TRAVELERS COMPANIES, INC., 10-Q filed on 7/17/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 11, 2025
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Jun. 30, 2025  
Document transition report false  
Entity file number 001-10898  
Registrant name Travelers Companies, Inc.  
Entity incorporation, state MN  
Entity tax identification number 41-0518860  
Entity address, address line one 485 Lexington Avenue  
Entity address, city New York  
Entity address, state NY  
Entity address, postal zip code 10017  
City area code 917  
Local phone number 778-6000  
Title of 12(b) security Common stock, without par value  
Trading symbol TRV  
Security exchange name NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Filer category Large Accelerated Filer  
Entity small business false  
Entity emerging growth company false  
Entity shell company false  
Common stock shares outstanding   225,133,841
Central index key 0000086312  
Amendment flag false  
Current fiscal year end date --12-31  
Document fiscal year focus 2025  
Document fiscal period focus Q2  
v3.25.2
Consolidated Statement of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Premiums $ 10,921 $ 10,243 $ 21,631 $ 20,369
Net investment income 942 885 1,872 1,731
Fee income 124 115 243 224
Net realized investment gains (losses) 6 (65) (55) (30)
Other revenues 123 105 235 217
Total revenues 12,116 11,283 23,926 22,511
Claims and expenses        
Claims and claim adjustment expenses 6,789 7,373 14,795 14,029
Amortization of deferred acquisition costs 1,802 1,678 3,580 3,376
General and administrative expenses 1,545 1,478 3,004 2,884
Interest expense 99 98 198 196
Total claims and expenses 10,235 10,627 21,577 20,485
Income before income taxes 1,881 656 2,349 2,026
Income tax expense 372 122 445 369
Net income $ 1,509 $ 534 $ 1,904 $ 1,657
Net income per share        
Basic (in dollars per share) $ 6.63 $ 2.32 $ 8.35 $ 7.19
Diluted (in dollars per share) $ 6.53 $ 2.29 $ 8.23 $ 7.09
Weighted average number of common shares outstanding        
Basic (in shares) 225.9 228.6 226.4 228.8
Diluted (in shares) 229.3 231.5 229.7 231.8
Cash dividends declared per common share (in dollars per share) $ 1.10 $ 1.05 $ 2.15 $ 2.05
v3.25.2
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,509 $ 534 $ 1,904 $ 1,657
Other comprehensive income (loss):        
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income 341 (324) 777 (1,076)
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income 0 1 1 3
Net changes in benefit plan assets and obligations 0 (2) 0 (3)
Net changes in unrealized foreign currency translation 228 (25) 289 (96)
Other comprehensive income (loss) before income taxes 569 (350) 1,067 (1,172)
Income tax expense (benefit) 86 (71) 185 (233)
Other comprehensive income (loss), net of taxes 483 (279) 882 (939)
Comprehensive income $ 1,992 $ 255 $ 2,786 $ 718
v3.25.2
Consolidated Balance Sheet (Unaudited at June 30, 2025) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Fixed maturities, available for sale, at fair value (amortized cost $91,406 and $88,277; allowance for expected credit losses of $4 and $2) $ 87,569 $ 83,666
Equity securities, at fair value (cost $505 and $544) 651 687
Real estate investments 891 902
Short-term securities 4,748 4,766
Other investments 4,206 4,202
Total investments 98,065 94,223
Cash (including restricted cash of $138 and $131) 659 699
Investment income accrued 785 752
Premiums receivable (net of allowance for expected credit losses of $61 and $58) 12,042 11,110
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $127 and $119) 8,059 8,000
Ceded unearned premiums 1,692 1,202
Deferred acquisition costs 3,667 3,494
Deferred taxes 1,630 1,762
Contractholder receivables (net of allowance for expected credit losses of $17 and $18) 3,095 3,171
Goodwill 4,283 4,233
Other intangible assets 348 360
Other assets 4,548 4,183
Total assets 138,873 133,189
Liabilities    
Claims and claim adjustment expense reserves 66,941 64,093
Unearned premium reserves 23,288 22,289
Contractholder payables 3,112 3,189
Payables for reinsurance premiums 987 550
Debt 8,034 8,033
Other liabilities 6,993 7,171
Total liabilities 109,355 105,325
Shareholders’ equity    
Common stock (1,750.0 shares authorized; 225.1 and 226.6 shares issued and outstanding) 25,728 25,452
Retained earnings 51,041 49,630
Accumulated other comprehensive loss (4,085) (4,967)
Treasury stock, at cost (567.8 and 564.3 shares) (43,166) (42,251)
Total shareholders’ equity 29,518 27,864
Total liabilities and shareholders’ equity $ 138,873 $ 133,189
v3.25.2
Consolidated Balance Sheet Parentheticals (Unaudited at June 30, 2025) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Fixed maturities, available for sale, amortized cost $ 91,406 $ 88,277
Fixed maturities, available for sale, allowance for expected credit losses 4 2
Equity securities, cost 505 544
Restricted cash 138 131
Premiums receivable, allowance for expected credit losses 61 58
Reinsurance recoverables, allowance for estimated uncollectible reinsurance 127 119
Contractholder receivables, allowance for expected credit losses $ 17 $ 18
Common stock, shares authorized (in shares) 1,750.0 1,750.0
Common stock, shares issued (in shares) 225.1 226.6
Common stock, shares outstanding (in shares) 225.1 226.6
Treasury stock, at cost (in shares) 567.8 564.3
v3.25.2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common stock [Member]
Retained earnings [Member]
Accumulated other comprehensive income (loss), net of tax [Member]
Treasury stock, at cost [Member]
Common shares outstanding [Member]
Balance, beginning of period at Dec. 31, 2023   $ 24,906 $ 45,591 $ (4,471) $ (41,105)  
Shareholders' Equity [Roll Forward]            
Employee share-based compensation   200        
Compensation amortization under share-based plans and other changes   139        
Net income $ 1,657   1,657      
Dividends     (477)      
Other     2      
Other comprehensive income (loss) (939)     (939)    
Treasury stock acquired — share repurchase authorizations         (500)  
Net shares acquired related to employee share-based compensation plans         (141)  
Balance, end of period at Jun. 30, 2024 24,862 25,245 46,773 (5,410) (41,746)  
Balance, beginning of period (in shares) at Dec. 31, 2023           228.2
Common shares outstanding            
Treasury stock acquired — share repurchase authorizations (in shares)           (2.3)
Net shares issued under employee share-based compensation plans (in shares)           2.0
Balance, end of period (in shares) at Jun. 30, 2024           227.9
Balance, beginning of period at Mar. 31, 2024   25,163 46,483 (5,131) (41,493)  
Shareholders' Equity [Roll Forward]            
Employee share-based compensation   21        
Compensation amortization under share-based plans and other changes   61        
Net income 534   534      
Dividends     (245)      
Other     1      
Other comprehensive income (loss) (279)     (279)    
Treasury stock acquired — share repurchase authorizations         (250)  
Net shares acquired related to employee share-based compensation plans         (3)  
Balance, end of period at Jun. 30, 2024 24,862 25,245 46,773 (5,410) (41,746)  
Balance, beginning of period (in shares) at Mar. 31, 2024           229.0
Common shares outstanding            
Treasury stock acquired — share repurchase authorizations (in shares)           (1.1)
Net shares issued under employee share-based compensation plans (in shares)           0.0
Balance, end of period (in shares) at Jun. 30, 2024           227.9
Balance, beginning of period at Dec. 31, 2024 27,864 25,452 49,630 (4,967) (42,251)  
Shareholders' Equity [Roll Forward]            
Employee share-based compensation   136        
Compensation amortization under share-based plans and other changes   140        
Net income 1,904   1,904      
Dividends     (493)      
Other     0      
Other comprehensive income (loss) 882     882    
Treasury stock acquired — share repurchase authorizations (750)       (750)  
Net shares acquired related to employee share-based compensation plans (165)       (165)  
Balance, end of period at Jun. 30, 2025 $ 29,518 25,728 51,041 (4,085) (43,166)  
Balance, beginning of period (in shares) at Dec. 31, 2024 226.6         226.6
Common shares outstanding            
Treasury stock acquired — share repurchase authorizations (in shares) (2.8)         (2.8)
Net shares issued under employee share-based compensation plans (in shares)           1.3
Balance, end of period (in shares) at Jun. 30, 2025 225.1         225.1
Balance, beginning of period at Mar. 31, 2025   25,584 49,784 (4,568) (42,609)  
Shareholders' Equity [Roll Forward]            
Employee share-based compensation   87        
Compensation amortization under share-based plans and other changes   57        
Net income $ 1,509   1,509      
Dividends     (252)      
Other     0      
Other comprehensive income (loss) 483     483    
Treasury stock acquired — share repurchase authorizations (500)       (500)  
Net shares acquired related to employee share-based compensation plans (57)       (57)  
Balance, end of period at Jun. 30, 2025 $ 29,518 $ 25,728 $ 51,041 $ (4,085) $ (43,166)  
Balance, beginning of period (in shares) at Mar. 31, 2025           226.6
Common shares outstanding            
Treasury stock acquired — share repurchase authorizations (in shares) (1.8)         (1.8)
Net shares issued under employee share-based compensation plans (in shares)           0.3
Balance, end of period (in shares) at Jun. 30, 2025 225.1         225.1
v3.25.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,904 $ 1,657
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 55 30
Depreciation and amortization 352 378
Deferred federal income tax benefit (52) (43)
Amortization of deferred acquisition costs 3,580 3,376
Equity in income from other investments (95) (157)
Premiums receivable (897) (1,221)
Reinsurance recoverables (19) (1)
Deferred acquisition costs (3,739) (3,583)
Claims and claim adjustment expense reserves 2,543 2,312
Unearned premium reserves 914 1,245
Other operating activities (852) (858)
Net cash provided by operating activities 3,694 3,135
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 5,872 4,173
Proceeds from sales of investments:    
Fixed maturities 601 1,250
Equity securities 100 62
Other investments 142 110
Purchases of investments:    
Fixed maturities (9,143) (8,087)
Equity securities (60) (47)
Real estate investments (13) (24)
Other investments (176) (185)
Net sales of short-term securities 24 784
Securities transactions in the course of settlement 372 358
Acquisition, net of cash acquired 0 (382)
Other investing activities (243) (192)
Net cash used in investing activities (2,524) (2,180)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (750) (499)
Treasury stock acquired — net employee share-based compensation (124) (111)
Dividends paid to shareholders (490) (473)
Issuance of common stock — employee share options 127 212
Net cash used in financing activities (1,237) (871)
Effect of exchange rate changes on cash and restricted cash 27 (5)
Net increase (decrease) in cash and restricted cash (40) 79
Cash and restricted cash at beginning of year 699 650
Cash and restricted cash at end of period 659 729
Supplemental disclosure of cash flow information    
Income taxes paid 562 855
Interest paid $ 197 $ 195
v3.25.2
Basis of Presentation and Accounting Policies
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Accounting Policies BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Basis of Presentation
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited.  In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected.  Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted.  All material intercompany transactions and balances have been eliminated.  The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the Company’s 2024 Annual Report).
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period.  Actual results could differ from those estimates. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.

On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion. The Company will retain its surety business in Canada. The sale is subject to regulatory approvals and customary closing conditions, and is expected to close in the first quarter of 2026.

Enactment of the One Big Beautiful Bill Act of 2025

On July 4, 2025, the U.S. enacted a budget reconciliation package known as the One Big Beautiful Bill Act of 2025 (OBBBA) which includes both tax and non-tax provisions. The changes resulting from the tax provisions in OBBBA are not expected to have a material impact on the Company’s results of operations.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Nature of Operations
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.
