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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Fixed-maturity securities | The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions) |  | Amortized cost |  | Gross unrealized |  | Fair value
At December 31, 2023 |  |  | gains |  | losses |
Fixed-maturity securities: |  |  |  |  |  |  |  |
Corporate |  | $ | 7,836 |  |  | $ | 70 |  |  | $ | 454 |  |  | $ | 7,452 |
States, municipalities and political subdivisions |  | 4,867 |  |  | 44 |  |  | 208 |  |  | 4,703 |
Government-sponsored enterprises |  | 1,227 |  |  | 3 |  |  | 6 |  |  | 1,224 |
United States government |  | 203 |  |  | — |  |  | 3 |  |  | 200 |
Mortgage-backed |  | 203 |  |  | — |  |  | 16 |  |  | 187 |
Foreign government |  | 25 |  |  | — |  |  | — |  |  | 25 |
Total |  | $ | 14,361 |  |  | $ | 117 |  |  | $ | 687 |  |  | $ | 13,791 |
At December 31, 2022 |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |
Corporate |  | $ | 7,412 |  |  | $ | 37 |  |  | $ | 580 |  |  | $ | 6,869 |
States, municipalities and political subdivisions |  | 4,901 |  |  | 24 |  |  | 303 |  |  | 4,622 |
Government-sponsored enterprises |  | 186 |  |  | — |  |  | 3 |  |  | 183 |
United States government |  | 196 |  |  | — |  |  | 5 |  |  | 191 |
Mortgage-backed |  | 250 |  |  | — |  |  | 16 |  |  | 234 |
Foreign government |  | 34 |  |  | — |  |  | 1 |  |  | 33 |
Total |  | $ | 12,979 |  |  | $ | 61 |  |  | $ | 908 |  |  | $ | 12,132 |
Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position | The table below provides fair values and unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions:
(Dollars in millions) |  | Less than 12 months |  | 12 months or more |  | Total
At December 31, 2023 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Fixed-maturity securities:
Corporate |  | $ | 379 |  |  | $ | 13 |  |  | $ | 5,560 |  |  | $ | 441 |  |  | $ | 5,939 |  |  | $ | 454 |
States, municipalities and political subdivisions |  | 313 |  |  | 2 |  |  | 1,932 |  |  | 206 |  |  | 2,245 |  |  | 208 |
Government-sponsored enterprises |  | 652 |  |  | 3 |  |  | 113 |  |  | 3 |  |  | 765 |  |  | 6 |
United States government |  | 32 |  |  | — |  |  | 129 |  |  | 3 |  |  | 161 |  |  | 3 |
Mortgage-backed |  | 5 |  |  | — |  |  | 172 |  |  | 16 |  |  | 177 |  |  | 16 |
Foreign government |  | 3 |  |  | — |  |  | 6 |  |  | — |  |  | 9 |  |  | — |
Total |  | $ | 1,384 |  |  | $ | 18 |  |  | $ | 7,912 |  |  | $ | 669 |  |  | $ | 9,296 |  |  | $ | 687 |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities:
Corporate |  | $ | 5,651 |  |  | $ | 412 |  |  | $ | 661 |  |  | $ | 168 |  |  | $ | 6,312 |  |  | $ | 580 |
States, municipalities and political subdivisions |  | 2,600 |  |  | 274 |  |  | 77 |  |  | 29 |  |  | 2,677 |  |  | 303 |
Government-sponsored enterprises |  | 123 |  |  | 3 |  |  | 3 |  |  | — |  |  | 126 |  |  | 3 |
United States government |  | 146 |  |  | 3 |  |  | 41 |  |  | 2 |  |  | 187 |  |  | 5 |
Mortgage-backed |  | 215 |  |  | 13 |  |  | 14 |  |  | 3 |  |  | 229 |  |  | 16 |
Foreign government |  | 25 |  |  | 1 |  |  | 4 |  |  | — |  |  | 29 |  |  | 1 |
Total |  | $ | 8,760 |  |  | $ | 706 |  |  | $ | 800 |  |  | $ | 202 |  |  | $ | 9,560 |  |  | $ | 908 |
Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments | Contractual maturity dates for fixed-maturity securities were:
(Dollars in millions) |  | Amortized cost |  | Fair value |  | % of fair value
At December 31, 2023 |  |  |
Maturity dates: |  |  |  |  |  |
Due in one year or less |  | $ | 973 |  |  | $ | 964 |  |  | 7.0 | %
Due after one year through five years |  | 4,407 |  |  | 4,304 |  |  | 31.2 |
Due after five years through ten years |  | 3,592 |  |  | 3,474 |  |  | 25.2 |
Due after ten years |  | 5,389 |  |  | 5,049 |  |  | 36.6 |
Total |  | $ | 14,361 |  |  | $ | 13,791 |  |  | 100.0 | %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses | The following table provides investment income and investment gains and losses:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Investment income: |  |  |  |  |  |
Interest |  | $ | 600 |  |  | $ | 510 |  |  | $ | 477 |
Dividends |  | 282 |  |  | 275 |  |  | 246 |
Other |  | 25 |  |  | 11 |  |  | 5 |
Total |  | 907 |  |  | 796 |  |  | 728 |
Less investment expenses |  | 13 |  |  | 15 |  |  | 14 |
Total |  | $ | 894 |  |  | $ | 781 |  |  | $ | 714 |
Investment gains and losses, net: |  |  |  |  |  |
Equity securities: |  |  |  |  |  |
Investment gains and losses on securities sold, net |  | $ | (17) |  |  | $ | 16 |  |  | $ | 4 |
Unrealized gains and losses on securities still held, net |  | 1,168 |  |  | (1,526) |  |  | 2,278 |
Subtotal |  | 1,151 |  |  | (1,510) |  |  | 2,282 |
Fixed-maturity securities: |  |  |  |  |  |
Gross realized gains |  | 4 |  |  | 6 |  |  | 36 |
Gross realized losses |  | (5) |  |  | (4) |  |  | (5) |
Change in allowance for credit losses, net |  | (17) |  |  | — |  |  | — |
Write-down of impaired securities with intent to sell |  | (4) |  |  | (5) |  |  | (1) |
Subtotal |  | (22) |  |  | (3) |  |  | 30 |
Other |  | (2) |  |  | 46 |  |  | 97 |
Total |  | $ | 1,127 |  |  | $ | (1,467) |  |  | $ | 2,409 |

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