition date in Accumulated other comprehensive income (AOCI). The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI. The Company did not have any cohorts for which the NPR exceeded 100% at the transition date. The Company’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level. Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12. The following table presents after tax adjustments to the opening balance of Stockholders’ equity resulting from adoption of ASU 2018-12: (In millions) Accumulated other comprehensive income (loss) Retained earnings Balance as of December 31, 2020, as previously reported $ 803 $ 9,081 De-recognition of shadow reserves 2,601 — Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate (4,941) — Other adjustments — (6) Balance as of January 1, 2021, as adjusted $ (1,537) $ 9,075 The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 6,386 $ 267 $ 6,653 Income (loss) before income tax 1,081 (267) 814 Income tax (expense) benefit (187) 55 (132) Net income 894 (212) 682 Basic earnings (loss) per share 3.29 (0.78) 2.51 Diluted earnings (loss) per share 3.28 (0.77) 2.51 (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(214) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations for the year ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 6,349 $ 22 $ 6,371 Income (loss) before income tax 1,484 (22) 1,462 Income tax (expense) benefit (282) 4 (278) Net income 1,202 (18) 1,184 Basic earnings (loss) per share 4.42 (0.06) 4.36 Diluted earnings (loss) per share 4.41 (0.07) 4.34 (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(8) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Deferred income taxes $ 1,178 $ 73 $ 1,251 Total assets 60,927 73 61,000 Claim and claim adjustment expenses (1) 25,099 (2,979) 22,120 Future policy benefits (1) 10,151 3,329 13,480 Total liabilities 52,102 350 52,452 Retained earnings 9,572 (236) 9,336 Accumulated other comprehensive income (loss) (3,557) (41) (3,598) Total stockholders' equity 8,825 (277) 8,548 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (3,777) $ (2,320) $ (6,097) Net unrealized gains and losses on investments (3,782) (2,320) (6,102) Impact of changes in discount rates used to measure long-duration contract liabilities — 3,959 3,959 Other comprehensive income (loss), net of tax (3,877) 1,639 (2,238) Total comprehensive income (loss) (2,983) 1,427 (1,556) The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (706) $ (281) $ (987) Net unrealized gains and losses on investments (708) (281) (989) Impact of changes in discount rates used to measure long-duration contract liabilities — 941 941 Other comprehensive income (loss), net of tax (483) 660 177 Total comprehensive income (loss) 719 642 1,361 The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net income $ 894 $ (212) $ 682 Deferred income tax expense (benefit) (34) (55) (89) Changes in: Insurance reserves 1,791 267 2,058 The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the year ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net income $ 1,202 $ (18) $ 1,184 Deferred income tax expense (benefit) 47 (4) 43 Changes in: Insurance reserves 2,463 22 2,485 The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 1,202 $ 267 $ 1,469 Core income (loss) before income tax (53) (267) (320) Income tax (expense) benefit on core income (loss) 44 55 99 Core income (loss) (9) (212) (221) (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(214) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the year end ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 1,239 $ 22 $ 1,261 Core income (loss) before income tax 105 (22) 83 Income tax (expense) benefit on core income (loss) 21 4 25 Core income (loss) 126 (18) 108 (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(8) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results for selected balance sheet lines of the Life & Group segment as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Claim and claim adjustment expenses (1) $ 3,674 $ (2,979) $ 695 Future policy benefits (1) 10,151 3,329 13,480 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. Accounting Standards Pending Adoption In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company’s Chief Operating Decision Maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures. Insurance Operations Premiums: Insurance premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are primarily earned ratably over the term of the policies. Premiums on long-term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage. Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes in the level of exposure to insurance risk. For such contracts, the Company estimates the amount of ultimate premiums that the Company may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. The Company either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date, or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for uncollectible receivables. A loss rate methodology is used to determine expected credit losses for premium receivables. This methodology uses the Company’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses. Claim and claim adjustment expense reserves: Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (A&EP) and workers' compensation lifetime claims, are not discounted and are based on i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; ii) estimates of incurred but not reported (IBNR) losses; iii) estimates of losses on assumed reinsurance; iv) estimates of future expenses to be incurred in the settlement of claims; v) estimates of salvage and subrogation recoveries and vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past Company and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Reinsurance receivables on the Consolidated Balance Sheets. Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion and $1.1 billion as of December 31, 2023 and 2022. A significant portion of these amounts are supported by collateral. The Company has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Insurance receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. The Company's obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average interest rate of 6.4% as of December 31, 2023 and 2022. This interest rate is based on the expected yield of the assets that support the reserves and reinvestment assumptions. As of December 31, 2023 and 2022, the discounted reserves for unfunded structured settlements were $465 million and $485 million, net of discount of $559 million and $590 million. For the years ended December 31, 2023, 2022 and 2021, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $34 million, $36 million and $36 million, respectively. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations, but is excluded from the Company’s disclosure of prior year loss reserve development. Workers' compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. As of December 31, 2023 and 2022, workers' compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2023 and 2022, the discounted reserves for workers’ compensation lifetime claim reserves were $196 million and $211 million, net of discount of $88 million and $93 million. For the years ended December 31, 2023, 2022 and 2021, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $9 million, $9 million and $12 million, respectively. This interest accretion is presented as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations, but is excluded from the Company's disclosure of prior year loss reserve development. Future policy benefit reserves: Future policy benefit reserves are associated with the Company's run-off long-term care business and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021. The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The Company has not elected the practical expedient that allows locking in the expense assumption. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve. The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, the Company uses a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds. The Company uses linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, the Company applies judgment to estimate a normative rate which the Company grades to over 10 years. Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Statements of Operations. Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly by the Company, according to issue year. The issue year for assumed contracts is defined according to the date that the Company’s assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed by the Company, issue year is defined as the year in which the reinsurance agreement incepted. For group long-term care business, issue year is defined as the year the individual insurance certificate was issued. Long-term care is the Company's only long-duration product line, therefore, cohorts are not further disaggregated by product. Insurance-related assessments: Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2023 and 2022, the liability balances were $84 million and $74 million. Reinsurance: Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for uncollectible amounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of the Company. The Company has established an allowance for uncollectible reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, the Company separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. The Company has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on the Company’s historical loss experience and the Company’s assessment of the reinsurance counterparty's risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if the Company becomes aware of significant changes related to a reinsurer. The allowance for uncollectible reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for uncollectible reinsurance receivables are presented as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company's allowances for expected credit losses. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. Deferred acquisition costs: Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. The Company evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. Policyholder dividends: Policyholder dividends are paid to participating policyholders within the workers' compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 2%, 2% and 1% of total net written premiums for each of the years ended December 31, 2023, 2022 and 2021. Dividends to policyholders are accrued according to the Company's best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims & policyholders' benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets. Investments The Company classifies its fixed maturity securities as either available-for-sale or trading, and as such, they are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value of available-for-sale securities are reported as a component of Other comprehensive income. The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments The significant components of Net investment income are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Fixed maturity securities $ 1,941 $ 1,787 $ 1,707 Equity securities 63 23 83 Limited partnership investments 174 (12) 362 Mortgage loans 58 54 61 Short-term investments 75 16 1 Trading portfolio 4 4 9 Other 28 5 — Gross investment income 2,343 1,877 2,223 Investment expense (79) (72) (64) Net investment income $ 2,264 $ 1,805 $ 2,159 Net investment income (loss) recognized due to the change in fair value of common stock held as of December 31, 2023, 2022 and 2021 $ 11 $ 47 $ 28 The Company did not hold any non-income producing fixed maturity securities as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, the Company held $20 million and $7 million of non-income producing mortgage loans, net of the allowance for credit losses. As of December 31, 2023 and 2022 , no investments in a single issuer exceeded 10% of stockholders' equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises. Net investment gains (losses) are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Net investment gains (losses): Fixed maturity securities: Gross gains $ 75 $ 120 $ 186 Gross losses (166) (261) (90) Net investment gains (losses) on fixed maturity securities (91) (141) 96 Equity securities 4 (116) 4 Derivatives (1) 64 6 Mortgage loans (11) (8) 10 Short-term investments and other — 2 4 Net investment gains (losses) $ (99) $ (199) $ 120 Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of December 31, 2023, 2022 and 2021 $ 14 $ (75) $ 2 Net investment gains (losses) for the year ended December 31, 2022 in the table above included an $18 million net gain related to the novation of a coinsurance agreement on the Company’s legacy annuity business, which was transacted on a funds withheld basis and gave rise to an embedded derivative. The net gain of $18 million was comprised of a $62 million gain on the associated embedded derivative partially offset by a $44 million loss on fixed maturity securities supporting the funds withheld liability, transferred with the novation, to recognize unrealized losses which had been included in AOCI since the inception of the coinsurance agreement. Taken together, this net gain was the final recognition of changes in the valuation of the funds held assets and offset previously recognized net investment losses on the associated embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022. The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date. Years ended December 31 (In millions) 2023 2022 2021 Fixed maturity securities available-for-sale: Corporate and other bonds $ 33 $ 62 $ 11 Asset-backed 11 — 20 Impairment losses (gains) recognized in earnings $ 44 $ 62 $ 31 For the ye ars ended December 31, 2023, 2022, and 2021 the Company also recognized $11 million of losses, $8 million of losses and $10 million of gains related to mortgage loans primarily due to changes in expected credit losses. The net change in unrealized gains (losses) on fixed maturity securities was $1,431 million, $(7,850) million and $(1,272) million for the years ended December 31, 2023, 2022 and 2021. The following tables present a summary of fixed maturity securities. December 31, 2023 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 25,020 $ 597 $ 1,345 $ 4 $ 24,268 States, municipalities and political subdivisions 7,713 382 703 — 7,392 Asset-backed: Residential mortgage-backed 3,411 16 425 — 3,002 Commercial mortgage-backed 1,862 7 230 8 1,631 Other asset-backed 3,515 13 256 4 3,268 Total asset-backed 8,788 36 911 12 7,901 U.S. Treasury and obligations of government-sponsored enterprises 152 1 2 — 151 Foreign government 741 6 34 — 713 Redeemable preferred stock — — — — — Total fixed maturity securities available-for-sale 42,414 1,022 2,995 16 40,425 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425 December 31, 2022 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 23,137 $ 301 $ 2,009 $ — $ 21,429 States, municipalities and political subdivisions 8,918 338 939 — 8,317 Asset-backed: Residential mortgage-backed 3,073 5 447 — 2,631 Commercial mortgage-backed 1,886 4 255 — 1,635 Other asset-backed 3,287 2 361 1 2,927 Total asset-backed 8,246 11 1,063 1 7,193 U.S. Treasury and obligations of government-sponsored enterprises 111 1 2 — 110 Foreign government 617 1 43 — 575 Redeemable preferred stock 3 — — — 3 Total fixed maturity securities available-for-sale 41,032 652 4,056 1 37,627 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 41,032 $ 652 $ 4,056 $ 1 $ 37,627 The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position. Less than 12 Months 12 Months or Longer Total December 31, 2023 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 1,943 $ 37 $ 13,406 $ 1,308 $ 15,349 $ 1,345 States, municipalities and political subdivisions 598 18 3,104 685 3,702 703 Asset-backed: Residential mortgage-backed 233 4 2,212 421 2,445 425 Commercial mortgage-backed 200 5 1,184 225 1,384 230 Other asset-backed 392 8 1,869 248 2,261 256 Total asset-backed 825 17 5,265 894 6,090 911 U.S. Treasury and obligations of government-sponsored enterprises 65 1 23 1 88 2 Foreign government 52 1 450 33 502 34 Total $ 3,483 $ 74 $ 22,248 $ 2,921 $ 25,731 $ 2,995 Less than 12 Months 12 Months or Longer Total December 31, 2022 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 15,946 $ 1,585 $ 1,634 $ 424 $ 17,580 $ 2,009 States, municipalities and political subdivisions 4,079 769 456 170 4,535 939 Asset-backed: Residential mortgage-backed 1,406 144 1,143 303 2,549 447 Commercial mortgage-backed 1,167 159 408 96 1,575 255 Other asset-backed 2,087 262 542 99 2,629 361 Total asset-backed 4,660 565 2,093 498 6,753 1,063 U.S. Treasury and obligations of government-sponsored enterprises 76 1 16 1 92 2 Foreign government 473 26 78 17 551 43 Total $ 25,234 $ 2,946 $ 4,277 $ 1,110 $ 29,511 $ 4,056 The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. December 31, 2023 December 31, 2022 (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government, Government agencies and Government-sponsored enterprises $ 2,273 $ 309 $ 2,355 $ 337 AAA 1,524 261 1,559 298 AA 3,817 658 4,327 817 A 5,652 517 6,615 749 BBB 11,523 1,095 13,226 1,621 Non-investment grade 942 155 1,429 234 Total $ 25,731 $ 2,995 $ 29,511 $ 4,056 Based on current facts and circumstances, the Company believes the unrealized losses presented in the December 31, 2023 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of December 31, 2023. The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $435 million and $394 million as of December 31, 2023 and 2022 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note. (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 10 7 17 Available-for-sale securities accounted for as PCD assets 22 — 22 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 — 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 8 — 8 Write-offs charged against the allowance 15 — 15 Recoveries of amounts previously written off — — — Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 4 5 Balance as of December 31, 2023 $ 4 $ 12 $ 16 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2022 $ 11 $ 7 $ 18 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets — 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance 12 — 12 Recoveries of amounts previously written off — — — Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 (9) (8) Balance as of December 31, 2022 $ — $ 1 $ 1 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. December 31 2023 2022 (In millions) Cost or Estimated Cost or Estimated Due in one year or less $ 1,121 $ 1,091 $ 1,012 $ 1,001 Due after one year through five years 11,563 11,180 9,880 9,399 Due after five years through ten years 13,359 12,573 13,788 12,453 Due after ten years 16,371 15,581 16,352 14,774 Total $ 42,414 $ 40,425 $ 41,032 $ 37,627 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Limited Partnerships The carrying value of limited partnerships as of December 31, 2023 and 2022 was $2,174 million and $1,926 million, which includes net undistributed earnings of $250 million and $176 million. Limited partnerships comprising 17% of the total carrying value are reported on a current basis through December 31, 2023 with no reporting lag, 4% are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. Limited partnerships comprising 85% and 76% of the carrying value as of December 31, 2023 and 2022 were invested in private debt and equity. Limited partnerships comprising 15% and 24% of the carrying value as of December 31, 2023 and 2022 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, co-investment, private credit, growth capital, distressed investing and real estate. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. The ten largest limited partnership positions held totaled $622 million and $633 million as of December 31, 2023 and 2022. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 1% of the aggregate partnership equity as of December 31, 2023 and 2022, and the related income reflected on the Consolidated Statements of Operations represents approximately 1%, 2% and 2% of the changes in aggregate partnership equity for the years ended December 31, 2023, 2022 and 2021. There are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. The Company’s private debt, private equity and other non-hedge fund limited partnership investments generally do not permit voluntary withdrawals. The Company’s hedge fund limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year or longer. Typically, hedge fund withdrawals require advance written notice of up to 90 days. Derivative Financial Instruments The Company may use derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk and foreign currency risk) stemming from various assets and liabilities. The Company's principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. The Company may enter into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. The Company may use foreign currency forward contracts to manage foreign currency risk. Credit exposure associated with non-performance by the counterparties to derivative instruments is generally limited to the uncollateralized fair value of the asset related to the instruments recognized on the Consolidated Balance Sheets. The Company generally requires that all over-the-counter derivative contracts be governed by an International Swaps and Derivatives Association Master Agreement, and exchanges collateral under the terms of these agreements with its derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty. Gross estimated fair values of derivative positions are presented in Other invested assets and Other liabilities on the Consolidated Balance Sheets. The Company does not offset derivative positions against the fair value of collateral provided or positions subject to netting arrangements. There would be no significant difference in the balance included in such accounts if the estimated fair values were presented net as of December 31, 2023 and 2022. There was less than $1 million of cash collateral provided by the Company and no cash collateral received from counterparties as of December 31, 2023 and 2022. During the year ended December 31, 2022, the Company held an embedded derivative on a funds withheld liability related to a coinsurance agreement on its legacy annuity business. The Company novated the coinsurance agreement during 2022 resulting in the transfer of $224 million of fixed maturity securities, $4 million of short-term investments and $2 million of accrued investment income in settlement of the $216 million funds withheld liability and associated $14 million embedded derivative. Investment Commitments As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of December 31, 2023, the Company had commitments to purchase or fund approximately $1,555 million and sell approximately $35 million under the terms of these investments. Investments on Deposit Cash and securities with carrying values of approximately $3.1 billion and $2.8 billion were deposited by the Company’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2023 and 2022. Cash and securities with carrying values of approximately $0.9 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2023 and 2022. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). December 31, 2023 Mortgage Loans Amortized Cost Basis by Origination Year (1) (In millions) 2023 2022 2021 2020 2019 Prior Total DSCR ≥1.6x LTV less than 55% $ 33 $ 9 $ 8 $ 98 $ 60 $ 238 $ 446 LTV 55% to 65% — — 5 — 8 — 13 LTV greater than 65% — 31 11 — — — 42 DSCR 1.2x - 1.6x LTV less than 55% 28 5 — 14 29 21 97 LTV 55% to 65% 34 36 36 23 — 32 161 LTV greater than 65% — 65 — — — — 65 DSCR ≤1.2 LTV less than 55% 6 34 — — — — 40 LTV 55% to 65% 26 40 — — 43 — 109 LTV greater than 65% — 28 21 — 41 7 97 Total $ 127 $ 248 $ 81 $ 135 $ 181 $ 298 $ 1,070 (1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index. As of December 31, 2023, accrued interest receivable on mortgage loans totaled $4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities. Assets and Liabilities Measured at Fair Value Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. December 31, 2023 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 161 $ 23,926 $ 1,045 $ 25,132 States, municipalities and political subdivisions — 7,348 44 7,392 Asset-backed — 7,000 901 7,901 Total fixed maturity securities 161 38,274 1,990 40,425 Equity securities: Common stock 167 — 24 191 Non-redeemable preferred stock 52 440 — 492 Total equity securities 219 440 24 683 Short term and other 1,976 32 — 2,008 Total assets $ 2,356 $ 38,746 $ 2,014 $ 43,116 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 December 31, 2022 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 120 $ 21,187 $ 810 $ 22,117 States, municipalities and political subdivisions — 8,274 43 8,317 Asset-backed — 6,405 788 7,193 Total fixed maturity securities 120 35,866 1,641 37,627 Equity securities: Common stock 150 — 35 185 Non-redeemable preferred stock 54 435 — 489 Total equity securities 204 435 35 674 Short term and other 1,608 71 — 1,679 Total assets $ 1,932 $ 36,372 $ 1,676 $ 39,980 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2023 $ 810 $ 43 $ 788 $ 35 $ 1,676 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (4) — (4) Reported in Net investment income — — 20 (7) 13 Reported in Other comprehensive income (loss) 38 1 9 — 48 Total realized and unrealized investment gains (losses) 38 1 25 (7) 57 Purchases 219 — 248 — 467 Sales — — — (4) (4) Settlements (33) — (64) — (97) Transfers into Level 3 11 — 23 — 34 Transfers out of Level 3 — — (119) — (119) Balance as of December 31, 2023 $ 1,045 $ 44 $ 901 $ 24 $ 2,014 Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ (7) $ (7) Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2023 recognized in Other comprehensive income (loss) in the period 38 1 9 — 48 Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2022 $ 937 $ 56 $ 556 $ 29 $ 1,578 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) (2) — 9 (6) 1 Reported in Net investment income 1 — 16 (3) 14 Reported in Other comprehensive income (loss) (184) (13) (126) — (323) Total realized and unrealized investment gains (losses) (185) (13) (101) (9) (308) Purchases 137 — 424 19 580 Sales (5) — (2) (3) (10) Settlements (84) — (70) 9 (145) Transfers into Level 3 10 — 75 — 85 Transfers out of Level 3 — — (94) (10) (104) Balance as of December 31, 2022 $ 810 $ 43 $ 788 $ 35 $ 1,676 Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2022 recognized in Net income (loss) in the period $ — $ — $ — $ (4) $ (4) Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2022 recognized in Other comprehensive income (loss) in the period (183) (13) (125) — (321) Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable. Equity Securities Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable. Short Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value. As of December 31, 2023 and December 31, 2022, there were $75 million and $72 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient. Other Liabilities Level 2 securities include currency forward contracts valued using observable market forward rates. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value. December 31, 2023 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,495 Discounted cash flow Credit spread 1% - 7% (2%) December 31, 2022 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,177 Discounted cash flow Credit spread 1% - 8% (2%) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. December 31, 2023 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,035 $ — $ — $ 997 $ 997 Liabilities Short-term debt $ 550 $ — $ 546 $ — $ 546 Long-term debt 2,481 — 2,385 — 2,385 December 31, 2022 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,040 $ — $ — $ 973 $ 973 Liabilities Short-term debt $ 243 $ — $ 248 $ — $ 248 Long-term debt 2,538 — 2,349 — 2,349 The carrying amounts reported on the Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The CNA Tax Group is included in the consolidated federal income tax return of Loews and its eligible subsidiaries. Loews and the Company have agreed that for each taxable year, the Company will 1) be paid by Loews the amount, if any, by which the Loews consolidated federal income tax liability is reduced by virtue of the inclusion of the CNA Tax Group in the Loews consolidated federal income tax return, or 2) pay to Loews an amount, if any, equal to the federal income tax that would have been payable by the CNA Tax Group filing a separate consolidated tax return. In the event that Loews should have a net operating loss in the future computed on the basis of filing a separate consolidated tax return without the CNA Tax Group, the Company may be required to repay tax recoveries previously received from Loews. This agreement may be canceled by either party upon 30 days written notice. For the years ended December 31, 2023, 2022 and 2021, the Company paid $263 million, $254 million and $238 million to Loews related to federal income taxes. For 2021 through 2023, Loews and the Company participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. For 2021 and 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance does not warrant use of IRS resources. The Company believes that this approach should reduce tax-related uncertainties, if any. As of December 31, 2023 and 2022, there were no unrecognized tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and tax refund claims in Income tax (expense) benefit on the Consolidated Statements of Operations. The Company recognizes penalties (if any) in Income tax (expense) benefit on the Consolidated Statements of Operations. During 2023, 2022 and 2021 the Company recognized no interest and no penalties. There were no amounts accrued for interest or penalties as of December 31, 2023 or 2022. The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense. Years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Income tax expense at statutory rates $ (319) $ (172) $ (308) Tax benefit from tax exempt income 30 41 51 Foreign taxes and credits (5) 15 (3) State income tax expense (13) (10) (13) Other tax expense (6) (6) (5) Income tax expense $ (313) $ (132) $ (278) (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. As of December 31, 2023, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax. The following table presents the current and deferred components of the Company's income tax expense. Years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Current tax expense $ (311) $ (221) $ (235) Deferred tax (expense) benefit (2) 89 (43) Total income tax expense $ (313) $ (132) $ (278) (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. Total income tax presented above includes foreign tax expense of approximately $52 million, $1 million and $18 million related to pretax income from foreign operations of approximately $198 million, $141 million and $124 million for the years ended December 31, 2023, 2022 and 2021. Foreign tax expense for the year ended December 31, 2022 included a $10 million tax benefit for the revaluation of net deferred tax assets related to a U.K. tax rate change. The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table. December 31 (In millions) 2023 2022 (1) Deferred Tax Assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 202 $ 178 Unearned premium reserves 213 198 Policyholder reserves 160 75 Deferred Revenue 62 64 Employee benefits 23 35 Deferred retroactive reinsurance benefit 88 89 Net unrealized losses 418 706 Other assets 111 116 Gross deferred tax assets 1,277 1,461 Deferred Tax Liabilities: Investment valuation differences 83 59 Deferred acquisition costs 126 113 Net unrealized gains — — Software and hardware 18 21 Other liabilities 34 17 Gross deferred tax liabilities 261 210 Net deferred tax asset $ 1,016 $ 1,251 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. As of December 31, 2023, the CNA Tax Group had no loss carryforwards and a tax credit carryforward of $2 million which expires in 2033. The foreign operations had loss carryforwards of $169 million, which have no expiration. The foreign operations had a tax credit carryforward of $9 million, which has no expiration. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized net deferred tax asset will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As a result, no valuation allowance was recorded as of December 31, 2023 or 2022. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Claim and Claim Adjustment Expense Reserve | Claim and Claim Adjustment Expense Reserves Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates. Liability for Unpaid Claim and Claim Adjustment Expenses The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets. As of December 31 (In millions) 2023 Net liability for unpaid claim and claim adjustment expenses: Specialty $ 5,916 Commercial 9,021 International 2,276 Life & Group (1) 582 Corporate & Other 368 Total net claim and claim adjustment expenses 18,163 Reinsurance receivables: (2) Specialty 1,215 Commercial 1,082 International 433 Life & Group 93 Corporate & Other (3) 2,318 Total reinsurance receivables 5,141 Total gross liability for unpaid claim and claim adjustment expenses $ 23,304 (1) The Life & Group segment amounts are related to unfunded structured settlements arising from short-duration contracts. (2) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses. (3) The Corporate & Other Reinsurance receivables are primarily related to A&EP claims covered under the A&EP Loss Portfolio Transfer (LPT). The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. As of or for the years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Reserves, beginning of year: Gross $ 22,120 $ 21,269 $ 19,862 Ceded 5,191 4,969 4,005 Net reserves, beginning of year 16,929 16,300 15,857 Reduction of net reserves due to Excess Workers' Compensation Loss Portfolio Transfer — — (632) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,667 5,181 5,021 Increase (decrease) in provision for insured events of prior years 48 (32) 15 Amortization of discount 44 44 48 Total net incurred (2) 5,759 5,193 5,084 Net payments attributable to: Current year events (922) (821) (933) Prior year events (3,679) (3,481) (3,016) Total net payments (4,601) (4,302) (3,949) Foreign currency translation adjustment and other 76 (262) (60) Net reserves, end of year 18,163 16,929 16,300 Ceded reserves, end of year 5,141 5,191 4,969 Gross reserves, end of year $ 23,304 $ 22,120 $ 21,269 (1) In conjunction with the Company's adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. See Note A to the Consolidated Financial Statements for additional information. (2) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the Excess Workers' Compensation LPT (EWC LPT) and uncollectible reinsurance, which are not reflected in the table above. Reserving Methodology In developing claim and claim adjustment expense reserve estimates, the Company's actuaries perform detailed reserve analyses that are staggered throughout the year. The data is organized at a reserve group level. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in the Company's pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, social and economic trends. In addition to the detailed analyses, the Company reviews actual loss emergence for all products each quarter. In developing the loss reserve estimates for property and casualty contracts, the Company generally projects ultimate losses using several common actuarial methods as listed below. The Company reviews the indications from the various methods and applies judgment to select an actuarial point estimate. The carried reserve may differ from the actuarial point estimate as a result of the Company's consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis. The indicated required reserve is the difference between the selected ultimate loss and the inception-to-date paid losses. The difference between the selected ultimate loss and the case incurred or reported loss is IBNR. IBNR includes a provision for development on known cases as well as a provision for late reported incurred claims. The most frequently utilized methods to project ultimate losses include the following: • Paid development: The paid development method estimates ultimate losses by reviewing paid loss patterns and applying them to accident years with further expected changes in paid loss. • Incurred development: The incurred development method is similar to the paid development method, but it uses case incurred losses instead of paid losses. • Loss ratio: The loss ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year. • Bornhuetter-Ferguson paid loss: The Bornhuetter-Ferguson paid loss method is a combination of the paid development approach and the loss ratio approach. This method normally determines expected loss ratios similar to the approach used to estimate the expected loss ratio for the loss ratio method. • Bornhuetter-Ferguson incurred loss: The Bornhuetter-Ferguson incurred loss method is similar to the Bornhuetter-Ferguson using premiums and paid loss method except that it uses case incurred losses. • Frequency times severity: The frequency times severity method multiplies a projected number of ultimate claims by an estimated ultimate average loss for each accident year to produce ultimate loss estimates. • Stochastic modeling: The stochastic modeling method produces a range of possible outcomes based on varying assumptions related to the particular product being modeled. For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, the Company's actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of the Company's products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, the Company may not assign much, if any weight to the paid and incurred development methods. The Company may use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner, primarily because the Company's history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, the Company may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short- tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, the Company uses additional methods tailored to the characteristics of the specific situation. The Company's reserving methodologies for mass tort and A&EP are similar as both are based on detailed reviews of large accounts with estimates of ultimate payments based on the facts in each case and the Company's view of applicable law and coverage litigation. Gross and Net Carried Reserves The following tables present the gross and net carried reserves. December 31, 2023 Specialty Commercial International Life & Group Corporate & Other Total (In millions) Gross Case Reserves $ 1,604 $ 3,291 $ 864 $ 626 $ 1,353 $ 7,738 Gross IBNR Reserves 5,527 6,812 1,845 49 1,333 15,566 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 7,131 $ 10,103 $ 2,709 $ 675 $ 2,686 $ 23,304 Net Case Reserves $ 1,392 $ 2,878 $ 708 $ 556 $ 129 $ 5,663 Net IBNR Reserves 4,524 6,143 1,568 26 239 12,500 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,916 $ 9,021 $ 2,276 $ 582 $ 368 $ 18,163 December 31, 2022 Specialty Commercial International Life & Group (1) Corporate & Other Total (In millions) Gross Case Reserves $ 1,529 $ 3,156 $ 817 $ 647 $ 1,428 $ 7,577 Gross IBNR Reserves 5,349 6,239 1,586 48 1,321 14,543 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 6,878 $ 9,395 $ 2,403 $ 695 $ 2,749 $ 22,120 Net Case Reserves $ 1,310 $ 2,809 $ 686 $ 567 $ 137 $ 5,509 Net IBNR Reserves 4,253 5,621 1,317 27 202 11,420 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,563 $ 8,430 $ 2,003 $ 594 $ 339 $ 16,929 (1) In conjunction with the Company's adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. See Note A to the Consolidated Financial Statements for additional information. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Specialty $ (14) $ (40) $ (45) Commercial (22) (43) (6) International 13 (13) 2 Corporate & Other 71 64 60 Total pretax (favorable) unfavorable development $ 48 $ (32) $ 11 Unfavorable development of $71 million, $64 million, and $60 million was recorded within the Corporate & Other segment for the years ended December 31, 2023, 2022, and 2021 largely associated with legacy mass tort abuse claims. The 2022 unfavorable development also included the Diocese of Rochester proposed settlement. Segment Development Tables For the Specialty, Commercial and International segments, the following tables present further detail and commentary on the development reflected in the financial statements for each of the periods presented. Also presented are loss reserve development tables that illustrate the change over time of reserves established for claim and allocated claim adjustment expenses arising from short-duration insurance contracts for certain lines of business within each of these segments. Not all lines of business or segments are presented based on their context to the Company's overall loss reserves, calendar year reserve development, or calendar year net earned premiums. Insurance contracts are considered to be short-duration contracts when the contracts are not expected to remain in force for an extended period of time. The Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative net incurred claim and allocated claim adjustment expenses relating to each accident year at the end of the stated calendar year. Changes in the cumulative amount across time are the result of the Company's expanded awareness of additional facts and circumstances that pertain to the unsettled claims. The Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative amount paid for claims for each accident year as of the end of the stated calendar year. The Net Strengthening or (Releases) of Prior Accident Year Reserves tables, reading across, show the net increase or decrease in the cumulative net incurred accident year claim and allocated claim adjustment expenses during each stated calendar year and indicates whether the reserves for that accident year were strengthened or released. The information in the tables is reported on a net basis after reinsurance and does not include the effects of discounting. The information contained in calendar years 2022 and prior is unaudited. Information contained in the tables pertaining to the Company's International segment has been presented at the year-end 2023 foreign currency exchange rates for all periods presented to remove the effects of foreign currency exchange rate changes between calendar years. The Company has presented development information for the Hardy business prospectively from the date of acquisition and is presented as a separate table within the Company's International segment. To the extent the Company enters into a commutation, the transaction is reported on a prospective basis. To the extent that the Company enters into a disposition, the effects of the disposition are reported on a retrospective basis by removing the balances associated with the disposed of business. The amounts reported for the cumulative number of reported claims include direct and assumed open and closed claims by accident year at the claimant level. The number excludes claim counts for claims within a policy deductible where the insured is responsible for payment of losses in the deductible layer. Claim count data for certain assumed reinsurance contracts is unavailable. IBNR includes reserves for incurred but not reported losses and expected development on case reserves. The Company does not establish case reserves for allocated loss adjusted expenses (ALAE), therefore ALAE reserves are also included in the estimate of IBNR. Specialty The following table presents further detail of the development recorded for the Specialty segment. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Medical Professional Liability $ 5 $ 18 $ 23 Other Professional Liability and Management Liability 37 50 24 Surety (43) (83) (73) Warranty (11) (21) (14) Other (2) (4) (5) Total pretax (favorable) unfavorable development $ (14) $ (40) $ (45) 2023 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s professional errors and omissions (E&O) businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Favorable development in warranty was due to lower than expected loss emergence in a recent accident year. 2022 Unfavorable development in medical professional liability was due to higher than expected large loss activity in multiple accident years. Unfavorable development in other professional liability and management liability was due to higher than expected claim severity and frequency in the Company’s cyber and professional E&O businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Favorable development in warranty was due to lower than expected loss emergence in a recent accident year. 2021 Unfavorable development in medical professional liability was due to higher than expected large loss activity in recent accident years. Unfavorable development in other professional liability and management liability was due to higher than expected frequency of large losses in multiple accident years, and higher than expected claim severity and frequency in the Company’s cyber business in recent accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Favorable development in warranty was due to lower than expected loss emergence in a recent accident year. Specialty - Line of Business Composition The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Specialty segment. As of December 31 (In millions) 2023 Net liability for unpaid claim and claim adjustment expenses: Medical Professional Liability $ 1,460 Other Professional Liability and Management Liability 3,897 Surety 468 Warranty 28 Other 63 Total net liability for unpaid claim and claim adjustment expenses $ 5,916 Specialty - Medical Professional Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 450 $ 489 $ 537 $ 530 $ 535 $ 529 $ 527 $ 524 $ 527 $ 525 $ 6 19,830 2015 433 499 510 494 488 510 501 498 494 15 18,218 2016 427 487 485 499 508 510 508 514 17 16,169 2017 412 449 458 460 455 460 456 20 15,345 2018 404 429 431 448 470 495 41 15,266 2019 430 445 458 471 469 62 14,409 2020 477 476 455 447 180 11,129 2021 377 376 374 193 9,523 2022 329 329 206 9,237 2023 340 281 8,240 Total $ 4,443 $ 1,021 Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 23 $ 136 $ 258 $ 359 $ 417 $ 472 $ 489 $ 497 $ 504 $ 510 2015 22 101 230 313 384 420 444 458 463 2016 18 121 246 339 401 436 460 483 2017 19 107 235 308 355 388 417 2018 21 115 211 290 349 418 2019 17 91 183 280 349 2020 11 61 139 201 2021 11 49 118 2022 10 57 2023 14 Total $ 3,030 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,413 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 22 Liability for unallocated claim adjustment expenses for accident years presented 25 Total net liability for unpaid claim and claim adjustment expenses $ 1,460 Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 39 $ 48 $ (7) $ 5 $ (6) $ (2) $ (3) $ 3 $ (2) $ 75 2015 66 11 (16) (6) 22 (9) (3) (4) 61 2016 60 (2) 14 9 2 (2) 6 87 2017 37 9 2 (5) 5 (4) 44 2018 25 2 17 22 25 91 2019 15 13 13 (2) 39 2020 (1) (21) (8) (30) 2021 (1) (2) (3) 2022 — — Total net development for the accident years presented above 14 16 9 Total net development for accident years prior to 2014 2 (3) (4) Total unallocated claim adjustment expense development 7 5 — Total $ 23 $ 18 $ 5 (1) Data presented for these calendar years is required supplemental information, which is unaudited. Specialty - Other Professional Liability and Management Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 878 $ 898 $ 885 $ 831 $ 835 $ 854 $ 845 $ 841 $ 842 $ 838 $ 26 17,585 2015 888 892 877 832 807 813 836 855 858 18 17,454 2016 901 900 900 904 907 891 888 906 39 17,987 2017 847 845 813 791 775 758 746 69 18,199 2018 850 864 869 906 923 941 101 20,038 2019 837 845 856 876 939 100 19,515 2020 930 944 951 945 281 19,437 2021 1,037 1,038 1,009 532 18,259 2022 1,120 1,112 706 18,165 2023 1,149 971 16,469 Total $ 9,443 $ 2,843 Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 51 $ 223 $ 392 $ 515 $ 647 $ 707 $ 743 $ 787 $ 802 $ 806 2015 60 234 404 542 612 677 725 794 808 2016 64 248 466 625 701 736 784 826 2017 57 222 394 498 557 596 630 2018 54 282 473 599 706 779 2019 64 263 422 567 699 2020 67 248 400 523 2021 58 217 356 2022 64 225 2023 64 Total $ 5,716 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 3,727 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 115 Liability for unallocated claim adjustment expenses for accident years presented 55 Total net liability for unpaid claim and claim adjustment expenses $ 3,897 Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 20 $ (13) $ (54) $ 4 $ 19 $ (9) $ (4) $ 1 $ (4) $ (40) 2015 4 (15) (45) (25) 6 23 19 3 (30) 2016 (1) — 4 3 (16) (3) 18 5 2017 (2) (32) (22) (16) (17) (12) (101) 2018 14 5 37 17 18 91 2019 8 11 20 63 102 2020 14 7 (6) 15 2021 1 (29) (28) 2022 (8) (8) Total net development for the accident years presented above 49 45 43 Total net development for accident years prior to 2014 (27) 5 (6) Total unallocated claim adjustment expense development 2 — — Total $ 24 $ 50 $ 37 (1) Data presented for these calendar years is required supplemental information, which is unaudited. Specialty - Surety Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 123 $ 124 $ 94 $ 69 $ 60 $ 45 $ 45 $ 43 $ 42 $ 41 $ 2 5,135 2015 131 131 104 79 63 58 53 45 45 2 5,085 2016 124 124 109 84 67 64 58 43 3 5,565 2017 120 115 103 84 71 66 67 4 5,883 2018 114 108 91 62 56 51 10 6,249 2019 119 112 98 87 82 12 6,152 2020 128 119 81 67 34 4,678 2021 137 129 110 68 4,645 2022 155 158 116 4,350 2023 175 167 2,750 Total $ 839 $ 418 Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 7 $ 30 $ 38 $ 36 $ 38 $ 38 $ 39 $ 39 $ 38 $ 38 2015 7 26 38 40 42 44 42 42 43 2016 5 37 45 45 43 43 41 40 2017 23 37 41 46 49 62 62 2018 5 25 34 39 40 41 2019 12 34 44 59 70 2020 4 20 28 33 2021 5 20 35 2022 12 35 2023 8 Total $ 405 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 434 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 13 Liability for unallocated claim adjustment expenses for accident years presented 21 Total net liability for unpaid claim and claim adjustment expenses $ 468 Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 1 $ (30) $ (25) $ (9) $ (15) $ — $ (2) $ (1) $ (1) $ (82) 2015 — (27) (25) (16) (5) (5) (8) — (86) 2016 — (15) (25) (17) (3) (6) (15) (81) 2017 (5) (12) (19) (13) (5) 1 (53) 2018 (6) (17) (29) (6) (5) (63) 2019 (7) (14) (11) (5) (37) 2020 (9) (38) (14) (61) 2021 (8) (19) (27) 2022 3 3 Total net development for the accident years presented above (75) (83) (55) Total net development for accident years prior to 2014 2 — 12 Total unallocated claim adjustment expense development — — — Total $ (73) $ (83) $ (43) (1) Data presented for these calendar years is required supplemental information, which is unaudited. Commercial The following table presents further detail of the development recorded for the Commercial segment. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Commercial Auto $ 33 $ 49 $ 53 General Liability 149 67 15 Workers' Compensation (203) (152) (82) Property and Other (1) (7) 8 Total pretax (favorable) unfavorable development $ (22) $ (43) $ (6) 2023 Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s construction business in a recent accident year. Unfavorable development in general liability was due to higher than expected claim severity in the Company’s construction and middle market businesses across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. 2022 Unfavorable development in commercial auto and general liability was due to higher than expected claim severity across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. 2021 Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s middle market and construction businesses in multiple accident years. Unfavorable development in general liability was due to higher than expected claim severity in the Company’s construction and umbrella businesses in multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Commercial - Line of Business Composition The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Commercial segment. As of December 31 (In millions) 2023 Net Claim and claim adjustment expenses: Commercial Auto $ 926 General Liability 3,780 Workers' Compensation 3,645 Property and Other 670 Total net liability for claim and claim adjustment expenses $ 9,021 Commercial - Commercial Auto Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 234 $ 223 $ 212 $ 205 $ 205 $ 201 $ 201 $ 202 $ 201 $ 201 $ 1 33,633 2015 201 199 190 190 183 181 183 182 184 4 30,430 2016 198 186 186 186 190 195 200 197 4 30,455 2017 199 198 200 221 232 239 241 4 30,947 2018 229 227 227 245 254 255 1 34,333 2019 257 266 289 323 325 10 37,258 2020 310 303 304 298 21 29,142 2021 397 388 390 93 32,918 2022 437 465 137 36,777 2023 554 347 34,211 Total $ 3,110 $ 622 Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 64 $ 102 $ 137 $ 166 $ 187 $ 196 $ 198 $ 199 $ 199 $ 200 2015 52 96 130 153 172 175 178 179 180 2016 52 93 126 154 175 185 190 192 2017 58 107 150 178 203 225 232 2018 66 128 175 212 238 249 2019 77 147 203 257 295 2020 71 134 197 246 2021 83 168 240 2022 112 236 2023 127 Total $ 2,197 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 913 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 4 Liability for unallocated claim adjustment expenses for accident years presented 9 Total net liability for unpaid claim and claim adjustment expenses $ 926 Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ (11) $ (11) $ (7) $ — $ (4) $ — $ 1 $ (1) $ — $ (33) 2015 (2) (9) — (7) (2) 2 (1) 2 (17) 2016 (12) — — 4 5 5 (3) (1) 2017 (1) 2 21 11 7 2 42 2018 (2) — 18 9 1 26 2019 9 23 34 2 68 2020 (7) 1 (6) (12) 2021 (9) 2 (7) 2022 28 28 Total net development for the accident years presented above 53 45 28 Total net development for accident years prior to 2014 — 4 2 Total unallocated claim adjustment expense development — — 3 Total $ 53 $ 49 $ 33 (1) Data presented for these calendar years is required supplemental information, which is unaudited. Commercial - General Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 653 $ 658 $ 654 $ 631 $ 635 $ 658 $ 659 $ 659 $ 676 $ 679 $ 28 28,196 2015 581 576 574 589 600 602 617 625 639 28 24,261 2016 623 659 667 671 673 683 684 704 39 24,803 2017 632 632 632 634 630 652 690 36 22,471 2018 653 644 646 639 650 679 129 20,425 2019 680 682 682 691 720 174 19,647 2020 723 722 726 736 347 14,593 2021 782 784 793 401 15,121 2022 929 928 676 15,754 2023 1,071 963 11,633 Total $ 7,639 $ 2,821 Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 31 $ 119 $ 247 $ 376 $ 481 $ 547 $ 569 $ 607 $ 624 $ 642 2015 19 110 230 357 446 501 530 561 573 2016 32 163 279 407 481 524 582 620 2017 23 118 250 399 471 553 606 2018 33 107 228 307 428 491 2019 25 98 181 322 455 2020 23 99 192 280 2021 26 140 262 2022 29 123 2023 33 Total $ 4,085 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 3,554 |
Future Policy Benefit Reserves
Future Policy Benefit Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Future Policy Benefit Reserves | Future Policy Benefits Reserves Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations. The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021. The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve. The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience, which, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. The cash flow assumption updates completed in the third quarter of 2023 resulted in an $8 million pretax increase in the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions. Adjusted to reflect the application of the LDTI accounting standard, the cash flow assumption updates completed in the third quarter of 2022 resulted in a $186 million pretax increase to the LFPB, primarily driven by the unfavorable impact of increased cost of care inflation offset by favorable premium rate assumptions. The following table summarizes balances and changes in the LFPB. (In millions) 2023 2022 2021 Present value of future net premiums Balance, January 1 $ 3,991 $ 4,735 $ 5,086 Effect of changes in discount rate (74) (880) (1,140) Balance, January 1, at original locked in discount rate 3,917 3,855 3,946 Effect of changes in cash flow assumptions (1) 28 352 173 Effect of actual variances from expected experience (1) (126) (49) (24) Adjusted balance, January 1 3,819 4,158 4,095 Interest accrual 202 216 219 Net premiums: earned during period (436) (457) (459) Balance, end of period at original locked in discount rate 3,585 3,917 3,855 Effect of changes in discount rate 125 74 880 Balance, December 31 $ 3,710 $ 3,991 $ 4,735 Present value of future benefits & expenses Balance, January 1 $ 17,471 $ 22,745 $ 23,955 Effect of changes in discount rate (125) (5,942) (7,395) Balance, January 1, at original locked in discount rate 17,346 16,803 16,560 Effect of changes in cash flow assumptions (1) 36 538 176 Effect of actual variances from expected experience (1) (46) (21) (19) Adjusted balance, January 1 17,336 17,320 16,717 Interest accrual 962 979 973 Benefit & expense payments (1,207) (953) (887) Balance, end of period at original locked in discount rate 17,091 17,346 16,803 Effect of changes in discount rate 578 125 5,942 Balance, December 31 $ 17,669 $ 17,471 $ 22,745 Net LFPB $ 13,959 $ 13,480 $ 18,010 (1) As of December 31, 2023, 2022 and 2021 the re-measurement gain (loss) of $(88) million, $(214) million and $(8) million presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Consolidated Statement of Operations. Years ended December 31 (In millions) 2023 2022 2021 Earned premiums $ 451 $ 473 $ 491 Interest expense 760 763 754 The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums. As of December 31 (In millions) 2023 2022 Expected future benefit and expense payments $ 32,851 $ 34,261 Expected future gross premiums 5,414 5,910 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,824 million and $4,070 million as of December 31, 2023 and 2022. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of December 31, 2023 and 2022. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. As of December 31 2023 2022 Original locked in discount rate 5.22 % 5.27 % Upper-medium grade fixed income instrument discount rate 4.94 5.23 For the years ended December 31, 2023 and 2022, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $164 million and $178 million. For the years ended December 31, 2023 and 2022, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $42 million and $12 million. |
Legal Proceedings, Contingencie
Legal Proceedings, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Legal Proceedings, Commitments and Contingencies, and Guarantees [Abstract] | |
Legal Proceedings, Contingencies and Guarantees | Legal Proceedings, Contingencies and Guarantees The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position. Guarantees The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of December 31, 2023, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.5 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The Company cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of the Company. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectibility exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and the Company's retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers' compensation. Corporate catastrophe reinsurance is also purchased for property and workers' compensation exposure. The Company also utilizes facultative reinsurance in certain lines. In addition, the Company assumes reinsurance primarily through Hardy and as a member of various reinsurance pools and associations. The following table presents the amounts receivable from reinsurers. December 31 (In millions) 2023 2022 Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 5,141 $ 5,191 Reinsurance receivables related to paid losses 293 247 Reinsurance receivables 5,434 5,438 Allowance for uncollectible reinsurance (22) (22) Reinsurance receivables, net of allowance for uncollectible reinsurance $ 5,412 $ 5,416 The Company has established an allowance for uncollectible voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating. (In millions) December 31, 2023 A- to A++ $ 4,047 B- to B++ 769 Insolvent 7 Total voluntary reinsurance outstanding balance (1) $ 4,823 (1) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. Refer to Note E to the Consolidated Financial Statements for information regarding the LPT. The Company has also excluded receivables from involuntary pools. The Company attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, the Company may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. Receivables from captive reinsurers are backed by collateral arrangements and comprise the majority of the voluntary reinsurance receivables within the B- to B++ rating distribution in the table above. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral, limited by the balance of open recoverables, was approximately $3.6 billion and $3.7 billion as of December 31, 2023 and 2022. The Company's largest recoverables from a single reinsurer as of December 31, 2023, including ceded unearned premium reserves, were approximately $1.8 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $576 million from Cavello Bay Reinsurance Limited and $410 million from the Swiss Reinsurance Group . These amounts are substantially collateralized or otherwise secured. The recoverable from subsidiaries of the Berkshire Hathaway Insurance Group includes amounts related to third-party reinsurance for which NICO has assumed the credit risk under the terms of the LPT as discussed in Note E to the Consolidated Financial Statements. The effects of reinsurance on earned premiums and written premiums are presented in the following tables. (In millions) Direct Assumed Ceded Net Assumed/ 2023 Earned Premiums Property and casualty $ 13,908 $ 223 $ 5,102 $ 9,029 2.5 % Long-term care 407 44 — 451 9.8 % Total earned premiums $ 14,315 $ 267 $ 5,102 $ 9,480 2.8 % 2022 Earned Premiums Property and casualty $ 13,097 $ 231 $ 5,134 $ 8,194 2.8 % Long-term care 427 46 — 473 9.7 % Total earned premiums $ 13,524 $ 277 $ 5,134 $ 8,667 3.2 % 2021 Earned Premiums Property and casualty $ 12,554 $ 240 $ 5,110 $ 7,684 3.1 % Long-term care 443 48 — 491 9.8 % Total earned premiums $ 12,997 $ 288 $ 5,110 $ 8,175 3.5 % (In millions) Direct Assumed Ceded Net Assumed/ 2023 Written Premiums Property and casualty $ 14,498 $ 219 $ 5,272 $ 9,445 2.3 % Long-term care 404 43 — 447 9.6 % Total written premiums $ 14,902 $ 262 $ 5,272 $ 9,892 2.6 % 2022 Written Premiums Property and casualty $ 13,843 $ 235 $ 5,417 $ 8,661 2.7 % Long-term care 421 46 — 467 9.9 % Total written premiums $ 14,264 $ 281 $ 5,417 $ 9,128 3.1 % 2021 Written Premiums Property and casualty $ 13,150 $ 255 $ 5,485 $ 7,920 3.2 % Long-term care 437 48 — 485 9.9 % Total written premiums $ 13,587 $ 303 $ 5,485 $ 8,405 3.6 % Included in the direct and ceded earned premiums for the years ended December 31, 2023, 2022 and 2021 are $2,907 million, $3,270 million and $3,638 million related to property business that is 100% reinsured under a significant third-party captive program. The third-party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure this property risk. The Company receives and retains a ceding commission. Insurance claims and policyholders' benefits reported on the Consolidated Statements of Operations are net of estimated reinsurance recoveries of $2,772 million, $2,631 million and $3,058 million for the years ended December 31, 2023, 2022 and 2021, including $1,512 million, $1,796 million and $2,003 million, respectively, related to the significant third-party captive program discussed above. Long-term care premiums are from long-duration contracts; property and casualty premiums are from short-duration contracts. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt is composed of the following long-term obligations. December 31 (In millions) 2023 2022 Short-term debt: Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023 $ — $ 243 Senior notes of CNAF: 3.950%, face amount of $550, due May 15, 2024 550 — Total short-term debt 550 243 Long-term debt: Senior notes of CNAF: 3.950%, face amount of $550, due May 15, 2024 — 549 4.500%, face amount of $500, due March 1, 2026 500 499 3.450%, face amount of $500, due August 15, 2027 498 497 3.900%, face amount of $500, due May 1, 2029 497 497 2.050%, face amount of $500, due August 15, 2030 496 496 5.500%, face amount of $500, due June 15, 2033 490 — Total long-term debt 2,481 2,538 Total debt $ 3,031 $ 2,781 CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2023 giving it immediate access to approximately $106 million of additional liquidity. As of December 31, 2023 and 2022, CCC had no outstanding borrowings from the FHLBC. During 2023, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which would adjust in the event of a change in the Company's ratio of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the agreement. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2023, was $8.7 billion. The calculation of minimum consolidated net worth excludes AOCI. As of December 31, 2023 and 2022, the Company had no outstanding borrowings under the credit agreement. The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2023 and 2022. The combined aggregate maturities for debt as of December 31, 2023 are presented in the following table. (In millions) 2024 $ 550 2025 — 2026 500 2027 500 2028 — Thereafter 1,500 Less: discount (19) Total $ 3,031 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Pension and Postretirement Health Care Benefit Plans CNA sponsors noncontributory defined benefit pension plans, primarily through the CNA Retirement Plan, covering certain eligible employees. These plans are closed to new entrants. CNA's funding policy for defined benefit pension plans is to make contributions in accordance with applicable governmental regulatory requirements with consideration of the funded status of the plans. Effective January 1, 2000, the CNA Retirement Plan was closed to new participants. Existing participants at that time were given a choice to either continue to accrue benefits under the CNA Retirement Plan or to cease accruals effective December 31, 1999. Employees who chose to continue to accrue benefits under the plan received benefits in accordance with plan provisions through June 30, 2015 as discussed further below. Participants who elected to cease accruals at December 31, 1999 received the present value of their accrued benefit in an accrued pension account that is credited with interest based on the annual rate of interest on 30-year Treasury securities. These employees also receive certain enhanced employer contributions in the CNA 401k Plan. Effective June 30, 2015, the Company eliminated future benefit accruals associated with the CNA Retirement Plan. Participants who were continuing to accrue benefits under the CNA Retirement Plan up until that date are entitled to an accrued benefit payable based on their eligible compensation and accrued service through June 30, 2015. These affected participants now also receive enhanced employer contributions in the CNA 401k Plan similar to participants who elected to cease accruals effective December 31, 1999. Employees who elected to cease accruals effective December 31, 1999 were not affected by this curtailment. In 2023, the CNA Retirement Plan paid $80 million to settle its obligation to certain retirees through the purchase of a group annuity contract from a third party insurance company (group annuity purchase). The group annuity purchase reduced the plan's projected benefit obligation by $86 million. CNA provides certain postretirement health care benefits to eligible retired employees, their covered dependents and their beneficiaries primarily through the CNA Health and Group Benefits Program. These postretirement benefits have largely been eliminated for active employees. The following table presents a reconciliation of benefit obligations and plan assets. Pension Benefits Postretirement Benefits (In millions) 2023 2022 2023 2022 Benefit obligation as of January 1 $ 1,931 $ 2,561 $ 4 $ 6 Changes in benefit obligation: Interest cost 98 67 — — Participants' contributions — — 1 2 Actuarial (gain) loss 27 (514) 4 — Benefits paid (168) (171) (4) (4) Foreign currency translation and other 5 (12) — — Settlement through group annuity purchase (86) — — — Benefit obligation as of December 31 1,807 1,931 5 4 Fair value of plan assets as of January 1 2,025 2,577 — — Change in plan assets: Actual return on plan assets 194 (374) — — Company contributions 8 7 3 2 Participants' contributions — — 1 2 Benefits paid (168) (171) (4) (4) Foreign currency translation and other 5 (14) — — Settlement through group annuity purchase (80) — — — Fair value of plan assets as of December 31 1,984 2,025 — — Funded status $ 177 $ 94 $ (5) $ (4) Amounts recognized on the Consolidated Balance Sheets as of December 31: Other assets $ 223 $ 143 $ — $ — Other liabilities (46) (49) (5) (4) Net amount recognized $ 177 $ 94 $ (5) $ (4) Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit): Net actuarial (gain) loss $ 658 $ 743 $ 3 $ 1 Net amount recognized $ 658 $ 743 $ 3 $ 1 The accumulated benefit obligation for all defined benefit pension plans was $1,807 million and $1,931 million as of December 31, 2023 and 2022. Changes for the years ended December 31, 2023 and 2022 include an actuarial loss of $27 million and a gain of $514 million primarily driven by changes in the discount rate used to determine the defined benefit pension obligations. For pension plans with a benefit obligation in excess of plan assets, the benefit obligation was $46 million and $49 million and the aggregate plan assets were $0 at December 31, 2023 and 2022. The components of net periodic pension cost (benefit) are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Net periodic pension cost (benefit) Interest cost on projected benefit obligation $ 98 $ 67 $ 62 Expected return on plan assets (119) (152) (154) Amortization of net actuarial loss (gain) 33 30 46 Settlement loss — — 1 Total net periodic pension cost (benefit) $ 12 $ (55) $ (45) The following table indicates the line items in which the non-service cost (benefit) is presented in the Consolidated Statements of Operations. Years ended December 31 (In millions) 2023 2022 2021 Non-Service Cost (benefit): Insurance claims and policyholder's benefits $ 3 $ (15) $ (13) Other operating expenses 9 (40) (32) Total net periodic pension cost (benefit) $ 12 $ (55) $ (45) The amounts recognized in Other comprehensive income are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Pension and postretirement benefits Amounts arising during the period $ 50 $ (12) $ 262 Settlement — — 1 Reclassification adjustment relating to prior service credit — — — Reclassification adjustment relating to actuarial loss 34 30 46 Total increase (decrease) in Other comprehensive income $ 84 $ 18 $ 309 Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are presented in the following table. The interest crediting rate is the weighted average interest rate applied to the individual pension balances for employees who elected to cease accruals effective December 31, 1999. December 31 2023 2022 Pension benefits Discount rate 5.100 % 5.350 % Interest crediting rate 4.500 3.500 Postretirement benefits Discount rate 5.100 % 5.250 % Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are presented in the following table. Years ended December 31 2023 2022 2021 Pension benefits Discount rate 5.350 % 2.750 % 2.350 % Expected long-term rate of return 6.250 6.250 6.750 Interest crediting rate 3.500 3.000 3.000 Postretirement benefits Discount rate 5.250 % 2.250 % 1.600 % To determine the discount rate assumption as of the year-end measurement date for the CNA Retirement Plan and CNA Health and Group Benefits Program, the Company considered the estimated timing of plan benefit payments and available yields on high quality fixed income debt securities. For this purpose, high quality is considered a rating of Aa or better by Moody's Investors Service, Inc. (Moody's) or a rating of AA or better from Standard & Poor's (S&P). The Company reviewed several yield curves constructed using the cash flow characteristics of the plans as well as bond indices as of the measurement date. The trend of those data points was also considered. In determining the expected long-term rate of return on plan assets assumption for the CNA Retirement Plan, CNA considered the historical performance of the benefit plan investment portfolio as well as long-term market return expectations based on the investment mix of the portfolio and the expected investment horizon. The CNA Health and Group Benefits Program has limited its share of the health care trend rate to a cost-of-living adjustment of 4% per year. For all participants, the employer subsidy on health care costs will not increase by more than 4% per year. As a result, the assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the CNA Health and Group Benefits Program was 4% per year in 2023, 2022 and 2021. CNA employs a total return approach whereby a mix of equity, limited partnerships and fixed maturity securities are used to maximize the long-term return of retirement plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 0% to 40% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long-term returns while improving portfolio diversification. The intent of this strategy is to minimize the Company's expense related to funding the plan by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. As of December 31, 2023, the Plan had committed approximately $100 million to future capital calls from various third-party limited partnership investments in exchange for an ownership interest in the related partnerships. Derivatives may be used to gain market exposure in an efficient and timely manner. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. Pension plan assets measured at fair value on a recurring basis are presented in the following tables. December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Assets Fixed maturity securities: Corporate bonds and other $ 10 $ 1,041 $ 6 $ 1,057 States, municipalities and political subdivisions — 50 — 50 Asset-backed — 233 8 241 Total fixed maturity securities 10 1,324 14 1,348 Equity securities 119 6 — 125 Short-term investments 96 — — 96 Other assets — 15 — 15 Total assets measured at fair value $ 225 $ 1,345 $ 14 1,584 Total equity securities measured at net asset value (1) 25 Total limited partnerships measured at net asset value (1) 375 Total $ 1,984 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Assets Fixed maturity securities: Corporate bonds and other $ — $ 859 $ 7 $ 866 States, municipalities and political subdivisions — 49 — 49 Asset-backed — 157 9 166 Total fixed maturity securities — 1,065 16 1,081 Equity securities 218 13 — 231 Short-term investments 145 1 — 146 Other assets — 12 — 12 Total assets measured at fair value $ 363 $ 1,091 $ 16 1,470 Total equity securities measured at net asset value (1) 21 Total limited partnerships measured at net asset value (1) 534 Total $ 2,025 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position. The limited partnership investments held within the plan are recorded at fair value, which represents the plan's share of net asset value of each partnership, as determined by each limited partnership's general partner. Limited partnerships comprising 94% and 62% of the carrying value as of December 31, 2022 and 2021 were invested in private debt and equity. Limited partnerships comprising 6% and 38% of the carrying value as of December 31, 2023 and 2022 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, private credit, growth capital and distressed investing. Hedge fund strategies include both long and short positions in fixed income, equity and derivative investments. For a discussion of the fair value levels and the valuation methodologies used to measure fixed maturity securities, equities, derivatives and short-term investments, see Note C to the Consolidated Financial Statements. The table below presents the estimated future minimum benefit payments to participants as of December 31, 2023. (In millions) Pension Benefits Postretirement Benefits 2024 $ 164 $ 1 2025 163 1 2026 161 1 2027 158 — 2028 154 — 2029-2033 692 1 In 2024, CNA expects to contribute $6 million to its pension plans and $1 million to its postretirement health care benefit plans. Savings Plans CNA sponsors savings plans, which are generally contributory plans that allow eligible employees to contribute a maximum of 50% of their eligible compensation, subject to certain limitations prescribed by the IRS. The Company contributes matching amounts to participants amounting to 100% of the first 6% of annual eligible compensation contributed by the employee. In addition, eligible employees also receive a Company contribution of 5% of their annual eligible compensation, referred to as a basic contribution. Company contributions vest ratably over participants first five years of service. Benefit expense for the Company's savings plans was $82 million, $71 million and $65 million for the years ended December 31, 2023, 2022 and 2021. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The CNAF Incentive Compensation Plan (the Plan) authorizes the grant of stock-based compensation to certain management personnel for up to 16 million shares of CNAF common stock. The Plan provides for awards of stock options, stock appreciation rights (SARs), restricted shares, restricted stock units (RSUs), performance-based RSUs and performance share units. Grants to employees are not designed to be spring-loaded. The number of remaining shares available for the granting of stock-based compensation under the Plan as of December 31, 2023 was approximately 3.6 million. Substantially all of the Company's stock-based compensation is awarded under the Annual Performance Share Plan (PSP). The PSP provides officers with an opportunity to earn an award based upon attainment of specific performance goals achieved over a one-year performance period. Awards are granted in the form of performance share units at the beginning of each performance year and are generally subject to a two-year cliff vesting period after the Company’s annual performance has been determined. The performance share units become payable within a range of 0% to 200% of the number of performance share units initially granted. Additionally, the Company may grant RSUs under the Plan in certain circumstances. These awards generally vest over a one Stock-based compensation that is not fully vested prior to termination is generally forfeited upon termination, except in cases of retirement, death or disability, and as otherwise provided by contractual obligations. The fair value of stock-based compensation awards is based on the market value of the Company's common stock as of the date of grant, except for awards made to foreign participants, which is based on the current market value of the Company’s common stock. Payments made under the PSP are made entirely in shares of common stock granted under the Plan, except for awards made to foreign participants, which are paid in cash. The Company recorded stock-based compensation expense related to the Plan of $38 million, $36 million and $32 million for the years ended December 31, 2023, 2022 and 2021. The related income tax benefit recognized was $8 million, $8 million and $6 million for the years ended December 31, 2023, 2022 and 2021 . The compensation cost not yet recognized was $44 million, and the weighted average period over which it is expected to be recognized is 1.8 years as of December 31, 2023. The total fair value of RSUs and performance share units that vested during the years ended December 31, 2023, 2022 and 2021 was $34 million, $35 million and $36 million, respectively. The weighted average grant date fair value for RSUs and performance share units granted during the years ended December 31, 2023, 2022 and 2021 was $37.06, $46.78 and $45.82, respectively. The following table presents activity for non-vested RSUs and performance share units under the Plan in 2023. Number of Awards Weighted Average Grant Date Fair Value Balance as of January 1, 2023 2,465,752 $ 43.10 Awards granted 1,437,605 37.06 Awards vested (950,620) 38.06 Awards forfeited, canceled or expired (478,823) 42.28 Performance-based adjustment 152,399 36.87 Balance as of December 31, 2023 2,626,313 41.40 |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
Other Intangible Assets | Other Intangible Assets Other intangible assets are presented in the following table. December 31 2023 2022 (In millions) Economic Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Distribution channel 15 years $ 10 $ 8 $ 10 $ 7 Indefinite-lived intangible assets: Syndicate capacity 45 42 Agency force 16 16 Insurance licenses 15 10 Total indefinite-lived intangible assets 76 68 Total other intangible assets $ 86 $ 8 $ 78 $ 7 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Total lease expense was $55 million, $59 million and $57 million for the years ended December 31, 2023, 2022 and 2021. Total lease expense includes operating lease expense of $34 million, $36 million and $38 million and variable lease expense of $21 million, $23 million and $19 million for the years ended December 31, 2023, 2022 and 2021. Cash paid for amounts included in operating lease liabilities was $38 million, $42 million and $44 million for the years ended December 31, 2023, 2022 and 2021. Operating lease ROU assets obtained in exchange for lease obligations was $28 million, $20 million and $11 million for the years ended December 31, 2023, 2022 and 2021. In the fourth quarter of 2023, the Company committed to consolidate some of its offices, which resulted in a $24 million charge within Other operating expense on the Consolidated Statement of Operations, recorded in the Corporate & Other Segment. The charge primarily relates to the abandonment of certain fixed assets and operating lease ROU assets that are no longer in use. The following table presents operating lease ROU assets and lease liabilities. (In millions) December 31, 2023 December 31, 2022 Operating lease ROU assets $ 140 $ 155 Operating lease liabilities 215 220 The following table presents the maturities of operating lease liabilities. (In millions) December 31, 2023 2024 $ 36 2025 32 2026 30 2027 28 2028 25 Thereafter 103 Total lease payments 254 Less: Discount (39) Total operating lease liabilities $ 215 As of December 31, 2023, the Company had $12 million of additional operating lease commitments that have not yet commenced. These leases will commence in 2024 with lease terms ranging from 3 to 10 years. The following table presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease ROU assets. December 31, 2023 December 31, 2022 Weighted average remaining lease term 8.4 years 9.2 years Weighted average discount rate 3.7 % 3.4 % |
Stockholders' Equity and Statut
Stockholders' Equity and Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity and Statutory Accounting Practices [Abstract] | |
