XML 58 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
						2024						2023
Deferred tax assets:
Unearned premiums						$	193					$	165
Loss and loss expense reserves						141						120
Net operating loss on international earnings						19						26
Foreign tax credits						23						—
Other						80						70
Total gross deferred tax assets						456						381
Deferred tax liabilities:
Investment gains and other, net						1,434						1,290
Deferred acquisition costs						212						184
Life policy reserves						96						104
Deferred international earnings						56						21
Investments						55						35
Other						79						71
Total gross deferred tax liabilities						1,932						1,705
Net deferred income tax liability						$	1,476					$	1,324

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,
						2024						2023						2022
United States						$	2,766					$	2,195					$	(719)
International						92						81						25
Total income (loss) before income taxes						$	2,858					$	2,276					$	(694)

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,
						2024						2023						2022
Provision (benefit) for income taxes:
Current – United States federal						$	445					$	209					$	148
International						4						1						—
Total current						449						210						148
Deferred – United States federal						101						216						(355)
International						16						7						—
Total deferred						117						223						(355)
Total provision (benefit) for income taxes						$	566					$	433					$	(207)

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,
						2024												2023												2022
Tax at statutory rate:						$	600					21.0		%				$	478					21.0		%				$	(146)					21.0		%
Increase (decrease) resulting from:
Tax-exempt income from municipal bonds						(21)						(0.7)						(21)						(0.9)						(20)						2.9
Dividend received exclusion						(22)						(0.8)						(22)						(1.0)						(21)						3.0
Release of unrecognized tax benefit						—						—						—						—						(34)						4.9
Other						9						0.3						(2)						(0.1)						14						(2.0)
Provision (benefit) for income taxes						$	566					19.8		%				$	433					19.0		%				$	(207)					29.8		%

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,
						2024						2023						2022
Valuation allowance, January 1						$	—					$	31					$	53
Current year operations						—						(31)						(22)
Valuation allowance, December 31						$	—					$	—					$	31

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration