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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
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 unrealizedFair value
At September 30, 2024gainslosses
Fixed-maturity securities:    
Corporate $8,407 $150 $218 $8,339 
States, municipalities and political subdivisions4,944 41 176 4,809 
Government-sponsored enterprises 2,147 5 1 2,151 
Asset-backed317 4 7 314 
United States government228 1 2 227 
Foreign government31 — — 31 
Total$16,074 $201 $404 $15,871 
At December 31, 2023    
Fixed-maturity securities:    
Corporate $7,836 $70 $454 $7,452 
States, municipalities and political subdivisions4,867 44 208 4,703 
Government-sponsored enterprises1,227 3 6 1,224 
Asset-backed 203 — 16 187 
United States government203 — 3 200 
Foreign government25 — — 25 
Total$14,361 $117 $687 $13,791 
Fair Value and Unrealized Losses by Investment Category and By the Duration of the Securities' Continuous Unrealized Loss Position
The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:
(Dollars in millions)Less than 12 months12 months or moreTotal
At September 30, 2024Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed-maturity securities:      
Corporate $402 $5 $3,937 $213 $4,339 $218 
States, municipalities and political subdivisions287 4 2,000 172 2,287 176 
Government-sponsored enterprises715 1 128 — 843 1 
Asset-backed48 — 99 7 147 7 
United States government— — 103 2 103 2 
Foreign government— — 5 — 5 — 
Total$1,452 $10 $6,272 $394 $7,724 $404 
At December 31, 2023      
Fixed-maturity securities:      
Corporate $379 $13 $5,560 $441 $5,939 $454 
States, municipalities and political subdivisions313 2 1,932 206 2,245 208 
Government-sponsored enterprises652 3 113 3 765 6 
Asset-backed5 — 172 16 177 16 
United States government32 — 129 3 161 3 
Foreign government3 — 6 — 9 — 
Total$1,384 $18 $7,912 $669 $9,296 $687 
Investments Classified by Contractual Maturity Date
Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost		Fair
value		% of fair
value
At September 30, 2024
Maturity dates:   
Due in one year or less$1,198 $1,194 7.5 %
Due after one year through five years4,011 3,993 25.2 
Due after five years through ten years3,554 3,542 22.3 
Due after ten years7,311 7,142 45.0 
Total$16,074 $15,871 100.0 %
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, net:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Investment income:
Interest$187 $154 $529 $441 
Dividends68 69 209 205 
Other 7 5 18 18 
Total262 228 756 664 
Less investment expenses4 3 11 9 
Total$258 $225 $745 $655 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$24 $(5)$146 $2 
Unrealized gains and losses on securities still held, net817 (458)1,446 99 
Subtotal841 (463)1,592 101 
Fixed-maturity securities:    
Gross realized gains1 1 5 2 
Gross realized losses(87)(1)(94)(2)
Change in allowance for credit losses, net— 1 (25)(2)
Write-down of impaired securities with intent to sell— — — (4)
Subtotal(86)1 (114)(6)
Other3 6 29 (11)
Total$758 $(456)$1,507 $84