CNA FINANCIAL CORP, 10-Q filed on 11/4/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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 $2.50  
Trading Symbol CNA  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   270,842,416
Entity Central Index Key 0000021175  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
New York Stock Exchange    
Entity Information [Line Items]    
Security Exchange Name NYSE  
Chicago Stock Exchange    
Entity Information [Line Items]    
Security Exchange Name CHX  
v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Net earned premiums $ 2,593 $ 2,406 $ 7,532 $ 7,001
Net investment income 626 553 1,853 1,653
Net investment losses (10) (38) (42) (105)
Non-insurance warranty revenue 401 407 1,212 1,221
Other revenues 8 8 26 22
Total revenues 3,618 3,336 10,581 9,792
Claims, Benefits and Expenses        
Insurance claims and policyholders’ benefits (re-measurement loss of $(48), $(41), $(88) and $(75)) 2,019 1,826 5,708 5,258
Amortization of deferred acquisition costs 457 426 1,336 1,208
Non-insurance warranty expense 387 386 1,169 1,154
Other operating expenses 362 338 1,077 1,021
Interest 32 34 101 93
Total claims, benefits and expenses 3,257 3,010 9,391 8,734
Income before income tax 361 326 1,190 1,058
Income tax expense (78) (68) (252) (220)
Net income $ 283 $ 258 $ 938 $ 838
Basic earnings per share        
Basic earnings per share (in usd per share) $ 1.04 $ 0.95 $ 3.46 $ 3.09
Diluted earnings per share        
Diluted earnings per share (in usd per share) $ 1.04 $ 0.95 $ 3.44 $ 3.08
Weighted Average Outstanding Common Stock and Common Stock Equivalents        
Basic (in shares) 271.3 271.2 271.5 271.2
Diluted (in shares) 272.7 272.3 272.7 272.2
v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (48) $ (41) $ (88) $ (75)
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net income $ 283 $ 258 $ 938 $ 838
Other Comprehensive Income (Loss), net of tax        
Net unrealized gains and losses on investments 1,262 (1,085) 803 (837)
Impact of changes in discount rates used to measure long-duration contract liabilities (623) 818 (9) 678
Foreign currency translation adjustment 63 (55) 21 (4)
Pension and postretirement benefits 8 6 20 20
Other comprehensive income (loss), net of tax 710 (316) 835 (143)
Total comprehensive income (loss) 993 (58) 1,773 695
Net unrealized gains and losses on investments with an allowance for credit losses        
Other Comprehensive Income (Loss), net of tax        
Net unrealized gains and losses on investments (3) (1) (1) (10)
Net unrealized gains and losses on other investments        
Other Comprehensive Income (Loss), net of tax        
Net unrealized gains and losses on investments $ 1,265 $ (1,084) $ 804 $ (827)
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities at fair value (amortized cost of $43,551 and $42,414, less allowance for credit loss of $18 and $16) $ 42,579 $ 40,425
Equity securities at fair value (cost of $639 and $686) 668 683
Limited partnership investments 2,462 2,174
Other invested assets 83 80
Mortgage loans (less allowance for credit loss of $35 and $35) 1,003 1,035
Short-term investments 1,900 2,165
Total investments 48,695 46,562
Cash 456 345
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22) 5,798 5,412
Insurance receivables (less allowance for uncollectible receivables of $25 and $28) 3,489 3,442
Accrued investment income 460 444
Deferred acquisition costs 943 896
Deferred income taxes 755 1,016
Property and equipment at cost (less accumulated depreciation of $315 and $296) 258 253
Goodwill 147 146
Deferred non-insurance warranty acquisition expense 3,571 3,661
Other assets (includes $5 and $23 due from Loews Corporation) 2,784 2,534
Total assets 67,356 64,711
Insurance reserves:    
Claim and claim adjustment expenses 24,558 23,304
Unearned premiums 7,259 6,933
Future policy benefits 14,047 13,959
Short-term debt 0 550
Long-term debt 2,972 2,481
Deferred non-insurance warranty revenue 4,594 4,694
Other liabilities (includes $23 and $28 due to Loews Corporation) 3,168 2,897
Total liabilities 56,598 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; 270,842,416 and 270,881,457 shares outstanding) 683 683
Additional paid-in capital 2,221 2,221
Retained earnings 9,785 9,755
Accumulated other comprehensive loss (1,837) (2,672)
Treasury stock (2,197,827 and 2,158,786 shares), at cost (94) (94)
Total stockholders’ equity 10,758 9,893
Total liabilities and stockholders' equity $ 67,356 $ 64,711
v3.24.3
Condensed Consolidated Balance Sheets - (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fixed maturities securities at amortized cost $ 43,551 $ 42,414
Marketable securities fixed maturities allowance for credit loss 18 16
Equity securities at cost 639 686
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 25 28
Accumulated depreciation on property and equipment 315 296
Other assets (includes $5 and $23 due from Loews Corporation) 2,784 2,534
Other liabilities (includes $23 and $28 due to Loews Corporation) $ 3,168 $ 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) 270,842,416 270,881,457
Treasury stock, shares (in shares) 2,197,827 2,158,786
Related Party    
Other assets (includes $5 and $23 due from Loews Corporation) $ 5 $ 23
Other liabilities (includes $23 and $28 due to Loews Corporation) $ 23 $ 28
v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income $ 938 $ 838
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Deferred income tax expense 42 12
Trading portfolio activity (1) (1)
Net investment losses 42 105
Equity method investees (93) 37
Net amortization of investments (153) (140)
Depreciation and amortization 51 44
Changes in:    
Receivables, net (404) (84)
Accrued investment income (15) (39)
Deferred acquisition costs (45) (74)
Insurance reserves 1,559 1,184
Other, net (53) (117)
Net cash flows provided by operating activities 1,868 1,765
Dispositions:    
Fixed maturity securities - sales 2,335 3,284
Fixed maturity securities - maturities, calls and redemptions 1,755 960
Equity securities 388 192
Limited partnerships 45 138
Mortgage loans 75 110
Purchases:    
Fixed maturity securities (5,016) (5,459)
Equity securities (332) (200)
Limited partnerships (235) (322)
Mortgage loans (43) (75)
Change in other investments (2) 6
Change in short-term investments 329 (99)
Purchases of property and equipment (57) (67)
Other, net (4) (5)
Net cash flows used by investing activities (762) (1,537)
Cash Flows from Financing Activities    
Dividends paid to common stockholders (906) (673)
Proceeds from the issuance of debt 490 491
Repayment of debt (550) 0
Purchase of treasury stock (20) (24)
Other, net (12) (12)
Net cash flows used by financing activities (998) (218)
Effect of foreign exchange rate changes on cash 3 0
Net change in cash 111 10
Cash, beginning of year 345 475
Cash, end of period $ 456 $ 485
v3.24.3
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     (7)             22
Dividends to common stockholders ($0.44, $0.42, $3.32 and $2.46 per share)       (671)            
Net income $ 838     838            
Other comprehensive income (loss) (143)           (143)      
Purchase of treasury stock (24)                 (24)
Total stockholder's equity at end of period at Sep. 30, 2023 8,563 683 2,213 9,503     (3,741)     (95)
Total stockholder's equity at beginning of period at Jun. 30, 2023   683 2,204 9,359 9,359   (3,425) (3,425) 0 (95)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation     9             0
Dividends to common stockholders ($0.44, $0.42, $3.32 and $2.46 per share)       (114)            
Net income 258     258            
Other comprehensive income (loss) (316)           (316)      
Purchase of treasury stock                   0
Total stockholder's equity at end of period at Sep. 30, 2023 8,563 683 2,213 9,503     (3,741)     (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     0             20
Dividends to common stockholders ($0.44, $0.42, $3.32 and $2.46 per share)       (908)            
Net income 938     938            
Other comprehensive income (loss) 835           835      
Purchase of treasury stock (20)                 (20)
Total stockholder's equity at end of period at Sep. 30, 2024 10,758 683 2,221 9,785     (1,837)     (94)
Total stockholder's equity at beginning of period at Jun. 30, 2024   683 2,210 9,623 $ 9,623 $ 0 (2,547) $ (2,547) $ 0 (95)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation     11             1
Dividends to common stockholders ($0.44, $0.42, $3.32 and $2.46 per share)       (121)            
Net income 283     283            
Other comprehensive income (loss) 710           710      
Purchase of treasury stock                   0
Total stockholder's equity at end of period at Sep. 30, 2024 $ 10,758 $ 683 $ 2,221 $ 9,785     $ (1,837)     $ (94)
v3.24.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share (usd per share) $ 0.44 $ 0.42 $ 3.32 $ 2.46
v3.24.3
General
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2024 and for the three and nine months ended September 30, 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 (CODM). 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 its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the Company's measure of segment profit or loss, which is core income (loss).
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.
v3.24.3
Earnings (Loss) Per Share Data
 9 Months Ended
Sep. 30, 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.
Periods ended September 30Three MonthsNine Months
(In millions, except per share data)2024202320242023
Net income (loss)$283 $258 $938 $838 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.3 271.2 271.5 271.2 
Diluted
Weighted average shares outstanding271.3 271.2 271.5 271.2 
Dilutive effect of stock-based awards under compensation plans1.4 1.1 1.2 1.0 
Total272.7 272.3 272.7 272.2 
Earnings (loss) per share
      Basic $1.04 $0.95 $3.46 $3.09 
Diluted$1.04 $0.95 $3.44 $3.08 
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.
The Company repurchased 450,000 and 550,000 shares of CNAF common stock at an aggregate cost of $20 million and $24 million during the nine months ended September 30, 2024 and 2023
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments Investments
The significant components of Net investment income are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Fixed maturity securities$517 $491 $1,530 $1,443 
Equity securities21 9 56 42 
Limited partnership investments67 28 195 108 
Mortgage loans14 15 43 43 
Short-term investments20 23 68 51 
Trading portfolio— 1 1 4 
Other8 6 23 20 
Gross investment income647 573 1,916 1,711 
Investment expense(21)(20)(63)(58)
Net investment income$626 $553 $1,853 $1,653 
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2024 and 2023
$11 $(3)$20 $2 
Net investment gains (losses) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$11 $12 $38 $55 
Gross losses(33)(49)(104)(141)
Net investment gains (losses) on fixed maturity securities(22)(37)(66)(86)
Equity securities13 2 25 (9)
Mortgage loans— (5)— (11)
Short-term investments and other(1)2 (1)1 
Net investment gains (losses)$(10)$(38)$(42)$(105)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2024 and 2023
$13 $2 $24 $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.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$8 $8 $23 $25 
Asset-backed4 4 9 12 
Impairment losses (gains) recognized in earnings$12 $12 $32 $37 

There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $5 million and $11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.
The following tables present a summary of fixed maturity securities.
September 30, 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$25,872 $826 $900 $6 $25,792 
States, municipalities and political subdivisions7,406 359 617 — 7,148 
Asset-backed:
Residential mortgage-backed3,684 32 362 — 3,354 
Commercial mortgage-backed1,867 15 141 — 1,741 
Other asset-backed3,743 40 186 12 3,585 
Total asset-backed9,294 87 689 12 8,680 
U.S. Treasury and obligations of government-sponsored enterprises224 2 4 — 222 
Foreign government755 8 26 — 737 
Total fixed maturity securities available-for-sale43,551 1,282 2,236 18 42,579 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,551 $1,282 $2,236 $18 $42,579 
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
September 30, 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$1,664 $31 $11,240 $869 $12,904 $900 
States, municipalities and political subdivisions422 7 3,155 610 3,577 617 
Asset-backed:
Residential mortgage-backed130 2 2,162 360 2,292 362 
Commercial mortgage-backed112 — 1,134 141 1,246 141 
Other asset-backed151 4 1,638 182 1,789 186 
Total asset-backed393 6 4,934 683 5,327 689 
U.S. Treasury and obligations of government-sponsored enterprises45 2 45 2 90 4 
Foreign government99 1 403 25 502 26 
Total$2,623 $47 $19,777 $2,189 $22,400 $2,236 
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.