Stockholders' Equity And Statutory Accounting Practices | Stockholders’ Equity and Statutory Accounting Practices Common Stock Dividends There are no restrictions on the retained earnings or net income of CNAF with regard to payment of dividends to its stockholders. However, given the holding company nature of CNAF, its ability to pay a dividend is dependent on the receipt of dividends from its subsidiaries, particularly CCC, which directly or indirectly owns the vast majority of all significant subsidiaries. See the Statutory Accounting Practices section below for a discussion of the regulatory restrictions on CCC's availability to pay dividends. CNAF's ability to pay dividends may be indirectly limited by the minimum consolidated net worth covenant in the Company's line of credit agreement. See Note I to the Consolidated Financial Statements for further discussion of the Company's debt obligations. Statutory Accounting Practices CNAF’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (NAIC) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in stockholders’ equity relating to certain fixed maturity securities. The Company has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62R, Property and Casualty Reinsurance , paragraphs 87 and 88 in conjunction with the 2010 LPT with NICO which is further discussed in Note E to the Consolidated Financial Statements. The prescribed practice allows the Company to aggregate all third-party A&EP reinsurance balances administered by NICO in Schedule F and to utilize the LPT as collateral for the underlying third-party reinsurance balances for purposes of calculating the statutory reinsurance penalty. This prescribed practice increased statutory capital and surplus by $92 million and $74 million at December 31, 2023 and 2022. The payment of dividends by CNAF's insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator. Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the Department), are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2023, CCC is in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2024 that would not be subject to the Department’s prior approval is $1,105 million, less dividends paid during the preceding twelve months measured at that point in time. CCC paid dividends of $1,055 million in 2023. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company. Combined statutory capital and surplus and statutory net income (loss) for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income (Loss) December 31 Years ended December 31 (In millions) 2023 (1) 2022 2023 (1) 2022 2021 Combined Continental Casualty Companies $ 10,946 $ 10,572 $ 1,172 $ 1,072 $ 1,253 (1) Information derived from the statutory-basis financial statements to be filed with insurance regulators. CNAF’s domestic insurance subsidiaries are subject to risk-based capital (RBC) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company's actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action. The statutory capital and surplus presented above for CCC was approximately 225% and 238% of company action level RBC as of December 31, 2023 and 2022. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. The statutory capital and surplus of the Company's foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component The tables below display the changes in Accumulated other comprehensive income (loss) by component. (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2023, as previously reported $ (7) $ (2,738) $ (591) $ — $ (221) $ (3,557) Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $—, $—, $11, $— and $11 — — — (41) — (41) Balance as of January 1, 2023 (7) (2,738) (591) (41) (221) (3,598) Other comprehensive income (loss) before reclassifications (24) 1,072 39 (318) 58 827 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $5, $14, $7, $—, $— and $26 (19) (53) (27) — — (99) Other comprehensive income (loss) net of tax (expense) benefit of $1, $(304), $(17), $85, $— and $(235) (5) 1,125 66 (318) 58 926 Balance as of December 31, 2023 $ (12) $ (1,613) $ (525) $ (359) $ (163) $ (2,672) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2022, as previously reported $ (2) $ 1,039 $ (604) $ — $ (113) $ 320 Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(617), $—, $1,063, $— and $446 — 2,320 — (4,000) — (1,680) Balance as of January 1, 2022, as adjusted (2) 3,359 (604) (4,000) (113) (1,360) Other comprehensive income (loss) before reclassifications — (6,223) (11) 3,959 (108) (2,383) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $21, $6, $—, $— and $26 5 (126) (24) — — (145) Other comprehensive income (loss) net of tax (expense) benefit of $1, $1,622, $(3), $(1,052), $— and $568 (5) (6,097) 13 3,959 (108) (2,238) Balance as of December 31, 2022 $ (7) $ (2,738) $ (591) $ (41) $ (221) $ (3,598) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2021, as previously reported $ — $ 1,745 $ (848) $ — $ (94) $ 803 Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(691), $—, $1,313, $— and $622 — 2,601 — (4,941) — (2,340) Balance as of January 1, 2021, as adjusted — 4,346 (848) (4,941) (94) (1,537) Other comprehensive income (loss) before reclassifications (7) (906) 207 941 (19) 216 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $(21), $10, $—, $— and $(10) (5) 81 (37) — — 39 Other comprehensive income (loss) net of tax (expense) benefit of $1, $263, $(65), $(250), $— and $(51) (2) (987) 244 941 (19) 177 Balance as of December 31, 2021 $ (2) $ 3,359 $ (604) $ (4,000) $ (113) $ (1,360) 1) See Note A to the Consolidated Financial Statements for additional information. Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows: Component of AOCI Consolidated Statements of Operations Line Item Affected by Reclassifications Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Net investment gains (losses) Pension and postretirement benefits Other operating expenses and Insurance claims and policyholders' benefits |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters. Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle markets and other commercial customers. The International segment underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, the Company's Lloyd's syndicate. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. Life & Group primarily includes the results of the long-term care business that is in run-off. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt and the results of certain property and casualty business in run-off, including CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves. The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income and Net investment gains or losses are allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments. Approximately 11%, 10% and 10% of the Company's direct written premiums were derived from outside the United States for the years ended December 31, 2023, 2022 and 2021. In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The performance of the Company's insurance operations is monitored by management through core income (loss), which is derived from certain income statement amounts. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses. The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily reflective of our primary operations. The Company's results of operations and selected balance sheet items by segment are presented in the following tables. Year ended December 31, 2023 Specialty Commercial International Life & Corporate (In millions) Eliminations Total Net written premiums $ 3,329 $ 4,880 $ 1,237 $ 447 $ — $ (1) $ 9,892 Operating revenues Net earned premiums $ 3,307 $ 4,547 $ 1,176 $ 451 $ — $ (1) $ 9,480 Net investment income 558 645 103 896 62 — 2,264 Non-insurance warranty revenue 1,624 — — — — — 1,624 Other revenues 1 29 — (1) 11 (10) 30 Total operating revenues 5,490 5,221 1,279 1,346 73 (11) 13,398 Claims, benefits and expenses Net incurred claims and benefits 1,923 2,995 722 1,317 82 — 7,039 Policyholders’ dividends 8 21 — — — — 29 Amortization of deferred acquisition costs 686 729 229 — — — 1,644 Non-insurance warranty expense 1,544 — — — — — 1,544 Other insurance related expenses 373 620 139 118 2 (1) 1,251 Other expenses 53 30 (4) 1 204 (10) 274 Total claims, benefits and expenses 4,587 4,395 1,086 1,436 288 (11) 11,781 Core income (loss) before income tax 903 826 193 (90) (215) — 1,617 Income tax (expense) benefit on core income (loss) (195) (174) (48) 42 42 — (333) Core income (loss) $ 708 $ 652 $ 145 $ (48) $ (173) $ — 1,284 Net investment gains (losses) (99) Income tax (expense) benefit on net investment gains (losses) 20 Net investment gains (losses), after tax (79) Net income (loss) $ 1,205 December 31, 2023 (In millions) Reinsurance receivables $ 1,281 $ 1,218 $ 468 $ 93 $ 2,374 $ — $ 5,434 Insurance receivables 1,053 2,024 388 5 — — 3,470 Deferred acquisition costs 392 371 133 — — — 896 Goodwill 117 — 29 — — — 146 Deferred non-insurance warranty acquisition expense 3,661 — — — — — 3,661 Insurance reserves Claim and claim adjustment expenses 7,131 10,103 2,709 675 2,686 — 23,304 Unearned premiums 3,227 2,858 749 99 — — 6,933 Future policy benefits — — — 13,959 — — 13,959 Deferred non-insurance warranty revenue 4,694 — — — — — 4,694 Year ended December 31, 2022 Specialty Commercial International Life & Group (1) Corporate (In millions) Eliminations Total (1) Net written premiums $ 3,306 $ 4,193 $ 1,164 $ 467 $ (1) $ (1) $ 9,128 Operating revenues Net earned premiums $ 3,203 $ 3,923 $ 1,070 $ 473 $ (1) $ (1) $ 8,667 Net investment income 431 488 63 804 19 — 1,805 Non-insurance warranty revenue 1,574 — — — — — 1,574 Other revenues 1 30 1 (1) 6 (5) 32 Total operating revenues 5,209 4,441 1,134 1,276 24 (6) 12,078 Claims, benefits and expenses Net incurred claims and benefits 1,839 2,607 637 1,469 76 — 6,628 Policyholders’ dividends 6 19 — — — — 25 Amortization of deferred acquisition costs 656 634 200 — — — 1,490 Non-insurance warranty expense 1,471 — — — — — 1,471 Other insurance related expenses 336 557 146 118 4 (1) 1,160 Other expenses 51 36 26 9 174 (5) 291 Total claims, benefits and expenses 4,359 3,853 1,009 1,596 254 (6) 11,065 Core income (loss) before income tax 850 588 125 (320) (230) — 1,013 Income tax (expense) benefit on core income (loss) (182) (122) (19) 99 47 — (177) Core income (loss) $ 668 $ 466 $ 106 $ (221) $ (183) $ — 836 Net investment gains (losses) (199) Income tax (expense) benefit on net investment gains (losses) 45 Net investment gains (losses), after tax (154) Net income (loss) $ 682 December 31, 2022 (In millions) Reinsurance receivables $ 1,384 $ 1,062 $ 414 $ 101 $ 2,477 $ — $ 5,438 Insurance receivables 1,082 1,728 369 8 — — 3,187 Deferred acquisition costs 381 321 104 — — — 806 Goodwill 117 — 27 — — — 144 Deferred non-insurance warranty acquisition expense 3,671 — — — — — 3,671 Insurance reserves Claim and claim adjustment expenses 6,878 9,395 2,403 695 2,749 — 22,120 Unearned premiums 3,193 2,425 653 103 — — 6,374 Future policy benefits — — — 13,480 — — 13,480 Deferred non-insurance warranty revenue 4,714 — — — — — 4,714 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. Year ended December 31, 2021 Specialty Commercial Life & Group (1) Corporate (In millions) International Eliminations Total (1) Net written premiums $ 3,225 $ 3,595 $ 1,101 $ 485 $ — $ (1) $ 8,405 Operating revenues Net earned premiums $ 3,076 $ 3,552 $ 1,057 $ 491 $ — $ (1) $ 8,175 Net investment income 497 624 57 966 15 — 2,159 Non-insurance warranty revenue 1,430 — — — — — 1,430 Other revenues 1 23 — — 6 (6) 24 Total operating revenues 5,004 4,199 1,114 1,457 21 (7) 11,788 Claims, benefits and expenses Net incurred claims and benefits 1,787 2,540 652 1,261 109 — 6,349 Policyholders’ dividends 3 19 — — — — 22 Amortization of deferred acquisition costs 643 594 206 — — — 1,443 Non-insurance warranty expense 1,328 — — — — — 1,328 Other insurance related expenses 296 511 144 103 9 (1) 1,062 Other expenses 47 38 (2) 10 155 (6) 242 Total claims, benefits and expenses 4,104 3,702 1,000 1,374 273 (7) 10,446 Core income (loss) before income tax 900 497 114 83 (252) — 1,342 Income tax (expense) benefit on core income (loss) (196) (103) (28) 25 48 — (254) Core income (loss) $ 704 $ 394 $ 86 $ 108 $ (204) $ — 1,088 Net investment gains (losses) 120 Income tax (expense) benefit on net investment gains (losses) (24) Net investment gains (losses), after tax 96 Net income (loss) $ 1,184 Year ended December 31, 2021 (In millions) Reinsurance receivables $ 1,200 $ 923 $ 381 $ 401 $ 2,579 $ — $ 5,484 Insurance receivables 1,136 1,488 340 6 4 — 2,974 Deferred acquisition costs 363 278 96 — — — 737 Goodwill 117 — 31 — — — 148 Deferred non-insurance warranty acquisition expense 3,476 — — — — — 3,476 Insurance reserves Claim and claim adjustment expenses 6,433 8,890 2,280 848 2,817 — 21,268 Unearned premiums 3,001 2,066 585 109 — — 5,761 Future policy benefits — — — 18,298 — — 18,298 Deferred non-insurance warranty revenue 4,503 — — — — — 4,503 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. The following table presents operating revenues by line of business for each reportable segment. Years ended December 31 (In millions) 2023 2022 2021 Specialty Management & Professional Liability $ 2,931 $ 2,771 $ 2,776 Surety 731 652 604 Warranty & Alternative Risks 1,828 1,786 1,624 Specialty revenues 5,490 5,209 5,004 Commercial Middle Market 1,696 1,532 1,508 Construction 1,678 1,421 1,322 Small Business 631 581 558 Other Commercial 1,216 907 811 Commercial revenues 5,221 4,441 4,199 International Canada 383 366 344 Europe 532 466 473 Hardy 364 302 297 International revenues 1,279 1,134 1,114 Life & Group revenues 1,346 1,276 1,457 Corporate & Other revenues 73 24 21 Eliminations (11) (6) (7) Total operating revenues 13,398 12,078 11,788 Net investment gains (losses) (99) (199) 120 Total revenues $ 13,299 $ 11,879 $ 11,908 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following table presents the effect of adoption of ASU 2018-12 on selected 2022 financial data. 2022 (In millions, except per share data) Q1 Q2 Q3 Q4 Full Year Components of Income (Loss) Core income (loss) Prior to adoption $ 316 $ 245 $ 213 $ 274 $ 1,048 Effect of adoption (18) (15) (170) (9) (212) As reported $ 298 $ 230 $ 43 $ 265 $ 836 Net income (loss) Prior to adoption $ 313 $ 205 $ 128 $ 248 $ 894 Effect of adoption (18) (15) (170) (9) (212) As reported $ 295 $ 190 $ (42) $ 239 $ 682 Other comprehensive income (loss), net of tax Prior to adoption $ (1,623) $ (1,410) $ (1,426) $ 582 $ (3,877) Effect of adoption 603 627 586 (177) 1,639 As reported $ (1,020) $ (783) $ (840) $ 405 $ (2,238) Diluted Earnings (Loss) Per Common Share Core income (loss) Prior to adoption $ 1.16 $ 0.90 $ 0.78 $ 1.01 Effect of adoption (0.07) (0.06) (0.62) (0.04) As reported $ 1.09 $ 0.84 $ 0.16 $ 0.97 Net income (loss) Prior to adoption $ 1.15 $ 0.75 $ 0.47 $ 0.91 Effect of adoption (0.07) (0.06) (0.62) (0.04) As reported $ 1.08 $ 0.69 $ (0.15) $ 0.87 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. Core income (loss) and Net income (loss) for 2022 decreased from what was previously reported under legacy accounting guidance generally driven by the cumulative effect of assumption differences and differences in reserving methodologies between legacy and new accounting guidance. Core income (loss) and Net income (loss) for the third quarter of 2022 decreased $170 million from what was previously reported under legacy accounting guidance, primarily related to the third quarter 2022 annual review of cash flow reserving assumptions. Under legacy accounting guidance, the third quarter 2022 gross premium valuation assessment indicated a pretax margin of $125 million and no unlocking event occurred. Under the new guidance favorable changes to the upper-medium grade fixed income instrument discount rate were recorded through Accumulated other comprehensive income quarterly, while the net unfavorable impact of increased cost of care inflation offset by favorable premium rate action assumptions was recorded in income. Other comprehensive income (loss), net of tax, for 2022 decreased from what was previously reported under legacy accounting guidance driven by increases in the upper-medium grade fixed-income instrument yield, which was used as the discount rate to re-measure the LFPB. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company reimburses Loews for, or pays directly, fees and expenses of investment facilities and services provided to the Company. Additionally, the Company provides investment-related processing services to Loews and charges Loews for these services. The net amounts incurred by the Company for these fees, expenses and services were $55 million, $51 million and $47 million for the years ended December 31, 2023, 2022 and 2021. Net amounts due to Loews related to these services, included in Other liabilities and payable in the first quarter of the subsequent year, were $28 million and $26 million as of December 31, 2023 and 2022. In addition, the Company reimbursed Loews for general corporate services and related travel expenses of $1 million for the years ended December 31, 2023 and 2022. The CNA Tax Group is included in the consolidated federal income tax return of Loews and its eligible subsidiaries. The related receivable from Loews, included in Other assets, was $23 million and $18 million for the years ended December 31, 2023 and 2022. For a detailed description of the income tax agreement with Loews see Note D to the Consolidated Financial Statements. In 2021, the Company wrote an appeal bond for Loews at standard rates, which was increased in 2022, resulting in additional premium from Loews. The aforementioned appeal bond expired in December 2022. In addition, the Company writes, at standard rates, a limited amount of insurance for Loews and its subsidiaries. The earned premiums for each of the years ended December 31, 2023, 2022 and 2021 were $2 million, $3 million, and $2 million. |
Non-Insurance Revenues from Con
Non-Insurance Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Non-Insurance Revenues from Contracts with Customers | Non-Insurance Revenues from Contracts with Customers Non-Insurance revenue is recognized when obligations under the terms of a contract with a customer are satisfied; generally this occurs over time as obligations are fulfilled. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. Deferred Non-Insurance Warranty Revenue The Company had a deferred non-insurance warranty revenue balance of $4.7 billion reported in Deferred non-insurance warranty revenue as of December 31, 2023 and 2022. For the year ended December 31, 2023, the Company recognized $1.4 billion of revenues that were included in the deferred revenue balance as of January 1, 2023. For the year ended December 31, 2022, the Company recognized $1.3 billion of revenues that were included in the deferred revenue balance as of January 1, 2022. For the years ended December 31, 2023 and 2022, Non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material . The Company expects to recognize approximately $1.4 billion of the deferred revenue in 2024, $1.1 billion in 2025, $0.8 billion in 2026 and $1.4 billion thereafter. Cost to Obtain and Fulfill Non-Insurance Warranty Contracts with Customers For each of the years ended December 31, 2023 and 2022, capitalized commission costs were $3.6 billion and capitalized administrator service costs were $62 million and $53 million. For each the years ended December 31, 2023 and 2022, the amount of amortization of capitalized costs was $1.2 billion and there were no impairment losses related to the costs capitalized. There were no adjustments to deferred costs recorded for the years ended December 31, 2023 and 2022. |
Schedule I. Summary of Investme
Schedule I. Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I. Summary of Investments - Other than Investments in Related Parties | SCHEDULE I. SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES Incorporated herein by reference to Note B to the Consolidated Financial Statements included under Item 8. |
Schedule II. Condensed Financia
Schedule II. Condensed Financial Information of Registrant (Parent Company) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II. Condensed Financial Information of Registrant (Parent Company) | SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) CNA Financial Corporation Statements of Operations and Comprehensive Income Years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Revenues Net investment income $ 41 $ 8 $ — Total revenues 41 8 — Expenses Administrative and general 2 1 1 Interest 126 112 112 Total expenses 128 113 113 Loss from operations before income taxes and equity in net income of subsidiaries (87) (105) (113) Income tax benefit 4 6 11 Loss before equity in net income of subsidiaries (83) (99) (102) Equity in net income of subsidiaries 1,288 781 1,286 Net income 1,205 682 1,184 Equity in other comprehensive income (loss) of subsidiaries 926 (2,238) 177 Total comprehensive income (loss) $ 2,131 $ (1,556) $ 1,361 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. See accompanying Notes to Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes. CNA Financial Corporation Balance Sheets December 31 (In millions, except share data) 2023 2022 (1) Assets Investment in subsidiaries $ 11,948 $ 10,786 Cash 1 2 Short-term investments 1,009 578 Amounts due from affiliates 4 4 Other assets 1 — Total assets $ 12,963 $ 11,370 Liabilities Short-term debt $ 550 $ 243 Long-term debt 2,481 2,538 Other liabilities 39 41 Total liabilities 3,070 2,822 Stockholders' Equity Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,881,457 and 270,895,902 shares outstanding) 683 683 Additional paid-in capital 2,221 2,220 Retained earnings 9,755 9,336 Accumulated other comprehensive loss (2,672) (3,598) Treasury stock (2,158,786 and 2,144,341 shares), at cost (94) (93) Total stockholders' equity 9,893 8,548 Total liabilities and stockholders' equity $ 12,963 $ 11,370 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. See accompanying Notes to Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes. CNA Financial Corporation Statements of Cash Flows Years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Cash Flows from Operating Activities Net income $ 1,205 $ 682 $ 1,184 Adjustments to reconcile net income to net cash flows provided by operating activities: Equity in net income of subsidiaries (1,288) (781) (1,286) Dividends received from subsidiaries 1,055 990 880 Other, net 2 28 33 Net cash flows provided by operating activities 974 919 811 Cash Flows from Investing Activities Change in short-term investments (395) 114 (163) Capital contributions to subsidiaries (3) — — Net cash flows (used) provided by investing activities (398) 114 (163) Cash Flows from Financing Activities Dividends paid to common stockholders (787) (982) (621) Proceeds from the issuance of debt 491 — — Repayment of debt (243) — — Purchase of treasury stock (24) (39) (18) Other, net (14) (11) (8) Net cash flows used by financing activities (577) (1,032) (647) Net change in cash (1) 1 1 Cash, beginning of year 2 1 — Cash, end of year $ 1 $ 2 $ 1 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. See accompanying Notes to Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes. Notes to Condensed Financial Information A. Summary of Significant Accounting Policies Basis of Presentation The condensed financial information of CNA Financial Corporation (CNAF or the Parent Company) should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Form 10-K. CNAF’s subsidiaries are accounted for using the equity method of accounting. Equity in net income of these subsidiaries is presented on the Condensed Statements of Operations as Equity in net income of subsidiaries. Loews owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2023. |
Schedule III. Supplementary Ins
Schedule III. Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III. Supplementary Insurance Information | SCHEDULE III. SUPPLEMENTARY INSURANCE INFORMATION |
Schedule IV. Reinsurance
Schedule IV. Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV. Reinsurance | SCHEDULE IV. REINSURANCE Incorporated herein by reference to Note H to the Consolidated Financial Statements included under Item 8. |
Schedule V. Valuation and Quali
Schedule V. Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V. Valuation and Qualifying Accounts | SCHEDULE V. VALUATION AND QUALIFYING ACCOUNTS (In millions) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year ended December 31, 2023 Allowance for uncollectible: Mortgage loan receivables $ 24 $ — $ 11 $ — $ 35 Insurance and reinsurance receivables $ 51 $ 11 $ — $ (12) $ 50 Allowance for credit losses: Fixed maturity securities $ 1 $ — $ 44 $ (29) $ 16 Year ended December 31, 2022 Allowance for uncollectible: Mortgage loan receivables $ 16 $ — $ 8 $ — $ 24 Insurance and reinsurance receivables $ 50 $ 8 $ — $ (7) $ 51 Allowance for credit losses: Fixed maturity securities $ 18 $ — $ 4 $ (21) $ 1 Year ended December 31, 2021 Allowance for uncollectible: Mortgage loan receivables $ 26 $ — $ (10) $ — $ 16 Insurance and reinsurance receivables $ 54 $ 4 $ — $ (8) $ 50 Allowance for credit losses: Fixed maturity securities $ 40 $ — $ 30 $ (52) $ 18 Effects of foreign currency translation, changes in the estimate of the allowance for uncollectible mortgage loan receivables, increases in the estimate of the allowance for credit losses on fixed maturity securities and allowances established with respect to assets purchased with credit deterioration are presented within the Charged to Other Accounts column in the table above. Write-offs of uncollectible amounts and reductions to the allowance for credit losses due to securities sold during the period or the reversal for securities that had an allowance recorded in a previous period are presented within the Deductions column in the table above. |
Schedule VI. Supplemental Infor
Schedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations | SCHEDULE VI. SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS As of and for the years ended December 31 Consolidated Property and Casualty Operations (In millions) 2023 2022 (1) 2021 (1) Balance Sheet Data Deferred acquisition costs $ 896 $ 806 Reserves for unpaid claim and claim adjustment expenses 23,304 22,120 Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%) 647 683 Unearned premiums 6,933 6,374 Statement of Operations Data Net written premiums $ 9,892 $ 9,128 $ 8,405 Net earned premiums 9,480 8,667 8,175 Net investment income 2,163 1,751 2,111 Incurred claim and claim adjustment expenses related to current year 5,667 5,181 5,021 Incurred claim and claim adjustment expenses related to prior years 48 (32) 15 Amortization of deferred acquisition costs 1,644 1,490 1,443 Paid claim and claim adjustment expenses 4,601 4,302 3,949 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2023. |
Use of Estimates | The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Recently Adopted Accounting Standards Updates and Accounting Standards Pending Adoption | ASU 2018-12: In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-12 : Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12; LDTI), which requires changes to the measurement and disclosure of long-duration contracts. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (LFPB) at least annually. The LFPB must also be updated for actual experience at least annually. The LFPB is reflected as Insurance reserves: Future policy benefits on the Consolidated Balance Sheet. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the Company's results of operations within Insurance claims and policyholders' benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked-in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using the Company’s internal investment portfolio yield, which was generally higher than a single-A yield. The new guidance eliminates the need to hold shadow reserves associated with the Company’s long-term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long-term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves). The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level. Under the new guidance, the Net Premium Ratio (NPR) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased and a loss is recognized immediately in the Company’s results of operations. The NPR cap is applied at the cohort level each quarter when the NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note F to the Consolidated Financial Statements for further explanation of the NPR and LFPB calculations. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The Company's run-off long-term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The Company’s original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. In December 2022, the FASB issued ASU 2022-05, Financial Services-Insurance (Topic 944): Transition for Sold Contracts (ASU 2022-05). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, the Company novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company’s Chief Operating Decision Maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures. |
Premiums | Insurance premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are primarily earned ratably over the term of the policies. Premiums on long-term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage. Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes in the level of exposure to insurance risk. For such contracts, the Company estimates the amount of ultimate premiums that the Company may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. The Company either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date, or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for uncollectible receivables. A loss rate methodology is used to determine expected credit losses for premium receivables. This methodology uses the Company’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses. |
Claim and claim adjustment expense reserves | Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (A&EP) and workers' compensation lifetime claims, are not discounted and are based on i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; ii) estimates of incurred but not reported (IBNR) losses; iii) estimates of losses on assumed reinsurance; iv) estimates of future expenses to be incurred in the settlement of claims; v) estimates of salvage and subrogation recoveries and vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past Company and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Reinsurance receivables on the Consolidated Balance Sheets. |
Future policy benefits reserves | Future policy benefit reserves are associated with the Company's run-off long-term care business and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021. The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The Company has not elected the practical expedient that allows locking in the expense assumption. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve. The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, the Company uses a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds. The Company uses linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, the Company applies judgment to estimate a normative rate which the Company grades to over 10 years. Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Statements of Operations. |
Insurance-relate assessments | Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. |
Reinsurance | Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for uncollectible amounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of the Company. The Company has established an allowance for uncollectible reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, the Company separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. The Company has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on the Company’s historical loss experience and the Company’s assessment of the reinsurance counterparty's risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if the Company becomes aware of significant changes related to a reinsurer. The allowance for uncollectible reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for uncollectible reinsurance receivables are presented as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company's allowances for expected credit losses. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. |
Deferred acquisition costs | Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. |
Policyholder dividends | Policyholder dividends are paid to participating policyholders within the workers' compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 2%, 2% and 1% of total net written premiums for each of the years ended December 31, 2023, 2022 and 2021. Dividends to policyholders are accrued according to the Company's best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims & policyholders' benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets. |
Investments | The Company classifies its fixed maturity securities as either available-for-sale or trading, and as such, they are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value of available-for-sale securities are reported as a component of Other comprehensive income. The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield. For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method. Equity securities are carried at fair value. The Company's non-redeemable preferred stock contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, management does not consider the changes in fair value of non-redeemable preferred stock to be reflective of our primary operations. As such, the changes in the fair value of these securities are recorded through Net investment gains (losses) on the Consolidated Statements of Operations. The Company owns certain common stock with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income. The Company's carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. Changes in net asset values are accounted for under the equity method and recorded within Net investment income on the Consolidated Statements of Operations. Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. The Company applies expected credit loss rates by pool to the outstanding receivable balances. Changes in the allowance for mortgage loans are presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method. Other invested assets include overseas deposits. Overseas deposits are valued using the net asset value per share (or equivalent) practical expedient. They are primarily short-term government securities, agency securities and corporate bonds held in trusts that are managed by Lloyd's of London. These funds are required of Lloyd's syndicates to protect policyholders in overseas markets and may be denominated in local currency. Short-term investments are carried at fair value, with the exception of cash accounts earning interest, which are carried at cost and approximate fair value. Changes in fair value are reported as a component of Other comprehensive income. Purchases and sales of all securities are recorded on the trade date, except for private placement securities, including bank loan participations, which are recorded once funded. Net investment gains and losses are determined on the basis of the cost or amortized cost of the specific securities sold. |
Variable interest entities | In the normal course of investing activities, the Company enters into relationships with variable interest entities (VIEs), as both an investor in limited partnerships and asset-backed securities issued by third-party VIEs. The Company is not the primary beneficiary of these VIEs, and therefore does not consolidate them. The Company determines whether it is the primary beneficiary of a VIE based on a qualitative assessment of the relative power and benefits of the Company and the other participants in the VIE. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying values included in the Company’s Consolidated Balance Sheets and any unfunded commitments. An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether the Company intends to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that the Company intends to sell are recognized as impairment losses within Net investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Net investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income. |
Impairments, other than temporary | Significant judgment is required in the determination of whether an impairment loss has occurred for a security. The Company follows a consistent and systematic process for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis. The Company’s assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the Company will recover its amortized cost through the collection of cash flows. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses. |
Credit Losses | The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables and insurance receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. Management estimates the allowance using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for any additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Amounts are considered past due when payments have not been received according to contractual terms. The Company also considers current and forecast economic conditions, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to these forecast economic conditions can vary by financial asset class. The Company considers a reasonable and supportable forecast period to be up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. The Company uses collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk, which are considered in the estimate of net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible. The Company has made a policy election to present accrued interest balances separately from the amortized cost basis of assets and has elected the practical expedient to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. The Company has elected not to estimate an allowance for credit losses on accrued interest receivable. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current and future payments are expected. Interest receivable is presented as a component of accrued investment income on the Consolidated Balance Sheet. |
Deferred Non-Insurance Warranty Revenue and Acquisition Expense | Non-insurance warranty revenue is primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners. The warranty contracts generally provide coverage from 1 month to 10 years. For warranty products where the Company acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents and dealers reported as Non-insurance warranty expense. Non-insurance warranty revenue is reported net of any premiums related to contractual liability coverage issued by the Company's insurance operations. Additionally, the Company provides warranty administration services for dealer and manufacturer obligor warranty products, which include limited warranties and guaranteed asset protection waivers. The Company recognizes Non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for deferred revenue represents the unearned portion of revenue in advance of the Company's performance. The deferred revenue balance includes amounts which are refundable on a pro rata basis upon cancellation. Dealers, retailers and agents earn commission for assisting the Company in obtaining non-insurance warranty contracts. Additionally, the Company utilizes third-parties to perform warranty administrator services for its consumer goods warranties. These costs, which are deferred and recorded as Deferred non-insurance warranty acquisition expense, are amortized to Non-insurance warranty expense consistent with how the related revenue is recognized. The Company evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations. |
Income Taxes | The Company and its eligible subsidiaries (CNA Tax Group) are included in the consolidated federal income tax return of Loews and its eligible subsidiaries. The Company accounts for income taxes under the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes will not be realized. The Company releases tax effects from AOCI utilizing the security-by-security approach for Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments. For Pension and postretirement benefits, tax effects from AOCI are released at enacted tax rates based on the pre-tax adjustments to pension liabilities or assets recognized within Other comprehensive income. |
Pension and Postretirement Benefits | The Company recognizes the overfunded or underfunded status of its defined benefit plans in Other assets or Other liabilities on the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits, and actuarial gains and losses arising from differences between actual experience and actuarial assumptions, are recognized in the year in which the changes occur through Other comprehensive income. Unrecognized actuarial gains and losses in excess of 10% of the greater of the beginning of the year projected benefit obligation or fair value of plan assets (the corridor) are amortized as a component of net periodic pension cost (benefit) over the average remaining life expectancy of the plan participants. Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized on the Consolidated Statements of Operations. The vested benefit obligation for the CNA Retirement Plan is determined based on eligible compensation and accrued service for previously entitled employees. Effective June 30, 2015, future benefit accruals under the CNA Retirement Plan were eliminated and the benefit obligations were frozen. |
Stock-Based Compensation | The Company records compensation expense using the fair value method for all awards it grants, modifies or cancels primarily on a straight-line basis over the requisite service period, generally three years. |
Foreign Currency | The Company's foreign subsidiaries' balance sheet accounts are translated at the exchange rates in effect at each reporting date and income statement accounts are either translated at the exchange rates on the date of the transaction or at average exchange rates. Foreign currency translation gains and losses are reflected in Stockholders' equity as a component of AOCI. |
Leases | A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use (ROU) assets and lease liabilities are included in Other assets Other liabilities |
Property and Equipment | Property and equipment are carried at cost less accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is determined principally on the straight-line method. Furniture and fixtures are depreciated over seven years. Office equipment is depreciated over five years. The estimated lives for data processing equipment and software generally range from three |
Goodwill | Goodwill represents the excess of purchase price over the fair value of the net assets of acquired entities and businesses. Goodwill in the International segment may change from period to period as a result of foreign currency translation. Goodwill is tested for impairment annually or when certain triggering events require such tests. As a result of reviews completed for the year ended December 31, 2023, the Company determined that the estimated fair value of the reporting units were in excess of their carrying value including Goodwill. Changes in future periods in assumptions about the level of economic capital, business growth, earnings projections or the weighted average cost of capital could result in goodwill impairment. |
Other Intangible Assets | Other intangible assets are reported within Other assets on the Consolidated Balance Sheets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. |
Earnings (Loss) Per Share Data | Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. |
Significant Accounting Policies
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of new accounting pronouncements and changes in accounting principles | The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021: (In millions) Balance as of December 31, 2020, as previously reported $ 13,318 Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (1) 2,844 De-recognition of shadow reserves (3,293) Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255 Other adjustments 8 Balance as of January 1, 2021, as adjusted $ 19,132 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The following table presents after tax adjustments to the opening balance of Stockholders’ equity resulting from adoption of ASU 2018-12: (In millions) Accumulated other comprehensive income (loss) Retained earnings Balance as of December 31, 2020, as previously reported $ 803 $ 9,081 De-recognition of shadow reserves 2,601 — Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate (4,941) — Other adjustments — (6) Balance as of January 1, 2021, as adjusted $ (1,537) $ 9,075 The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 6,386 $ 267 $ 6,653 Income (loss) before income tax 1,081 (267) 814 Income tax (expense) benefit (187) 55 (132) Net income 894 (212) 682 Basic earnings (loss) per share 3.29 (0.78) 2.51 Diluted earnings (loss) per share 3.28 (0.77) 2.51 (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(214) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations for the year ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Insurance claims and policyholders’ benefits (1) $ 6,349 $ 22 $ 6,371 Income (loss) before income tax 1,484 (22) 1,462 Income tax (expense) benefit (282) 4 (278) Net income 1,202 (18) 1,184 Basic earnings (loss) per share 4.42 (0.06) 4.36 Diluted earnings (loss) per share 4.41 (0.07) 4.34 (1) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain (loss) of $(8) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Deferred income taxes $ 1,178 $ 73 $ 1,251 Total assets 60,927 73 61,000 Claim and claim adjustment expenses (1) 25,099 (2,979) 22,120 Future policy benefits (1) 10,151 3,329 13,480 Total liabilities 52,102 350 52,452 Retained earnings 9,572 (236) 9,336 Accumulated other comprehensive income (loss) (3,557) (41) (3,598) Total stockholders' equity 8,825 (277) 8,548 (1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (3,777) $ (2,320) $ (6,097) Net unrealized gains and losses on investments (3,782) (2,320) (6,102) Impact of changes in discount rates used to measure long-duration contract liabilities — 3,959 3,959 Other comprehensive income (loss), net of tax (3,877) 1,639 (2,238) Total comprehensive income (loss) (2,983) 1,427 (1,556) The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Changes in: Net unrealized gains and losses on other investments $ (706) $ (281) $ (987) Net unrealized gains and losses on investments (708) (281) (989) Impact of changes in discount rates used to measure long-duration contract liabilities — 941 941 Other comprehensive income (loss), net of tax (483) 660 177 Total comprehensive income (loss) 719 642 1,361 The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net income $ 894 $ (212) $ 682 Deferred income tax expense (benefit) (34) (55) (89) Changes in: Insurance reserves 1,791 267 2,058 The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the year ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net income $ 1,202 $ (18) $ 1,184 Deferred income tax expense (benefit) 47 (4) 43 Changes in: Insurance reserves 2,463 22 2,485 The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the year ended December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 1,202 $ 267 $ 1,469 Core income (loss) before income tax (53) (267) (320) Income tax (expense) benefit on core income (loss) 44 55 99 Core income (loss) (9) (212) (221) (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(214) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results of operations of the Life & Group segment for the year end ended December 31, 2021 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Net incurred claims and benefits (1) $ 1,239 $ 22 $ 1,261 Core income (loss) before income tax 105 (22) 83 Income tax (expense) benefit on core income (loss) 21 4 25 Core income (loss) 126 (18) 108 (1) The effect of adopting ASU 2018-12 on Net incurred claims and benefits is inclusive of the re-measurement gain (loss) of $(8) million, which is presented parenthetically on the Consolidated Statement of Operations. The effects of adoption of ASU 2018-12 on segment results for selected balance sheet lines of the Life & Group segment as of December 31, 2022 were as follows: (In millions) Prior to Adoption Effect of Adoption As reported Claim and claim adjustment expenses (1) $ 3,674 $ (2,979) $ 695 Future policy benefits (1) 10,151 3,329 13,480 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Net investment income | The significant components of Net investment income are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Fixed maturity securities $ 1,941 $ 1,787 $ 1,707 Equity securities 63 23 83 Limited partnership investments 174 (12) 362 Mortgage loans 58 54 61 Short-term investments 75 16 1 Trading portfolio 4 4 9 Other 28 5 — Gross investment income 2,343 1,877 2,223 Investment expense (79) (72) (64) Net investment income $ 2,264 $ 1,805 $ 2,159 Net investment income (loss) recognized due to the change in fair value of common stock held as of December 31, 2023, 2022 and 2021 $ 11 $ 47 $ 28 |
