CNA FINANCIAL CORP, 10-Q filed on 5/5/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 01, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Current Fiscal Year End Date --03-31  
Document Transition Report false  
Entity File Number 1-5823  
Entity Registrant Name CNA FINANCIAL CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-6169860  
Entity Address, Address Line One 151 N. Franklin  
Entity Address, Postal Zip Code 60606  
Entity Address, City or Town Chicago,  
Entity Address, State or Province IL  
City Area Code 312  
Local Phone Number 822-5000  
Title of 12(b) Security Common Stock, Par value $2.50  
Trading Symbol CNA  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   270,621,865
Entity Central Index Key 0000021175  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
New York Stock Exchange    
Entity Information [Line Items]    
Security Exchange Name NYSE  
NYSE Texas    
Entity Information [Line Items]    
Security Exchange Name CHX  
v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Net earned premiums $ 2,626 $ 2,441
Net investment income 604 609
Net investment losses (9) (22)
Non-insurance warranty revenue 397 407
Other revenues 9 9
Total revenues 3,627 3,444
Claims, Benefits and Expenses    
Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15) 2,027 1,807
Amortization of deferred acquisition costs 471 444
Non-insurance warranty expense 385 394
Other operating expenses 363 337
Interest expense 32 35
Total claims, benefits and expenses 3,278 3,017
Income before income tax 349 427
Income tax expense (75) (89)
Net income $ 274 $ 338
Basic earnings per share    
Basic earnings per share (in usd per share) $ 1.01 $ 1.24
Diluted earnings per share    
Diluted earnings per share (in usd per share) $ 1.00 $ 1.24
Weighted Average Outstanding Common Stock and Common Stock Equivalents    
Basic (in shares) 271.3 271.6
Diluted (in shares) 272.6 272.7
v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ 8 $ 15
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net income $ 274 $ 338
Other Comprehensive Income, net of tax    
Net unrealized gains and losses on investments 280 (215)
Impact of changes in discount rates used to measure long-duration contract liabilities (114) 341
Foreign currency translation adjustment 38 (32)
Pension and postretirement benefits 2 6
Other comprehensive income, net of tax 206 100
Total comprehensive income 480 438
Investments    
Other Comprehensive Income, net of tax    
Net unrealized gains and losses on investments (3) 2
Net unrealized gains and losses on other investments    
Other Comprehensive Income, net of tax    
Net unrealized gains and losses on investments $ 283 $ (217)
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities at fair value (amortized cost of $43,991 and $43,481, less allowance for credit loss of $47 and $45) $ 41,973 $ 41,111
Equity securities at fair value (cost of $677 and $632) 695 659
Limited partnership investments 2,572 2,520
Other invested assets 96 85
Mortgage loans (less allowance for credit loss of $35 and $35) 1,049 1,019
Short-term investments 1,584 2,088
Total investments 47,969 47,482
Cash 483 472
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $21) 6,266 6,051
Insurance receivables (less allowance for uncollectible receivables of $26 and $26) 3,703 3,671
Accrued investment income 465 451
Deferred acquisition costs 999 959
Deferred income taxes 779 850
Property and equipment at cost (less accumulated depreciation of $330 and $314) 291 295
Goodwill 146 145
Deferred non-insurance warranty acquisition expense 3,493 3,525
Other assets (includes $— and $— due from Loews Corporation) 2,732 2,591
Total assets 67,326 66,492
Insurance reserves:    
Claim and claim adjustment expenses 25,581 24,976
Unearned premiums 7,504 7,346
Future policy benefits 13,304 13,158
Short-term debt 500 0
Long-term debt 2,474 2,973
Deferred non-insurance warranty revenue 4,488 4,530
Other liabilities (includes $62 and $47 due to Loews Corporation) 3,196 2,996
Total liabilities 57,047 55,979
Commitments and contingencies (Notes C and G)  
Stockholders' Equity    
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,620,627 and 270,844,681 shares outstanding) 683 683
Additional paid-in capital 2,204 2,229
Retained earnings 9,287 9,686
Accumulated other comprehensive loss (1,785) (1,991)
Treasury stock (2,419,616 and 2,195,562 shares), at cost (110) (94)
Total stockholders’ equity 10,279 10,513
Total liabilities and stockholders' equity $ 67,326 $ 66,492
v3.25.1
Condensed Consolidated Balance Sheets - (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fixed maturities securities at amortized cost $ 43,991 $ 43,481
Marketable securities fixed maturities allowance for credit loss 47 45
Equity securities at cost 677 632
Mortgage loans on real estate commercial and consumer allowance for credit loss 35 35
Allowance for uncollectible reinsurance 22 21
Allowance for uncollectible insurance receivables 26 26
Accumulated depreciation on property and equipment 330 314
Other Assets 2,732 2,591
Other Liabilities $ 3,196 $ 2,996
Common stock, par value (in usd per share) $ 2.50 $ 2.50
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 273,040,243 273,040,243
Common stock, shares outstanding (in shares) 270,620,627 270,844,681
Treasury stock, shares (in shares) 2,419,616 2,195,562
Related Party    
Other Assets $ 0 $ 0
Other Liabilities $ 62 $ 47
v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net income $ 274 $ 338
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Deferred income tax expense 27 39
Trading portfolio activity (2) 0
Net investment losses 9 22
Equity method investees 1 (25)
Net amortization of investments (49) (57)
Depreciation and amortization 17 16
Changes in:    
Receivables, net (221) (162)
Accrued investment income (14) (4)
Deferred acquisition costs (37) (34)
Insurance reserves 656 443
Other, net (23) (72)
Net cash flows provided by operating activities 638 504
Dispositions:    
Fixed maturity securities - sales 643 736
Fixed maturity securities - maturities, calls and redemptions 814 507
Equity securities 104 186
Limited partnerships 25 12
Mortgage loans 8 18
Purchases:    
Fixed maturity securities (1,775) (1,621)
Equity securities (124) (169)
Limited partnerships (78) (77)
Mortgage loans (37) (12)
Change in other investments (10) (2)
Change in short-term investments 536 192
Purchases of property and equipment (18) (20)
Other, net 0 1
Net cash flows provided (used) by investing activities 88 (249)
Cash Flows from Financing Activities    
Dividends paid to common stockholders (673) (667)
Proceeds from the issuance of debt 0 490
Purchase of treasury stock (34) 0
Other, net (15) (12)
Net cash flows used by financing activities (722) (189)
Effect of foreign exchange rate changes on cash 7 (2)
Net change in cash 11 64
Cash, beginning of year 472 345
Cash, end of period $ 483 $ 409
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total stockholder's equity at beginning of period at Dec. 31, 2023   $ 683 $ 2,221 $ 9,755 $ (2,672) $ (94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     (20)     19
Dividends to common stockholders ($2.46 and $2.44 per share)       (668)    
Net income $ 338     338    
Other comprehensive income 100       100  
Purchase of treasury stock           0
Total stockholder's equity at end of period at Mar. 31, 2024 9,662 683 2,201 9,425 (2,572) (75)
Total stockholder's equity at beginning of period at Dec. 31, 2024 10,513 683 2,229 9,686 (1,991) (94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     (25)     18
Dividends to common stockholders ($2.46 and $2.44 per share)       (673)    
Net income 274     274    
Other comprehensive income 206       206  
Purchase of treasury stock (34)         (34)
Total stockholder's equity at end of period at Mar. 31, 2025 $ 10,279 $ 683 $ 2,204 $ 9,287 $ (1,785) $ (110)
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity - (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share (usd per share) $ 2.46 $ 2.44
v3.25.1
General
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
General General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of March 31, 2025.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2024, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Therefore, for the Company, the guidance is effective for the Annual Report on Form 10-K for the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
v3.25.1
Earnings Per Share Data
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Data Earnings Per Share Data
Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The following table presents the income and share data used in the basic and diluted earnings per share computations.
Three months ended March 31
(In millions, except per share data)20252024
Net income$274 $338 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.3 271.6 
Diluted
Weighted average shares outstanding271.3 271.6 
Dilutive effect of stock-based awards under compensation plans1.3 1.1 
Total272.6 272.7 
Earnings per share
      Basic $1.01 $1.24 
Diluted$1.00 $1.24 
Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.
The Company repurchased 700,000 shares of CNAF common stock at an aggregate cost of $34 million during the three months ended March 31, 2025. There were no share repurchases during the three months ended March 31, 2024.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Investments Investments
The significant components of Net investment income are presented in the following table.
Three months ended March 31
(In millions)20252024
Fixed maturity securities$522 $502 
Equity securities6 22 
Limited partnership investments56 54 
Mortgage loans16 15 
Short-term investments19 28 
Trading portfolio1 1 
Other6 8 
Gross investment income626 630 
Investment expense(22)(21)
Net investment income$604 $609 
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2025 and 2024
$(4)$13 
Net investment gains (losses) are presented in the following table.
Three months ended March 31
(In millions)20252024
Net investment gains (losses):
Fixed maturity securities:
Gross gains$13 $14 
Gross losses(22)(46)
Net investment gains (losses) on fixed maturity securities(9)(32)
Equity securities— 11 
Short-term investments and other— (1)
Net investment gains (losses)$(9)$(22)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of March 31, 2025 and 2024
$(2)$11 
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Three months ended March 31
(In millions)20252024
Fixed maturity securities available-for-sale:
Corporate and other bonds$7 $9 
Asset-backed— 5 
Impairment losses (gains) recognized in earnings$7 $14 
There were no losses recognized on mortgage loans during the three months ended March 31, 2025 or 2024.
The following tables present a summary of fixed maturity securities.