September 30, 2024December 31, 2023

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,127 $265 $2,273 $309 
AAA1,277 221 1,524 261 
AA 3,641 547 3,817 658 
A5,229 405 5,652 517 
BBB9,243 689 11,523 1,095 
Non-investment grade883 109 942 155 
Total$22,400 $2,236 $25,731 $2,995 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 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 September 30, 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 $451 million, $435 million, and $430 million as of September 30, 2024, December 31, 2023, and September 30, 2023 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— 9 9 
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— 4 4 
Balance as of September 30, 2024
$6 $12 $18 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2023
$13 $9 $22 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded5 — 5 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance15 — 15 
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— 4 4 
Balance as of September 30, 2023
$5 $13 $18 
(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 recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)3 1 4 
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— 9 9 
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— 10 10 
Balance as of September 30, 2024
$6 $12 $18 

(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 recorded6 7 13 
Available-for-sale securities accounted for as PCD assets22 — 22 
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 allowance15 — 15 
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 5 6 
Balance as of September 30, 2023
$5 $13 $18 
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
September 30, 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$1,585 $1,565 $1,121 $1,091 
Due after one year through five years11,948 11,800 11,563 11,180 
Due after five years through ten years13,333 12,959 13,359 12,573 
Due after ten years16,685 16,255 16,371 15,581 
Total$43,551 $42,579 $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 September 30, 2024, the Company had commitments to purchase or fund approximately $1,645 million and sell approximately $90 million under the terms of these investments.
Related Party Investment
During the three months ended September 30, 2024, the Company invested in a commercial mortgage-backed securitization whose underlying mortgage loan is an obligation of an affiliate of Loews that matures in September of 2034. The Company purchased $50 million of par at issuance across three separate investment grade tranches of the $305 million securitization. The Company's position in this commercial mortgage-backed securitization is included in the Fixed maturity securities at fair value line on the Condensed Consolidated Balance Sheets and was $52 million as of September 30, 2024. The Company recognized less than $1 million of income in Net investment income related to this investment during the three months ended September 30, 2024.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
September 30, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20242023202220212020PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $33 $9 $2 $97 $242 $383 
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 50 96
LTV 55% to 65%43 20 36 36 4 31 170
LTV greater than 65%— 13 64 — 20 — 97
DSCR ≤1.2
LTV less than 55%— — — — — — — 
LTV 55% to 65%— 32 75 — — 41 148
LTV greater than 65%— — 28 21 — 48 97
Total$43 $126 $247 $76 $134 $412 $1,038 
(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 September 30, 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.
v3.24.3
Fair Value
 9 Months Ended
Sep. 30, 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.
September 30, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$225 $25,289 $1,237 $26,751 
States, municipalities and political subdivisions— 7,103 45 7,148 
Asset-backed— 7,765 915 8,680 
Total fixed maturity securities 225 40,157 2,197 42,579 
Equity securities:
Common stock171 — 12 183 
Non-redeemable preferred stock47 436 2 485 
Total equity securities218 436 14 668 
Short-term and other1,691 30 — 1,721 
Total assets$2,134 $40,623 $2,211 $44,968 
Liabilities
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 

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 July 1, 2024$1,129 $43 $887 $14 $2,073 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (3)— (3)
Reported in Net investment income— — 4 — 4 
Reported in Other comprehensive income (loss)59 2 30 — 91 
Total realized and unrealized investment gains (losses)59 2 31 — 92 
Purchases83 — 38 — 121 
Sales(10)— — — (10)
Settlements(24)— (23)— (47)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (18)— (18)
Balance as of September 30, 2024$1,237 $45 $915 $14 $2,211 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period$— $— $— $— $— 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period57 2 30 — 89 
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of July 1, 2023$971 $43 $883 $26 $1,923 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (4)— (4)
Reported in Net investment income— — 5 (1)4 
Reported in Other comprehensive income (loss)(36)(2)(28)— (66)
Total realized and unrealized investment gains (losses)(36)(2)(27)(1)(66)
Purchases29 — 61 — 90 
Sales— — — (2)(2)
Settlements(19)— (13)— (32)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (7)— (7)
Balance as of September 30, 2023$945 $41 $897 $23 $1,906 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period(36)(2)(28)— (66)
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)— — (10)— (10)
Reported in Net investment income— — 15 6 21 
Reported in Other comprehensive income (loss)39 1 14 — 54 
Total realized and unrealized investment gains (losses)39 1 19 6 65 
Purchases229 — 111 3 343 
Sales(10)— (14)(19)(43)
Settlements(77)— (65)— (142)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (37)— (37)
Balance as of September 30, 2024$1,237 $45 $915 $14 $2,211 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period$— $— $— $2 $2 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period34 1 14 — 49 

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)— — (5)— (5)
Reported in Net investment income— — 15 (8)7 
Reported in Other comprehensive income (loss)(27)(2)(28)— (57)
Total realized and unrealized investment gains (losses)(27)(2)(18)(8)(55)
Purchases178 — 203 — 381 
Sales— — — (4)(4)
Settlements(27)— (39)— (66)
Transfers into Level 311 — 23 — 34 
Transfers out of Level 3— — (60)— (60)
Balance as of September 30, 2023$945 $41 $897 $23 $1,906 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period$— $— $— $(8)$(8)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period(27)(2)(28)— (57)
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 September 30, 2024 and December 31, 2023, there were $77 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.
September 30, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,713 Discounted cash flowCredit spread
1% - 6% (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.
September 30, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,003 $— $— $988 $988 
Liabilities
Short-term debt$— $— $— $— $— 
Long-term debt2,972 — 2,952 — 2,952 
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.
v3.24.3
Claim and Claim Adjustment Expense Reserves
 9 Months Ended
Sep. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Claim and Claim Adjustment Expense Reserves Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $143 million and $313 million for the three and nine months ended September 30, 2024 primarily related to severe weather related events, including $55 million for Hurricane Helene. The Company reported catastrophe losses, net of reinsurance, of $94 million and $214 million for the three and nine months ended September 30, 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.
For the nine months ended September 30
(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 year4,706 4,221 
Increase (decrease) in provision for insured events of prior years26 43 
Amortization of discount30 33 
Total net incurred (1)
4,762 4,297 
Net payments attributable to:
Current year events(655)(588)
Prior year events(3,189)(2,953)
Total net payments(3,844)(3,541)
Foreign currency translation adjustment and other35 (30)
Net reserves, end of period19,116 17,655 
Ceded reserves, end of period5,4425,181 
Gross reserves, end of period$24,558 $22,836 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Specialty$— $(5)$(8)$(9)
Commercial(3)(2)(11)(17)
International(2)— (5)15 
Corporate & Other22 20 57 55
Total pretax (favorable) unfavorable development$17 $13 $33 $44 
Unfavorable development of $22 million and $57 million was recorded within the Corporate & Other segment for the three and nine months ended September 30, 2024 and unfavorable development of $20 million and $55 million was recorded for the three and nine months ended September 30, 2023, largely associated with legacy mass tort abuse claims.
Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— $(2)$9 
Other Professional Liability and Management Liability11 17 28 16 
Surety(20)(21)(46)(28)
Warranty7 (2)20 (11)
Other2 1 (8)5 
Total pretax (favorable) unfavorable development$— $(5)$(8)$(9)
Three Months
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in the Company's directors and officers (D&O) business in accident year 2019.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
2023
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s cyber and professional errors and omissions (E&O) businesses in multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Nine Months
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O and cyber businesses.
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.
2023
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s cyber and professional E&O businesses in multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.
Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Commercial Auto$25 $— $46 $11 
General Liability28 — 47 70 
Workers' Compensation(57)(2)(106)(100)
Property and Other1 — 2 2 
Total pretax (favorable) unfavorable development$(3)$(2)$(11)$(17)
Three and Nine Months
2024
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
Nine Months
2023
Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s construction business in a recent accident year.
Unfavorable development in general liability was due to higher than expected claim severity in the Company’s construction and middle market businesses across multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
International    
The following table presents further detail of the development recorded for the International segment.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Commercial$(13)$— $(7)$(5)
Specialty11 — 2 22 
Other— — — (2)
Total pretax (favorable) unfavorable development $(2)$— $(5)$15 
Three Months
2024
Favorable development in commercial was due to lower than expected loss emergence across multiple accident years in the Company's marine and property businesses.
Unfavorable development in specialty was due to higher than expected large loss emergence across several accident years.
Nine Months
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 $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion.
In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations.
The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $11 million and $15 million for the three months ended September 30, 2024 and 2023 and $36 million and $38 million for the nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $382 million and $417 million as of September 30, 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 $2.3 billion as of September 30, 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.
v3.24.3
Future Policy Benefits Reserves
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Future Policy Benefits 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.
Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.
The cash flow assumption updates for the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and unfavorable impact from higher cost of care inflation.
The cash flow assumption updates for the third quarter 2023 resulted in an $8 million pretax increase to the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.
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)
111 28 
     Effect of actual variances from expected experience (1)
(40)(112)
Adjusted balance, January 13,656 3,835 
Interest accrual139 153 
     Net premiums: earned during period(317)(332)
Balance, end of period at original locked in discount rate3,478 3,656 
     Effect of changes in discount rate147 (67)
Balance, September 30$3,625 $3,589 
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)
126 36 
     Effect of actual variances from expected experience (1)
33 (45)
Adjusted balance, January 117,250 17,338 
Interest accrual693 723 
     Benefit & expense payments(883)(945)
Balance, end of period at original locked in discount rate17,060 17,116 
     Effect of changes in discount rate612 (873)
Balance, September 30$17,672 $16,243 
Net LFPB$14,047 $12,654 
(1) As of September 30, 2024 and 2023 the re-measurement gain (loss) of $(88) million and $(75) 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 September 30Three MonthsNine Months
(In millions)
2024202320242023
Earned premiums$110 $112 $329 $340 
Interest expense185 191 554 570 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of September 30
(In millions)
20242023
  Expected future benefit and expense payments$32,009 $33,217 
  Expected future gross premiums5,305 5,557 
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,792 million and $3,711 million as of September 30, 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 September 30, 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 September 30As of December 31
202420232023
   Original locked in discount rate5.20 %5.24 %5.22 %
Upper-medium grade fixed income instrument discount rate4.90 5.78 4.94 
For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development that caused the Net Premium Ratio (NPR) to exceed 100% for certain cohorts were $84 million and $128 million. For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $109 million and $152 million.