Net realized investment gains (losses) | Net investment gains (losses) are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Net investment gains (losses): Fixed maturity securities: Gross gains $ 75 $ 120 $ 186 Gross losses (166) (261) (90) Net investment gains (losses) on fixed maturity securities (91) (141) 96 Equity securities 4 (116) 4 Derivatives (1) 64 6 Mortgage loans (11) (8) 10 Short-term investments and other — 2 4 Net investment gains (losses) $ (99) $ (199) $ 120 Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of December 31, 2023, 2022 and 2021 $ 14 $ (75) $ 2 |
Components of net other than temporary impairment losses recognized in earnings by asset type | The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date. Years ended December 31 (In millions) 2023 2022 2021 Fixed maturity securities available-for-sale: Corporate and other bonds $ 33 $ 62 $ 11 Asset-backed 11 — 20 Impairment losses (gains) recognized in earnings $ 44 $ 62 $ 31 |
Summary of fixed maturity securities | The following tables present a summary of fixed maturity securities. December 31, 2023 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 25,020 $ 597 $ 1,345 $ 4 $ 24,268 States, municipalities and political subdivisions 7,713 382 703 — 7,392 Asset-backed: Residential mortgage-backed 3,411 16 425 — 3,002 Commercial mortgage-backed 1,862 7 230 8 1,631 Other asset-backed 3,515 13 256 4 3,268 Total asset-backed 8,788 36 911 12 7,901 U.S. Treasury and obligations of government-sponsored enterprises 152 1 2 — 151 Foreign government 741 6 34 — 713 Redeemable preferred stock — — — — — Total fixed maturity securities available-for-sale 42,414 1,022 2,995 16 40,425 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425 December 31, 2022 Cost or Gross Gross Allowance for Credit Losses Estimated (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 23,137 $ 301 $ 2,009 $ — $ 21,429 States, municipalities and political subdivisions 8,918 338 939 — 8,317 Asset-backed: Residential mortgage-backed 3,073 5 447 — 2,631 Commercial mortgage-backed 1,886 4 255 — 1,635 Other asset-backed 3,287 2 361 1 2,927 Total asset-backed 8,246 11 1,063 1 7,193 U.S. Treasury and obligations of government-sponsored enterprises 111 1 2 — 110 Foreign government 617 1 43 — 575 Redeemable preferred stock 3 — — — 3 Total fixed maturity securities available-for-sale 41,032 652 4,056 1 37,627 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 41,032 $ 652 $ 4,056 $ 1 $ 37,627 |
Debt securities, available-for-sale, unrealized loss position, fair value | The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position. Less than 12 Months 12 Months or Longer Total December 31, 2023 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 1,943 $ 37 $ 13,406 $ 1,308 $ 15,349 $ 1,345 States, municipalities and political subdivisions 598 18 3,104 685 3,702 703 Asset-backed: Residential mortgage-backed 233 4 2,212 421 2,445 425 Commercial mortgage-backed 200 5 1,184 225 1,384 230 Other asset-backed 392 8 1,869 248 2,261 256 Total asset-backed 825 17 5,265 894 6,090 911 U.S. Treasury and obligations of government-sponsored enterprises 65 1 23 1 88 2 Foreign government 52 1 450 33 502 34 Total $ 3,483 $ 74 $ 22,248 $ 2,921 $ 25,731 $ 2,995 Less than 12 Months 12 Months or Longer Total December 31, 2022 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 15,946 $ 1,585 $ 1,634 $ 424 $ 17,580 $ 2,009 States, municipalities and political subdivisions 4,079 769 456 170 4,535 939 Asset-backed: Residential mortgage-backed 1,406 144 1,143 303 2,549 447 Commercial mortgage-backed 1,167 159 408 96 1,575 255 Other asset-backed 2,087 262 542 99 2,629 361 Total asset-backed 4,660 565 2,093 498 6,753 1,063 U.S. Treasury and obligations of government-sponsored enterprises 76 1 16 1 92 2 Foreign government 473 26 78 17 551 43 Total $ 25,234 $ 2,946 $ 4,277 $ 1,110 $ 29,511 $ 4,056 The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. December 31, 2023 December 31, 2022 (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government, Government agencies and Government-sponsored enterprises $ 2,273 $ 309 $ 2,355 $ 337 AAA 1,524 261 1,559 298 AA 3,817 658 4,327 817 A 5,652 517 6,615 749 BBB 11,523 1,095 13,226 1,621 Non-investment grade 942 155 1,429 234 Total $ 25,731 $ 2,995 $ 29,511 $ 4,056 |
Debt securities, available-for-sale, allowance for credit loss | (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 10 7 17 Available-for-sale securities accounted for as PCD assets 22 — 22 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 — 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 8 — 8 Write-offs charged against the allowance 15 — 15 Recoveries of amounts previously written off — — — Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 4 5 Balance as of December 31, 2023 $ 4 $ 12 $ 16 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2022 $ 11 $ 7 $ 18 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets — 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) — — — Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Write-offs charged against the allowance 12 — 12 Recoveries of amounts previously written off — — — Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 (9) (8) Balance as of December 31, 2022 $ — $ 1 $ 1 |
Contractual maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. December 31 2023 2022 (In millions) Cost or Estimated Cost or Estimated Due in one year or less $ 1,121 $ 1,091 $ 1,012 $ 1,001 Due after one year through five years 11,563 11,180 9,880 9,399 Due after five years through ten years 13,359 12,573 13,788 12,453 Due after ten years 16,371 15,581 16,352 14,774 Total $ 42,414 $ 40,425 $ 41,032 $ 37,627 |
Financing receivable credit quality indicators | The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). December 31, 2023 Mortgage Loans Amortized Cost Basis by Origination Year (1) (In millions) 2023 2022 2021 2020 2019 Prior Total DSCR ≥1.6x LTV less than 55% $ 33 $ 9 $ 8 $ 98 $ 60 $ 238 $ 446 LTV 55% to 65% — — 5 — 8 — 13 LTV greater than 65% — 31 11 — — — 42 DSCR 1.2x - 1.6x LTV less than 55% 28 5 — 14 29 21 97 LTV 55% to 65% 34 36 36 23 — 32 161 LTV greater than 65% — 65 — — — — 65 DSCR ≤1.2 LTV less than 55% 6 34 — — — — 40 LTV 55% to 65% 26 40 — — 43 — 109 LTV greater than 65% — 28 21 — 41 7 97 Total $ 127 $ 248 $ 81 $ 135 $ 181 $ 298 $ 1,070 (1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. December 31, 2023 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 161 $ 23,926 $ 1,045 $ 25,132 States, municipalities and political subdivisions — 7,348 44 7,392 Asset-backed — 7,000 901 7,901 Total fixed maturity securities 161 38,274 1,990 40,425 Equity securities: Common stock 167 — 24 191 Non-redeemable preferred stock 52 440 — 492 Total equity securities 219 440 24 683 Short term and other 1,976 32 — 2,008 Total assets $ 2,356 $ 38,746 $ 2,014 $ 43,116 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 December 31, 2022 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 120 $ 21,187 $ 810 $ 22,117 States, municipalities and political subdivisions — 8,274 43 8,317 Asset-backed — 6,405 788 7,193 Total fixed maturity securities 120 35,866 1,641 37,627 Equity securities: Common stock 150 — 35 185 Non-redeemable preferred stock 54 435 — 489 Total equity securities 204 435 35 674 Short term and other 1,608 71 — 1,679 Total assets $ 1,932 $ 36,372 $ 1,676 $ 39,980 Liabilities Other liabilities $ — $ 1 $ — $ 1 Total liabilities $ — $ 1 $ — $ 1 |
Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2023 $ 810 $ 43 $ 788 $ 35 $ 1,676 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (4) — (4) Reported in Net investment income — — 20 (7) 13 Reported in Other comprehensive income (loss) 38 1 9 — 48 Total realized and unrealized investment gains (losses) 38 1 25 (7) 57 Purchases 219 — 248 — 467 Sales — — — (4) (4) Settlements (33) — (64) — (97) Transfers into Level 3 11 — 23 — 34 Transfers out of Level 3 — — (119) — (119) Balance as of December 31, 2023 $ 1,045 $ 44 $ 901 $ 24 $ 2,014 Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ (7) $ (7) Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2023 recognized in Other comprehensive income (loss) in the period 38 1 9 — 48 Level 3 (In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2022 $ 937 $ 56 $ 556 $ 29 $ 1,578 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) (2) — 9 (6) 1 Reported in Net investment income 1 — 16 (3) 14 Reported in Other comprehensive income (loss) (184) (13) (126) — (323) Total realized and unrealized investment gains (losses) (185) (13) (101) (9) (308) Purchases 137 — 424 19 580 Sales (5) — (2) (3) (10) Settlements (84) — (70) 9 (145) Transfers into Level 3 10 — 75 — 85 Transfers out of Level 3 — — (94) (10) (104) Balance as of December 31, 2022 $ 810 $ 43 $ 788 $ 35 $ 1,676 Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2022 recognized in Net income (loss) in the period $ — $ — $ — $ (4) $ (4) Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2022 recognized in Other comprehensive income (loss) in the period (183) (13) (125) — (321) |
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value. December 31, 2023 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,495 Discounted cash flow Credit spread 1% - 7% (2%) December 31, 2022 Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Fixed maturity securities $ 1,177 Discounted cash flow Credit spread 1% - 8% (2%) |
Carrying amount and estimated fair value of financial instrument assets and liabilities not measured at fair value | The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. December 31, 2023 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,035 $ — $ — $ 997 $ 997 Liabilities Short-term debt $ 550 $ — $ 546 $ — $ 546 Long-term debt 2,481 — 2,385 — 2,385 December 31, 2022 Carrying Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,040 $ — $ — $ 973 $ 973 Liabilities Short-term debt $ 243 $ — $ 248 $ — $ 248 Long-term debt 2,538 — 2,349 — 2,349 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit | The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense. Years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Income tax expense at statutory rates $ (319) $ (172) $ (308) Tax benefit from tax exempt income 30 41 51 Foreign taxes and credits (5) 15 (3) State income tax expense (13) (10) (13) Other tax expense (6) (6) (5) Income tax expense $ (313) $ (132) $ (278) (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Current and deferred components of the Company's income tax (expense) benefit | The following table presents the current and deferred components of the Company's income tax expense. Years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Current tax expense $ (311) $ (221) $ (235) Deferred tax (expense) benefit (2) 89 (43) Total income tax expense $ (313) $ (132) $ (278) (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Significant components of the Company's deferred tax assets and liabilities | The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table. December 31 (In millions) 2023 2022 (1) Deferred Tax Assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 202 $ 178 Unearned premium reserves 213 198 Policyholder reserves 160 75 Deferred Revenue 62 64 Employee benefits 23 35 Deferred retroactive reinsurance benefit 88 89 Net unrealized losses 418 706 Other assets 111 116 Gross deferred tax assets 1,277 1,461 Deferred Tax Liabilities: Investment valuation differences 83 59 Deferred acquisition costs 126 113 Net unrealized gains — — Software and hardware 18 21 Other liabilities 34 17 Gross deferred tax liabilities 261 210 Net deferred tax asset $ 1,016 $ 1,251 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Claim and Claim Adjustment Ex_2
Claim and Claim Adjustment Expense Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration insurance contracts, reconciliation of claims development to liability | The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets. As of December 31 (In millions) 2023 Net liability for unpaid claim and claim adjustment expenses: Specialty $ 5,916 Commercial 9,021 International 2,276 Life & Group (1) 582 Corporate & Other 368 Total net claim and claim adjustment expenses 18,163 Reinsurance receivables: (2) Specialty 1,215 Commercial 1,082 International 433 Life & Group 93 Corporate & Other (3) 2,318 Total reinsurance receivables 5,141 Total gross liability for unpaid claim and claim adjustment expenses $ 23,304 (1) The Life & Group segment amounts are related to unfunded structured settlements arising from short-duration contracts. (2) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses. (3) The Corporate & Other Reinsurance receivables are primarily related to A&EP claims covered under the A&EP Loss Portfolio Transfer (LPT). |
Schedule of liability for unpaid claims and claims adjustment expense | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. As of or for the years ended December 31 (In millions) 2023 2022 (1) 2021 (1) Reserves, beginning of year: Gross $ 22,120 $ 21,269 $ 19,862 Ceded 5,191 4,969 4,005 Net reserves, beginning of year 16,929 16,300 15,857 Reduction of net reserves due to Excess Workers' Compensation Loss Portfolio Transfer — — (632) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,667 5,181 5,021 Increase (decrease) in provision for insured events of prior years 48 (32) 15 Amortization of discount 44 44 48 Total net incurred (2) 5,759 5,193 5,084 Net payments attributable to: Current year events (922) (821) (933) Prior year events (3,679) (3,481) (3,016) Total net payments (4,601) (4,302) (3,949) Foreign currency translation adjustment and other 76 (262) (60) Net reserves, end of year 18,163 16,929 16,300 Ceded reserves, end of year 5,141 5,191 4,969 Gross reserves, end of year $ 23,304 $ 22,120 $ 21,269 (1) In conjunction with the Company's adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. See Note A to the Consolidated Financial Statements for additional information. (2) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the Excess Workers' Compensation LPT (EWC LPT) and uncollectible reinsurance, which are not reflected in the table above. |
Gross and net carried claim and claim adjustment expense reserves | The following tables present the gross and net carried reserves. December 31, 2023 Specialty Commercial International Life & Group Corporate & Other Total (In millions) Gross Case Reserves $ 1,604 $ 3,291 $ 864 $ 626 $ 1,353 $ 7,738 Gross IBNR Reserves 5,527 6,812 1,845 49 1,333 15,566 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 7,131 $ 10,103 $ 2,709 $ 675 $ 2,686 $ 23,304 Net Case Reserves $ 1,392 $ 2,878 $ 708 $ 556 $ 129 $ 5,663 Net IBNR Reserves 4,524 6,143 1,568 26 239 12,500 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,916 $ 9,021 $ 2,276 $ 582 $ 368 $ 18,163 December 31, 2022 Specialty Commercial International Life & Group (1) Corporate & Other Total (In millions) Gross Case Reserves $ 1,529 $ 3,156 $ 817 $ 647 $ 1,428 $ 7,577 Gross IBNR Reserves 5,349 6,239 1,586 48 1,321 14,543 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 6,878 $ 9,395 $ 2,403 $ 695 $ 2,749 $ 22,120 Net Case Reserves $ 1,310 $ 2,809 $ 686 $ 567 $ 137 $ 5,509 Net IBNR Reserves 4,253 5,621 1,317 27 202 11,420 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,563 $ 8,430 $ 2,003 $ 594 $ 339 $ 16,929 |
Net prior year development | The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Specialty $ (14) $ (40) $ (45) Commercial (22) (43) (6) International 13 (13) 2 Corporate & Other 71 64 60 Total pretax (favorable) unfavorable development $ 48 $ (32) $ 11 |
Impact of loss portfolio transfer on the consolidated statement of operations | The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations. Years ended December 31 (In millions) 2023 2022 2021 Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ 86 $ 92 $ 143 Provision for uncollectible third-party reinsurance on A&EP — (5) (5) Total additional amounts ceded under LPT 86 87 138 Retroactive reinsurance benefit recognized (94) (91) (107) Pretax impact of deferred retroactive reinsurance $ (8) $ (4) $ 31 |
Specialty | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration insurance contracts, reconciliation of claims development to liability | The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Specialty segment. As of December 31 (In millions) 2023 Net liability for unpaid claim and claim adjustment expenses: Medical Professional Liability $ 1,460 Other Professional Liability and Management Liability 3,897 Surety 468 Warranty 28 Other 63 Total net liability for unpaid claim and claim adjustment expenses $ 5,916 |
Net prior year claim and allocated claim adjustment expense reserve development | The following table presents further detail of the development recorded for the Specialty segment. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Medical Professional Liability $ 5 $ 18 $ 23 Other Professional Liability and Management Liability 37 50 24 Surety (43) (83) (73) Warranty (11) (21) (14) Other (2) (4) (5) Total pretax (favorable) unfavorable development $ (14) $ (40) $ (45) |
Commercial | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration insurance contracts, reconciliation of claims development to liability | The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Commercial segment. As of December 31 (In millions) 2023 Net Claim and claim adjustment expenses: Commercial Auto $ 926 General Liability 3,780 Workers' Compensation 3,645 Property and Other 670 Total net liability for claim and claim adjustment expenses $ 9,021 |
Net prior year claim and allocated claim adjustment expense reserve development | The following table presents further detail of the development recorded for the Commercial segment. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Commercial Auto $ 33 $ 49 $ 53 General Liability 149 67 15 Workers' Compensation (203) (152) (82) Property and Other (1) (7) 8 Total pretax (favorable) unfavorable development $ (22) $ (43) $ (6) |
International | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration insurance contracts, reconciliation of claims development to liability | The table below provides the composition of the net liability for unpaid claim and claim adjustment expenses for the International segment. As of December 31 (In millions) 2023 Net Claim and claim adjustment expenses: International excluding Hardy $ 1,655 Hardy 621 Total net liability for claim and claim adjustment expenses $ 2,276 |
Net prior year claim and allocated claim adjustment expense reserve development | The following table presents further detail of the development recorded for the International segment. Years ended December 31 (In millions) 2023 2022 2021 Pretax (favorable) unfavorable development: Commercial $ (18) $ (10) $ (35) Specialty 35 (4) 36 Other (4) 1 1 Total pretax (favorable) unfavorable development $ 13 $ (13) $ 2 |
CNAF Consolidated | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Schedule of historical claims duration | The table below presents information about average historical claims duration as of December 31, 2023 and is presented as required supplementary information, which is unaudited. Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year: 1 2 3 4 5 6 7 8 9 10 Specialty Medical Professional Liability 3.7 % 16.4 % 22.1 % 17.2 % 12.4 % 9.1 % 4.8 % 2.9 % 1.2 % 1.1 % Other Professional Liability and Management Liability 6.5 % 19.8 % 19.3 % 14.9 % 10.9 % 6.3 % 4.9 % 6.0 % 1.7 % 0.5 % Surety (1) 17.7 % 46.6 % 17.7 % 3.4 % 2.2 % 5.2 % (1.7) % (0.8) % (0.1) % — % Commercial Commercial Auto 25.2 % 22.2 % 18.2 % 14.3 % 10.6 % 4.9 % 2.0 % 0.7 % 0.3 % 0.5 % General Liability 3.6 % 12.8 % 16.3 % 17.4 % 14.4 % 9.1 % 5.9 % 5.3 % 2.2 % 2.7 % Workers' Compensation 16.0 % 22.9 % 13.8 % 8.8 % 6.0 % 3.2 % 2.1 % 1.3 % 1.2 % 1.7 % International International - Excluding Hardy 16.9 % 21.8 % 9.8 % 6.5 % 5.9 % 7.4 % 8.4 % 2.6 % 2.8 % 1.7 % International - Hardy 18.0 % 31.3 % 13.7 % 7.5 % 4.7 % 4.9 % 0.5 % 2.3 % (1.4) % — % (1) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables. |
Hardy | International | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 183 $ 182 $ 175 $ 169 $ 170 $ 170 $ 169 $ 167 $ 166 $ 167 $ (1) 8,534 2015 187 177 175 175 173 175 176 178 177 (3) 9,741 2016 227 244 233 223 224 218 219 223 6 10,895 2017 243 252 242 243 251 251 239 (5) 13,294 2018 268 298 302 307 307 324 36 15,366 2019 219 223 217 224 220 25 11,670 2020 210 201 195 192 55 7,036 2021 177 168 154 59 3,831 2022 190 186 96 2,371 2023 200 152 1,388 Total $ 2,082 $ 420 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 56 $ 122 $ 140 $ 150 $ 155 $ 161 $ 162 $ 163 $ 164 $ 164 2015 29 97 128 143 154 162 160 169 163 2016 63 144 171 180 193 204 205 208 2017 53 150 183 205 212 224 229 2018 55 170 200 231 249 270 2019 43 102 140 157 167 2020 27 77 103 118 2021 13 44 68 2022 23 58 2023 17 Total $ 1,462 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 620 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 (8) Liability for unallocated claim adjustment expenses for accident years presented 9 Total net liability for unpaid claim and claim adjustment expenses $ 621 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total (2) Accident Year 2014 $ (1) $ (7) $ (6) $ 1 $ — $ (1) $ (2) $ (1) $ 1 $ (16) 2015 (10) (2) — (2) 2 1 2 (1) (10) 2016 17 (11) (10) 1 (6) 1 4 (4) 2017 9 (10) 1 8 — (12) (4) 2018 30 4 5 — 17 56 2019 4 (6) 7 (4) 1 2020 (9) (6) (3) (18) 2021 (9) (14) (23) 2022 (4) (4) (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
Medical Professional Liability | Specialty | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 450 $ 489 $ 537 $ 530 $ 535 $ 529 $ 527 $ 524 $ 527 $ 525 $ 6 19,830 2015 433 499 510 494 488 510 501 498 494 15 18,218 2016 427 487 485 499 508 510 508 514 17 16,169 2017 412 449 458 460 455 460 456 20 15,345 2018 404 429 431 448 470 495 41 15,266 2019 430 445 458 471 469 62 14,409 2020 477 476 455 447 180 11,129 2021 377 376 374 193 9,523 2022 329 329 206 9,237 2023 340 281 8,240 Total $ 4,443 $ 1,021 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 23 $ 136 $ 258 $ 359 $ 417 $ 472 $ 489 $ 497 $ 504 $ 510 2015 22 101 230 313 384 420 444 458 463 2016 18 121 246 339 401 436 460 483 2017 19 107 235 308 355 388 417 2018 21 115 211 290 349 418 2019 17 91 183 280 349 2020 11 61 139 201 2021 11 49 118 2022 10 57 2023 14 Total $ 3,030 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,413 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 22 Liability for unallocated claim adjustment expenses for accident years presented 25 Total net liability for unpaid claim and claim adjustment expenses $ 1,460 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 39 $ 48 $ (7) $ 5 $ (6) $ (2) $ (3) $ 3 $ (2) $ 75 2015 66 11 (16) (6) 22 (9) (3) (4) 61 2016 60 (2) 14 9 2 (2) 6 87 2017 37 9 2 (5) 5 (4) 44 2018 25 2 17 22 25 91 2019 15 13 13 (2) 39 2020 (1) (21) (8) (30) 2021 (1) (2) (3) 2022 — — Total net development for the accident years presented above 14 16 9 Total net development for accident years prior to 2014 2 (3) (4) Total unallocated claim adjustment expense development 7 5 — Total $ 23 $ 18 $ 5 (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
Other Professional Liability and Management Liability | Specialty | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 878 $ 898 $ 885 $ 831 $ 835 $ 854 $ 845 $ 841 $ 842 $ 838 $ 26 17,585 2015 888 892 877 832 807 813 836 855 858 18 17,454 2016 901 900 900 904 907 891 888 906 39 17,987 2017 847 845 813 791 775 758 746 69 18,199 2018 850 864 869 906 923 941 101 20,038 2019 837 845 856 876 939 100 19,515 2020 930 944 951 945 281 19,437 2021 1,037 1,038 1,009 532 18,259 2022 1,120 1,112 706 18,165 2023 1,149 971 16,469 Total $ 9,443 $ 2,843 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 51 $ 223 $ 392 $ 515 $ 647 $ 707 $ 743 $ 787 $ 802 $ 806 2015 60 234 404 542 612 677 725 794 808 2016 64 248 466 625 701 736 784 826 2017 57 222 394 498 557 596 630 2018 54 282 473 599 706 779 2019 64 263 422 567 699 2020 67 248 400 523 2021 58 217 356 2022 64 225 2023 64 Total $ 5,716 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 3,727 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 115 Liability for unallocated claim adjustment expenses for accident years presented 55 Total net liability for unpaid claim and claim adjustment expenses $ 3,897 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 20 $ (13) $ (54) $ 4 $ 19 $ (9) $ (4) $ 1 $ (4) $ (40) 2015 4 (15) (45) (25) 6 23 19 3 (30) 2016 (1) — 4 3 (16) (3) 18 5 2017 (2) (32) (22) (16) (17) (12) (101) 2018 14 5 37 17 18 91 2019 8 11 20 63 102 2020 14 7 (6) 15 2021 1 (29) (28) 2022 (8) (8) Total net development for the accident years presented above 49 45 43 Total net development for accident years prior to 2014 (27) 5 (6) Total unallocated claim adjustment expense development 2 — — Total $ 24 $ 50 $ 37 (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
Surety | Specialty | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 123 $ 124 $ 94 $ 69 $ 60 $ 45 $ 45 $ 43 $ 42 $ 41 $ 2 5,135 2015 131 131 104 79 63 58 53 45 45 2 5,085 2016 124 124 109 84 67 64 58 43 3 5,565 2017 120 115 103 84 71 66 67 4 5,883 2018 114 108 91 62 56 51 10 6,249 2019 119 112 98 87 82 12 6,152 2020 128 119 81 67 34 4,678 2021 137 129 110 68 4,645 2022 155 158 116 4,350 2023 175 167 2,750 Total $ 839 $ 418 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 7 $ 30 $ 38 $ 36 $ 38 $ 38 $ 39 $ 39 $ 38 $ 38 2015 7 26 38 40 42 44 42 42 43 2016 5 37 45 45 43 43 41 40 2017 23 37 41 46 49 62 62 2018 5 25 34 39 40 41 2019 12 34 44 59 70 2020 4 20 28 33 2021 5 20 35 2022 12 35 2023 8 Total $ 405 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 434 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 13 Liability for unallocated claim adjustment expenses for accident years presented 21 Total net liability for unpaid claim and claim adjustment expenses $ 468 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 1 $ (30) $ (25) $ (9) $ (15) $ — $ (2) $ (1) $ (1) $ (82) 2015 — (27) (25) (16) (5) (5) (8) — (86) 2016 — (15) (25) (17) (3) (6) (15) (81) 2017 (5) (12) (19) (13) (5) 1 (53) 2018 (6) (17) (29) (6) (5) (63) 2019 (7) (14) (11) (5) (37) 2020 (9) (38) (14) (61) 2021 (8) (19) (27) 2022 3 3 Total net development for the accident years presented above (75) (83) (55) Total net development for accident years prior to 2014 2 — 12 Total unallocated claim adjustment expense development — — — Total $ (73) $ (83) $ (43) (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
Commercial Auto | Commercial | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 234 $ 223 $ 212 $ 205 $ 205 $ 201 $ 201 $ 202 $ 201 $ 201 $ 1 33,633 2015 201 199 190 190 183 181 183 182 184 4 30,430 2016 198 186 186 186 190 195 200 197 4 30,455 2017 199 198 200 221 232 239 241 4 30,947 2018 229 227 227 245 254 255 1 34,333 2019 257 266 289 323 325 10 37,258 2020 310 303 304 298 21 29,142 2021 397 388 390 93 32,918 2022 437 465 137 36,777 2023 554 347 34,211 Total $ 3,110 $ 622 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 64 $ 102 $ 137 $ 166 $ 187 $ 196 $ 198 $ 199 $ 199 $ 200 2015 52 96 130 153 172 175 178 179 180 2016 52 93 126 154 175 185 190 192 2017 58 107 150 178 203 225 232 2018 66 128 175 212 238 249 2019 77 147 203 257 295 2020 71 134 197 246 2021 83 168 240 2022 112 236 2023 127 Total $ 2,197 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 913 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 4 Liability for unallocated claim adjustment expenses for accident years presented 9 Total net liability for unpaid claim and claim adjustment expenses $ 926 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ (11) $ (11) $ (7) $ — $ (4) $ — $ 1 $ (1) $ — $ (33) 2015 (2) (9) — (7) (2) 2 (1) 2 (17) 2016 (12) — — 4 5 5 (3) (1) 2017 (1) 2 21 11 7 2 42 2018 (2) — 18 9 1 26 2019 9 23 34 2 68 2020 (7) 1 (6) (12) 2021 (9) 2 (7) 2022 28 28 Total net development for the accident years presented above 53 45 28 Total net development for accident years prior to 2014 — 4 2 Total unallocated claim adjustment expense development — — 3 Total $ 53 $ 49 $ 33 (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
General Liability | Commercial | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 653 $ 658 $ 654 $ 631 $ 635 $ 658 $ 659 $ 659 $ 676 $ 679 $ 28 28,196 2015 581 576 574 589 600 602 617 625 639 28 24,261 2016 623 659 667 671 673 683 684 704 39 24,803 2017 632 632 632 634 630 652 690 36 22,471 2018 653 644 646 639 650 679 129 20,425 2019 680 682 682 691 720 174 19,647 2020 723 722 726 736 347 14,593 2021 782 784 793 401 15,121 2022 929 928 676 15,754 2023 1,071 963 11,633 Total $ 7,639 $ 2,821 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 31 $ 119 $ 247 $ 376 $ 481 $ 547 $ 569 $ 607 $ 624 $ 642 2015 19 110 230 357 446 501 530 561 573 2016 32 163 279 407 481 524 582 620 2017 23 118 250 399 471 553 606 2018 33 107 228 307 428 491 2019 25 98 181 322 455 2020 23 99 192 280 2021 26 140 262 2022 29 123 2023 33 Total $ 4,085 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 3,554 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 162 Liability for unallocated claim adjustment expenses for accident years presented 64 Total net liability for unpaid claim and claim adjustment expenses $ 3,780 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 5 $ (4) $ (23) $ 4 $ 23 $ 1 $ — $ 17 $ 3 $ 26 2015 (5) (2) 15 11 2 15 8 14 58 2016 36 8 4 2 10 1 20 81 2017 — — 2 (4) 22 38 58 2018 (9) 2 (7) 11 29 26 2019 2 — 9 29 40 2020 (1) 4 10 13 2021 2 9 11 2022 (1) (1) Total net development for the accident years presented above 13 74 151 Total net development for accident years prior to 2014 — (7) (2) Total unallocated claim adjustment expense development 2 — — Total $ 15 $ 67 $ 149 (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
Workers' Compensation | Commercial | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 467 $ 480 $ 479 $ 452 $ 450 $ 446 $ 439 $ 448 $ 430 $ 419 $ 70 33,550 2015 422 431 406 408 394 382 372 353 334 59 31,904 2016 426 405 396 382 366 355 331 308 56 31,994 2017 440 432 421 400 402 399 398 78 33,142 2018 450 440 428 415 415 404 74 34,886 2019 452 449 437 436 419 78 34,349 2020 477 466 446 414 135 29,454 2021 468 454 432 146 30,066 2022 497 489 198 33,229 2023 555 344 31,549 Total $ 4,172 $ 1,238 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 61 $ 159 $ 215 $ 258 $ 282 $ 290 $ 297 $ 306 $ 312 $ 319 2015 51 131 180 212 231 243 251 256 259 2016 53 129 169 198 219 227 234 235 2017 63 151 207 243 265 279 287 2018 68 163 229 259 280 298 2019 71 169 223 262 291 2020 65 147 200 228 2021 67 164 222 2022 79 192 2023 87 Total $ 2,418 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,754 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 1,842 Other (2) (23) Liability for unallocated claim adjustment expenses for accident years presented 72 Total net liability for unpaid claim and claim adjustment expenses $ 3,645 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total Accident Year 2014 $ 13 $ (1) $ (27) $ (2) $ (4) $ (7) $ 9 $ (18) $ (11) $ (48) 2015 9 (25) 2 (14) (12) (10) (19) (19) (88) 2016 (21) (9) (14) (16) (11) (24) (23) (118) 2017 (8) (11) (21) 2 (3) (1) (42) 2018 (10) (12) (13) — (11) (46) 2019 (3) (12) (1) (17) (33) 2020 (11) (20) (32) (63) 2021 (14) (22) (36) 2022 (8) (8) Total net development for the accident years presented above (46) (99) (144) Adjustment for development on a discounted basis 2 (3) (2) Total net development for accident years prior to 2014 (38) (60) (63) Total unallocated claim adjustment expense development — 10 6 Total $ (82) $ (152) $ (203) (1) Data presented for these calendar years is required supplemental information, which is unaudited. (2) Other includes the effect of discounting lifetime claim reserves. |
Excluding Hardy | International | |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | |
Short-duration contracts net incurred claims and allocated claim adjustment expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year As of December 31, 2023 (In millions, except reported claims data) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 IBNR Cumulative Number of Claims Accident Year 2014 $ 276 $ 291 $ 291 $ 279 $ 272 $ 289 $ 290 $ 283 $ 286 $ 288 $ 15 25,130 2015 289 304 303 286 280 283 285 285 281 19 23,608 2016 284 302 288 285 276 290 292 309 36 18,079 2017 299 363 383 376 371 360 393 39 18,841 2018 367 385 389 388 401 411 48 21,327 2019 342 355 352 360 362 61 18,993 2020 381 372 362 347 107 15,744 2021 408 397 375 162 15,136 2022 428 438 227 11,899 2023 478 359 7,869 Total $ 3,682 $ 1,073 |
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense | Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table. As of December 31 Calendar Year (In millions) 2014 (1) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Accident Year 2014 $ 51 $ 121 $ 149 $ 166 $ 182 $ 203 $ 236 $ 241 $ 248 $ 253 2015 56 132 162 182 204 219 230 237 246 2016 66 131 158 180 192 214 226 237 2017 64 146 186 214 237 264 321 2018 89 166 212 242 266 308 2019 73 164 201 224 247 2020 60 128 162 178 2021 56 124 154 2022 46 138 2023 46 Total $ 2,128 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,554 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 64 Liability for unallocated claim adjustment expenses for accident years presented 37 Total net liability for unpaid claim and claim adjustment expenses $ 1,655 |
Short-duration contracts reserve development | Net strengthening (releases) of prior accident year reserves is presented in the following table. For the years ended December 31 Calendar Year (In millions) 2015 (1) 2016 (1) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 Total (2) Accident Year 2014 $ 15 $ — $ (12) $ (7) $ 17 $ 1 $ (7) $ 3 $ 2 $ 12 2015 15 (1) (17) (6) 3 2 — (4) (8) 2016 18 (14) (3) (9) 14 2 17 25 2017 64 20 (7) (5) (11) 33 94 2018 18 4 (1) 13 10 44 2019 13 (3) 8 2 20 2020 (9) (10) (15) (34) 2021 (11) (22) (33) 2022 10 10 (1) Data presented for these calendar years is required supplemental information, which is unaudited. |
Future Policy Benefit Reserves
Future Policy Benefit Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | The following table summarizes balances and changes in the LFPB. (In millions) 2023 2022 2021 Present value of future net premiums Balance, January 1 $ 3,991 $ 4,735 $ 5,086 Effect of changes in discount rate (74) (880) (1,140) Balance, January 1, at original locked in discount rate 3,917 3,855 3,946 Effect of changes in cash flow assumptions (1) 28 352 173 Effect of actual variances from expected experience (1) (126) (49) (24) Adjusted balance, January 1 3,819 4,158 4,095 Interest accrual 202 216 219 Net premiums: earned during period (436) (457) (459) Balance, end of period at original locked in discount rate 3,585 3,917 3,855 Effect of changes in discount rate 125 74 880 Balance, December 31 $ 3,710 $ 3,991 $ 4,735 Present value of future benefits & expenses Balance, January 1 $ 17,471 $ 22,745 $ 23,955 Effect of changes in discount rate (125) (5,942) (7,395) Balance, January 1, at original locked in discount rate 17,346 16,803 16,560 Effect of changes in cash flow assumptions (1) 36 538 176 Effect of actual variances from expected experience (1) (46) (21) (19) Adjusted balance, January 1 17,336 17,320 16,717 Interest accrual 962 979 973 Benefit & expense payments (1,207) (953) (887) Balance, end of period at original locked in discount rate 17,091 17,346 16,803 Effect of changes in discount rate 578 125 5,942 Balance, December 31 $ 17,669 $ 17,471 $ 22,745 Net LFPB $ 13,959 $ 13,480 $ 18,010 (1) As of December 31, 2023, 2022 and 2021 the re-measurement gain (loss) of $(88) million, $(214) million and $(8) million presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Consolidated Statement of Operations. Years ended December 31 (In millions) 2023 2022 2021 Earned premiums $ 451 $ 473 $ 491 Interest expense 760 763 754 The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums. As of December 31 (In millions) 2023 2022 Expected future benefit and expense payments $ 32,851 $ 34,261 Expected future gross premiums 5,414 5,910 The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. As of December 31 2023 2022 Original locked in discount rate 5.22 % 5.27 % Upper-medium grade fixed income instrument discount rate 4.94 5.23 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Components of Reinsurance Receivables | The following table presents the amounts receivable from reinsurers. December 31 (In millions) 2023 2022 Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 5,141 $ 5,191 Reinsurance receivables related to paid losses 293 247 Reinsurance receivables 5,434 5,438 Allowance for uncollectible reinsurance (22) (22) Reinsurance receivables, net of allowance for uncollectible reinsurance $ 5,412 $ 5,416 |
Reinsurance Recoverable, Credit Quality Indicator | The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating. (In millions) December 31, 2023 A- to A++ $ 4,047 B- to B++ 769 Insolvent 7 Total voluntary reinsurance outstanding balance (1) $ 4,823 (1) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. Refer to Note E to the Consolidated Financial Statements for information regarding the LPT. The Company has also excluded receivables from involuntary pools. |
Components of Earned and Written Premiums | The effects of reinsurance on earned premiums and written premiums are presented in the following tables. (In millions) Direct Assumed Ceded Net Assumed/ 2023 Earned Premiums Property and casualty $ 13,908 $ 223 $ 5,102 $ 9,029 2.5 % Long-term care 407 44 — 451 9.8 % Total earned premiums $ 14,315 $ 267 $ 5,102 $ 9,480 2.8 % 2022 Earned Premiums Property and casualty $ 13,097 $ 231 $ 5,134 $ 8,194 2.8 % Long-term care 427 46 — 473 9.7 % Total earned premiums $ 13,524 $ 277 $ 5,134 $ 8,667 3.2 % 2021 Earned Premiums Property and casualty $ 12,554 $ 240 $ 5,110 $ 7,684 3.1 % Long-term care 443 48 — 491 9.8 % Total earned premiums $ 12,997 $ 288 $ 5,110 $ 8,175 3.5 % (In millions) Direct Assumed Ceded Net Assumed/ 2023 Written Premiums Property and casualty $ 14,498 $ 219 $ 5,272 $ 9,445 2.3 % Long-term care 404 43 — 447 9.6 % Total written premiums $ 14,902 $ 262 $ 5,272 $ 9,892 2.6 % 2022 Written Premiums Property and casualty $ 13,843 $ 235 $ 5,417 $ 8,661 2.7 % Long-term care 421 46 — 467 9.9 % Total written premiums $ 14,264 $ 281 $ 5,417 $ 9,128 3.1 % 2021 Written Premiums Property and casualty $ 13,150 $ 255 $ 5,485 $ 7,920 3.2 % Long-term care 437 48 — 485 9.9 % Total written premiums $ 13,587 $ 303 $ 5,485 $ 8,405 3.6 % |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of debt instruments | Debt is composed of the following long-term obligations. December 31 (In millions) 2023 2022 Short-term debt: Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023 $ — $ 243 Senior notes of CNAF: 3.950%, face amount of $550, due May 15, 2024 550 — Total short-term debt 550 243 Long-term debt: Senior notes of CNAF: 3.950%, face amount of $550, due May 15, 2024 — 549 4.500%, face amount of $500, due March 1, 2026 500 499 3.450%, face amount of $500, due August 15, 2027 498 497 3.900%, face amount of $500, due May 1, 2029 497 497 2.050%, face amount of $500, due August 15, 2030 496 496 5.500%, face amount of $500, due June 15, 2033 490 — Total long-term debt 2,481 2,538 Total debt $ 3,031 $ 2,781 |
Maturity of debt | The combined aggregate maturities for debt as of December 31, 2023 are presented in the following table. (In millions) 2024 $ 550 2025 — 2026 500 2027 500 2028 — Thereafter 1,500 Less: discount (19) Total $ 3,031 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Funded status | The following table presents a reconciliation of benefit obligations and plan assets. Pension Benefits Postretirement Benefits (In millions) 2023 2022 2023 2022 Benefit obligation as of January 1 $ 1,931 $ 2,561 $ 4 $ 6 Changes in benefit obligation: Interest cost 98 67 — — Participants' contributions — — 1 2 Actuarial (gain) loss 27 (514) 4 — Benefits paid (168) (171) (4) (4) Foreign currency translation and other 5 (12) — — Settlement through group annuity purchase (86) — — — Benefit obligation as of December 31 1,807 1,931 5 4 Fair value of plan assets as of January 1 2,025 2,577 — — Change in plan assets: Actual return on plan assets 194 (374) — — Company contributions 8 7 3 2 Participants' contributions — — 1 2 Benefits paid (168) (171) (4) (4) Foreign currency translation and other 5 (14) — — Settlement through group annuity purchase (80) — — — Fair value of plan assets as of December 31 1,984 2,025 — — Funded status $ 177 $ 94 $ (5) $ (4) Amounts recognized on the Consolidated Balance Sheets as of December 31: Other assets $ 223 $ 143 $ — $ — Other liabilities (46) (49) (5) (4) Net amount recognized $ 177 $ 94 $ (5) $ (4) Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit): Net actuarial (gain) loss $ 658 $ 743 $ 3 $ 1 Net amount recognized $ 658 $ 743 $ 3 $ 1 |
Components of net periodic cost (benefit) | The components of net periodic pension cost (benefit) are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Net periodic pension cost (benefit) Interest cost on projected benefit obligation $ 98 $ 67 $ 62 Expected return on plan assets (119) (152) (154) Amortization of net actuarial loss (gain) 33 30 46 Settlement loss — — 1 Total net periodic pension cost (benefit) $ 12 $ (55) $ (45) The following table indicates the line items in which the non-service cost (benefit) is presented in the Consolidated Statements of Operations. Years ended December 31 (In millions) 2023 2022 2021 Non-Service Cost (benefit): Insurance claims and policyholder's benefits $ 3 $ (15) $ (13) Other operating expenses 9 (40) (32) Total net periodic pension cost (benefit) $ 12 $ (55) $ (45) |
Schedule of amounts recognized in Other comprehensive income | The amounts recognized in Other comprehensive income are presented in the following table. Years ended December 31 (In millions) 2023 2022 2021 Pension and postretirement benefits Amounts arising during the period $ 50 $ (12) $ 262 Settlement — — 1 Reclassification adjustment relating to prior service credit — — — Reclassification adjustment relating to actuarial loss 34 30 46 Total increase (decrease) in Other comprehensive income $ 84 $ 18 $ 309 |
Actuarial assumptions for benefit obligations and for net cost or benefit | Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are presented in the following table. The interest crediting rate is the weighted average interest rate applied to the individual pension balances for employees who elected to cease accruals effective December 31, 1999. December 31 2023 2022 Pension benefits Discount rate 5.100 % 5.350 % Interest crediting rate 4.500 3.500 Postretirement benefits Discount rate 5.100 % 5.250 % Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are presented in the following table. Years ended December 31 2023 2022 2021 Pension benefits Discount rate 5.350 % 2.750 % 2.350 % Expected long-term rate of return 6.250 6.250 6.750 Interest crediting rate 3.500 3.000 3.000 Postretirement benefits Discount rate 5.250 % 2.250 % 1.600 % |
Fair value of plan assets measured on a recurring basis | Pension plan assets measured at fair value on a recurring basis are presented in the following tables. December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Assets Fixed maturity securities: Corporate bonds and other $ 10 $ 1,041 $ 6 $ 1,057 States, municipalities and political subdivisions — 50 — 50 Asset-backed — 233 8 241 Total fixed maturity securities 10 1,324 14 1,348 Equity securities 119 6 — 125 Short-term investments 96 — — 96 Other assets — 15 — 15 Total assets measured at fair value $ 225 $ 1,345 $ 14 1,584 Total equity securities measured at net asset value (1) 25 Total limited partnerships measured at net asset value (1) 375 Total $ 1,984 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Assets Fixed maturity securities: Corporate bonds and other $ — $ 859 $ 7 $ 866 States, municipalities and political subdivisions — 49 — 49 Asset-backed — 157 9 166 Total fixed maturity securities — 1,065 16 1,081 Equity securities 218 13 — 231 Short-term investments 145 1 — 146 Other assets — 12 — 12 Total assets measured at fair value $ 363 $ 1,091 $ 16 1,470 Total equity securities measured at net asset value (1) 21 Total limited partnerships measured at net asset value (1) 534 Total $ 2,025 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position. |