March 31, 2025Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$26,388 $502 $1,149 $15 $25,726 
States, municipalities and political subdivisions7,246 227 829 — 6,644 
Asset-backed:
Residential mortgage-backed3,844 20 426 — 3,438 
Commercial mortgage-backed1,788 14 119 18 1,665 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,448 58 761 32 8,713 
U.S. Treasury and obligations of government-sponsored enterprises219 1 2 — 218 
Foreign government688 8 26 — 670 
Total fixed maturity securities available-for-sale43,989 796 2,767 47 41,971 
Total fixed maturity securities trading2 — — — 2 
Total fixed maturity securities$43,991 $796 $2,767 $47 $41,973 
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
Total fixed maturity securities available-for-sale43,481 715 3,040 45 41,111 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,481 $715 $3,040 $45 $41,111 
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
March 31, 2025Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,816 $141 $9,986 $1,008 $15,802 $1,149 
States, municipalities and political subdivisions944 51 2,986 778 3,930 829 
Asset-backed:
Residential mortgage-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed98 1 969 118 1,067 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,140 26 4,484 735 5,624 761 
U.S. Treasury and obligations of government-sponsored enterprises43 1 42 1 85 2 
Foreign government105 2 300 24 405 26 
Total$8,048 $221 $17,798 $2,546 $25,846 $2,767 
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
   Foreign government118 3 368 27 486 30 
Total$9,019 $267 $18,319 $2,773 $27,338 $3,040 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
March 31, 2025December 31, 2024

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,453 265 1,830 283 
AA 3,981 701 4,257 730 
A6,254 527 6,340 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 92 
Total$25,846 $2,767 $27,338 $3,040 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the March 31, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of March 31, 2025.
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $456 million, $442 million, and $437 million as of March 31, 2025, December 31, 2024, and March 31, 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2025$13 $32 $45 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets— — — 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period2 — 2 
Balance as of March 31, 2025
$15 $32 $47 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets— — — 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 5 5 
Balance as of March 31, 2024
$3 $17 $20 
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
March 31, 2025December 31, 2024
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,842 $1,826 $1,761 $1,753 
Due after one year through five years11,606 11,371 11,678 11,403 
Due after five years through ten years13,277 12,742 13,134 12,415 
Due after ten years17,264 16,032 16,908 15,540 
Total$43,989 $41,971 $43,481 $41,111 
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Investment Commitments
As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of March 31, 2025, the Company had commitments to purchase or fund approximately $1,575 million and sell approximately $95 million under the terms of these investments.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
March 31, 2025
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20252024202320222021PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $— $33 $9 $— $209 $251 
LTV 55% to 65%— — — 15 11 16 42
LTV greater than 65%— — 12 31 12 — 55
DSCR 1.2x - 1.6x
LTV less than 55%— 60 28 5 2 137 232
LTV 55% to 65%— 41 31 20 30 58 180
LTV greater than 65%— — — 46 — — 46
DSCR ≤1.2
LTV less than 55%— — — — — 21 21
LTV 55% to 65%37 — 23 73 — 20 153
LTV greater than 65%— — — 35 21 48 104
Total$37 $101 $127 $234 $76 $509 $1,084 
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
As of March 31, 2025, accrued interest receivable on mortgage loans totaled $4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.
v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.
Level 1 - Quoted prices for identical instruments in active markets.
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable.
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities.
Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
March 31, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$222 $25,043 $1,351 $26,616 
States, municipalities and political subdivisions— 6,600 44 6,644 
Asset-backed— 7,824 889 8,713 
Total fixed maturity securities 222 39,467 2,284 41,973 
Equity securities:
Common stock165 — 17 182 
Non-redeemable preferred stock35 478 — 513 
Total equity securities200 478 17 695 
Short-term and other1,368 43 — 1,411 
Total assets$1,790 $39,988 $2,301 $44,079 
Total liabilities$— $— $— $— 

December 31, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions— 6,762 42 6,804 
Asset-backed— 7,590 876 8,466 
Total fixed maturity securities 223 38,692 2,196 41,111 
Equity securities:
Common stock162 — 18 180 
Non-redeemable preferred stock36 441 2 479 
Total equity securities198 441 20 659 
Short-term and other1,852 70 — 1,922 
Total assets$2,273 $39,203 $2,216 $43,692 
Total liabilities$— $— $— $— 
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2025
$1,278 $42 $876 $20 $2,216 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — — 2 2 
Reported in Net investment income— — 4 (1)3 
Reported in Other comprehensive income (loss)21 2 1 — 24 
Total realized and unrealized investment gains (losses)21 2 5 1 29 
Purchases55 — 27 — 82 
Sales— — — — — 
Settlements(18)— (19)(4)(41)
Transfers into Level 315 — — — 15 
Transfers out of Level 3— — — — — 
Balance as of March 31, 2025
$1,351 $44 $889 $17 $2,301 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2025 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2025 recognized in Other comprehensive income (loss) in the period
21 2 1 — 24 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2024
$1,045 $44 $901 $24 $2,014 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (4)— (4)
Reported in Net investment income— — 6 6 12 
Reported in Other comprehensive income (loss)(12)(1)(5)— (18)
Total realized and unrealized investment gains (losses)(12)(1)(3)6 (10)
Purchases74 — 18 — 92 
Sales— — (9)(19)(28)
Settlements(36)— (17)— (53)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (19)— (19)
Balance as of March 31, 2024
$1,082 $43 $871 $11 $2,007 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Net income (loss) in the period
$— $— $— $1 $1 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Other comprehensive income (loss) in the period
(14)(1)(5)— (20)
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.
Valuation Methodologies and Inputs
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.
Fixed Maturity Securities
Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.
Equity Securities
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.
Short-Term and Other Invested Assets
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.
As of March 31, 2025 and December 31, 2024, there were $90 million and $79 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
March 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,805 Discounted cash flowCredit spread
1% - 7% (2%)
December 31, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1% - 6% (2%)
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.
March 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,049 $— $— $1,035 $1,035 
Liabilities
Short-term debt$500 $— $499 $— $499 
Long-term debt2,474 — 2,410 — 2,410 
December 31, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,019 $— $— $987 $987 
Liabilities
Short-term debt$— $— $— $— $— 
Long-term debt2,973 — 2,885 — 2,885 
The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above.
v3.25.1
Claim and Claim Adjustment Expense Reserves
 3 Months Ended
Mar. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Claim and Claim Adjustment Expense Reserves Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $97 million and $88 million for the three months ended March 31, 2025 and 2024 driven by severe weather related events, including $53 million for the California wildfires in 2025.
Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Three months ended March 31
(In millions)20252024
Reserves, beginning of year:
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,650 1,502 
Increase (decrease) in provision for insured events of prior years80 (6)
Amortization of discount10 10 
Total net incurred (1)
1,740 1,506 
Net payments attributable to:
Current year events(80)(113)
Prior year events(1,212)(1,168)
Total net payments(1,292)(1,281)
Foreign currency translation adjustment and other53 (41)
Net reserves, end of period19,764 18,347 
Ceded reserves, end of period5,817 5,241 
Gross reserves, end of period$25,581 $23,588 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Specialty$10 $(5)
Commercial51 (2)
International— — 
Corporate & Other22 — 
Total pretax (favorable) unfavorable development$83 $(7)
Unfavorable development of $22 million was recorded within the Corporate & Other segment for the three months ended March 31, 2025, associated with legacy mass tort abuse claims.
Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— 
Other Professional Liability and Management Liability— — 
Surety— (18)
Warranty10 13 
Other— — 
Total pretax (favorable) unfavorable development$10 $(5)
2025
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.
2024
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Commercial Auto$50 $— 
General Liability— — 
Workers' Compensation1 (2)
Property and Other— — 
Total pretax (favorable) unfavorable development$51 $(2)
2025
Unfavorable development in commercial auto was due to higher than expected claim severity largely in the Company's construction business in the most recent accident year.
International
The following table presents further detail of the development recorded for the International segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Commercial$— $— 
Specialty— — 
Other— — 
Total pretax (favorable) unfavorable development $— $— 
Asbestos & Environmental Pollution (A&EP) Reserves
In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion.
In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations.
The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $17 million and $12 million for the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $408 million and $425 million as of March 31, 2025 and December 31, 2024 and is included within Other liabilities on the Condensed Consolidated Balance Sheets.
NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $2.3 billion as of March 31, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims.
Credit Risk for Ceded Reserves
The majority of the Company’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
v3.25.1
Future Policy Benefit Reserves
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Future Policy Benefit Reserves Future Policy Benefits Reserves
Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (LFPB) which is reflected as Insurance reserves: Future policy benefits on the Condensed Consolidated Balance Sheets.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations.
See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the long-term care reserving process.
The following table summarizes balances and changes in the LFPB.
(In millions)
20252024
Present value of future net premiums
Balance, January 1$3,425 $3,710 
     Effect of changes in discount rate(7)(125)
Balance, January 1, at original locked in discount rate3,418 3,585 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
5 (28)
Adjusted balance, January 13,423 3,557 
Interest accrual44 47 
     Net premiums: earned during period(101)(107)
Balance, end of period at original locked in discount rate3,366 3,497 
     Effect of changes in discount rate38 56 
Balance, March 31
$3,404 $3,553 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 
     Effect of changes in discount rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
13 (13)
Adjusted balance, January 117,036 17,078 
Interest accrual229 231 
     Benefit & expense payments(293)(321)
Balance, end of period at original locked in discount rate16,972 16,988 
     Effect of changes in discount rate(264)78 
Balance, March 31
$16,708 $17,066 
Net LFPB$13,304 $13,513 
(1) As of March 31, 2025 and 2024 the re-measurement gain (loss) of $(8) million and $(15) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest accretion associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended March 31Three Months
(In millions)
20252024
Earned premiums$106 $110 
Interest accretion185 184 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of March 31
(In millions)
20252024
Expected future benefit and expense payments$31,433 $32,474 
Expected future gross premiums5,089 5,270 
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,550 million and $3,664 million as of March 31, 2025 and 2024.