For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $20 million and $28 million. For the three and nine months ended September 30, 2023, the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was $26 million and $37 million.
v3.24.3
Legal Proceedings, Contingencies and Guarantees
 9 Months Ended
Sep. 30, 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 September 30, 2024, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
v3.24.3
Benefit Plans
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
The components of net periodic pension cost (benefit) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$21 $25 $65 $74 
Expected return on plan assets(29)(29)(87)(89)
Amortization of net actuarial loss7 7 21 24 
Pension settlement transaction loss (gain) 4 — 4 — 
Total net periodic pension cost (benefit)$3 $3 $3 $9 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$1 $1 $1 $2 
Other operating expenses2 2 2 7 
Total net periodic pension cost (benefit)$3 $3 $3 $9 
In the third quarter of 2024, a subsidiary of CNAF, as a sponsor of the CNA Canada Employee Pension Plan (the Canada Plan), purchased a nonparticipating single premium group annuity contract, under which the defined benefit pension obligation of the Canada Plan was transferred in full to an insurance company counterparty. As a result of the transaction, the Company recognized a one-time, non-cash, pretax pension settlement charge of $4 million ($3 million after-tax).
v3.24.3
Accumulated Other Comprehensive Income (Loss) by Component
 9 Months Ended
Sep. 30, 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 July 1, 2024
$(10)$(2,074)$(513)$255 $(205)$(2,547)
Other comprehensive income (loss) before reclassifications(9)1,254 — (623)63 685 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $3, $—, $— and $8
(6)(11)(8)— — (25)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(340), $(3), $165, $— and $(177)
(3)1,265 8 (623)63 710 
Balance as of September 30, 2024
$(13)$(809)$(505)$(368)$(142)$(1,837)
(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 July 1, 2023
$(16)$(2,481)$(577)$(181)$(170)$(3,425)
Other comprehensive income (loss) before reclassifications(9)(1,105)— 818 (55)(351)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $6, $1, $—, $— and $9
(8)(21)(6)— — (35)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $289, $(1), $(217), $— and $72
(1)(1,084)6 818 (55)(316)
Balance as of September 30, 2023
$(17)$(3,565)$(571)$637 $(225)$(3,741)
(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(14)765 — (9)21 763 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $10, $5, $—, $— and $19
(13)(39)(20)— — (72)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(216), $(5), $2, $— and $(219)
(1)804 20 (9)21 835 
Balance as of September 30, 2024
$(13)$(809)$(505)$(368)$(142)$(1,837)
(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)(2,738)(591)(41)(221)(3,598)
Other comprehensive income (loss) before reclassifications(25)(880)— 678 (4)(231)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $14, $5, $—, $— and $23
(15)(53)(20)— — (88)
Other comprehensive income (loss) net of tax (expense) benefit of $3, $221, $(5), $(180), $— and $39
(10)(827)20 678 (4)(143)
Balance as of September 30, 2023
$(17)$(3,565)$(571)$637 $(225)$(3,741)

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
v3.24.3
Business Segments
 9 Months Ended
Sep. 30, 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 is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss), 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 and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Three months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$848 $1,325 $311 $110 $— $(1)$2,593 
Net investment income157 183 32 240 14 — 626 
Non-insurance warranty revenue401 — — — — — 401 
Other revenues1 5 — — 3 (1)8 
Total operating revenues1,407 1,513 343 350 17 (2)3,628 
Claims, benefits and expenses      
Net incurred claims and benefits509 954 195 336 16 — 2,010 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs188 209 60 — — — 457 
Non-insurance warranty expense387 — — — — — 387 
Other insurance related expenses90 158 44 30 — (1)321 
Other expenses13 8 (8)1 56 (1)69 
Total claims, benefits and expenses (1)
1,189 1,336 291 367 72 (2)3,253 
Core income (loss) before income tax218 177 52 (17)(55)— 375 
Income tax (expense) benefit on core income (loss)(47)(38)(16)8 11 — (82)
Core income (loss) $171 $139 $36 $(9)$(44)$— 293 
Net investment gains (losses)(10)
Income tax (expense) benefit on net investment gains (losses)3 
Net investment gains (losses), after tax(7)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$283 

(1) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
Three months ended September 30, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$829 $1,170 $296 $112 $— $(1)$2,406 
Net investment income136 156 26 216 19 — 553 
Non-insurance warranty revenue407 — — — — — 407 
Other revenues— 9 (1)— 2 (2)8 
Total operating revenues1,372 1,335 321 328 21 (3)3,374 
Claims, benefits and expenses    
Net incurred claims and benefits480 807 178 343 10 — 1,818 
Policyholders’ dividends2 6 — — — — 8 
Amortization of deferred acquisition costs175 188 63 — — — 426 
Non-insurance warranty expense386 — — — — — 386 
Other insurance related expenses89 156 20 29 1 (1)294 
Other expenses13 11 6 (1)51 (2)78 
Total claims, benefits and expenses1,145 1,168 267 371 62 (3)3,010 
Core income (loss) before income tax227 167 54 (43)(41)— 364 
Income tax (expense) benefit on core income (loss)(49)(34)(14)14 8 — (75)
Core income (loss)$178 $133 $40 $(29)$(33)$— 289 
Net investment gains (losses)(38)
Income tax (expense) benefit on net investment gains (losses)7 
Net investment gains (losses), after tax(31)
Net income (loss)$258 
Nine months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,493 $3,774 $937 $329 $— $(1)$7,532 
Net investment income461 534 95 710 53 — 1,853 
Non-insurance warranty revenue1,212 — — — — — 1,212 
Other revenues1 23 — — 9 (7)26 
Total operating revenues4,167 4,331 1,032 1,039 62 (8)10,623 
Claims, benefits and expenses      
Net incurred claims and benefits1,478 2,628 568 973 35 — 5,682 
Policyholders’ dividends7 19 — — — — 26 
Amortization of deferred acquisition costs546 608 182 — — — 1,336 
Non-insurance warranty expense1,169 — — — — — 1,169 
Other insurance related expenses267 454 129 88 — (1)937 
Other expenses41 33 (5)2 173 (7)237 
Total claims, benefits and expenses (1)
3,508 3,742 874 1,063 208 (8)9,387 
Core income (loss) before income tax659 589 158 (24)(146)— 1,236 
Income tax (expense) benefit on core income (loss)(142)(125)(41)19 27 — (262)
Core income (loss) $517 $464 $117 $(5)$(119)$— 974 
Net investment gains (losses)(42)
Income tax (expense) benefit on net investment gains (losses)9 
Net investment gains (losses), after tax(33)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$938 
September 30, 2024
(In millions)      
Reinsurance receivables$1,509 $1,456 $533 $86 $2,236 $— $5,820 
Insurance receivables986 2,149 375 3 1 — 3,514 
Deferred acquisition costs413 400 130 — — — 943 
Goodwill117 — 30 — — — 147 
Deferred non-insurance warranty acquisition expense3,571 — — — — — 3,571 
Insurance reserves 
Claim and claim adjustment expenses7,328 11,018 2,990 650 2,572 — 24,558 
Unearned premiums3,218 3,186 755 100 — — 7,259 
Future policy benefits— — — 14,047 — — 14,047 
Deferred non-insurance warranty revenue4,594 — — — — — 4,594 
(1) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
Nine months ended September 30, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,438 $3,336 $888 $340 $— $(1)$7,001 
Net investment income407 470 74 659 43 — 1,653 
Non-insurance warranty revenue1,221 — — — — — 1,221 
Other revenues— 22 — — 7 (7)22 
Total operating revenues4,066 3,828 962 999 50 (8)9,897 
Claims, benefits and expenses    
Net incurred claims and benefits1,419 2,235 552 998 32 — 5,236 
Policyholders’ dividends5 17 — — — — 22 
Amortization of deferred acquisition costs508 532 168 — — — 1,208 
Non-insurance warranty expense1,154 — — — — — 1,154 
Other insurance related expenses269 456 102 89 2 (1)917 
Other expenses39 27 2 — 136 (7)197 
Total claims, benefits and expenses3,394 3,267 824 1,087 170 (8)8,734 
Core income (loss) before income tax672 561 138 (88)(120)— 1,163 
Income tax (expense) benefit on core income (loss)(146)(118)(36)36 23 — (241)
Core income (loss)$526 $443 $102 $(52)$(97)$— 922 
Net investment gains (losses)(105)
Income tax (expense) benefit on net investment gains (losses)21 
Net investment gains (losses), after tax(84)
Net income (loss)$838 
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.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Specialty
Management & Professional Liability$753 $723 $2,215 $2,146 
Surety202 189 580 540 
Warranty & Alternative Risks452 460 1,372 1,380 
Specialty revenues1,407 1,372 4,167 4,066 
Commercial
Middle Market448 437 1,307 1,254 
Construction521 444 1,459 1,249 
Small Business161 160 472 470 
Other Commercial383 294 1,093 855 
Commercial revenues1,513 1,335 4,331 3,828 
International
Canada99 98 296 287 
Europe150 139 440 401 
Hardy94 84 296 274 
International revenues343 321 1,032 962 
Life & Group revenues350 328 1,039 999 
Corporate & Other revenues 17 21 62 50 
Eliminations(2)(3)(8)(8)
Total operating revenues3,628 3,374 10,623 9,897 
Net investment gains (losses)(10)(38)(42)(105)
Total revenues$3,618 $3,336 $10,581 $9,792 
v3.24.3
Non-Insurance Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 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 September 30, 2024 and December 31, 2023. For the three and nine months ended September 30, 2024, the Company recognized $0.3 billion and $1.1 billion of revenues in each period that were included in the deferred revenue balance as of January 1, 2024. For the three and nine months ended September 30, 2023, the Company recognized $0.2 billion and $0.9 billion of revenues that were included in the deferred revenue balance as of January 1, 2023. For the three and nine months ended September 30, 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 $0.4 billion of the deferred revenue in the remainder of 2024, $1.3 billion in 2025, $1.0 billion in 2026 and $1.9 billion thereafter.
v3.24.3
Subsequent Event
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
CNA Employee Retirement Plan Trust Settlement Transaction
In October of 2024, a subsidiary of CNAF, as a sponsor of the CNA Employee Retirement Plan Trust (the Plan), entered into a commitment agreement, with Metropolitan Life Insurance Company (the Insurer) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $1,045 million of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the Transferred Participants), representing approximately 60% of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions of the Company. As a result of the transaction, the Company will recognize a one-time, non-cash, pretax pension settlement charge of approximately $370 million ($290 million after-tax) in the fourth quarter of 2024. This charge is largely driven by the accelerated recognition of the Company’s actuarial pension loss from accumulated other comprehensive income into net income, which does not impact stockholder’s equity. This charge will not impact the Company’s fourth quarter or full year 2024 core income (loss) or cash flow.
Fourth Quarter 2024 Hurricane Milton Estimates
On October 9, 2024, Hurricane Milton made landfall in Florida. Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $25 million to $55 million, and are anticipated to be reflected in the Company's fourth quarter 2024 results.
v3.24.3
General (Policies)
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2024 and for the three and nine months ended September 30, 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 (CODM). 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 its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the Company's measure of segment profit or loss, which is core income (loss).
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
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.
Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.
The cash flow assumption updates for the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and unfavorable impact from higher cost of care inflation.
The cash flow assumption updates for the third quarter 2023 resulted in an $8 million pretax increase to the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.
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.
v3.24.3
Earnings (Loss) Per Share Data (Tables)
 9 Months Ended
Sep. 30, 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.
Periods ended September 30Three MonthsNine Months
(In millions, except per share data)2024202320242023
Net income (loss)$283 $258 $938 $838 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.3 271.2 271.5 271.2 
Diluted
Weighted average shares outstanding271.3 271.2 271.5 271.2 
Dilutive effect of stock-based awards under compensation plans1.4 1.1 1.2 1.0 
Total272.7 272.3 272.7 272.2 
Earnings (loss) per share
      Basic $1.04 $0.95 $3.46 $3.09 
Diluted$1.04 $0.95 $3.44 $3.08 
v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Net investment income
The significant components of Net investment income are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Fixed maturity securities$517 $491 $1,530 $1,443 
Equity securities21 9 56 42 
Limited partnership investments67 28 195 108 
Mortgage loans14 15 43 43 
Short-term investments20 23 68 51 
Trading portfolio— 1 1 4 
Other8 6 23 20 
Gross investment income647 573 1,916 1,711 
Investment expense(21)(20)(63)(58)
Net investment income$626 $553 $1,853 $1,653 
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2024 and 2023
$11 $(3)$20 $2 
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$11 $12 $38 $55 
Gross losses(33)(49)(104)(141)
Net investment gains (losses) on fixed maturity securities(22)(37)(66)(86)
Equity securities13 2 25 (9)
Mortgage loans— (5)— (11)
Short-term investments and other(1)2 (1)1 
Net investment gains (losses)$(10)$(38)$(42)$(105)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2024 and 2023
$13 $2 $24 $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.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$8 $8 $23 $25 
Asset-backed4 4 9 12 
Impairment losses (gains) recognized in earnings$12 $12 $32 $37 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
September 30, 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$25,872 $826 $900 $6 $25,792 
States, municipalities and political subdivisions7,406 359 617 — 7,148 
Asset-backed:
Residential mortgage-backed3,684 32 362 — 3,354 
Commercial mortgage-backed1,867 15 141 — 1,741 
Other asset-backed3,743 40 186 12 3,585 
Total asset-backed9,294 87 689 12 8,680 
U.S. Treasury and obligations of government-sponsored enterprises224 2 4 — 222 
Foreign government755 8 26 — 737 
Total fixed maturity securities available-for-sale43,551 1,282 2,236 18 42,579 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,551 $1,282 $2,236 $18 $42,579 
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
September 30, 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$1,664 $31 $11,240 $869 $12,904 $900 
States, municipalities and political subdivisions422 7 3,155 610 3,577 617 
Asset-backed:
Residential mortgage-backed130 2 2,162 360 2,292 362 
Commercial mortgage-backed112 — 1,134 141 1,246 141 
Other asset-backed151 4 1,638 182 1,789 186 
Total asset-backed393 6 4,934 683 5,327 689 
U.S. Treasury and obligations of government-sponsored enterprises45 2 45 2 90 4 
Foreign government99 1 403 25 502 26 
Total$2,623 $47 $19,777 $2,189 $22,400 $2,236 
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.