The following tables summarize the components of the Company’s revenues, income (loss) and total assets by reportable business segments:
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2025    
Premiums$5,545 $1,021 $4,355 $10,921 
Net investment income662 107 173 942 
Fee income111 — 13 124 
Other revenues95 5 23 123 
Total segment revenues (1)
6,413 1,133 4,564 12,110 
Claims and claim adjustment expenses3,584 418 2,787 6,789 
Amortization of deferred acquisition costs944 195 663 1,802 
General and administrative expenses875 214 444 1,533 
Income tax expense197 62 136 395 
Segment income (1)
$813 $244 $534 $1,591 
2024    
Premiums$5,168 $977 $4,098 $10,243 
Net investment income632 94 159 885 
Fee income105 — 10 115 
Other revenues77 6 22 105 
Total segment revenues (1)
5,982 1,077 4,289 11,348 
Claims and claim adjustment expenses3,471 473 3,429 7,373 
Amortization of deferred acquisition costs861 183 634 1,678 
General and administrative expenses835 207 424 1,466 
Income tax expense (benefit)159 44 (45)158 
Segment income (loss) (1)
$656 $170 $(153)$673 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025
Premiums$11,010 $2,016 $8,605 $21,631 
Net investment income1,318 209 345 1,872 
Fee income219 — 24 243 
Other revenues177 11 47 235 
Total segment revenues (1)
12,724 2,236 9,021 23,981 
Claims and claim adjustment expenses7,289 852 6,654 14,795 
Amortization of deferred acquisition costs1,861 382 1,337 3,580 
General and administrative expenses1,722 419 840 2,981 
Income tax expense356 119 30 505 
Segment income (1)
$1,496 $464 $160 $2,120 
2024
Premiums$10,328 $1,933 $8,108 $20,369 
Net investment income1,241 184 306 1,731 
Fee income206 — 18 224 
Other revenues154 15 48 217 
Total segment revenues (1)
11,929 2,132 8,480 22,541 
Claims and claim adjustment expenses6,802 901 6,326 14,029 
Amortization of deferred acquisition costs1,725 365 1,286 3,376 
General and administrative expenses1,653 412 799 2,864 
Income tax expense329 89 2 420 
Segment income (1)
$1,420 $365 $67 $1,852 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025    
Net favorable prior year reserve development$79 $81 $155 $315 
Catastrophe losses$368 $5 $554 $927 
2024
Net favorable prior year reserve development$34 $24 $172 $230 
Catastrophe losses$389 $40 $1,080 $1,509 
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025
Net favorable prior year reserve development$153 $148 $392 $693 
Catastrophe losses$877 $24 $2,292 $3,193 
2024
Net favorable prior year reserve development$34 $48 $239 $321 
Catastrophe losses$598 $45 $1,578 $2,221 
The following tables present the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs which is disclosed separately in the table above with segment income (loss) by reportable business segment):
(for the three months ended June 30, in millions) 20252024
Business Insurance$100 $111 
Bond & Specialty Insurance18 21 
Personal Insurance45 48 
Total$163 $180 
(for the six months ended June 30, in millions) 20252024
Business Insurance$213 $228 
Bond & Specialty Insurance41 45 
Personal Insurance95 101 
Total$349 $374 
Business Segment Reconciliations
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$841 $864 $1,664 $1,744 
Commercial automobile968 874 1,910 1,734 
Commercial property960 894 1,897 1,767 
General liability862 845 1,723 1,692 
Commercial multi-peril1,435 1,246 2,835 2,516 
Other17 13 36 30 
Total Domestic5,083 4,736 10,065 9,483 
International462 432 945 845 
Total Business Insurance5,545 5,168 11,010 10,328 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety367 350 725 690 
General liability459 437 911 863 
Other59 58 117 114 
Total Domestic885 845 1,753 1,667 
International136 132 263 266 
Total Bond & Specialty Insurance1,021 977 2,016 1,933 
Personal Insurance:    
Domestic:    
Automobile1,980 1,919 3,944 3,793 
Homeowners and Other2,203 2,014 4,324 3,986 
Total Domestic4,183 3,933 8,268 7,779 
International172 165 337 329 
Total Personal Insurance4,355 4,098 8,605 8,108 
Total earned premiums10,921 10,243 21,631 20,369 
Net investment income942 885 1,872 1,731 
Fee income124 115 243 224 
Other revenues123 105 235 217 
Total segment revenues12,110 11,348 23,981 22,541 
Net realized investment gains (losses)6 (65)(55)(30)
Total revenues$12,116 $11,283 $23,926 $22,511 
Income reconciliation, net of tax    
Total segment income$1,591 $673 $2,120 $1,852 
Interest Expense and Other (1)
(87)(88)(173)(171)
Core income1,504 585 1,947 1,681 
Net realized investment gains (losses)5 (51)(43)(24)
Net income$1,509 $534 $1,904 $1,657 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $78 million for both the three months ended June 30, 2025 and 2024, and $156 million and $155 million for the six months ended June 30, 2025 and 2024, respectively
(in millions)June 30,
2025		December 31,
2024
Asset reconciliation  
Business Insurance$102,618 $98,311 
Bond & Specialty Insurance13,390 12,628 
Personal Insurance21,755 21,138 
Total assets by reportable segment137,763 132,077 
Other assets (1)
1,110 1,112 
Total consolidated assets$138,873 $133,189 
 _________________________________________________________
(1)The primary components of other assets as of both June 30, 2025 and December 31, 2024 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturities
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of June 30, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,938 $— $4 $99 $3,843 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation20,225 — 22 1,835 18,412 
Revenue9,476 — 14 847 8,643 
State general obligation1,005 — 2 77 930 
Pre-refunded575 — 2 2 575 
Total obligations of U.S. states, municipalities and political subdivisions31,281 — 40 2,761 28,560 
Debt securities issued by foreign governments978 — 8 8 978 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,182 — 137 207 13,112 
Corporate and all other bonds42,027 4 331 1,278 41,076 
Total$91,406 $4 $520 $4,353 $87,569 
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2024, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,735 $— $4 $169 $5,570 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation18,604 — 23 1,604 17,023 
Revenue9,268 — 16 704 8,580 
State general obligation1,081 — 2 73 1,010 
Pre-refunded573 — 2 3 572 
Total obligations of U.S. states, municipalities and political subdivisions29,526 — 43 2,384 27,185 
Debt securities issued by foreign governments917 — 5 13 909 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,888 — 53 336 12,605 
Corporate and all other bonds39,211 2 118 1,930 37,397 
Total$88,277 $2 $223 $4,832 $83,666 
Pre-refunded bonds of $575 million and $572 million as of June 30, 2025 and December 31, 2024, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities.  These trusts were created to fund the payment of principal and interest due under the bonds.
Proceeds from the sales of fixed maturities classified as available for sale were $601 million and $1.25 billion during the six months ended June 30, 2025 and 2024, respectively. Gross gains of $3 million and $2 million and gross losses of $26 million and $41 million were realized on those sales during the six months ended June 30, 2025 and 2024, respectively. Included in net realized investment gains (losses) for the six months ended June 30, 2025 and 2024 were $23 million and $33 million, respectively, of losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds’ maturity date.
Equity Securities
The cost and fair value of investments in equity securities were as follows:
  
(as of June 30, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$460 $154 $7 $607 
Non-redeemable preferred stock45 5 6 44 
Total$505 $159 $13 $651 
(as of December 31, 2024, in millions)CostGross GainsGross LossesFair Value
Common stock$500 $150 $11 $639 
Non-redeemable preferred stock44 4 — 48 
Total$544 $154 $11 $687 
For the six months ended June 30, 2025 and 2024, the Company recognized $1 million and $51 million of net gains on equity securities still held as of June 30, 2025 and 2024, respectively.
Unrealized Investment Losses
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of June 30, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.  The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of June 30, 2025, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$566 $— $2,248 $99 $2,814 $99 
Obligations of U.S. states, municipalities and political subdivisions9,403 411 15,223 2,350 24,626 2,761 
Debt securities issued by foreign governments
93 — 333 8 426 8 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
3,825 55 1,354 152 5,179 207 
Corporate and all other bonds2,841 30 20,217 1,248 23,058 1,278 
Total $16,728 $496 $39,375 $3,857 $56,103 $4,353 
Less than 12 months12 months or longerTotal
(as of December 31, 2024, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$557 $1 $2,830  $168 $3,387 $169 
Obligations of U.S. states, municipalities and political subdivisions8,584 160 15,007  2,224 23,591 2,384 
Debt securities issued by foreign governments
113 1 454  12 567 13 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
7,359 148 1,419  188 8,778 336 
Corporate and all other bonds7,341 144 21,999  1,786 29,340 1,930 
Total $23,954 $454 $41,709 $4,378 $65,663 $4,832 
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of June 30, 2025 and December 31, 2024, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of June 30, 2025, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions56 248 149 732 1,185 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
3 2 — — 5 
Corporate and all other bonds4 4 — 1 9 
Total$63 $254 $149 $733 $1,199 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2024, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions366 — 43 635 1,044 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
58 — — — 58 
Corporate and all other bonds13 — — 3 16 
Total$437 $— $43 $638 $1,118 
Increases in the applicable interest rates resulted in the gross unrealized investment losses disclosed in the tables above; however, the net unrealized loss is considered temporary in nature as the decrease in value is not due to credit impairments and there is no impact on expected contractual cash flows from fixed maturities.
Impairment Charges
The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):
Fixed Maturities
Corporate and All Other Bonds
As of and For the Three Months Ended
(in millions)June 30, 2025 June 30, 2024
Balance, beginning of period$4 $3 
Additions for expected credit losses on securities where no credit losses were previously recognized— — 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— (2)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$4 $1 
Fixed Maturities
Corporate and All Other Bonds
As of and For the Six Months Ended
(in millions)June 30, 2025June 30, 2024
Balance, beginning of period$2 $5 
Additions for expected credit losses on securities where no credit losses were previously recognized2 3 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— (7)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$4 $1 
Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income were $0 million for both the three months ended June 30, 2025 and 2024, and $2 million and $3 million for the six months ended June 30, 2025 and 2024, respectively. Credit losses related to the fixed maturity portfolio for both the three and six months ended June 30, 2025 and 2024 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.
Other Investments
Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance.  The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available.  The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable.  In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions.  The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety.  The three levels of the hierarchy are as follows:
•Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.
•Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.
•Level 3 - Valuations based on models where significant inputs are not observable.  The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
Valuation of Investments Reported at Fair Value in Financial Statements
The Company utilized a pricing service to estimate fair value measurements for approximately 99% of its fixed maturities as of both June 30, 2025 and December 31, 2024.
While the vast majority of the Company’s fixed maturities are included in Level 2, the Company holds a number of corporate bonds which are not valued by the pricing service and estimates the fair value of these bonds using either another internal pricing matrix, a present value income approach or a broker quote (collectively, the other methodologies). The other methodologies include some unobservable inputs that are significant to the valuation.  Due to the limited amount of observable market information available in the estimation of fair value, the Company includes the fair value estimates for bonds that are valued using the other methodologies in Level 3.
For certain investments in non-public common and preferred equity securities, the fair value estimate is determined either internally or by an external fund manager based on the impact of recent observable transactions on the investment, recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company included the fair value estimate of $31 million and $37 million for these investments as of June 30, 2025 and December 31, 2024, respectively, in the amounts disclosed in Level 3.
For more information regarding the valuation of the Company’s fixed maturities, equity securities and other investments, see note 4 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.
Fair Value Hierarchy
The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.
(as of June 30, 2025, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,843 $3,843 $— $— 
Obligations of U.S. states, municipalities and political subdivisions28,560 — 28,560 — 
Debt securities issued by foreign governments978 — 978 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,112 — 13,109 3 
Corporate and all other bonds41,076 4 40,833 239 
Total fixed maturities87,569 3,847 83,480 242 
Equity securities    
Common stock608 601 — 7 
Non-redeemable preferred stock43 16 3 24 
Total equity securities651 617 3 31 
Other investments21 21 — — 
Total$88,241 $4,485 $83,483 $273 
(as of December 31, 2024, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,570 $5,570 $— $— 
Obligations of U.S. states, municipalities and political subdivisions27,185 — 27,185 — 
Debt securities issued by foreign governments909 — 909 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,605 — 12,602 3 
Corporate and all other bonds37,397 — 37,151 246 
Total fixed maturities83,666 5,570 77,847 249 
Equity securities    
Common stock639 631 — 8 
Non-redeemable preferred stock48 16 3 29 
Total equity securities687 647 3 37 
Other investments20 20 — — 
Total$84,373 $6,237 $77,850 $286 
There was no significant activity in Level 3 of the hierarchy during the six months ended June 30, 2025.
