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Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments [Abstract] |
Schedule of Total Investments | Total investments at March 31, 2023 and December 31, 2022 were as follows:
| March 31, 2023 |  | December 31, 2022
In millions | Current |  | Long-term |  | Total |  | Current |  | Long-term |  | Total
Debt securities available for sale | $ | 3,061 |  |  | $ | 17,761 |  |  | $ | 20,822 |  |  | $ | 2,718 |  |  | $ | 17,562 |  |  | $ | 20,280 |
Mortgage loans | 39 |  |  | 1,038 |  |  | 1,077 |  |  | 55 |  |  | 989 |  |  | 1,044 |
Other investments | 2 |  |  | 2,813 |  |  | 2,815 |  |  | 5 |  |  | 2,562 |  |  | 2,567 |
Total investments (1) | $ | 3,102 |  |  | $ | 21,612 |  |  | $ | 24,714 |  |  | $ | 2,778 |  |  | $ | 21,113 |  |  | $ | 23,891 |
_____________________________________________ (1)Includes long-term investments of $17 million which have been accounted for as assets held for sale and are included in assets held for sale on the unaudited condensed consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions and Assets Held for Sale’’ for additional information.
Schedule of Debt Securities Available For Sale | Debt securities available for sale at March 31, 2023 and December 31, 2022 were as follows:
In millions | Gross Amortized Cost |  | Allowance for Credit Losses |  | Net Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 2,071 |  |  | $ | — |  |  | $ | 2,071 |  |  | $ | 4 |  |  | $ | (140) |  |  | $ | 1,935 |
States, municipalities and political subdivisions | 2,322 |  |  | — |  |  | 2,322 |  |  | 18 |  |  | (86) |  |  | 2,254 |
U.S. corporate securities | 9,983 |  |  | (2) |  |  | 9,981 |  |  | 48 |  |  | (665) |  |  | 9,364 |
Foreign securities | 2,765 |  |  | (1) |  |  | 2,764 |  |  | 21 |  |  | (193) |  |  | 2,592 |
Residential mortgage-backed securities | 881 |  |  | — |  |  | 881 |  |  | 2 |  |  | (71) |  |  | 812 |
Commercial mortgage-backed securities | 1,173 |  |  | — |  |  | 1,173 |  |  | 1 |  |  | (146) |  |  | 1,028 |
Other asset-backed securities | 2,901 |  |  | — |  |  | 2,901 |  |  | 7 |  |  | (90) |  |  | 2,818 |
Redeemable preferred securities | 21 |  |  | — |  |  | 21 |  |  | — |  |  | (2) |  |  | 19 |
Total debt securities (1) | $ | 22,117 |  |  | $ | (3) |  |  | $ | 22,114 |  |  | $ | 101 |  |  | $ | (1,393) |  |  | $ | 20,822 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 2,074 |  |  | $ | — |  |  | $ | 2,074 |  |  | $ | — |  |  | $ | (182) |  |  | $ | 1,892 |
States, municipalities and political subdivisions | 2,393 |  |  | — |  |  | 2,393 |  |  | 8 |  |  | (129) |  |  | 2,272 |
U.S. corporate securities | 9,838 |  |  | (3) |  |  | 9,835 |  |  | 26 |  |  | (903) |  |  | 8,958 |
Foreign securities | 2,780 |  |  | (1) |  |  | 2,779 |  |  | 15 |  |  | (244) |  |  | 2,550 |
Residential mortgage-backed securities | 845 |  |  | — |  |  | 845 |  |  | 1 |  |  | (89) |  |  | 757 |
Commercial mortgage-backed securities | 1,172 |  |  | — |  |  | 1,172 |  |  | 1 |  |  | (155) |  |  | 1,018 |
Other asset-backed securities | 2,940 |  |  | — |  |  | 2,940 |  |  | 6 |  |  | (136) |  |  | 2,810 |
Redeemable preferred securities | 25 |  |  | — |  |  | 25 |  |  | — |  |  | (2) |  |  | 23 |
Total debt securities (1) | $ | 22,067 |  |  | $ | (4) |  |  | $ | 22,063 |  |  | $ | 57 |  |  | $ | (1,840) |  |  | $ | 20,280 |
_____________________________________________ (1)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At March 31, 2023, debt securities with a fair value of $620 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $40 million and at December 31, 2022, debt securities with a fair value of $609 million, gross unrealized capital gains of $3 million and gross unrealized capital losses of $59 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive loss.