Schedule of expected benefit payments | The table below presents the estimated future minimum benefit payments to participants as of December 31, 2023. (In millions) Pension Benefits Postretirement Benefits 2024 $ 164 $ 1 2025 163 1 2026 161 1 2027 158 — 2028 154 — 2029-2033 692 1 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted shares, performance-based restricted share units and performance share unit activity | The following table presents activity for non-vested RSUs and performance share units under the Plan in 2023. Number of Awards Weighted Average Grant Date Fair Value Balance as of January 1, 2023 2,465,752 $ 43.10 Awards granted 1,437,605 37.06 Awards vested (950,620) 38.06 Awards forfeited, canceled or expired (478,823) 42.28 Performance-based adjustment 152,399 36.87 Balance as of December 31, 2023 2,626,313 41.40 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
Schedule of Other Intangible Assets | Other intangible assets are presented in the following table. December 31 2023 2022 (In millions) Economic Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Distribution channel 15 years $ 10 $ 8 $ 10 $ 7 Indefinite-lived intangible assets: Syndicate capacity 45 42 Agency force 16 16 Insurance licenses 15 10 Total indefinite-lived intangible assets 76 68 Total other intangible assets $ 86 $ 8 $ 78 $ 7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Assets and liabilities | The following table presents operating lease ROU assets and lease liabilities. (In millions) December 31, 2023 December 31, 2022 Operating lease ROU assets $ 140 $ 155 Operating lease liabilities 215 220 |
Operating lease, liability, maturity | The following table presents the maturities of operating lease liabilities. (In millions) December 31, 2023 2024 $ 36 2025 32 2026 30 2027 28 2028 25 Thereafter 103 Total lease payments 254 Less: Discount (39) Total operating lease liabilities $ 215 |
Lease cost | The following table presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease ROU assets. December 31, 2023 December 31, 2022 Weighted average remaining lease term 8.4 years 9.2 years Weighted average discount rate 3.7 % 3.4 % |
Stockholders' Equity and Stat_2
Stockholders' Equity and Statutory Accounting Practices (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity and Statutory Accounting Practices [Abstract] | |
Combined statutory capital and surplus and net income (loss) | Combined statutory capital and surplus and statutory net income (loss) for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income (Loss) December 31 Years ended December 31 (In millions) 2023 (1) 2022 2023 (1) 2022 2021 Combined Continental Casualty Companies $ 10,946 $ 10,572 $ 1,172 $ 1,072 $ 1,253 (1) Information derived from the statutory-basis financial statements to be filed with insurance regulators. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | The tables below display the changes in Accumulated other comprehensive income (loss) by component. (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2023, as previously reported $ (7) $ (2,738) $ (591) $ — $ (221) $ (3,557) Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $—, $—, $11, $— and $11 — — — (41) — (41) Balance as of January 1, 2023 (7) (2,738) (591) (41) (221) (3,598) Other comprehensive income (loss) before reclassifications (24) 1,072 39 (318) 58 827 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $5, $14, $7, $—, $— and $26 (19) (53) (27) — — (99) Other comprehensive income (loss) net of tax (expense) benefit of $1, $(304), $(17), $85, $— and $(235) (5) 1,125 66 (318) 58 926 Balance as of December 31, 2023 $ (12) $ (1,613) $ (525) $ (359) $ (163) $ (2,672) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2022, as previously reported $ (2) $ 1,039 $ (604) $ — $ (113) $ 320 Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(617), $—, $1,063, $— and $446 — 2,320 — (4,000) — (1,680) Balance as of January 1, 2022, as adjusted (2) 3,359 (604) (4,000) (113) (1,360) Other comprehensive income (loss) before reclassifications — (6,223) (11) 3,959 (108) (2,383) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $21, $6, $—, $— and $26 5 (126) (24) — — (145) Other comprehensive income (loss) net of tax (expense) benefit of $1, $1,622, $(3), $(1,052), $— and $568 (5) (6,097) 13 3,959 (108) (2,238) Balance as of December 31, 2022 $ (7) $ (2,738) $ (591) $ (41) $ (221) $ (3,598) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments (1) Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts (1) Cumulative foreign currency translation adjustment Total Balance as of January 1, 2021, as previously reported $ — $ 1,745 $ (848) $ — $ (94) $ 803 Cumulative effect adjustment from accounting change for adoption of ASU 2018-12 (1) net of tax (expense) benefit of $—, $(691), $—, $1,313, $— and $622 — 2,601 — (4,941) — (2,340) Balance as of January 1, 2021, as adjusted — 4,346 (848) (4,941) (94) (1,537) Other comprehensive income (loss) before reclassifications (7) (906) 207 941 (19) 216 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $(21), $10, $—, $— and $(10) (5) 81 (37) — — 39 Other comprehensive income (loss) net of tax (expense) benefit of $1, $263, $(65), $(250), $— and $(51) (2) (987) 244 941 (19) 177 Balance as of December 31, 2021 $ (2) $ 3,359 $ (604) $ (4,000) $ (113) $ (1,360) 1) See Note A to the Consolidated Financial Statements for additional information. |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows: Component of AOCI Consolidated Statements of Operations Line Item Affected by Reclassifications Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Net investment gains (losses) Pension and postretirement benefits Other operating expenses and Insurance claims and policyholders' benefits |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Significant components of the Company's continuing operations and selected balance sheet items | The Company's results of operations and selected balance sheet items by segment are presented in the following tables. Year ended December 31, 2023 Specialty Commercial International Life & Corporate (In millions) Eliminations Total Net written premiums $ 3,329 $ 4,880 $ 1,237 $ 447 $ — $ (1) $ 9,892 Operating revenues Net earned premiums $ 3,307 $ 4,547 $ 1,176 $ 451 $ — $ (1) $ 9,480 Net investment income 558 645 103 896 62 — 2,264 Non-insurance warranty revenue 1,624 — — — — — 1,624 Other revenues 1 29 — (1) 11 (10) 30 Total operating revenues 5,490 5,221 1,279 1,346 73 (11) 13,398 Claims, benefits and expenses Net incurred claims and benefits 1,923 2,995 722 1,317 82 — 7,039 Policyholders’ dividends 8 21 — — — — 29 Amortization of deferred acquisition costs 686 729 229 — — — 1,644 Non-insurance warranty expense 1,544 — — — — — 1,544 Other insurance related expenses 373 620 139 118 2 (1) 1,251 Other expenses 53 30 (4) 1 204 (10) 274 Total claims, benefits and expenses 4,587 4,395 1,086 1,436 288 (11) 11,781 Core income (loss) before income tax 903 826 193 (90) (215) — 1,617 Income tax (expense) benefit on core income (loss) (195) (174) (48) 42 42 — (333) Core income (loss) $ 708 $ 652 $ 145 $ (48) $ (173) $ — 1,284 Net investment gains (losses) (99) Income tax (expense) benefit on net investment gains (losses) 20 Net investment gains (losses), after tax (79) Net income (loss) $ 1,205 December 31, 2023 (In millions) Reinsurance receivables $ 1,281 $ 1,218 $ 468 $ 93 $ 2,374 $ — $ 5,434 Insurance receivables 1,053 2,024 388 5 — — 3,470 Deferred acquisition costs 392 371 133 — — — 896 Goodwill 117 — 29 — — — 146 Deferred non-insurance warranty acquisition expense 3,661 — — — — — 3,661 Insurance reserves Claim and claim adjustment expenses 7,131 10,103 2,709 675 2,686 — 23,304 Unearned premiums 3,227 2,858 749 99 — — 6,933 Future policy benefits — — — 13,959 — — 13,959 Deferred non-insurance warranty revenue 4,694 — — — — — 4,694 Year ended December 31, 2022 Specialty Commercial International Life & Group (1) Corporate (In millions) Eliminations Total (1) Net written premiums $ 3,306 $ 4,193 $ 1,164 $ 467 $ (1) $ (1) $ 9,128 Operating revenues Net earned premiums $ 3,203 $ 3,923 $ 1,070 $ 473 $ (1) $ (1) $ 8,667 Net investment income 431 488 63 804 19 — 1,805 Non-insurance warranty revenue 1,574 — — — — — 1,574 Other revenues 1 30 1 (1) 6 (5) 32 Total operating revenues 5,209 4,441 1,134 1,276 24 (6) 12,078 Claims, benefits and expenses Net incurred claims and benefits 1,839 2,607 637 1,469 76 — 6,628 Policyholders’ dividends 6 19 — — — — 25 Amortization of deferred acquisition costs 656 634 200 — — — 1,490 Non-insurance warranty expense 1,471 — — — — — 1,471 Other insurance related expenses 336 557 146 118 4 (1) 1,160 Other expenses 51 36 26 9 174 (5) 291 Total claims, benefits and expenses 4,359 3,853 1,009 1,596 254 (6) 11,065 Core income (loss) before income tax 850 588 125 (320) (230) — 1,013 Income tax (expense) benefit on core income (loss) (182) (122) (19) 99 47 — (177) Core income (loss) $ 668 $ 466 $ 106 $ (221) $ (183) $ — 836 Net investment gains (losses) (199) Income tax (expense) benefit on net investment gains (losses) 45 Net investment gains (losses), after tax (154) Net income (loss) $ 682 December 31, 2022 (In millions) Reinsurance receivables $ 1,384 $ 1,062 $ 414 $ 101 $ 2,477 $ — $ 5,438 Insurance receivables 1,082 1,728 369 8 — — 3,187 Deferred acquisition costs 381 321 104 — — — 806 Goodwill 117 — 27 — — — 144 Deferred non-insurance warranty acquisition expense 3,671 — — — — — 3,671 Insurance reserves Claim and claim adjustment expenses 6,878 9,395 2,403 695 2,749 — 22,120 Unearned premiums 3,193 2,425 653 103 — — 6,374 Future policy benefits — — — 13,480 — — 13,480 Deferred non-insurance warranty revenue 4,714 — — — — — 4,714 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. Year ended December 31, 2021 Specialty Commercial Life & Group (1) Corporate (In millions) International Eliminations Total (1) Net written premiums $ 3,225 $ 3,595 $ 1,101 $ 485 $ — $ (1) $ 8,405 Operating revenues Net earned premiums $ 3,076 $ 3,552 $ 1,057 $ 491 $ — $ (1) $ 8,175 Net investment income 497 624 57 966 15 — 2,159 Non-insurance warranty revenue 1,430 — — — — — 1,430 Other revenues 1 23 — — 6 (6) 24 Total operating revenues 5,004 4,199 1,114 1,457 21 (7) 11,788 Claims, benefits and expenses Net incurred claims and benefits 1,787 2,540 652 1,261 109 — 6,349 Policyholders’ dividends 3 19 — — — — 22 Amortization of deferred acquisition costs 643 594 206 — — — 1,443 Non-insurance warranty expense 1,328 — — — — — 1,328 Other insurance related expenses 296 511 144 103 9 (1) 1,062 Other expenses 47 38 (2) 10 155 (6) 242 Total claims, benefits and expenses 4,104 3,702 1,000 1,374 273 (7) 10,446 Core income (loss) before income tax 900 497 114 83 (252) — 1,342 Income tax (expense) benefit on core income (loss) (196) (103) (28) 25 48 — (254) Core income (loss) $ 704 $ 394 $ 86 $ 108 $ (204) $ — 1,088 Net investment gains (losses) 120 Income tax (expense) benefit on net investment gains (losses) (24) Net investment gains (losses), after tax 96 Net income (loss) $ 1,184 Year ended December 31, 2021 (In millions) Reinsurance receivables $ 1,200 $ 923 $ 381 $ 401 $ 2,579 $ — $ 5,484 Insurance receivables 1,136 1,488 340 6 4 — 2,974 Deferred acquisition costs 363 278 96 — — — 737 Goodwill 117 — 31 — — — 148 Deferred non-insurance warranty acquisition expense 3,476 — — — — — 3,476 Insurance reserves Claim and claim adjustment expenses 6,433 8,890 2,280 848 2,817 — 21,268 Unearned premiums 3,001 2,066 585 109 — — 5,761 Future policy benefits — — — 18,298 — — 18,298 Deferred non-insurance warranty revenue 4,503 — — — — — 4,503 (1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Revenues by line of business | The following table presents operating revenues by line of business for each reportable segment. Years ended December 31 (In millions) 2023 2022 2021 Specialty Management & Professional Liability $ 2,931 $ 2,771 $ 2,776 Surety 731 652 604 Warranty & Alternative Risks 1,828 1,786 1,624 Specialty revenues 5,490 5,209 5,004 Commercial Middle Market 1,696 1,532 1,508 Construction 1,678 1,421 1,322 Small Business 631 581 558 Other Commercial 1,216 907 811 Commercial revenues 5,221 4,441 4,199 International Canada 383 366 344 Europe 532 466 473 Hardy 364 302 297 International revenues 1,279 1,134 1,114 Life & Group revenues 1,346 1,276 1,457 Corporate & Other revenues 73 24 21 Eliminations (11) (6) (7) Total operating revenues 13,398 12,078 11,788 Net investment gains (losses) (99) (199) 120 Total revenues $ 13,299 $ 11,879 $ 11,908 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Data [Abstract] | |
Schedule of quarterly financial information | The following table presents the effect of adoption of ASU 2018-12 on selected 2022 financial data. 2022 (In millions, except per share data) Q1 Q2 Q3 Q4 Full Year Components of Income (Loss) Core income (loss) Prior to adoption $ 316 $ 245 $ 213 $ 274 $ 1,048 Effect of adoption (18) (15) (170) (9) (212) As reported $ 298 $ 230 $ 43 $ 265 $ 836 Net income (loss) Prior to adoption $ 313 $ 205 $ 128 $ 248 $ 894 Effect of adoption (18) (15) (170) (9) (212) As reported $ 295 $ 190 $ (42) $ 239 $ 682 Other comprehensive income (loss), net of tax Prior to adoption $ (1,623) $ (1,410) $ (1,426) $ 582 $ (3,877) Effect of adoption 603 627 586 (177) 1,639 As reported $ (1,020) $ (783) $ (840) $ 405 $ (2,238) Diluted Earnings (Loss) Per Common Share Core income (loss) Prior to adoption $ 1.16 $ 0.90 $ 0.78 $ 1.01 Effect of adoption (0.07) (0.06) (0.62) (0.04) As reported $ 1.09 $ 0.84 $ 0.16 $ 0.97 Net income (loss) Prior to adoption $ 1.15 $ 0.75 $ 0.47 $ 0.91 Effect of adoption (0.07) (0.06) (0.62) (0.04) As reported $ 1.08 $ 0.69 $ (0.15) $ 0.87 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2018-12 [Member] | ||
Anticipated amounts due from insureds related to losses under deductible policies | $ 1,200 | $ 1,100 | |
Structured settlement annuities, interest rate, low end | 6.40% | 6.40% | |
Discounted reserves for unfunded structured settlements | $ 465 | $ 485 | |
Discounted reserves for unfunded structure settlements, discount amount | 559 | 590 | |
Amount of interest recognized on the discounted reserves of unfunded structured settlements | $ 34 | $ 36 | $ 36 |
Interest rates at which workers' compensation lifetime claim reserves are discounted at | 3.50% | 3.50% | |
Workers' compensation liability | $ 196 | $ 211 | |
Amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves | $ 9 | 9 | $ 12 |
Future policy benefit reserves, cash flows projected to occur beyond tenor with market-observable rates available, grading period | 10 years | ||
Liability balance for guaranty fund | $ 84 | $ 74 | |
Percentage of billed receivables compared to total reinsurance receivable | 5% | ||
Policyholder dividends, rate on policy earnings | 2% | 2% | 1% |
Foreign currency transaction gain (loss), before tax | $ 9 | $ (22) | $ (1) |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets | |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities | |
Weighted average number diluted shares outstanding adjustment (in shares) | 1,000 | 1,000 | 1,000 |
Interest paid, net | $ 124 | $ 109 | $ 110 |
Income taxes paid | 282 | 277 | $ 278 |
Workers' Compensation Insurance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Short-duration contracts, discounted liabilities, amount | $ 88 | $ 93 | |
Furniture and Fixtures | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Office Equipment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Computer Software, Intangible Asset | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Warranty coverage term | 1 month | ||
Requisite service period for stock- based compensation expense | 3 years | ||
Minimum | Computer Software, Intangible Asset | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Warranty coverage term | 10 years | ||
Maximum | Computer Software, Intangible Asset | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
CNAF Consolidated | Loews | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 92% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Pre-Transition LFPB to Adjusted Opening Balance) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Present value of future net premiums | |||
Effect of change in cash flow assumptions | $ 36 | $ 538 | $ 176 |
Reclassification of reserves for policyholders on claim to Future policy benefits | |||
Present value of future net premiums | |||
Effect of change in cash flow assumptions | 2,844 | ||
De-recognition of shadow reserves | |||
Present value of future net premiums | |||
Effect of change in cash flow assumptions | (3,293) | ||
Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate | |||
Present value of future net premiums | |||
Effect of change in cash flow assumptions | 6,255 | ||
Other adjustments | |||
Present value of future net premiums | |||
Effect of change in cash flow assumptions | $ 8 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Effects of Adoption of ASU 2018-12, Stockholders' Equity) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | $ 9,893 | $ 8,548 | [1] | $ 11,105 | |||
Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | (2,672) | (3,598) | [1] | (1,360) | $ (1,537) | [1] | |
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | $ 9,755 | 9,336 | [1] | 9,639 | 9,075 | [1] | |
Prior to Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | 8,825 | ||||||
Prior to Adoption | Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | (3,557) | 320 | 803 | [1] | |||
Prior to Adoption | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | $ 9,572 | $ 9,663 | 9,081 | [1] | |||
De-recognition of shadow reserves | Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | 2,601 | ||||||
De-recognition of shadow reserves | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | 0 | ||||||
Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate | Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | (4,941) | ||||||
Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | 0 | ||||||
Other adjustments | Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | 0 | ||||||
Other adjustments | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders' equity | $ (6) | ||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Effects of Adoption of ASU 2018-12, Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Insurance claims and policyholders' benefits | $ 7,068 | $ 6,653 | [1] | $ 6,371 | [1] | ||||
Income (loss) before income tax | 1,518 | 814 | [1] | 1,462 | [1] | ||||
Income tax (expense) benefit | 313 | 132 | [1] | 278 | [1] | ||||
Net income | $ 239 | $ (42) | $ 190 | $ 295 | $ 1,205 | $ 682 | [1] | $ 1,184 | [1] |
Basic earnings (loss) per share (in usd per share) | $ 4.44 | $ 2.51 | [1] | $ 4.36 | [1] | ||||
Diluted earnings (loss) per share (in usd per share) | $ 0.87 | $ (0.15) | $ 0.69 | $ 1.08 | $ 4.43 | $ 2.51 | [1] | $ 4.34 | [1] |
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact | $ (88) | $ (214) | $ (8) | ||||||
Prior to Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Insurance claims and policyholders' benefits | 6,386 | 6,349 | |||||||
Income (loss) before income tax | 1,081 | 1,484 | |||||||
Income tax (expense) benefit | 187 | 282 | |||||||
Net income | $ 248 | $ 128 | $ 205 | $ 313 | $ 894 | $ 1,202 | |||
Basic earnings (loss) per share (in usd per share) | $ 3.29 | $ 4.42 | |||||||
Diluted earnings (loss) per share (in usd per share) | $ 0.91 | $ 0.47 | $ 0.75 | $ 1.15 | $ 3.28 | $ 4.41 | |||
Effect of Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Insurance claims and policyholders' benefits | $ 267 | $ 22 | |||||||
Income (loss) before income tax | (267) | (22) | |||||||
Income tax (expense) benefit | (55) | (4) | |||||||
Net income | $ (9) | $ (170) | $ (15) | $ (18) | $ (212) | $ (18) | |||
Basic earnings (loss) per share (in usd per share) | $ (0.78) | $ (0.06) | |||||||
Diluted earnings (loss) per share (in usd per share) | $ (0.04) | $ (0.62) | $ (0.06) | $ (0.07) | $ (0.77) | $ (0.07) | |||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Effects of Adoption of ASU 2018-12, Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | $ 1,016 | $ 1,251 | [1] | |||
Total assets | 64,711 | 61,000 | [1] | |||
Claim and claim adjustment expenses | 23,304 | 22,120 | [1] | $ 21,268 | ||
Future policy benefits | 13,959 | 13,480 | [1] | 18,010 | $ 19,132 | |
Total liabilities | 54,818 | 52,452 | [1] | |||
Retained earnings | 9,755 | 9,336 | [1] | |||
Accumulated other comprehensive loss | (2,672) | (3,598) | [1] | |||
Total stockholders' equity | $ 9,893 | 8,548 | [1] | $ 11,105 | [1] | |
Prior to Adoption | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | 1,178 | |||||
Total assets | 60,927 | |||||
Claim and claim adjustment expenses | 25,099 | |||||
Future policy benefits | 10,151 | $ 13,318 | ||||
Total liabilities | 52,102 | |||||
Retained earnings | 9,572 | |||||
Accumulated other comprehensive loss | (3,557) | |||||
Total stockholders' equity | 8,825 | |||||
Effect of Adoption | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | 73 | |||||
Total assets | 73 | |||||
Claim and claim adjustment expenses | (2,979) | |||||
Future policy benefits | 3,329 | |||||
Total liabilities | 350 | |||||
Retained earnings | (236) | |||||
Accumulated other comprehensive loss | (41) | |||||
Total stockholders' equity | $ (277) | |||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Effects of Adoption of ASU 2018-12, Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net unrealized gains and losses on investments | $ 1,120 | $ (6,102) | [1] | $ (989) | [1] | ||||
Impact of changes in discount rates used to measure long-duration contract liabilities | (318) | 3,959 | [1] | 941 | [1] | ||||
Other comprehensive income (loss) | $ 405 | $ (840) | $ (783) | $ (1,020) | 926 | (2,238) | [1] | 177 | [1] |
Total comprehensive income (loss) | 2,131 | (1,556) | [1] | 1,361 | [1] | ||||
Net unrealized gains and losses on other investments | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net unrealized gains and losses on investments | $ 1,125 | (6,097) | [1] | (987) | [1] | ||||
Prior to Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net unrealized gains and losses on investments | (3,782) | (708) | |||||||
Impact of changes in discount rates used to measure long-duration contract liabilities | 0 | 0 | |||||||
Other comprehensive income (loss) | 582 | (1,426) | (1,410) | (1,623) | (3,877) | (483) | |||
Total comprehensive income (loss) | (2,983) | 719 | |||||||
Prior to Adoption | Net unrealized gains and losses on other investments | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net unrealized gains and losses on investments | (3,777) | (706) | |||||||
Effect of Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net unrealized gains and losses on investments | (2,320) | (281) | |||||||
Impact of changes in discount rates used to measure long-duration contract liabilities | 3,959 | 941 | |||||||
Other comprehensive income (loss) | $ (177) | $ 586 | $ 627 | $ 603 | 1,639 | 660 | |||
Total comprehensive income (loss) | 1,427 | 642 | |||||||
Effect of Adoption | Net unrealized gains and losses on other investments | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net unrealized gains and losses on investments | $ (2,320) | $ (281) | |||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Effects of Adoption ASU 2018-12, Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net income | $ 239 | $ (42) | $ 190 | $ 295 | $ 1,205 | $ 682 | [1] | $ 1,184 | [1] |
Deferred income tax expense (benefit) | 2 | (89) | [1] | 43 | [1] | ||||
Insurance reserves | $ 1,667 | 2,058 | [1] | 2,485 | [1] | ||||
Prior to Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net income | 248 | 128 | 205 | 313 | 894 | 1,202 | |||
Deferred income tax expense (benefit) | (34) | 47 | |||||||
Insurance reserves | 1,791 | 2,463 | |||||||
Effect of Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net income | $ (9) | $ (170) | $ (15) | $ (18) | (212) | (18) | |||
Deferred income tax expense (benefit) | (55) | (4) | |||||||
Insurance reserves | $ 267 | $ 22 | |||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Effects of Adoption ASU 2018-12, Segment Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net incurred claims and benefits | $ 7,039 | $ 6,628 | $ 6,349 | |||||||
Core income (loss) before income tax | 1,617 | 1,013 | 1,342 | |||||||
Income tax (expense) benefit on core income (loss) | (333) | (177) | (254) | |||||||
Core income (loss) | $ 265 | $ 43 | $ 230 | $ 298 | 1,284 | 836 | 1,088 | |||
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact | (88) | (214) | (8) | |||||||
Claim and claim adjustment expenses | 22,120 | [1] | 23,304 | 22,120 | [1] | 21,268 | ||||
Future policy benefits | 13,480 | [1] | 13,959 | 13,480 | [1] | 18,010 | $ 19,132 | |||
Life & Group | Operating Segments | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net incurred claims and benefits | 1,317 | 1,469 | 1,261 | |||||||
Core income (loss) before income tax | (90) | (320) | 83 | |||||||
Income tax (expense) benefit on core income (loss) | 42 | 99 | 25 | |||||||
Core income (loss) | (48) | (221) | 108 | |||||||
Claim and claim adjustment expenses | 695 | 675 | 695 | 848 | ||||||
Future policy benefits | 13,480 | $ 13,959 | 13,480 | |||||||
Prior to Adoption | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Core income (loss) | 274 | 213 | 245 | 316 | 1,048 | |||||
Claim and claim adjustment expenses | 25,099 | 25,099 | ||||||||
Future policy benefits | 10,151 | 10,151 | $ 13,318 | |||||||
Prior to Adoption | Life & Group | Operating Segments | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net incurred claims and benefits | 1,202 | 1,239 | ||||||||
Core income (loss) before income tax | (53) | 105 | ||||||||
Income tax (expense) benefit on core income (loss) | 44 | 21 | ||||||||
Core income (loss) | (9) | 126 | ||||||||
Claim and claim adjustment expenses | 3,674 | 3,674 | ||||||||
Future policy benefits | 10,151 | 10,151 | ||||||||
Effect of Adoption | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Core income (loss) | (9) | $ (170) | $ (15) | $ (18) | (212) | |||||
Claim and claim adjustment expenses | (2,979) | (2,979) | ||||||||
Future policy benefits | 3,329 | 3,329 | ||||||||
Effect of Adoption | Life & Group | Operating Segments | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net incurred claims and benefits | 267 | 22 | ||||||||
Core income (loss) before income tax | (267) | (22) | ||||||||
Income tax (expense) benefit on core income (loss) | 55 | 4 | ||||||||
Core income (loss) | (212) | $ (18) | ||||||||
Claim and claim adjustment expenses | (2,979) | (2,979) | ||||||||
Future policy benefits | $ 3,329 | $ 3,329 | ||||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Investments (Net investment inc
Investments (Net investment income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 2,343 | $ 1,877 | $ 2,223 |
Investment expense | (79) | (72) | (64) |
Net investment income | 2,264 | 1,805 | 2,159 |
Fixed maturity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 1,941 | 1,787 | 1,707 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 63 | 23 | 83 |
Limited partnership investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 174 | 362 | |
Gross investment loss | (12) | ||
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Gross investment income | 58 | 54 | 61 |
Short-term investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 75 | 16 | 1 |
Trading portfolio | |||
Net Investment Income [Line Items] | |||
Gross investment income | 4 | 4 | 9 |
Other | |||
Net Investment Income [Line Items] | |||
Gross investment income | 28 | 5 | 0 |
Common Stock | |||
Net Investment Income [Line Items] | |||
Equity securities, FV-NI, gain (loss) | 11 | 47 | 28 |
Non-redeemable preferred stock | |||
Net Investment Income [Line Items] | |||
Equity securities, FV-NI, gain (loss) | $ 14 | $ (75) | $ 2 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Gain (Loss) on Securities [Line Items] | ||||
Non-income producing fixed maturity securities | $ 0 | $ 0 | ||
Non-income producing mortgage loans | 20,000,000 | 7,000,000 | ||
Investments that exceed ten percent of stockholders' equity | 0 | 0 | ||
Investment and derivative, realized gain (loss), coinsurance agreement | 18,000,000 | |||
Gross gains | 75,000,000 | 120,000,000 | $ 186,000,000 | |
Debt securities, available-for-sale, realized loss | 166,000,000 | 261,000,000 | 90,000,000 | |
Mortgage loan losses due to changes in expected credit losses | 11,000,000 | 8,000,000 | $ (10,000,000) | |
Limited partnership investments | 2,174,000,000 | 1,926,000,000 | [1] | |
Undistributed earnings of limited partnership investments | $ 250,000,000 | $ 176,000,000 | ||
Percentage of limited partnerships reported on a current basis | 17% | |||
Percentage of limited partnerships reported on a one month lag | 4% | |||
Limited partnerships invested in private debt and equity | 85% | 76% | ||
Percentage of limited partnerships employing hedge fund strategies focused on fixed income and equity investments | 15% | 24% | ||
Carrying value of ten largest limited partnerships | $ 622,000,000 | $ 633,000,000 | ||
Carrying value of limited partnerships as percentage of aggregate partnership equity | 1% | 1% | ||
Income as percentage of change in partnership equity for all limited partnerships | 1% | 2% | 2% | |
Obligation to return cash | $ 1,000,000 | |||
Derivative liability, subject to master netting arrangement, collateral, right to reclaim cash offset | 0 | $ 0 | ||
Increase (decrease) fixed maturity securities | 224,000,000 | |||
Increase (decrease) short term investments | 4,000,000 | |||
Increase (decrease) accrued investment income | 2,000,000 | |||
Increase (decrease) funds withheld liability | 216,000,000 | |||
Embedded derivative, fair value of embedded derivative liability | 14,000,000 | |||
Commitments to purchase or fund privately placed debt securities | 1,555,000,000 | |||
Commitments to sell various privately placed debt securities | 35,000,000 | |||
Carrying value of securities deposited under requirements of regulatory authorities | 3,100,000,000 | 2,800,000,000 | ||
Cash and securities deposited as collateral for letters of credit | 900,000,000 | |||
Fixed maturity securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
OCI, debt securities, available-for-sale, gain (loss), after adjustment, before tax | 1,431,000,000 | (7,850,000,000) | $ (1,272,000,000) | |
Debt securities, available-for-sale, accrued interest, after allowance for credit loss | 435,000,000 | 394,000,000 | ||
Mortgage loans | ||||
Gain (Loss) on Securities [Line Items] | ||||
Financing receivable, accrued interest, after allowance for credit loss | $ 4,000,000 | |||
Funds Withheld Liability Securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross gains | 62,000,000 | |||
Debt securities, available-for-sale, realized loss | $ 44,000,000 | |||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Investments (Net realized inves
Investments (Net realized investment gains (losses)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Fixed maturity securities: | |||||
Gross gains | $ 75 | $ 120 | $ 186 | ||
Gross losses | (166) | (261) | (90) | ||
Net investment gains (losses) on fixed maturity securities | (91) | (141) | 96 | ||
Equity securities | 4 | (116) | 4 | ||
Derivatives | (1) | 64 | 6 | ||
Mortgage loans | (11) | (8) | 10 | ||
Short-term investments and other | 0 | 2 | 4 | ||
Net investment gains (losses) | $ (99) | $ (199) | [1] | $ 120 | [1] |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Investments (Components of othe
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Impairment losses (gains) recognized in earnings | $ 44 | $ 62 | $ 31 |
Corporate and other bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Impairment losses (gains) recognized in earnings | 33 | 62 | 11 |
Asset-backed | |||
Debt Securities, Available-for-sale [Line Items] | |||
Impairment losses (gains) recognized in earnings | $ 11 | $ 0 | $ 20 |
Investments (Summary of fixed m
Investments (Summary of fixed maturity and equity securities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | $ 42,414 | $ 41,032 | ||
Gross Unrealized Gains | 1,022 | 652 | ||
Gross Unrealized Losses | 2,995 | 4,056 | ||
Allowance for Credit Losses | 16 | 1 | $ 18 | |
Estimated Fair Value | 40,425 | 37,627 | ||
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract] | ||||
Total fixed maturity securities trading | 0 | 0 | ||
Total fixed maturity securities trading | 0 | 0 | ||
Debt securities, amortized cost | 42,414 | 41,032 | ||
Total fixed maturity securities | 40,425 | 37,627 | [1] | |
Corporate and other bonds | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 25,020 | 23,137 | ||
Gross Unrealized Gains | 597 | 301 | ||
Gross Unrealized Losses | 1,345 | 2,009 | ||
Allowance for Credit Losses | 4 | 0 | 11 | |
Estimated Fair Value | 24,268 | 21,429 | ||
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract] | ||||
Total fixed maturity securities | 25,132 | 22,117 | ||
States, municipalities and political subdivisions | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 7,713 | 8,918 | ||
Gross Unrealized Gains | 382 | 338 | ||
Gross Unrealized Losses | 703 | 939 | ||
Allowance for Credit Losses | 0 | 0 | ||
Estimated Fair Value | 7,392 | 8,317 | ||
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract] | ||||
Total fixed maturity securities | 7,392 | 8,317 | ||
Residential mortgage-backed | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 3,411 | 3,073 | ||
Gross Unrealized Gains | 16 | 5 | ||
Gross Unrealized Losses | 425 | 447 | ||
Allowance for Credit Losses | 0 | 0 | ||
Estimated Fair Value | 3,002 | 2,631 | ||
Commercial mortgage-backed | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 1,862 | 1,886 | ||
Gross Unrealized Gains | 7 | 4 | ||
Gross Unrealized Losses | 230 | 255 | ||
Allowance for Credit Losses | 8 | 0 | ||
Estimated Fair Value | 1,631 | 1,635 | ||
Other asset-backed | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 3,515 | 3,287 | ||
Gross Unrealized Gains | 13 | 2 | ||
Gross Unrealized Losses | 256 | 361 | ||
Allowance for Credit Losses | 4 | 1 | ||
Estimated Fair Value | 3,268 | 2,927 | ||
Asset-backed | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 8,788 | 8,246 | ||
Gross Unrealized Gains | 36 | 11 | ||
Gross Unrealized Losses | 911 | 1,063 | ||
Allowance for Credit Losses | 12 | 1 | $ 7 | |
Estimated Fair Value | 7,901 | 7,193 | ||
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract] | ||||
Total fixed maturity securities | 7,901 | 7,193 | ||
U.S. Treasury and obligations of government-sponsored enterprises | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 152 | 111 | ||
Gross Unrealized Gains | 1 | 1 | ||
Gross Unrealized Losses | 2 | 2 | ||
Allowance for Credit Losses | 0 | 0 | ||
Estimated Fair Value | 151 | 110 | ||
Foreign government | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 741 | 617 | ||
Gross Unrealized Gains | 6 | 1 | ||
Gross Unrealized Losses | 34 | 43 | ||
Allowance for Credit Losses | 0 | 0 | ||
Estimated Fair Value | 713 | 575 | ||
Redeemable preferred stock | ||||
Fixed maturity securities available-for-sale: | ||||
Cost or Amortized Cost | 0 | 3 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Estimated Fair Value | $ 0 | $ 3 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Investments (Securities in a gr
Investments (Securities in a gross unrealized loss position) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 3,483 | $ 25,234 |
Gross Unrealized Losses, Less than 12 Months | 74 | 2,946 |
Estimated Fair Value, 12 Months or Longer | 22,248 | 4,277 |
Gross Unrealized Losses, 12 Months or Longer | 2,921 | 1,110 |
Estimated Fair Value, Total | 25,731 | 29,511 |
Gross Unrealized Losses, Total | 2,995 | 4,056 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 1,943 | 15,946 |
Gross Unrealized Losses, Less than 12 Months | 37 | 1,585 |
Estimated Fair Value, 12 Months or Longer | 13,406 | 1,634 |
Gross Unrealized Losses, 12 Months or Longer | 1,308 | 424 |
Estimated Fair Value, Total | 15,349 | 17,580 |
Gross Unrealized Losses, Total | 1,345 | 2,009 |
States, municipalities and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 598 | 4,079 |
Gross Unrealized Losses, Less than 12 Months | 18 | 769 |
Estimated Fair Value, 12 Months or Longer | 3,104 | 456 |
Gross Unrealized Losses, 12 Months or Longer | 685 | 170 |
Estimated Fair Value, Total | 3,702 | 4,535 |
Gross Unrealized Losses, Total | 703 | 939 |
Residential mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 233 | 1,406 |
Gross Unrealized Losses, Less than 12 Months | 4 | 144 |
Estimated Fair Value, 12 Months or Longer | 2,212 | 1,143 |
Gross Unrealized Losses, 12 Months or Longer | 421 | 303 |
Estimated Fair Value, Total | 2,445 | 2,549 |
Gross Unrealized Losses, Total | 425 | 447 |
Commercial mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 200 | 1,167 |
Gross Unrealized Losses, Less than 12 Months | 5 | 159 |
Estimated Fair Value, 12 Months or Longer | 1,184 | 408 |
Gross Unrealized Losses, 12 Months or Longer | 225 | 96 |
Estimated Fair Value, Total | 1,384 | 1,575 |
Gross Unrealized Losses, Total | 230 | 255 |
Other asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 392 | 2,087 |
Gross Unrealized Losses, Less than 12 Months | 8 | 262 |
Estimated Fair Value, 12 Months or Longer | 1,869 | 542 |
Gross Unrealized Losses, 12 Months or Longer | 248 | 99 |
Estimated Fair Value, Total | 2,261 | 2,629 |
Gross Unrealized Losses, Total | 256 | 361 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 825 | 4,660 |
Gross Unrealized Losses, Less than 12 Months | 17 | 565 |
Estimated Fair Value, 12 Months or Longer | 5,265 | 2,093 |
Gross Unrealized Losses, 12 Months or Longer | 894 | 498 |
Estimated Fair Value, Total | 6,090 | 6,753 |
Gross Unrealized Losses, Total | 911 | 1,063 |
U.S. Treasury and obligations of government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 65 | 76 |
Gross Unrealized Losses, Less than 12 Months | 1 | 1 |
Estimated Fair Value, 12 Months or Longer | 23 | 16 |
Gross Unrealized Losses, 12 Months or Longer | 1 | 1 |
Estimated Fair Value, Total | 88 | 92 |
Gross Unrealized Losses, Total | 2 | 2 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 months | 52 | 473 |
Gross Unrealized Losses, Less than 12 Months | 1 | 26 |
Estimated Fair Value, 12 Months or Longer | 450 | 78 |
Gross Unrealized Losses, 12 Months or Longer | 33 | 17 |
Estimated Fair Value, Total | 502 | 551 |
Gross Unrealized Losses, Total | $ 34 | $ 43 |
Investments (Securities in a _2
Investments (Securities in a gross unrealized loss position by ratings) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | $ 25,731 | $ 29,511 |
Gross Unrealized Losses | 2,995 | 4,056 |
U.S. Government, Government agencies and Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 2,273 | 2,355 |
Gross Unrealized Losses | 309 | 337 |
AAA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 1,524 | 1,559 |
Gross Unrealized Losses | 261 | 298 |
AA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 3,817 | 4,327 |
Gross Unrealized Losses | 658 | 817 |
A | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 5,652 | 6,615 |
Gross Unrealized Losses | 517 | 749 |
BBB | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 11,523 | 13,226 |
Gross Unrealized Losses | 1,095 | 1,621 |
Non-investment grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 942 | 1,429 |
Gross Unrealized Losses | $ 155 | $ 234 |
Investments (Allowance on avail
Investments (Allowance on available-for-sale securities with credit impairments and PCD assets activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for credit losses: | ||
Balance, beginning of period | $ 1 | $ 18 |
Additions to the allowance for credit losses: | ||
Securities for which credit losses were not previously recorded | 17 | 0 |
Available-for-sale securities accounted for as PCD assets | 22 | 3 |
Reductions to the allowance for credit losses: | ||
Securities sold during the period (realized) | 6 | 0 |
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 8 | 0 |
Write-offs charged against the allowance | 15 | 12 |
Recoveries of amounts previously written off | 0 | 0 |
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period | 5 | (8) |
Balance, end of period | 16 | 1 |
Corporate and other bonds | ||
Allowance for credit losses: | ||
Balance, beginning of period | 0 | 11 |
Additions to the allowance for credit losses: | ||
Securities for which credit losses were not previously recorded | 10 | 0 |
Available-for-sale securities accounted for as PCD assets | 22 | 0 |
Reductions to the allowance for credit losses: | ||
Securities sold during the period (realized) | 6 | 0 |
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 8 | 0 |
Write-offs charged against the allowance | 15 | 12 |
Recoveries of amounts previously written off | 0 | 0 |
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period | 1 | 1 |
Balance, end of period | 4 | 0 |
Asset-backed | ||
Allowance for credit losses: | ||
Balance, beginning of period | 1 | 7 |
Additions to the allowance for credit losses: | ||
Securities for which credit losses were not previously recorded | 7 | 0 |
Available-for-sale securities accounted for as PCD assets | 0 | 3 |
Reductions to the allowance for credit losses: | ||
Securities sold during the period (realized) | 0 | 0 |
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 0 | 0 |
Write-offs charged against the allowance | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period | 4 | (9) |
Balance, end of period | $ 12 | $ 1 |
Investments (Contractual maturi
Investments (Contractual maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Due in one year or less, cost or amortized cost | $ 1,121 | $ 1,012 |
Due after one year through five years, cost or amortized cost | 11,563 | 9,880 |
Due after five years through ten years, cost or amortized cost | 13,359 | 13,788 |
Due after ten years, cost or amortized cost | 16,371 | 16,352 |
Cost or Amortized Cost | 42,414 | 41,032 |
Due in one year or less, estimated fair value | 1,091 | 1,001 |
Due after one year through five years, estimated fair value | 11,180 | 9,399 |
Due after five years through ten years, estimated fair value | 12,573 | 12,453 |
Due after ten years, estimated fair value | 15,581 | 14,774 |
Estimated Fair Value | $ 40,425 | $ 37,627 |
Investments (Credit quality ind
Investments (Credit quality indicator) (Details) - Mortgage loans $ in Millions | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
2023 | $ 127 |
2022 | 248 |
2021 | 81 |
2020 | 135 |
2019 | 181 |
Prior | 298 |
Total | 1,070 |
DSCR ≥1.6x | LTV less than 55% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 33 |
2022 | 9 |
2021 | 8 |
2020 | 98 |
2019 | 60 |
Prior | 238 |
Total | 446 |
DSCR ≥1.6x | LTV 55% to 65% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 0 |
2022 | 0 |
2021 | 5 |
2020 | 0 |
2019 | 8 |
Prior | 0 |
Total | 13 |
DSCR ≥1.6x | LTV greater than 65% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 0 |
2022 | 31 |
2021 | 11 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Total | 42 |
DSCR 1.2x - 1.6x | LTV less than 55% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 28 |
2022 | 5 |
2021 | 0 |
2020 | 14 |
2019 | 29 |
Prior | 21 |
Total | 97 |
DSCR 1.2x - 1.6x | LTV 55% to 65% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 34 |
2022 | 36 |
2021 | 36 |
2020 | 23 |
2019 | 0 |
Prior | 32 |
Total | 161 |
DSCR 1.2x - 1.6x | LTV greater than 65% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 0 |