Financial Instruments Disclosed, But Not Carried, At Fair Value
The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.
(as of June 30, 2025, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$4,748 $4,748 $847 $3,855 $46 
Financial liabilities     
Debt$7,934 $7,189 $— $7,189 $— 
Commercial paper100 100 — 100 — 
(as of December 31, 2024, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$4,766 $4,766 $1,933 $2,788 $45 
Financial liabilities     
Debt$7,933 $7,095 $— $7,095 $— 
Commercial paper100 100 — 100 — 
The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the six months ended June 30, 2025 or the year ended December 31, 2024.
v3.25.2
Allowance for Expected Credit Losses
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Allowance for Expected Credit Losses ALLOWANCE FOR EXPECTED CREDIT LOSSES
Premiums Receivable
The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, as of June 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2025 and 2024.
As of and For the Three Months Ended June 30, 2025As of and For the Three Months Ended June 30, 2024
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$11,575 $58 $10,829 $68 
Current period change for expected credit losses19 13 
Write-offs of uncollectible premiums receivable16 12 
Balance, end of period$12,042 $61 $11,491 $69 
As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$11,110 $58 $10,282 $69 
Current period change for expected credit losses35 25 
Write-offs of uncollectible premiums receivable32 25 
Balance, end of period$12,042 $61 $11,491 $69 
Reinsurance Recoverables
The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, as of June 30, 2025 and 2024, and the changes in the allowance for estimated uncollectible reinsurance for the three and six months ended June 30, 2025 and 2024.
As of and For the Three Months Ended June 30, 2025As of and For the Three Months Ended June 30, 2024
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$8,105 $128 $8,100 $117 
Current period change for estimated uncollectible reinsurance(1)— 
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$8,059 $127 $8,132 $117 
As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$8,000 $119 $8,143 $118 
Current period change for estimated uncollectible reinsurance8 (1)
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$8,059 $127 $8,132 $117 
Of the total reinsurance recoverables as of June 30, 2025, $5.92 billion, or 88%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance.  The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 12% of reinsurance recoverables comprised the following: 5% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 6% were balances from other companies not rated by A.M. Best Company.  Certain of the Company’s reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.
Contractholder Receivables
The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, as of June 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2025 and 2024.
As of and For the Three Months Ended June 30, 2025As of and For the Three Months Ended June 30, 2024
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,193 $17 $3,266 $19 
Current period change for expected credit losses— (1)
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,095 $17 $3,274 $18 

As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,171 $18 $3,249 $20 
Current period change for expected credit losses(1)(2)
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,095 $17 $3,274 $18 
v3.25.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The following table presents the carrying amount of the Company’s goodwill by segment.  Each reportable segment includes goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates.
(in millions)June 30,
2025		December 31,
2024
Business Insurance$2,609 $2,572 
Bond & Specialty Insurance838 834 
Personal Insurance810 801 
Other26 26 
Total$4,283 $4,233 
Other Intangible Assets

The following tables present a summary of the Company’s other intangible assets by major asset class.
(as of June 30, 2025, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$187 $86 $101 
Contract-based204 197 7 
Marketing-related18 5 13 
Total subject to amortization409 288 121 
Not subject to amortization227 — 227 
Total$636 $288 $348 
(as of December 31, 2024, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$185 $74 $111 
Contract-based204 196 8 
Marketing-related18 3 15 
Total subject to amortization407 273 134 
Not subject to amortization226 — 226 
Total$633 $273 $360 
v3.25.2
Insurance Claim Reserves
 6 Months Ended
Jun. 30, 2025
Insurance Loss Reserves [Abstract]  
Insurance Claim Reserves INSURANCE CLAIM RESERVES
Claims and claim adjustment expense reserves were as follows:
(in millions)June 30,
2025		December 31,
2024
Property-casualty$66,937 $64,088 
Accident and health4 5 
Total$66,941 $64,093 
The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses:
Six Months Ended June 30,
(in millions)20252024
Claims and claim adjustment expense reserves at beginning of year$64,088 $61,621 
Less reinsurance recoverables on unpaid losses7,669 7,817 
Net reserves at beginning of year56,419 53,804 
Estimated claims and claim adjustment expenses for claims arising in the current year15,392 14,213 
Estimated decrease in claims and claim adjustment expenses for
 claims arising in prior years
(650)(232)
Total increases14,742 13,981 
Claims and claim adjustment expense payments for claims arising in:  
Current year4,504 3,953 
Prior years7,763 7,750 
Total payments12,267 11,703 
Unrealized foreign exchange (gain) loss272 (75)
Net reserves at end of period59,166 56,007 
Plus reinsurance recoverables on unpaid losses7,771 7,845 
Claims and claim adjustment expense reserves at end of period$66,937 $63,852 
Gross claims and claim adjustment expense reserves as of June 30, 2025 increased by $2.85 billion from December 31, 2024, primarily reflecting the impacts of (i) catastrophe losses in the first six months of 2025, (ii) higher volumes of insured exposures and (iii) loss cost trends for the current accident year, partially offset by (iv) claim payments made during the first six months of 2025 and (v) net favorable prior year reserve development.
Prior Year Reserve Development
The following disclosures regarding reserve development are on a “net of reinsurance” basis.
For the six months ended June 30, 2025 and 2024, estimated claims and claim adjustment expenses incurred included $650 million and $232 million, respectively, of net favorable development for claims arising in prior years, including $693 million and $321 million, respectively, of net favorable prior year reserve development, and $22 million of accretion of discount in each period.
Business Insurance. Net favorable prior year reserve development in the second quarter of 2025 totaled $79 million, primarily driven by better than expected loss experience in the workers’ compensation product line for multiple accident years, partially offset by an addition to reserves related to run-off operations. Net favorable prior year reserve development in the second quarter of 2024 totaled $34 million, primarily driven by better than expected loss experience in the workers’ compensation product line for multiple accident years, partially offset by higher than expected loss experience in the general liability product line for recent accident years, driven by excess coverages, as well as an addition to reserves related to run-off operations.
Net favorable prior year reserve development in the first six months of 2025 totaled $153 million, primarily driven by better than expected loss experience in the workers’ compensation product line for multiple accident years, partially offset by an addition to reserves related to run-off operations. Net favorable prior year reserve development in the first six months of 2024 totaled $34 million, primarily driven by better than expected loss experience in the workers’ compensation product line for multiple accident years, partially offset by higher than expected loss experience in the general liability product line for recent accident years, as well as an addition to reserves related to run-off operations.
Bond & Specialty Insurance.  Net favorable prior year reserve development in the second quarter and first six months of 2025 totaled $81 million and $148 million, respectively, primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years. Net favorable prior year reserve development in the second quarter and first six months of 2024 totaled $24 million and $48 million, respectively, primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years.
Personal Insurance.  Net favorable prior year reserve development in the second quarter and first six months of 2025 totaled $155 million and $392 million, respectively, primarily driven by better than expected loss experience in both the automobile and homeowners and other product lines for recent accident years. Net favorable prior year reserve development in the second quarter and first six months of 2024 totaled $172 million and $239 million, respectively, primarily driven by better than expected loss experience in both the homeowners and other and automobile product lines for recent accident years.
v3.25.2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2025
Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]  
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three and six months ended June 30, 2025.
 Changes in Net Unrealized Gains (Losses) on Investment Securities  
(in millions)Having No Credit
Losses Recognized in
the Consolidated
Statement of Income		Having Credit 
Losses Recognized 
in the Consolidated
Statement of 
Income		Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ 
Equity		Net Unrealized
Foreign Currency
Translation		Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, March 31, 2025$(3,484)$185 $(224)$(1,045)$(4,568)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax255 — — 215 470 
Amounts reclassified from AOCI, net of tax
13 — — — 13 
Net OCI, current period268 — — 215 483 
Balance, June 30, 2025$(3,216)$185 $(224)$(830)$(4,085)
 Changes in Net Unrealized Gains (Losses) on Investment Securities  
(in millions)Having No Credit
Losses Recognized in
the Consolidated
Statement of Income		Having Credit 
Losses Recognized 
in the Consolidated
Statement of 
Income		Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ 
Equity		Net Unrealized
Foreign Currency
Translation		Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, December 31, 2024$(3,824)$184 $(224)$(1,103)$(4,967)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax570 1 — 273 844 
Amounts reclassified from AOCI, net of tax
38 — — — 38 
Net OCI, current period608 1 — 273 882 
Balance, June 30, 2025$(3,216)$185 $(224)$(830)$(4,085)
The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Changes in net unrealized gains (losses) on investment securities:    
Having no credit losses recognized in the consolidated statement of income$341 $(324)$777 $(1,076)
Income tax expense (benefit)73 (69)169 (227)
Net of taxes268 (255)608 (849)
Having credit losses recognized in the consolidated statement of income— 1 1 3 
Income tax expense— 1 — 1 
Net of taxes— — 1 2 
Net changes in benefit plan assets and obligations— (2)— (3)
Income tax benefit— (1)— (1)
Net of taxes— (1)— (2)
Net changes in unrealized foreign currency translation228 (25)289 (96)
Income tax expense (benefit)13 (2)16 (6)
Net of taxes215 (23)273 (90)
Total other comprehensive income (loss)569 (350)1,067 (1,172)
Total income tax expense (benefit)86 (71)185 (233)
Total other comprehensive income (loss), net of taxes$483 $(279)$882 $(939)
The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Reclassification adjustments related to unrealized gains (losses) on investment securities:  
Having no credit losses recognized in the consolidated statement of income (1)
$17 $35 $48 $75 
Income tax benefit (2)
4 8 10 16 
Net of taxes13 27 38 59 
Having credit losses recognized in the consolidated statement of income (1)
— — — — 
Income tax benefit (2)
— — — — 
Net of taxes— — — — 
Reclassification adjustment related to benefit plan assets and obligations:
    
Claims and claim adjustment expenses (benefit) (3)
— (1)— (1)
General and administrative expenses (benefit) (3)
— (1)— (2)
Total— (2)— (3)
Income tax (expense) benefit (2)
— — — — 
Net of taxes— (2)— (3)
Reclassification adjustment related to foreign currency translation (1)
— — — — 
Income tax benefit (2)
— — — — 
Net of taxes— — — — 
Total reclassifications17 33 48 72 
Total income tax benefit4 8 10 16 
Total reclassifications, net of taxes$13 $25 $38 $56 
_________________________________________________________
(1)(Increases) decreases net realized investment gains (losses) on the consolidated statement of income.
(2)(Increases) decreases income tax expense on the consolidated statement of income.