The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of March 31, 2025 and 2024.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of March 31
As of December 31
202520242024
Original locked in discount rate5.19 %5.22 %5.20 %
Upper-medium grade fixed income instrument discount rate5.40 5.20 5.51 
For the three months ended March 31, 2025 and 2024, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $14 million and $20 million. For the three months ended March 31, 2025 and 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $6 million and $2 million.
v3.25.1
Legal Proceedings, Contingencies and Guarantees
 3 Months Ended
Mar. 31, 2025
Legal Proceedings, Commitments and Contingencies, and Guarantees [Abstract]  
Legal Proceedings, Contingencies and Guarantees Legal Proceedings, Contingencies and Guarantees
The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position.
Guarantees
The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of March 31, 2025, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
v3.25.1
Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
The components of net periodic pension cost (benefit) are presented in the following table.
Three months ended March 31
(In millions)20252024
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$9 $22 
Expected return on plan assets(14)(29)
Amortization of net actuarial loss (gain) 2 7 
Total net periodic pension cost (benefit)$(3)$— 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Three months ended March 31
(In millions)20252024
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$(1)$— 
Other operating expenses(2)— 
Total net periodic pension cost (benefit)$(3)$— 
v3.25.1
Accumulated Other Comprehensive Income (Loss) by Component
 3 Months Ended
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) by Component Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2025
$(13)$(1,876)$(191)$353 $(264)$(1,991)
Other comprehensive income (loss) before reclassifications(5)277 — (114)38 196 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $1, $—, $—, $— and $1
(2)(6)(2)— — (10)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(74), $—, $31, $— and $(42)
(3)283 2 (114)38 206 
Balance as of March 31, 2025
$(16)$(1,593)$(189)$239 $(226)$(1,785)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024
$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Other comprehensive income (loss) before reclassifications(1)(239)— 341 (32)69 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $6, $1, $—, $— and $8
(3)(22)(6)— — (31)
Other comprehensive income (loss) net of tax (expense) benefit of $(1), $58, $(1), $(91), $— and $(35)
2 (217)6 341 (32)100 
Balance as of March 31, 2024
$(10)$(1,830)$(519)$(18)$(195)$(2,572)

Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:
Component of AOCICondensed Consolidated Statements of Operations Line Item Affected by Reclassifications
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsNet investment gains (losses)
Pension and postretirement benefitsOther operating expenses and Insurance claims and policyholders' benefits
v3.25.1
Business Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Three months ended March 31, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$830 $1,380 $310 $106 $— $— $2,626 
Net investment income151 177 34 226 16 — 604 
Non-insurance warranty revenue397 — — — — — 397 
Other revenues1 8 — — 3 (3)9 
Total operating revenues1,379 1,565 344 332 19 (3)3,636 
Claims, benefits and expenses      
Net incurred claims and benefits509 1,007 192 300 9 — 2,017 
Policyholders’ dividends2 8 — — — — 10 
Amortization of deferred acquisition costs189 219 63 — — — 471 
Non-insurance warranty expense385 — — — — — 385 
Insurance related administrative expenses88 163 40 30 — — 321 
Interest expense— — — — 32 — 32 
Other expenses (1)
15 10 (1)— 21 (3)42 
Total claims, benefits and expenses1,188 1,407 294 330 62 (3)3,278 
Income tax (expense) benefit on core income (loss)(41)(34)(13)4 7 — (77)
Core income (loss) $150 $124 $37 $6 $(36)$— $281 
Net investment gains (losses)(9)
Income tax (expense) benefit on net investment gains (losses)2 
Net investment gains (losses), after tax(7)
Net income (loss)$274 
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
March 31, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,624 $1,739 $558 $81 $2,286 $— $6,288 
Insurance receivables992 2,306 429 2 — — 3,729 
Deferred acquisition costs441 423 135 — — — 999 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,493 — — — — — 3,493 
Insurance reserves 
Claim and claim adjustment expenses7,572 11,708 3,046 616 2,639 — 25,581 
Unearned premiums3,267 3,366 760 112 — (1)7,504 
Future policy benefits— — — 13,304 — — 13,304 
Deferred non-insurance warranty revenue4,488 — — — — — 4,488 
Three months ended March 31, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$814 $1,202 $315 $110 $— $— $2,441 
Net investment income150 176 31 231 21 — 609 
Non-insurance warranty revenue407 — — — — — 407 
Other revenues1 8 — — 3 (3)9 
Total operating revenues1,372 1,386 346 341 24 (3)3,466 
Claims, benefits and expenses    
Net incurred claims and benefits477 828 189 312 (8)— 1,798 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs178 200 66 — — — 444 
Non-insurance warranty expense394 — — — — — 394 
Insurance related administrative expenses81 138 39 29 — — 287 
Interest expense1 — — — 34 — 35 
Other expenses (1)
14 12 2 — 25 (3)50 
Total claims, benefits and expenses1,147 1,185 296 341 51 (3)3,017 
Income tax (expense) benefit on core income (loss)(48)(43)(13)5 5 — (94)
Core income (loss)$177 $158 $37 $5 $(22)$— $355 
Net investment gains (losses)(22)
Income tax (expense) benefit on net investment gains (losses)5 
Net investment gains (losses), after tax(17)
Net income (loss)$338 
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Three months ended March 31
(In millions)20252024
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$499 $482 
Catastrophe losses— — 
(Favorable) unfavorable development (1)
10 (5)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$868 $746 
Catastrophe losses86 82 
(Favorable) unfavorable development (1)
51 (2)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$181 $183 
Catastrophe losses11 6 
(Favorable) unfavorable development (1)
— — 
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
The following table presents operating revenues by line of business for each reportable segment.
Three months ended March 31
(In millions)20252024
Specialty
Management & Professional Liability$746 $729 
Surety188 182 
Warranty & Alternative Risks445 461 
Specialty revenues1,379 1,372 
Commercial
Middle Market466 432 
Construction510 455 
Small Business156 154 
Other Commercial433 345 
Commercial revenues1,565 1,386 
International
Canada94 98 
Europe144 143 
Hardy106 105 
International revenues344 346 
Life & Group revenues332 341 
Corporate & Other revenues 19 24 
Eliminations(3)(3)
Total operating revenues3,636 3,466 
Net investment gains (losses)(9)(22)
Total revenues$3,627 $3,444 
v3.25.1
Non-Insurance Revenues from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Non-Insurance Revenues from Contracts with Customers Non-Insurance Revenues from Contracts with Customers
The Company had a deferred non-insurance warranty revenue balance of $4.5 billion reported under Liabilities as of March 31, 2025 and December 31, 2024. For the three months ended March 31, 2025 and 2024, the Company recognized $0.4 billion of revenues in each period that were included in the deferred revenue balance as of January 1, 2025 and 2024. For the three months ended March 31, 2025 and 2024, Non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $1.1 billion of the deferred revenue in the remainder of 2025, $1.0 billion in 2026, $0.9 billion in 2027 and $1.5 billion thereafter.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 274 $ 338
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
General (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of March 31, 2025.
Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.The interim financial data as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
Accounting Standards Pending Adoption
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Therefore, for the Company, the guidance is effective for the Annual Report on Form 10-K for the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
v3.25.1
Earnings Per Share Data (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the income and share data used in the basic and diluted earnings per share computations.
Three months ended March 31
(In millions, except per share data)20252024
Net income$274 $338 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.3 271.6 
Diluted
Weighted average shares outstanding271.3 271.6 
Dilutive effect of stock-based awards under compensation plans1.3 1.1 
Total272.6 272.7 
Earnings per share
      Basic $1.01 $1.24 
Diluted$1.00 $1.24 
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Net investment income
The significant components of Net investment income are presented in the following table.
