CNA FINANCIAL CORP, 10-Q filed on 5/6/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
May 02, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Current Fiscal Year End Date --12-31  
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 $2.50  
Trading Symbol CNA  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   271,282,010
Entity Central Index Key 0000021175  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
New York Stock Exchange    
Entity Information [Line Items]    
Security Exchange Name NYSE  
Chicago Stock Exchange    
Entity Information [Line Items]    
Security Exchange Name CHX  
v3.24.1.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues    
Net earned premiums $ 2,441 $ 2,248
Net investment income 609 525
Net investment losses (22) (35)
Non-insurance warranty revenue 407 407
Other revenues 9 7
Total revenues 3,444 3,152
Claims, Benefits and Expenses    
Insurance claims and policyholders’ benefits (re-measurement (loss) gain of $(15) and $1) 1,807 1,653
Amortization of deferred acquisition costs 444 379
Non-insurance warranty expense 394 384
Other operating expenses 337 337
Interest 35 28
Total claims, benefits and expenses 3,017 2,781
Income before income tax 427 371
Income tax expense (89) (74)
Net income $ 338 $ 297
Basic earnings per share    
Basic earnings per share (in usd per share) $ 1.24 $ 1.10
Diluted earnings per share    
Diluted earnings per share (in usd per share) $ 1.24 $ 1.09
Weighted Average Outstanding Common Stock and Common Stock Equivalents    
Basic (in shares) 271.6 271.3
Diluted (in shares) 272.7 272.3
v3.24.1.u1
Condensed Consolidated Statements of Operations (Unaudited) - (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (15) $ 1
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net income $ 338 $ 297
Other Comprehensive Income, net of tax    
Net unrealized gains and losses on investments (215) 662
Impact of changes in discount rates used to measure long-duration contract liabilities 341 (396)
Foreign currency translation adjustment (32) 17
Pension and postretirement benefits 6 7
Other comprehensive income, net of tax 100 290
Total comprehensive income 438 587
Investments    
Other Comprehensive Income, net of tax    
Net unrealized gains and losses on investments 2 (8)
Net unrealized gains and losses on other investments    
Other Comprehensive Income, net of tax    
Net unrealized gains and losses on investments $ (217) $ 670
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities at fair value (amortized cost of $42,878 and $42,414, less allowance for credit loss of $20 and $16) $ 40,605 $ 40,425
Equity securities at fair value (cost of $681 and $686) 691 683
Limited partnership investments 2,274 2,174
Other invested assets 79 80
Mortgage loans (less allowance for credit loss of $35 and $35) 1,029 1,035
Short-term investments 1,996 2,165
Total investments 46,674 46,562
Cash 409 345
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22) 5,574 5,412
Insurance receivables (less allowance for uncollectible receivables of $26 and $28) 3,432 3,442
Accrued investment income 447 444
Deferred acquisition costs 927 896
Deferred income taxes 942 1,016
Property and equipment at cost (less accumulated depreciation of $303 and $296) 256 253
Goodwill 146 146
Deferred non-insurance warranty acquisition expense 3,621 3,661
Other assets (includes $— and $23 due from Loews Corporation) 2,647 2,534
Total assets 65,075 64,711
Insurance reserves:    
Claim and claim adjustment expenses 23,588 23,304
Unearned premiums 7,046 6,933
Future policy benefits 13,513 13,959
Short-term debt 550 550
Long-term debt 2,970 2,481
Deferred non-insurance warranty revenue 4,645 4,694
Other liabilities (includes $29 and $28 due to Loews Corporation) 3,101 2,897
Total liabilities 55,413 54,818
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; 271,279,498 and 270,881,457 shares outstanding) 683 683
Additional paid-in capital 2,201 2,221
Retained earnings 9,425 9,755
Accumulated other comprehensive loss (2,572) (2,672)
Treasury stock (1,760,745 and 2,158,786 shares), at cost (75) (94)
Total stockholders’ equity 9,662 9,893
Total liabilities and stockholders' equity $ 65,075 $ 64,711
v3.24.1.u1
Condensed Consolidated Balance Sheets - (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fixed maturities securities at amortized cost $ 42,878 $ 42,414
Marketable securities fixed maturities allowance for credit loss 20 16
Equity securities at cost 681 686
Mortgage loans on real estate commercial and consumer allowance for credit loss 35 35
Allowance for uncollectible reinsurance 22 22
Allowance for uncollectible insurance receivables 26 28
Accumulated depreciation on property and equipment 303 296
Other assets (includes $— and $23 due from Loews Corporation) 2,647 2,534
Other liabilities (includes $29 and $28 due to Loews Corporation) $ 3,101 $ 2,897
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) 271,279,498 270,881,457
Treasury stock, shares (in shares) 1,760,745 2,158,786
Related Party    
Other assets (includes $— and $23 due from Loews Corporation) $ 0 $ 23
Other liabilities (includes $29 and $28 due to Loews Corporation) $ 29 $ 28
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income $ 338 $ 297
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Deferred income tax expense 39 21
Trading portfolio activity 0 (13)
Net investment losses 22 35
Equity method investees (25) 6
Net amortization of investments (57) (46)
Depreciation and amortization 16 12
Changes in:    
Receivables, net (162) (24)
Accrued investment income (4) (13)
Deferred acquisition costs (34) (45)
Insurance reserves 443 432
Other, net (72) (226)
Net cash flows provided by operating activities 504 436
Dispositions:    
Fixed maturity securities - sales 736 1,414
Fixed maturity securities - maturities, calls and redemptions 507 317
Equity securities 186 62
Limited partnerships 12 28
Mortgage loans 18 39
Purchases:    
Fixed maturity securities (1,621) (2,258)
Equity securities (169) (82)
Limited partnerships (77) (116)
Mortgage loans (12) (12)
Change in other investments (2) (2)
Change in short-term investments 192 681
Purchases of property and equipment (20) (20)
Other, net 1 0
Net cash flows (used) provided by investing activities (249) 51
Cash Flows from Financing Activities    
Dividends paid to common stockholders (667) (445)
Proceeds from the issuance of debt 490 0
Purchase of treasury stock 0 (24)
Other, net (12) (11)
Net cash flows used by financing activities (189) (480)
Effect of foreign exchange rate changes on cash (2) 1
Net change in cash 64 8
Cash, beginning of year 345 475
Cash, end of period $ 409 $ 483
v3.24.1.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Previously Reported
Retained Earnings
Revision of Prior Period, Accounting Standards Update, Adjustment
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Previously Reported
Accumulated Other Comprehensive Loss
Revision of Prior Period, Accounting Standards Update, Adjustment
Treasury Stock
Total stockholder's equity at beginning of period at Dec. 31, 2022   $ 683 $ 2,220 $ 9,336 $ 9,572 $ (236) $ (3,598) $ (3,557) $ (41) $ (93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation     (24)             22
Dividends to common stockholders ($2.44 and $1.62 per share)       (442)            
Net income $ 297     297            
Other comprehensive income 290           290      
Purchase of treasury stock (24)                 (24)
Total stockholder's equity at end of period at Mar. 31, 2023 8,667 683 2,196 9,191     (3,308)     (95)
Total stockholder's equity at beginning of period at Dec. 31, 2023 9,893 683 2,221 9,755 $ 9,755 $ 0 (2,672) $ (2,672) $ 0 (94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation     (20)             19
Dividends to common stockholders ($2.44 and $1.62 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)
v3.24.1.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share (usd per share) $ 2.44 $ 1.62
v3.24.1.u1
General
 3 Months Ended
Mar. 31, 2024
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, 2024.
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, 2023, 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, 2024 and for the three months ended March 31, 2024 and 2023 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 November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company’s Chief Operating Decision Maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
In December 2023, the FASB issued 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. 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.
v3.24.1.u1
Earnings (Loss) Per Share Data
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Data Earnings (Loss) Per Share Data
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) 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)20242023
Net income (loss)$338 $297 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.6 271.3 
Diluted
Weighted average shares outstanding271.6 271.3 
Dilutive effect of stock-based awards under compensation plans1.1 1.0 
Total272.7 272.3 
Earnings (loss) per share
      Basic $1.24 $1.10 
Diluted$1.24 $1.09 
Excluded from the calculation of diluted earnings (loss) 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.
There were no share repurchases during the three months ended March 31, 2024. The Company repurchased 550,000 shares of CNAF common stock at an aggregate cost of $24 million during the three months ended March 31, 2023
v3.24.1.u1
Investments
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments Investments
The significant components of Net investment income are presented in the following table.
Three months ended March 31
(In millions)20242023
Fixed maturity securities$502 $470 
Equity securities22 12 
Limited partnership investments54 25 
Mortgage loans15 14 
Short-term investments28 15 
Trading portfolio1 3 
Other8 5 
Gross investment income630 544 
Investment expense(21)(19)
Net investment income$609 $525 
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2024 and 2023
$13 $(1)
Net investment gains (losses) are presented in the following table.
Three months ended March 31
(In millions)20242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$14 $35 
Gross losses(46)(57)
Net investment gains (losses) on fixed maturity securities(32)(22)
Equity securities11 (14)
Short-term investments and other(1)1 
Net investment gains (losses)$(22)$(35)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of March 31, 2024 and 2023
$11 $(2)
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)20242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$9 $8 
Asset-backed5 — 
Impairment losses (gains) recognized in earnings$14 $8 
There were no losses recognized on mortgage loans during the three months ended March 31, 2024 or 2023.