2022 | 65 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Total | 65 |
DSCR ≤1.2 | LTV less than 55% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 6 |
2022 | 34 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Total | 40 |
DSCR ≤1.2 | LTV 55% to 65% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 26 |
2022 | 40 |
2021 | 0 |
2020 | 0 |
2019 | 43 |
Prior | 0 |
Total | 109 |
DSCR ≤1.2 | LTV greater than 65% | |
Debt Securities, Available-for-sale [Line Items] | |
2023 | 0 |
2022 | 28 |
2021 | 21 |
2020 | 0 |
2019 | 41 |
Prior | 7 |
Total | $ 97 |
Fair Value (Assets and liabilit
Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed maturity securities: | |||
Fixed maturity securities | $ 40,425 | $ 37,627 | [1] |
Equity securities: | |||
Equity securities | 683 | 674 | [1] |
Short term and other | 2,008 | 1,679 | |
Total assets | 43,116 | 39,980 | |
Other liabilities | 1 | 1 | |
Total liabilities | 1 | 1 | |
Corporate and other bonds | |||
Fixed maturity securities: | |||
Fixed maturity securities | 25,132 | 22,117 | |
States, municipalities and political subdivisions | |||
Fixed maturity securities: | |||
Fixed maturity securities | 7,392 | 8,317 | |
Asset-backed | |||
Fixed maturity securities: | |||
Fixed maturity securities | 7,901 | 7,193 | |
Common Stock | |||
Equity securities: | |||
Equity securities | 191 | 185 | |
Non-redeemable preferred stock | |||
Equity securities: | |||
Equity securities | 492 | 489 | |
Level 1 | |||
Fixed maturity securities: | |||
Fixed maturity securities | 161 | 120 | |
Equity securities: | |||
Equity securities | 219 | 204 | |
Short term and other | 1,976 | 1,608 | |
Total assets | 2,356 | 1,932 | |
Other liabilities | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 1 | Corporate and other bonds | |||
Fixed maturity securities: | |||
Fixed maturity securities | 161 | 120 | |
Level 1 | States, municipalities and political subdivisions | |||
Fixed maturity securities: | |||
Fixed maturity securities | 0 | 0 | |
Level 1 | Asset-backed | |||
Fixed maturity securities: | |||
Fixed maturity securities | 0 | 0 | |
Level 1 | Common Stock | |||
Equity securities: | |||
Equity securities | 167 | 150 | |
Level 1 | Non-redeemable preferred stock | |||
Equity securities: | |||
Equity securities | 52 | 54 | |
Level 2 | |||
Fixed maturity securities: | |||
Fixed maturity securities | 38,274 | 35,866 | |
Equity securities: | |||
Equity securities | 440 | 435 | |
Short term and other | 32 | 71 | |
Total assets | 38,746 | 36,372 | |
Other liabilities | 1 | 1 | |
Total liabilities | 1 | 1 | |
Level 2 | Corporate and other bonds | |||
Fixed maturity securities: | |||
Fixed maturity securities | 23,926 | 21,187 | |
Level 2 | States, municipalities and political subdivisions | |||
Fixed maturity securities: | |||
Fixed maturity securities | 7,348 | 8,274 | |
Level 2 | Asset-backed | |||
Fixed maturity securities: | |||
Fixed maturity securities | 7,000 | 6,405 | |
Level 2 | Common Stock | |||
Equity securities: | |||
Equity securities | 0 | 0 | |
Level 2 | Non-redeemable preferred stock | |||
Equity securities: | |||
Equity securities | 440 | 435 | |
Level 3 | |||
Fixed maturity securities: | |||
Fixed maturity securities | 1,990 | 1,641 | |
Equity securities: | |||
Equity securities | 24 | 35 | |
Short term and other | 0 | 0 | |
Total assets | 2,014 | 1,676 | |
Other liabilities | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 3 | Corporate and other bonds | |||
Fixed maturity securities: | |||
Fixed maturity securities | 1,045 | 810 | |
Level 3 | States, municipalities and political subdivisions | |||
Fixed maturity securities: | |||
Fixed maturity securities | 44 | 43 | |
Level 3 | Asset-backed | |||
Fixed maturity securities: | |||
Fixed maturity securities | 901 | 788 | |
Level 3 | Common Stock | |||
Equity securities: | |||
Equity securities | 24 | 35 | |
Level 3 | Non-redeemable preferred stock | |||
Equity securities: | |||
Equity securities | $ 0 | $ 0 | |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Fair Value (Table of reconcilia
Fair Value (Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | $ 1,676 | $ 1,578 |
Reported in Net investment gains (losses) | $ (4) | $ 1 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net investment (losses) gains | Net investment (losses) gains |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive income (loss) | Other comprehensive income (loss) |
Reported in Other comprehensive income (loss) | $ 48 | $ (323) |
Total realized and unrealized investment gains (losses) | 57 | (308) |
Purchases | 467 | 580 |
Sales | (4) | (10) |
Settlements | (97) | (145) |
Transfers into Level 3 | 34 | 85 |
Transfers out of Level 3 | (119) | (104) |
Balance, Ending, Assets | 2,014 | 1,676 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period | (7) | (4) |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period | 48 | (321) |
Corporate and other bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 810 | 937 |
Reported in Net investment gains (losses) | 0 | (2) |
Reported in Other comprehensive income (loss) | 38 | (184) |
Total realized and unrealized investment gains (losses) | 38 | (185) |
Purchases | 219 | 137 |
Sales | 0 | (5) |
Settlements | (33) | (84) |
Transfers into Level 3 | 11 | 10 |
Transfers out of Level 3 | 0 | 0 |
Balance, Ending, Assets | 1,045 | 810 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period | 0 | 0 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period | 38 | (183) |
States, municipalities and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 43 | 56 |
Reported in Net investment gains (losses) | 0 | 0 |
Reported in Other comprehensive income (loss) | 1 | (13) |
Total realized and unrealized investment gains (losses) | 1 | (13) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, Ending, Assets | 44 | 43 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period | 0 | 0 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period | 1 | (13) |
Asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 788 | 556 |
Reported in Net investment gains (losses) | (4) | 9 |
Reported in Other comprehensive income (loss) | 9 | (126) |
Total realized and unrealized investment gains (losses) | 25 | (101) |
Purchases | 248 | 424 |
Sales | 0 | (2) |
Settlements | (64) | (70) |
Transfers into Level 3 | 23 | 75 |
Transfers out of Level 3 | (119) | (94) |
Balance, Ending, Assets | 901 | 788 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period | 0 | 0 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period | 9 | (125) |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 35 | 29 |
Reported in Net investment gains (losses) | 0 | (6) |
Reported in Other comprehensive income (loss) | 0 | 0 |
Total realized and unrealized investment gains (losses) | (7) | (9) |
Purchases | 0 | 19 |
Sales | (4) | (3) |
Settlements | 0 | 9 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | (10) |
Balance, Ending, Assets | 24 | 35 |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period | (7) | (4) |
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period | 0 | 0 |
Reported in Net investment income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reported in Net investment income | 13 | 14 |
Reported in Net investment income | Corporate and other bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reported in Net investment income | 0 | 1 |
Reported in Net investment income | States, municipalities and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reported in Net investment income | 0 | 0 |
Reported in Net investment income | Asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reported in Net investment income | 20 | 16 |
Reported in Net investment income | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reported in Net investment income | $ (7) | $ (3) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Other invested assets overseas deposit | $ 75 | $ 72 |
Fair Value (Quantitative inform
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Estimated fair value | $ 43,116 | $ 39,980 |
Fixed maturity securities | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Estimated fair value | $ 1,495 | $ 1,177 |
Credit spread | Discounted cash flow | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement Input | 0.01 | 0.01 |
Credit spread | Discounted cash flow | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement Input | 0.07 | 0.08 |
Credit spread | Discounted cash flow | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement Input | 0.02 | 0.02 |
Fair Value (Carrying amount and
Fair Value (Carrying amount and estimated fair value of financial instrument assets and liabilities which are not measured at fair value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Mortgage loans | $ 1,035 | $ 1,040 | [1] |
Liabilities | |||
Long-term debt | 2,481 | 2,538 | [1] |
Carrying Amount | |||
Assets | |||
Mortgage loans | 1,035 | 1,040 | |
Liabilities | |||
Short-term debt | 550 | 243 | |
Long-term debt | 2,481 | 2,538 | |
Estimated Fair Value | |||
Assets | |||
Mortgage loans | 997 | 973 | |
Liabilities | |||
Short-term debt | 546 | 248 | |
Long-term debt | 2,385 | 2,349 | |
Level 1 | Estimated Fair Value | |||
Assets | |||
Mortgage loans | 0 | 0 | |
Liabilities | |||
Short-term debt | 0 | 0 | |
Long-term debt | 0 | 0 | |
Level 2 | Estimated Fair Value | |||
Assets | |||
Mortgage loans | 0 | 0 | |
Liabilities | |||
Short-term debt | 546 | 248 | |
Long-term debt | 2,385 | 2,349 | |
Level 3 | Estimated Fair Value | |||
Assets | |||
Mortgage loans | 997 | 973 | |
Liabilities | |||
Short-term debt | 0 | 0 | |
Long-term debt | $ 0 | $ 0 | |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 0 | $ 0 | |
Interest income (expense) | 0 | 0 | $ 0 |
Income tax penalties expense | 0 | 0 | 0 |
Accrued interest and penalties | 0 | 0 | |
Deferred tax liability on undistributed income related to a foreign subsidiary | 0 | ||
Foreign tax expense (benefit) on income from continuing operations | 52,000,000 | 1,000,000 | 18,000,000 |
Income (loss) from continuing foreign operations | 198,000,000 | 141,000,000 | 124,000,000 |
Current foreign income tax benefit | 10,000,000 | ||
Operating loss carryforwards | 0 | ||
Tax credit carryforward, amount | 2,000,000 | ||
Valuation allowance | 0 | 0 | |
Federal Income Taxes | |||
Income Tax Contingency [Line Items] | |||
Related party transaction, amounts of transaction | 263,000,000 | $ 254,000,000 | $ 238,000,000 |
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 169,000,000 | ||
Tax credit carryforward, amount | $ 9,000,000 |
Income Taxes (Reconciliation be
Income Taxes (Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Tax Disclosure [Abstract] | |||||
Income tax expense at statutory rates | $ (319) | $ (172) | $ (308) | ||
Tax benefit from tax exempt income | 30 | 41 | 51 | ||
Foreign taxes and credits | (5) | 15 | (3) | ||
State income tax expense | (13) | (10) | (13) | ||
Other tax expense | (6) | (6) | (5) | ||
Income tax expense | $ (313) | $ (132) | [1] | $ (278) | [1] |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Income Taxes (Current and defer
Income Taxes (Current and deferred components of the Company's income tax (expense) benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Tax Disclosure [Abstract] | |||||
Current tax expense | $ (311) | $ (221) | $ (235) | ||
Deferred tax (expense) benefit | (2) | 89 | [1] | (43) | [1] |
Income tax expense | $ (313) | $ (132) | [1] | $ (278) | [1] |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Income Taxes (Significant compo
Income Taxes (Significant components of the Company's deferred tax assets and liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets: | ||
Property and casualty claim and claim adjustment expense reserves | $ 202 | $ 178 |
Unearned premium reserves | 213 | 198 |
Policyholder reserves | 160 | 75 |
Deferred Revenue | 62 | 64 |
Employee benefits | 23 | 35 |
Deferred retroactive reinsurance benefit | 88 | 89 |
Net unrealized losses | 418 | 706 |
Other assets | 111 | 116 |
Gross deferred tax assets | 1,277 | 1,461 |
Deferred Tax Liabilities: | ||
Investment valuation differences | 83 | 59 |
Deferred acquisition costs | 126 | 113 |
Net unrealized gains | 0 | 0 |
Software and hardware | 18 | 21 |
Other liabilities | 34 | 17 |
Gross deferred tax liabilities | 261 | 210 |
Net deferred tax asset | $ 1,016 | $ 1,251 |
Claim and Claim Adjustment Ex_3
Claim and Claim Adjustment Expense Reserves (Reconciliation of Liability for Unpaid Claim and Claim Adjustment Expense) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total Net Carried Claim and Claim Adjustment Expense Reserves | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | |
Reinsurance receivables | 5,141 | ||||
Total gross liability for unpaid claim and claim adjustment expenses | 23,304 | 22,120 | [1] | $ 21,268 | |
Specialty | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 5,916 | 5,563 | |||
Reinsurance receivables | 1,215 | ||||
Commercial | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 9,021 | 8,430 | |||
Reinsurance receivables | 1,082 | ||||
International | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 2,276 | 2,003 | |||
Reinsurance receivables | 433 | ||||
Life and Group | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 582 | ||||
Reinsurance receivables | 93 | ||||
Corporate & Other | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 368 | $ 339 | |||
Reinsurance receivables | $ 2,318 | ||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Claim and Claim Adjustment Ex_4
Claim and Claim Adjustment Expense Reserves (Reconciliation of Claim and Claim Adjustment Expense Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reserves, beginning of year: | |||
Gross | $ 22,120 | $ 21,269 | $ 19,862 |
Ceded | 5,191 | 4,969 | 4,005 |
Net reserves, beginning of year | 16,929 | 16,300 | 15,857 |
Reduction of net reserves due to Excess Workers' Compensation Loss Portfolio Transfer | 0 | 0 | (632) |
Net incurred claim and claim adjustment expenses: | |||
Provision for insured events of current year | 5,667 | 5,181 | 5,021 |
Increase (decrease) in provision for insured events of prior years | 48 | (32) | 15 |
Amortization of discount | 44 | 44 | 48 |
Total net incurred | 5,759 | 5,193 | 5,084 |
Net payments attributable to: | |||
Current year events | (922) | (821) | (933) |
Prior year events | (3,679) | (3,481) | (3,016) |
Total net payments | (4,601) | (4,302) | (3,949) |
Foreign currency translation adjustment and other | 76 | (262) | (60) |
Net reserves, end of year | 18,163 | 16,929 | 16,300 |
Ceded reserves, end of year | 5,141 | 5,191 | 4,969 |
Gross reserves, end of year | $ 23,304 | $ 22,120 | $ 21,269 |
Claim and Claim Adjustment Ex_5
Claim and Claim Adjustment Expense Reserves (Gross and Net Carried Claim and Claim Adjustment Expense Reserves) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | $ 7,738 | $ 7,577 | ||
Gross IBNR Reserves | 15,566 | 14,543 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 23,304 | 22,120 | $ 21,269 | $ 19,862 |
Net Case Reserves | 5,663 | 5,509 | ||
Net IBNR Reserves | 12,500 | 11,420 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 18,163 | 16,929 | $ 16,300 | $ 15,857 |
Specialty | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 1,604 | 1,529 | ||
Gross IBNR Reserves | 5,527 | 5,349 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 7,131 | 6,878 | ||
Net Case Reserves | 1,392 | 1,310 | ||
Net IBNR Reserves | 4,524 | 4,253 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 5,916 | 5,563 | ||
Commercial | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 3,291 | 3,156 | ||
Gross IBNR Reserves | 6,812 | 6,239 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 10,103 | 9,395 | ||
Net Case Reserves | 2,878 | 2,809 | ||
Net IBNR Reserves | 6,143 | 5,621 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 9,021 | 8,430 | ||
International | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 864 | 817 | ||
Gross IBNR Reserves | 1,845 | 1,586 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 2,709 | 2,403 | ||
Net Case Reserves | 708 | 686 | ||
Net IBNR Reserves | 1,568 | 1,317 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 2,276 | 2,003 | ||
Life & Group | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 626 | 647 | ||
Gross IBNR Reserves | 49 | 48 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 675 | 695 | ||
Net Case Reserves | 556 | 567 | ||
Net IBNR Reserves | 26 | 27 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 582 | 594 | ||
Corporate & Other | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 1,353 | 1,428 | ||
Gross IBNR Reserves | 1,333 | 1,321 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 2,686 | 2,749 | ||
Net Case Reserves | 129 | 137 | ||
Net IBNR Reserves | 239 | 202 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | $ 368 | $ 339 |
Claim and Claim Adjustment Ex_6
Claim and Claim Adjustment Expense Reserves (Net Prior Year Development) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Pretax (favorable) unfavorable premium development, excluding Life & Group | $ 48 | $ (32) | $ 11 |
Specialty | |||
Segment Reporting Information [Line Items] | |||
Pretax (favorable) unfavorable premium development, excluding Life & Group | (14) | (40) | (45) |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Pretax (favorable) unfavorable premium development, excluding Life & Group | (22) | (43) | (6) |
International | |||
Segment Reporting Information [Line Items] | |||
Pretax (favorable) unfavorable premium development, excluding Life & Group | 13 | (13) | 2 |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Pretax (favorable) unfavorable premium development, excluding Life & Group | $ 71 | $ 64 | $ 60 |
Claim and Claim Adjustment Ex_7
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 13 Months Ended | |||||
Feb. 05, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2011 | Dec. 31, 2010 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||
Pretax (favorable) unfavorable premium development, excluding Life & Group | $ 48,000,000 | $ (32,000,000) | $ 11,000,000 | |||||
Funds held under reinsurance agreements, liability | $ 690,000,000 | 3,600,000,000 | 3,700,000,000 | $ 690,000,000 | ||||
Retroactive reinsurance agreement, maximum | 1,000,000,000 | 1,000,000,000 | ||||||
Reinsurance premiums paid | $ 697,000,000 | $ 64,000,000 | ||||||
Reinsurance, loss on uncollectible accounts in period, amount | $ 12,000,000 | |||||||
Securities held as collateral, at fair value | 440,000,000 | |||||||
Corporate & Other | ||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||
Pretax (favorable) unfavorable premium development, excluding Life & Group | 71,000,000 | 64,000,000 | 60,000,000 | |||||
Commercial | ||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||
Pretax (favorable) unfavorable premium development, excluding Life & Group | (22,000,000) | (43,000,000) | (6,000,000) | |||||
Asbestos and Environmental Reserves | ||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||
Net A&EP claim and allocated claim adjustment expense reserves ceded to NICO | $ 1,600,000,000 | |||||||
Aggregate limit under A&EP Loss Portfolio Transfer | 4,000,000,000 | |||||||
A&EP claim and allocated claim adjustment expense reserves ceded under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer | 1,200,000,000 | |||||||
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer | 2,000,000,000 | |||||||
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer | 215,000,000 | |||||||
Total consideration paid to NICO under AEP Loss Portfolio Transfer | $ 2,200,000,000 | $ 2,200,000,000 | ||||||
Net A&EP adverse development before consideration of LPT | 86,000,000 | 92,000,000 | 143,000,000 | |||||
Provision for uncollectible third-party reinsurance, released | 0 | 5,000,000 | $ 5,000,000 | |||||
Cumulative amounts ceded under AEP Loss Portfolio Transfer | 3,600,000,000 | 3,500,000,000 | ||||||
Deferred reinsurance benefit yet to be recognized | 417,000,000 | $ 425,000,000 | ||||||
Fair value of collateral trust account established by NICO under A&EP Loss Portfolio Transfer | 2,500,000,000 | |||||||
Excess Workers' Compensation LPT | ||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||
Funds held under reinsurance agreements, liability | $ 690,000,000 |
Claim and Claim Adjustment Ex_8
Claim and Claim Adjustment Expense Reserves (Specialty - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development) (Details) - Specialty - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Medical Professional Liability | $ 5 | $ 18 | $ 23 |
Other Professional Liability and Management Liability | 37 | 50 | 24 |
Surety | (43) | (83) | (73) |
Warranty | (11) | (21) | (14) |
Other | (2) | (4) | (5) |
Total pretax (favorable) unfavorable development | $ (14) | $ (40) | $ (45) |
Claim and Claim Adjustment Ex_9
Claim and Claim Adjustment Expense Reserves (Specialty - Line of Business Composition) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 |
Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 5,916 | $ 5,563 | ||
Medical Professional Liability | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 1,460 | |||
Other Professional Liability and Management Liability | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 3,897 | |||
Surety | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 468 | |||
Warranty | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 28 | |||
Other | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 63 |
Claim and Claim Adjustment E_10
Claim and Claim Adjustment Expense Reserves (Specialty - Medical Professional Liability - Cumulative Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Medical Professional Liability - Specialty $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 4,443 | |||||||||
IBNR | 1,021 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 525 | $ 527 | $ 524 | $ 527 | $ 529 | $ 535 | $ 530 | $ 537 | $ 489 | $ 450 |
IBNR | $ 6 | |||||||||
Cumulative Number of Claims | claim | 19,830 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 494 | 498 | 501 | 510 | 488 | 494 | 510 | 499 | $ 433 | |
IBNR | $ 15 | |||||||||
Cumulative Number of Claims | claim | 18,218 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 514 | 508 | 510 | 508 | 499 | 485 | 487 | $ 427 | ||
IBNR | $ 17 | |||||||||
Cumulative Number of Claims | claim | 16,169 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 456 | 460 | 455 | 460 | 458 | 449 | $ 412 | |||
IBNR | $ 20 | |||||||||
Cumulative Number of Claims | claim | 15,345 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 495 | 470 | 448 | 431 | 429 | $ 404 | ||||
IBNR | $ 41 | |||||||||
Cumulative Number of Claims | claim | 15,266 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 469 | 471 | 458 | 445 | $ 430 | |||||
IBNR | $ 62 | |||||||||
Cumulative Number of Claims | claim | 14,409 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 447 | 455 | 476 | $ 477 | ||||||
IBNR | $ 180 | |||||||||
Cumulative Number of Claims | claim | 11,129 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 374 | 376 | $ 377 | |||||||
IBNR | $ 193 | |||||||||
Cumulative Number of Claims | claim | 9,523 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 329 | $ 329 | ||||||||
IBNR | $ 206 | |||||||||
Cumulative Number of Claims | claim | 9,237 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 340 | |||||||||
IBNR | $ 281 | |||||||||
Cumulative Number of Claims | claim | 8,240 |
Claim and Claim Adjustment E_11
Claim and Claim Adjustment Expense Reserves (Specialty - Medical Professional Liability - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 5,916 | 5,563 | ||||||||
Medical Professional Liability | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 3,030 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,413 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 22 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 25 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 1,460 | |||||||||
Medical Professional Liability | 2014 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 510 | 504 | 497 | 489 | $ 472 | $ 417 | $ 359 | $ 258 | $ 136 | $ 23 |
Medical Professional Liability | 2015 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 463 | 458 | 444 | 420 | 384 | 313 | 230 | 101 | $ 22 | |
Medical Professional Liability | 2016 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 483 | 460 | 436 | 401 | 339 | 246 | 121 | $ 18 | ||
Medical Professional Liability | 2017 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 417 | 388 | 355 | 308 | 235 | 107 | $ 19 | |||
Medical Professional Liability | 2018 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 418 | 349 | 290 | 211 | 115 | $ 21 | ||||
Medical Professional Liability | 2019 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 349 | 280 | 183 | 91 | $ 17 | |||||
Medical Professional Liability | 2020 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 201 | 139 | 61 | $ 11 | ||||||
Medical Professional Liability | 2021 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 118 | 49 | $ 11 | |||||||
Medical Professional Liability | 2022 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 57 | $ 10 | ||||||||
Medical Professional Liability | 2023 | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 14 |
Claim and Claim Adjustment E_12
Claim and Claim Adjustment Expense Reserves (Specialty - Medical Professional Liability - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Specialty - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Claims Development [Line Items] | ||||||||||||||||||
Total | $ 5 | $ 18 | $ 23 | |||||||||||||||
Medical Professional Liability | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 9 | 16 | 14 | |||||||||||||||
Total net development for accident years prior to 2014 | (4) | (3) | 2 | |||||||||||||||
Total unallocated claim adjustment expense development | 0 | 5 | 7 | |||||||||||||||
Total | 5 | 18 | 23 | |||||||||||||||
Medical Professional Liability | 2014 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (2) | 3 | (3) | $ (2) | $ (6) | $ 5 | $ (7) | $ 48 | $ 39 | $ 75 | ||||||||
Medical Professional Liability | 2015 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (4) | (3) | (9) | 22 | (6) | (16) | 11 | $ 66 | $ 61 | |||||||||
Medical Professional Liability | 2016 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 6 | (2) | 2 | 9 | 14 | (2) | $ 60 | $ 87 | ||||||||||
Medical Professional Liability | 2017 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (4) | 5 | (5) | 2 | 9 | $ 37 | $ 44 | |||||||||||
Medical Professional Liability | 2018 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 25 | 22 | 17 | 2 | $ 25 | $ 91 | ||||||||||||
Medical Professional Liability | 2019 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (2) | 13 | 13 | $ 15 | $ 39 | |||||||||||||
Medical Professional Liability | 2020 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (8) | (21) | $ (1) | $ (30) | ||||||||||||||
Medical Professional Liability | 2021 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (2) | $ (1) | $ (3) | |||||||||||||||
Medical Professional Liability | 2022 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ 0 | $ 0 |
Claim and Claim Adjustment E_13
Claim and Claim Adjustment Expense Reserves (Specialty - Other Professional Liability and Management Liability - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Other Professional Liability and Management Liability - Specialty $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 9,443 | |||||||||
IBNR | 2,843 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 838 | $ 842 | $ 841 | $ 845 | $ 854 | $ 835 | $ 831 | $ 885 | $ 898 | $ 878 |
IBNR | $ 26 | |||||||||
Cumulative Number of Claims | claim | 17,585 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 858 | 855 | 836 | 813 | 807 | 832 | 877 | 892 | $ 888 | |
IBNR | $ 18 | |||||||||
Cumulative Number of Claims | claim | 17,454 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 906 | 888 | 891 | 907 | 904 | 900 | 900 | $ 901 | ||
IBNR | $ 39 | |||||||||
Cumulative Number of Claims | claim | 17,987 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 746 | 758 | 775 | 791 | 813 | 845 | $ 847 | |||
IBNR | $ 69 | |||||||||
Cumulative Number of Claims | claim | 18,199 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 941 | 923 | 906 | 869 | 864 | $ 850 | ||||
IBNR | $ 101 | |||||||||
Cumulative Number of Claims | claim | 20,038 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 939 | 876 | 856 | 845 | $ 837 | |||||
IBNR | $ 100 | |||||||||
Cumulative Number of Claims | claim | 19,515 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 945 | 951 | 944 | $ 930 | ||||||
IBNR | $ 281 | |||||||||
Cumulative Number of Claims | claim | 19,437 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 1,009 | 1,038 | $ 1,037 | |||||||
IBNR | $ 532 | |||||||||
Cumulative Number of Claims | claim | 18,259 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 1,112 | $ 1,120 | ||||||||
IBNR | $ 706 | |||||||||
Cumulative Number of Claims | claim | 18,165 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 1,149 | |||||||||
IBNR | $ 971 | |||||||||
Cumulative Number of Claims | claim | 16,469 |
Claim and Claim Adjustment E_14
Claim and Claim Adjustment Expense Reserves (Specialty - Other Professional Liability and Management Liability - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 5,916 | 5,563 | ||||||||
Other Professional Liability and Management Liability | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 5,716 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 3,727 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 115 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 55 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,897 | |||||||||
Other Professional Liability and Management Liability | 2014 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 806 | 802 | 787 | 743 | $ 707 | $ 647 | $ 515 | $ 392 | $ 223 | $ 51 |
Other Professional Liability and Management Liability | 2015 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 808 | 794 | 725 | 677 | 612 | 542 | 404 | 234 | $ 60 | |
Other Professional Liability and Management Liability | 2016 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 826 | 784 | 736 | 701 | 625 | 466 | 248 | $ 64 | ||
Other Professional Liability and Management Liability | 2017 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 630 | 596 | 557 | 498 | 394 | 222 | $ 57 | |||
Other Professional Liability and Management Liability | 2018 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 779 | 706 | 599 | 473 | 282 | $ 54 | ||||
Other Professional Liability and Management Liability | 2019 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 699 | 567 | 422 | 263 | $ 64 | |||||
Other Professional Liability and Management Liability | 2020 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 523 | 400 | 248 | $ 67 | ||||||
Other Professional Liability and Management Liability | 2021 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 356 | 217 | $ 58 | |||||||
Other Professional Liability and Management Liability | 2022 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 225 | $ 64 | ||||||||
Other Professional Liability and Management Liability | 2023 | Specialty | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 64 |
Claim and Claim Adjustment E_15
Claim and Claim Adjustment Expense Reserves (Specialty - Other Professional Liability and Management Liability - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Specialty - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Claims Development [Line Items] | ||||||||||||||||||
Total | $ 37 | $ 50 | $ 24 | |||||||||||||||
Other Professional Liability and Management Liability | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 43 | 45 | 49 | |||||||||||||||
Total net development for accident years prior to 2014 | (6) | 5 | (27) | |||||||||||||||
Total unallocated claim adjustment expense development | 0 | 0 | 2 | |||||||||||||||
Total | 37 | 50 | 24 | |||||||||||||||
Other Professional Liability and Management Liability | 2014 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (4) | 1 | (4) | $ (9) | $ 19 | $ 4 | $ (54) | $ (13) | $ 20 | $ (40) | ||||||||
Other Professional Liability and Management Liability | 2015 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 3 | 19 | 23 | 6 | (25) | (45) | (15) | $ 4 | $ (30) | |||||||||
Other Professional Liability and Management Liability | 2016 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 18 | (3) | (16) | 3 | 4 | 0 | $ (1) | $ 5 | ||||||||||
Other Professional Liability and Management Liability | 2017 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (12) | (17) | (16) | (22) | (32) | $ (2) | $ (101) | |||||||||||
Other Professional Liability and Management Liability | 2018 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 18 | 17 | 37 | 5 | $ 14 | $ 91 | ||||||||||||
Other Professional Liability and Management Liability | 2019 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 63 | 20 | 11 | $ 8 | $ 102 | |||||||||||||
Other Professional Liability and Management Liability | 2020 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (6) | 7 | $ 14 | $ 15 | ||||||||||||||
Other Professional Liability and Management Liability | 2021 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (29) | $ 1 | $ (28) | |||||||||||||||
Other Professional Liability and Management Liability | 2022 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ (8) | $ (8) |
Claim and Claim Adjustment E_16
Claim and Claim Adjustment Expense Reserves (Specialty - Surety - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Surety - Specialty $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 839 | |||||||||
IBNR | 418 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 41 | $ 42 | $ 43 | $ 45 | $ 45 | $ 60 | $ 69 | $ 94 | $ 124 | $ 123 |
IBNR | $ 2 | |||||||||
Cumulative Number of Claims | claim | 5,135 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 45 | 45 | 53 | 58 | 63 | 79 | 104 | 131 | $ 131 | |
IBNR | $ 2 | |||||||||
Cumulative Number of Claims | claim | 5,085 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 43 | 58 | 64 | 67 | 84 | 109 | 124 | $ 124 | ||
IBNR | $ 3 | |||||||||
Cumulative Number of Claims | claim | 5,565 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 67 | 66 | 71 | 84 | 103 | 115 | $ 120 | |||
IBNR | $ 4 | |||||||||
Cumulative Number of Claims | claim | 5,883 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 51 | 56 | 62 | 91 | 108 | $ 114 | ||||
IBNR | $ 10 | |||||||||
Cumulative Number of Claims | claim | 6,249 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 82 | 87 | 98 | 112 | $ 119 | |||||
IBNR | $ 12 | |||||||||
Cumulative Number of Claims | claim | 6,152 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 67 | 81 | 119 | $ 128 | ||||||
IBNR | $ 34 | |||||||||
Cumulative Number of Claims | claim | 4,678 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 110 | 129 | $ 137 | |||||||
IBNR | $ 68 | |||||||||
Cumulative Number of Claims | claim | 4,645 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 158 | $ 155 | ||||||||
IBNR | $ 116 | |||||||||
Cumulative Number of Claims | claim | 4,350 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 175 | |||||||||
IBNR | $ 167 | |||||||||
Cumulative Number of Claims | claim | 2,750 |
Claim and Claim Adjustment E_17
Claim and Claim Adjustment Expense Reserves (Specialty - Surety - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 5,916 | 5,563 | ||||||||
Surety | Specialty | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 405 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 434 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 13 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 21 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 468 | |||||||||
Surety | Specialty | 2014 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 38 | 38 | 39 | 39 | $ 38 | $ 38 | $ 36 | $ 38 | $ 30 | $ 7 |
Surety | Specialty | 2015 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 43 | 42 | 42 | 44 | 42 | 40 | 38 | 26 | $ 7 | |
Surety | Specialty | 2016 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 40 | 41 | 43 | 43 | 45 | 45 | 37 | $ 5 | ||
Surety | Specialty | 2017 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 62 | 62 | 49 | 46 | 41 | 37 | $ 23 | |||
Surety | Specialty | 2018 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 41 | 40 | 39 | 34 | 25 | $ 5 | ||||
Surety | Specialty | 2019 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 70 | 59 | 44 | 34 | $ 12 | |||||
Surety | Specialty | 2020 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 33 | 28 | 20 | $ 4 | ||||||
Surety | Specialty | 2021 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 35 | 20 | $ 5 | |||||||
Surety | Specialty | 2022 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 35 | $ 12 | ||||||||
Surety | Specialty | 2023 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 8 |
Claim and Claim Adjustment E_18
Claim and Claim Adjustment Expense Reserves (Specialty - Surety - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Specialty - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Claims Development [Line Items] | ||||||||||||||||||
Total | $ (43) | $ (83) | $ (73) | |||||||||||||||
Surety | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (55) | (83) | (75) | |||||||||||||||
Total net development for accident years prior to 2014 | 12 | 0 | 2 | |||||||||||||||
Total unallocated claim adjustment expense development | 0 | 0 | 0 | |||||||||||||||
Total | (43) | (83) | (73) | |||||||||||||||
Surety | 2014 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (1) | (1) | (2) | $ 0 | $ (15) | $ (9) | $ (25) | $ (30) | $ 1 | $ (82) | ||||||||
Surety | 2015 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 0 | (8) | (5) | (5) | (16) | (25) | (27) | $ 0 | $ (86) | |||||||||
Surety | 2016 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (15) | (6) | (3) | (17) | (25) | (15) | $ 0 | $ (81) | ||||||||||
Surety | 2017 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 1 | (5) | (13) | (19) | (12) | $ (5) | $ (53) | |||||||||||
Surety | 2018 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (5) | (6) | (29) | (17) | $ (6) | $ (63) | ||||||||||||
Surety | 2019 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (5) | (11) | (14) | $ (7) | $ (37) | |||||||||||||
Surety | 2020 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (14) | (38) | $ (9) | $ (61) | ||||||||||||||
Surety | 2022 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 3 | $ 3 | ||||||||||||||||
Surety | 2021 | ||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ (19) | $ (8) | $ (27) |
Claim and Claim Adjustment E_19
Claim and Claim Adjustment Expense Reserves (Commercial - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development) (Details) - Commercial - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Commercial | $ 33 | $ 49 | $ 53 |
General Liability | 149 | 67 | 15 |
Workers' Compensation | (203) | (152) | (82) |
Property and Other | (1) | (7) | 8 |
Total pretax (favorable) unfavorable development | $ (22) | $ (43) | $ (6) |
Claim and Claim Adjustment E_20
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Short Duration Contracts) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 |
Commercial | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 9,021 | $ 8,430 | ||
Commercial Auto | Commercial | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 926 | |||
General Liability | Commercial | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 3,780 | |||
Workers' Compensation | Commercial | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 3,645 | |||
Property and Other | Commercial | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 670 |
Claim and Claim Adjustment E_21
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Commercial Auto - Commercial $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 3,110 | |||||||||
IBNR | 622 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 201 | $ 201 | $ 202 | $ 201 | $ 201 | $ 205 | $ 205 | $ 212 | $ 223 | $ 234 |
IBNR | $ 1 | |||||||||
Cumulative Number of Claims | claim | 33,633 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 184 | 182 | 183 | 181 | 183 | 190 | 190 | 199 | $ 201 | |
IBNR | $ 4 | |||||||||
Cumulative Number of Claims | claim | 30,430 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 197 | 200 | 195 | 190 | 186 | 186 | 186 | $ 198 | ||
IBNR | $ 4 | |||||||||
Cumulative Number of Claims | claim | 30,455 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 241 | 239 | 232 | 221 | 200 | 198 | $ 199 | |||
IBNR | $ 4 | |||||||||
Cumulative Number of Claims | claim | 30,947 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 255 | 254 | 245 | 227 | 227 | $ 229 | ||||
IBNR | $ 1 | |||||||||
Cumulative Number of Claims | claim | 34,333 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 325 | 323 | 289 | 266 | $ 257 | |||||
IBNR | $ 10 | |||||||||
Cumulative Number of Claims | claim | 37,258 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 298 | 304 | 303 | $ 310 | ||||||
IBNR | $ 21 | |||||||||
Cumulative Number of Claims | claim | 29,142 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 390 | 388 | $ 397 | |||||||
IBNR | $ 93 | |||||||||
Cumulative Number of Claims | claim | 32,918 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 465 | $ 437 | ||||||||
IBNR | $ 137 | |||||||||
Cumulative Number of Claims | claim | 36,777 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 554 | |||||||||
IBNR | $ 347 | |||||||||
Cumulative Number of Claims | claim | 34,211 |
Claim and Claim Adjustment E_22
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 9,021 | 8,430 | ||||||||
Commercial Auto | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 2,197 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 913 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 4 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 9 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 926 | |||||||||
Commercial Auto | Commercial | 2014 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 200 | 199 | 199 | 198 | $ 196 | $ 187 | $ 166 | $ 137 | $ 102 | $ 64 |
Commercial Auto | Commercial | 2015 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 180 | 179 | 178 | 175 | 172 | 153 | 130 | 96 | $ 52 | |
Commercial Auto | Commercial | 2016 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 192 | 190 | 185 | 175 | 154 | 126 | 93 | $ 52 | ||
Commercial Auto | Commercial | 2017 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 232 | 225 | 203 | 178 | 150 | 107 | $ 58 | |||
Commercial Auto | Commercial | 2018 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 249 | 238 | 212 | 175 | 128 | $ 66 | ||||
Commercial Auto | Commercial | 2019 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 295 | 257 | 203 | 147 | $ 77 | |||||
Commercial Auto | Commercial | 2020 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 246 | 197 | 134 | $ 71 | ||||||
Commercial Auto | Commercial | 2021 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 240 | 168 | $ 83 | |||||||
Commercial Auto | Commercial | 2022 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 236 | $ 112 | ||||||||
Commercial Auto | Commercial | 2023 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 127 |
Claim and Claim Adjustment E_23
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Commercial - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Total | $ 33 | $ 49 | $ 53 | |||||||||||||||
Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 28 | 45 | 53 | |||||||||||||||
Total net development for accident years prior to 2014 | 2 | 4 | 0 | |||||||||||||||
Total unallocated claim adjustment expense development | 3 | 0 | 0 | |||||||||||||||
Total | 33 | 49 | 53 | |||||||||||||||
2014 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 0 | (1) | 1 | $ 0 | $ (4) | $ 0 | $ (7) | $ (11) | $ (11) | $ (33) | ||||||||
2015 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 2 | (1) | 2 | (2) | (7) | 0 | (9) | $ (2) | $ (17) | |||||||||