September 30, 2024December 31, 2023

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,127 $265 $2,273 $309 
AAA1,277 221 1,524 261 
AA 3,641 547 3,817 658 
A5,229 405 5,652 517 
BBB9,243 689 11,523 1,095 
Non-investment grade883 109 942 155 
Total$22,400 $2,236 $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 $451 million, $435 million, and $430 million as of September 30, 2024, December 31, 2023, and September 30, 2023 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— 9 9 
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— 4 4 
Balance as of September 30, 2024
$6 $12 $18 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2023
$13 $9 $22 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded5 — 5 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance15 — 15 
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— 4 4 
Balance as of September 30, 2023
$5 $13 $18 
(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 recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)3 1 4 
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— 9 9 
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— 10 10 
Balance as of September 30, 2024
$6 $12 $18 

(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 recorded6 7 13 
Available-for-sale securities accounted for as PCD assets22 — 22 
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 allowance15 — 15 
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 5 6 
Balance as of September 30, 2023
$5 $13 $18 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
September 30, 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$1,585 $1,565 $1,121 $1,091 
Due after one year through five years11,948 11,800 11,563 11,180 
Due after five years through ten years13,333 12,959 13,359 12,573 
Due after ten years16,685 16,255 16,371 15,581 
Total$43,551 $42,579 $42,414 $40,425 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
September 30, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20242023202220212020PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $33 $9 $2 $97 $242 $383 
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 50 96
LTV 55% to 65%43 20 36 36 4 31 170
LTV greater than 65%— 13 64 — 20 — 97
DSCR ≤1.2
LTV less than 55%— — — — — — — 
LTV 55% to 65%— 32 75 — — 41 148
LTV greater than 65%— — 28 21 — 48 97
Total$43 $126 $247 $76 $134 $412 $1,038 
(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.
v3.24.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 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.
September 30, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$225 $25,289 $1,237 $26,751 
States, municipalities and political subdivisions— 7,103 45 7,148 
Asset-backed— 7,765 915 8,680 
Total fixed maturity securities 225 40,157 2,197 42,579 
Equity securities:
Common stock171 — 12 183 
Non-redeemable preferred stock47 436 2 485 
Total equity securities218 436 14 668 
Short-term and other1,691 30 — 1,721 
Total assets$2,134 $40,623 $2,211 $44,968 
Liabilities
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 

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 July 1, 2024$1,129 $43 $887 $14 $2,073 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (3)— (3)
Reported in Net investment income— — 4 — 4 
Reported in Other comprehensive income (loss)59 2 30 — 91 
Total realized and unrealized investment gains (losses)59 2 31 — 92 
Purchases83 — 38 — 121 
Sales(10)— — — (10)
Settlements(24)— (23)— (47)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (18)— (18)
Balance as of September 30, 2024$1,237 $45 $915 $14 $2,211 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period$— $— $— $— $— 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period57 2 30 — 89 
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of July 1, 2023$971 $43 $883 $26 $1,923 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (4)— (4)
Reported in Net investment income— — 5 (1)4 
Reported in Other comprehensive income (loss)(36)(2)(28)— (66)
Total realized and unrealized investment gains (losses)(36)(2)(27)(1)(66)
Purchases29 — 61 — 90 
Sales— — — (2)(2)
Settlements(19)— (13)— (32)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (7)— (7)
Balance as of September 30, 2023$945 $41 $897 $23 $1,906 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period(36)(2)(28)— (66)
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)— — (10)— (10)
Reported in Net investment income— — 15 6 21 
Reported in Other comprehensive income (loss)39 1 14 — 54 
Total realized and unrealized investment gains (losses)39 1 19 6 65 
Purchases229 — 111 3 343 
Sales(10)— (14)(19)(43)
Settlements(77)— (65)— (142)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (37)— (37)
Balance as of September 30, 2024$1,237 $45 $915 $14 $2,211 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period$— $— $— $2 $2 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period34 1 14 — 49 

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)— — (5)— (5)
Reported in Net investment income— — 15 (8)7 
Reported in Other comprehensive income (loss)(27)(2)(28)— (57)
Total realized and unrealized investment gains (losses)(27)(2)(18)(8)(55)
Purchases178 — 203 — 381 
Sales— — — (4)(4)
Settlements(27)— (39)— (66)
Transfers into Level 311 — 23 — 34 
Transfers out of Level 3— — (60)— (60)
Balance as of September 30, 2023$945 $41 $897 $23 $1,906 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period$— $— $— $(8)$(8)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period(27)(2)(28)— (57)
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.
September 30, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,713 Discounted cash flowCredit spread
1% - 6% (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.
September 30, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,003 $— $— $988 $988 
Liabilities
Short-term debt$— $— $— $— $— 
Long-term debt2,972 — 2,952 — 2,952 
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 
v3.24.3
Claim and Claim Adjustment Expense Reserves (Tables)
 9 Months Ended
Sep. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
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.
For the nine months ended September 30
(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 year4,706 4,221 
Increase (decrease) in provision for insured events of prior years26 43 
Amortization of discount30 33 
Total net incurred (1)
4,762 4,297 
Net payments attributable to:
Current year events(655)(588)
Prior year events(3,189)(2,953)
Total net payments(3,844)(3,541)
Foreign currency translation adjustment and other35 (30)
Net reserves, end of period19,116 17,655 
Ceded reserves, end of period5,4425,181 
Gross reserves, end of period$24,558 $22,836 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net prior year development The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Specialty$— $(5)$(8)$(9)
Commercial(3)(2)(11)(17)
International(2)— (5)15 
Corporate & Other22 20 57 55
Total pretax (favorable) unfavorable development$17 $13 $33 $44 
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— $(2)$9 
Other Professional Liability and Management Liability11 17 28 16 
Surety(20)(21)(46)(28)
Warranty7 (2)20 (11)
Other2 1 (8)5 
Total pretax (favorable) unfavorable development$— $(5)$(8)$(9)
The following table presents further detail of the development recorded for the Commercial segment.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Commercial Auto$25 $— $46 $11 
General Liability28 — 47 70 
Workers' Compensation(57)(2)(106)(100)
Property and Other1 — 2 2 
Total pretax (favorable) unfavorable development$(3)$(2)$(11)$(17)
The following table presents further detail of the development recorded for the International segment.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Pretax (favorable) unfavorable development:
Commercial$(13)$— $(7)$(5)
Specialty11 — 2 22 
Other— — — (2)
Total pretax (favorable) unfavorable development $(2)$— $(5)$15 
v3.24.3
Future Policy Benefits Reserves (Tables)
 9 Months Ended
Sep. 30, 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)
111 28 
     Effect of actual variances from expected experience (1)
(40)(112)
Adjusted balance, January 13,656 3,835 
Interest accrual139 153 
     Net premiums: earned during period(317)(332)
Balance, end of period at original locked in discount rate3,478 3,656 
     Effect of changes in discount rate147 (67)
Balance, September 30$3,625 $3,589 
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)
126 36 
     Effect of actual variances from expected experience (1)
33 (45)
Adjusted balance, January 117,250 17,338 
Interest accrual693 723 
     Benefit & expense payments(883)(945)
Balance, end of period at original locked in discount rate17,060 17,116 
     Effect of changes in discount rate612 (873)
Balance, September 30$17,672 $16,243 
Net LFPB$14,047 $12,654 
(1) As of September 30, 2024 and 2023 the re-measurement gain (loss) of $(88) million and $(75) 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 September 30Three MonthsNine Months
(In millions)
2024202320242023
Earned premiums$110 $112 $329 $340 
Interest expense185 191 554 570 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of September 30
(In millions)
20242023
  Expected future benefit and expense payments$32,009 $33,217 
  Expected future gross premiums5,305 5,557 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of September 30As of December 31
202420232023
   Original locked in discount rate5.20 %5.24 %5.22 %
Upper-medium grade fixed income instrument discount rate4.90 5.78 4.94 
v3.24.3
Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Components of net periodic cost (benefit)
The components of net periodic pension cost (benefit) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$21 $25 $65 $74 
Expected return on plan assets(29)(29)(87)(89)
Amortization of net actuarial loss7 7 21 24 
Pension settlement transaction loss (gain) 4 — 4 — 
Total net periodic pension cost (benefit)$3 $3 $3 $9 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$1 $1 $1 $2 
Other operating expenses2 2 2 7 
Total net periodic pension cost (benefit)$3 $3 $3 $9 
v3.24.3
Accumulated Other Comprehensive Income (Loss) by Component (Tables)
 9 Months Ended
Sep. 30, 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 July 1, 2024
$(10)$(2,074)$(513)$255 $(205)$(2,547)
Other comprehensive income (loss) before reclassifications(9)1,254 — (623)63 685 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $3, $—, $— and $8
(6)(11)(8)— — (25)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(340), $(3), $165, $— and $(177)
(3)1,265 8 (623)63 710 
Balance as of September 30, 2024
$(13)$(809)$(505)$(368)$(142)$(1,837)
(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 July 1, 2023
$(16)$(2,481)$(577)$(181)$(170)$(3,425)
Other comprehensive income (loss) before reclassifications(9)(1,105)— 818 (55)(351)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $6, $1, $—, $— and $9
(8)(21)(6)— — (35)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $289, $(1), $(217), $— and $72
(1)(1,084)6 818 (55)(316)
Balance as of September 30, 2023
$(17)$(3,565)$(571)$637 $(225)$(3,741)
(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(14)765 — (9)21 763 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $10, $5, $—, $— and $19
(13)(39)(20)— — (72)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(216), $(5), $2, $— and $(219)
(1)804 20 (9)21 835 
Balance as of September 30, 2024
$(13)$(809)$(505)$(368)$(142)$(1,837)
(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)(2,738)(591)(41)(221)(3,598)
Other comprehensive income (loss) before reclassifications(25)(880)— 678 (4)(231)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $14, $5, $—, $— and $23
(15)(53)(20)— — (88)
Other comprehensive income (loss) net of tax (expense) benefit of $3, $221, $(5), $(180), $— and $39
(10)(827)20 678 (4)(143)
Balance as of September 30, 2023
$(17)$(3,565)$(571)$637 $(225)$(3,741)
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
v3.24.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$848 $1,325 $311 $110 $— $(1)$2,593 
Net investment income157 183 32 240 14 — 626 
Non-insurance warranty revenue401 — — — — — 401 
Other revenues1 5 — — 3 (1)8 
Total operating revenues1,407 1,513 343 350 17 (2)3,628 
Claims, benefits and expenses      
Net incurred claims and benefits509 954 195 336 16 — 2,010 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs188 209 60 — — — 457 
Non-insurance warranty expense387 — — — — — 387 
Other insurance related expenses90 158 44 30 — (1)321 
Other expenses13 8 (8)1 56 (1)69 
Total claims, benefits and expenses (1)
1,189 1,336 291 367 72 (2)3,253 
Core income (loss) before income tax218 177 52 (17)(55)— 375 
Income tax (expense) benefit on core income (loss)(47)(38)(16)8 11 — (82)