The following tables present a summary of fixed maturity securities.
March 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$25,221 $485 $1,374 $3 $24,329 
States, municipalities and political subdivisions7,726 318 756 — 7,288 
Asset-backed:
Residential mortgage-backed3,563 10 483 — 3,090 
Commercial mortgage-backed1,838 8 193 8 1,645 
Other asset-backed3,586 19 251 9 3,345 
Total asset-backed8,987 37 927 17 8,080 
U.S. Treasury and obligations of government-sponsored enterprises181 — 2 — 179 
Foreign government763 3 37 — 729 
Total fixed maturity securities available-for-sale42,878 843 3,096 20 40,605 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$42,878 $843 $3,096 $20 $40,605 
December 31, 2023Cost 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$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political subdivisions7,713 382 703 — 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 — 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of government-sponsored enterprises152 1 2 — 151 
Foreign government741 6 34 — 713 
Total fixed maturity securities available-for-sale42,414 1,022 2,995 16 40,425 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$42,414 $1,022 $2,995 $16 $40,425 
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, 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$2,578 $48 $13,459 $1,326 $16,037 $1,374 
States, municipalities and political subdivisions686 17 3,266 739 3,952 756 
Asset-backed:
Residential mortgage-backed434 8 2,159 475 2,593 483 
Commercial mortgage-backed131 2 1,162 191 1,293 193 
Other asset-backed588 9 1,833 242 2,421 251 
Total asset-backed1,153 19 5,154 908 6,307 927 
U.S. Treasury and obligations of government-sponsored enterprises100 1 28 1 128 2 
Foreign government136 2 452 35 588 37 
Total$4,653 $87 $22,359 $3,009 $27,012 $3,096 
Less than 12 Months12 Months or LongerTotal
December 31, 2023Estimated
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$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political subdivisions598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of government-sponsored enterprises65 1 23 1 88 2 
   Foreign government52 1 450 33 502 34 
Total$3,483 $74 $22,248 $2,921 $25,731 $2,995 
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, 2024December 31, 2023

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,426 $361 $2,273 $309 
AAA1,661 280 1,524 261 
AA 4,109 690 3,817 658 
A6,324 570 5,652 517 
BBB11,672 1,083 11,523 1,095 
Non-investment grade820 112 942 155 
Total$27,012 $3,096 $25,731 $2,995 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the March 31, 2024 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, 2024.
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 $437 million, $435 million, and $407 million as of March 31, 2024, December 31, 2023, and March 31, 2023 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, 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 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2023
$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets9 — 9 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis3 — 3 
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 period1 — 1 
Balance as of March 31, 2023
$1 $1 $2 
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
March 31, 2024December 31, 2023
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,238 $1,207 $1,121 $1,091 
Due after one year through five years11,680 11,308 11,563 11,180 
Due after five years through ten years13,283 12,461 13,359 12,573 
Due after ten years16,677 15,629 16,371 15,581 
Total$42,878 $40,605 $42,414 $40,425 
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, 2024, the Company had commitments to purchase or fund approximately $1,570 million and sell approximately $25 million under the terms of these investments.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
March 31, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20242023202220212020PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $33 $9 $2 $97 $283 $424 
LTV 55% to 65%— — — 5 — — 5
LTV greater than 65%— — 30 12 — — 42
DSCR 1.2x - 1.6x
LTV less than 55%— 28 5 — 13 63 109
LTV 55% to 65%12 21 36 36 24 31 160
LTV greater than 65%— 12 65 — — — 77
DSCR ≤1.2
LTV less than 55%— — — — — — — 
LTV 55% to 65%— 32 75 — — 43 150
LTV greater than 65%— — 28 21 — 48 97
Total$12 $126 $248 $76 $134 $468 $1,064 
(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, 2024, 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.
v3.24.1.u1
Fair Value
 3 Months Ended
Mar. 31, 2024
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, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$189 $23,966 $1,082 $25,237 
States, municipalities and political subdivisions— 7,245 43 7,288 
Asset-backed— 7,209 871 8,080 
Total fixed maturity securities 189 38,420 1,996 40,605 
Equity securities:
Common stock195 — 11 206 
Non-redeemable preferred stock46 439 — 485 
Total equity securities241 439 11 691 
Short term and other1,801 19 — 1,820 
Total assets$2,231 $38,878 $2,007 $43,116 
Liabilities
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 

December 31, 2023   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$161 $23,926 $1,045 $25,132 
States, municipalities and political subdivisions— 7,348 44 7,392 
Asset-backed— 7,000 901 7,901 
Total fixed maturity securities 161 38,274 1,990 40,425 
Equity securities:
Common stock167 — 24 191 
Non-redeemable preferred stock52 440 — 492 
Total equity securities219 440 24 683 
Short term and other1,976 32 — 2,008 
Total assets$2,356 $38,746 $2,014 $43,116 
Liabilities  
Other liabilities$— $1 $— $1 
Total liabilities$— $1 $— $1 
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, 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)

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2023$810 $43 $788 $35 $1,676 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — — — — 
Reported in Net investment income— — 5 (6)(1)
Reported in Other comprehensive income (loss)24 1 7 — 32 
Total realized and unrealized investment gains (losses)24 1 12 (6)31 
Purchases81 — 55 — 136 
Sales— — — — — 
Settlements(3)— (9)— (12)
Transfers into Level 3— — 23 — 23 
Transfers out of Level 3— — (10)— (10)
Balance as of March 31, 2023$912 $44 $859 $29 $1,844 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2023 recognized in Net income (loss) in the period$— $— $— $(6)$(6)
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2023 recognized in Other comprehensive income (loss) in the period24 1 7 — 32 
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, 2024 and December 31, 2023, there were $73 million and $75 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.
Other Liabilities
Level 2 securities include currency forward contracts valued using observable market forward rates.
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, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,521 Discounted cash flowCredit spread
1% - 7% (2%)
December 31, 2023Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,495 Discounted cash flowCredit spread
1% - 7% (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, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,029 $— $— $987 $987 
Liabilities
Short-term debt$550 $— $549 $— $549 
Long-term debt2,970 — 2,852 — 2,852 
December 31, 2023Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,035 $— $— $997 $997 
Liabilities
Short-term debt$550 $— $546 $— $546 
Long-term debt2,481 — 2,385 — 2,385 
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.
v3.24.1.u1
Claim and Claim Adjustment Expense Reserves
 3 Months Ended
Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Abstract]  
Claim and Claim Adjustment Expense Reserve 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 $88 million and $52 million for the three months ended March 31, 2024 and 2023 primarily related to severe weather related events.
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)20242023
Reserves, beginning of year:
Gross$23,304 $22,120 
Ceded5,141 5,191 
Net reserves, beginning of year18,163 16,929 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,502 1,326 
Increase (decrease) in provision for insured events of prior years(6)13 
Amortization of discount10 11 
Total net incurred (1)
1,506 1,350 
Net payments attributable to:
Current year events(113)(72)
Prior year events(1,168)(1,042)
Total net payments(1,281)(1,114)
Foreign currency translation adjustment and other(41)35 
Net reserves, end of period18,347 17,200 
Ceded reserves, end of period5,2415,209 
Gross reserves, end of period$23,588 $22,409 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Specialty$(5)$— 
Commercial(2)(2)
International— 15 
Corporate & Other— —
Total pretax (favorable) unfavorable development$(7)$13 
Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $9 
Other Professional Liability and Management Liability— — 
Surety(18)— 
Warranty13 (9)
Other— — 
Total pretax (favorable) unfavorable development$(5)$— 
2024
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Commercial Auto$— $— 
General Liability— — 
Workers' Compensation(2)(2)
Property and Other— — 
Total pretax (favorable) unfavorable development$(2)$(2)
International
The following table presents further detail of the development recorded for the International segment.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Commercial$— $(2)
Specialty— 19 
Other— (2)
Total pretax (favorable) unfavorable development $— $15 
2023
Unfavorable development in specialty was due to higher than expected large loss emergence in the Company's professional liability business in accident year 2017.
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 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 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 $12 million and $8 million for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $405 million and $417 million as of March 31, 2024 and December 31, 2023 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 $2.6 billion as of March 31, 2024. 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.
v3.24.1.u1
Future Policy Benefit Reserves
 3 Months Ended
Mar. 31, 2024
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, 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 Sheet.
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, 2023 for further information on the long-term care reserving process.
The following table summarizes balances and changes in the LFPB.
(In millions)
20242023
Present value of future net premiums
Balance, January 1$3,710 $3,993 
     Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(28)(49)
Adjusted balance, January 13,557 3,870 
Interest accrual47 52 
     Net premiums: earned during period(107)(111)
Balance, end of period at original locked in discount rate3,497 3,811 
     Effect of changes in discount rate56 154 
Balance, March 31$3,553 $3,965 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
     Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(13)(50)
Adjusted balance, January 117,078 17,297 
Interest accrual231 242 
     Benefit & expense payments(321)(302)
Balance, end of period at original locked in discount rate16,988 17,237 
     Effect of changes in discount rate78 704 
Balance, March 31$17,066 $17,941 
Net LFPB$13,513 $13,976 
(1) As of March 31, 2024 and 2023 the re-measurement gain (loss) of $(15) million and $1 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 expense associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended March 31Three Months
(In millions)
20242023
Earned premiums$110 $115 
Interest expense184 190 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of March 31
(In millions)
20242023
  Expected future benefit and expense payments$32,474 $33,759 
  Expected future gross premiums5,270 5,729 
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,664 million and $4,046 million as of March 31, 2024 and 2023.