2016 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (3) | 5 | 5 | 4 | 0 | 0 | $ (12) | $ (1) | ||||||||||
2017 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 2 | 7 | 11 | 21 | 2 | $ (1) | $ 42 | |||||||||||
2018 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 1 | 9 | 18 | 0 | $ (2) | $ 26 | ||||||||||||
2019 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 2 | 34 | 23 | $ 9 | $ 68 | |||||||||||||
2020 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (6) | 1 | $ (7) | $ (12) | ||||||||||||||
2021 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 2 | $ (9) | $ (7) | |||||||||||||||
2022 | Commercial Auto | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ 28 | $ 28 |
Claim and Claim Adjustment E_24
Claim and Claim Adjustment Expense Reserves (Commercial - General Liability - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - General Liability - Commercial $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 7,639 | |||||||||
IBNR | 2,821 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 679 | $ 676 | $ 659 | $ 659 | $ 658 | $ 635 | $ 631 | $ 654 | $ 658 | $ 653 |
IBNR | $ 28 | |||||||||
Cumulative Number of Claims | claim | 28,196 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 639 | 625 | 617 | 602 | 600 | 589 | 574 | 576 | $ 581 | |
IBNR | $ 28 | |||||||||
Cumulative Number of Claims | claim | 24,261 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 704 | 684 | 683 | 673 | 671 | 667 | 659 | $ 623 | ||
IBNR | $ 39 | |||||||||
Cumulative Number of Claims | claim | 24,803 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 690 | 652 | 630 | 634 | 632 | 632 | $ 632 | |||
IBNR | $ 36 | |||||||||
Cumulative Number of Claims | claim | 22,471 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 679 | 650 | 639 | 646 | 644 | $ 653 | ||||
IBNR | $ 129 | |||||||||
Cumulative Number of Claims | claim | 20,425 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 720 | 691 | 682 | 682 | $ 680 | |||||
IBNR | $ 174 | |||||||||
Cumulative Number of Claims | claim | 19,647 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 736 | 726 | 722 | $ 723 | ||||||
IBNR | $ 347 | |||||||||
Cumulative Number of Claims | claim | 14,593 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 793 | 784 | $ 782 | |||||||
IBNR | $ 401 | |||||||||
Cumulative Number of Claims | claim | 15,121 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 928 | $ 929 | ||||||||
IBNR | $ 676 | |||||||||
Cumulative Number of Claims | claim | 15,754 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 1,071 | |||||||||
IBNR | $ 963 | |||||||||
Cumulative Number of Claims | claim | 11,633 |
Claim and Claim Adjustment E_25
Claim and Claim Adjustment Expense Reserves (Commercial - General Liability - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 9,021 | 8,430 | ||||||||
General Liability | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 4,085 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 3,554 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 162 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 64 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,780 | |||||||||
General Liability | Commercial | 2014 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 642 | 624 | 607 | 569 | $ 547 | $ 481 | $ 376 | $ 247 | $ 119 | $ 31 |
General Liability | Commercial | 2015 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 573 | 561 | 530 | 501 | 446 | 357 | 230 | 110 | $ 19 | |
General Liability | Commercial | 2016 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 620 | 582 | 524 | 481 | 407 | 279 | 163 | $ 32 | ||
General Liability | Commercial | 2017 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 606 | 553 | 471 | 399 | 250 | 118 | $ 23 | |||
General Liability | Commercial | 2018 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 491 | 428 | 307 | 228 | 107 | $ 33 | ||||
General Liability | Commercial | 2019 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 455 | 322 | 181 | 98 | $ 25 | |||||
General Liability | Commercial | 2020 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 280 | 192 | 99 | $ 23 | ||||||
General Liability | Commercial | 2021 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 262 | 140 | $ 26 | |||||||
General Liability | Commercial | 2022 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 123 | $ 29 | ||||||||
General Liability | Commercial | 2023 | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 33 |
Claim and Claim Adjustment E_26
Claim and Claim Adjustment Expense Reserves (Commercial - General Liability - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Commercial - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Total | $ 149 | $ 67 | $ 15 | |||||||||||||||
General Liability | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 151 | 74 | 13 | |||||||||||||||
Total net development for accident years prior to 2014 | (2) | (7) | 0 | |||||||||||||||
Total unallocated claim adjustment expense development | 0 | 0 | 2 | |||||||||||||||
Total | 149 | 67 | 15 | |||||||||||||||
General Liability | 2014 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 3 | 17 | 0 | $ 1 | $ 23 | $ 4 | $ (23) | $ (4) | $ 5 | $ 26 | ||||||||
General Liability | 2015 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 14 | 8 | 15 | 2 | 11 | 15 | (2) | $ (5) | $ 58 | |||||||||
General Liability | 2016 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 20 | 1 | 10 | 2 | 4 | 8 | $ 36 | $ 81 | ||||||||||
General Liability | 2017 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 38 | 22 | (4) | 2 | 0 | $ 0 | $ 58 | |||||||||||
General Liability | 2018 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 29 | 11 | (7) | 2 | $ (9) | $ 26 | ||||||||||||
General Liability | 2019 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 29 | 9 | 0 | $ 2 | $ 40 | |||||||||||||
General Liability | 2020 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 10 | 4 | $ (1) | $ 13 | ||||||||||||||
General Liability | 2021 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 9 | $ 2 | $ 11 | |||||||||||||||
General Liability | 2022 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ (1) | $ (1) |
Claim and Claim Adjustment E_27
Claim and Claim Adjustment Expense Reserves (Commercial - Workers' Compensation - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Workers' Compensation - Commercial $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 4,172 | |||||||||
IBNR | 1,238 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 419 | $ 430 | $ 448 | $ 439 | $ 446 | $ 450 | $ 452 | $ 479 | $ 480 | $ 467 |
IBNR | $ 70 | |||||||||
Cumulative Number of Claims | claim | 33,550 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 334 | 353 | 372 | 382 | 394 | 408 | 406 | 431 | $ 422 | |
IBNR | $ 59 | |||||||||
Cumulative Number of Claims | claim | 31,904 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 308 | 331 | 355 | 366 | 382 | 396 | 405 | $ 426 | ||
IBNR | $ 56 | |||||||||
Cumulative Number of Claims | claim | 31,994 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 398 | 399 | 402 | 400 | 421 | 432 | $ 440 | |||
IBNR | $ 78 | |||||||||
Cumulative Number of Claims | claim | 33,142 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 404 | 415 | 415 | 428 | 440 | $ 450 | ||||
IBNR | $ 74 | |||||||||
Cumulative Number of Claims | claim | 34,886 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 419 | 436 | 437 | 449 | $ 452 | |||||
IBNR | $ 78 | |||||||||
Cumulative Number of Claims | claim | 34,349 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 414 | 446 | 466 | $ 477 | ||||||
IBNR | $ 135 | |||||||||
Cumulative Number of Claims | claim | 29,454 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 432 | 454 | $ 468 | |||||||
IBNR | $ 146 | |||||||||
Cumulative Number of Claims | claim | 30,066 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 489 | $ 497 | ||||||||
IBNR | $ 198 | |||||||||
Cumulative Number of Claims | claim | 33,229 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 555 | |||||||||
IBNR | $ 344 | |||||||||
Cumulative Number of Claims | claim | 31,549 |
Claim and Claim Adjustment E_28
Claim and Claim Adjustment Expense Reserves (Commercial - Workers' Compensation - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 9,021 | 8,430 | ||||||||
Workers' Compensation | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 2,418 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,754 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 1,842 | |||||||||
Other | (23) | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 72 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,645 | |||||||||
Workers' Compensation | 2014 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 319 | 312 | 306 | 297 | $ 290 | $ 282 | $ 258 | $ 215 | $ 159 | $ 61 |
Workers' Compensation | 2015 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 259 | 256 | 251 | 243 | 231 | 212 | 180 | 131 | $ 51 | |
Workers' Compensation | 2016 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 235 | 234 | 227 | 219 | 198 | 169 | 129 | $ 53 | ||
Workers' Compensation | 2017 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 287 | 279 | 265 | 243 | 207 | 151 | $ 63 | |||
Workers' Compensation | 2018 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 298 | 280 | 259 | 229 | 163 | $ 68 | ||||
Workers' Compensation | 2019 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 291 | 262 | 223 | 169 | $ 71 | |||||
Workers' Compensation | 2020 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 228 | 200 | 147 | $ 65 | ||||||
Workers' Compensation | 2021 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 222 | 164 | $ 67 | |||||||
Workers' Compensation | 2022 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 192 | $ 79 | ||||||||
Workers' Compensation | 2023 | Commercial | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 87 |
Claim and Claim Adjustment E_29
Claim and Claim Adjustment Expense Reserves (Commercial - Workers' Compensation - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Commercial - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Total | $ (203) | $ (152) | $ (82) | |||||||||||||||
Workers' Compensation | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (144) | (99) | (46) | |||||||||||||||
Adjustment for development on a discounted basis | (2) | (3) | 2 | |||||||||||||||
Total net development for accident years prior to 2014 | (63) | (60) | (38) | |||||||||||||||
Total unallocated claim adjustment expense development | 6 | 10 | 0 | |||||||||||||||
Total | (203) | (152) | (82) | |||||||||||||||
Workers' Compensation | 2014 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (11) | (18) | 9 | $ (7) | $ (4) | $ (2) | $ (27) | $ (1) | $ 13 | $ (48) | ||||||||
Workers' Compensation | 2015 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (19) | (19) | (10) | (12) | (14) | 2 | (25) | $ 9 | $ (88) | |||||||||
Workers' Compensation | 2016 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (23) | (24) | (11) | (16) | (14) | (9) | $ (21) | $ (118) | ||||||||||
Workers' Compensation | 2017 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (1) | (3) | 2 | (21) | (11) | $ (8) | $ (42) | |||||||||||
Workers' Compensation | 2018 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (11) | 0 | (13) | (12) | $ (10) | $ (46) | ||||||||||||
Workers' Compensation | 2019 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (17) | (1) | (12) | $ (3) | $ (33) | |||||||||||||
Workers' Compensation | 2020 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (32) | (20) | $ (11) | $ (63) | ||||||||||||||
Workers' Compensation | 2021 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (22) | $ (14) | $ (36) | |||||||||||||||
Workers' Compensation | 2022 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ (8) | $ (8) |
Claim and Claim Adjustment E_30
Claim and Claim Adjustment Expense Reserves (International - Net prior year claim and allocated claim adjustment expense reserve development) (Details) - International - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Commercial | $ (18) | $ (10) | $ (35) |
Specialty | 35 | (4) | 36 |
Other | (4) | 1 | 1 |
Total pretax (favorable) unfavorable development | $ 13 | $ (13) | $ 2 |
Claim and Claim Adjustment E_31
Claim and Claim Adjustment Expense Reserves (International - Short Duration Contracts) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 |
International | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 2,276 | $ 2,003 | ||
Excluding Hardy | International | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 1,655 | |||
Hardy | International | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 621 |
Claim and Claim Adjustment E_32
Claim and Claim Adjustment Expense Reserves (International - Excluding Hardy - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Excluding Hardy - International $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 3,682 | |||||||||
IBNR | 1,073 | |||||||||
2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 288 | $ 286 | $ 283 | $ 290 | $ 289 | $ 272 | $ 279 | $ 291 | $ 291 | $ 276 |
IBNR | $ 15 | |||||||||
Cumulative Number of Claims | claim | 25,130 | |||||||||
2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 281 | 285 | 285 | 283 | 280 | 286 | 303 | 304 | $ 289 | |
IBNR | $ 19 | |||||||||
Cumulative Number of Claims | claim | 23,608 | |||||||||
2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 309 | 292 | 290 | 276 | 285 | 288 | 302 | $ 284 | ||
IBNR | $ 36 | |||||||||
Cumulative Number of Claims | claim | 18,079 | |||||||||
2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 393 | 360 | 371 | 376 | 383 | 363 | $ 299 | |||
IBNR | $ 39 | |||||||||
Cumulative Number of Claims | claim | 18,841 | |||||||||
2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 411 | 401 | 388 | 389 | 385 | $ 367 | ||||
IBNR | $ 48 | |||||||||
Cumulative Number of Claims | claim | 21,327 | |||||||||
2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 362 | 360 | 352 | 355 | $ 342 | |||||
IBNR | $ 61 | |||||||||
Cumulative Number of Claims | claim | 18,993 | |||||||||
2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 347 | 362 | 372 | $ 381 | ||||||
IBNR | $ 107 | |||||||||
Cumulative Number of Claims | claim | 15,744 | |||||||||
2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 375 | 397 | $ 408 | |||||||
IBNR | $ 162 | |||||||||
Cumulative Number of Claims | claim | 15,136 | |||||||||
2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 438 | $ 428 | ||||||||
IBNR | $ 227 | |||||||||
Cumulative Number of Claims | claim | 11,899 | |||||||||
2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 478 | |||||||||
IBNR | $ 359 | |||||||||
Cumulative Number of Claims | claim | 7,869 |
Claim and Claim Adjustment E_33
Claim and Claim Adjustment Expense Reserves (International - Excluding Hardy - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 2,276 | 2,003 | ||||||||
Excluding Hardy | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 2,128 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,554 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | 64 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 37 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 1,655 | |||||||||
Excluding Hardy | 2014 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 253 | 248 | 241 | 236 | $ 203 | $ 182 | $ 166 | $ 149 | $ 121 | $ 51 |
Excluding Hardy | 2015 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 246 | 237 | 230 | 219 | 204 | 182 | 162 | 132 | $ 56 | |
Excluding Hardy | 2016 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 237 | 226 | 214 | 192 | 180 | 158 | 131 | $ 66 | ||
Excluding Hardy | 2017 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 321 | 264 | 237 | 214 | 186 | 146 | $ 64 | |||
Excluding Hardy | 2018 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 308 | 266 | 242 | 212 | 166 | $ 89 | ||||
Excluding Hardy | 2019 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 247 | 224 | 201 | 164 | $ 73 | |||||
Excluding Hardy | 2020 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 178 | 162 | 128 | $ 60 | ||||||
Excluding Hardy | 2021 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 154 | 124 | $ 56 | |||||||
Excluding Hardy | 2022 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 138 | $ 46 | ||||||||
Excluding Hardy | 2023 | International | ||||||||||
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 46 |
Claim and Claim Adjustment E_34
Claim and Claim Adjustment Expense Reserves (International - Excluding Hardy - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Excluding Hardy - International - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
2014 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ 2 | $ 3 | $ (7) | $ 1 | $ 17 | $ (7) | $ (12) | $ 0 | $ 15 | $ 12 | ||||||||
2015 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (4) | 0 | 2 | 3 | (6) | (17) | (1) | $ 15 | $ (8) | |||||||||
2016 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 17 | 2 | 14 | (9) | (3) | (14) | $ 18 | $ 25 | ||||||||||
2017 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 33 | (11) | (5) | (7) | 20 | $ 64 | $ 94 | |||||||||||
2018 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 10 | 13 | (1) | 4 | $ 18 | $ 44 | ||||||||||||
2019 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 2 | 8 | (3) | $ 13 | $ 20 | |||||||||||||
2020 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (15) | (10) | $ (9) | $ (34) | ||||||||||||||
2021 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (22) | $ (11) | $ (33) | |||||||||||||||
2022 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ 10 | $ 10 |
Claim and Claim Adjustment E_35
Claim and Claim Adjustment Expense Reserves (International - Hardy - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - International $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Hardy | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 2,082 | |||||||||
IBNR | 420 | |||||||||
Hardy | 2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 167 | $ 166 | $ 167 | $ 169 | $ 170 | $ 170 | $ 169 | $ 175 | $ 182 | $ 183 |
IBNR | $ (1) | |||||||||
Cumulative Number of Claims | claim | 8,534,000,000 | |||||||||
Hardy | 2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 177 | 178 | 176 | 175 | 173 | 175 | 175 | 177 | 187 | |
IBNR | $ (3) | |||||||||
Cumulative Number of Claims | claim | 9,741,000,000 | |||||||||
Hardy | 2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 223 | 219 | 218 | 224 | 223 | 233 | 244 | 227 | ||
IBNR | $ 6 | |||||||||
Cumulative Number of Claims | claim | 10,895,000,000 | |||||||||
Hardy | 2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 239 | 251 | 251 | 243 | 242 | 252 | 243 | |||
IBNR | $ (5) | |||||||||
Cumulative Number of Claims | claim | 13,294,000,000 | |||||||||
Hardy | 2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 324 | 307 | 307 | 302 | 298 | 268 | ||||
IBNR | $ 36 | |||||||||
Cumulative Number of Claims | claim | 15,366,000,000 | |||||||||
Hardy | 2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 220 | 224 | 217 | 223 | 219 | |||||
IBNR | $ 25 | |||||||||
Cumulative Number of Claims | claim | 11,670,000,000 | |||||||||
Hardy | 2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 192 | 195 | 201 | 210 | ||||||
IBNR | $ 55 | |||||||||
Cumulative Number of Claims | claim | 7,036,000,000 | |||||||||
Hardy | 2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 154 | 168 | 177 | |||||||
IBNR | $ 59 | |||||||||
Cumulative Number of Claims | claim | 3,831,000,000 | |||||||||
Hardy | 2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 186 | 190 | ||||||||
IBNR | $ 96 | |||||||||
Cumulative Number of Claims | claim | 2,371,000,000 | |||||||||
Hardy | 2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 200 | |||||||||
IBNR | $ 152 | |||||||||
Cumulative Number of Claims | claim | 1,388,000,000 | |||||||||
Excluding Hardy | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 3,682 | |||||||||
IBNR | 1,073 | |||||||||
Excluding Hardy | 2014 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | 288 | 286 | 283 | 290 | 289 | 272 | 279 | 291 | 291 | $ 276 |
IBNR | $ 15 | |||||||||
Cumulative Number of Claims | claim | 25,130 | |||||||||
Excluding Hardy | 2015 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 281 | 285 | 285 | 283 | 280 | 286 | 303 | 304 | $ 289 | |
IBNR | $ 19 | |||||||||
Cumulative Number of Claims | claim | 23,608 | |||||||||
Excluding Hardy | 2016 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 309 | 292 | 290 | 276 | 285 | 288 | 302 | $ 284 | ||
IBNR | $ 36 | |||||||||
Cumulative Number of Claims | claim | 18,079 | |||||||||
Excluding Hardy | 2017 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 393 | 360 | 371 | 376 | 383 | 363 | $ 299 | |||
IBNR | $ 39 | |||||||||
Cumulative Number of Claims | claim | 18,841 | |||||||||
Excluding Hardy | 2018 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 411 | 401 | 388 | 389 | 385 | $ 367 | ||||
IBNR | $ 48 | |||||||||
Cumulative Number of Claims | claim | 21,327 | |||||||||
Excluding Hardy | 2019 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 362 | 360 | 352 | 355 | $ 342 | |||||
IBNR | $ 61 | |||||||||
Cumulative Number of Claims | claim | 18,993 | |||||||||
Excluding Hardy | 2020 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 347 | 362 | 372 | $ 381 | ||||||
IBNR | $ 107 | |||||||||
Cumulative Number of Claims | claim | 15,744 | |||||||||
Excluding Hardy | 2021 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 375 | 397 | $ 408 | |||||||
IBNR | $ 162 | |||||||||
Cumulative Number of Claims | claim | 15,136 | |||||||||
Excluding Hardy | 2022 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 438 | $ 428 | ||||||||
IBNR | $ 227 | |||||||||
Cumulative Number of Claims | claim | 11,899 | |||||||||
Excluding Hardy | 2023 | ||||||||||
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expense, net | $ 478 | |||||||||
IBNR | $ 359 | |||||||||
Cumulative Number of Claims | claim | 7,869 |
Claim and Claim Adjustment E_36
Claim and Claim Adjustment Expense Reserves (International - Hardy - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,163 | $ 16,929 | $ 16,300 | $ 15,857 | ||||||
International | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 2,276 | 2,003 | ||||||||
Hardy | International | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 1,462 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 620 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014 | (8) | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 9 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 621 | |||||||||
Hardy | International | 2014 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 164 | 164 | 163 | 162 | $ 161 | $ 155 | $ 150 | $ 140 | $ 122 | $ 56 |
Hardy | International | 2015 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 163 | 169 | 160 | 162 | 154 | 143 | 128 | 97 | $ 29 | |
Hardy | International | 2016 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 208 | 205 | 204 | 193 | 180 | 171 | 144 | $ 63 | ||
Hardy | International | 2017 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 229 | 224 | 212 | 205 | 183 | 150 | $ 53 | |||
Hardy | International | 2018 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 270 | 249 | 231 | 200 | 170 | $ 55 | ||||
Hardy | International | 2019 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 167 | 157 | 140 | 102 | $ 43 | |||||
Hardy | International | 2020 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 118 | 103 | 77 | $ 27 | ||||||
Hardy | International | 2021 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 68 | 44 | $ 13 | |||||||
Hardy | International | 2022 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | 58 | $ 23 | ||||||||
Hardy | International | 2023 | ||||||||||
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expense, net | $ 17 |
Claim and Claim Adjustment E_37
Claim and Claim Adjustment Expense Reserves (International - Hardy - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - International - Hardy - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | 96 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
2014 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ 1 | $ (1) | $ (2) | $ (1) | $ 0 | $ 1 | $ (6) | $ (7) | $ (1) | $ (16) | ||||||||
2015 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (1) | 2 | 1 | 2 | (2) | 0 | (2) | $ (10) | $ (10) | |||||||||
2016 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 4 | 1 | (6) | 1 | (10) | (11) | $ 17 | $ (4) | ||||||||||
2017 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (12) | 0 | 8 | 1 | (10) | $ 9 | $ (4) | |||||||||||
2018 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | 17 | 0 | 5 | 4 | $ 30 | $ 56 | ||||||||||||
2019 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (4) | 7 | (6) | $ 4 | $ 1 | |||||||||||||
2020 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (3) | (6) | $ (9) | $ (18) | ||||||||||||||
2021 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | (14) | $ (9) | $ (23) | |||||||||||||||
2023 | ||||||||||||||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||||||||||||||
Cumulative Number of Claims | $ (4) | $ (4) |
Claim and Claim Adjustment E_38
Claim and Claim Adjustment Expense Reserves (Historical Claims Duration) (Details) | Dec. 31, 2023 |
Medical Professional Liability | Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 3.70% |
Year 2 | 16.40% |
Year 3 | 22.10% |
Year 4 | 17.20% |
Year 5 | 12.40% |
Year 6 | 9.10% |
Year 7 | 4.80% |
Year 8 | 2.90% |
Year 9 | 1.20% |
Year 10 | 1.10% |
Other Professional Liability and Management Liability | Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 6.50% |
Year 2 | 19.80% |
Year 3 | 19.30% |
Year 4 | 14.90% |
Year 5 | 10.90% |
Year 6 | 6.30% |
Year 7 | 4.90% |
Year 8 | 6% |
Year 9 | 1.70% |
Year 10 | 0.50% |
Surety | Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 17.70% |
Year 2 | 46.60% |
Year 3 | 17.70% |
Year 4 | 3.40% |
Year 5 | 2.20% |
Year 6 | 5.20% |
Year 7 | (1.70%) |
Year 8 | (0.80%) |
Year 9 | (0.10%) |
Year 10 | 0% |
Commercial Auto | Commercial | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 25.20% |
Year 2 | 22.20% |
Year 3 | 18.20% |
Year 4 | 14.30% |
Year 5 | 10.60% |
Year 6 | 4.90% |
Year 7 | 2% |
Year 8 | 0.70% |
Year 9 | 0.30% |
Year 10 | 0.50% |
General Liability | Commercial | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 3.60% |
Year 2 | 12.80% |
Year 3 | 16.30% |
Year 4 | 17.40% |
Year 5 | 14.40% |
Year 6 | 9.10% |
Year 7 | 5.90% |
Year 8 | 5.30% |
Year 9 | 2.20% |
Year 10 | 2.70% |
Workers' Compensation | Commercial | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 16% |
Year 2 | 22.90% |
Year 3 | 13.80% |
Year 4 | 8.80% |
Year 5 | 6% |
Year 6 | 3.20% |
Year 7 | 2.10% |
Year 8 | 1.30% |
Year 9 | 1.20% |
Year 10 | 1.70% |
Excluding Hardy | International | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 16.90% |
Year 2 | 21.80% |
Year 3 | 9.80% |
Year 4 | 6.50% |
Year 5 | 5.90% |
Year 6 | 7.40% |
Year 7 | 8.40% |
Year 8 | 2.60% |
Year 9 | 2.80% |
Year 10 | 1.70% |
Hardy | International | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 18% |
Year 2 | 31.30% |
Year 3 | 13.70% |
Year 4 | 7.50% |
Year 5 | 4.70% |
Year 6 | 4.90% |
Year 7 | 0.50% |
Year 8 | 2.30% |
Year 9 | (1.40%) |
Year 10 | 0% |
Claim and Claim Adjustment E_39
Claim and Claim Adjustment Expense Reserves (Impact of Loss Portfolio Transfer on the Consolidated Statement of Operations) (Details) - Asbestos and Environmental Reserves - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net A&EP adverse development before consideration of LPT | $ 86 | $ 92 | $ 143 |
Provision for uncollectible third-party reinsurance on A&EP | 0 | (5) | (5) |
Total additional amounts ceded under LPT | 86 | 87 | 138 |
Retroactive reinsurance benefit recognized | (94) | (91) | (107) |
Pretax impact of deferred retroactive reinsurance | $ (8) | $ (4) | $ 31 |
Future Policy Benefit Reserve_2
Future Policy Benefit Reserves - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | |||||
Liability for unpaid claims and claims adjustment expense, long term care policies, period increase (decrease) | $ 8 | $ 186 | |||
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact | $ (88) | $ (214) | $ (8) | ||
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance | $ 3,824 | $ 4,070 | |||
Liability for future policy benefit, weighted-average duration | 11 years | 12 years | |||
Liability future policy benefit, losses recognized in current period | $ 164 | $ 178 | |||
Liability future policy benefit, losses recognized in prior period | $ 42 | $ 12 |
Future Policy Benefit Reserve_3
Future Policy Benefit Reserves - Summary of Balances and Changes (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Present value of future net premiums | |||||
Balance, January 1 | $ 3,991 | $ 4,735 | $ 5,086 | ||
Effect of changes in discount rate | (125) | (74) | (880) | $ (1,140) | |
Balance, January 1, at original locked in discount rate | 3,917 | 3,855 | 3,946 | ||
Effect of changes in cash flow assumptions | 28 | 352 | 173 | ||
Expect of actual variances from expected experience | (126) | (49) | (24) | ||
Adjusted balance, January 1 | 3,819 | 4,158 | 4,095 | ||
Interest accrual | 202 | 216 | 219 | ||
Net premiums: earned during period | (436) | (457) | (459) | ||
Balance, end of period at original locked in discount rate | 3,585 | 3,917 | 3,855 | ||
Effect of changes in discount rate | 125 | 74 | 880 | 1,140 | |
Balance, December 31 | 3,710 | 3,991 | 4,735 | ||
Present value of future benefits & expenses | |||||
Balance, January 1 | 17,471 | 22,745 | 23,955 | ||
Effect of changes in discount rate | (578) | (125) | (5,942) | (7,395) | |
Balance, January 1, at original locked in discount rate | 17,346 | 16,803 | 16,560 | ||
Effect of change in cash flow assumptions | 36 | 538 | 176 | ||
Effect of actual variances from expected experience | (46) | (21) | (19) | ||
Adjusted balance, January 1 | 17,336 | 17,320 | 16,717 | ||
Interest accrual | 962 | 979 | 973 | ||
Benefit & expense payments | (1,207) | (953) | (887) | ||
Balance, end of period at original locked in discount rate | 17,091 | 17,346 | 16,803 | ||
Effect of changes in discount rate | 578 | 125 | 5,942 | 7,395 | |
Balance, December 31 | 17,669 | 17,471 | 22,745 | ||
Net LFPB | 13,959 | 13,480 | [1] | 18,010 | $ 19,132 |
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact | $ (88) | $ (214) | $ (8) | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Future Policy Benefit Reserve_4
Future Policy Benefit Reserves - Earned Premiums and Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | |||
Earned premiums | $ 451 | $ 473 | $ 491 |
Interest expense | $ 760 | $ 763 | $ 754 |
Future Policy Benefit Reserve_5
Future Policy Benefit Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance [Abstract] | ||
Expected future benefit and expense payments | $ 32,851 | $ 34,261 |
Expected future gross premiums | $ 5,414 | $ 5,910 |
Future Policy Benefit Reserve_6
Future Policy Benefit Reserves - Weighted Average Interest Rates (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance [Abstract] | ||
Original locked in discount rate | 5.22% | 5.27% |
Upper-medium grade fixed income instrument discount rate | 4.94% | 5.23% |
Legal Proceedings, Contingenc_2
Legal Proceedings, Contingencies and Guarantees (Narrative) (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Guarantee Obligations | |
Legal Proceedings, Commitments and Contingencies, and Guarantees [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 1.5 |
Reinsurance (Components of Rein
Reinsurance (Components of Reinsurance Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance receivables related to insurance reserves | |||||
Ceded claim and claim adjustment expenses | $ 5,141 | $ 5,191 | $ 4,969 | $ 4,005 | |
Reinsurance receivables related to paid losses | 293 | 247 | |||
Reinsurance receivables | 5,434 | 5,438 | $ 5,484 | ||
Allowance for uncollectible reinsurance | (22) | (22) | |||
Reinsurance receivables, net of allowance for uncollectible reinsurance | $ 5,412 | $ 5,416 | [1] | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Reinsurance (Voluntary Reinsura
Reinsurance (Voluntary Reinsurance) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Effects of Reinsurance [Line Items] | |
Total voluntary reinsurance outstanding balance | $ 4,823 |
A- to A++ | |
Effects of Reinsurance [Line Items] | |
Total voluntary reinsurance outstanding balance | 4,047 |
B- to B++ | |
Effects of Reinsurance [Line Items] | |
Total voluntary reinsurance outstanding balance | 769 |
Insolvent | |
Effects of Reinsurance [Line Items] | |
Total voluntary reinsurance outstanding balance | $ 7 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 05, 2021 | ||
Ceded Credit Risk [Line Items] | |||||
Funds held under reinsurance agreements, liability | $ 3,600 | $ 3,700 | $ 690 | ||
Largest recoverable from single reinsurer | 5,412 | 5,416 | [1] | ||
Reinsurance recoveries reported in insurance claims and policyholders' benefits reported on the Consolidated Statement of Operations | 2,772 | 2,631 | $ 3,058 | ||
Subsidiaries of Berkshire Hathaway Group | |||||
Ceded Credit Risk [Line Items] | |||||
Largest recoverable from single reinsurer | 1,800 | ||||
Cavello Bay Reinsurance Limited | |||||
Ceded Credit Risk [Line Items] | |||||
Largest recoverable from single reinsurer | 576 | ||||
Swiss Reinsurance Group | |||||
Ceded Credit Risk [Line Items] | |||||
Largest recoverable from single reinsurer | 410 | ||||
Significant Captive Program | |||||
Ceded Credit Risk [Line Items] | |||||
Direct and ceded earned premiums | 2,907 | 3,270 | 3,638 | ||
Reinsurance recoveries reported in insurance claims and policyholders' benefits reported on the Consolidated Statement of Operations | $ 1,512 | $ 1,796 | $ 2,003 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Reinsurance (Components of Earn
Reinsurance (Components of Earned Premiums) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Premiums Earned, Net [Abstract] | |||||
Direct | $ 14,315 | $ 13,524 | $ 12,997 | ||
Assumed | 267 | 277 | 288 | ||
Ceded | 5,102 | 5,134 | 5,110 | ||
Net | 9,480 | 8,667 | [1] | 8,175 | [1] |
Property and casualty | |||||
Premiums Earned, Net [Abstract] | |||||
Direct | 13,908 | 13,097 | 12,554 | ||
Assumed | 223 | 231 | 240 | ||
Ceded | 5,102 | 5,134 | 5,110 | ||
Net | 9,029 | 8,194 | 7,684 | ||
Long-term care | |||||
Premiums Earned, Net [Abstract] | |||||
Direct | 407 | 427 | 443 | ||
Assumed | 44 | 46 | 48 | ||
Ceded | 0 | 0 | 0 | ||
Net | $ 451 | $ 473 | $ 491 | ||
Percentage of assumed premiums earned to net premiums earned | |||||
Premiums Earned, Net [Abstract] | |||||
Assumed/ Net % | 2.80% | 3.20% | 3.50% | ||
Percentage of assumed premiums earned to net premiums earned | Property and casualty | |||||
Premiums Earned, Net [Abstract] | |||||
Assumed/ Net % | 2.50% | 2.80% | 3.10% | ||
Percentage of assumed premiums earned to net premiums earned | Long-term care | |||||
Premiums Earned, Net [Abstract] | |||||
Assumed/ Net % | 9.80% | 9.70% | 9.80% | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Reinsurance (Components of Writ
Reinsurance (Components of Written Premiums) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premiums Written, Net [Abstract] | |||
Direct | $ 14,902 | $ 14,264 | $ 13,587 |
Assumed | 262 | 281 | 303 |
Ceded | 5,272 | 5,417 | 5,485 |
Net | 9,892 | 9,128 | 8,405 |
Property and casualty | |||
Premiums Written, Net [Abstract] | |||
Direct | 14,498 | 13,843 | 13,150 |
Assumed | 219 | 235 | 255 |
Ceded | 5,272 | 5,417 | 5,485 |
Net | 9,445 | 8,661 | 7,920 |
Long-term care | |||
Premiums Written, Net [Abstract] | |||
Direct | 404 | 421 | 437 |
Assumed | 43 | 46 | 48 |
Ceded | 0 | 0 | 0 |
Net | $ 447 | $ 467 | $ 485 |
Percentage of assumed premiums written to net premiums written | |||
Premiums Written, Net [Abstract] | |||
Assumed/ Net % | 2.60% | 3.10% | 3.60% |
Percentage of assumed premiums written to net premiums written | Property and casualty | |||
Premiums Written, Net [Abstract] | |||
Assumed/ Net % | 2.30% | 2.70% | 3.20% |
Percentage of assumed premiums written to net premiums written | Long-term care | |||
Premiums Written, Net [Abstract] | |||
Assumed/ Net % | 9.60% | 9.90% | 9.90% |
Debt (Schedule of debt instrume
Debt (Schedule of debt instruments) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Short-term debt | $ 550,000,000 | $ 243,000,000 | [1] |
Long-term debt | 2,481,000,000 | 2,538,000,000 | [1] |
Total debt | $ 3,031,000,000 | 2,781,000,000 | |
3.950%, face amount of $550, due May 15, 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.95% | ||
Face amount | $ 550,000,000 | ||
Long-term debt | $ 0 | 549,000,000 | |
4.500%, face amount of $500, due March 1, 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Face amount | $ 500,000,000 | ||
Long-term debt | $ 500,000,000 | 499,000,000 | |
3.450%, face amount of $500, due August 15, 2027 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.45% | ||
Face amount | $ 500,000,000 | ||
Long-term debt | $ 498,000,000 | 497,000,000 | |
3.900%, face amount of $500, due May 1, 2029 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.90% | ||
Face amount | $ 500,000,000 | ||
Long-term debt | $ 497,000,000 | 497,000,000 | |
2.050%, face amount of $500, due August 15, 2030 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.05% | ||
Face amount | $ 500,000,000 | ||
Long-term debt | $ 496,000,000 | 496,000,000 | |
5.500%, face amount of $500, due June 15, 2033 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.50% | ||
Face amount | $ 500,000,000 | ||
Long-term debt | $ 490,000,000 | 0 | |
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.25% | ||
Face amount | $ 243,000,000 | ||
Short-term debt | 0 | 243,000,000 | |
3.950%, face amount of $550, due May 15, 2024 | |||
Debt Instrument [Line Items] | |||
Short-term debt | $ 550,000,000 | $ 0 | |
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) extensionTerm | Dec. 31, 2022 USD ($) | |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank stock | $ 5,000,000 | |
Federal Home Loan Bank, advances, general debt obligations, maximum amount available | 106,000,000 | |
Federal Home Loan Bank, advances, branch of FHLB Bank, amount of advances | $ 0 | $ 0 |
Debt instrument, term | 5 years | |
Line of credit, current borrowing capacity | $ 250,000,000 | |
Additional borrowing capacity available | $ 100,000,000 | |
Number of extension options | extensionTerm | 2 | |
Extension term | 1 year | |
Line of credit, minimum net worth required for compliance | $ 8,700,000,000 | |
Line of credit, amount outstanding | $ 0 | $ 0 |
Debt (Maturity of debt) (Detail
Debt (Maturity of debt) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 550 |
2025 | 0 |
2026 | 500 |
2027 | 500 |
2028 | 0 |
Thereafter | 1,500 |
Less: discount | (19) |
Total | $ 3,031 |
Benefit Plans (Funded Status) (
Benefit Plans (Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in benefit obligation: | |||
Actuarial (gain) loss | $ 27 | $ (514) | |
Pension Benefits | |||
Changes in benefit obligation: | |||
Balance at beginning of period | 1,931 | 2,561 | |
Interest cost | 98 | 67 | $ 62 |
Participants' contributions | 0 | 0 | |
Actuarial (gain) loss | 27 | (514) | |
Benefits paid | (168) | (171) | |
Foreign currency translation and other | 5 | (12) | |
Settlement through group annuity purchase | (86) | 0 | |
Balance at end of period | 1,807 | 1,931 | 2,561 |
Change in plan assets: | |||
Balance beginning of period | 2,025 | 2,577 | |
Actual return on plan assets | 194 | (374) | |
Company contributions | 8 | 7 | |
Participants' contributions | 0 | 0 | |
Benefits paid | (168) | (171) | |
Foreign currency translation and other | 5 | (14) | |
Settlement through group annuity purchase | (80) | 0 | |
Balance end of period | 1,984 | 2,025 | 2,577 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | 177 | 94 | |
Amounts recognized on the Consolidated Balance Sheets as of December 31: | |||
Other assets | 223 | 143 | |
Other liabilities | (46) | (49) | |
Net amount recognized | 177 | 94 | |
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit): | |||
Net actuarial (gain) loss | 658 | 743 | |
Net amount recognized | 658 | 743 | |
Postretirement Benefits | |||
Changes in benefit obligation: | |||
Balance at beginning of period | 4 | 6 | |
Interest cost | 0 | 0 | |
Participants' contributions | 1 | 2 | |
Actuarial (gain) loss | 4 | 0 | |
Benefits paid | (4) | (4) | |
Foreign currency translation and other | 0 | 0 | |
Settlement through group annuity purchase | 0 | 0 | |
Balance at end of period | 5 | 4 | 6 |
Change in plan assets: | |||
Balance beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 3 | 2 | |
Participants' contributions | 1 | 2 | |
Benefits paid | (4) | (4) | |
Foreign currency translation and other | 0 | 0 | |
Settlement through group annuity purchase | 0 | 0 | |
Balance end of period | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (5) | (4) | |
Amounts recognized on the Consolidated Balance Sheets as of December 31: | |||
Other assets | 0 | 0 | |
Other liabilities | (5) | (4) | |
Net amount recognized | (5) | (4) | |
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit): | |||
Net actuarial (gain) loss | 3 | 1 | |
Net amount recognized | $ 3 | $ 1 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Actuarial gain (loss) | $ (27) | $ 514 | |
Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation | 46 | $ 49 | |
Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, plan assets | $ 0 | ||
Assumptions used in calculating assumed health care cost trend rate | 4% | ||
Future capital call commitments for limited partnership investments | $ 100 | ||
Percentage of limited partnerships employing hedge fund strategies focused on fixed income and equity investments | 15% | 24% | |
Defined contribution plan, maximum annual contributions per employee, percent | 50% | ||
Defined contribution plan, employer matching contribution, percent of match | 100% | ||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 6% | ||
Company contribution of eligible compensation, depending on age, percent | 5% | ||
Defined contribution plan, employers matching contribution, vesting period in years | 5 years | ||
Benefit expense for the Company's savings plan | $ 82 | $ 71 | $ 65 |
Pension Benefits | |||
Settlement through group annuity purchase | 80 | ||
Settlement through group annuity purchase | 86 | ||
Defined benefit plan, accumulated benefit obligation | 1,807 | 1,931 | |
Actuarial gain (loss) | $ (27) | $ 514 | |
Percentage of limited partnerships invested in private debt and equity | 9,400% | 62% | |
Percentage of limited partnerships employing hedge fund strategies focused on fixed income and equity investments | 600% | 38% | |
Defined benefit plan, expected future employer contributions, next fiscal year | $ 6 | ||
Postretirement Benefits | |||
Actuarial gain (loss) | $ (4) | $ 0 | |
Defined benefit plan, health care cost trend rate assumed for next fiscal year | 4% | 4% | 4% |
Defined benefit plan, expected future employer contributions, next fiscal year | $ 1 | ||
Minimum | |||
Defined benefit plan, plan assets, target allocation, percentage | 0% | ||
Maximum | |||
Defined benefit plan, plan assets, target allocation, percentage | 40% |
Benefit Plans (Components of Ne
Benefit Plans (Components of Net Periodic Cost (Benefit)) (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 98 | $ 67 | $ 62 |
Expected return on plan assets | (119) | (152) | (154) |
Amortization of net actuarial loss (gain) | 33 | 30 | 46 |
Settlement loss | 0 | 0 | 1 |
Total net periodic pension cost (benefit) | $ 12 | $ (55) | $ (45) |
Benefit Plans (Schedule of Non-
Benefit Plans (Schedule of Non-Service Cost (Benefit) Presented in the Consolidated Statement of Operations) (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefits expense (reversal of expense), excluding service cost component | $ 12 | $ (55) | $ (45) |
Insurance claims and policyholder's benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefits expense (reversal of expense), excluding service cost component | 3 | (15) | (13) |
Other operating expenses | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefits expense (reversal of expense), excluding service cost component | $ 9 | $ (40) | $ (32) |
