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Investments (Tables)

12 Months Ended

Dec. 31, 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 and short-term investments:

(Dollars in millions)						Amortized cost						Gross unrealized												Fair value
At December 31, 2024												gains						losses
Fixed-maturity:
Corporate						$	8,652					$	61					$	333					$	8,380
States, municipalities and political subdivisions						4,976						15						270						4,721
Government-sponsored enterprises						2,282						1						9						2,274
Asset-backed						567						1						17						551
United States government						228						—						2						226
Foreign government						30						—						—						30
Total fixed-maturity						16,735						78						631						16,182
Short-term						298						—						—						298
Total fixed-maturity and short-term investments						$	17,033					$	78					$	631					$	16,480
At December 31, 2023
Fixed-maturity:
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
Asset-backed						203						—						16						187
United States government						203						—						3						200
Foreign government						25						—						—						25
Total fixed-maturity						14,361						117						687						13,791
Short-term						—						—						—						—
Total fixed-maturity and short-term investments						$	14,361					$	117					$	687					$	13,791

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 continuous unrealized loss positions:

(Dollars in millions)						Less than 12 months												12 months or more												Total
At December 31, 2024						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Fixed-maturity:
Corporate						$	2,815					$	78					$	3,634					$	255					$	6,449					$	333
States, municipalities and political subdivisions						1,513						25						1,898						245						3,411						270
Government-sponsored enterprises						1,876						8						92						1						1,968						9
Asset-backed						331						10						96						7						427						17
United States government						48						—						100						2						148						2
Foreign government						—						—						3						—						3						—
Total fixed-maturity						6,583						121						5,823						510						12,406						631
Short-term						100						—						—						—						100						—
Total fixed-maturity and short-term investments						$	6,683					$	121					$	5,823					$	510					$	12,506					$	631
At December 31, 2023
Fixed-maturity:
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
Asset-backed						5						—						172						16						177						16
United States government						32						—						129						3						161						3
Foreign government						3						—						6						—						9						—
Total fixed-maturity						1,384						18						7,912						669						9,296						687
Short-term						—						—						—						—						—						—
Total fixed-maturity and short-term investments						$	1,384					$	18					$	7,912					$	669					$	9,296					$	687

Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments

Contractual maturity dates for our fixed-maturity and short-term investments were:

(Dollars in millions)						Amortized cost						Fair value						% of fair value
At December 31, 2024
Maturity dates:
Due in one year or less						$	1,363					$	1,358					8.2		%
Due after one year through five years						3,933						3,886						23.6
Due after five years through ten years						3,701						3,608						21.9
Due after ten years						8,036						7,628						46.3
Total						$	17,033					$	16,480					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,
						2024						2023						2022
Investment income:
Interest						$	733					$	600					$	510
Dividends						283						282						275
Other						25						25						11
Total						1,041						907						796
Less investment expenses						16						13						15
Total						$	1,025					$	894					$	781
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net						$	181					$	(17)					$	16
Unrealized gains and losses on securities still held, net						1,275						1,168						(1,526)
Subtotal						1,456						1,151						(1,510)
Fixed-maturity securities:
Gross realized gains						5						4						6
Gross realized losses						(95)						(5)						(4)
Change in allowance for credit losses, net						(26)						(17)						—
Write-down of impaired securities with intent to sell						—						(4)						(5)
Subtotal						(116)						(22)						(3)
Other						51						(2)						46
Total						$	1,391					$	1,127					$	(1,467)

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Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums; proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales; components of comprehensive income.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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