The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of March 31, 2024 and 2023.
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 31As of December 31
202420232023
   Original locked in discount rate5.22 %5.26 %5.22 %
Upper-medium grade fixed income instrument discount rate5.20 4.92 4.94 
For the three months ended March 31, 2024 and 2023, immediate charges to net income resulting from adverse development that caused the Net Premium Ratio (NPR) to exceed 100% for certain cohorts were $20 million and $13 million. For the three months ended March 31, 2024 and 2023, 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 $2 million and $11 million.
v3.24.1.u1
Legal Proceedings, Contingencies and Guarantees
 3 Months Ended
Mar. 31, 2024
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, 2024, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.5 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.
v3.24.1.u1
Benefit Plans
 3 Months Ended
Mar. 31, 2024
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)20242023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$22 $25 
Expected return on plan assets(29)(30)
Amortization of net actuarial loss7 8 
Total net periodic pension cost (benefit)$— $3 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Three months ended March 31
(In millions)20242023
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$— $1 
Other operating expenses— 2 
Total net periodic pension cost (benefit)$— $3 
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) by Component
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) by Component Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024$(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)$(2,572)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2023, as previously reported$(7)$(2,738)$(591)$— $(221)$(3,557)
Cumulative effect adjustment from changes in accounting guidance, net of tax (expense) benefit of $—, $—, $—, $11, $— and $11
— — — (41)— (41)
Balance as of January 1, 2023(7)(2738)(591)(41)(221)(3,598)
Other comprehensive income (loss) before reclassifications(8)652 — (396)17 265 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $4, $2, $—, $— and $6
— (18)(7)— — (25)
Other comprehensive income (loss) net of tax (expense) benefit of $2, $(180), $(2), $105, $— and $(75)
(8)670 7 (396)17 290 
Balance as of March 31, 2023$(15)$(2,068)$(584)$(437)$(204)$(3,308)

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
v3.24.1.u1
Business Segments
 3 Months Ended
Mar. 31, 2024
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, 2023. 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 and Net investment gains or losses are 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), which is derived from certain income statement amounts. 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.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses. The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily reflective of our primary operations.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
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 
Other insurance related expenses81 138 39 29 — — 287 
Other expenses15 12 2 — 59 (3)85 
Total claims, benefits and expenses1,147 1,185 296 341 51 (3)3,017 
Core income (loss) before income tax225 201 50 — (27)— 449 
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 
March 31, 2024
(In millions)      
Reinsurance receivables$1,432 $1,279 $477 $92 $2,316 $— $5,596 
Insurance receivables979 2,096 379 4 — — 3,458 
Deferred acquisition costs401 394 132 — — — 927 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,621 — — — — — 3,621 
Insurance reserves 
Claim and claim adjustment expenses7,221 10,332 2,745 663 2,627 — 23,588 
Unearned premiums3,193 2,996 740 118 — (1)7,046 
Future policy benefits— — — 13,513 — — 13,513 
Deferred non-insurance warranty revenue4,645 — — — — — 4,645 
Three months ended March 31, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$797 $1,046 $290 $115 $— $— $2,248 
Net investment income129 149 23 214 10 — 525 
Non-insurance warranty revenue407 — — — — — 407 
Other revenues— 7 — — 3 (3)7 
Total operating revenues1,333 1,202 313 329 13 (3)3,187 
Claims, benefits and expenses    
Net incurred claims and benefits465 688 189 311 (7)— 1,646 
Policyholders’ dividends1 6 — — — — 7 
Amortization of deferred acquisition costs165 169 45 — — — 379 
Non-insurance warranty expense384 — — — — — 384 
Other insurance related expenses86 142 47 29 1 — 305 
Other expenses14 6 1 1 41 (3)60 
Total claims, benefits and expenses1,115 1,011 282 341 35 (3)2,781 
Core income (loss) before income tax218 191 31 (12)(22)— 406 
Income tax (expense) benefit on core income (loss)(47)(40)(7)9 4 — (81)
Core income (loss)$171 $151 $24 $(3)$(18)$— 325 
Net investment gains (losses)(35)
Income tax (expense) benefit on net investment gains (losses)7 
Net investment gains (losses), after tax(28)
Net income (loss)$297 
December 31, 2023
(In millions)
Reinsurance receivables$1,281 $1,218 $468 $93 $2,374 $— $5,434 
Insurance receivables1,053 2,024 388 5 — — 3,470 
Deferred acquisition costs392 371 133 — — — 896 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,661 — — — — — 3,661 
Insurance reserves 
Claim and claim adjustment expenses7,131 10,103 2,709 675 2,686 — 23,304 
Unearned premiums3,227 2,858 749 99 — — 6,933 
Future policy benefits— — — 13,959 — — 13,959 
Deferred non-insurance warranty revenue4,694 — — — — — 4,694 
The following table presents operating revenues by line of business for each reportable segment.
Three months ended March 31
(In millions)20242023
Specialty
Management & Professional Liability$729 $705 
Surety182 168 
Warranty & Alternative Risks461 460 
Specialty revenues1,372 1,333 
Commercial
Middle Market432 398 
Construction455 385 
Small Business154 150 
Other Commercial345 269 
Commercial revenues1,386 1,202 
International
Canada98 93 
Europe143 127 
Hardy105 93 
International revenues346 313 
Life & Group revenues341 329 
Corporate & Other revenues 24 13 
Eliminations(3)(3)
Total operating revenues3,466 3,187 
Net investment gains (losses)(22)(35)
Total revenues$3,444 $3,152 
v3.24.1.u1
Non-Insurance Revenues from Contracts with Customers
 3 Months Ended
Mar. 31, 2024
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 $4.6 billion and $4.7 billion reported under Liabilities as of March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024 and 2023, the Company recognized $0.4 billion of revenues in each period that were included in the deferred revenue balance as of January 1, 2024 and 2023. For the three months ended March 31, 2024 and 2023, 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 2024, $1.1 billion in 2025, $0.9 billion in 2026 and $1.5 billion thereafter.
v3.24.1.u1
General (Policies)
 3 Months Ended
Mar. 31, 2024
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, 2024.
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.
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, 2024 and for the three months ended March 31, 2024 and 2023 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 November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company’s Chief Operating Decision Maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
In December 2023, the FASB issued 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. 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.
Earnings (Loss) Per Share Data
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) 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.
Future policy benefits reserves
Future policy benefits reserves are associated with the Company's run-off long-term care business, 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 Sheet.
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, 2023 for further information on the long-term care reserving process.
v3.24.1.u1
Earnings (Loss) Per Share Data (Tables)
 3 Months Ended
Mar. 31, 2024
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)20242023
Net income (loss)$338 $297 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.6 271.3 
Diluted
Weighted average shares outstanding271.6 271.3 
Dilutive effect of stock-based awards under compensation plans1.1 1.0 
Total272.7 272.3 
Earnings (loss) per share
      Basic $1.24 $1.10 
Diluted$1.24 $1.09 
v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
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)20242023
Fixed maturity securities$502 $470 
Equity securities22 12 
Limited partnership investments54 25 
Mortgage loans15 14 
Short-term investments28 15 
Trading portfolio1 3 
Other8 5 
Gross investment income630 544 
Investment expense(21)(19)
Net investment income$609 $525 
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2024 and 2023
$13 $(1)
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Three months ended March 31
(In millions)20242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$14 $35 
Gross losses(46)(57)
Net investment gains (losses) on fixed maturity securities(32)(22)
Equity securities11 (14)
Short-term investments and other(1)1 
Net investment gains (losses)$(22)$(35)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of March 31, 2024 and 2023
$11 $(2)
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)20242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$9 $8 
Asset-backed5 — 
Impairment losses (gains) recognized in earnings$14 $8 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
March 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$25,221 $485 $1,374 $3 $24,329 
States, municipalities and political subdivisions7,726 318 756 — 7,288 
Asset-backed:
Residential mortgage-backed3,563 10 483 — 3,090 
Commercial mortgage-backed1,838 8 193 8 1,645 
Other asset-backed3,586 19 251 9 3,345 
Total asset-backed8,987 37 927 17 8,080 
U.S. Treasury and obligations of government-sponsored enterprises181 — 2 — 179 
Foreign government763 3 37 — 729 
Total fixed maturity securities available-for-sale42,878 843 3,096 20 40,605 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$42,878 $843 $3,096 $20 $40,605 
December 31, 2023Cost 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$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political subdivisions7,713 382 703 — 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 — 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of government-sponsored enterprises152 1 2 — 151 
Foreign government741 6 34 — 713 
Total fixed maturity securities available-for-sale42,414 1,022 2,995 16 40,425 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$42,414 $1,022 $2,995 $16 $40,425 
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, 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$2,578 $48 $13,459 $1,326 $16,037 $1,374 
States, municipalities and political subdivisions686 17 3,266 739 3,952 756 
Asset-backed:
Residential mortgage-backed434 8 2,159 475 2,593 483 
Commercial mortgage-backed131 2 1,162 191 1,293 193 
Other asset-backed588 9 1,833 242 2,421 251 
Total asset-backed1,153 19 5,154 908 6,307 927 
U.S. Treasury and obligations of government-sponsored enterprises100 1 28 1 128 2 
Foreign government136 2 452 35 588 37 
Total$4,653 $87 $22,359 $3,009 $27,012 $3,096 
Less than 12 Months12 Months or LongerTotal
December 31, 2023Estimated
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$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political subdivisions598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of government-sponsored enterprises65 1 23 1 88 2 
   Foreign government52 1 450 33 502 34 
Total$3,483 $74 $22,248 $2,921 $25,731 $2,995 
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, 2024December 31, 2023

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,426 $361 $2,273 $309 
AAA1,661 280 1,524 261 
AA 4,109 690 3,817 658 
A6,324 570 5,652 517 
BBB11,672 1,083 11,523 1,095 
Non-investment grade820 112 942 155 
Total$27,012 $3,096 $25,731 $2,995 
Debt securities, available-for-sale, allowance for credit loss
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 $437 million, $435 million, and $407 million as of March 31, 2024, December 31, 2023, and March 31, 2023 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, 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 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2023
$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets9 — 9 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis3 — 3 
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 period1 — 1 
Balance as of March 31, 2023
$1 $1 $2 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
March 31, 2024December 31, 2023
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,238 $1,207 $1,121 $1,091 
Due after one year through five years11,680 11,308 11,563 11,180 
Due after five years through ten years13,283 12,461 13,359 12,573 
Due after ten years16,677 15,629 16,371 15,581 
Total$42,878 $40,605 $42,414 $40,425 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
March 31, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20242023202220212020PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $33 $9 $2 $97 $283 $424 
LTV 55% to 65%— — — 5 — — 5
LTV greater than 65%— — 30 12 — — 42
DSCR 1.2x - 1.6x
LTV less than 55%— 28 5 — 13 63 109
LTV 55% to 65%12 21 36 36 24 31 160
LTV greater than 65%— 12 65 — — — 77
DSCR ≤1.2
LTV less than 55%— — — — — — — 
LTV 55% to 65%— 32 75 — — 43 150
LTV greater than 65%— — 28 21 — 48 97
Total$12 $126 $248 $76 $134 $468 $1,064 
(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.