Benefit Plans (Schedule of Amou
Benefit Plans (Schedule of Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Amounts arising during the period | $ 50 | $ (12) | $ 262 |
Settlement | 0 | 0 | 1 |
Reclassification adjustment relating to prior service credit | 0 | 0 | 0 |
Reclassification adjustment relating to actuarial loss | 34 | 30 | 46 |
Total increase (decrease) in Other comprehensive income | $ 84 | $ 18 | $ 309 |
Benefit Plans (Actuarial Assump
Benefit Plans (Actuarial Assumptions for Benefit Obligations) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.10% | 5.35% |
Interest crediting rate | 4.50% | 3.50% |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.10% | 5.25% |
Benefit Plans (Actuarial Assu_2
Benefit Plans (Actuarial Assumptions for Net Cost or Benefit) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.35% | 2.75% | 2.35% |
Expected long-term rate of return | 6.25% | 6.25% | 6.75% |
Interest crediting rate | 3.50% | 3% | 3% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.25% | 2.25% | 1.60% |
Benefit Plans (Fair Value of Pl
Benefit Plans (Fair Value of Plan Assets Measured on a Recurring Basis) (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,984 | $ 2,025 | $ 2,577 |
Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,984 | 2,025 | |
Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,584 | 1,470 | |
Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 225 | 363 | |
Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,345 | 1,091 | |
Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 16 | |
Fair Value Measured at Net Asset Value Per Share | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 375 | 534 | |
Fair Value Measured at Net Asset Value Per Share | Fair Value, Recurring | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25 | 21 | |
Total fixed maturity securities | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,348 | 1,081 | |
Total fixed maturity securities | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 0 | |
Total fixed maturity securities | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,324 | 1,065 | |
Total fixed maturity securities | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 16 | |
Corporate and other bonds | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,057 | 866 | |
Corporate and other bonds | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 0 | |
Corporate and other bonds | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,041 | 859 | |
Corporate and other bonds | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 7 | |
States, municipalities and political subdivisions | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50 | 49 | |
States, municipalities and political subdivisions | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
States, municipalities and political subdivisions | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50 | 49 | |
States, municipalities and political subdivisions | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Asset-backed | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 241 | 166 | |
Asset-backed | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Asset-backed | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 233 | 157 | |
Asset-backed | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 9 | |
Equity securities | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 125 | 231 | |
Equity securities | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 119 | 218 | |
Equity securities | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 13 | |
Equity securities | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Short-term investments | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96 | 146 | |
Short-term investments | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96 | 145 | |
Short-term investments | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Short-term investments | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other assets | Total | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15 | 12 | |
Other assets | Level 1 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other assets | Level 2 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15 | 12 | |
Other assets | Level 3 | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans (Estimated Future
Benefit Plans (Estimated Future Minimum Benefit Payments to Participants) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 164 |
2025 | 163 |
2026 | 161 |
2027 | 158 |
2028 | 154 |
2029-2033 | 692 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1 |
2025 | 1 |
2026 | 1 |
2027 | 0 |
2028 | 0 |
2029-2033 | $ 1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 16,000,000 | ||
Number of shares available for grant (in shares) | 3,600,000 | ||
Measurement period of specific annual performance goals, in years | 1 year | ||
Cliff vesting period following date of grant | 2 years | ||
Allocated share-based compensation expense | $ 38 | $ 36 | $ 32 |
Tax benefit from compensation expense | 8 | 8 | 6 |
Compensation cost not yet recognized | $ 44 | ||
Compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ 34 | $ 35 | $ 36 |
Weighted average grant date fair value of awards granted (in usd per share) | $ 37.06 | $ 46.78 | $ 45.82 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0% | ||
Award vesting period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200% | ||
Award vesting period | 3 years |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted shares, performance-based restricted share units and performance share unit activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Awards | |||
Balance as of beginning of period (in shares) | 2,465,752 | ||
Awards granted (in shares) | 1,437,605 | ||
Awards vested (in shares) | (950,620) | ||
Awards forfeited, canceled or expired (in shares) | (478,823) | ||
Performance-based adjustment (in shares) | 152,399 | ||
Balance as of end of period (in shares) | 2,626,313 | 2,465,752 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of period (in dollars per share) | $ 43.10 | ||
Awards granted (in dollars per share) | 37.06 | $ 46.78 | $ 45.82 |
Awards vested (in dollars per share) | 38.06 | ||
Awards forfeited, canceled or expired (in dollars per share) | 42.28 | ||
Performance-based adjustment (in dollars per share) | 36.87 | ||
Balance at end of period (in dollars per share) | $ 41.40 | $ 43.10 |
Other Intangible Assets (Summar
Other Intangible Assets (Summary of Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Intangible Assets [Abstract] | ||
Indefinite-lived intangible assets: | $ 76 | $ 68 |
Total other intangible assets | 86 | 78 |
Accumulated Amortization | 8 | 7 |
Syndicate capacity | ||
Schedule of Other Intangible Assets [Abstract] | ||
Indefinite-lived intangible assets: | 45 | 42 |
Agency force | ||
Schedule of Other Intangible Assets [Abstract] | ||
Indefinite-lived intangible assets: | 16 | 16 |
Insurance licenses | ||
Schedule of Other Intangible Assets [Abstract] | ||
Indefinite-lived intangible assets: | $ 15 | 10 |
Distribution channel | ||
Schedule of Other Intangible Assets [Abstract] | ||
Economic Useful Life | 15 years | |
Finite-lived intangible assets: | $ 10 | 10 |
Accumulated Amortization | $ 8 | $ 7 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||||
Lease expense | $ 55 | $ 59 | $ 57 | |
Operating lease, cost | 34 | 36 | 38 | |
Variable lease, cost | 21 | 23 | 19 | |
Operating lease, payments | 38 | 42 | 44 | |
Right-of-use asset obtained in exchange for operating lease liability | 28 | $ 20 | $ 11 | |
Assets disposed of by method other than sale, in period of disposition, gain (loss) on disposition | $ 24 | |||
Lessee, operating lease, lease not yet commenced, liability | $ 12 | $ 12 | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, lease not yet commenced, term of contract | 10 years | 10 years | ||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, lease not yet commenced, term of contract | 3 years | 3 years |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease ROU assets | $ 140 | $ 155 |
Operating lease liabilities | $ 215 | $ 220 |
Leases (Maturities) (Details)
Leases (Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 36 | |
2025 | 32 | |
2026 | 30 | |
2027 | 28 | |
2028 | 25 | |
Thereafter | 103 | |
Total lease payments | 254 | |
Less: Discount | (39) | |
Total operating lease liabilities | $ 215 | $ 220 |
Leases (Lease Term and Discount
Leases (Lease Term and Discount Rate) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term | 8 years 4 months 24 days | 9 years 2 months 12 days |
Weighted average discount rate | 3.70% | 3.40% |
Stockholders' Equity and Stat_3
Stockholders' Equity and Statutory Accounting Practices (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stockholders' Equity and Statutory Accounting Practices [Abstract] | ||
Increase in statutory capital and surplus due to prescribed practice | $ 92 | $ 74 |
Statutory amount available for dividend payment before consideration of statutory dividends paid in the preceding twelve months | 1,105 | |
Dividends paid in the preceding twelve months | $ 1,055 | |
Statutory accounting practices, statutory capital and surplus, percentage of action level risk based capital | 225% | 238% |
Stockholders' Equity and Stat_4
Stockholders' Equity and Statutory Accounting Practices (Combined statutory capital and surplus and net income (loss)) (Details) - Combined Continental Casualty Companies - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | $ 10,946 | $ 10,572 | |
Statutory Net Income (Loss) | $ 1,172 | $ 1,072 | $ 1,253 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Schedule of Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | [1] | $ 8,548 | $ 11,105 | |||||
Other comprehensive income (loss) before reclassifications | 827 | (2,383) | $ 216 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) net of tax | (99) | (145) | 39 | |||||
Other comprehensive income (loss) after tax (expense) benefit | 926 | (2,238) | 177 | |||||
Total stockholder's equity at end of period | 9,893 | 8,548 | [1] | 11,105 | [1] | |||
Cumulative effect adjustments from changes in accounting guidance, tax | 11 | 446 | $ 622 | |||||
Reclassification from AOCI, tax | 26 | 26 | (10) | |||||
Tax (expense) benefit on other comprehensive income (loss) | (235) | 568 | (51) | |||||
Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | 8,825 | |||||||
Total stockholder's equity at end of period | 8,825 | |||||||
Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (277) | |||||||
Total stockholder's equity at end of period | (277) | |||||||
Accumulated other comprehensive income (loss) | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | [1] | (3,598) | (1,360) | (1,537) | ||||
Total stockholder's equity at end of period | (2,672) | (3,598) | [1] | (1,360) | [1] | (1,537) | [1] | |
Accumulated other comprehensive income (loss) | Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (3,557) | 320 | [1] | 803 | [1] | |||
Total stockholder's equity at end of period | (3,557) | 320 | [1] | 803 | [1] | |||
Accumulated other comprehensive income (loss) | Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (41) | (1,680) | [1] | (2,340) | [1] | |||
Total stockholder's equity at end of period | (41) | (1,680) | [1] | (2,340) | [1] | |||
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (7) | (2) | 0 | |||||
Other comprehensive income (loss) before reclassifications | (24) | 0 | (7) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) net of tax | (19) | 5 | (5) | |||||
Other comprehensive income (loss) after tax (expense) benefit | (5) | (5) | (2) | |||||
Total stockholder's equity at end of period | (12) | (7) | (2) | 0 | ||||
Cumulative effect adjustments from changes in accounting guidance, tax | 0 | 0 | 0 | |||||
Reclassification from AOCI, tax | 5 | (1) | 1 | |||||
Tax (expense) benefit on other comprehensive income (loss) | 1 | 1 | 1 | |||||
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (7) | (2) | 0 | |||||
Total stockholder's equity at end of period | (7) | (2) | 0 | |||||
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | 0 | 0 | 0 | |||||
Total stockholder's equity at end of period | 0 | 0 | 0 | |||||
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (2,738) | 3,359 | 4,346 | |||||
Other comprehensive income (loss) before reclassifications | 1,072 | (6,223) | (906) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) net of tax | (53) | (126) | 81 | |||||
Other comprehensive income (loss) after tax (expense) benefit | 1,125 | (6,097) | (987) | |||||
Total stockholder's equity at end of period | (1,613) | (2,738) | 3,359 | 4,346 | ||||
Cumulative effect adjustments from changes in accounting guidance, tax | 0 | (617) | (691) | |||||
Reclassification from AOCI, tax | 14 | 21 | (21) | |||||
Tax (expense) benefit on other comprehensive income (loss) | (304) | 1,622 | 263 | |||||
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments | Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (2,738) | 1,039 | 1,745 | |||||
Total stockholder's equity at end of period | (2,738) | 1,039 | 1,745 | |||||
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments | Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | 0 | 2,320 | 2,601 | |||||
Total stockholder's equity at end of period | 0 | 2,320 | 2,601 | |||||
Pension and postretirement benefits | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (591) | (604) | (848) | |||||
Other comprehensive income (loss) before reclassifications | 39 | (11) | 207 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) net of tax | (27) | (24) | (37) | |||||
Other comprehensive income (loss) after tax (expense) benefit | 66 | 13 | 244 | |||||
Total stockholder's equity at end of period | (525) | (591) | (604) | (848) | ||||
Cumulative effect adjustments from changes in accounting guidance, tax | 0 | 0 | 0 | |||||
Reclassification from AOCI, tax | 7 | 6 | 10 | |||||
Tax (expense) benefit on other comprehensive income (loss) | (17) | (3) | (65) | |||||
Pension and postretirement benefits | Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (591) | (604) | (848) | |||||
Total stockholder's equity at end of period | (591) | (604) | (848) | |||||
Pension and postretirement benefits | Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | 0 | 0 | 0 | |||||
Total stockholder's equity at end of period | 0 | 0 | 0 | |||||
Cumulative impact of changes in discount rates used to measure long duration contracts | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (41) | (4,000) | (4,941) | |||||
Other comprehensive income (loss) before reclassifications | (318) | 3,959 | 941 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) net of tax | 0 | 0 | 0 | |||||
Other comprehensive income (loss) after tax (expense) benefit | (318) | 3,959 | 941 | |||||
Total stockholder's equity at end of period | (359) | (41) | (4,000) | (4,941) | ||||
Cumulative effect adjustments from changes in accounting guidance, tax | 11 | 1,063 | 1,313 | |||||
Reclassification from AOCI, tax | 0 | |||||||
Tax (expense) benefit on other comprehensive income (loss) | 85 | (1,052) | (250) | |||||
Cumulative impact of changes in discount rates used to measure long duration contracts | Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | 0 | 0 | 0 | |||||
Total stockholder's equity at end of period | 0 | 0 | 0 | |||||
Cumulative impact of changes in discount rates used to measure long duration contracts | Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (41) | (4,000) | (4,941) | |||||
Total stockholder's equity at end of period | (41) | (4,000) | (4,941) | |||||
Cumulative foreign currency translation adjustment | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (221) | (113) | (94) | |||||
Other comprehensive income (loss) before reclassifications | 58 | (108) | (19) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) net of tax | 0 | 0 | 0 | |||||
Other comprehensive income (loss) after tax (expense) benefit | 58 | (108) | (19) | |||||
Total stockholder's equity at end of period | (163) | (221) | (113) | (94) | ||||
Cumulative effect adjustments from changes in accounting guidance, tax | 0 | 0 | 0 | |||||
Reclassification from AOCI, tax | 0 | 0 | 0 | |||||
Tax (expense) benefit on other comprehensive income (loss) | 0 | 0 | 0 | |||||
Cumulative foreign currency translation adjustment | Prior to Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | (221) | (113) | (94) | |||||
Total stockholder's equity at end of period | (221) | (113) | (94) | |||||
Cumulative foreign currency translation adjustment | Effect of Adoption | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Total stockholder's equity at beginning of period | $ 0 | 0 | 0 | |||||
Total stockholder's equity at end of period | $ 0 | $ 0 | $ 0 | |||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Percentage of direct foreign written premiums | 11% | 10% | 10% |
Core Segments - Specialty, Commercial and International | |||
Segment Reporting Information [Line Items] | |||
Number of operating segments | 3 | ||
Non-Core Segments - Life & Group and Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Number of operating segments | 2 |
Business Segments (Income State
Business Segments (Income Statement Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | $ 9,892 | $ 9,128 | $ 8,405 | ||||||
Operating revenues | |||||||||
Net earned premiums | 9,480 | 8,667 | [1] | 8,175 | [1] | ||||
Net investment income | 2,264 | 1,805 | [1] | 2,159 | [1] | ||||
Non-insurance warranty revenue | 1,624 | 1,574 | [1] | 1,430 | [1] | ||||
Other revenues | 30 | 32 | [1] | 24 | [1] | ||||
Total operating revenues | 13,398 | 12,078 | 11,788 | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 7,039 | 6,628 | 6,349 | ||||||
Policyholders’ dividends | 29 | 25 | 22 | ||||||
Amortization of deferred acquisition costs | 1,644 | 1,490 | [1] | 1,443 | [1] | ||||
Non-insurance warranty expense | 1,544 | 1,471 | [1] | 1,328 | [1] | ||||
Other insurance related expenses | 1,251 | 1,160 | 1,062 | ||||||
Other expenses | 274 | 291 | 242 | ||||||
Total claims, benefits and expenses | 11,781 | 11,065 | [1] | 10,446 | [1] | ||||
Core income (loss) before income tax | 1,617 | 1,013 | 1,342 | ||||||
Income tax (expense) benefit on core income (loss) | (333) | (177) | (254) | ||||||
Core income (loss) | $ 265 | $ 43 | $ 230 | $ 298 | 1,284 | 836 | 1,088 | ||
Net investment gains (losses) | (99) | (199) | 120 | ||||||
Income tax (expense) benefit on net investment gains (losses) | 20 | 45 | (24) | ||||||
Net investment gains (losses), after tax | (79) | (154) | 96 | ||||||
Net income (loss) | 1,205 | 682 | 1,184 | ||||||
Operating Segments | Specialty | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | 3,329 | 3,306 | 3,225 | ||||||
Operating revenues | |||||||||
Net earned premiums | 3,307 | 3,203 | 3,076 | ||||||
Net investment income | 558 | 431 | 497 | ||||||
Non-insurance warranty revenue | 1,624 | 1,574 | 1,430 | ||||||
Other revenues | 1 | 1 | 1 | ||||||
Total operating revenues | 5,490 | 5,209 | 5,004 | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 1,923 | 1,839 | 1,787 | ||||||
Policyholders’ dividends | 8 | 6 | 3 | ||||||
Amortization of deferred acquisition costs | 686 | 656 | 643 | ||||||
Non-insurance warranty expense | 1,544 | 1,471 | 1,328 | ||||||
Other insurance related expenses | 373 | 336 | 296 | ||||||
Other expenses | 53 | 51 | 47 | ||||||
Total claims, benefits and expenses | 4,587 | 4,359 | 4,104 | ||||||
Core income (loss) before income tax | 903 | 850 | 900 | ||||||
Income tax (expense) benefit on core income (loss) | (195) | (182) | (196) | ||||||
Core income (loss) | 708 | 668 | 704 | ||||||
Operating Segments | Commercial | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | 4,880 | 4,193 | 3,595 | ||||||
Operating revenues | |||||||||
Net earned premiums | 4,547 | 3,923 | 3,552 | ||||||
Net investment income | 645 | 488 | 624 | ||||||
Non-insurance warranty revenue | 0 | 0 | 0 | ||||||
Other revenues | 29 | 30 | 23 | ||||||
Total operating revenues | 5,221 | 4,441 | 4,199 | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 2,995 | 2,607 | 2,540 | ||||||
Policyholders’ dividends | 21 | 19 | 19 | ||||||
Amortization of deferred acquisition costs | 729 | 634 | 594 | ||||||
Non-insurance warranty expense | 0 | 0 | 0 | ||||||
Other insurance related expenses | 620 | 557 | 511 | ||||||
Other expenses | 30 | 36 | 38 | ||||||
Total claims, benefits and expenses | 4,395 | 3,853 | 3,702 | ||||||
Core income (loss) before income tax | 826 | 588 | 497 | ||||||
Income tax (expense) benefit on core income (loss) | (174) | (122) | (103) | ||||||
Core income (loss) | 652 | 466 | 394 | ||||||
Operating Segments | International | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | 1,237 | 1,164 | 1,101 | ||||||
Operating revenues | |||||||||
Net earned premiums | 1,176 | 1,070 | 1,057 | ||||||
Net investment income | 103 | 63 | 57 | ||||||
Non-insurance warranty revenue | 0 | 0 | 0 | ||||||
Other revenues | 0 | 1 | 0 | ||||||
Total operating revenues | 1,279 | 1,134 | 1,114 | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 722 | 637 | 652 | ||||||
Policyholders’ dividends | 0 | 0 | 0 | ||||||
Amortization of deferred acquisition costs | 229 | 200 | 206 | ||||||
Non-insurance warranty expense | 0 | 0 | 0 | ||||||
Other insurance related expenses | 139 | 146 | 144 | ||||||
Other expenses | (4) | 26 | (2) | ||||||
Total claims, benefits and expenses | 1,086 | 1,009 | 1,000 | ||||||
Core income (loss) before income tax | 193 | 125 | 114 | ||||||
Income tax (expense) benefit on core income (loss) | (48) | (19) | (28) | ||||||
Core income (loss) | 145 | 106 | 86 | ||||||
Operating Segments | Life & Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | 447 | 467 | 485 | ||||||
Operating revenues | |||||||||
Net earned premiums | 451 | 473 | 491 | ||||||
Net investment income | 896 | 804 | 966 | ||||||
Non-insurance warranty revenue | 0 | 0 | 0 | ||||||
Other revenues | (1) | (1) | 0 | ||||||
Total operating revenues | 1,346 | 1,276 | 1,457 | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 1,317 | 1,469 | 1,261 | ||||||
Policyholders’ dividends | 0 | 0 | 0 | ||||||
Amortization of deferred acquisition costs | 0 | 0 | 0 | ||||||
Non-insurance warranty expense | 0 | 0 | 0 | ||||||
Other insurance related expenses | 118 | 118 | 103 | ||||||
Other expenses | 1 | 9 | 10 | ||||||
Total claims, benefits and expenses | 1,436 | 1,596 | 1,374 | ||||||
Core income (loss) before income tax | (90) | (320) | 83 | ||||||
Income tax (expense) benefit on core income (loss) | 42 | 99 | 25 | ||||||
Core income (loss) | (48) | (221) | 108 | ||||||
Operating Segments | Corporate & Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | 0 | (1) | 0 | ||||||
Operating revenues | |||||||||
Net earned premiums | 0 | (1) | 0 | ||||||
Net investment income | 62 | 19 | 15 | ||||||
Non-insurance warranty revenue | 0 | 0 | 0 | ||||||
Other revenues | 11 | 6 | 6 | ||||||
Total operating revenues | 73 | 24 | 21 | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 82 | 76 | 109 | ||||||
Policyholders’ dividends | 0 | 0 | 0 | ||||||
Amortization of deferred acquisition costs | 0 | 0 | 0 | ||||||
Non-insurance warranty expense | 0 | 0 | 0 | ||||||
Other insurance related expenses | 2 | 4 | 9 | ||||||
Other expenses | 204 | 174 | 155 | ||||||
Total claims, benefits and expenses | 288 | 254 | 273 | ||||||
Core income (loss) before income tax | (215) | (230) | (252) | ||||||
Income tax (expense) benefit on core income (loss) | 42 | 47 | 48 | ||||||
Core income (loss) | (173) | (183) | (204) | ||||||
Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net written premiums | (1) | (1) | (1) | ||||||
Operating revenues | |||||||||
Net earned premiums | (1) | (1) | (1) | ||||||
Net investment income | 0 | 0 | 0 | ||||||
Non-insurance warranty revenue | 0 | 0 | 0 | ||||||
Other revenues | (10) | (5) | (6) | ||||||
Total operating revenues | (11) | (6) | (7) | ||||||
Claims, Benefits and Expenses | |||||||||
Net incurred claims and benefits | 0 | 0 | 0 | ||||||
Policyholders’ dividends | 0 | 0 | 0 | ||||||
Amortization of deferred acquisition costs | 0 | 0 | 0 | ||||||
Non-insurance warranty expense | 0 | 0 | 0 | ||||||
Other insurance related expenses | (1) | (1) | (1) | ||||||
Other expenses | (10) | (5) | (6) | ||||||
Total claims, benefits and expenses | (11) | (6) | (7) | ||||||
Core income (loss) before income tax | 0 | 0 | 0 | ||||||
Income tax (expense) benefit on core income (loss) | 0 | 0 | 0 | ||||||
Core income (loss) | $ 0 | $ 0 | $ 0 | ||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Business Segments (Balance Shee
Business Segments (Balance Sheet Information) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | $ 5,434 | $ 5,438 | $ 5,484 | ||
Insurance receivables | 3,470 | 3,187 | 2,974 | ||
Deferred acquisition costs | 896 | 806 | [1] | 737 | |
Goodwill | 146 | 144 | [1] | 148 | |
Deferred non-insurance warranty acquisition expense | 3,661 | 3,671 | [1] | 3,476 | |
Insurance reserves | |||||
Claim and claim adjustment expenses | 23,304 | 22,120 | [1] | 21,268 | |
Unearned premiums | 6,933 | 6,374 | [1] | 5,761 | |
Future policy benefits | 18,298 | ||||
Future policy benefits | 13,959 | 13,480 | [1] | 18,010 | $ 19,132 |
Deferred non-insurance warranty revenue | 4,694 | 4,714 | [1] | 4,503 | |
Operating Segments | Specialty | |||||
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | 1,281 | 1,384 | 1,200 | ||
Insurance receivables | 1,053 | 1,082 | 1,136 | ||
Deferred acquisition costs | 392 | 381 | 363 | ||
Goodwill | 117 | 117 | 117 | ||
Deferred non-insurance warranty acquisition expense | 3,661 | 3,671 | 3,476 | ||
Insurance reserves | |||||
Claim and claim adjustment expenses | 7,131 | 6,878 | 6,433 | ||
Unearned premiums | 3,227 | 3,193 | 3,001 | ||
Future policy benefits | 0 | ||||
Future policy benefits | 0 | 0 | |||
Deferred non-insurance warranty revenue | 4,694 | 4,714 | 4,503 | ||
Operating Segments | Commercial | |||||
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | 1,218 | 1,062 | 923 | ||
Insurance receivables | 2,024 | 1,728 | 1,488 | ||
Deferred acquisition costs | 371 | 321 | 278 | ||
Goodwill | 0 | 0 | 0 | ||
Deferred non-insurance warranty acquisition expense | 0 | 0 | 0 | ||
Insurance reserves | |||||
Claim and claim adjustment expenses | 10,103 | 9,395 | 8,890 | ||
Unearned premiums | 2,858 | 2,425 | 2,066 | ||
Future policy benefits | 0 | ||||
Future policy benefits | 0 | 0 | |||
Deferred non-insurance warranty revenue | 0 | 0 | 0 | ||
Operating Segments | International | |||||
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | 468 | 414 | 381 | ||
Insurance receivables | 388 | 369 | 340 | ||
Deferred acquisition costs | 133 | 104 | 96 | ||
Goodwill | 29 | 27 | 31 | ||
Deferred non-insurance warranty acquisition expense | 0 | 0 | 0 | ||
Insurance reserves | |||||
Claim and claim adjustment expenses | 2,709 | 2,403 | 2,280 | ||
Unearned premiums | 749 | 653 | 585 | ||
Future policy benefits | 0 | ||||
Future policy benefits | 0 | 0 | |||
Deferred non-insurance warranty revenue | 0 | 0 | 0 | ||
Operating Segments | Life & Group | |||||
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | 93 | 101 | 401 | ||
Insurance receivables | 5 | 8 | 6 | ||
Deferred acquisition costs | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Deferred non-insurance warranty acquisition expense | 0 | 0 | 0 | ||
Insurance reserves | |||||
Claim and claim adjustment expenses | 675 | 695 | 848 | ||
Unearned premiums | 99 | 103 | 109 | ||
Future policy benefits | 18,298 | ||||
Future policy benefits | 13,959 | 13,480 | |||
Deferred non-insurance warranty revenue | 0 | 0 | 0 | ||
Operating Segments | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | 2,374 | 2,477 | 2,579 | ||
Insurance receivables | 0 | 0 | 4 | ||
Deferred acquisition costs | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Deferred non-insurance warranty acquisition expense | 0 | 0 | 0 | ||
Insurance reserves | |||||
Claim and claim adjustment expenses | 2,686 | 2,749 | 2,817 | ||
Unearned premiums | 0 | 0 | 0 | ||
Future policy benefits | 0 | ||||
Future policy benefits | 0 | 0 | |||
Deferred non-insurance warranty revenue | 0 | 0 | 0 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Reinsurance receivables | 0 | 0 | 0 | ||
Insurance receivables | 0 | 0 | 0 | ||
Deferred acquisition costs | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Deferred non-insurance warranty acquisition expense | 0 | 0 | 0 | ||
Insurance reserves | |||||
Claim and claim adjustment expenses | 0 | 0 | 0 | ||
Unearned premiums | 0 | 0 | 0 | ||
Future policy benefits | 0 | ||||
Future policy benefits | 0 | 0 | |||
Deferred non-insurance warranty revenue | $ 0 | $ 0 | $ 0 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Business Segments (Revenues by
Business Segments (Revenues by Line of Business) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Total revenues | $ 13,299 | $ 11,879 | [1] | $ 11,908 | [1] |
Total operating revenues | 13,398 | 12,078 | 11,788 | ||
Net investment gains (losses) | (99) | (199) | [1] | 120 | [1] |
Operating Segments | Specialty | |||||
Total revenues | 5,490 | 5,209 | 5,004 | ||
Operating Segments | Commercial | |||||
Total revenues | 5,221 | 4,441 | 4,199 | ||
Operating Segments | International | |||||
Total revenues | 1,279 | 1,134 | 1,114 | ||
Operating Segments | Life & Group | |||||
Total revenues | 1,346 | 1,276 | 1,457 | ||
Operating Segments | Corporate & Other | |||||
Total revenues | 73 | 24 | 21 | ||
Eliminations | |||||
Total revenues | (11) | (6) | (7) | ||
Management & Professional Liability | Operating Segments | Specialty | |||||
Total revenues | 2,931 | 2,771 | 2,776 | ||
Surety | Operating Segments | Specialty | |||||
Total revenues | 731 | 652 | 604 | ||
Warranty & Alternative Risks | Operating Segments | Specialty | |||||
Total revenues | 1,828 | 1,786 | 1,624 | ||
Middle Market | Operating Segments | Commercial | |||||
Total revenues | 1,696 | 1,532 | 1,508 | ||
Construction | Operating Segments | Commercial | |||||
Total revenues | 1,678 | 1,421 | 1,322 | ||
Small Business | Operating Segments | Commercial | |||||
Total revenues | 631 | 581 | 558 | ||
Other Commercial | Operating Segments | Commercial | |||||
Total revenues | 1,216 | 907 | 811 | ||
Canada | Operating Segments | International | |||||
Total revenues | 383 | 366 | 344 | ||
Europe | Operating Segments | International | |||||
Total revenues | 532 | 466 | 473 | ||
Hardy | Operating Segments | International | |||||
Total revenues | $ 364 | $ 302 | $ 297 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Core income (loss) | $ 265 | $ 43 | $ 230 | $ 298 | $ 1,284 | $ 836 | $ 1,088 | ||
Net income (loss) | 239 | (42) | 190 | 295 | 1,205 | 682 | [1] | 1,184 | [1] |
Other comprehensive income (loss), net of tax | $ 405 | $ (840) | $ (783) | $ (1,020) | $ 926 | $ (2,238) | [1] | $ 177 | [1] |
Diluted earnings (loss) per share, Core income (loss) (in usd per share) | $ 0.97 | $ 0.16 | $ 0.84 | $ 1.09 | |||||
Diluted earnings (loss) per share (in usd per share) | $ 0.87 | $ (0.15) | $ 0.69 | $ 1.08 | $ 4.43 | $ 2.51 | [1] | $ 4.34 | [1] |
Liability for future policy benefits, gross premium valuation, pretax margin | $ 125 | ||||||||
Prior to Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Core income (loss) | $ 274 | 213 | $ 245 | $ 316 | $ 1,048 | ||||
Net income (loss) | 248 | 128 | 205 | 313 | 894 | $ 1,202 | |||
Other comprehensive income (loss), net of tax | $ 582 | $ (1,426) | $ (1,410) | $ (1,623) | $ (3,877) | $ (483) | |||
Diluted earnings (loss) per share, Core income (loss) (in usd per share) | $ 1.01 | $ 0.78 | $ 0.90 | $ 1.16 | |||||
Diluted earnings (loss) per share (in usd per share) | $ 0.91 | $ 0.47 | $ 0.75 | $ 1.15 | $ 3.28 | $ 4.41 | |||
Effect of Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Core income (loss) | $ (9) | $ (170) | $ (15) | $ (18) | $ (212) | ||||
Net income (loss) | (9) | (170) | (15) | (18) | (212) | $ (18) | |||
Other comprehensive income (loss), net of tax | $ (177) | $ 586 | $ 627 | $ 603 | $ 1,639 | $ 660 | |||
Diluted earnings (loss) per share, Core income (loss) (in usd per share) | $ (0.04) | $ (0.62) | $ (0.06) | $ (0.07) | |||||
Diluted earnings (loss) per share (in usd per share) | $ (0.04) | $ (0.62) | $ (0.06) | $ (0.07) | $ (0.77) | $ (0.07) | |||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Related Party Transactions Narr
Related Party Transactions Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Other liabilities | $ 2,897 | $ 2,983 | [1] | ||
Other assets | 2,534 | 2,274 | [1] | ||
Net earned premiums | 9,480 | 8,667 | [1] | $ 8,175 | [1] |
Related Party | |||||
Other liabilities | 28 | 26 | |||
Other assets | 23 | 18 | |||
Related Party | Fees and expenses of investment facilities and services | |||||
Related party transaction, amounts of transaction | 55 | 51 | 47 | ||
Related Party | Corporate services and related travel expenses | |||||
Related party transaction, amounts of transaction | 1 | 1 | |||
Related Party | Loews | |||||
Net earned premiums | $ 2 | $ 3 | $ 2 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Non-Insurance Revenues from C_2
Non-Insurance Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue from External Customer [Line Items] | ||||
Deferred non-insurance warranty revenue | $ 4,694 | $ 4,714 | [1] | $ 4,503 |
Contract with customer, liability, revenue recognized | 1,400 | 1,300 | ||
Deferred non-insurance warranty acquisition expense | 3,661 | 3,671 | [1] | $ 3,476 |
Amortization of deferred sales commissions | 1,200 | |||
Capitalized Commission Costs | ||||
Revenue from External Customer [Line Items] | ||||
Deferred non-insurance warranty acquisition expense | 3,600 | |||
Capitalized Administrator Service Costs | ||||
Revenue from External Customer [Line Items] | ||||
Deferred non-insurance warranty acquisition expense | $ 62 | $ 53 | ||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Non-Insurance Revenues from C_3
Non-Insurance Revenues from Contracts with Customers (Performance obligation) (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 1.4 |
Remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 1.1 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 0.8 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 1.4 |
Remaining performance obligation, expected timing of satisfaction, period |
Schedule II. Condensed Financ_2
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Schedule of Condensed Financial Information of Registrant, Statements of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Revenues | |||||||||
Net investment income | $ 2,264 | $ 1,805 | [1] | $ 2,159 | [1] | ||||
Total revenues | 13,299 | 11,879 | [1] | 11,908 | [1] | ||||
Expenses | |||||||||
Interest | 127 | 112 | [1] | 113 | [1] | ||||
Income tax benefit | (313) | (132) | [1] | (278) | [1] | ||||
Net income | $ 239 | $ (42) | $ 190 | $ 295 | 1,205 | 682 | [1] | 1,184 | [1] |
Other comprehensive income (loss) | $ 405 | $ (840) | $ (783) | $ (1,020) | 926 | (2,238) | [1] | 177 | [1] |
Total comprehensive income (loss) | 2,131 | (1,556) | [1] | 1,361 | [1] | ||||
Parent Company | |||||||||
Revenues | |||||||||
Net investment income | 41 | 8 | 0 | ||||||
Total revenues | 41 | 8 | 0 | ||||||
Expenses | |||||||||
Administrative and general | 2 | 1 | 1 | ||||||
Interest | 126 | 112 | 112 | ||||||
Total expenses | 128 | 113 | 113 | ||||||
Loss from operations before income taxes and equity in net income of subsidiaries | (87) | (105) | (113) | ||||||
Income tax benefit | 4 | 6 | 11 | ||||||
Loss before equity in net income of subsidiaries | (83) | (99) | (102) | ||||||
Equity in net income of subsidiaries | 1,288 | 781 | 1,286 | ||||||
Net income | 1,205 | 682 | 1,184 | ||||||
Total comprehensive income (loss) | $ 2,131 | $ (1,556) | $ 1,361 | ||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Schedule II. Condensed Financ_3
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Schedule of Condensed Financial Information of Registrant, Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Assets | |||||
Cash | $ 345 | $ 475 | [1] | ||
Other assets | 2,534 | 2,274 | [1] | ||
Total assets | 64,711 | 61,000 | [1] | ||
Liabilities | |||||
Short-term debt | 550 | 243 | [1] | ||
Long-term debt | 2,481 | 2,538 | [1] | ||
Other liabilities | 2,897 | 2,983 | [1] | ||
Total liabilities | 54,818 | 52,452 | [1] | ||
Stockholders' Equity | |||||
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,881,457 and 270,895,902 shares outstanding) | 683 | 683 | [1] | ||
Additional paid-in capital | 2,221 | 2,220 | [1] | ||
Retained earnings | 9,755 | 9,336 | [1] | ||
Accumulated other comprehensive loss | (2,672) | (3,598) | [1] | ||
Treasury stock (2,158,786 and 2,144,341 shares), at cost | (94) | (93) | [1] | ||
Total stockholders’ equity | 9,893 | 8,548 | [1] | $ 11,105 | |
Total liabilities and stockholders' equity | $ 64,711 | $ 61,000 | [1] | ||
Balance Sheet Parenthetical | |||||
Common stock, par value (in usd per share) | $ 2.50 | $ 2.50 | |||
Common stock, shares authorized (in shares | 500,000,000 | 500,000,000 | |||
Common stock, shares issued (in shares) | 273,040,243 | 273,040,243 | |||
Common stock, shares outstanding (in shares) | 270,881,457 | 270,895,902 | |||
Treasury stock, shares (in shares) | 2,158,786 | 2,144,341 | |||
Related Party | |||||
Assets | |||||
Other assets | $ 23 | $ 18 | |||
Liabilities | |||||
Other liabilities | 28 | 26 | |||
Parent Company | |||||
Assets | |||||
Investment in subsidiaries | 11,948 | 10,786 | |||
Cash | 1 | 2 | |||
Short-term investments | 1,009 | 578 | |||
Total assets | 12,963 | 11,370 | |||
Liabilities | |||||
Short-term debt | 550 | 243 | |||
Long-term debt | 2,481 | 2,538 | |||
Other liabilities | 39 | 41 | |||
Total liabilities | 3,070 | 2,822 | |||
Stockholders' Equity | |||||
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,881,457 and 270,895,902 shares outstanding) | 683 | 683 | |||
Additional paid-in capital | 2,221 | 2,220 | |||
Retained earnings | 9,755 | 9,336 | |||
Accumulated other comprehensive loss | (2,672) | (3,598) | |||
Treasury stock (2,158,786 and 2,144,341 shares), at cost | (94) | (93) | |||
Total stockholders’ equity | 9,893 | 8,548 | |||
Total liabilities and stockholders' equity | 12,963 | 11,370 | |||
Parent Company | Related Party | |||||
Assets | |||||
Other assets | 4 | 4 | |||
Parent Company | Nonrelated Party | |||||
Assets | |||||
Other assets | $ 1 | $ 0 | |||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Schedule II. Condensed Financ_4
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Schedule of Condensed Financial Information of Registrant, Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ 239 | $ (42) | $ 190 | $ 295 | $ 1,205 | $ 682 | [1] | $ 1,184 | [1] | ||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Net investment losses | 99 | 199 | [1] | (120) | [1] | ||||||
Other, net | (192) | (192) | [1] | (76) | [1] | ||||||
Net cash flows provided by operating activities | 2,285 | 2,502 | [1] | 1,997 | [1] | ||||||
Cash Flows from Investing Activities | |||||||||||
Change in short-term investments | (274) | 155 | [1] | (83) | [1] | ||||||
Other, net | (5) | (10) | [1] | 1 | [1] | ||||||
Net cash flows used by investing activities | (1,843) | (1,512) | [1] | (1,228) | [1] | ||||||
Cash Flows from Financing Activities | |||||||||||
Dividends paid to common stockholders | (787) | (982) | [1] | (621) | [1] | ||||||
Proceeds from the issuance of debt | 491 | 0 | [1] | 0 | [1] | ||||||
Repayment of debt | (243) | 0 | [1] | 0 | [1] | ||||||
Purchase of treasury stock | (24) | (39) | [1] | (18) | [1] | ||||||
Other, net | (14) | (11) | [1] | (9) | [1] | ||||||
Net cash flows used by financing activities | (577) | (1,032) | [1] | (648) | [1] | ||||||
Net change in cash | (130) | (61) | [1] | 117 | [1] | ||||||
Cash, beginning of year | [1] | 536 | 475 | 536 | 419 | ||||||
Cash, end of year | 475 | [1] | 345 | 475 | [1] | 536 | [1] | ||||
Parent Company | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | 1,205 | 682 | 1,184 | ||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Equity in net income of subsidiaries | (1,288) | (781) | (1,286) | ||||||||
Dividends received from subsidiaries | 1,055 | 990 | 880 | ||||||||
Other, net | 2 | 28 | 33 | ||||||||
Net cash flows provided by operating activities | 974 | 919 | 811 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Change in short-term investments | (395) | 114 | (163) | ||||||||
Capital contributions to subsidiaries | (3) | 0 | 0 | ||||||||
Net cash flows used by investing activities | (398) | 114 | (163) | ||||||||
Cash Flows from Financing Activities | |||||||||||
Dividends paid to common stockholders | (787) | (982) | (621) | ||||||||
Proceeds from the issuance of debt | 491 | 0 | 0 | ||||||||
Repayment of debt | (243) | 0 | 0 | ||||||||
Purchase of treasury stock | (24) | (39) | (18) | ||||||||
Other, net | (14) | (11) | (8) | ||||||||
Net cash flows used by financing activities | (577) | (1,032) | (647) | ||||||||
Net change in cash | (1) | 1 | 1 | ||||||||
Cash, beginning of year | $ 1 | 2 | 1 | 0 | |||||||
Cash, end of year | $ 2 | $ 1 | $ 2 | $ 1 | |||||||
[1]As of January 1, 2023, the Company adopted ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information. |
Schedule II. Condensed Financ_5
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Narrative) (Details) | Dec. 31, 2023 |
CNAF Consolidated | Loews | |
Condensed Financial Statements, Captions [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 92% |
Schedule V. Valuation and Qua_2
Schedule V. Valuation and Qualifying Accounts (Schedule of valuation and qualifying accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage loan receivables | |||
Movement in valuation allowances and reserves [Roll Forward] | |||
Balance Beginning of Period | $ 24 | $ 16 | $ 26 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 11 | 8 | (10) |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 35 | 24 | 16 |
Insurance and reinsurance receivables | |||
Movement in valuation allowances and reserves [Roll Forward] | |||
Balance Beginning of Period | 51 | 50 | 54 |
Charged to Costs and Expenses | 11 | 8 | 4 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (12) | (7) | (8) |
Balance at End of Period | 50 | 51 | 50 |
Fixed maturity securities | |||
Movement in valuation allowances and reserves [Roll Forward] | |||
Balance Beginning of Period | 1 | 18 | 40 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 44 | 4 | 30 |
Deductions | (29) | (21) | (52) |
Balance at End of Period | $ 16 | $ 1 | $ 18 |
Schedule VI. Supplemental Inf_2
Schedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Incurred claim and claim adjustment expenses related to current year | $ 5,667 | $ 5,181 | $ 5,021 |
Incurred claim and claim adjustment expenses related to prior years | 48 | (32) | 15 |
Consolidated Property and Casualty Insurance Entity | |||
Deferred acquisition costs | 806 | ||
Reserves for unpaid claim and claim adjustment expenses | 23,304 | 22,120 | |
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%) | 647 | 683 | |
Unearned premiums | 6,933 | 6,374 | |
Net written premiums | 9,892 | 9,128 | 8,405 |
Net earned premiums | 9,480 | 8,667 | 8,175 |
Net investment income | 2,163 | 1,751 | 2,111 |
Incurred claim and claim adjustment expenses related to current year | 5,181 | 5,021 | |
Incurred claim and claim adjustment expenses related to prior years | (32) | 15 | |
Amortization of deferred acquisition costs | 1,644 | 1,490 | 1,443 |
Paid claim and claim adjustment expenses | $ 4,601 | $ 4,302 | $ 3,949 |
Consolidated Property and Casualty Insurance Entity | Minimum | |||
Supplemental Information Parenthetical | |||
SEC Schedule, 12-18, supplemental information, property-casualty insurance underwriters, interest rate at which discount computed | 3.50% | 3.50% | |
Consolidated Property and Casualty Insurance Entity | Maximum | |||
Supplemental Information Parenthetical | |||
SEC Schedule, 12-18, supplemental information, property-casualty insurance underwriters, interest rate at which discount computed | 6.40% | 6.40% |