(3)Increases (decreases) expenses on the consolidated statement of income.
v3.25.2
Common Share Repurchases
 6 Months Ended
Jun. 30, 2025
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]  
Common Share Repurchases COMMON SHARE REPURCHASES
During the three and six months ended June 30, 2025, the Company repurchased 1.8 million and 2.8 million common shares, respectively, under its share repurchase authorizations for total cost of $500 million and $750 million, respectively. The average cost per share repurchased was $269.90 and $265.45, respectively.  In addition, the Company acquired 0.3 million shares and 0.7 million common shares for a total cost of $57 million and $165 million during the three and six months ended June 30, 2025, respectively, that were not part of its publicly announced share repurchase authorizations. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the exercise price, as well as the related payroll withholding taxes, with respect to certain stock options that were exercised. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% excise tax imposed on common share repurchase activity, net of common share issuances, as part of the Inflation Reduction Act of 2022. As of June 30, 2025, the Company had $4.29 billion of capacity remaining under its share repurchase authorizations.
v3.25.2
Earnings per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share Reconciliation [Abstract]  
Earnings per Share EARNINGS PER SHARE
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share amounts)2025202420252024
Basic and Diluted  
Net income, as reported$1,509 $534 $1,904 $1,657 
Participating share-based awards — allocated income(11)(5)(14)(13)
Net income available to common shareholders — basic and diluted$1,498 $529 $1,890 $1,644 
Common Shares  
Basic  
Weighted average shares outstanding225.9 228.6 226.4 228.8 
Diluted  
Weighted average shares outstanding225.9 228.6 226.4 228.8 
Weighted average effects of dilutive securities — stock options and performance shares
3.4 2.9 3.3 3.0 
Total229.3 231.5 229.7 231.8 
Net Income per Common Share  
Basic$6.63 $2.32 $8.35 $7.19 
Diluted$6.53 $2.29 $8.23 $7.09 
v3.25.2
Share-Based Incentive Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Incentive Compensation SHARE-BASED INCENTIVE COMPENSATION
The following information relates to fully vested stock option awards as of June 30, 2025:
                                           Stock OptionsNumberWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Life
Remaining		Aggregate
Intrinsic
Value
($ in millions)
Vested at end of period (1)
5,964,494 $159.22 5.6 years$646 
Exercisable at end of period4,556,830 $142.69 4.7 years$569 
_________________________________________________________
(1)Represents awards for which the requisite service has been rendered, including those that are retirement eligible.
The total compensation cost for all share-based incentive compensation awards recognized in earnings was $57 million and $60 million for the three months ended June 30, 2025 and 2024, respectively, and $140 million and $139 million for the six months ended June 30, 2025 and 2024, respectively. The related tax benefits recognized in the consolidated statement of income were $9 million and $10 million for the three months ended June 30, 2025 and 2024, respectively, and $22 million for both the six months ended June 30, 2025 and 2024.
The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards as of June 30, 2025 was $359 million, which is expected to be recognized over a weighted-average period of 2.0 years.
v3.25.2
Pension Plans, Retirement Benefits and Savings Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension Plans, Retirement Benefits and Savings Plans PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS
The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the three months ended June 30, in millions)2025202420252024
Net Periodic Benefit Cost (Benefit):    
Service cost$29 $29 $— $— 
Non-service cost (benefit):    
Interest cost on benefit obligation44 43 — 1 
Expected return on plan assets(70)(74)— — 
Amortization of unrecognized:
Prior service benefit— — — (1)
Net actuarial (gain) loss 3 1 (3)(2)
Total non-service cost (benefit)(23)(30)(3)(2)
Net periodic benefit cost (benefit)$6 $(1)$(3)$(2)
The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the three months ended June 30, in millions)2025202420252024
Service Cost:    
Claims and claim adjustment expenses$11 $12 $— $— 
General and administrative expenses18 17 — — 
Total service cost29 29 — — 
Non-Service Cost (Benefit):    
Claims and claim adjustment expenses(9)(11)(1)(1)
General and administrative expenses(14)(19)(2)(1)
Total non-service cost (benefit)(23)(30)(3)(2)
Net periodic benefit cost (benefit)$6 $(1)$(3)$(2)
The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the six months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the six months ended June 30, in millions)2025202420252024
Net Periodic Benefit Cost (Benefit):    
Service cost$57 $58 $— $— 
Non-service cost (benefit):    
Interest cost on benefit obligation88 86 1 2 
Expected return on plan assets(140)(149)— — 
Amortization of unrecognized:    
Prior service benefit— — (1)(2)
Net actuarial (gain) loss7 3 (6)(4)
Total non-service cost (benefit)(45)(60)(6)(4)
Net periodic benefit cost (benefit)$12 $(2)$(6)$(4)
The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the six months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the six months ended June 30, in millions)2025202420252024
Service Cost:    
Claims and claim adjustment expenses$22 $23 $— $— 
General and administrative expenses35 35 — — 
Total service cost57 58 — — 
Non-Service Cost (Benefit):    
Claims and claim adjustment expenses(17)(23)(2)(2)
General and administrative expenses(28)(37)(4)(2)
Total non-service cost (benefit)(45)(60)(6)(4)
Net periodic benefit cost (benefit)$12 $(2)$(6)$(4)
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases LEASES
The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease, and a right-of-use asset and lease liability is recognized as part of other assets and other liabilities, respectively, in the consolidated balance sheet.
Most leases include an option to extend or renew the lease term. The exercise of the renewal option is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercising those options. The Company, in determining the present value of lease payments, utilizes either the rate implicit in the lease, if that rate is readily determinable, or the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease.
Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Lease cost
Operating leases$16 $19 $32 $38 
Short-term leases (1)
— — 1 1 
Lease expense16 19 33 39 
Less: sublease income (2)
— — — — 
Net lease cost$16 $19 $33 $39 
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows
$18 $20 $36 $42 
Right-of-use assets obtained in exchange for new lease liabilities$9 $4 $16 $14 
Weighted average discount rate3.94 %3.08 %3.94 %3.08 %
Weighted average remaining lease term5.5 years4.1 years5.5 years4.1 years
_________________________________________________________
(1)Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.
(2)Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.
v3.25.2
Contingencies, Commitments and Guarantees
 6 Months Ended
Jun. 30, 2025
Contingencies, Commitments and Guarantees [Abstract]  
Contingencies, Commitments and Guarantees CONTINGENCIES, COMMITMENTS AND GUARANTEES
Contingencies
The major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or to which any of the Company’s properties is subject are described below.
Asbestos Claims and Litigation
In the ordinary course of its insurance business, the Company has received and continues to receive claims for insurance arising under policies issued by the Company asserting alleged injuries and damages from asbestos-related exposures that are the subject of related coverage litigation. The Company is defending asbestos-related litigation vigorously and believes that it has meritorious defenses; however, the outcomes of these disputes are uncertain. In this regard, the Company employs dedicated specialists and comprehensive resolution strategies to manage asbestos loss exposure, including settling litigation under appropriate circumstances. Currently, it is not possible to predict legal outcomes and their impact on future loss development for claims and litigation relating to asbestos claims. Any such development could be affected by future court decisions and interpretations, as well as future changes, if any, in applicable legislation. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current insurance reserves. In addition, the Company’s estimate of ultimate claims and claim adjustment expenses may change. These additional liabilities or changes in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s results of operations in future periods.
Other Proceedings Not Arising Under Insurance Contracts or Reinsurance Agreements
The Company is involved in other lawsuits, including lawsuits alleging extra-contractual damages relating to insurance contracts or reinsurance agreements, that do not arise under insurance contracts or reinsurance agreements. The legal costs associated with such lawsuits are expensed in the period in which the costs are incurred. Based upon currently available information, the Company does not believe it is reasonably possible that any such lawsuit or related lawsuits would be material to the Company’s results of operations or would have a material adverse effect on the Company’s financial position or liquidity.
Other Commitments and Guarantees
Commitments
Investment Commitments — The Company has unfunded commitments to private equity limited partnerships, real estate partnerships and other investments.  These commitments totaled $1.43 billion and $1.49 billion as of June 30, 2025 and December 31, 2024, respectively.
Guarantees
The maximum amount of the Company’s contingent obligation for indemnifications related to the sale of businesses that are quantifiable was $351 million as of June 30, 2025.
The maximum amount of the Company’s obligation related to the guarantee of certain insurance policy obligations of a former insurance subsidiary was $480 million as of June 30, 2025, all of which is indemnified by a third party.  For more information regarding the Company’s guarantees, see note 17 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.
v3.25.2
Noncash Investing and Financing Activities
 6 Months Ended
Jun. 30, 2025
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]  
Noncash Investing and Financing Activities NONCASH INVESTING AND FINANCING ACTIVITIES
The Company issued common stock during the six months ended June 30, 2025 and 2024 in connection with its stock compensation plan which resulted in noncash financing transactions totaling $41 million and $30 million, respectively, from the net share settlement of employee stock options. There were no other material noncash investing or financing activities during the six months ended June 30, 2025 and 2024.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income $ 1,509 $ 534 $ 1,904 $ 1,657
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation [Policy Text Block]
Basis of Presentation
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited.  In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected.  Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted.  All material intercompany transactions and balances have been eliminated.  The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the Company’s 2024 Annual Report).
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period.  Actual results could differ from those estimates. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Components of the Company's revenues and income (loss) by reportable business segment [Table Text Block]
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2025    
Premiums$5,545 $1,021 $4,355 $10,921 
Net investment income662 107 173 942 
Fee income111 — 13 124 
Other revenues95 5 23 123 
Total segment revenues (1)
6,413 1,133 4,564 12,110 
Claims and claim adjustment expenses3,584 418 2,787 6,789 
Amortization of deferred acquisition costs944 195 663 1,802 
General and administrative expenses875 214 444 1,533 
Income tax expense197 62 136 395 
Segment income (1)
$813 $244 $534 $1,591 
2024    
Premiums$5,168 $977 $4,098 $10,243 
Net investment income632 94 159 885 
Fee income105 — 10 115 
Other revenues77 6 22 105 
Total segment revenues (1)
5,982 1,077 4,289 11,348 
Claims and claim adjustment expenses3,471 473 3,429 7,373 
Amortization of deferred acquisition costs861 183 634 1,678 
General and administrative expenses835 207 424 1,466 
Income tax expense (benefit)159 44 (45)158 
Segment income (loss) (1)
$656 $170 $(153)$673 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025
Premiums$11,010 $2,016 $8,605 $21,631 
Net investment income1,318 209 345 1,872 
Fee income219 — 24 243 
Other revenues177 11 47 235 
Total segment revenues (1)
12,724 2,236 9,021 23,981 
Claims and claim adjustment expenses7,289 852 6,654 14,795 
Amortization of deferred acquisition costs1,861 382 1,337 3,580 
General and administrative expenses1,722 419 840 2,981 
Income tax expense356 119 30 505 
Segment income (1)
$1,496 $464 $160 $2,120 
2024
Premiums$10,328 $1,933 $8,108 $20,369 
Net investment income1,241 184 306 1,731 
Fee income206 — 18 224 
Other revenues154 15 48 217 
Total segment revenues (1)
11,929 2,132 8,480 22,541 
Claims and claim adjustment expenses6,802 901 6,326 14,029 
Amortization of deferred acquisition costs1,725 365 1,286 3,376 
General and administrative expenses1,653 412 799 2,864 
Income tax expense329 89 2 420 
Segment income (1)
$1,420 $365 $67 $1,852 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025    
Net favorable prior year reserve development$79 $81 $155 $315 
Catastrophe losses$368 $5 $554 $927 
2024
Net favorable prior year reserve development$34 $24 $172 $230 
Catastrophe losses$389 $40 $1,080 $1,509 
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025
Net favorable prior year reserve development$153 $148 $392 $693 
Catastrophe losses$877 $24 $2,292 $3,193 
2024
Net favorable prior year reserve development$34 $48 $239 $321 
Catastrophe losses$598 $45 $1,578 $2,221 
The following tables present the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs which is disclosed separately in the table above with segment income (loss) by reportable business segment):
(for the three months ended June 30, in millions) 20252024
Business Insurance$100 $111 
Bond & Specialty Insurance18 21 
Personal Insurance45 48 
Total$163 $180 
(for the six months ended June 30, in millions) 20252024
Business Insurance$213 $228 
Bond & Specialty Insurance41 45 
Personal Insurance95 101 
Total$349 $374 