v3.24.1.u1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$189 $23,966 $1,082 $25,237 
States, municipalities and political subdivisions— 7,245 43 7,288 
Asset-backed— 7,209 871 8,080 
Total fixed maturity securities 189 38,420 1,996 40,605 
Equity securities:
Common stock195 — 11 206 
Non-redeemable preferred stock46 439 — 485 
Total equity securities241 439 11 691 
Short term and other1,801 19 — 1,820 
Total assets$2,231 $38,878 $2,007 $43,116 
Liabilities
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 

December 31, 2023   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$161 $23,926 $1,045 $25,132 
States, municipalities and political subdivisions— 7,348 44 7,392 
Asset-backed— 7,000 901 7,901 
Total fixed maturity securities 161 38,274 1,990 40,425 
Equity securities:
Common stock167 — 24 191 
Non-redeemable preferred stock52 440 — 492 
Total equity securities219 440 24 683 
Short term and other1,976 32 — 2,008 
Total assets$2,356 $38,746 $2,014 $43,116 
Liabilities  
Other liabilities$— $1 $— $1 
Total liabilities$— $1 $— $1 
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, 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)

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2023$810 $43 $788 $35 $1,676 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — — — — 
Reported in Net investment income— — 5 (6)(1)
Reported in Other comprehensive income (loss)24 1 7 — 32 
Total realized and unrealized investment gains (losses)24 1 12 (6)31 
Purchases81 — 55 — 136 
Sales— — — — — 
Settlements(3)— (9)— (12)
Transfers into Level 3— — 23 — 23 
Transfers out of Level 3— — (10)— (10)
Balance as of March 31, 2023$912 $44 $859 $29 $1,844 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2023 recognized in Net income (loss) in the period$— $— $— $(6)$(6)
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2023 recognized in Other comprehensive income (loss) in the period24 1 7 — 32 
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, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,521 Discounted cash flowCredit spread
1% - 7% (2%)
December 31, 2023Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,495 Discounted cash flowCredit spread
1% - 7% (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, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,029 $— $— $987 $987 
Liabilities
Short-term debt$550 $— $549 $— $549 
Long-term debt2,970 — 2,852 — 2,852 
December 31, 2023Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,035 $— $— $997 $997 
Liabilities
Short-term debt$550 $— $546 $— $546 
Long-term debt2,481 — 2,385 — 2,385 
v3.24.1.u1
Claim and Claim Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2024
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)20242023
Reserves, beginning of year:
Gross$23,304 $22,120 
Ceded5,141 5,191 
Net reserves, beginning of year18,163 16,929 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,502 1,326 
Increase (decrease) in provision for insured events of prior years(6)13 
Amortization of discount10 11 
Total net incurred (1)
1,506 1,350 
Net payments attributable to:
Current year events(113)(72)
Prior year events(1,168)(1,042)
Total net payments(1,281)(1,114)
Foreign currency translation adjustment and other(41)35 
Net reserves, end of period18,347 17,200 
Ceded reserves, end of period5,2415,209 
Gross reserves, end of period$23,588 $22,409 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net prior year development The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Specialty$(5)$— 
Commercial(2)(2)
International— 15 
Corporate & Other— —
Total pretax (favorable) unfavorable development$(7)$13 
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $9 
Other Professional Liability and Management Liability— — 
Surety(18)— 
Warranty13 (9)
Other— — 
Total pretax (favorable) unfavorable development$(5)$— 
The following table presents further detail of the development recorded for the Commercial segment.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Commercial Auto$— $— 
General Liability— — 
Workers' Compensation(2)(2)
Property and Other— — 
Total pretax (favorable) unfavorable development$(2)$(2)
The following table presents further detail of the development recorded for the International segment.
Three months ended March 31
(In millions)20242023
Pretax (favorable) unfavorable development:
Commercial$— $(2)
Specialty— 19 
Other— (2)
Total pretax (favorable) unfavorable development $— $15 
v3.24.1.u1
Future Policy Benefit Reserves (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
20242023
Present value of future net premiums
Balance, January 1$3,710 $3,993 
     Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(28)(49)
Adjusted balance, January 13,557 3,870 
Interest accrual47 52 
     Net premiums: earned during period(107)(111)
Balance, end of period at original locked in discount rate3,497 3,811 
     Effect of changes in discount rate56 154 
Balance, March 31$3,553 $3,965 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
     Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(13)(50)
Adjusted balance, January 117,078 17,297 
Interest accrual231 242 
     Benefit & expense payments(321)(302)
Balance, end of period at original locked in discount rate16,988 17,237 
     Effect of changes in discount rate78 704 
Balance, March 31$17,066 $17,941 
Net LFPB$13,513 $13,976 
(1) As of March 31, 2024 and 2023 the re-measurement gain (loss) of $(15) million and $1 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 expense associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended March 31Three Months
(In millions)
20242023
Earned premiums$110 $115 
Interest expense184 190 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of March 31
(In millions)
20242023
  Expected future benefit and expense payments$32,474 $33,759 
  Expected future gross premiums5,270 5,729 
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 31As of December 31
202420232023
   Original locked in discount rate5.22 %5.26 %5.22 %
Upper-medium grade fixed income instrument discount rate5.20 4.92 4.94 
v3.24.1.u1
Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2024
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)20242023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$22 $25 
Expected return on plan assets(29)(30)
Amortization of net actuarial loss7 8 
Total net periodic pension cost (benefit)$— $3 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Three months ended March 31
(In millions)20242023
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$— $1 
Other operating expenses— 2 
Total net periodic pension cost (benefit)$— $3 
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) by Component (Tables)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024$(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)$(2,572)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2023, as previously reported$(7)$(2,738)$(591)$— $(221)$(3,557)
Cumulative effect adjustment from changes in accounting guidance, net of tax (expense) benefit of $—, $—, $—, $11, $— and $11
— — — (41)— (41)
Balance as of January 1, 2023(7)(2738)(591)(41)(221)(3,598)
Other comprehensive income (loss) before reclassifications(8)652 — (396)17 265 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $4, $2, $—, $— and $6
— (18)(7)— — (25)
Other comprehensive income (loss) net of tax (expense) benefit of $2, $(180), $(2), $105, $— and $(75)
(8)670 7 (396)17 290 
Balance as of March 31, 2023$(15)$(2,068)$(584)$(437)$(204)$(3,308)
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
v3.24.1.u1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2024
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, 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 
Other insurance related expenses81 138 39 29 — — 287 
Other expenses15 12 2 — 59 (3)85 
Total claims, benefits and expenses1,147 1,185 296 341 51 (3)3,017 
Core income (loss) before income tax225 201 50 — (27)— 449 
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 
March 31, 2024
(In millions)      
Reinsurance receivables$1,432 $1,279 $477 $92 $2,316 $— $5,596 
Insurance receivables979 2,096 379 4 — — 3,458 
Deferred acquisition costs401 394 132 — — — 927 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,621 — — — — — 3,621 
Insurance reserves 
Claim and claim adjustment expenses7,221 10,332 2,745 663 2,627 — 23,588 
Unearned premiums3,193 2,996 740 118 — (1)7,046 
Future policy benefits— — — 13,513 — — 13,513 
Deferred non-insurance warranty revenue4,645 — — — — — 4,645 
Three months ended March 31, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$797 $1,046 $290 $115 $— $— $2,248 
Net investment income129 149 23 214 10 — 525 
Non-insurance warranty revenue407 — — — — — 407 
Other revenues— 7 — — 3 (3)7 
Total operating revenues1,333 1,202 313 329 13 (3)3,187 
Claims, benefits and expenses    
Net incurred claims and benefits465 688 189 311 (7)— 1,646 
Policyholders’ dividends1 6 — — — — 7 
Amortization of deferred acquisition costs165 169 45 — — — 379 
Non-insurance warranty expense384 — — — — — 384 
Other insurance related expenses86 142 47 29 1 — 305 
Other expenses14 6 1 1 41 (3)60 
Total claims, benefits and expenses1,115 1,011 282 341 35 (3)2,781 
Core income (loss) before income tax218 191 31 (12)(22)— 406 
Income tax (expense) benefit on core income (loss)(47)(40)(7)9 4 — (81)
Core income (loss)$171 $151 $24 $(3)$(18)$— 325 
Net investment gains (losses)(35)
Income tax (expense) benefit on net investment gains (losses)7 
Net investment gains (losses), after tax(28)
Net income (loss)$297 
December 31, 2023
(In millions)
Reinsurance receivables$1,281 $1,218 $468 $93 $2,374 $— $5,434 
Insurance receivables1,053 2,024 388 5 — — 3,470 
Deferred acquisition costs392 371 133 — — — 896 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,661 — — — — — 3,661 
Insurance reserves 
Claim and claim adjustment expenses7,131 10,103 2,709 675 2,686 — 23,304 
Unearned premiums3,227 2,858 749 99 — — 6,933 
Future policy benefits— — — 13,959 — — 13,959 
Deferred non-insurance warranty revenue4,694 — — — — — 4,694 
