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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 |  |  | gains |  | losses |
Fixed-maturity: |  |  |  |  |  |  |  |
Corporate |  | $ | 8,833 |  |  | $ | 78 |  |  | $ | 278 |  |  | $ | 8,633 |
States, municipalities and political subdivisions |  | 4,973 |  |  | 10 |  |  | 291 |  |  | 4,692 |
Government-sponsored enterprises |  | 2,310 |  |  | 3 |  |  | 3 |  |  | 2,310 |
Asset-backed |  | 649 |  |  | 5 |  |  | 9 |  |  | 645 |
United States government |  | 217 |  |  | — |  |  | 1 |  |  | 216 |
Foreign government |  | 27 |  |  | — |  |  | — |  |  | 27 |
Total fixed-maturity |  | 17,009 |  |  | 96 |  |  | 582 |  |  | 16,523 |
Short-term |  | 100 |  |  | — |  |  | — |  |  | 100 |
Total fixed-maturity and short-term investments |  | $ | 17,109 |  |  | $ | 96 |  |  | $ | 582 |  |  | $ | 16,623 |
At December 31, 2024 |  |  |  |  |  |  |  |
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 |
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 continuous unrealized loss positions:
(Dollars in millions) |  | Less than 12 months |  | 12 months or more |  | Total
At March 31, 2025 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Fixed-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 2,184 |  |  | $ | 53 |  |  | $ | 3,487 |  |  | $ | 225 |  |  | $ | 5,671 |  |  | $ | 278 |
States, municipalities and political subdivisions |  | 1,565 |  |  | 36 |  |  | 2,075 |  |  | 255 |  |  | 3,640 |  |  | 291 |
Government-sponsored enterprises |  | 1,002 |  |  | 2 |  |  | 102 |  |  | 1 |  |  | 1,104 |  |  | 3 |
Asset-backed |  | 222 |  |  | 4 |  |  | 88 |  |  | 5 |  |  | 310 |  |  | 9 |
United States government |  | — |  |  | — |  |  | 95 |  |  | 1 |  |  | 95 |  |  | 1 |
Foreign government |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total fixed-maturity |  | 4,973 |  |  | 95 |  |  | 5,847 |  |  | 487 |  |  | 10,820 |  |  | 582 |
Short-term |  | 100 |  |  | — |  |  | — |  |  | — |  |  | 100 |  |  | — |
Total fixed-maturity and short-term investments |  | $ | 5,073 |  |  | $ | 95 |  |  | $ | 5,847 |  |  | $ | 487 |  |  | $ | 10,920 |  |  | $ | 582 |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
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 |
Investments Classified by Contractual Maturity Date | Contractual maturity dates for our fixed-maturity and short-term investments were:
(Dollars in millions) |  | Amortized cost |  | Fair value |  | % of fair value
At March 31, 2025 |  |  |
Maturity dates: |  |  |  |  |  |
Due in one year or less |  | $ | 1,225 |  |  | $ | 1,222 |  |  | 7.4 | %
Due after one year through five years |  | 3,802 |  |  | 3,774 |  |  | 22.7 |
Due after five years through ten years |  | 3,832 |  |  | 3,759 |  |  | 22.6 |
Due after ten years |  | 8,250 |  |  | 7,868 |  |  | 47.3 |
Total |  | $ | 17,109 |  |  | $ | 16,623 |  |  | 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 March 31,
|  |  |  |  | 2025 |  | 2024
Investment income: |  |  |  |  |  |  |
Interest |  |  |  |  | $ | 210 |  |  | $ | 169 |
Dividends |  |  |  |  | 67 |  |  | 72 |
Other |  |  |  |  | 7 |  |  | 7 |
Total |  |  |  |  | 284 |  |  | 248 |
Less investment expenses |  |  |  |  | 4 |  |  | 3 |
Total |  |  |  |  | $ | 280 |  |  | $ | 245 |
Investment gains and losses, net: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Investment gains and losses on securities sold, net |  |  |  |  | $ | (1) |  |  | $ | (11) |
Unrealized gains and losses on securities still held, net |  |  |  |  | (71) |  |  | 613 |
Subtotal |  |  |  |  | (72) |  |  | 602 |
Fixed-maturity securities: |  |  |  |  |  |  |
Gross realized losses |  |  |  |  | — |  |  | (1) |
Change in allowance for credit losses, net |  |  |  |  | (2) |  |  | (9) |
Subtotal |  |  |  |  | (2) |  |  | (10) |
Other |  |  |  |  | 7 |  |  | 20 |
Total |  |  |  |  | $ | (67) |  |  | $ | 612 |

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