Business segment reconciliations of revenue and income, net of tax [Table Text Block]
Business Segment Reconciliations
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$841 $864 $1,664 $1,744 
Commercial automobile968 874 1,910 1,734 
Commercial property960 894 1,897 1,767 
General liability862 845 1,723 1,692 
Commercial multi-peril1,435 1,246 2,835 2,516 
Other17 13 36 30 
Total Domestic5,083 4,736 10,065 9,483 
International462 432 945 845 
Total Business Insurance5,545 5,168 11,010 10,328 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety367 350 725 690 
General liability459 437 911 863 
Other59 58 117 114 
Total Domestic885 845 1,753 1,667 
International136 132 263 266 
Total Bond & Specialty Insurance1,021 977 2,016 1,933 
Personal Insurance:    
Domestic:    
Automobile1,980 1,919 3,944 3,793 
Homeowners and Other2,203 2,014 4,324 3,986 
Total Domestic4,183 3,933 8,268 7,779 
International172 165 337 329 
Total Personal Insurance4,355 4,098 8,605 8,108 
Total earned premiums10,921 10,243 21,631 20,369 
Net investment income942 885 1,872 1,731 
Fee income124 115 243 224 
Other revenues123 105 235 217 
Total segment revenues12,110 11,348 23,981 22,541 
Net realized investment gains (losses)6 (65)(55)(30)
Total revenues$12,116 $11,283 $23,926 $22,511 
Income reconciliation, net of tax    
Total segment income$1,591 $673 $2,120 $1,852 
Interest Expense and Other (1)
(87)(88)(173)(171)
Core income1,504 585 1,947 1,681 
Net realized investment gains (losses)5 (51)(43)(24)
Net income$1,509 $534 $1,904 $1,657 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $78 million for both the three months ended June 30, 2025 and 2024, and $156 million and $155 million for the six months ended June 30, 2025 and 2024, respectively
Asset reconciliation [Table Text Block]
(in millions)June 30,
2025		December 31,
2024
Asset reconciliation  
Business Insurance$102,618 $98,311 
Bond & Specialty Insurance13,390 12,628 
Personal Insurance21,755 21,138 
Total assets by reportable segment137,763 132,077 
Other assets (1)
1,110 1,112 
Total consolidated assets$138,873 $133,189 
 _________________________________________________________
(1)The primary components of other assets as of both June 30, 2025 and December 31, 2024 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Amortized cost and fair value of investments in fixed maturities [Table Text Block]
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of June 30, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,938 $— $4 $99 $3,843 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation20,225 — 22 1,835 18,412 
Revenue9,476 — 14 847 8,643 
State general obligation1,005 — 2 77 930 
Pre-refunded575 — 2 2 575 
Total obligations of U.S. states, municipalities and political subdivisions31,281 — 40 2,761 28,560 
Debt securities issued by foreign governments978 — 8 8 978 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,182 — 137 207 13,112 
Corporate and all other bonds42,027 4 331 1,278 41,076 
Total$91,406 $4 $520 $4,353 $87,569 
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2024, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,735 $— $4 $169 $5,570 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation18,604 — 23 1,604 17,023 
Revenue9,268 — 16 704 8,580 
State general obligation1,081 — 2 73 1,010 
Pre-refunded573 — 2 3 572 
Total obligations of U.S. states, municipalities and political subdivisions29,526 — 43 2,384 27,185 
Debt securities issued by foreign governments917 — 5 13 909 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,888 — 53 336 12,605 
Corporate and all other bonds39,211 2 118 1,930 37,397 
Total$88,277 $2 $223 $4,832 $83,666 
Cost and fair value of investments in equity securities [Table Text Block]
The cost and fair value of investments in equity securities were as follows:
  
(as of June 30, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$460 $154 $7 $607 
Non-redeemable preferred stock45 5 6 44 
Total$505 $159 $13 $651 
(as of December 31, 2024, in millions)CostGross GainsGross LossesFair Value
Common stock$500 $150 $11 $639 
Non-redeemable preferred stock44 4 — 48 
Total$544 $154 $11 $687 
Unrealized investment losses [Table Text Block]
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of June 30, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.  The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of June 30, 2025, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$566 $— $2,248 $99 $2,814 $99 
Obligations of U.S. states, municipalities and political subdivisions9,403 411 15,223 2,350 24,626 2,761 
Debt securities issued by foreign governments
93 — 333 8 426 8 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
3,825 55 1,354 152 5,179 207 
Corporate and all other bonds2,841 30 20,217 1,248 23,058 1,278 
Total $16,728 $496 $39,375 $3,857 $56,103 $4,353 
Less than 12 months12 months or longerTotal
(as of December 31, 2024, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$557 $1 $2,830  $168 $3,387 $169 
Obligations of U.S. states, municipalities and political subdivisions8,584 160 15,007  2,224 23,591 2,384 
Debt securities issued by foreign governments
113 1 454  12 567 13 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
7,359 148 1,419  188 8,778 336 
Corporate and all other bonds7,341 144 21,999  1,786 29,340 1,930 
Total $23,954 $454 $41,709 $4,378 $65,663 $4,832 
Gross unrealized investment losses on securities continuously in an unrealized loss position of greater than 20% of amortized cost by length of time [Table Text Block]
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of June 30, 2025 and December 31, 2024, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of June 30, 2025, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions56 248 149 732 1,185 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
3 2 — — 5 
Corporate and all other bonds4 4 — 1 9 
Total$63 $254 $149 $733 $1,199 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2024, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions366 — 43 635 1,044 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
58 — — — 58 
Corporate and all other bonds13 — — 3 16 
Total$437 $— $43 $638 $1,118 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]
The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):
Fixed Maturities
Corporate and All Other Bonds
As of and For the Three Months Ended
(in millions)June 30, 2025 June 30, 2024
Balance, beginning of period$4 $3 
Additions for expected credit losses on securities where no credit losses were previously recognized— — 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— (2)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$4 $1 
Fixed Maturities
Corporate and All Other Bonds
As of and For the Six Months Ended
(in millions)June 30, 2025June 30, 2024
Balance, beginning of period$2 $5 
Additions for expected credit losses on securities where no credit losses were previously recognized2 3 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— (7)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$4 $1 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured on a recurring basis [Table Text Block]
The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.
(as of June 30, 2025, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,843 $3,843 $— $— 
Obligations of U.S. states, municipalities and political subdivisions28,560 — 28,560 — 
Debt securities issued by foreign governments978 — 978 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,112 — 13,109 3 
Corporate and all other bonds41,076 4 40,833 239 
Total fixed maturities87,569 3,847 83,480 242 
Equity securities    
Common stock608 601 — 7 
Non-redeemable preferred stock43 16 3 24 
Total equity securities651 617 3 31 
Other investments21 21 — — 
Total$88,241 $4,485 $83,483 $273 
(as of December 31, 2024, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,570 $5,570 $— $— 
Obligations of U.S. states, municipalities and political subdivisions27,185 — 27,185 — 
Debt securities issued by foreign governments909 — 909 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,605 — 12,602 3 
Corporate and all other bonds37,397 — 37,151 246 
Total fixed maturities83,666 5,570 77,847 249 
Equity securities    
Common stock639 631 — 8 
Non-redeemable preferred stock48 16 3 29 
Total equity securities687 647 3 37 
Other investments20 20 — — 
Total$84,373 $6,237 $77,850 $286 
Carrying value and fair value of the Company's financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized [Table Text Block]
The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.
(as of June 30, 2025, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$4,748 $4,748 $847 $3,855 $46 
Financial liabilities     
Debt$7,934 $7,189 $— $7,189 $— 
Commercial paper100 100 — 100 — 
(as of December 31, 2024, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$4,766 $4,766 $1,933 $2,788 $45 
Financial liabilities     
Debt$7,933 $7,095 $— $7,095 $— 
Commercial paper100 100 — 100 — 
v3.25.2
Allowance for Expected Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Changes in the allowance for expected credit losses on premiums receivable [Table Text Block]
The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, as of June 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2025 and 2024.
As of and For the Three Months Ended June 30, 2025As of and For the Three Months Ended June 30, 2024
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$11,575 $58 $10,829 $68 
Current period change for expected credit losses19 13 
Write-offs of uncollectible premiums receivable16 12 
Balance, end of period$12,042 $61 $11,491 $69 
As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$11,110 $58 $10,282 $69 
Current period change for expected credit losses35 25 
Write-offs of uncollectible premiums receivable32 25 
Balance, end of period$12,042 $61 $11,491 $69 
Changes in the allowance for estimated uncollectible reinsurance [Table Text Block]
The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, as of June 30, 2025 and 2024, and the changes in the allowance for estimated uncollectible reinsurance for the three and six months ended June 30, 2025 and 2024.
As of and For the Three Months Ended June 30, 2025As of and For the Three Months Ended June 30, 2024
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$8,105 $128 $8,100 $117 
Current period change for estimated uncollectible reinsurance(1)— 
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$8,059 $127 $8,132 $117 
As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$8,000 $119 $8,143 $118 
Current period change for estimated uncollectible reinsurance8 (1)
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$8,059 $127 $8,132 $117 
Changes in the allowance for expected credit losses on contractholder receivables [Table Text Block]
The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, as of June 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2025 and 2024.
As of and For the Three Months Ended June 30, 2025As of and For the Three Months Ended June 30, 2024
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,193 $17 $3,266 $19 
Current period change for expected credit losses— (1)
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,095 $17 $3,274 $18 

As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,171 $18 $3,249 $20 
Current period change for expected credit losses(1)(2)
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,095 $17 $3,274 $18 
v3.25.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill by segment [Table Text Block]
The following table presents the carrying amount of the Company’s goodwill by segment.  Each reportable segment includes goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates.
(in millions)June 30,
2025		December 31,
2024
Business Insurance$2,609 $2,572 
Bond & Specialty Insurance838 834 
Personal Insurance810 801 
Other26 26 
Total$4,283 $4,233 
Other intangible assets subject to amortization [Table Text Block]
The following tables present a summary of the Company’s other intangible assets by major asset class.
(as of June 30, 2025, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$187 $86 $101 
Contract-based204 197 7 
Marketing-related18 5 13 
Total subject to amortization409 288 121 
Not subject to amortization227 — 227 
Total$636 $288 $348 
(as of December 31, 2024, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$185 $74 $111 
Contract-based204 196 8 
Marketing-related18 3 15 
Total subject to amortization407 273 134 
Not subject to amortization226 — 226 
Total$633 $273 $360 
Other intangible assets not subject to amortization [Table Text Block]
The following tables present a summary of the Company’s other intangible assets by major asset class.
(as of June 30, 2025, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$187 $86 $101 
Contract-based204 197 7 
Marketing-related18 5 13 
Total subject to amortization409 288 121 
Not subject to amortization227 — 227 
Total$636 $288 $348 
(as of December 31, 2024, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$185 $74 $111 
Contract-based204 196 8 
Marketing-related18 3 15 
Total subject to amortization407 273 134 
Not subject to amortization226 — 226 
Total$633 $273 $360 
v3.25.2
Insurance Claim Reserves (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance Loss Reserves [Abstract]  
Claims and claim adjustment expense reserves [Table Text Block]
Claims and claim adjustment expense reserves were as follows:
(in millions)June 30,
2025		December 31,
2024
Property-casualty$66,937 $64,088 
Accident and health4 5 
Total$66,941 $64,093 
Reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses [Table Text Block]
The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses:
Six Months Ended June 30,
(in millions)20252024
Claims and claim adjustment expense reserves at beginning of year$64,088 $61,621 
Less reinsurance recoverables on unpaid losses7,669 7,817 
Net reserves at beginning of year56,419 53,804 
Estimated claims and claim adjustment expenses for claims arising in the current year15,392 14,213 
Estimated decrease in claims and claim adjustment expenses for
 claims arising in prior years
(650)(232)
Total increases14,742 13,981 
Claims and claim adjustment expense payments for claims arising in:  
Current year4,504 3,953 
Prior years7,763 7,750 
Total payments12,267 11,703 
Unrealized foreign exchange (gain) loss272 (75)
Net reserves at end of period59,166 56,007 
Plus reinsurance recoverables on unpaid losses7,771 7,845 
Claims and claim adjustment expense reserves at end of period$66,937 $63,852 
v3.25.2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2025
Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]  
Changes in accumulated other comprehensive income (loss) (AOCI) [Table Text Block]
The following tables present the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three and six months ended June 30, 2025.