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)20242023
Specialty
Management & Professional Liability$729 $705 
Surety182 168 
Warranty & Alternative Risks461 460 
Specialty revenues1,372 1,333 
Commercial
Middle Market432 398 
Construction455 385 
Small Business154 150 
Other Commercial345 269 
Commercial revenues1,386 1,202 
International
Canada98 93 
Europe143 127 
Hardy105 93 
International revenues346 313 
Life & Group revenues341 329 
Corporate & Other revenues 24 13 
Eliminations(3)(3)
Total operating revenues3,466 3,187 
Net investment gains (losses)(22)(35)
Total revenues$3,444 $3,152 
v3.24.1.u1
General (Narrative) (Details)
Mar. 31, 2024
CNAF Consolidated | Loews  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Noncontrolling interest, ownership percentage by parent 92.00%
v3.24.1.u1
Earnings (Loss) Per Share Data (Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income $ 338 $ 297
Basic    
Weighted average shares outstanding (in shares) 271.6 271.3
Diluted    
Weighted average shares outstanding (in shares) 271.6 271.3
Diluted effect of stock-based awards under compensation plans (in shares) 1.1 1.0
Total (in shares) 272.7 272.3
Earnings (loss) per share    
Basic earnings (loss) per share (in usd per share) $ 1.24 $ 1.10
Diluted earnings (loss) per share (in usd per share) $ 1.24 $ 1.09
v3.24.1.u1
Earnings (Loss) Per Share Data (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Treasury stock, shares, acquired (in shares) 0 550,000
Purchase of treasury stock   $ 24
v3.24.1.u1
Investments (Net investment income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net Investment Income [Line Items]    
Gross investment income $ 630 $ 544
Investment expense (21) (19)
Net investment income 609 525
Fixed maturity securities    
Net Investment Income [Line Items]    
Gross investment income 502 470
Equity securities    
Net Investment Income [Line Items]    
Gross investment income 22 12
Limited partnership investments    
Net Investment Income [Line Items]    
Gross investment income 54  
Gross investment loss   25
Mortgage loans    
Net Investment Income [Line Items]    
Gross investment income 15 14
Short-term investments    
Net Investment Income [Line Items]    
Gross investment income 28 15
Trading portfolio    
Net Investment Income [Line Items]    
Gross investment income 1 3
Other    
Net Investment Income [Line Items]    
Gross investment income 8 5
Common Stock    
Net Investment Income [Line Items]    
Equity securities, FV-NI, gain (loss) 13 (1)
Non-redeemable preferred stock    
Net Investment Income [Line Items]    
Equity securities, FV-NI, gain (loss) $ 11 $ (2)
v3.24.1.u1
Investments (Net realized investment gains (losses)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fixed maturity securities:    
Gross gains $ 14 $ 35
Gross losses (46) (57)
Net investment gains (losses) on fixed maturity securities (32) (22)
Equity securities 11 (14)
Short-term investments and other (1) 1
Net investment gains (losses) $ (22) $ (35)
v3.24.1.u1
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Impairment losses (gains) recognized in earnings $ 14 $ 8
Corporate and other bonds    
Debt Securities, Available-for-sale [Line Items]    
Impairment losses (gains) recognized in earnings 9 8
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Impairment losses (gains) recognized in earnings $ 5 $ 0
v3.24.1.u1
Investments (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
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 1,570,000,000    
Commitments to sell various privately placed debt securities 25,000,000    
Mortgage loans      
Gain (Loss) on Securities [Line Items]      
Financing receivable, accrued interest, after allowance for credit loss 4,000,000    
Fixed maturity securities      
Gain (Loss) on Securities [Line Items]      
Debt securities, available-for-sale, accrued interest, after allowance for credit loss $ 437,000,000 $ 407,000,000 $ 435,000,000
v3.24.1.u1
Investments (Summary of fixed maturity and equity securities) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost $ 42,878 $ 42,414    
Gross Unrealized Gains 843 1,022    
Gross Unrealized Losses 3,096 2,995    
Allowance for Credit Losses 20 16 $ 2 $ 1
Estimated Fair Value 40,605 40,425    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities trading 0 0    
Total fixed maturity securities trading 0 0    
Debt securities, amortized cost 42,878 42,414    
Total fixed maturity securities 40,605 40,425    
Corporate and other bonds        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 25,221 25,020    
Gross Unrealized Gains 485 597    
Gross Unrealized Losses 1,374 1,345    
Allowance for Credit Losses 3 4 1 0
Estimated Fair Value 24,329 24,268    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities 25,237 25,132    
States, municipalities and political subdivisions        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 7,726 7,713    
Gross Unrealized Gains 318 382    
Gross Unrealized Losses 756 703    
Allowance for Credit Losses 0 0    
Estimated Fair Value 7,288 7,392    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities 7,288 7,392    
Residential mortgage-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 3,563 3,411    
Gross Unrealized Gains 10 16    
Gross Unrealized Losses 483 425    
Allowance for Credit Losses 0 0    
Estimated Fair Value 3,090 3,002    
Commercial mortgage-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 1,838 1,862    
Gross Unrealized Gains 8 7    
Gross Unrealized Losses 193 230    
Allowance for Credit Losses 8 8    
Estimated Fair Value 1,645 1,631    
Other asset-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 3,586 3,515    
Gross Unrealized Gains 19 13    
Gross Unrealized Losses 251 256    
Allowance for Credit Losses 9 4    
Estimated Fair Value 3,345 3,268    
Asset-backed        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 8,987 8,788    
Gross Unrealized Gains 37 36    
Gross Unrealized Losses 927 911    
Allowance for Credit Losses 17 12 $ 1 $ 1
Estimated Fair Value 8,080 7,901    
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]        
Total fixed maturity securities 8,080 7,901    
U.S. Treasury and obligations of government-sponsored enterprises        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 181 152    
Gross Unrealized Gains 0 1    
Gross Unrealized Losses 2 2    
Allowance for Credit Losses 0 0    
Estimated Fair Value 179 151    
Foreign government        
Fixed maturity securities available-for-sale:        
Cost or Amortized Cost 763 741    
Gross Unrealized Gains 3 6    
Gross Unrealized Losses 37 34    
Allowance for Credit Losses 0 0    
Estimated Fair Value $ 729 $ 713    
v3.24.1.u1
Investments (Securities in a gross unrealized loss position) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months $ 4,653 $ 3,483
Gross Unrealized Losses, Less than 12 Months 87 74
Estimated Fair Value, 12 Months or Longer 22,359 22,248
Gross Unrealized Losses, 12 Months or Longer 3,009 2,921
Estimated Fair Value, Total 27,012 25,731
Gross Unrealized Losses, Total 3,096 2,995
Corporate and other bonds    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 2,578 1,943
Gross Unrealized Losses, Less than 12 Months 48 37
Estimated Fair Value, 12 Months or Longer 13,459 13,406
Gross Unrealized Losses, 12 Months or Longer 1,326 1,308
Estimated Fair Value, Total 16,037 15,349
Gross Unrealized Losses, Total 1,374 1,345
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 686 598
Gross Unrealized Losses, Less than 12 Months 17 18
Estimated Fair Value, 12 Months or Longer 3,266 3,104
Gross Unrealized Losses, 12 Months or Longer 739 685
Estimated Fair Value, Total 3,952 3,702
Gross Unrealized Losses, Total 756 703
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 434 233
Gross Unrealized Losses, Less than 12 Months 8 4
Estimated Fair Value, 12 Months or Longer 2,159 2,212
Gross Unrealized Losses, 12 Months or Longer 475 421
Estimated Fair Value, Total 2,593 2,445
Gross Unrealized Losses, Total 483 425
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 131 200
Gross Unrealized Losses, Less than 12 Months 2 5
Estimated Fair Value, 12 Months or Longer 1,162 1,184
Gross Unrealized Losses, 12 Months or Longer 191 225
Estimated Fair Value, Total 1,293 1,384
Gross Unrealized Losses, Total 193 230
Other asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 588 392
Gross Unrealized Losses, Less than 12 Months 9 8
Estimated Fair Value, 12 Months or Longer 1,833 1,869
Gross Unrealized Losses, 12 Months or Longer 242 248
Estimated Fair Value, Total 2,421 2,261
Gross Unrealized Losses, Total 251 256
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 1,153 825
Gross Unrealized Losses, Less than 12 Months 19 17
Estimated Fair Value, 12 Months or Longer 5,154 5,265
Gross Unrealized Losses, 12 Months or Longer 908 894
Estimated Fair Value, Total 6,307 6,090
Gross Unrealized Losses, Total 927 911
U.S. Treasury and obligations of government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 100 65
Gross Unrealized Losses, Less than 12 Months 1 1
Estimated Fair Value, 12 Months or Longer 28 23
Gross Unrealized Losses, 12 Months or Longer 1 1
Estimated Fair Value, Total 128 88
Gross Unrealized Losses, Total 2 2
Foreign government    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 136 52
Gross Unrealized Losses, Less than 12 Months 2 1
Estimated Fair Value, 12 Months or Longer 452 450
Gross Unrealized Losses, 12 Months or Longer 35 33
Estimated Fair Value, Total 588 502
Gross Unrealized Losses, Total $ 37 $ 34
v3.24.1.u1
Investments (Securities in a gross unrealized loss position by ratings) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value $ 27,012 $ 25,731
Gross Unrealized Losses 3,096 2,995
U.S. Government, Government agencies and Government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 2,426 2,273
Gross Unrealized Losses 361 309
AAA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,661 1,524
Gross Unrealized Losses 280 261
AA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 4,109 3,817
Gross Unrealized Losses 690 658
A    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 6,324 5,652
Gross Unrealized Losses 570 517
BBB    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 11,672 11,523
Gross Unrealized Losses 1,083 1,095
Non-investment grade    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 820 942
Gross Unrealized Losses $ 112 $ 155
v3.24.1.u1
Investments (Allowance on available-for-sale securities with credit impairments and PCD assets activity) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Allowance for credit losses:    
Balance, beginning of period $ 16 $ 1
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 9
Reductions to the allowance for credit losses:    
Securities sold during the period (realized) 0 6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 3
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 5 1
Balance, end of period 20 2
Corporate and other bonds    
Allowance for credit losses:    
Balance, beginning of period 4 0
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 9
Reductions to the allowance for credit losses:    
Securities sold during the period (realized) 0 6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 3
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 1
Balance, end of period 3 1
Asset-backed    
Allowance for credit losses:    
Balance, beginning of period 12 1
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 5 0
Balance, end of period $ 17 $ 1
v3.24.1.u1
Investments (Contractual maturity) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments [Abstract]    
Due in one year or less, cost or amortized cost $ 1,238 $ 1,121
Due after one year through five years, cost or amortized cost 11,680 11,563
Due after five years through ten years, cost or amortized cost 13,283 13,359
Due after ten years, cost or amortized cost 16,677 16,371
Cost or Amortized Cost 42,878 42,414
Due in one year or less, estimated fair value 1,207 1,091
Due after one year through five years, estimated fair value 11,308 11,180
Due after five years through ten years, estimated fair value 12,461 12,573
Due after ten years, estimated fair value 15,629 15,581
Estimated Fair Value $ 40,605 $ 40,425
v3.24.1.u1
Investments (Credit quality indicator) (Details) - Mortgage loans
$ in Millions
Mar. 31, 2024
USD ($)
Debt Securities, Available-for-sale [Line Items]  
2024 $ 12
2023 126
2022 248
2021 76
2020 134
Prior 468
Total 1,064
DSCR ≥1.6x | LTV less than 55%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 33
2022 9
2021 2
2020 97
Prior 283
Total 424
DSCR ≥1.6x | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 0
2022 0
2021 5
2020 0
Prior 0
Total 5
DSCR ≥1.6x | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 0
2022 30
2021 12
2020 0
Prior 0
Total 42
DSCR 1.2x - 1.6x | LTV less than 55%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 28
2022 5
2021 0
2020 13
Prior 63
Total 109
DSCR 1.2x - 1.6x | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 12
2023 21
2022 36
2021 36
2020 24
Prior 31
Total 160
DSCR 1.2x - 1.6x | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 12
2022 65
2021 0
2020 0
Prior 0
Total 77
DSCR ≤1.2 | LTV less than 55%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 0
2022 0
2021 0
2020 0
Prior 0
Total 0
DSCR ≤1.2 | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 32
2022 75
2021 0
2020 0
Prior 43
Total 150
DSCR ≤1.2 | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 0
2022 28
2021 21
2020 0
Prior 48
Total $ 97
v3.24.1.u1
Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fixed maturity securities:    
Fixed maturity securities $ 40,605 $ 40,425
Equity securities:    
Equity securities 691 683
Short term and other 1,820 2,008
Total assets 43,116 43,116
Other liabilities 0 1
Total liabilities 0 1
Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 25,237 25,132
States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 7,288 7,392
Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 8,080 7,901
Common Stock    
Equity securities:    
Equity securities 206 191
Non-redeemable preferred stock    
Equity securities:    
Equity securities 485 492
Level 1    
Fixed maturity securities:    
Fixed maturity securities 189 161
Equity securities:    
Equity securities 241 219
Short term and other 1,801 1,976
Total assets 2,231 2,356
Other liabilities 0 0
Total liabilities 0 0
Level 1 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 189 161
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 195 167
Level 1 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 46 52
Level 2    
Fixed maturity securities:    
Fixed maturity securities 38,420 38,274
Equity securities:    
Equity securities 439 440
Short term and other 19 32
Total assets 38,878 38,746
Other liabilities 0 1
Total liabilities 0 1
Level 2 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 23,966 23,926
Level 2 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 7,245 7,348
Level 2 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 7,209 7,000
Level 2 | Common Stock    
Equity securities:    
Equity securities 0 0
Level 2 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 439 440
Level 3    
Fixed maturity securities:    
Fixed maturity securities 1,996 1,990
Equity securities:    
Equity securities 11 24
Short term and other 0 0
Total assets 2,007 2,014
Other liabilities 0 0
Total liabilities 0 0
Level 3 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 1,082 1,045
Level 3 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 43 44
Level 3 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 871 901
Level 3 | Common Stock    
Equity securities:    
Equity securities 11 24
Level 3 | Non-redeemable preferred stock    
Equity securities:    
Equity securities $ 0 $ 0
v3.24.1.u1
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, 2024
Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets $ 2,014 $ 1,676
Reported in Net investment gains (losses) $ (4) $ 0
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) $ (18) $ 32
Total realized and unrealized investment gains (losses) (10) 31
Purchases 92 136
Sales (28) 0
Settlements (53) (12)
Transfers into Level 3 11 23
Transfers out of Level 3 (19) (10)
Balance, Ending, Assets 2,007 1,844
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 1 (6)
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period (20) 32
Corporate and other bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 1,045 810
Reported in Net investment gains (losses) 0 0
Reported in Other comprehensive income (loss) (12) 24
Total realized and unrealized investment gains (losses) (12) 24
Purchases 74 81
Sales 0 0
Settlements (36) (3)
Transfers into Level 3 11 0
Transfers out of Level 3 0 0
Balance, Ending, Assets 1,082 912
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 (14) 24
States, municipalities and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 44 43
Reported in Net investment gains (losses) 0 0
Reported in Other comprehensive income (loss) (1) 1
Total realized and unrealized investment gains (losses) (1) 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 43 44
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) 1
Asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 901 788
Reported in Net investment gains (losses) (4) 0
Reported in Other comprehensive income (loss) (5) 7
Total realized and unrealized investment gains (losses) (3) 12
Purchases 18 55
Sales (9) 0
Settlements (17) (9)
Transfers into Level 3 0 23
Transfers out of Level 3 (19) (10)
Balance, Ending, Assets 871 859
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 (5) 7
Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 24 35
Reported in Net investment gains (losses) 0 0
Reported in Other comprehensive income (loss) 0 0
Total realized and unrealized investment gains (losses) 6 (6)
Purchases 0 0
Sales (19) 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, Ending, Assets 11 29
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 1 (6)
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 12 (1)
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 6 5
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 $ 6 $ (6)
v3.24.1.u1
Fair Value (Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Other invested assets overseas deposit $ 73 $ 75
v3.24.1.u1
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Estimated fair value $ 43,116 $ 43,116
Fixed maturity securities | Discounted cash flow    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Estimated fair value $ 1,521 $ 1,495
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 0.07
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
v3.24.1.u1
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, 2024
Dec. 31, 2023
Assets    
Mortgage loans $ 1,029 $ 1,035
Liabilities    
Long-term debt 2,970 2,481
Carrying Amount    
Assets    
Mortgage loans 1,029 1,035
Liabilities    
Short-term debt 550 550
Long-term debt 2,970 2,481
Estimated Fair Value    
Assets    
Mortgage loans 987 997
Liabilities    
Short-term debt 549 546
Long-term debt 2,852 2,385
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 549 546
Long-term debt 2,852 2,385
Level 3 | Estimated Fair Value    
Assets    
Mortgage loans 987 997
Liabilities    
Short-term debt 0 0
Long-term debt $ 0 $ 0
v3.24.1.u1
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2010
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unusual or infrequent item, or both, net of insurance proceeds $ 88 $ 52    
Retroactive reinsurance benefit recognized 12 $ 8    
Cumulative amounts ceded under AEP Loss Portfolio Transfer 3,600   $ 3,600  
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
Deferred reinsurance benefit yet to be recognized 405   $ 417  
Fair value of collateral trust account established by NICO under A&EP Loss Portfolio Transfer $ 2,600      
v3.24.1.u1
Claim and Claim Adjustment Expense Reserves (Reconciliation of claim and claim adjustment expense reserves) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Reserves, beginning of year:    
Gross $ 23,304 $ 22,120
Ceded 5,141 5,191
Net reserves, beginning of year 18,163 16,929