Core income (loss) $171 $139 $36 $(9)$(44)$— 293 
Net investment gains (losses)(10)
Income tax (expense) benefit on net investment gains (losses)3 
Net investment gains (losses), after tax(7)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$283 

(1) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
Three months ended September 30, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$829 $1,170 $296 $112 $— $(1)$2,406 
Net investment income136 156 26 216 19 — 553 
Non-insurance warranty revenue407 — — — — — 407 
Other revenues— 9 (1)— 2 (2)8 
Total operating revenues1,372 1,335 321 328 21 (3)3,374 
Claims, benefits and expenses    
Net incurred claims and benefits480 807 178 343 10 — 1,818 
Policyholders’ dividends2 6 — — — — 8 
Amortization of deferred acquisition costs175 188 63 — — — 426 
Non-insurance warranty expense386 — — — — — 386 
Other insurance related expenses89 156 20 29 1 (1)294 
Other expenses13 11 6 (1)51 (2)78 
Total claims, benefits and expenses1,145 1,168 267 371 62 (3)3,010 
Core income (loss) before income tax227 167 54 (43)(41)— 364 
Income tax (expense) benefit on core income (loss)(49)(34)(14)14 8 — (75)
Core income (loss)$178 $133 $40 $(29)$(33)$— 289 
Net investment gains (losses)(38)
Income tax (expense) benefit on net investment gains (losses)7 
Net investment gains (losses), after tax(31)
Net income (loss)$258 
Nine months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,493 $3,774 $937 $329 $— $(1)$7,532 
Net investment income461 534 95 710 53 — 1,853 
Non-insurance warranty revenue1,212 — — — — — 1,212 
Other revenues1 23 — — 9 (7)26 
Total operating revenues4,167 4,331 1,032 1,039 62 (8)10,623 
Claims, benefits and expenses      
Net incurred claims and benefits1,478 2,628 568 973 35 — 5,682 
Policyholders’ dividends7 19 — — — — 26 
Amortization of deferred acquisition costs546 608 182 — — — 1,336 
Non-insurance warranty expense1,169 — — — — — 1,169 
Other insurance related expenses267 454 129 88 — (1)937 
Other expenses41 33 (5)2 173 (7)237 
Total claims, benefits and expenses (1)
3,508 3,742 874 1,063 208 (8)9,387 
Core income (loss) before income tax659 589 158 (24)(146)— 1,236 
Income tax (expense) benefit on core income (loss)(142)(125)(41)19 27 — (262)
Core income (loss) $517 $464 $117 $(5)$(119)$— 974 
Net investment gains (losses)(42)
Income tax (expense) benefit on net investment gains (losses)9 
Net investment gains (losses), after tax(33)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$938 
September 30, 2024
(In millions)      
Reinsurance receivables$1,509 $1,456 $533 $86 $2,236 $— $5,820 
Insurance receivables986 2,149 375 3 1 — 3,514 
Deferred acquisition costs413 400 130 — — — 943 
Goodwill117 — 30 — — — 147 
Deferred non-insurance warranty acquisition expense3,571 — — — — — 3,571 
Insurance reserves 
Claim and claim adjustment expenses7,328 11,018 2,990 650 2,572 — 24,558 
Unearned premiums3,218 3,186 755 100 — — 7,259 
Future policy benefits— — — 14,047 — — 14,047 
Deferred non-insurance warranty revenue4,594 — — — — — 4,594 
(1) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
Nine months ended September 30, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,438 $3,336 $888 $340 $— $(1)$7,001 
Net investment income407 470 74 659 43 — 1,653 
Non-insurance warranty revenue1,221 — — — — — 1,221 
Other revenues— 22 — — 7 (7)22 
Total operating revenues4,066 3,828 962 999 50 (8)9,897 
Claims, benefits and expenses    
Net incurred claims and benefits1,419 2,235 552 998 32 — 5,236 
Policyholders’ dividends5 17 — — — — 22 
Amortization of deferred acquisition costs508 532 168 — — — 1,208 
Non-insurance warranty expense1,154 — — — — — 1,154 
Other insurance related expenses269 456 102 89 2 (1)917 
Other expenses39 27 2 — 136 (7)197 
Total claims, benefits and expenses3,394 3,267 824 1,087 170 (8)8,734 
Core income (loss) before income tax672 561 138 (88)(120)— 1,163 
Income tax (expense) benefit on core income (loss)(146)(118)(36)36 23 — (241)
Core income (loss)$526 $443 $102 $(52)$(97)$— 922 
Net investment gains (losses)(105)
Income tax (expense) benefit on net investment gains (losses)21 
Net investment gains (losses), after tax(84)
Net income (loss)$838 
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.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Specialty
Management & Professional Liability$753 $723 $2,215 $2,146 
Surety202 189 580 540 
Warranty & Alternative Risks452 460 1,372 1,380 
Specialty revenues1,407 1,372 4,167 4,066 
Commercial
Middle Market448 437 1,307 1,254 
Construction521 444 1,459 1,249 
Small Business161 160 472 470 
Other Commercial383 294 1,093 855 
Commercial revenues1,513 1,335 4,331 3,828 
International
Canada99 98 296 287 
Europe150 139 440 401 
Hardy94 84 296 274 
International revenues343 321 1,032 962 
Life & Group revenues350 328 1,039 999 
Corporate & Other revenues 17 21 62 50 
Eliminations(2)(3)(8)(8)
Total operating revenues3,628 3,374 10,623 9,897 
Net investment gains (losses)(10)(38)(42)(105)
Total revenues$3,618 $3,336 $10,581 $9,792 
v3.24.3
General (Narrative) (Details)
Sep. 30, 2024
CNAF Consolidated | Loews  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Noncontrolling interest, ownership percentage by parent 92.00%
v3.24.3
Earnings (Loss) Per Share Data (Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income $ 283 $ 258 $ 938 $ 838
Basic        
Weighted average shares outstanding (in shares) 271.3 271.2 271.5 271.2
Diluted        
Weighted average shares outstanding (in shares) 271.3 271.2 271.5 271.2
Diluted effect of stock-based awards under compensation plans (in shares) 1.4 1.1 1.2 1.0
Total (in shares) 272.7 272.3 272.7 272.2
Earnings (loss) per share        
Basic earnings (loss) per share (in usd per share) $ 1.04 $ 0.95 $ 3.46 $ 3.09
Diluted earnings (loss) per share (in usd per share) $ 1.04 $ 0.95 $ 3.44 $ 3.08
v3.24.3
Earnings (Loss) Per Share Data (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]    
Treasury stock, shares, acquired (in shares) 450,000 550,000
Purchase of treasury stock $ 20 $ 24
v3.24.3
Investments (Net investment income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net Investment Income [Line Items]        
Gross investment income $ 647 $ 573 $ 1,916 $ 1,711
Investment expense (21) (20) (63) (58)
Net investment income 626 553 1,853 1,653
Fixed maturity securities        
Net Investment Income [Line Items]        
Gross investment income 517 491 1,530 1,443
Equity securities        
Net Investment Income [Line Items]        
Gross investment income 21 9 56 42
Limited partnership investments        
Net Investment Income [Line Items]        
Gross investment income 67 28 195 108
Mortgage loans        
Net Investment Income [Line Items]        
Gross investment income 14 15 43 43
Short-term investments        
Net Investment Income [Line Items]        
Gross investment income 20 23 68 51
Trading portfolio        
Net Investment Income [Line Items]        
Gross investment income 0 1 1 4
Other        
Net Investment Income [Line Items]        
Gross investment income 8 6 23 20
Common Stock        
Net Investment Income [Line Items]        
Net investment income (loss) recognized due to change in fair value of stock held 11 (3) 20 2
Non-redeemable preferred stock        
Net Investment Income [Line Items]        
Net investment income (loss) recognized due to change in fair value of stock held $ 13 $ 2 $ 24 $ 2
v3.24.3
Investments (Net realized investment gains (losses)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fixed maturity securities:        
Gross gains $ 11 $ 12 $ 38 $ 55
Gross losses (33) (49) (104) (141)
Net investment gains (losses) on fixed maturity securities (22) (37) (66) (86)
Equity securities 13 2 25 (9)
Mortgage loans 0 (5) 0 (11)
Short-term investments and other (1) 2 (1) 1
Net investment gains (losses) $ (10) $ (38) $ (42) $ (105)
v3.24.3
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]        
Impairment losses (gains) recognized in earnings $ 12 $ 12 $ 32 $ 37
Corporate and other bonds        
Debt Securities, Available-for-sale [Line Items]        
Impairment losses (gains) recognized in earnings 8 8 23 25
Asset-backed        
Debt Securities, Available-for-sale [Line Items]        
Impairment losses (gains) recognized in earnings $ 4 $ 4 $ 9 $ 12
v3.24.3
Investments (Narrative) (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
tranche
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
tranche
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Gain (Loss) on Securities [Line Items]          
Mortgage loan losses due to changes in expected credit losses $ 0 $ 5 $ 0 $ 11  
Commitments to purchase or fund privately placed debt securities 1,645   1,645    
Commitments to sell various privately placed debt securities 90   90    
Fixed maturity securities 42,579   42,579   $ 40,425
Net investment income 626 553 1,853 1,653  
Affiliated Entity          
Gain (Loss) on Securities [Line Items]          
Fixed maturity securities 52   52    
Affiliated Entity | Maximum          
Gain (Loss) on Securities [Line Items]          
Net investment income 1        
Mortgage loans          
Gain (Loss) on Securities [Line Items]          
Financing receivable, accrued interest, after allowance for credit loss 4   4    
Fixed maturity securities          
Gain (Loss) on Securities [Line Items]          
Debt securities, available-for-sale, accrued interest, after allowance for credit loss 451 $ 430 451 $ 430 $ 435
Commercial mortgage-backed          
Gain (Loss) on Securities [Line Items]          
Amount of securitization 305   $ 305    
Commercial mortgage-backed | Affiliated Entity          
Gain (Loss) on Securities [Line Items]          
Related party transaction, amounts of transaction $ 50        
Number of tranches | tranche 3   3    
v3.24.3
Investments (Summary of fixed maturity and equity securities) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost $ 43,551   $ 42,414      
Gross Unrealized Gains 1,282   1,022      
Gross Unrealized Losses 2,236   2,995      
Allowance for Credit Losses 18 $ 17 16 $ 18 $ 22 $ 1
Estimated Fair Value 42,579   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 43,551   42,414      
Total fixed maturity securities 42,579   40,425      
Corporate and other bonds            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 25,872   25,020      
Gross Unrealized Gains 826   597      
Gross Unrealized Losses 900   1,345      
Allowance for Credit Losses 6 0 4 5 13 0
Estimated Fair Value 25,792   24,268      
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]            
Total fixed maturity securities 26,751   25,132      
States, municipalities and political subdivisions            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 7,406   7,713      
Gross Unrealized Gains 359   382      
Gross Unrealized Losses 617   703      
Allowance for Credit Losses 0   0      
Estimated Fair Value 7,148   7,392      
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]            
Total fixed maturity securities 7,148   7,392      
Residential mortgage-backed            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 3,684   3,411      
Gross Unrealized Gains 32   16      
Gross Unrealized Losses 362   425      
Allowance for Credit Losses 0   0      
Estimated Fair Value 3,354   3,002      
Commercial mortgage-backed            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 1,867   1,862      
Gross Unrealized Gains 15   7      
Gross Unrealized Losses 141   230      
Allowance for Credit Losses 0   8      
Estimated Fair Value 1,741   1,631      
Other asset-backed            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 3,743   3,515      
Gross Unrealized Gains 40   13      
Gross Unrealized Losses 186   256      
Allowance for Credit Losses 12   4      
Estimated Fair Value 3,585   3,268      
Asset-backed            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 9,294   8,788      
Gross Unrealized Gains 87   36      
Gross Unrealized Losses 689   911      
Allowance for Credit Losses 12 $ 17 12 $ 13 $ 9 $ 1
Estimated Fair Value 8,680   7,901      
Debt Securities, Trading, Unrealized Gain (Loss) [Abstract]            
Total fixed maturity securities 8,680   7,901      
U.S. Treasury and obligations of government-sponsored enterprises            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 224   152      
Gross Unrealized Gains 2   1      
Gross Unrealized Losses 4   2      
Allowance for Credit Losses 0   0      
Estimated Fair Value 222   151      
Foreign government            
Fixed maturity securities available-for-sale:            
Cost or Amortized Cost 755   741      
Gross Unrealized Gains 8   6      
Gross Unrealized Losses 26   34      
Allowance for Credit Losses 0   0      
