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Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024 were as follows:

In millions			Level 1						Level 2						Level 3						Total
September 30, 2025
Cash and cash equivalents			$	3,357					$	5,741					$	—					$	9,098
Debt securities:
U.S. government securities			2,876						9						—						2,885
States, municipalities and political subdivisions			—						287						—						287
U.S. corporate securities			—						13,768						52						13,820
Foreign securities			—						2,838						—						2,838
Residential mortgage-backed securities			—						941						—						941
Commercial mortgage-backed securities			—						1,935						—						1,935
Other asset-backed securities			—						5,114						—						5,114
Redeemable preferred securities			—						15						—						15
Total debt securities			2,876						24,907						52						27,835
Equity securities			103						—						166						269
Total			$	6,336					$	30,648					$	218					$	37,202
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 September 30, 2025 and December 31, 2024 were as follows:

			Carrying Value						Estimated Fair Value
In millions									Level 1						Level 2						Level 3						Total
September 30, 2025
Assets:
Mortgage loans			$	1,523					$	—					$	—					$	1,520					$	1,520
Equity securities (1)			530						N/A						N/A						N/A						N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity			1						—						—						1						1
Without a fixed maturity			293						—						—						260						260
Long-term debt			64,589						62,219						—						—						62,219
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 investments as they represent shares of unlisted companies.

Schedule of Fair Value of Separate Accounts by Major Category of Investment

Separate Accounts financial assets as of September 30, 2025 and December 31, 2024 were as follows:

			September 30, 2025																								December 31, 2024
In millions			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Cash and cash equivalents			$	5					$	155					$	—					$	160					$	1					$	164					$	—					$	165
Debt securities			31						362						1						394						186						669						1						856
Common/collective trusts			—						1,337						—						1,337						—						2,478						—						2,478
Total (1)			$	36					$	1,854					$	1					$	1,891					$	187					$	3,311					$	1					$	3,499

_____________________________________________

(1)Excludes $43 million of other receivables and $188 million of other payables at September 30, 2025 and December 31, 2024, respectively.

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of September 30, 2025 and December 31, 2024:

In millions			September 30, 2025						December 31, 2024
Cash and cash equivalents			$	160					$	165
Debt securities:
U.S. government securities			36						186
States, municipalities and political subdivisions			11						14
U.S. corporate securities			290						524
Foreign securities			42						51
Residential mortgage-backed securities			7						71
Commercial mortgage-backed securities			3						3
Other asset-backed securities			5						7
Total debt securities			394						856
Common/collective trusts			1,337						2,478
Total (1)			$	1,891					$	3,499

_____________________________________________

(1)Excludes $43 million of other receivables and $188 million of other payables at September 30, 2025 and December 31, 2024, respectively.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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