 Changes in Net Unrealized Gains (Losses) on Investment Securities  
(in millions)Having No Credit
Losses Recognized in
the Consolidated
Statement of Income		Having Credit 
Losses Recognized 
in the Consolidated
Statement of 
Income		Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ 
Equity		Net Unrealized
Foreign Currency
Translation		Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, March 31, 2025$(3,484)$185 $(224)$(1,045)$(4,568)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax255 — — 215 470 
Amounts reclassified from AOCI, net of tax
13 — — — 13 
Net OCI, current period268 — — 215 483 
Balance, June 30, 2025$(3,216)$185 $(224)$(830)$(4,085)
 Changes in Net Unrealized Gains (Losses) on Investment Securities  
(in millions)Having No Credit
Losses Recognized in
the Consolidated
Statement of Income		Having Credit 
Losses Recognized 
in the Consolidated
Statement of 
Income		Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ 
Equity		Net Unrealized
Foreign Currency
Translation		Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, December 31, 2024$(3,824)$184 $(224)$(1,103)$(4,967)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax570 1 — 273 844 
Amounts reclassified from AOCI, net of tax
38 — — — 38 
Net OCI, current period608 1 — 273 882 
Balance, June 30, 2025$(3,216)$185 $(224)$(830)$(4,085)
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]
The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Changes in net unrealized gains (losses) on investment securities:    
Having no credit losses recognized in the consolidated statement of income$341 $(324)$777 $(1,076)
Income tax expense (benefit)73 (69)169 (227)
Net of taxes268 (255)608 (849)
Having credit losses recognized in the consolidated statement of income— 1 1 3 
Income tax expense— 1 — 1 
Net of taxes— — 1 2 
Net changes in benefit plan assets and obligations— (2)— (3)
Income tax benefit— (1)— (1)
Net of taxes— (1)— (2)
Net changes in unrealized foreign currency translation228 (25)289 (96)
Income tax expense (benefit)13 (2)16 (6)
Net of taxes215 (23)273 (90)
Total other comprehensive income (loss)569 (350)1,067 (1,172)
Total income tax expense (benefit)86 (71)185 (233)
Total other comprehensive income (loss), net of taxes$483 $(279)$882 $(939)
Pre-tax and related income tax (expense) benefit components of the amounts reclassified from AOCI to the consolidated statement of income [Table Text Block]
The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Reclassification adjustments related to unrealized gains (losses) on investment securities:  
Having no credit losses recognized in the consolidated statement of income (1)
$17 $35 $48 $75 
Income tax benefit (2)
4 8 10 16 
Net of taxes13 27 38 59 
Having credit losses recognized in the consolidated statement of income (1)
— — — — 
Income tax benefit (2)
— — — — 
Net of taxes— — — — 
Reclassification adjustment related to benefit plan assets and obligations:
    
Claims and claim adjustment expenses (benefit) (3)
— (1)— (1)
General and administrative expenses (benefit) (3)
— (1)— (2)
Total— (2)— (3)
Income tax (expense) benefit (2)
— — — — 
Net of taxes— (2)— (3)
Reclassification adjustment related to foreign currency translation (1)
— — — — 
Income tax benefit (2)
— — — — 
Net of taxes— — — — 
Total reclassifications17 33 48 72 
Total income tax benefit4 8 10 16 
Total reclassifications, net of taxes$13 $25 $38 $56 
_________________________________________________________
(1)(Increases) decreases net realized investment gains (losses) on the consolidated statement of income.
(2)(Increases) decreases income tax expense on the consolidated statement of income.
(3)Increases (decreases) expenses on the consolidated statement of income.
v3.25.2
Earnings per Share (Table)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share Reconciliation [Abstract]  
Earnings per share reconciliation [Table Text Block]
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share amounts)2025202420252024
Basic and Diluted  
Net income, as reported$1,509 $534 $1,904 $1,657 
Participating share-based awards — allocated income(11)(5)(14)(13)
Net income available to common shareholders — basic and diluted$1,498 $529 $1,890 $1,644 
Common Shares  
Basic  
Weighted average shares outstanding225.9 228.6 226.4 228.8 
Diluted  
Weighted average shares outstanding225.9 228.6 226.4 228.8 
Weighted average effects of dilutive securities — stock options and performance shares
3.4 2.9 3.3 3.0 
Total229.3 231.5 229.7 231.8 
Net Income per Common Share  
Basic$6.63 $2.32 $8.35 $7.19 
Diluted$6.53 $2.29 $8.23 $7.09 
v3.25.2
Share-Based Incentive Compensation (Table)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Information for fully vested stock option awards [Table Text Block]
The following information relates to fully vested stock option awards as of June 30, 2025:
                                           Stock OptionsNumberWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Life
Remaining		Aggregate
Intrinsic
Value
($ in millions)
Vested at end of period (1)
5,964,494 $159.22 5.6 years$646 
Exercisable at end of period4,556,830 $142.69 4.7 years$569 
_________________________________________________________
(1)Represents awards for which the requisite service has been rendered, including those that are retirement eligible.
v3.25.2
Pension Plans, Retirement Benefits and Savings Plans (Table)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Summary of the components of net periodic benefit cost (benefit) for the Company's pension and postretirement benefit plans recognized in the consolidated statement of income [Table Text Block]
The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the three months ended June 30, in millions)2025202420252024
Net Periodic Benefit Cost (Benefit):    
Service cost$29 $29 $— $— 
Non-service cost (benefit):    
Interest cost on benefit obligation44 43 — 1 
Expected return on plan assets(70)(74)— — 
Amortization of unrecognized:
Prior service benefit— — — (1)
Net actuarial (gain) loss 3 1 (3)(2)
Total non-service cost (benefit)(23)(30)(3)(2)
Net periodic benefit cost (benefit)$6 $(1)$(3)$(2)
The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the three months ended June 30, in millions)2025202420252024
Service Cost:    
Claims and claim adjustment expenses$11 $12 $— $— 
General and administrative expenses18 17 — — 
Total service cost29 29 — — 
Non-Service Cost (Benefit):    
Claims and claim adjustment expenses(9)(11)(1)(1)
General and administrative expenses(14)(19)(2)(1)
Total non-service cost (benefit)(23)(30)(3)(2)
Net periodic benefit cost (benefit)$6 $(1)$(3)$(2)
The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the six months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the six months ended June 30, in millions)2025202420252024
Net Periodic Benefit Cost (Benefit):    
Service cost$57 $58 $— $— 
Non-service cost (benefit):    
Interest cost on benefit obligation88 86 1 2 
Expected return on plan assets(140)(149)— — 
Amortization of unrecognized:    
Prior service benefit— — (1)(2)
Net actuarial (gain) loss7 3 (6)(4)
Total non-service cost (benefit)(45)(60)(6)(4)
Net periodic benefit cost (benefit)$12 $(2)$(6)$(4)
The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the six months ended June 30, 2025 and 2024.
 Pension PlansPostretirement Benefit Plans
(for the six months ended June 30, in millions)2025202420252024
Service Cost:    
Claims and claim adjustment expenses$22 $23 $— $— 
General and administrative expenses35 35 — — 
Total service cost57 58 — — 
Non-Service Cost (Benefit):    
Claims and claim adjustment expenses(17)(23)(2)(2)
General and administrative expenses(28)(37)(4)(2)
Total non-service cost (benefit)(45)(60)(6)(4)
Net periodic benefit cost (benefit)$12 $(2)$(6)$(4)
v3.25.2
Leases (Table)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Additional information regarding real estate operating leases [Table Text Block]
Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Lease cost
Operating leases$16 $19 $32 $38 
Short-term leases (1)
— — 1 1 
Lease expense16 19 33 39 
Less: sublease income (2)
— — — — 
Net lease cost$16 $19 $33 $39 
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows
$18 $20 $36 $42 
Right-of-use assets obtained in exchange for new lease liabilities$9 $4 $16 $14 
Weighted average discount rate3.94 %3.08 %3.94 %3.08 %
Weighted average remaining lease term5.5 years4.1 years5.5 years4.1 years
_________________________________________________________
(1)Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.
(2)Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.
v3.25.2
Basis of Presentation and Accounting Policies (Details)
$ in Billions
Mar. 31, 2026
USD ($)
Forecast [Member] | Canadian insurance business excluding surety business [Member] | Disposal group, disposed of by sale, not discontinued operations [Member]  
Information about disposal groups, including discontinued operations  
Expected sales price on sale of business $ 2.4
v3.25.2
Segment Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment reporting information        
Number of reportable business segments | segment     3  
Premiums $ 10,921 $ 10,243 $ 21,631 $ 20,369
Net investment income 942 885 1,872 1,731
Fee income 124 115 243 224
Other revenues 123 105 235 217
Claims and claim adjustment expenses 6,789 7,373 14,795 14,029
Amortization of deferred acquisition costs 1,802 1,678 3,580 3,376
General and administrative expenses 1,545 1,478 3,004 2,884
Income tax expense (benefit) 372 122 445 369
Net realized investment gains (losses) 6 (65) (55) (30)
Total revenues 12,116 11,283 23,926 22,511
Core income (loss) 1,504 585 1,947 1,681
Net realized investment gains (losses), net of tax 5 (51) (43) (24)
Net income 1,509 534 1,904 1,657
Reportable Segments [Member]        
Segment reporting information        
Premiums 10,921 10,243 21,631 20,369
Net investment income 942 885 1,872 1,731
Fee income 124 115 243 224
Other revenues 123 105 235 217
Total segment revenues 12,110 11,348 23,981 22,541
Claims and claim adjustment expenses 6,789 7,373 14,795 14,029
Amortization of deferred acquisition costs 1,802 1,678 3,580 3,376
General and administrative expenses 1,533 1,466 2,981 2,864
Income tax expense (benefit) 395 158 505 420
Core income (loss) 1,591 673 2,120 1,852
Reportable Segments [Member] | Business Insurance [Member]        
Segment reporting information        
Premiums 5,545 5,168 11,010 10,328
Net investment income 662 632 1,318 1,241
Fee income 111 105 219 206
Other revenues 95 77 177 154
Total segment revenues 6,413 5,982 12,724 11,929
Claims and claim adjustment expenses 3,584 3,471 7,289 6,802
Amortization of deferred acquisition costs 944 861 1,861 1,725
General and administrative expenses 875 835 1,722 1,653
Income tax expense (benefit) 197 159 356 329
Core income (loss) 813 656 1,496 1,420
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member]        
Segment reporting information        
Premiums 5,083 4,736 10,065 9,483
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Workers' compensation [Member]        
Segment reporting information        
Premiums 841 864 1,664 1,744
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Automobile [Member]        
Segment reporting information        
Premiums 968 874 1,910 1,734
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial property [Member]        
Segment reporting information        
Premiums 960 894 1,897 1,767
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | General liability [Member]        
Segment reporting information        
Premiums 862 845 1,723 1,692
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]        
Segment reporting information        
Premiums 1,435 1,246 2,835 2,516
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Other [Member]        
Segment reporting information        
Premiums 17 13 36 30
Reportable Segments [Member] | Business Insurance [Member] | International [Member]        
Segment reporting information        
Premiums 462 432 945 845
Reportable Segments [Member] | Bond & Specialty Insurance [Member]        
Segment reporting information        
Premiums 1,021 977 2,016 1,933
Net investment income 107 94 209 184
Fee income 0 0 0 0
Other revenues 5 6 11 15
Total segment revenues 1,133 1,077 2,236 2,132
Claims and claim adjustment expenses 418 473 852 901
Amortization of deferred acquisition costs 195 183 382 365
General and administrative expenses 214 207 419 412
Income tax expense (benefit) 62 44 119 89
Core income (loss) 244 170 464 365
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member]        
Segment reporting information        
Premiums 885 845 1,753 1,667
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | General liability [Member]        
Segment reporting information        
Premiums 459 437 911 863
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Fidelity and surety [Member]        
Segment reporting information        
Premiums 367 350 725 690
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Other [Member]        
Segment reporting information        
Premiums 59 58 117 114
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | International [Member]        
Segment reporting information        
Premiums 136 132 263 266
Reportable Segments [Member] | Personal Insurance [Member]        
Segment reporting information        
Premiums 4,355 4,098 8,605 8,108
Net investment income 173 159 345 306
Fee income 13 10 24 18
Other revenues 23 22 47 48
Total segment revenues 4,564 4,289 9,021 8,480
Claims and claim adjustment expenses 2,787 3,429 6,654 6,326
Amortization of deferred acquisition costs 663 634 1,337 1,286
General and administrative expenses 444 424 840 799
Income tax expense (benefit) 136 (45) 30 2
Core income (loss) 534 (153) 160 67
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member]        
Segment reporting information        
Premiums 4,183 3,933 8,268 7,779
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Automobile [Member]        
Segment reporting information        
Premiums 1,980 1,919 3,944 3,793
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Homeowners and Other [Member]        
Segment reporting information        
Premiums 2,203 2,014 4,324 3,986
Reportable Segments [Member] | Personal Insurance [Member] | International [Member]        
Segment reporting information        
Premiums 172 165 337 329
Other [Member]        
Segment reporting information        
Core income (loss) (87) (88) (173) (171)
After-tax interest expense $ 78 $ 78 $ 156 $ 155
v3.25.2
Segment Information (Details) - Prior Year Development and Catastrophes - Reportable Segments [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment reporting information        
Net prior year reserve development $ 315 $ 230 $ 693 $ 321
Catastrophe losses 927 1,509 3,193 2,221
Business Insurance [Member]        
Segment reporting information        