Estimated Fair Value $ 737   $ 713      
v3.24.3
Investments (Securities in a gross unrealized loss position) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months $ 2,623 $ 3,483
Gross Unrealized Losses, Less than 12 Months 47 74
Estimated Fair Value, 12 Months or Longer 19,777 22,248
Gross Unrealized Losses, 12 Months or Longer 2,189 2,921
Estimated Fair Value, Total 22,400 25,731
Gross Unrealized Losses, Total 2,236 2,995
Corporate and other bonds    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 1,664 1,943
Gross Unrealized Losses, Less than 12 Months 31 37
Estimated Fair Value, 12 Months or Longer 11,240 13,406
Gross Unrealized Losses, 12 Months or Longer 869 1,308
Estimated Fair Value, Total 12,904 15,349
Gross Unrealized Losses, Total 900 1,345
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 422 598
Gross Unrealized Losses, Less than 12 Months 7 18
Estimated Fair Value, 12 Months or Longer 3,155 3,104
Gross Unrealized Losses, 12 Months or Longer 610 685
Estimated Fair Value, Total 3,577 3,702
Gross Unrealized Losses, Total 617 703
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 130 233
Gross Unrealized Losses, Less than 12 Months 2 4
Estimated Fair Value, 12 Months or Longer 2,162 2,212
Gross Unrealized Losses, 12 Months or Longer 360 421
Estimated Fair Value, Total 2,292 2,445
Gross Unrealized Losses, Total 362 425
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 112 200
Gross Unrealized Losses, Less than 12 Months 0 5
Estimated Fair Value, 12 Months or Longer 1,134 1,184
Gross Unrealized Losses, 12 Months or Longer 141 225
Estimated Fair Value, Total 1,246 1,384
Gross Unrealized Losses, Total 141 230
Other asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 151 392
Gross Unrealized Losses, Less than 12 Months 4 8
Estimated Fair Value, 12 Months or Longer 1,638 1,869
Gross Unrealized Losses, 12 Months or Longer 182 248
Estimated Fair Value, Total 1,789 2,261
Gross Unrealized Losses, Total 186 256
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 393 825
Gross Unrealized Losses, Less than 12 Months 6 17
Estimated Fair Value, 12 Months or Longer 4,934 5,265
Gross Unrealized Losses, 12 Months or Longer 683 894
Estimated Fair Value, Total 5,327 6,090
Gross Unrealized Losses, Total 689 911
U.S. Treasury and obligations of government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 45 65
Gross Unrealized Losses, Less than 12 Months 2 1
Estimated Fair Value, 12 Months or Longer 45 23
Gross Unrealized Losses, 12 Months or Longer 2 1
Estimated Fair Value, Total 90 88
Gross Unrealized Losses, Total 4 2
Foreign government    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 99 52
Gross Unrealized Losses, Less than 12 Months 1 1
Estimated Fair Value, 12 Months or Longer 403 450
Gross Unrealized Losses, 12 Months or Longer 25 33
Estimated Fair Value, Total 502 502
Gross Unrealized Losses, Total $ 26 $ 34
v3.24.3
Investments (Securities in a gross unrealized loss position by ratings) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value $ 22,400 $ 25,731
Gross Unrealized Losses 2,236 2,995
U.S. Government, Government agencies and Government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 2,127 2,273
Gross Unrealized Losses 265 309
AAA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,277 1,524
Gross Unrealized Losses 221 261
AA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 3,641 3,817
Gross Unrealized Losses 547 658
A    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 5,229 5,652
Gross Unrealized Losses 405 517
BBB    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 9,243 11,523
Gross Unrealized Losses 689 1,095
Non-investment grade    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 883 942
Gross Unrealized Losses $ 109 $ 155
v3.24.3
Investments (Allowance on available-for-sale securities with credit impairments and PCD assets activity) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Allowance for credit losses:        
Balance, beginning of period $ 17 $ 22 $ 16 $ 1
Additions to the allowance for credit losses:        
Securities for which credit losses were not previously recorded 4 5 4 13
Available-for-sale securities accounted for as PCD assets 2 2 2 22
Reductions to the allowance for credit losses:        
Securities sold during the period (realized) 0 0 4 6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 0 1 3
Write-offs charged against the allowance 9 15 9 15
Recoveries of amounts previously written off 0 0 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 4 4 10 6
Balance, end of period 18 18 18 18
Corporate and other bonds        
Allowance for credit losses:        
Balance, beginning of period 0 13 4 0
Additions to the allowance for credit losses:        
Securities for which credit losses were not previously recorded 4 5 4 6
Available-for-sale securities accounted for as PCD assets 2 2 2 22
Reductions to the allowance for credit losses:        
Securities sold during the period (realized) 0 0 3 6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 0 1 3
Write-offs charged against the allowance 0 15 0 15
Recoveries of amounts previously written off 0 0 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 0 0 0 1
Balance, end of period 6 5 6 5
Asset-backed        
Allowance for credit losses:        
Balance, beginning of period 17 9 12 1
Additions to the allowance for credit losses:        
Securities for which credit losses were not previously recorded 0 0 0 7
Available-for-sale securities accounted for as PCD assets 0 0 0 0
Reductions to the allowance for credit losses:        
Securities sold during the period (realized) 0 0 1 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 0 0
Write-offs charged against the allowance 9 0 9 0
Recoveries of amounts previously written off 0 0 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 4 4 10 5
Balance, end of period $ 12 $ 13 $ 12 $ 13
v3.24.3
Investments (Contractual maturity) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Investments [Abstract]    
Due in one year or less, cost or amortized cost $ 1,585 $ 1,121
Due after one year through five years, cost or amortized cost 11,948 11,563
Due after five years through ten years, cost or amortized cost 13,333 13,359
Due after ten years, cost or amortized cost 16,685 16,371
Cost or Amortized Cost 43,551 42,414
Due in one year or less, estimated fair value 1,565 1,091
Due after one year through five years, estimated fair value 11,800 11,180
Due after five years through ten years, estimated fair value 12,959 12,573
Due after ten years, estimated fair value 16,255 15,581
Estimated Fair Value $ 42,579 $ 40,425
v3.24.3
Investments (Credit quality indicator) (Details) - Mortgage loans
$ in Millions
Sep. 30, 2024
USD ($)
Debt Securities, Available-for-sale [Line Items]  
2024 $ 43
2023 126
2022 247
2021 76
2020 134
Prior 412
Total 1,038
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 242
Total 383
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 50
Total 96
DSCR 1.2x - 1.6x | LTV 55% to 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 43
2023 20
2022 36
2021 36
2020 4
Prior 31
Total 170
DSCR 1.2x - 1.6x | LTV greater than 65%  
Debt Securities, Available-for-sale [Line Items]  
2024 0
2023 13
2022 64
2021 0
2020 20
Prior 0
Total 97
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 41
Total 148
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
v3.24.3
Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fixed maturity securities:    
Fixed maturity securities $ 42,579 $ 40,425
Equity securities:    
Equity securities 668 683
Short-term and other 1,721 2,008
Total assets 44,968 43,116
Other liabilities 0 1
Total liabilities 0 1
Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 26,751 25,132
States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 7,148 7,392
Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 8,680 7,901
Common Stock    
Equity securities:    
Equity securities 183 191
Non-redeemable preferred stock    
Equity securities:    
Equity securities 485 492
Level 1    
Fixed maturity securities:    
Fixed maturity securities 225 161
Equity securities:    
Equity securities 218 219
Short-term and other 1,691 1,976
Total assets 2,134 2,356
Other liabilities 0 0
Total liabilities 0 0
Level 1 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 225 161
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 171 167
Level 1 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 47 52
Level 2    
Fixed maturity securities:    
Fixed maturity securities 40,157 38,274
Equity securities:    
Equity securities 436 440
Short-term and other 30 32
Total assets 40,623 38,746
Other liabilities 0 1
Total liabilities 0 1
Level 2 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 25,289 23,926
Level 2 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 7,103 7,348
Level 2 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 7,765 7,000
Level 2 | Common Stock    
Equity securities:    
Equity securities 0 0
Level 2 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 436 440
Level 3    
Fixed maturity securities:    
Fixed maturity securities 2,197 1,990
Equity securities:    
Equity securities 14 24
Short-term and other 0 0
Total assets 2,211 2,014
Other liabilities 0 0
Total liabilities 0 0
Level 3 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 1,237 1,045
Level 3 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 45 44
Level 3 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 915 901
Level 3 | Common Stock    
Equity securities:    
Equity securities 12 24
Level 3 | Non-redeemable preferred stock    
Equity securities:    
Equity securities $ 2 $ 0
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, Beginning, Assets $ 2,073 $ 1,923 $ 2,014 $ 1,676
Reported in Net investment gains (losses) (3) (4) $ (10) $ (5)
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 (loss) Other comprehensive income (loss)
Reported in Other comprehensive income (loss) 91 (66) $ 54 $ (57)
Total realized and unrealized investment gains (losses) 92 (66) 65 (55)
Purchases 121 90 343 381
Sales (10) (2) (43) (4)
Settlements (47) (32) (142) (66)
Transfers into Level 3 0 0 11 34
Transfers out of Level 3 (18) (7) (37) (60)
Balance, Ending, Assets 2,211 1,906 2,211 1,906
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 (1) 2 (8)
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 89 (66) 49 (57)
Corporate and other bonds        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, Beginning, Assets 1,129 971 1,045 810
Reported in Net investment gains (losses) 0 0 0 0
Reported in Other comprehensive income (loss) 59 (36) 39 (27)
Total realized and unrealized investment gains (losses) 59 (36) 39 (27)
Purchases 83 29 229 178
Sales (10) 0 (10) 0
Settlements (24) (19) (77) (27)
Transfers into Level 3 0 0 11 11
Transfers out of Level 3 0 0 0 0
Balance, Ending, Assets 1,237 945 1,237 945
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 57 (36) 34 (27)
States, municipalities and political subdivisions        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, Beginning, Assets 43 43 44 43
Reported in Net investment gains (losses) 0 0 0 0
Reported in Other comprehensive income (loss) 2 (2) 1 (2)
Total realized and unrealized investment gains (losses) 2 (2) 1 (2)
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Balance, Ending, Assets 45 41 45 41
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 2 (2) 1 (2)
Asset-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, Beginning, Assets 887 883 901 788
Reported in Net investment gains (losses) (3) (4) (10) (5)
Reported in Other comprehensive income (loss) 30 (28) 14 (28)
Total realized and unrealized investment gains (losses) 31 (27) 19 (18)
Purchases 38 61 111 203
Sales 0 0 (14) 0
Settlements (23) (13) (65) (39)
Transfers into Level 3 0 0 0 23
Transfers out of Level 3 (18) (7) (37) (60)
Balance, Ending, Assets 915 897 915 897
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 30 (28) 14 (28)
Equity securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, Beginning, Assets 14 26 24 35
Reported in Net investment gains (losses) 0 0 0 0
Reported in Other comprehensive income (loss) 0 0 0 0
Total realized and unrealized investment gains (losses) 0 (1) 6 (8)
Purchases 0 0 3 0
Sales 0 (2) (19) (4)
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Balance, Ending, Assets 14 23 14 23
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 (1) 2 (8)
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 0 0 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 4 4 21 7
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 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 0 0
Reported in Net investment income | Asset-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Reported in Net investment income 4 5 15 15
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 $ 0 $ (1) $ 6 $ (8)
v3.24.3
Fair Value (Narrative) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Other invested assets overseas deposit $ 77 $ 75
v3.24.3
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Estimated fair value $ 44,968 $ 43,116
Fixed maturity securities | Discounted cash flow    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Estimated fair value $ 1,713 $ 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 0.06 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
v3.24.3
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
Sep. 30, 2024
Dec. 31, 2023
Assets    
Mortgage loans $ 1,003 $ 1,035
Liabilities    
Long-term debt 2,972 2,481
Carrying Amount    
Assets    
Mortgage loans 1,003 1,035
Liabilities    
Short-term debt 0 550
Long-term debt 2,972 2,481
Estimated Fair Value    
Assets    
Mortgage loans 988 997
Liabilities    
Short-term debt 0 546
Long-term debt 2,952 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 0 546
Long-term debt 2,952 2,385
Level 3 | Estimated Fair Value    
Assets    
Mortgage loans 988 997
Liabilities    
Short-term debt 0 0
Long-term debt $ 0 $ 0
v3.24.3
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 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 $ 143 $ 94 $ 313 $ 214    
Retroactive reinsurance benefit recognized 11 15 36 38    
Cumulative amounts ceded under AEP Loss Portfolio Transfer 3,600   3,600   $ 3,600  
Total pretax (favorable) unfavorable development 17 13 33 44    
Hurricane Helene            
Liability for Claims and Claims Adjustment Expense [Line Items]            
Unusual or infrequent item, or both, net of insurance proceeds     55      
Corporate & Other            
Liability for Claims and Claims Adjustment Expense [Line Items]            
Total pretax (favorable) unfavorable development 22 $ 20 57 $ 55    
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 382   382   $ 417  
Fair value of collateral trust account established by NICO under A&EP Loss Portfolio Transfer $ 2,300   $ 2,300      
v3.24.3
Claim and Claim Adjustment Expense Reserves (Reconciliation of claim and claim adjustment expense reserves) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 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 4,706 4,221
Increase (decrease) in provision for insured events of prior years 26 43
Amortization of discount 30 33
Total net incurred 4,762 4,297
Net payments attributable to:    
Current year events (655) (588)
Prior year events (3,189) (2,953)
Total net payments (3,844) (3,541)
Foreign currency translation adjustment and other 35 (30)
Net reserves, end of period 19,116 17,655
Ceded reserves, end of period 5,442 5,181
Gross reserves, end of period $ 24,558 $ 22,836
v3.24.3
Claim and Claim Adjustment Expense Reserves (Net prior year development) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total pretax (favorable) unfavorable development $ 17 $ 13 $ 33 $ 44
Specialty        
Segment Reporting Information [Line Items]        
Total pretax (favorable) unfavorable development 0 (5) (8) (9)
Commercial        
Segment Reporting Information [Line Items]        
Total pretax (favorable) unfavorable development (3) (2) (11) (17)
International        
Segment Reporting Information [Line Items]        
Total pretax (favorable) unfavorable development (2) 0 (5) 15
Corporate & Other        
Segment Reporting Information [Line Items]        
Total pretax (favorable) unfavorable development $ 22 $ 20 $ 57 $ 55
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]        
Medical Professional Liability $ 0 $ 0 $ (2) $ 9
Other Professional Liability and Management Liability 11 17 28 16
Surety (20) (21) (46) (28)
Warranty 7 (2) 20 (11)
Other 2 1 (8) 5
Total pretax (favorable) unfavorable development $ 0 $ (5) $ (8) $ (9)
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]        
Commercial $ 25 $ 0 $ 46 $ 11
General Liability 28 0 47 70
Workers' Compensation (57) (2) (106) (100)
Property and Other 1 0 2 2
Total pretax (favorable) unfavorable development $ (3) $ (2) $ (11) $ (17)
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]        
Commercial $ (13) $ 0 $ (7) $ (5)
Specialty 11 0 2 22
Other 0 0 0 (2)
Total pretax (favorable) unfavorable development $ (2) $ 0 $ (5) $ 15
v3.24.3
Future Policy Benefits Reserves - Summary of Balances and Changes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 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 $ (147) $ 67 (147) 67 $ (125) $ (74)
Balance, January 1, at original locked in discount rate     3,585 3,919    
Effect of changes in cash flow assumptions         111 28
Expect of actual variances from expected experience         (40) (112)
Adjusted balance, January 1         3,656 3,835
Interest accrual     139 153    
Net premiums: earned during period     (317) (332)    
Balance, end of period at original locked in discount rate 3,478 3,656 3,478 3,656    
Balance, September 30 3,625 3,589 3,625 3,589    
Present value of future benefits & expenses            
Balance, January 1     17,669 17,472    
Effect of changes in discount rate 612 (873) 612 (873) 578 125
Balance, January 1, at original locked in discount rate     17,091 17,347    
Effect of change in cash flow assumptions         126 36
Effect of actual variances from expected experience         33 (45)
Adjusted balance, January 1         17,250 $ 17,338
Interest accrual     693 723    
Benefit & expense payments     (883) (945)    
Balance, end of period at original locked in discount rate 17,060 17,116 17,060 17,116    
Balance, September 30 17,672 16,243 17,672 16,243    
Net LFPB 14,047 12,654 14,047 12,654 $ 13,959  
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (48) $ (41) $ (88) $ (75)    
v3.24.3
Future Policy Benefits Reserves - Earned Premiums and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Insurance [Abstract]        
Earned premiums $ 110 $ 112 $ 329 $ 340
Interest expense $ 185 $ 191 $ 554 $ 570
v3.24.3
Future Policy Benefits Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Insurance [Abstract]    
Expected future benefit and expense payments $ 32,009 $ 33,217
Expected future gross premiums $ 5,305 $ 5,557
v3.24.3
Future Policy Benefits Reserves - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Insurance [Abstract]        
Liability for unpaid claims and claims adjustment expense, long term care policies, period increase (decrease) $ 15 $ 8    
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance $ 3,792 $ 3,711 $ 3,792 $ 3,711
Liability for future policy benefit, weighted-average duration 11 years 12 years 11 years 12 years
Liability future policy benefit, losses recognized in current period $ 84 $ 109 $ 128 $ 152
Liability future policy benefit, losses recognized in prior period $ 20 $ 26 $ 28 $ 37
v3.24.3
Future Policy Benefits Reserves - Weighted Average Interest Rates (Details)
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Insurance [Abstract]      
Original locked in discount rate 5.20% 5.22% 5.24%
Upper-medium grade fixed income instrument discount rate 4.90% 4.94% 5.78%
v3.24.3
Legal Proceedings, Contingencies and Guarantees (Narrative) (Details)
$ in Billions
Sep. 30, 2024
USD ($)
Guarantee Obligations  
Legal Proceedings, Commitments and Contingencies, and Guarantees [Line Items]  
Guarantor obligations, maximum exposure, undiscounted $ 1.4
v3.24.3
Benefit Plans (Components of Net Periodic Cost (Benefit)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Pension settlement transaction loss (gain) $ 4   $ 4  
Pension settlement transaction gains (losses), after tax 3   3  
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost on projected benefit obligation 21 $ 25 65 $ 74
Expected return on plan assets (29) (29) (87) (89)
Amortization of net actuarial loss 7 7 21 24
Pension settlement transaction loss (gain) 4 0 4 0
Total net periodic pension cost (benefit) $ 3 $ 3 $ 3 $ 9
v3.24.3
Benefit Plans (Schedule of Non-Service Cost (Benefit) Presented in the Consolidated Statement of Operations) (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 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 $ 3 $ 3 $ 3 $ 9
Insurance claims and policyholder's benefits        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Net periodic defined benefits expense (reversal of expense), excluding service cost component 1 1 1 2
Other operating expenses        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ 2 $ 2 $ 2 $ 7
v3.24.3
Accumulated Other Comprehensive Income (Loss) by Component (Schedule of Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
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 $ 685 $ (351)   763 $ (231)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (25) (35)   (72) (88)
Other comprehensive income (loss) after tax (expense) benefit 710 (316)   835 (143)
Total stockholder's equity at end of period 10,758 8,563   10,758 8,563
Cumulative effect adjustments from changes in accounting guidance, tax     $ 11    
Reclassification from AOCI, tax 8 9   19 23
Tax (expense) benefit on other comprehensive income (loss) (177) 72   (219) 39
Accumulated other comprehensive income (loss)          
AOCI Attributable to Parent, Net of Tax [Roll Forward]          
Total stockholder's equity at beginning of period (2,547) (3,425) (3,598) (2,672) (3,598)
Total stockholder's equity at end of period (1,837) (3,741) (3,425) (1,837) (3,741)
Accumulated other comprehensive income (loss) | Previously Reported          
AOCI Attributable to Parent, Net of Tax [Roll Forward]          
Total stockholder's equity at beginning of period (2,547) (3,425) (3,557) (2,672) (3,557)
Total stockholder's equity at end of period     (3,425)    
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 0 (41) 0 (41)
Total stockholder's equity at end of period     0    
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 (10) (16) (7) (12) (7)
Other comprehensive income (loss) before reclassifications (9) (9)   (14) (25)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (6) (8)   (13) (15)
Other comprehensive income (loss) after tax (expense) benefit (3) (1)   (1) (10)
Total stockholder's equity at end of period (13) (17) (16) (13) (17)
Cumulative effect adjustments from changes in accounting guidance, tax     0    
Reclassification from AOCI, tax 2 2   4 4
Tax (expense) benefit on other comprehensive income (loss) 1 1   0 3
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)   (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   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 (2,074) (2,481) (2,738) (1,613) (2,738)
Other comprehensive income (loss) before reclassifications 1,254 (1,105)   765 (880)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (11) (21)   (39) (53)
Other comprehensive income (loss) after tax (expense) benefit 1,265 (1,084)   804 (827)
Total stockholder's equity at end of period (809) (3,565) (2,481) (809) (3,565)
Cumulative effect adjustments from changes in accounting guidance, tax     0    
Reclassification from AOCI, tax 3 6   10 14
Tax (expense) benefit on other comprehensive income (loss) (340) 289   (216) 221
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)   (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   0
Pension and postretirement benefits          
AOCI Attributable to Parent, Net of Tax [Roll Forward]          
Total stockholder's equity at beginning of period (513) (577) (591) (525) (591)
Other comprehensive income (loss) before reclassifications 0 0   0 0
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (8) (6)   (20) (20)
Other comprehensive income (loss) after tax (expense) benefit 8 6   20 20
Total stockholder's equity at end of period (505) (571) (577) (505) (571)
Cumulative effect adjustments from changes in accounting guidance, tax     0    
Reclassification from AOCI, tax 3 1   5 5
Tax (expense) benefit on other comprehensive income (loss) (3) (1)   (5) (5)
Pension and postretirement benefits | Previously Reported          
AOCI Attributable to Parent, Net of Tax [Roll Forward]          
Total stockholder's equity at beginning of period     (591)   (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   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 255 (181) (41) (359) (41)
Other comprehensive income (loss) before reclassifications (623) 818   (9) 678
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0   0 0
Other comprehensive income (loss) after tax (expense) benefit (623) 818   (9) 678
Total stockholder's equity at end of period (368) 637 (181) (368) 637
Cumulative effect adjustments from changes in accounting guidance, tax     11    
Reclassification from AOCI, tax 0 0   0 0
Tax (expense) benefit on other comprehensive income (loss) 165 (217)   2 (180)
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   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)   (41)
Cumulative foreign currency translation adjustment          
AOCI Attributable to Parent, Net of Tax [Roll Forward]          
Total stockholder's equity at beginning of period (205) (170) (221) (163) (221)
Other comprehensive income (loss) before reclassifications 63 (55)   21 (4)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0   0 0
Other comprehensive income (loss) after tax (expense) benefit 63 (55)   21 (4)
Total stockholder's equity at end of period (142) (225) (170) (142) (225)
Cumulative effect adjustments from changes in accounting guidance, tax     0    
Reclassification from AOCI, tax 0 0   0 0
Tax (expense) benefit on other comprehensive income (loss) $ 0 $ 0   $ 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)   (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   $ 0
v3.24.3
Business Segments (Narrative) (Details)
 9 Months Ended
Sep. 30, 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
v3.24.3
Business Segments (Income Statement Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating revenues        
Net earned premiums $ 2,593 $ 2,406 $ 7,532 $ 7,001
Net investment income 626 553 1,853 1,653
Non-insurance warranty revenue 401 407 1,212 1,221
Other revenues 8 8 26 22
Total operating revenues 3,628 3,374 10,623 9,897
Claims, Benefits and Expenses        
Net incurred claims and benefits 2,010 1,818 5,682 5,236
Policyholders’ dividends 9 8 26 22
Amortization of deferred acquisition costs 457 426 1,336 1,208
Non-insurance warranty expense 387 386 1,169 1,154
Other insurance related expenses 321 294 937 917
Other expenses 69 78 237 197
Total claims, benefits and expenses 3,257 3,010 9,391 8,734
Total claims, benefits and expenses 3,253   9,387  
Core income (loss) before income tax 375 364 1,236 1,163
Income tax (expense) benefit on core income (loss) (82) (75) (262) (241)
Core income (loss)  293 289 974 922
Net investment gains (losses) (10) (38) (42) (105)
Income tax (expense) benefit on net investment gains (losses) 3 7 9 21
Net investment gains (losses), after tax (7) (31) (33) (84)
Pension settlement transaction gains (losses) (4)   (4)  
Income tax (expense) benefit on pension settlement transaction gains (losses) 1   1  
Pension settlement transaction gains (losses), after tax (3)   (3)  
Net income (loss) 283 258 938 838
Operating Segments | Specialty        
Operating revenues        
Net earned premiums 848 829 2,493 2,438
Net investment income 157 136 461 407
Non-insurance warranty revenue 401 407 1,212 1,221
Other revenues 1 0 1 0
Total operating revenues 1,407 1,372 4,167 4,066
Claims, Benefits and Expenses        
Net incurred claims and benefits 509 480 1,478 1,419
Policyholders’ dividends 2 2 7 5
Amortization of deferred acquisition costs 188 175 546 508
Non-insurance warranty expense 387 386 1,169 1,154
Other insurance related expenses 90 89 267 269
Other expenses 13 13 41 39
Total claims, benefits and expenses   1,145   3,394
Total claims, benefits and expenses 1,189   3,508  
Core income (loss) before income tax 218 227 659 672
Income tax (expense) benefit on core income (loss) (47) (49) (142) (146)
Core income (loss)  171 178 517 526
Operating Segments | Commercial        
Operating revenues        
Net earned premiums 1,325 1,170 3,774 3,336
Net investment income 183 156 534 470
Non-insurance warranty revenue 0 0 0 0
Other revenues 5 9 23 22
Total operating revenues 1,513 1,335 4,331 3,828
Claims, Benefits and Expenses        
Net incurred claims and benefits 954 807 2,628 2,235
Policyholders’ dividends 7 6 19 17
Amortization of deferred acquisition costs 209 188 608 532
Non-insurance warranty expense 0 0 0 0
Other insurance related expenses 158 156 454 456
Other expenses 8 11 33 27
Total claims, benefits and expenses   1,168   3,267
Total claims, benefits and expenses 1,336   3,742  
Core income (loss) before income tax 177 167 589 561
Income tax (expense) benefit on core income (loss) (38) (34) (125) (118)
Core income (loss)  139 133 464 443
Operating Segments | International        
Operating revenues        
Net earned premiums 311 296 937 888
Net investment income 32 26 95 74
Non-insurance warranty revenue 0 0 0 0
Other revenues 0 (1) 0 0
Total operating revenues 343 321 1,032 962
Claims, Benefits and Expenses        
Net incurred claims and benefits 195 178 568 552
Policyholders’ dividends 0 0 0 0
Amortization of deferred acquisition costs 60 63 182 168
Non-insurance warranty expense 0 0 0 0
Other insurance related expenses 44 20 129 102
Other expenses (8) 6 (5) 2
Total claims, benefits and expenses   267   824
Total claims, benefits and expenses 291   874  
Core income (loss) before income tax 52 54 158 138
Income tax (expense) benefit on core income (loss) (16) (14) (41) (36)
Core income (loss)  36 40 117 102
Operating Segments | Life & Group        
Operating revenues        
Net earned premiums 110 112 329 340
Net investment income 240 216 710 659
Non-insurance warranty revenue 0 0 0 0
Other revenues 0 0 0 0
Total operating revenues 350 328 1,039 999
Claims, Benefits and Expenses        
Net incurred claims and benefits 336 343 973 998
Policyholders’ dividends 0 0 0 0
Amortization of deferred acquisition costs 0 0 0 0
Non-insurance warranty expense 0 0 0 0
Other insurance related expenses 30 29 88 89
Other expenses 1 (1) 2 0
Total claims, benefits and expenses   371   1,087
Total claims, benefits and expenses 367   1,063  
Core income (loss) before income tax (17) (43) (24) (88)
Income tax (expense) benefit on core income (loss) 8 14 19 36
Core income (loss)  (9) (29) (5) (52)
Operating Segments | Corporate & Other        
Operating revenues        
Net earned premiums 0 0 0 0
Net investment income 14 19 53 43
Non-insurance warranty revenue 0 0 0 0
Other revenues 3 2 9 7
Total operating revenues 17 21 62 50
Claims, Benefits and Expenses        
Net incurred claims and benefits 16 10 35 32
Policyholders’ dividends 0 0 0 0
Amortization of deferred acquisition costs 0 0 0 0
Non-insurance warranty expense 0 0 0 0
Other insurance related expenses 0 1 0 2
Other expenses 56 51 173 136
Total claims, benefits and expenses   62   170
Total claims, benefits and expenses 72   208  
Core income (loss) before income tax (55) (41) (146) (120)
Income tax (expense) benefit on core income (loss) 11 8 27 23
Core income (loss)  (44) (33) (119) (97)
Eliminations        
Operating revenues        
Net earned premiums (1) (1) (1) (1)
Net investment income 0 0 0 0
Non-insurance warranty revenue 0 0 0 0
Other revenues (1) (2) (7) (7)
Total operating revenues (2) (3) (8) (8)
Claims, Benefits and Expenses        
Net incurred claims and benefits 0 0 0 0
Policyholders’ dividends 0 0 0 0
Amortization of deferred acquisition costs 0 0 0 0
Non-insurance warranty expense 0 0 0 0
Other insurance related expenses (1) (1) (1) (1)
Other expenses (1) (2) (7) (7)
Total claims, benefits and expenses   (3)   (8)
Total claims, benefits and expenses (2)   (8)  
Core income (loss) before income tax 0 0 0 0
Income tax (expense) benefit on core income (loss) 0 0 0 0
Core income (loss)  $ 0 $ 0 $ 0 $ 0
v3.24.3
Business Segments (Balance Sheet Information) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Reinsurance receivables $ 5,820 $ 5,434  
Insurance receivables 3,514 3,470  
Deferred acquisition costs 943 896  
Goodwill 147 146  
Deferred non-insurance warranty acquisition expense 3,571 3,661  
Insurance reserves      
Claim and claim adjustment expenses 24,558 23,304  
Unearned premiums 7,259 6,933  
Future policy benefits 14,047 13,959 $ 12,654
Deferred non-insurance warranty revenue 4,594 4,694  
Operating Segments | Specialty      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,509 1,281  
Insurance receivables 986 1,053  
Deferred acquisition costs 413 392  
Goodwill 117 117  
Deferred non-insurance warranty acquisition expense 3,571 3,661  
Insurance reserves      
Claim and claim adjustment expenses 7,328 7,131  
Unearned premiums 3,218 3,227  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 4,594 4,694  
Operating Segments | Commercial      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,456 1,218  
Insurance receivables 2,149 2,024  
Deferred acquisition costs 400 371  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 11,018 10,103  
Unearned premiums 3,186 2,858  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | International      
Segment Reporting Information [Line Items]      
Reinsurance receivables 533 468  
Insurance receivables 375 388  
Deferred acquisition costs 130 133  
Goodwill 30 29  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 2,990 2,709  
Unearned premiums 755 749  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | Life & Group      
Segment Reporting Information [Line Items]      
Reinsurance receivables 86 93  
Insurance receivables 3 5  
Deferred acquisition costs 0 0  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 650 675  
Unearned premiums 100 99  
Future policy benefits 14,047 13,959  
Deferred non-insurance warranty revenue 0 0  
Operating Segments | Corporate & Other      
Segment Reporting Information [Line Items]      
Reinsurance receivables 2,236 2,374  
Insurance receivables 1 0  
Deferred acquisition costs 0 0  
Goodwill 0 0  
Deferred non-insurance warranty acquisition expense 0 0  
Insurance reserves      
Claim and claim adjustment expenses 2,572 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 0 0  
Future policy benefits 0 0  
Deferred non-insurance warranty revenue $ 0 $ 0  
v3.24.3
Business Segments (Revenues by Line of Business) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Total revenues $ 3,618 $ 3,336 $ 10,581 $ 9,792
Total operating revenues 3,628 3,374 10,623 9,897
Net investment gains (losses) (10) (38) (42) (105)
Operating Segments | Specialty        
Total revenues 1,407 1,372 4,167 4,066
Operating Segments | Commercial        
Total revenues 1,513 1,335 4,331 3,828
Operating Segments | International        
Total revenues 343 321 1,032 962
Operating Segments | Life & Group        
Total revenues 350 328 1,039 999
Operating Segments | Corporate & Other        
Total revenues 17 21 62 50
Eliminations        
Total revenues (2) (3) (8) (8)
Management & Professional Liability | Operating Segments | Specialty        
Total revenues 753 723 2,215 2,146
Surety | Operating Segments | Specialty        
Total revenues 202 189 580 540
Warranty & Alternative Risks | Operating Segments | Specialty        
Total revenues 452 460 1,372 1,380
Middle Market | Operating Segments | Commercial        
Total revenues 448 437 1,307 1,254
Construction | Operating Segments | Commercial        
Total revenues 521 444 1,459 1,249
Small Business | Operating Segments | Commercial        
Total revenues 161 160 472 470
Other Commercial | Operating Segments | Commercial        
Total revenues 383 294 1,093 855
Canada | Operating Segments | International        
Total revenues 99 98 296 287
Europe | Operating Segments | International        
Total revenues 150 139 440 401
Hardy | Operating Segments | International        
Total revenues $ 94 $ 84 $ 296 $ 274
v3.24.3
Non-Insurance Revenues from Contracts with Customers (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]          
Deferred non-insurance warranty revenue $ 4,594   $ 4,594   $ 4,694
Contract with customer, liability, revenue recognized $ 300 $ 200 $ 1,100 $ 900  
v3.24.3
Non-Insurance Revenues from Contracts with Customers (Performance obligation) (Details)
$ in Billions
Sep. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 0.4
Remaining performance obligation, expected timing of satisfaction, period 3 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 $ 1.3
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 $ 1.0
Remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.9
Remaining performance obligation, expected timing of satisfaction, period
v3.24.3
Subsequent Events (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2024
USD ($)
extensionTerm
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Subsequent Event [Line Items]        
Pension settlement transaction loss (gain)     $ 4 $ 4
Forecast        
Subsequent Event [Line Items]        
Pension settlement transaction loss (gain)   $ 370    
Pension settlement charge, net of tax   290    
Forecast | Minimum | Hurricane Milton        
Subsequent Event [Line Items]        
Loss from catastrophes   25    
Forecast | Maximum | Hurricane Milton        
Subsequent Event [Line Items]        
Loss from catastrophes   $ 55    
Subsequent Event        
Subsequent Event [Line Items]        
Pension settlement charge $ 1,045      
Number of employees covered by transfer | extensionTerm 7,600      
Percentage of defined benefit obligation transferred 60.00%