Schedule of Net Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The net amortized cost and fair value of debt securities at March 31, 2023 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millions | Net Amortized Cost |  | Fair Value
Due to mature: |  |  |
Less than one year | $ | 1,412 |  |  | $ | 1,395 |
One year through five years | 6,823 |  |  | 6,510 |
After five years through ten years | 4,627 |  |  | 4,299 |
Greater than ten years | 4,297 |  |  | 3,960 |
Residential mortgage-backed securities | 881 |  |  | 812 |
Commercial mortgage-backed securities | 1,173 |  |  | 1,028 |
Other asset-backed securities | 2,901 |  |  | 2,818 |
Total | $ | 22,114 |  |  | $ | 20,822 |
Schedule of Debt Securities In An Unrealized Capital Loss Position | Summarized below are the debt securities the Company held at March 31, 2023 and December 31, 2022 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
| Less than 12 months |  | Greater than 12 months |  | Total
In millions, except number of securities | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 153 |  |  | $ | 473 |  |  | $ | 20 |  |  | 323 |  |  | $ | 1,143 |  |  | $ | 120 |  |  | 476 |  |  | $ | 1,616 |  |  | $ | 140 |
States, municipalities and political subdivisions | 301 |  |  | 513 |  |  | 12 |  |  | 583 |  |  | 897 |  |  | 74 |  |  | 884 |  |  | 1,410 |  |  | 86 |
U.S. corporate securities | 2,675 |  |  | 3,640 |  |  | 167 |  |  | 3,300 |  |  | 4,116 |  |  | 498 |  |  | 5,975 |  |  | 7,756 |  |  | 665 |
Foreign securities | 653 |  |  | 946 |  |  | 34 |  |  | 787 |  |  | 1,163 |  |  | 159 |  |  | 1,440 |  |  | 2,109 |  |  | 193 |
Residential mortgage-backed securities | 350 |  |  | 362 |  |  | 12 |  |  | 183 |  |  | 361 |  |  | 59 |  |  | 533 |  |  | 723 |  |  | 71 |
Commercial mortgage-backed securities | 131 |  |  | 300 |  |  | 18 |  |  | 328 |  |  | 632 |  |  | 128 |  |  | 459 |  |  | 932 |  |  | 146 |
Other asset-backed securities | 527 |  |  | 1,126 |  |  | 23 |  |  | 726 |  |  | 1,257 |  |  | 67 |  |  | 1,253 |  |  | 2,383 |  |  | 90 |
Redeemable preferred securities | 7 |  |  | 14 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | — |  |  | 8 |  |  | 17 |  |  | 2 |
Total debt securities | 4,797 |  |  | $ | 7,374 |  |  | $ | 288 |  |  | 6,231 |  |  | $ | 9,572 |  |  | $ | 1,105 |  |  | 11,028 |  |  | $ | 16,946 |  |  | $ | 1,393 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 519 |  |  | $ | 1,620 |  |  | $ | 164 |  |  | 35 |  |  | $ | 191 |  |  | $ | 18 |  |  | 554 |  |  | $ | 1,811 |  |  | $ | 182 |
States, municipalities and political subdivisions | 859 |  |  | 1,370 |  |  | 95 |  |  | 196 |  |  | 322 |  |  | 34 |  |  | 1,055 |  |  | 1,692 |  |  | 129 |
U.S. corporate securities | 5,193 |  |  | 6,537 |  |  | 622 |  |  | 1,479 |  |  | 1,822 |  |  | 281 |  |  | 6,672 |  |  | 8,359 |  |  | 903 |
Foreign securities | 1,168 |  |  | 1,715 |  |  | 147 |  |  | 403 |  |  | 592 |  |  | 97 |  |  | 1,571 |  |  | 2,307 |  |  | 244 |
Residential mortgage-backed securities | 452 |  |  | 464 |  |  | 39 |  |  | 91 |  |  | 257 |  |  | 50 |  |  | 543 |  |  | 721 |  |  | 89 |
Commercial mortgage-backed securities | 288 |  |  | 611 |  |  | 69 |  |  | 187 |  |  | 381 |  |  | 86 |  |  | 475 |  |  | 992 |  |  | 155 |
Other asset-backed securities | 1,008 |  |  | 1,893 |  |  | 88 |  |  | 391 |  |  | 694 |  |  | 48 |  |  | 1,399 |  |  | 2,587 |  |  | 136 |
Redeemable preferred securities | 13 |  |  | 18 |  |  | 2 |  |  | 2 |  |  | 5 |  |  | — |  |  | 15 |  |  | 23 |  |  | 2 |
Total debt securities | 9,500 |  |  | $ | 14,228 |  |  | $ | 1,226 |  |  | 2,784 |  |  | $ | 4,264 |  |  | $ | 614 |  |  | 12,284 |  |  | $ | 18,492 |  |  | $ | 1,840 |
The maturity dates for debt securities in an unrealized capital loss position at March 31, 2023 were as follows:
| Supporting experience-rated products |  | Supporting remaining products |  | Total
In millions | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Due to mature: |  |  |  |  |  |  |  |  |  |  |