Net prior year reserve development 79 34 153 34
Catastrophe losses 368 389 877 598
Bond & Specialty Insurance [Member]        
Segment reporting information        
Net prior year reserve development 81 24 148 48
Catastrophe losses 5 40 24 45
Personal Insurance [Member]        
Segment reporting information        
Net prior year reserve development 155 172 392 239
Catastrophe losses $ 554 $ 1,080 $ 2,292 $ 1,578
v3.25.2
Segment Reporting (Details) - Amortization and Depreciation - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment reporting information        
Amortization and depreciation     $ 352 $ 378
Reportable Segments [Member]        
Segment reporting information        
Amortization and depreciation $ 163 $ 180 349 374
Reportable Segments [Member] | Business Insurance [Member]        
Segment reporting information        
Amortization and depreciation 100 111 213 228
Reportable Segments [Member] | Bond & Specialty Insurance [Member]        
Segment reporting information        
Amortization and depreciation 18 21 41 45
Reportable Segments [Member] | Personal Insurance [Member]        
Segment reporting information        
Amortization and depreciation $ 45 $ 48 $ 95 $ 101
v3.25.2
Segment Information (Details) - Assets by Segment - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets by segment    
Total assets $ 138,873 $ 133,189
Reportable Segments [Member]    
Assets by segment    
Total assets 137,763 132,077
Reportable Segments [Member] | Business Insurance [Member]    
Assets by segment    
Total assets 102,618 98,311
Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Assets by segment    
Total assets 13,390 12,628
Reportable Segments [Member] | Personal Insurance [Member]    
Assets by segment    
Total assets 21,755 21,138
Other assets [Member]    
Assets by segment    
Total assets $ 1,110 $ 1,112
v3.25.2
Investments (Details) - Investment Information, Debt Securities - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Investment disclosure details            
Fixed maturities, amortized cost $ 91,406     $ 88,277    
Allowance for expected credit losses 4     2    
Gross unrealized gains 520     223    
Gross unrealized losses 4,353     4,832    
Fixed maturities, at fair value 87,569     83,666    
Proceeds from sales of fixed maturities classified as available for sale 601 $ 1,250        
Gross realized gains 3 2        
Gross realized losses on sales of fixed maturities 26 41        
Realized losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds' maturity date 23 33        
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 3,938     5,735    
Allowance for expected credit losses 0     0    
Gross unrealized gains 4     4    
Gross unrealized losses 99     169    
Fixed maturities, at fair value 3,843     5,570    
Obligations of U.S. states, municipalities and political subdivisions [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 31,281     29,526    
Allowance for expected credit losses 0     0    
Gross unrealized gains 40     43    
Gross unrealized losses 2,761     2,384    
Fixed maturities, at fair value 28,560     27,185    
Obligations of U.S. states, municipalities and political subdivisions, local general obligation [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 20,225     18,604    
Allowance for expected credit losses 0     0    
Gross unrealized gains 22     23    
Gross unrealized losses 1,835     1,604    
Fixed maturities, at fair value 18,412     17,023    
Obligations of U.S. states, municipalities and political subdivisions, revenue [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 9,476     9,268    
Allowance for expected credit losses 0     0    
Gross unrealized gains 14     16    
Gross unrealized losses 847     704    
Fixed maturities, at fair value 8,643     8,580    
Obligations of U.S. states, municipalities and political subdivisions, state general obligation [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 1,005     1,081    
Allowance for expected credit losses 0     0    
Gross unrealized gains 2     2    
Gross unrealized losses 77     73    
Fixed maturities, at fair value 930     1,010    
Obligations of U.S. states, municipalities and political subdivisions, pre-refunded [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 575     573    
Allowance for expected credit losses 0     0    
Gross unrealized gains 2     2    
Gross unrealized losses 2     3    
Fixed maturities, at fair value 575     572    
Debt securities issued by foreign governments [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 978     917    
Allowance for expected credit losses 0     0    
Gross unrealized gains 8     5    
Gross unrealized losses 8     13    
Fixed maturities, at fair value 978     909    
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 13,182     12,888    
Allowance for expected credit losses 0     0    
Gross unrealized gains 137     53    
Gross unrealized losses 207     336    
Fixed maturities, at fair value 13,112     12,605    
Corporate and all other bonds [Member]            
Investment disclosure details            
Fixed maturities, amortized cost 42,027     39,211    
Allowance for expected credit losses 4 $ 1 $ 4 2 $ 3 $ 5
Gross unrealized gains 331     118    
Gross unrealized losses 1,278     1,930    
Fixed maturities, at fair value $ 41,076     $ 37,397    
v3.25.2
Investments (Details) - Investment Information, Equity Securities - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Investment disclosure details      
Equity securities, cost $ 505   $ 544
Gross gains 159   154
Gross losses 13   11
Equity securities, at fair value 651   687
Net recognized gains on equity securities still held 1 $ 51  
Common stock [Member]      
Investment disclosure details      
Equity securities, cost 460   500
Gross gains 154   150
Gross losses 7   11
Equity securities, at fair value 607   639
Non-redeemable preferred stock [Member]      
Investment disclosure details      
Equity securities, cost 45   44
Gross gains 5   4
Gross losses 6   0
Equity securities, at fair value $ 44   $ 48
v3.25.2
Investments (Details) - Investment Information, Losses - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value $ 16,728 $ 23,954
Continuous unrealized loss position, less than 12 months, gross unrealized losses 496 454
Continuous unrealized loss position, 12 months or longer, fair value 39,375 41,709
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 3,857 4,378
Continuous unrealized loss position, total, fair value 56,103 65,663
Continuous unrealized loss position, total, gross unrealized losses 4,353 4,832
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 63 437
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 254 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 149 43
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 733 638
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 1,199 1,118
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 566 557
Continuous unrealized loss position, less than 12 months, gross unrealized losses 0 1
Continuous unrealized loss position, 12 months or longer, fair value 2,248 2,830
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 99 168
Continuous unrealized loss position, total, fair value 2,814 3,387
Continuous unrealized loss position, total, gross unrealized losses 99 169
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 0 0
Obligations of U.S. states, municipalities and political subdivisions [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 9,403 8,584
Continuous unrealized loss position, less than 12 months, gross unrealized losses 411 160
Continuous unrealized loss position, 12 months or longer, fair value 15,223 15,007
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 2,350 2,224
Continuous unrealized loss position, total, fair value 24,626 23,591
Continuous unrealized loss position, total, gross unrealized losses 2,761 2,384
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 56 366
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 248 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 149 43
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 732 635
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 1,185 1,044
Debt securities issued by foreign governments [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 93 113
Continuous unrealized loss position, less than 12 months, gross unrealized losses 0 1
Continuous unrealized loss position, 12 months or longer, fair value 333 454
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 8 12
Continuous unrealized loss position, total, fair value 426 567
Continuous unrealized loss position, total, gross unrealized losses 8 13
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 0 0
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 3,825 7,359
Continuous unrealized loss position, less than 12 months, gross unrealized losses 55 148
Continuous unrealized loss position, 12 months or longer, fair value 1,354 1,419
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 152 188
Continuous unrealized loss position, total, fair value 5,179 8,778
Continuous unrealized loss position, total, gross unrealized losses 207 336
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 3 58
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 2 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 5 58
Corporate and all other bonds [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 2,841 7,341
Continuous unrealized loss position, less than 12 months, gross unrealized losses 30 144
Continuous unrealized loss position, 12 months or longer, fair value 20,217 21,999
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 1,248 1,786
Continuous unrealized loss position, total, fair value 23,058 29,340
Continuous unrealized loss position, total, gross unrealized losses 1,278 1,930
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 4 13
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 4 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 1 3
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total $ 9 $ 16
v3.25.2
Investments (Details) - Allowance for Expected Credit Losses - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Allowance for expected credit losses [Roll Forward]        
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, beginning of period     $ 2  
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, end of period $ 4   4  
Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income $ 0 $ 0 $ 2 $ 3
Credit losses on fixed maturities recognized in the consolidated statement of income, as a percentage of the fixed maturity portfolio on a pre-tax basis (less than) 1.00% 1.00% 1.00% 1.00%
Credit losses on fixed maturities recognized in the consolidated statement of income, as a percentage of shareholders' equity on an after-tax basis (less than) 1.00% 1.00% 1.00% 1.00%
Corporate and all other bonds [Member]        
Allowance for expected credit losses [Roll Forward]        
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, beginning of period $ 4 $ 3 $ 2 $ 5
Additions for expected credit losses on securities where no credit losses were previously recognized 0 0 2 3
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized 0 0 0 0
Reductions due to sales/defaults of credit-impaired securities 0 (2) 0 (7)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell 0 0 0 0
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, end of period $ 4 $ 1 $ 4 $ 1
v3.25.2
Investments (Details) - Other Investments
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Availability of financial information provided by hedge funds following the date of the reporting 1 month
Availability of financial information provided by private equity and real estate partnerships following the date of the reporting, maximum 3 months
v3.25.2
Fair Value Measurements (Details)
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Percent of fixed maturities for which a pricing service estimates fair value 99.00% 99.00%
v3.25.2
Fair Value Measurements (Details) - Fair Value Hierarchy - Recurring basis [Member] - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis $ 88,241 $ 84,373
Fixed maturities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 87,569 83,666
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 3,843 5,570
Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 28,560 27,185
Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 978 909
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 13,112 12,605
Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 41,076 37,397
Equity securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 651 687
Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 608 639
Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 43 48
Other Investments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 21 20
Level 1 [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 4,485 6,237
Level 1 [Member] | Fixed maturities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 3,847 5,570
Level 1 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 3,843 5,570
Level 1 [Member] | Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 1 [Member] | Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 1 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 1 [Member] | Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 4 0
Level 1 [Member] | Equity securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 617 647
Level 1 [Member] | Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 601 631
Level 1 [Member] | Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 16 16
Level 1 [Member] | Other Investments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 21 20
Level 2 [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 83,483 77,850
Level 2 [Member] | Fixed maturities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 83,480 77,847
Level 2 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 2 [Member] | Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 28,560 27,185
Level 2 [Member] | Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 978 909
Level 2 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 13,109 12,602
Level 2 [Member] | Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 40,833 37,151
Level 2 [Member] | Equity securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 3 3
Level 2 [Member] | Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 2 [Member] | Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 3 3
Level 2 [Member] | Other Investments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 3 [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 273 286
Level 3 [Member] | Fixed maturities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 242 249
Level 3 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 3 [Member] | Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 3 [Member] | Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 0 0