Net incurred claim and claim adjustment expenses:    
Provision for insured events of current year 1,502 1,326
Increase (decrease) in provision for insured events of prior years (6) 13
Amortization of discount 10 11
Total net incurred 1,506 1,350
Net payments attributable to:    
Current year events (113) (72)
Prior year events (1,168) (1,042)
Total net payments (1,281) (1,114)
Foreign currency translation adjustment and other (41) 35
Net reserves, end of period 18,347 17,200
Ceded reserves, end of period 5,241 5,209
Gross reserves, end of period $ 23,588 $ 22,409
v3.24.1.u1
Claim and Claim Adjustment Expense Reserves (Net prior year development) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total pretax (favorable) unfavorable development $ (7) $ 13
Specialty    
Segment Reporting Information [Line Items]    
Total pretax (favorable) unfavorable development (5) 0
Commercial    
Segment Reporting Information [Line Items]    
Total pretax (favorable) unfavorable development (2) (2)
International    
Segment Reporting Information [Line Items]    
Total pretax (favorable) unfavorable development 0 15
Corporate & Other    
Segment Reporting Information [Line Items]    
Total pretax (favorable) unfavorable development $ 0 $ 0
v3.24.1.u1
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, 2024
Mar. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]    
Medical Professional Liability $ 0 $ 9
Other Professional Liability and Management Liability 0 0
Surety (18) 0
Warranty 13 (9)
Other 0 0
Total pretax (favorable) unfavorable development $ (5) $ 0
v3.24.1.u1
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, 2024
Mar. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]    
Commercial $ 0 $ 0
General Liability 0 0
Workers' Compensation (2) (2)
Property and Other 0 0
Total pretax (favorable) unfavorable development $ (2) $ (2)
v3.24.1.u1
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, 2024
Mar. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]    
Commercial $ 0 $ (2)
Specialty 0 19
Other 0 (2)
Total pretax (favorable) unfavorable development $ 0 $ 15
v3.24.1.u1
Future Policy Benefit Reserves - Summary of Balances and Changes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Present value of future net premiums        
Balance, January 1 $ 3,710 $ 3,993    
Effect of changes in discount rate (56) (154) $ (125) $ (74)
Balance, January 1, at original locked in discount rate 3,585 3,919    
Effect of changes in cash flow assumptions     0 0
Expect of actual variances from expected experience     (28) (49)
Adjusted balance, January 1     3,557 3,870
Interest accrual 47 52    
Net premiums: earned during period (107) (111)    
Balance, end of period at original locked in discount rate 3,497 3,811    
Effect of changes in discount rate 56 154 125 74
Balance, March 31 3,553 3,965    
Present value of future benefits & expenses        
Balance, January 1 17,669 17,472    
Effect of changes in discount rate (78) (704) (578) (125)
Balance, January 1, at original locked in discount rate 17,091 17,347    
Effect of change in cash flow assumptions     0 0
Effect of actual variances from expected experience     (13) (50)
Adjusted balance, January 1     17,078 17,297
Interest accrual 231 242    
Benefit & expense payments (321) (302)    
Balance, end of period at original locked in discount rate 16,988 17,237    
Effect of changes in discount rate 78 704 578 $ 125
Balance, March 31 17,066 17,941    
Net LFPB 13,513 13,976 $ 13,959  
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (15) $ 1    
v3.24.1.u1
Future Policy Benefit Reserves - Earned Premiums and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Insurance [Abstract]    
Earned premiums $ 110 $ 115
Interest expense $ 184 $ 190
v3.24.1.u1
Future Policy Benefit Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Insurance [Abstract]    
Expected future benefit and expense payments $ 32,474 $ 33,759
Expected future gross premiums $ 5,270 $ 5,729
v3.24.1.u1
Future Policy Benefit Reserves - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Insurance [Abstract]    
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance $ 3,664 $ 4,046
Liability for future policy benefit, weighted-average duration 11 years 12 years
Liability future policy benefit, losses recognized in current period $ 20 $ 13
Liability future policy benefit, losses recognized in prior period $ 2 $ 11
v3.24.1.u1
Future Policy Benefit Reserves - Weighted Average Interest Rates (Details)
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Insurance [Abstract]      
Original locked in discount rate 5.22% 5.22% 5.26%
Upper-medium grade fixed income instrument discount rate 5.20% 4.94% 4.92%
v3.24.1.u1
Legal Proceedings, Contingencies and Guarantees (Narrative) (Details)
$ in Billions
Mar. 31, 2024
USD ($)
Guarantee Obligations  
Legal Proceedings, Commitments and Contingencies, and Guarantees [Line Items]  
Guarantor obligations, maximum exposure, undiscounted $ 1.5
v3.24.1.u1
Benefit Plans (Components of Net Periodic Cost (Benefit)) (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Interest cost on projected benefit obligation $ 22 $ 25
Expected return on plan assets (29) (30)
Amortization of net actuarial loss 7 8
Total net periodic pension cost (benefit) $ 0 $ 3
v3.24.1.u1
Benefit Plans (Schedule of Non-Service Cost (Benefit) Presented in the Consolidated Statement of Operations) (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
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 $ 0 $ 3
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 0 1
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 $ 0 $ 2
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) by Component (Schedule of Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period $ 9,893    
Other comprehensive income (loss) before reclassifications 69 $ 265  
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (31) (25)  
Other comprehensive income (loss) after tax (expense) benefit 100 290  
Total stockholder's equity at end of period 9,662 8,667  
Cumulative effect adjustments from changes in accounting guidance, tax     $ 11
Reclassification from AOCI, tax 8 6  
Tax (expense) benefit on other comprehensive income (loss) (35) (75)  
Accumulated other comprehensive income (loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (2,672) (3,598)  
Total stockholder's equity at end of period (2,572) (3,308) (3,598)
Accumulated other comprehensive income (loss) | Previously Reported      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (2,672) (3,557)  
Total stockholder's equity at end of period     (3,557)
Accumulated other comprehensive income (loss) | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period 0 (41)  
Total stockholder's equity at end of period     (41)
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 (12) (7)  
Other comprehensive income (loss) before reclassifications (1) (8)  
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (3) 0  
Other comprehensive income (loss) after tax (expense) benefit 2 (8)  
Total stockholder's equity at end of period (10) (15) (7)
Cumulative effect adjustments from changes in accounting guidance, tax     0
Reclassification from AOCI, tax 1 0  
Tax (expense) benefit on other comprehensive income (loss) (1) 2  
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | Previously Reported      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   (7)  
Total stockholder's equity at end of period     (7)
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   0  
Total stockholder's equity at end of period     0
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 (1,613) (2,738)  
Other comprehensive income (loss) before reclassifications (239) 652  
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (22) (18)  
Other comprehensive income (loss) after tax (expense) benefit (217) 670  
Total stockholder's equity at end of period (1,830) (2,068) (2,738)
Cumulative effect adjustments from changes in accounting guidance, tax     0
Reclassification from AOCI, tax 6 4  
Tax (expense) benefit on other comprehensive income (loss) 58 (180)  
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments | Previously Reported      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   (2,738)  
Total stockholder's equity at end of period     (2,738)
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   0  
Total stockholder's equity at end of period     0
Pension and postretirement benefits      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (525) (591)  
Other comprehensive income (loss) before reclassifications 0 0  
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (6) (7)  
Other comprehensive income (loss) after tax (expense) benefit 6 7  
Total stockholder's equity at end of period (519) (584) (591)
Cumulative effect adjustments from changes in accounting guidance, tax     0
Reclassification from AOCI, tax 1 2  
Tax (expense) benefit on other comprehensive income (loss) (1) (2)  
Pension and postretirement benefits | Previously Reported      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   (591)  
Total stockholder's equity at end of period     (591)
Pension and postretirement benefits | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   0  
Total stockholder's equity at end of period     0
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 (359) (41)  
Other comprehensive income (loss) before reclassifications 341 (396)  
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0  
Other comprehensive income (loss) after tax (expense) benefit 341 (396)  
Total stockholder's equity at end of period (18) (437) (41)
Cumulative effect adjustments from changes in accounting guidance, tax     11
Reclassification from AOCI, tax 0 0  
Tax (expense) benefit on other comprehensive income (loss) (91) 105  
Cumulative impact of changes in discount rates used to measure long duration contracts | Previously Reported      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   0  
Total stockholder's equity at end of period     0