Three months ended March 31
(In millions)20252024
Fixed maturity securities$522 $502 
Equity securities6 22 
Limited partnership investments56 54 
Mortgage loans16 15 
Short-term investments19 28 
Trading portfolio1 1 
Other6 8 
Gross investment income626 630 
Investment expense(22)(21)
Net investment income$604 $609 
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2025 and 2024
$(4)$13 
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Three months ended March 31
(In millions)20252024
Net investment gains (losses):
Fixed maturity securities:
Gross gains$13 $14 
Gross losses(22)(46)
Net investment gains (losses) on fixed maturity securities(9)(32)
Equity securities— 11 
Short-term investments and other— (1)
Net investment gains (losses)$(9)$(22)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of March 31, 2025 and 2024
$(2)$11 
Components of net other than temporary impairment losses recognized in earnings by asset type The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Three months ended March 31
(In millions)20252024
Fixed maturity securities available-for-sale:
Corporate and other bonds$7 $9 
Asset-backed— 5 
Impairment losses (gains) recognized in earnings$7 $14 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
March 31, 2025Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$26,388 $502 $1,149 $15 $25,726 
States, municipalities and political subdivisions7,246 227 829 — 6,644 
Asset-backed:
Residential mortgage-backed3,844 20 426 — 3,438 
Commercial mortgage-backed1,788 14 119 18 1,665 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,448 58 761 32 8,713 
U.S. Treasury and obligations of government-sponsored enterprises219 1 2 — 218 
Foreign government688 8 26 — 670 
Total fixed maturity securities available-for-sale43,989 796 2,767 47 41,971 
Total fixed maturity securities trading2 — — — 2 
Total fixed maturity securities$43,991 $796 $2,767 $47 $41,973 
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
Total fixed maturity securities available-for-sale43,481 715 3,040 45 41,111 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,481 $715 $3,040 $45 $41,111 
Debt securities, available-for-sale, unrealized loss position, fair value
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
March 31, 2025Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,816 $141 $9,986 $1,008 $15,802 $1,149 
States, municipalities and political subdivisions944 51 2,986 778 3,930 829 
Asset-backed:
Residential mortgage-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed98 1 969 118 1,067 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,140 26 4,484 735 5,624 761 
U.S. Treasury and obligations of government-sponsored enterprises43 1 42 1 85 2 
Foreign government105 2 300 24 405 26 
Total$8,048 $221 $17,798 $2,546 $25,846 $2,767 
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
   Foreign government118 3 368 27 486 30 
Total$9,019 $267 $18,319 $2,773 $27,338 $3,040 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
March 31, 2025December 31, 2024

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,453 265 1,830 283 
AA 3,981 701 4,257 730 
A6,254 527 6,340 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 92 
Total$25,846 $2,767 $27,338 $3,040 
Debt securities, available-for-sale, allowance for credit loss
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2025$13 $32 $45 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets— — — 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period2 — 2 
Balance as of March 31, 2025
$15 $32 $47 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets— — — 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 5 5 
Balance as of March 31, 2024
$3 $17 $20 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
March 31, 2025December 31, 2024
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,842 $1,826 $1,761 $1,753 
Due after one year through five years11,606 11,371 11,678 11,403 
Due after five years through ten years13,277 12,742 13,134 12,415 
Due after ten years17,264 16,032 16,908 15,540 
Total$43,989 $41,971 $43,481 $41,111 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
March 31, 2025
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20252024202320222021PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $— $33 $9 $— $209 $251 
LTV 55% to 65%— — — 15 11 16 42
LTV greater than 65%— — 12 31 12 — 55
DSCR 1.2x - 1.6x
LTV less than 55%— 60 28 5 2 137 232
LTV 55% to 65%— 41 31 20 30 58 180
LTV greater than 65%— — — 46 — — 46
DSCR ≤1.2
LTV less than 55%— — — — — 21 21
LTV 55% to 65%37 — 23 73 — 20 153
LTV greater than 65%— — — 35 21 48 104
Total$37 $101 $127 $234 $76 $509 $1,084 
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
March 31, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$222 $25,043 $1,351 $26,616 
States, municipalities and political subdivisions— 6,600 44 6,644 
Asset-backed— 7,824 889 8,713 
Total fixed maturity securities 222 39,467 2,284 41,973 
Equity securities:
Common stock165 — 17 182 
Non-redeemable preferred stock35 478 — 513 
Total equity securities200 478 17 695 
Short-term and other1,368 43 — 1,411 
Total assets$1,790 $39,988 $2,301 $44,079 
Total liabilities$— $— $— $— 

December 31, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions— 6,762 42 6,804 
Asset-backed— 7,590 876 8,466 
Total fixed maturity securities 223 38,692 2,196 41,111 
Equity securities:
Common stock162 — 18 180 
Non-redeemable preferred stock36 441 2 479 
Total equity securities198 441 20 659 
Short-term and other1,852 70 — 1,922 
Total assets$2,273 $39,203 $2,216 $43,692 
Total liabilities$— $— $— $— 
Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2025
$1,278 $42 $876 $20 $2,216 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — — 2 2 
Reported in Net investment income— — 4 (1)3 
Reported in Other comprehensive income (loss)21 2 1 — 24 
Total realized and unrealized investment gains (losses)21 2 5 1 29 
Purchases55 — 27 — 82 
Sales— — — — — 
Settlements(18)— (19)(4)(41)
Transfers into Level 315 — — — 15 
Transfers out of Level 3— — — — — 
Balance as of March 31, 2025
$1,351 $44 $889 $17 $2,301 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2025 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2025 recognized in Other comprehensive income (loss) in the period
21 2 1 — 24 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2024
$1,045 $44 $901 $24 $2,014 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (4)— (4)
Reported in Net investment income— — 6 6 12 
Reported in Other comprehensive income (loss)(12)(1)(5)— (18)
Total realized and unrealized investment gains (losses)(12)(1)(3)6 (10)
Purchases74 — 18 — 92 
Sales— — (9)(19)(28)
Settlements(36)— (17)— (53)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (19)— (19)
Balance as of March 31, 2024
$1,082 $43 $871 $11 $2,007 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Net income (loss) in the period
$— $— $— $1 $1 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Other comprehensive income (loss) in the period
(14)(1)(5)— (20)
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
March 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,805 Discounted cash flowCredit spread
1% - 7% (2%)
December 31, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1% - 6% (2%)
Carrying amount and estimated fair value of financial instrument assets and liabilities not measured at fair value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.
March 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,049 $— $— $1,035 $1,035 
Liabilities
Short-term debt$500 $— $499 $— $499 
Long-term debt2,474 — 2,410 — 2,410 
December 31, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,019 $— $— $987 $987 
Liabilities
Short-term debt$— $— $— $— $— 
Long-term debt2,973 — 2,885 — 2,885 
v3.25.1
Claim and Claim Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Schedule of liability for unpaid claims and claims adjustment expense
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Three months ended March 31
(In millions)20252024
Reserves, beginning of year:
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,650 1,502 
Increase (decrease) in provision for insured events of prior years80 (6)
Amortization of discount10 10 
Total net incurred (1)
1,740 1,506 
Net payments attributable to:
Current year events(80)(113)
Prior year events(1,212)(1,168)
Total net payments(1,292)(1,281)
Foreign currency translation adjustment and other53 (41)
Net reserves, end of period19,764 18,347 
Ceded reserves, end of period5,817 5,241 
Gross reserves, end of period$25,581 $23,588 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net prior year development The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Specialty$10 $(5)
Commercial51 (2)
International— — 
Corporate & Other22 — 
Total pretax (favorable) unfavorable development$83 $(7)
Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— 
Other Professional Liability and Management Liability— — 
Surety— (18)
Warranty10 13 
Other— — 
Total pretax (favorable) unfavorable development$10 $(5)
Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Commercial segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Commercial Auto$50 $— 
General Liability— — 
Workers' Compensation1 (2)
Property and Other— — 
Total pretax (favorable) unfavorable development$51 $(2)
International  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the International segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Commercial$— $— 
Specialty— — 
Other— — 
Total pretax (favorable) unfavorable development $— $— 
v3.25.1
Future Policy Benefit Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
20252024
Present value of future net premiums
Balance, January 1$3,425 $3,710 
     Effect of changes in discount rate(7)(125)
Balance, January 1, at original locked in discount rate3,418 3,585 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
5 (28)
Adjusted balance, January 13,423 3,557 
Interest accrual44 47 
     Net premiums: earned during period(101)(107)
Balance, end of period at original locked in discount rate3,366 3,497 
     Effect of changes in discount rate38 56 
Balance, March 31
$3,404 $3,553 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 
     Effect of changes in discount rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
13 (13)
Adjusted balance, January 117,036 17,078 
Interest accrual229 231 
     Benefit & expense payments(293)(321)
Balance, end of period at original locked in discount rate16,972 16,988 
     Effect of changes in discount rate(264)78 
Balance, March 31
$16,708 $17,066 
Net LFPB$13,304 $13,513 
(1) As of March 31, 2025 and 2024 the re-measurement gain (loss) of $(8) million and $(15) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest accretion associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended March 31Three Months
(In millions)
20252024
Earned premiums$106 $110 
Interest accretion185 184 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of March 31
(In millions)
20252024
Expected future benefit and expense payments$31,433 $32,474 
Expected future gross premiums5,089 5,270 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of March 31
As of December 31
202520242024
Original locked in discount rate5.19 %5.22 %5.20 %
Upper-medium grade fixed income instrument discount rate5.40 5.20 5.51 
v3.25.1
Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Components of net periodic cost (benefit)
The components of net periodic pension cost (benefit) are presented in the following table.
Three months ended March 31
(In millions)20252024
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$9 $22 
Expected return on plan assets(14)(29)
Amortization of net actuarial loss (gain) 2 7 
Total net periodic pension cost (benefit)$(3)$— 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Three months ended March 31
(In millions)20252024
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$(1)$— 
Other operating expenses(2)— 
Total net periodic pension cost (benefit)$(3)$— 
v3.25.1
Accumulated Other Comprehensive Income (Loss) by Component (Tables)
 3 Months Ended
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2025
$(13)$(1,876)$(191)$353 $(264)$(1,991)
Other comprehensive income (loss) before reclassifications(5)277 — (114)38 196 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $1, $—, $—, $— and $1
(2)(6)(2)— — (10)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(74), $—, $31, $— and $(42)
(3)283 2 (114)38 206 
Balance as of March 31, 2025
$(16)$(1,593)$(189)$239 $(226)$(1,785)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024
$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Other comprehensive income (loss) before reclassifications(1)(239)— 341 (32)69 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $6, $1, $—, $— and $8
(3)(22)(6)— — (31)
Other comprehensive income (loss) net of tax (expense) benefit of $(1), $58, $(1), $(91), $— and $(35)
2 (217)6 341 (32)100 
Balance as of March 31, 2024
$(10)$(1,830)$(519)$(18)$(195)$(2,572)
Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:
Component of AOCICondensed Consolidated Statements of Operations Line Item Affected by Reclassifications
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsNet investment gains (losses)
Pension and postretirement benefitsOther operating expenses and Insurance claims and policyholders' benefits
v3.25.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Significant components of the Company's continuing operations and selected balance sheet items
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Three months ended March 31, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$830 $1,380 $310 $106 $— $— $2,626 
Net investment income151 177 34 226 16 — 604 
Non-insurance warranty revenue397 — — — — — 397 
Other revenues1 8 — — 3 (3)9 
Total operating revenues1,379 1,565 344 332 19 (3)3,636 
Claims, benefits and expenses      
Net incurred claims and benefits509 1,007 192 300 9 — 2,017 
Policyholders’ dividends2 8 — — — — 10 
Amortization of deferred acquisition costs189 219 63 — — — 471 
Non-insurance warranty expense385 — — — — — 385 
Insurance related administrative expenses88 163 40 30 — — 321 
Interest expense— — — — 32 — 32 
Other expenses (1)
15 10 (1)— 21 (3)42 
Total claims, benefits and expenses1,188 1,407 294 330 62 (3)3,278 
Income tax (expense) benefit on core income (loss)(41)(34)(13)4 7 — (77)
Core income (loss) $150 $124 $37 $6 $(36)$— $281 
Net investment gains (losses)(9)
Income tax (expense) benefit on net investment gains (losses)2 
Net investment gains (losses), after tax(7)
Net income (loss)$274 
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
March 31, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,624 $1,739 $558 $81 $2,286 $— $6,288 
Insurance receivables992 2,306 429 2 — — 3,729 
Deferred acquisition costs441 423 135 — — — 999 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,493 — — — — — 3,493 
Insurance reserves 
Claim and claim adjustment expenses7,572 11,708 3,046 616 2,639 — 25,581 
Unearned premiums3,267 3,366 760 112 — (1)7,504 
Future policy benefits— — — 13,304 — — 13,304 
Deferred non-insurance warranty revenue4,488 — — — — — 4,488 
Three months ended March 31, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$814 $1,202 $315 $110 $— $— $2,441 
Net investment income150 176 31 231 21 — 609 
Non-insurance warranty revenue407 — — — — — 407 
Other revenues1 8 — — 3 (3)9 
Total operating revenues1,372 1,386 346 341 24 (3)3,466 
Claims, benefits and expenses    
Net incurred claims and benefits477 828 189 312 (8)— 1,798 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs178 200 66 — — — 444 
Non-insurance warranty expense394 — — — — — 394 
Insurance related administrative expenses81 138 39 29 — — 287 
Interest expense1 — — — 34 — 35 
Other expenses (1)
14 12 2 — 25 (3)50 
Total claims, benefits and expenses1,147 1,185 296 341 51 (3)3,017 
Income tax (expense) benefit on core income (loss)(48)(43)(13)5 5 — (94)
Core income (loss)$177 $158 $37 $5 $(22)$— $355 
Net investment gains (losses)(22)
Income tax (expense) benefit on net investment gains (losses)5 
Net investment gains (losses), after tax(17)
Net income (loss)$338 
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Three months ended March 31
(In millions)20252024
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$499 $482 
Catastrophe losses— — 
(Favorable) unfavorable development (1)
10 (5)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$868 $746 
Catastrophe losses86 82 
(Favorable) unfavorable development (1)
51 (2)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$181 $183 
Catastrophe losses11 6 
(Favorable) unfavorable development (1)
— — 
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
Revenues by line of business
The following table presents operating revenues by line of business for each reportable segment.