Less than one year | $ | 22 |  |  | $ | — |  |  | $ | 1,200 |  |  | $ | 18 |  |  | $ | 1,222 |  |  | $ | 18 |
One year through five years | 125 |  |  | 3 |  |  | 5,238 |  |  | 330 |  |  | 5,363 |  |  | 333 |
After five years through ten years | 120 |  |  | 12 |  |  | 3,171 |  |  | 346 |  |  | 3,291 |  |  | 358 |
Greater than ten years | 197 |  |  | 20 |  |  | 2,835 |  |  | 357 |  |  | 3,032 |  |  | 377 |
Residential mortgage-backed securities | 11 |  |  | 1 |  |  | 712 |  |  | 70 |  |  | 723 |  |  | 71 |
Commercial mortgage-backed securities | 23 |  |  | 3 |  |  | 909 |  |  | 143 |  |  | 932 |  |  | 146 |
Other asset-backed securities | 17 |  |  | 1 |  |  | 2,366 |  |  | 89 |  |  | 2,383 |  |  | 90 |
Total | $ | 515 |  |  | $ | 40 |  |  | $ | 16,431 |  |  | $ | 1,353 |  |  | $ | 16,946 |  |  | $ | 1,393 |
Schedule of Activity in Mortgage Loan Portfolio | During the three months ended March 31, 2023 and 2022, the Company had the following activity in its mortgage loan portfolio:
| Three Months Ended March 31, |  |
In millions | 2023 |  | 2022 |  |  |  |
New mortgage loans | $ | 55 |  |  | $ | 59 |  |  |  |  |
Mortgage loans fully repaid | 14 |  |  | 35 |  |  |  |  |
Mortgage loans foreclosed | — |  |  | — |  |  |  |  |
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator | Based on the Company’s assessments at March 31, 2023 and December 31, 2022, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows:
| Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 14 |
2 to 4 | 44 |  |  | 333 |  |  | 248 |  |  | 36 |  |  | 11 |  |  | 385 |  |  | 1,057 |
5 and 6 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |
7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 44 |  |  | $ | 333 |  |  | $ | 248 |  |  | $ | 36 |  |  | $ | 11 |  |  | $ | 405 |  |  | $ | 1,077 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 15 |
2 to 4 |  |  | 326 |  |  | 247 |  |  | 36 |  |  | 11 |  |  | 402 |  |  | 1,022 |
5 and 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 7 |
7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 326 |  |  | $ | 247 |  |  | $ | 36 |  |  | $ | 11 |  |  | $ | 424 |  |  | $ | 1,044 |
Schedule of Net Investment Income | Sources of net investment income for the three months ended March 31, 2023 and 2022 were as follows:
| Three Months Ended March 31, |  |
In millions | 2023 |  | 2022 |  |  |  |
Debt securities | $ | 191 |  |  | $ | 164 |  |  |  |  |
Mortgage loans | 13 |  |  | 11 |  |  |  |  |
Other investments | 245 |  |  | 77 |  |  |  |  |
Gross investment income | 449 |  |  | 252 |  |  |  |  |
Investment expenses | (10) |  |  | (9) |  |  |  |  |
Net investment income (excluding net realized capital losses) | 439 |  |  | 243 |  |  |  |  |
Net realized capital losses (1) | (105) |  |  | (75) |  |  |  |  |
Net investment income (2) | $ | 334 |  |  | $ | 168 |  |  |  |  |
_____________________________________________ (1)Net realized capital losses include the reversal of previously recorded credit-related impairment losses on debt securities of $1 million and yield-related impairment losses on debt securities of $24 million in the three months ended March 31, 2023. Net realized capital losses include credit-related and yield-related impairment losses on debt securities of $38 million and $18 million, respectively, in the three months ended March 31, 2022. (2)Net investment income includes $8 million and $9 million for the three months ended March 31, 2023 and 2022, respectively, related to investments supporting experience-rated products.
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities | Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2023 and 2022 were as follows:
| Three Months Ended March 31, |  |
In millions | 2023 |  | 2022 |  |  |  |
Proceeds from sales | $ | 1,341 |  |  | $ | 1,911 |  |  |  |  |
Gross realized capital gains | 3 |  |  | 14 |  |  |  |  |
Gross realized capital losses | 111 |  |  | 35 |  |  |  |  |

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