Cumulative impact of changes in discount rates used to measure long duration contracts | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   (41)  
Total stockholder's equity at end of period     (41)
Cumulative foreign currency translation adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (163) (221)  
Other comprehensive income (loss) before reclassifications (32) 17  
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0  
Other comprehensive income (loss) after tax (expense) benefit (32) 17  
Total stockholder's equity at end of period (195) (204) (221)
Cumulative effect adjustments from changes in accounting guidance, tax     0
Reclassification from AOCI, tax 0 0  
Tax (expense) benefit on other comprehensive income (loss) $ 0 0  
Cumulative foreign currency translation adjustment | Previously Reported      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   (221)  
Total stockholder's equity at end of period     (221)
Cumulative foreign currency translation adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period   $ 0  
Total stockholder's equity at end of period     $ 0
v3.24.1.u1
Business Segments (Narrative) (Details)
 3 Months Ended
Mar. 31, 2024
segment
Core Segments - Specialty, Commercial and International  
Segment Reporting Information [Line Items]  
Number of operating segments 3
Non-Core Segments - Life & Group and Corporate & Other  
Segment Reporting Information [Line Items]  
Number of operating segments 2
v3.24.1.u1
Business Segments (Income Statement Information) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating revenues    
Net earned premiums $ 2,441 $ 2,248
Net investment income 609 525
Non-insurance warranty revenue 407 407
Other revenues 9 7
Total operating revenues 3,466 3,187
Claims, Benefits and Expenses    
Net incurred claims and benefits 1,798 1,646
Policyholders’ dividends 9 7
Amortization of deferred acquisition costs 444 379
Non-insurance warranty expense 394 384
Other insurance related expenses 287 305
Other expenses 85 60
Total claims, benefits and expenses 3,017 2,781
Core income (loss) before income tax 449 406
Income tax (expense) benefit on core income (loss) (94) (81)
Core income (loss)  355 325
Net investment gains (losses) (22) (35)
Income tax (expense) benefit on net investment gains (losses) 5 7
Net investment gains (losses), after tax (17) (28)
Net income (loss) 338 297
Operating Segments | Specialty    
Operating revenues    
Net earned premiums 814 797
Net investment income 150 129
Non-insurance warranty revenue 407 407
Other revenues 1 0
Total operating revenues 1,372 1,333
Claims, Benefits and Expenses    
Net incurred claims and benefits 477 465
Policyholders’ dividends 2 1
Amortization of deferred acquisition costs 178 165
Non-insurance warranty expense 394 384
Other insurance related expenses 81 86
Other expenses 15 14
Total claims, benefits and expenses 1,147 1,115
Core income (loss) before income tax 225 218
Income tax (expense) benefit on core income (loss) (48) (47)
Core income (loss)  177 171
Operating Segments | Commercial    
Operating revenues    
Net earned premiums 1,202 1,046
Net investment income 176 149
Non-insurance warranty revenue 0 0
Other revenues 8 7
Total operating revenues 1,386 1,202
Claims, Benefits and Expenses    
Net incurred claims and benefits 828 688
Policyholders’ dividends 7 6
Amortization of deferred acquisition costs 200 169
Non-insurance warranty expense 0 0
Other insurance related expenses 138 142
Other expenses 12 6
Total claims, benefits and expenses 1,185 1,011
Core income (loss) before income tax 201 191
Income tax (expense) benefit on core income (loss) (43) (40)
Core income (loss)  158 151
Operating Segments | International    
Operating revenues    
Net earned premiums 315 290
Net investment income 31 23
Non-insurance warranty revenue 0 0
Other revenues 0 0
Total operating revenues 346 313
Claims, Benefits and Expenses    
Net incurred claims and benefits 189 189
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 66 45
Non-insurance warranty expense 0 0
Other insurance related expenses 39 47
Other expenses 2 1
Total claims, benefits and expenses 296 282
Core income (loss) before income tax 50 31
Income tax (expense) benefit on core income (loss) (13) (7)
Core income (loss)  37 24
Operating Segments | Life & Group    
Operating revenues    
Net earned premiums 110 115
Net investment income 231 214
Non-insurance warranty revenue 0 0
Other revenues 0 0
Total operating revenues 341 329
Claims, Benefits and Expenses    
Net incurred claims and benefits 312 311
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 0 0
Non-insurance warranty expense 0 0
Other insurance related expenses 29 29
Other expenses 0 1
Total claims, benefits and expenses 341 341
Core income (loss) before income tax 0 (12)
Income tax (expense) benefit on core income (loss) 5 9
Core income (loss)  5 (3)
Operating Segments | Corporate & Other    
Operating revenues    
Net earned premiums 0 0
Net investment income 21 10
Non-insurance warranty revenue 0 0
Other revenues 3 3
Total operating revenues 24 13
Claims, Benefits and Expenses    
Net incurred claims and benefits (8) (7)
Policyholders’ dividends 0 0
Amortization of deferred acquisition costs 0 0
Non-insurance warranty expense 0 0
Other insurance related expenses 0 1
Other expenses 59 41
Total claims, benefits and expenses 51 35
Core income (loss) before income tax (27) (22)
Income tax (expense) benefit on core income (loss) 5 4
Core income (loss)  (22) (18)
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
Other insurance related expenses 0 0
Other expenses (3) (3)
Total claims, benefits and expenses (3) (3)
Core income (loss) before income tax 0 0
Income tax (expense) benefit on core income (loss) 0 0
Core income (loss)  $ 0 $ 0
v3.24.1.u1
Business Segments (Balance Sheet Information) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Segment Reporting Information [Line Items]      
Reinsurance receivables $ 5,596 $ 5,434  
Insurance receivables 3,458 3,470  
Deferred acquisition costs 927 896  
Goodwill 146 146  
Deferred non-insurance warranty acquisition expense 3,621 3,661  
Insurance reserves      
Claim and claim adjustment expenses 23,588 23,304  
Unearned premiums 7,046 6,933  
Future policy benefits 13,513 13,959 $ 13,976
Deferred non-insurance warranty revenue 4,645 4,694  
Operating Segments | Specialty      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,432 1,281  
Insurance receivables 979 1,053  
Deferred acquisition costs 401 392  
Goodwill 117 117  
Deferred non-insurance warranty acquisition expense 3,621 3,661  
Insurance reserves      
Claim and claim adjustment expenses 7,221 7,131  
Unearned premiums 3,193 3,227  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 4,645 4,694  
Operating Segments | Commercial      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,279 1,218  
Insurance receivables 2,096 2,024  
Deferred acquisition costs 394 371  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 10,332 10,103  
Unearned premiums 2,996 2,858  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | International      
Segment Reporting Information [Line Items]      
Reinsurance receivables 477 468  
Insurance receivables 379 388  
Deferred acquisition costs 132 133  
Goodwill 29 29  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 2,745 2,709  
Unearned premiums 740 749  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | Life & Group      
Segment Reporting Information [Line Items]      
Reinsurance receivables 92 93  
Insurance receivables 4 5  
Deferred acquisition costs 0 0  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 663 675  
Unearned premiums 118 99  
Future policy benefits 13,513 13,959  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | Corporate & Other      
Segment Reporting Information [Line Items]      
Reinsurance receivables 2,316 2,374  
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 2,627 2,686  
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  
v3.24.1.u1
Business Segments (Revenues by Line of Business) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Total revenues $ 3,444 $ 3,152
Total operating revenues 3,466 3,187
Net investment gains (losses) (22) (35)
Operating Segments | Specialty    
Total revenues 1,372 1,333
Operating Segments | Commercial    
Total revenues 1,386 1,202
Operating Segments | International    
Total revenues 346 313
Operating Segments | Life & Group    
Total revenues 341 329
Operating Segments | Corporate & Other    
Total revenues 24 13
Eliminations    
Total revenues (3) (3)
Management & Professional Liability | Operating Segments | Specialty    
Total revenues 729 705
Surety | Operating Segments | Specialty    
Total revenues 182 168
Warranty & Alternative Risks | Operating Segments | Specialty    
Total revenues 461 460
Middle Market | Operating Segments | Commercial    
Total revenues 432 398
Construction | Operating Segments | Commercial    
Total revenues 455 385
Small Business | Operating Segments | Commercial    
Total revenues 154 150
Other Commercial | Operating Segments | Commercial    
Total revenues 345 269
Canada | Operating Segments | International    
Total revenues 98 93
Europe | Operating Segments | International    
Total revenues 143 127
Hardy | Operating Segments | International    
Total revenues $ 105 $ 93
v3.24.1.u1
Non-Insurance Revenues from Contracts with Customers (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Deferred non-insurance warranty revenue $ 4,645   $ 4,694
Contract with customer, liability, revenue recognized $ 400 $ 400  
v3.24.1.u1
Non-Insurance Revenues from Contracts with Customers (Performance obligation) (Details)
$ in Billions
Mar. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01  
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]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.1
Remaining performance obligation, expected timing of satisfaction, period 1 year
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 $ 0.9
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 $ 1.5
Remaining performance obligation, expected timing of satisfaction, period