Three months ended March 31
(In millions)20252024
Specialty
Management & Professional Liability$746 $729 
Surety188 182 
Warranty & Alternative Risks445 461 
Specialty revenues1,379 1,372 
Commercial
Middle Market466 432 
Construction510 455 
Small Business156 154 
Other Commercial433 345 
Commercial revenues1,565 1,386 
International
Canada94 98 
Europe144 143 
Hardy106 105 
International revenues344 346 
Life & Group revenues332 341 
Corporate & Other revenues 19 24 
Eliminations(3)(3)
Total operating revenues3,636 3,466 
Net investment gains (losses)(9)(22)
Total revenues$3,627 $3,444 
v3.25.1
General (Narrative) (Details)
Mar. 31, 2025
CNAF Consolidated | Loews  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Noncontrolling interest, ownership percentage by parent 92.00%
v3.25.1
Earnings Per Share Data (Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income $ 274 $ 338
Basic    
Basic (in shares) 271.3 271.6
Diluted    
Basic (in shares) 271.3 271.6
Diluted effect of stock-based awards under compensation plans (in shares) 1.3 1.1
Total (in shares) 272.6 272.7
Earnings per share    
Basic earnings per share (in usd per share) $ 1.01 $ 1.24
Diluted earnings per share (in usd per share) $ 1.00 $ 1.24
v3.25.1
Earnings Per Share Data (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Treasury stock, shares, acquired (in shares) 700,000 0
Purchase of treasury stock $ 34  
v3.25.1
Investments (Net investment income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net Investment Income [Line Items]    
Gross investment income $ 626 $ 630
Investment expense (22) (21)
Net investment income 604 609
Fixed maturity securities    
Net Investment Income [Line Items]    
Gross investment income 522 502
Equity securities    
Net Investment Income [Line Items]    
Gross investment income 6 22
Limited partnership investments    
Net Investment Income [Line Items]    
Gross investment income 56 54
Mortgage loans    
Net Investment Income [Line Items]    
Gross investment income 16 15
Short-term investments    
Net Investment Income [Line Items]    
Gross investment income 19 28
Trading portfolio    
Net Investment Income [Line Items]    
Gross investment income 1 1
Other    
Net Investment Income [Line Items]    
Gross investment income 6 8
Common Stock    
Net Investment Income [Line Items]    
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2025 and 2024 $ (4) $ 13
v3.25.1
Investments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Gain (Loss) on Securities [Line Items]      
Mortgage loan losses due to changes in expected credit losses $ 0 $ 0  
Commitments to purchase or fund privately placed debt securities 1,575    
Commitments to sell various privately placed debt securities 95    
Fixed maturity securities      
Gain (Loss) on Securities [Line Items]      
Debt securities, available-for-sale, accrued interest, after allowance for credit loss 456 $ 437 $ 442
Mortgage loans      
Gain (Loss) on Securities [Line Items]      
Financing receivable, accrued interest, after allowance for credit loss $ 4    
v3.25.1
Investments (Net realized investment gains (losses)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fixed maturity securities:    
Gross gains $ 13 $ 14
Gross losses (22) (46)
Net investment gains (losses) on fixed maturity securities (9) (32)
Equity securities 0 11
Short-term investments and other 0 (1)
Net investment gains (losses) (9) (22)
Non-redeemable preferred stock    
Net Investment Income [Line Items]    
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2025 and 2024 $ (2) $ 11
v3.25.1
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Impairment losses (gains) recognized in earnings $ 7 $ 14
Corporate and other bonds    
Debt Securities, Available-for-sale [Line Items]    
Impairment losses (gains) recognized in earnings 7 9
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Impairment losses (gains) recognized in earnings $ 0 $ 5
v3.25.1
Investments (Summary of fixed maturity and equity securities) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost $ 43,989 $ 43,481    
Gross Unrealized Gains 796 715    
Gross Unrealized Losses 2,767 3,040    
Allowance for Credit Losses 47 45 $ 20 $ 16
Estimated Fair Value 41,971 41,111    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities trading 2 0    
Total fixed maturity securities trading 2 0    
Debt securities, amortized cost 43,991 43,481    
Total fixed maturity securities 41,973 41,111    
Corporate and other bonds        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 26,388 25,839    
Gross Unrealized Gains 502 423    
Gross Unrealized Losses 1,149 1,305    
Allowance for Credit Losses 15 13 3 4
Estimated Fair Value 25,726 24,944    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities 26,616 25,841    
States, municipalities and political subdivisions        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 7,246 7,396    
Gross Unrealized Gains 227 243    
Gross Unrealized Losses 829 835    
Allowance for Credit Losses 0 0    
Estimated Fair Value 6,644 6,804    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities 6,644 6,804    
Residential mortgage-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 3,844 3,725    
Gross Unrealized Gains 20 7    
Gross Unrealized Losses 426 488    
Allowance for Credit Losses 0 0    
Estimated Fair Value 3,438 3,244    
Commercial mortgage-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 1,788 1,830    
Gross Unrealized Gains 14 11    
Gross Unrealized Losses 119 142    
Allowance for Credit Losses 18 18    
Estimated Fair Value 1,665 1,681    
Other asset-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 3,816 3,770    
Gross Unrealized Gains 24 24    
Gross Unrealized Losses 216 239    
Allowance for Credit Losses 14 14    
Estimated Fair Value 3,610 3,541    
Asset-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 9,448 9,325    
Gross Unrealized Gains 58 42    
Gross Unrealized Losses 761 869    
Allowance for Credit Losses 32 32 $ 17 $ 12
Estimated Fair Value 8,713 8,466    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities 8,713 8,466    
U.S. Treasury and obligations of government-sponsored enterprises        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 219 220    
Gross Unrealized Gains 1 1    
Gross Unrealized Losses 2 1    
Allowance for Credit Losses 0 0    
Estimated Fair Value 218 220    
Foreign government        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 688 701    
Gross Unrealized Gains 8 6    
Gross Unrealized Losses 26 30    
Allowance for Credit Losses 0 0    
Estimated Fair Value $ 670 $ 677    
v3.25.1
Investments (Securities in a gross unrealized loss position) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months $ 8,048 $ 9,019
Gross Unrealized Losses, Less than 12 Months 221 267
Estimated Fair Value, 12 Months or Longer 17,798 18,319
Gross Unrealized Losses, 12 Months or Longer 2,546 2,773
Estimated Fair Value, Total 25,846 27,338
Gross Unrealized Losses, Total 2,767 3,040
Corporate and other bonds    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 5,816 5,846
Gross Unrealized Losses, Less than 12 Months 141 165
Estimated Fair Value, 12 Months or Longer 9,986 10,388
Gross Unrealized Losses, 12 Months or Longer 1,008 1,140
Estimated Fair Value, Total 15,802 16,234
Gross Unrealized Losses, Total 1,149 1,305
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 944 1,247
Gross Unrealized Losses, Less than 12 Months 51 52
Estimated Fair Value, 12 Months or Longer 2,986 2,967
Gross Unrealized Losses, 12 Months or Longer 778 783
Estimated Fair Value, Total 3,930 4,214
Gross Unrealized Losses, Total 829 835
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 413 849
Gross Unrealized Losses, Less than 12 Months 9 22
Estimated Fair Value, 12 Months or Longer 2,016 2,010
Gross Unrealized Losses, 12 Months or Longer 417 466
Estimated Fair Value, Total 2,429 2,859
Gross Unrealized Losses, Total 426 488
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 98 230
Gross Unrealized Losses, Less than 12 Months 1 3
Estimated Fair Value, 12 Months or Longer 969 988
Gross Unrealized Losses, 12 Months or Longer 118 139
Estimated Fair Value, Total 1,067 1,218
Gross Unrealized Losses, Total 119 142
Other asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 629 680
Gross Unrealized Losses, Less than 12 Months 16 21
Estimated Fair Value, 12 Months or Longer 1,499 1,557
Gross Unrealized Losses, 12 Months or Longer 200 218
Estimated Fair Value, Total 2,128 2,237
Gross Unrealized Losses, Total 216 239
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 1,140 1,759
Gross Unrealized Losses, Less than 12 Months 26 46
Estimated Fair Value, 12 Months or Longer 4,484 4,555
Gross Unrealized Losses, 12 Months or Longer 735 823
Estimated Fair Value, Total 5,624 6,314
Gross Unrealized Losses, Total 761 869
U.S. Treasury and obligations of government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 43 49
Gross Unrealized Losses, Less than 12 Months 1 1
Estimated Fair Value, 12 Months or Longer 42 41
Gross Unrealized Losses, 12 Months or Longer 1 0
Estimated Fair Value, Total 85 90
Gross Unrealized Losses, Total 2 1
Foreign government    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 105 118
Gross Unrealized Losses, Less than 12 Months 2 3
Estimated Fair Value, 12 Months or Longer 300 368
Gross Unrealized Losses, 12 Months or Longer 24 27
Estimated Fair Value, Total 405 486
Gross Unrealized Losses, Total $ 26 $ 30
v3.25.1
Investments (Securities in a gross unrealized loss position by ratings) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value $ 25,846 $ 27,338
Gross Unrealized Losses 2,767 3,040
U.S. Government, Government agencies and Government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 2,212 2,567
Gross Unrealized Losses 322 373
AAA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,453 1,830
Gross Unrealized Losses 265 283
AA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 3,981 4,257
Gross Unrealized Losses 701 730
A    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 6,254 6,340
Gross Unrealized Losses 527 582
BBB    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 10,922 11,548
Gross Unrealized Losses 849 980
Non-investment grade    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,024 796
Gross Unrealized Losses $ 103 $ 92
v3.25.1
Investments (Allowance on available-for-sale securities with credit impairments and PCD assets activity) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Allowance for credit losses:    
Balance, beginning of period $ 45 $ 16
Additions to the allowance for credit losses:    
Securities for which credit losses were not previously recorded 0 0
Available-for-sale securities accounted for as PCD assets 0 0
Reductions to the allowance for credit losses:    
