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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components Of Deferred Tax Assets And Liabilities | The significant components of deferred tax assets and liabilities included in the consolidated balance sheets at December 31 were as follows:
(Dollars in millions) |  | At December 31,
|  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Unearned premiums |  | $ | 165 |  |  | $ | 148 |
Loss and loss expense reserves |  | 120 |  |  | 106 |
Net operating loss on international earnings |  | 26 |  |  | 28 |
Deferred international earnings |  | — |  |  | 16 |
Other |  | 70 |  |  | 55 |
Deferred tax assets before valuation allowance |  | 381 |  |  | 353 |
Valuation allowance for international operations |  | — |  |  | 31 |
Deferred tax assets net of valuation allowance |  | 381 |  |  | 322 |
Deferred tax liabilities: |  |  |  |
Investment gains and other, net |  | 1,290 |  |  | 992 |
Deferred acquisition costs |  | 184 |  |  | 171 |
Life policy reserves |  | 104 |  |  | 121 |
Deferred international earnings |  | 21 |  |  | — |
Investments |  | 35 |  |  | 31 |
Other |  | 71 |  |  | 61 |
Total gross deferred tax liabilities |  | 1,705 |  |  | 1,376 |
Net deferred income tax liability |  | $ | 1,324 |  |  | $ | 1,054 |
Schedule of Income before Income Tax | For financial reporting purposes, income (loss) before income taxes includes the following components:
(Dollars in millions) |  | For the years ended December 31,
|  | 2023 |  | 2022 |  | 2021
United States |  | $ | 2,195 |  |  | $ | (719) |  |  | $ | 3,672 |
International |  | 81 |  |  | 25 |  |  | 26 |
Total income (loss) before income taxes |  | $ | 2,276 |  |  | $ | (694) |  |  | $ | 3,698 |
Schedule of The Provision (Benefit) of Income Taxes | The provision (benefit) for income taxes consists of:
(Dollars in millions) |  | For the years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Provision (benefit) for income taxes: |  |  |  |  |  |
Current – United States federal |  | $ | 209 |  |  | $ | 148 |  |  | $ | 248 |
International |  | 1 |  |  | — |  |  | (1) |
Total current |  | 210 |  |  | 148 |  |  | 247 |
Deferred – United States federal |  | 216 |  |  | (355) |  |  | 483 |
International |  | 7 |  |  | — |  |  | — |
Total deferred |  | 223 |  |  | (355) |  |  | 483 |
Total provision (benefit) for income taxes |  | $ | 433 |  |  | $ | (207) |  |  | $ | 730 |
Differences Between The 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate | The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Tax at statutory rate: |  | $ | 478 |  |  | 21.0 | % |  | $ | (146) |  |  | 21.0 | % |  | $ | 777 |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income from municipal bonds |  | (21) |  |  | (0.9) |  |  | (20) |  |  | 2.9 |  |  | (20) |  |  | (0.5) |
Dividend received exclusion |  | (22) |  |  | (1.0) |  |  | (21) |  |  | 3.0 |  |  | (20) |  |  | (0.5) |
Release of unrecognized tax benefit |  | — |  |  | — |  |  | (34) |  |  | 4.9 |  |  | — |  |  | — |
Other |  | (2) |  |  | (0.1) |  |  | 14 |  |  | (2.0) |  |  | (7) |  |  | (0.3) |
Provision (benefit) for income taxes |  | $ | 433 |  |  | 19.0 | % |  | $ | (207) |  |  | 29.8 | % |  | $ | 730 |  |  | 19.7 | %
Reconciliation of Cincinnati Global Valuation Allowance | The following is a tabular reconciliation of the total amounts of our Cincinnati Global valuation allowance:
(Dollars in millions) | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
Valuation allowance, January 1 |  | $ | 31 |  |  | $ | 53 |  |  | $ | 56 |  |  |
Current year operations |  | (31) |  |  | (22) |  |  | (3) |  |  |
Valuation allowance, December 31 |  | $ | — |  |  | $ | 31 |  |  | $ | 53 |  |  |

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