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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2025 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,763 |  |  | $ | 7,313 |  |  | $ | — |  |  | $ | 10,076 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,862 |  |  | 18 |  |  | — |  |  | 2,880 |
States, municipalities and political subdivisions | — |  |  | 376 |  |  | — |  |  | 376 |
U.S. corporate securities | — |  |  | 13,104 |  |  | 23 |  |  | 13,127 |
Foreign securities | — |  |  | 2,556 |  |  | — |  |  | 2,556 |
Residential mortgage-backed securities | — |  |  | 794 |  |  | — |  |  | 794 |
Commercial mortgage-backed securities | — |  |  | 1,728 |  |  | 13 |  |  | 1,741 |
Other asset-backed securities | — |  |  | 4,555 |  |  | — |  |  | 4,555 |
Redeemable preferred securities | — |  |  | 15 |  |  | — |  |  | 15 |
Total debt securities | 2,862 |  |  | 23,146 |  |  | 36 |  |  | 26,044 |
Equity securities | 173 |  |  | — |  |  | 128 |  |  | 301 |
Total | $ | 5,798 |  |  | $ | 30,459 |  |  | $ | 164 |  |  | $ | 36,421 |
December 31, 2024 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 4,948 |  |  | $ | 3,638 |  |  | $ | — |  |  | $ | 8,586 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,777 |  |  | 18 |  |  | — |  |  | 2,795 |
States, municipalities and political subdivisions | — |  |  | 698 |  |  | — |  |  | 698 |
U.S. corporate securities | — |  |  | 12,687 |  |  | 38 |  |  | 12,725 |
Foreign securities | — |  |  | 2,524 |  |  | — |  |  | 2,524 |
Residential mortgage-backed securities | — |  |  | 740 |  |  | — |  |  | 740 |
Commercial mortgage-backed securities | — |  |  | 1,673 |  |  | — |  |  | 1,673 |
Other asset-backed securities | — |  |  | 4,862 |  |  | — |  |  | 4,862 |
Redeemable preferred securities | — |  |  | 16 |  |  | — |  |  | 16 |
Total debt securities | 2,777 |  |  | 23,218 |  |  | 38 |  |  | 26,033 |
Equity securities | 234 |  |  | — |  |  | 126 |  |  | 360 |
Total | $ | 7,959 |  |  | $ | 26,856 |  |  | $ | 164 |  |  | $ | 34,979 |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the unaudited condensed consolidated balance sheets at adjusted cost or contract value at March 31, 2025 and December 31, 2024 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,498 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,482 |  |  | $ | 1,482 |
Equity securities (1) | 515 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 307 |  |  | — |  |  | — |  |  | 268 |  |  | 268 |
Long-term debt | 63,451 |  |  | 59,341 |  |  | — |  |  | — |  |  | 59,341 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,505 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,468 |  |  | $ | 1,468 |
Equity securities (1) | 490 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 312 |  |  | — |  |  | — |  |  | 272 |  |  | 272 |
Long-term debt | 64,151 |  |  | 58,724 |  |  | — |  |  | — |  |  | 58,724 |
_____________________________________________ (1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Separate Accounts financial assets as of March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025 |  | December 31, 2024
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2 |  |  | $ | 158 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 1 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 165 |
Debt securities | 20 |  |  | 375 |  |  | 1 |  |  | 396 |  |  | 186 |  |  | 669 |  |  | 1 |  |  | 856 |
Common/collective trusts | — |  |  | 1,343 |  |  | — |  |  | 1,343 |  |  | — |  |  | 2,478 |  |  | — |  |  | 2,478 |
Total (1) | $ | 22 |  |  | $ | 1,876 |  |  | $ | 1 |  |  | $ | 1,899 |  |  | $ | 187 |  |  | $ | 3,311 |  |  | $ | 1 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2025 and December 31, 2024:
In millions | March 31, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 160 |  |  | $ | 165 |
Debt securities: |  |  |
U.S. government securities | 26 |  |  | 186 |
States, municipalities and political subdivisions | 12 |  |  | 14 |
U.S. corporate securities | 293 |  |  | 524 |
Foreign securities | 48 |  |  | 51 |
Residential mortgage-backed securities | 9 |  |  | 71 |
Commercial mortgage-backed securities | 3 |  |  | 3 |
Other asset-backed securities | 5 |  |  | 7 |
Total debt securities | 396 |  |  | 856 |
Common/collective trusts | 1,343 |  |  | 2,478 |
Total (1) | $ | 1,899 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.

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