Securities sold during the period (realized) 0 0
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 1
Write-offs charged against the allowance 0 0
Recoveries of amounts previously written off 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 2 5
Balance, end of period 47 20
Corporate and other bonds    
Allowance for credit losses:    
Balance, beginning of period 13 4
Additions to the allowance for credit losses:    
Securities for which credit losses were not previously recorded 0 0
Available-for-sale securities accounted for as PCD assets 0 0
Reductions to the allowance for credit losses:    
Securities sold during the period (realized) 0 0
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 1
Write-offs charged against the allowance 0 0
Recoveries of amounts previously written off 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 2 0
Balance, end of period 15 3
Asset-backed    
Allowance for credit losses:    
Balance, beginning of period 32 12
Additions to the allowance for credit losses:    
Securities for which credit losses were not previously recorded 0 0
Available-for-sale securities accounted for as PCD assets 0 0
Reductions to the allowance for credit losses:    
Securities sold during the period (realized) 0 0
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 0
Write-offs charged against the allowance 0 0
Recoveries of amounts previously written off 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 0 5
Balance, end of period $ 32 $ 17
v3.25.1
Investments (Contractual maturity) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments [Abstract]    
Due in one year or less, cost or amortized cost $ 1,842 $ 1,761
Due after one year through five years, cost or amortized cost 11,606 11,678
Due after five years through ten years, cost or amortized cost 13,277 13,134
Due after ten years, cost or amortized cost 17,264 16,908
Cost or Amortized Cost 43,989 43,481
Due in one year or less, estimated fair value 1,826 1,753
Due after one year through five years, estimated fair value 11,371 11,403
Due after five years through ten years, estimated fair value 12,742 12,415
Due after ten years, estimated fair value 16,032 15,540
Estimated Fair Value $ 41,971 $ 41,111
v3.25.1
Investments (Credit quality indicator) (Details) - Mortgage loans
$ in Millions
Mar. 31, 2025
USD ($)
Debt Securities, Available-for-sale [Line Items]  
2025 $ 37
2024 101
2023 127
2022 234
2021 76
Prior 509
Total 1,084
DSCR ≥1.6x | LTV less than 55%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 0
2023 33
2022 9
2021 0
Prior 209
Total 251
DSCR ≥1.6x | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 0
2023 0
2022 15
2021 11
Prior 16
Total 42
DSCR ≥1.6x | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 0
2023 12
2022 31
2021 12
Prior 0
Total 55
DSCR 1.2x - 1.6x | LTV less than 55%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 60
2023 28
2022 5
2021 2
Prior 137
Total 232
DSCR 1.2x - 1.6x | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 41
2023 31
2022 20
2021 30
Prior 58
Total 180
DSCR 1.2x - 1.6x | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 0
2023 0
2022 46
2021 0
Prior 0
Total 46
DSCR ≤1.2 | LTV less than 55%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 21
Total 21
DSCR ≤1.2 | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2025 37
2024 0
2023 23
2022 73
2021 0
Prior 20
Total 153
DSCR ≤1.2 | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2025 0
2024 0
2023 0
2022 35
2021 21
Prior 48
Total $ 104
v3.25.1
Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fixed maturity securities:    
Fixed maturity securities $ 41,973 $ 41,111
Equity securities:    
Equity securities 695 659
Short-term and other 1,411 1,922
Total assets 44,079 43,692
Total liabilities 0 0
Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 26,616 25,841
States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 6,644 6,804
Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 8,713 8,466
Common Stock    
Equity securities:    
Equity securities 182 180
Non-redeemable preferred stock    
Equity securities:    
Equity securities 513 479
Level 1    
Fixed maturity securities:    
Fixed maturity securities 222 223
Equity securities:    
Equity securities 200 198
Short-term and other 1,368 1,852
Total assets 1,790 2,273
Total liabilities 0 0
Level 1 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 222 223
Level 1 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 0 0
Level 1 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 0 0
Level 1 | Common Stock    
Equity securities:    
Equity securities 165 162
Level 1 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 35 36
Level 2    
Fixed maturity securities:    
Fixed maturity securities 39,467 38,692
Equity securities:    
Equity securities 478 441
Short-term and other 43 70
Total assets 39,988 39,203
Total liabilities 0 0
Level 2 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 25,043 24,340
Level 2 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 6,600 6,762
Level 2 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 7,824 7,590
Level 2 | Common Stock    
Equity securities:    
Equity securities 0 0
Level 2 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 478 441
Level 3    
Fixed maturity securities:    
Fixed maturity securities 2,284 2,196
Equity securities:    
Equity securities 17 20
Short-term and other 0 0
Total assets 2,301 2,216
Total liabilities 0 0
Level 3 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 1,351 1,278
Level 3 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 44 42
Level 3 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 889 876
Level 3 | Common Stock    
Equity securities:    
Equity securities 17 18
Level 3 | Non-redeemable preferred stock    
Equity securities:    
Equity securities $ 0 $ 2
v3.25.1
Fair Value (Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets $ 2,216 $ 2,014
Reported in Net investment gains (losses) $ 2 $ (4)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment losses Net investment losses
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Other comprehensive income Other comprehensive income
Reported in Other comprehensive income (loss) $ 24 $ (18)
Total realized and unrealized investment gains (losses) 29 (10)
Purchases 82 92
Sales 0 (28)
Settlements (41) (53)
Transfers into Level 3 15 11
Transfers out of Level 3 0 (19)
Balance, Ending, Assets 2,301 2,007
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period (1) 1
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 24 (20)
Corporate and other bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 1,278 1,045
Reported in Net investment gains (losses) 0 0
Reported in Other comprehensive income (loss) 21 (12)
Total realized and unrealized investment gains (losses) 21 (12)
Purchases 55 74
Sales 0 0
Settlements (18) (36)
Transfers into Level 3 15 11
Transfers out of Level 3 0 0
Balance, Ending, Assets 1,351 1,082
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 21 (14)
States, municipalities and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 42 44
Reported in Net investment gains (losses) 0 0
Reported in Other comprehensive income (loss) 2 (1)
Total realized and unrealized investment gains (losses) 2 (1)
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, Ending, Assets 44 43
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 2 (1)
Asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 876 901
Reported in Net investment gains (losses) 0 (4)
Reported in Other comprehensive income (loss) 1 (5)
Total realized and unrealized investment gains (losses) 5 (3)
Purchases 27 18
Sales 0 (9)
Settlements (19) (17)
Transfers into Level 3 0 0
Transfers out of Level 3 0 (19)
Balance, Ending, Assets 889 871
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 1 (5)
Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 20 24
Reported in Net investment gains (losses) 2 0
Reported in Other comprehensive income (loss) 0 0
Total realized and unrealized investment gains (losses) 1 6
Purchases 0 0
Sales 0 (19)
Settlements (4) 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, Ending, Assets 17 11
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period (1) 1
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 0 0
Reported in Net investment income    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 3 12
Reported in Net investment income | Corporate and other bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 0 0
Reported in Net investment income | States, municipalities and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 0 0
Reported in Net investment income | Asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 4 6
Reported in Net investment income | Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income $ (1) $ 6
v3.25.1
Fair Value (Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Other invested assets overseas deposit $ 90 $ 79
v3.25.1
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Estimated fair value $ 44,079 $ 43,692
Fixed maturity securities | Discounted cash flow    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Estimated fair value $ 1,805 $ 1,724
Credit spread | Discounted cash flow | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt securities, available-for-sale, measurement Input 0.01 0.01
Credit spread | Discounted cash flow | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt securities, available-for-sale, measurement Input 0.07 0.06
Credit spread | Discounted cash flow | Weighted Average    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt securities, available-for-sale, measurement Input 0.02 0.02
v3.25.1
Fair Value (Carrying amount and estimated fair value of financial instrument assets and liabilities which are not measured at fair value) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Mortgage loans $ 1,049 $ 1,019
Liabilities    
Long-term debt 2,474 2,973
Carrying Amount    
Assets    
Mortgage loans 1,049 1,019
Liabilities    
Short-term debt 500 0
Long-term debt 2,474 2,973
Estimated Fair Value    
Assets    
Mortgage loans 1,035 987
Liabilities    
Short-term debt 499 0
Long-term debt 2,410 2,885
Level 1 | Estimated Fair Value    
Assets    
Mortgage loans 0 0
Liabilities    
Short-term debt 0 0
Long-term debt 0 0
Level 2 | Estimated Fair Value    
Assets    
Mortgage loans 0 0
Liabilities    
Short-term debt 499 0
Long-term debt 2,410 2,885
Level 3 | Estimated Fair Value    
Assets    
Mortgage loans 1,035 987
Liabilities    
Short-term debt 0 0
Long-term debt $ 0 $ 0
v3.25.1
Claim and Claim Adjustment Expense Reserves (Reconciliation of Claim and Claim Adjustment Expense Reserves) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reserves, beginning of year:    
Gross $ 24,976 $ 23,304
Ceded 5,713 5,141
Net reserves, beginning of year 19,263 18,163
