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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Hierarchy for Assets Measured at Fair Value on a Recurring Basis
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at December 31, 2024 and 2023. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1
Level 3
At December 31, 2024Level 2Total
Fixed maturities, available for sale:    
Corporate $— $8,380 $— $8,380 
States, municipalities and political subdivisions— 4,721 — 4,721 
Government-sponsored enterprises— 2,274 — 2,274 
Asset-backed — 551 — 551 
United States government226 — — 226 
Foreign government— 30 — 30 
Subtotal226 15,956 — 16,182 
Common equities10,836 — — 10,836 
Nonredeemable preferred equities— 349 — 349 
Separate accounts taxable fixed maturities — 876 — 876 
Short-term investments298 — — 298 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)		87 — — 87 
Total$11,447 $17,181 $— $28,628 
At December 31, 2023    
Fixed maturities, available for sale:    
Corporate $— $7,452 $— $7,452 
States, municipalities and political subdivisions— 4,703 — 4,703 
Government-sponsored enterprises— 1,224 — 1,224 
Asset-backed — 187 — 187 
United States government200 — — 200 
Foreign government— 25 — 25 
Subtotal200 13,591 — 13,791 
Common equities10,641 — — 10,641 
Nonredeemable preferred equities — 348 — 348 
Separate accounts taxable fixed maturities — 854 — 854 
Short-term investments— — — — 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)		67 — — 67 
Total$10,908 $14,793 $— $25,701 
Fair Value of Life Policy Loans
The following table shows the fair value of our life policy loans, included in other invested assets:
(Dollars in millions)Level 1Level 2Level 3Total
At December 31, 2024
Life policy loans$— $— $41 $41 
At December 31, 2023
Life policy loans$— $— $39 $39 
Debt  
Fair Values of Deferred Annuities, Structured Settlements and Other Items
The following table shows fair values of our note payable and long-term debt:
(Dollars in millions)Level 1Level 2Level 3Total
At December 31, 2024
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 416 — 416 
6.125% senior notes, due 2034
— 390 — 390 
Total$— $860 $— $860 
At December 31, 2023
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 420 — 420 
6.125% senior notes, due 2034
— 394 — 394 
Total$— $868 $— $868 
Deferred Annuities and Structured Settlements  
Fair Values of Deferred Annuities, Structured Settlements and Other Items
The following table shows fair value of our deferred annuities and structured settlements included in life policy and investment contract reserves:
(Dollars in millions)Level 1
Level 2		Level 3Total
At December 31, 2024
Deferred annuities$— $— $561 $561 
Structured settlements— 127 — 127 
Total$— $127 $561 $688 
At December 31, 2023
Deferred annuities$— $— $603 $603 
Structured settlements— 141 — 141 
Total$— $141 $603 $744