Net incurred claim and claim adjustment expenses:    
Provision for insured events of current year 1,650 1,502
Increase (decrease) in provision for insured events of prior years 80 (6)
Amortization of discount 10 10
Total net incurred 1,740 1,506
Net payments attributable to:    
Current year events (80) (113)
Prior year events (1,212) (1,168)
Total net payments (1,292) (1,281)
Foreign currency translation adjustment and other 53 (41)
Net reserves, end of period 19,764 18,347
Ceded reserves, end of period 5,817 5,241
Gross reserves, end of period $ 25,581 $ 23,588
v3.25.1
Claim and Claim Adjustment Expense Reserves (Net Prior Year Development) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Pretax (favorable) unfavorable premium development, excluding Life & Group $ 83 $ (7)
Specialty | Property and Casualty Segments    
Segment Reporting Information [Line Items]    
Pretax (favorable) unfavorable premium development, excluding Life & Group 10 (5)
Commercial | Property and Casualty Segments    
Segment Reporting Information [Line Items]    
Pretax (favorable) unfavorable premium development, excluding Life & Group 51 (2)
International | Property and Casualty Segments    
Segment Reporting Information [Line Items]    
Pretax (favorable) unfavorable premium development, excluding Life & Group 0 0
Corporate & Other    
Segment Reporting Information [Line Items]    
Pretax (favorable) unfavorable premium development, excluding Life & Group $ 22 $ 0
v3.25.1
Claim and Claim Adjustment Expense Reserves (Specialty - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development) (Details) - Specialty - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]    
Medical Professional Liability $ 0 $ 0
Other Professional Liability and Management Liability 0 0
Surety 0 (18)
Warranty 10 13
Other 0 0
Total pretax (favorable) unfavorable development $ 10 $ (5)
v3.25.1
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2011
Dec. 31, 2010
Liability for Claims and Claims Adjustment Expense [Line Items]          
Unusual or infrequent item, or both, net of insurance proceeds $ 97 $ 88      
Pretax (favorable) unfavorable premium development, excluding Life & Group 83 (7)      
Retroactive reinsurance benefit recognized 17 12      
Cumulative amounts ceded under AEP Loss Portfolio Transfer 3,700   $ 3,700    
Asbestos and Environmental Reserves          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net A&EP claim and allocated claim adjustment expense reserves ceded to NICO         $ 1,600
Aggregate limit under A&EP Loss Portfolio Transfer         4,000
A&EP claim and allocated claim adjustment expense reserves ceded under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer         1,200
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer         2,000
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer         215
Total consideration paid to NICO under AEP Loss Portfolio Transfer       $ 2,200 $ 2,200
Deferred reinsurance benefit yet to be recognized 408   $ 425    
Fair value of collateral trust account established by NICO under A&EP Loss Portfolio Transfer 2,300        
California Wildfires          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Unusual or infrequent item, or both, net of insurance proceeds 53        
Corporate & Other          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Pretax (favorable) unfavorable premium development, excluding Life & Group $ 22 $ 0      
v3.25.1
Claim and Claim Adjustment Expense Reserves (Commercial - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development) (Details) - Commercial - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]    
Commercial $ 50 $ 0
General Liability 0 0
Workers' Compensation 1 (2)
Property and Other 0 0
Total pretax (favorable) unfavorable development $ 51 $ (2)
v3.25.1
Claim and Claim Adjustment Expense Reserves (International - Net prior year claim and allocated claim adjustment expense reserve development) (Details) - International - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]    
Commercial $ 0 $ 0
Specialty 0 0
Other 0 0
Total pretax (favorable) unfavorable development $ 0 $ 0
v3.25.1
Future Policy Benefit Reserves - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Insurance [Abstract]      
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance $ 3,550   $ 3,664
Liability for future policy benefit, weighted-average duration 11 years 11 years  
Liability future policy benefit, losses recognized in current period $ 14 $ 20  
Liability future policy benefit, losses recognized in prior period $ 6 $ 2  
v3.25.1
Future Policy Benefit Reserves - Summary of Balances and Changes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Present value of future net premiums        
Balance, January 1 $ 3,425 $ 3,710    
Effect of changes in discount rate (38) (56) $ (7) $ (125)
Balance, January 1, at original locked in discount rate 3,418 3,585    
Effect of changes in cash flow assumptions     0 0
Expect of actual variances from expected experience     5 (28)
Adjusted balance, January 1     3,423 3,557
Interest accrual 44 47    
Net premiums: earned during period (101) (107)    
Balance, end of period at original locked in discount rate 3,366 3,497    
Effect of changes in discount rate 38 56 7 125
Balance, March 31 3,404 3,553    
Present value of future benefits & expenses        
Balance, January 1 16,583 17,669    
Effect of changes in discount rate 264 (78) 440 (578)
Balance, January 1, at original locked in discount rate 17,023 17,091    
Effect of change in cash flow assumptions     0 0
Effect of actual variances from expected experience     13 (13)
Adjusted balance, January 1     17,036 17,078
Interest accrual 229 231    
Benefit & expense payments (293) (321)    
Balance, end of period at original locked in discount rate 16,972 16,988    
Effect of changes in discount rate (264) 78 (440) $ 578
Balance, March 31 16,708 17,066    
Net LFPB 13,304 13,513 $ 13,158  
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (8) $ (15)    
v3.25.1
Future Policy Benefit Reserves - Earned Premiums and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Earned premiums $ 106 $ 110
Interest accretion $ 185 $ 184
v3.25.1
Future Policy Benefit Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Expected future benefit and expense payments $ 31,433 $ 32,474
Expected future gross premiums $ 5,089 $ 5,270
v3.25.1
Future Policy Benefit Reserves - Weighted Average Interest Rates (Details)
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Insurance [Abstract]      
Original locked in discount rate 5.19% 5.20% 5.22%
Upper-medium grade fixed income instrument discount rate 5.40% 5.51% 5.20%
v3.25.1
Legal Proceedings, Contingencies and Guarantees (Narrative) (Details)
$ in Billions
Mar. 31, 2025
USD ($)
Guarantee Obligations  
Legal Proceedings, Commitments and Contingencies, and Guarantees [Line Items]  
Guarantor obligations, maximum exposure, undiscounted $ 1.4
v3.25.1
Benefit Plans (Components of Net Periodic Cost (Benefit)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Retirement Benefits [Abstract]    
Interest cost on projected benefit obligation $ 9 $ 22
Expected return on plan assets (14) (29)
Amortization of net actuarial loss (gain) 2 7
Total net periodic pension cost (benefit) $ (3) $ 0
DefinedBenefitPlanNetPeriodicBenefitCostCreditInterestCostStatementOfIncomeOrComprehensiveIncomeExtensibleListNotDisclosedFlag Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15)  
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15)  
v3.25.1
Benefit Plans (Schedule of Non-Service Cost (Benefit) Presented in the Consolidated Statement of Operations) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ (3) $ 0
DefinedBenefitPlanNetPeriodicBenefitCostCreditExcludingServiceCostStatementOfIncomeOrComprehensiveIncomeExtensibleListNotDisclosedFlag Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15)  
Insurance claims and policyholder's benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ (1) 0
Other operating expenses    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ (2) $ 0
v3.25.1
Accumulated Other Comprehensive Income (Loss) by Component (Schedule of Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period $ 10,513  
Other comprehensive income (loss) before reclassifications 196 $ 69
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (10) (31)
Other comprehensive income (loss) after tax (expense) benefit 206 100
Total stockholder's equity at end of period 10,279 9,662
Reclassification from AOCI, tax 1 8
Tax (expense) benefit on other comprehensive income (loss) (42) (35)
Accumulated other comprehensive income (loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period (1,991) (2,672)
Total stockholder's equity at end of period (1,785) (2,572)
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period (13) (12)
Other comprehensive income (loss) before reclassifications (5) (1)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (2) (3)
Other comprehensive income (loss) after tax (expense) benefit (3) 2
Total stockholder's equity at end of period (16) (10)
Reclassification from AOCI, tax 0 1
Tax (expense) benefit on other comprehensive income (loss) 1 (1)
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period (1,876) (1,613)
Other comprehensive income (loss) before reclassifications 277 (239)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (6) (22)
Other comprehensive income (loss) after tax (expense) benefit 283 (217)
Total stockholder's equity at end of period (1,593) (1,830)
Reclassification from AOCI, tax 1 6
Tax (expense) benefit on other comprehensive income (loss) (74) 58
Pension and postretirement benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period (191) (525)
Other comprehensive income (loss) before reclassifications 0 0
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (2) (6)
Other comprehensive income (loss) after tax (expense) benefit 2 6
Total stockholder's equity at end of period (189) (519)
Reclassification from AOCI, tax 0 1
Tax (expense) benefit on other comprehensive income (loss) 0 (1)
Cumulative impact of changes in discount rates used to measure long duration contracts    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period 353 (359)
Other comprehensive income (loss) before reclassifications (114) 341
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0
Other comprehensive income (loss) after tax (expense) benefit (114) 341
Total stockholder's equity at end of period 239 (18)
Reclassification from AOCI, tax 0  
Tax (expense) benefit on other comprehensive income (loss) 31 (91)
Cumulative foreign currency translation adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Total stockholder's equity at beginning of period (264) (163)
Other comprehensive income (loss) before reclassifications 38 (32)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0
Other comprehensive income (loss) after tax (expense) benefit 38 (32)
Total stockholder's equity at end of period (226) (195)
Reclassification from AOCI, tax 0 0
Tax (expense) benefit on other comprehensive income (loss) $ 0 $ 0
v3.25.1
Business Segments (Narrative) (Details)
 3 Months Ended
Mar. 31, 2025
segment
Property and Casualty Segments  
Segment Reporting Information [Line Items]  
Number of operating segments 3
Life and Group and Corporate and Other  
Segment Reporting Information [Line Items]  
Number of operating segments 2
v3.25.1
Business Segments (Income Statement Information) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating revenues    
Net earned premiums $ 2,626 $ 2,441
Net investment income 604 609
Non-insurance warranty revenue 397 407
Other revenues 9 9
Total operating revenues 3,636 3,466
Claims, Benefits and Expenses    
Net incurred claims and benefits 2,017 1,798
Policyholders’ dividends 10 9
Amortization of deferred acquisition costs 471 444
Non-insurance warranty expense 385 394
Insurance related administrative expenses 321 287
Interest expense 32 35
Other expenses 42 50
Total claims, benefits and expenses 3,278 3,017
Income tax (expense) benefit on core income (loss) (77) (94)
Core income (loss)  281 355
Net investment gains (losses) (9) (22)
Income tax (expense) benefit on net investment gains (losses) 2 5
Net investment gains (losses), after tax (7) (17)
Net income (loss) 274 338
Operating Segments | Specialty    
Operating revenues    
Net earned premiums 830 814
Net investment income 151 150
Non-insurance warranty revenue 397 407
Other revenues 1 1
Total operating revenues 1,379 1,372
Claims, Benefits and Expenses    
Net incurred claims and benefits 509 477
Policyholders’ dividends 2 2
Amortization of deferred acquisition costs 189 178
Non-insurance warranty expense 385 394
Insurance related administrative expenses 88 81
Interest expense 0 1
Other expenses 15 14
Total claims, benefits and expenses 1,188 1,147
Income tax (expense) benefit on core income (loss) (41) (48)
Core income (loss)  150 177
Operating Segments | Commercial    
Operating revenues    
Net earned premiums 1,380 1,202
Net investment income 177 176
Non-insurance warranty revenue 0 0
Other revenues 8 8
Total operating revenues 1,565 1,386
Claims, Benefits and Expenses    
Net incurred claims and benefits 1,007 828
Policyholders’ dividends 8 7
Amortization of deferred acquisition costs 219 200
Non-insurance warranty expense 0 0
Insurance related administrative expenses 163 138
Interest expense 0 0
Other expenses 10 12
Total claims, benefits and expenses 1,407 1,185
Income tax (expense) benefit on core income (loss) (34) (43)
Core income (loss)  124 158
Operating Segments | International    
Operating revenues    
Net earned premiums 310 315
Net investment income 34 31
Non-insurance warranty revenue 0 0
Other revenues 0 0
Total operating revenues 344 346
Claims, Benefits and Expenses    
Net incurred claims and benefits 192 189
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 63 66
Non-insurance warranty expense 0 0
Insurance related administrative expenses 40 39
Interest expense 0 0
Other expenses (1) 2
Total claims, benefits and expenses 294 296
Income tax (expense) benefit on core income (loss) (13) (13)
Core income (loss)  37 37
Operating Segments | Life & Group    
Operating revenues    
Net earned premiums 106 110
Net investment income 226 231
Non-insurance warranty revenue 0 0
Other revenues 0 0
Total operating revenues 332 341
Claims, Benefits and Expenses    
Net incurred claims and benefits 300 312
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 0 0
Non-insurance warranty expense 0 0
Insurance related administrative expenses 30 29
Interest expense 0 0
Other expenses 0 0
Total claims, benefits and expenses 330 341
Income tax (expense) benefit on core income (loss) 4 5
Core income (loss)  6 5
Operating Segments | Corporate & Other    
Operating revenues    
Net earned premiums 0 0
Net investment income 16 21
Non-insurance warranty revenue 0 0
Other revenues 3 3
Total operating revenues 19 24
Claims, Benefits and Expenses    
Net incurred claims and benefits 9 (8)
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 0 0
Non-insurance warranty expense 0 0
Insurance related administrative expenses 0 0
Interest expense 32 34
Other expenses 21 25
Total claims, benefits and expenses 62 51
Income tax (expense) benefit on core income (loss) 7 5
Core income (loss)  (36) (22)
Eliminations    
Operating revenues    
Net earned premiums 0 0
Net investment income 0 0
Non-insurance warranty revenue 0 0
Other revenues (3) (3)
Total operating revenues (3) (3)
Claims, Benefits and Expenses    
Net incurred claims and benefits 0 0
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 0 0
Non-insurance warranty expense 0 0
Insurance related administrative expenses 0 0
Interest expense 0 0
Other expenses (3) (3)
Total claims, benefits and expenses (3) (3)
Income tax (expense) benefit on core income (loss) 0 0
Core income (loss)  $ 0 $ 0
v3.25.1
Business Segments (Balance Sheet Information) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Segment Reporting Information [Line Items]      
Reinsurance receivables $ 6,288 $ 6,072  
Insurance receivables 3,729 3,697  
Deferred acquisition costs 999 959  
Goodwill 146 145  
Deferred non-insurance warranty acquisition expense 3,493 3,525  
Insurance reserves      
Claim and claim adjustment expenses 25,581 24,976  
Unearned premiums 7,504 7,346  
Future policy benefits 13,304 13,158 $ 13,513
Deferred non-insurance warranty revenue 4,488 4,530  
Operating Segments | Specialty      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,624 1,405  
Insurance receivables 992 1,062  
Deferred acquisition costs 441 427  
Goodwill 117 117  
Deferred non-insurance warranty acquisition expense 3,493 3,525  
Insurance reserves      
Claim and claim adjustment expenses 7,572 7,426  
Unearned premiums 3,267 3,275  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 4,488 4,530  
Operating Segments | Commercial      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,739 1,710  
Insurance receivables 2,306 2,219  
Deferred acquisition costs 423 405  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 11,708 11,336  
Unearned premiums 3,366 3,252  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | International      
Segment Reporting Information [Line Items]      
Reinsurance receivables 558 539  
Insurance receivables 429 410  
Deferred acquisition costs 135 127  
Goodwill 29 28  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 3,046 2,920  
Unearned premiums 760 727  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | Life & Group      
Segment Reporting Information [Line Items]      
Reinsurance receivables 81 82  
Insurance receivables 2 4  
Deferred acquisition costs 0 0  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 616 622  
Unearned premiums 112 92  
Future policy benefits 13,304 13,158  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | Corporate & Other      
Segment Reporting Information [Line Items]      
Reinsurance receivables 2,286 2,336  
Insurance receivables 0 2  
Deferred acquisition costs 0 0  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 2,639 2,672  
Unearned premiums 0 0  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Eliminations      
Segment Reporting Information [Line Items]      
Reinsurance receivables 0 0  
Insurance receivables 0 0  
Deferred acquisition costs 0 0  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 0 0  
Unearned premiums (1) 0  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue $ 0 $ 0  
v3.25.1
Business Segments (Segment Expenses Included Within Incurred Claims and Benefits) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]    
Non-catastrophe net incurred claim and claim adjustment expenses related to current year $ 80 $ 113
(Favorable) unfavorable development 83 (7)
Property and Casualty Segments | Specialty    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Non-catastrophe net incurred claim and claim adjustment expenses related to current year 499 482
Catastrophe losses 0 0
(Favorable) unfavorable development 10 (5)
Property and Casualty Segments | Commercial    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Non-catastrophe net incurred claim and claim adjustment expenses related to current year 868 746
Catastrophe losses 86 82
(Favorable) unfavorable development 51 (2)
Property and Casualty Segments | International    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Non-catastrophe net incurred claim and claim adjustment expenses related to current year 181 183
Catastrophe losses 11 6
(Favorable) unfavorable development $ 0 $ 0
v3.25.1
Business Segments (Revenues by Line of Business) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Total revenues $ 3,627 $ 3,444
Total operating revenues 3,636 3,466
Net investment gains (losses) (9) (22)
Operating Segments | Specialty    
Total revenues 1,379 1,372
Operating Segments | Commercial    
Total revenues 1,565 1,386
Operating Segments | International    
Total revenues 344 346
Operating Segments | Life & Group    
Total revenues 332 341
Operating Segments | Corporate & Other    
Total revenues 19 24
Eliminations    
Total revenues (3) (3)
Management & Professional Liability | Operating Segments | Specialty    
Total revenues 746 729
Surety | Operating Segments | Specialty    
Total revenues 188 182
Warranty & Alternative Risks | Operating Segments | Specialty    
Total revenues 445 461
Middle Market | Operating Segments | Commercial    
Total revenues 466 432
Construction | Operating Segments | Commercial    
Total revenues 510 455
Small Business | Operating Segments | Commercial    
Total revenues 156 154
Other Commercial | Operating Segments | Commercial    
Total revenues 433 345
Canada | Operating Segments | International    
Total revenues 94 98
Europe | Operating Segments | International    
Total revenues 144 143
Hardy | Operating Segments | International    
Total revenues $ 106 $ 105
v3.25.1
Non-Insurance Revenues from Contracts with Customers (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Deferred non-insurance warranty revenue $ 4,488 $ 4,530
Contract with customer, liability, revenue recognized $ 400  
v3.25.1
Non-Insurance Revenues from Contracts with Customers (Performance obligation) (Details)
$ in Billions
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.1
Remaining performance obligation, expected timing of satisfaction, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.0
Remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 0.9
Remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.5
Remaining performance obligation, expected timing of satisfaction, period