Level 3 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 3 3
Level 3 [Member] | Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 239 246
Level 3 [Member] | Equity securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 31 37
Level 3 [Member] | Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 7 8
Level 3 [Member] | Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 24 29
Level 3 [Member] | Investment in non-public common and preferred equity securities where the fair value estimate is determined either internally or by an external fund manager [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis 31 37
Level 3 [Member] | Other Investments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Total invested assets measured on a recurring basis $ 0 $ 0
v3.25.2
Fair Value Measurements (Details) - Financial Instruments - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financial Instruments    
Short-term securities $ 4,748 $ 4,766
Carrying Value [Member]    
Financial Instruments    
Short-term securities 4,748 4,766
Debt 7,934 7,933
Commercial paper 100 100
Fair Value [Member]    
Financial Instruments    
Short-term securities 4,748 4,766
Debt 7,189 7,095
Commercial paper 100 100
Fair Value [Member] | Level 1 [Member]    
Financial Instruments    
Short-term securities 847 1,933
Debt 0 0
Commercial paper 0 0
Fair Value [Member] | Level 2 [Member]    
Financial Instruments    
Short-term securities 3,855 2,788
Debt 7,189 7,095
Commercial paper 100 100
Fair Value [Member] | Level 3 [Member]    
Financial Instruments    
Short-term securities 46 45
Debt 0 0
Commercial paper $ 0 $ 0
v3.25.2
Allowance for Expected Credit Losses (Details) - Changes in the Allowance for Expected Credit Losses on Premiums Receivable - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Credit Loss [Abstract]        
Premiums receivable (net of allowance for expected credit losses), balance, beginning of period $ 11,575 $ 10,829 $ 11,110 $ 10,282
Premiums receivable (net of allowance for expected credit losses), balance, end of period 12,042 11,491 12,042 11,491
Premiums receivable, allowance for expected credit losses [Roll Forward]        
Premiums receivable, allowance for expected credit losses, beginning balance 58 68 58 69
Current period change for expected credit losses 19 13 35 25
Write-offs of uncollectible premiums receivable 16 12 32 25
Premiums receivable, allowance for expected credit losses, ending balance $ 61 $ 69 $ 61 $ 69
v3.25.2
Allowance for Expected Credit Losses (Details) - Changes in the Allowance for Estimated Uncollectible Reinsurance - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Credit Loss [Abstract]        
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance), balance, beginning of period $ 8,105 $ 8,100 $ 8,000 $ 8,143
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance), balance, end of period 8,059 8,132 8,059 8,132
Reinsurance recoverables, allowance for uncollectible reinsurance [Roll Forward]        
Reinsurance recoverables, allowance for uncollectible reinsurance, beginning balance 128 117 119 118
Current period change for estimated uncollectible reinsurance (1) 0 8 (1)
Write-offs of uncollectible reinsurance recoverables 0 0 0 0
Reinsurance recoverables, allowance for uncollectible reinsurance, ending balance $ 127 $ 117 $ 127 $ 117
v3.25.2
Allowance for Expected Credit Losses (Details) - Narrative - Reinsurer Concentration Risk [Member]
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Reinsurance Recoverables [Member] | Reinsurer Group Rated by A.M. Best [Member] | A.M. Best, Rating Provided [Member]  
Reinsurance recoverables, credit quality indicator  
Reinsurance recoverables, after deducting mandatory pools and associations and before allowances for expected credit losses $ 5,920
Concentration risk percentage 88.00%
Reinsurance Recoverables [Member] | Reinsurer Group Not Rated by A.M. Best [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 12.00%
Reinsurance Recoverables [Member] | Captive Insurance Companies [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 5.00%
Reinsurance Recoverables [Member] | Voluntary Pools [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 1.00%
Reinsurance Recoverables [Member] | Other Companies [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 6.00%
Reinsurance Recoverables Rated by A.M. Best [Member] | Reinsurer Group Rated by A.M. Best [Member] | A.M. Best, A- Rating Or Better [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 94.00%
v3.25.2
Allowance for Expected Credit Losses (Details) - Changes in the Allowance for Expected Credit Losses on Contractholder Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Credit Loss [Abstract]        
Contractholder receivables (net of the allowance for expected credit losses), balance, beginning of period $ 3,193 $ 3,266 $ 3,171 $ 3,249
Contractholder receivables (net of the allowance for expected credit losses), balance, end of period 3,095 3,274 3,095 3,274
Contractholder receivables, allowance for expected credit losses [Roll Forward]        
Contractholder receivables, allowance for expected credit losses, beginning balance 17 19 18 20
Current period change for expected credit losses 0 (1) (1) (2)
Write-offs of uncollectible contractholder receivables 0 0 0 0
Contractholder receivables, allowance for expected credit losses, ending balance $ 17 $ 18 $ 17 $ 18
v3.25.2
Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Goodwill by segment    
Goodwill $ 4,283 $ 4,233
Reportable Segments [Member] | Business Insurance [Member]    
Goodwill by segment    
Goodwill 2,609 2,572
Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Goodwill by segment    
Goodwill 838 834
Reportable Segments [Member] | Personal Insurance [Member]    
Goodwill by segment    
Goodwill 810 801
Other [Member]    
Goodwill by segment    
Goodwill $ 26 $ 26
v3.25.2
Goodwill and Other Intangible Assets (Details) - Other Intangible Assets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount $ 409 $ 407
Intangible assets subject to amortization, accumulated amortization 288 273
Intangible assets subject to amortization, net 121 134
Intangible assets not subject to amortization 227 226
Total other intangible assets, gross carrying amount 636 633
Total other intangible assets, net 348 360
Customer-related [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount 187 185
Intangible assets subject to amortization, accumulated amortization 86 74
Intangible assets subject to amortization, net 101 111
Contract-based [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount 204 204
Intangible assets subject to amortization, accumulated amortization 197 196
Intangible assets subject to amortization, net 7 8
Marketing-related [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount 18 18
Intangible assets subject to amortization, accumulated amortization 5 3
Intangible assets subject to amortization, net $ 13 $ 15
v3.25.2
Insurance Claim Reserves (Details) - Reserve Detail for Claims and Claim Adjustment Expenses - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year $ 64,093  
Claims and claim adjustment expense reserves at end of period 66,941  
Property-casualty [Member]    
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year 64,088 $ 61,621
Reinsurance recoverables on unpaid losses 7,669 7,817
Net reserves at beginning of year 56,419 53,804
Estimated claims and claim adjustment expenses for claims arising in the current year 15,392 14,213
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (650) (232)
Total increases 14,742 13,981
Claims and claim adjustment expense payments for claims arising in current year 4,504 3,953
Claims and claim adjustment expense payments for claims arising in prior years 7,763 7,750
Total payments 12,267 11,703
Unrealized foreign exchange (gain) loss 272 (75)
Net reserves at end of period 59,166 56,007
Reinsurance recoverables on unpaid losses 7,771 7,845
Claims and claim adjustment expense reserves at end of period 66,937 $ 63,852
Amount of increase in gross claims and claim adjustment expense reserves 2,850  
Accident and health [Member]    
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year 5  
Claims and claim adjustment expense reserves at end of period $ 4  
v3.25.2
Insurance Claim Reserves (Details) - Prior Year Reserve Development - Property-casualty [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Liability for claims and claim adjustment expense        
Net favorable development included in estimated claims and claim adjustment expenses incurred for claims arising in prior years     $ 650 $ 232
Net favorable prior year reserve development impacting the Company's results of operations     693 321
Accretion expense     22 22
Business Insurance [Member]        
Liability for claims and claim adjustment expense        
Net favorable prior year reserve development impacting the Company's results of operations $ 79 $ 34 153 34
Bond & Specialty Insurance [Member]        
Liability for claims and claim adjustment expense        
Net favorable prior year reserve development impacting the Company's results of operations 81 24 148 48
Personal Insurance [Member]        
Liability for claims and claim adjustment expense        
Net favorable prior year reserve development impacting the Company's results of operations $ 155 $ 172 $ 392 $ 239
v3.25.2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated other comprehensive income (loss) [Roll Forward]        
Balance, beginning of period     $ 27,864  
Other comprehensive income (loss), net of taxes $ 483 $ (279) 882 $ (939)
Balance, end of period 29,518 24,862 29,518 24,862
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)        
Other comprehensive income (loss), before income taxes 569 (350) 1,067 (1,172)
Income tax expense (benefit) 86 (71) 185 (233)
Other comprehensive income (loss), net of taxes 483 (279) 882 (939)
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated other comprehensive income (loss) [Roll Forward]        
Balance, beginning of period (4,568) (5,131) (4,967) (4,471)
Other comprehensive income (loss) before reclassifications, net of tax 470   844  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 13   38  
Other comprehensive income (loss), net of taxes 483 (279) 882 (939)
Balance, end of period (4,085) (5,410) (4,085) (5,410)
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)        
Other comprehensive income (loss), before income taxes 569 (350) 1,067 (1,172)
Income tax expense (benefit) 86 (71) 185 (233)
Other comprehensive income (loss), net of taxes 483 (279) 882 (939)
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member]        
Accumulated other comprehensive income (loss) [Roll Forward]        
Balance, beginning of period (3,484)   (3,824)  
Other comprehensive income (loss) before reclassifications, net of tax 255   570  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 13   38  
Other comprehensive income (loss), net of taxes 268 (255) 608 (849)
Balance, end of period (3,216)   (3,216)  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)        
Other comprehensive income (loss), before income taxes 341 (324) 777 (1,076)
Income tax expense (benefit) 73 (69) 169 (227)
Other comprehensive income (loss), net of taxes 268 (255) 608 (849)
Changes in Net Unrealized Gains (Losses) on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member]        
Accumulated other comprehensive income (loss) [Roll Forward]        
Balance, beginning of period 185   184  
Other comprehensive income (loss) before reclassifications, net of tax 0   1  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0   0  
Other comprehensive income (loss), net of taxes 0 0 1 2
Balance, end of period 185   185  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)        
Other comprehensive income (loss), before income taxes 0 1 1 3
Income tax expense (benefit) 0 1 0 1
Other comprehensive income (loss), net of taxes 0 0 1 2
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]        
Accumulated other comprehensive income (loss) [Roll Forward]        
Balance, beginning of period (224)   (224)  
Other comprehensive income (loss) before reclassifications, net of tax 0   0  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0   0  
Other comprehensive income (loss), net of taxes 0 (1) 0 (2)
Balance, end of period (224)   (224)  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)        
Other comprehensive income (loss), before income taxes 0 (2) 0 (3)
Income tax expense (benefit) 0 (1) 0 (1)
Other comprehensive income (loss), net of taxes 0 (1) 0 (2)
Net Unrealized Foreign Currency Translation [Member]        
Accumulated other comprehensive income (loss) [Roll Forward]        
Balance, beginning of period (1,045)   (1,103)  
Other comprehensive income (loss) before reclassifications, net of tax 215   273  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0   0  
Other comprehensive income (loss), net of taxes 215 (23) 273 (90)
Balance, end of period (830)   (830)  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)        
Other comprehensive income (loss), before income taxes 228 (25) 289 (96)
Income tax expense (benefit) 13 (2) 16 (6)
Other comprehensive income (loss), net of taxes $ 215 $ (23) $ 273 $ (90)
v3.25.2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - Reclassifications - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)        
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income $ (6) $ 65 $ 55 $ 30
Reclassification adjustment impacting claims and claim adjustment expenses (benefit) on the consolidated statement of income 6,789 7,373 14,795 14,029
Reclassification adjustment impacting general and administrative expenses (benefit) on the consolidated statement of income 1,545 1,478 3,004 2,884
Total reclassifications (1,881) (656) (2,349) (2,026)
Income tax (expense) benefit (372) (122) (445) (369)
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1,509) (534) (1,904) (1,657)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)        
Total reclassifications 17 33 48 72
Income tax (expense) benefit 4 8 10 16
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 13 25 38 56
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)        
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income 17 35 48 75
Income tax (expense) benefit 4 8 10 16
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 13 27 38 59
Changes in Net Unrealized Gains (Losses) on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)        
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income 0 0 0 0
Income tax (expense) benefit 0 0 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 0 0 0 0
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)        
Reclassification adjustment impacting claims and claim adjustment expenses (benefit) on the consolidated statement of income 0 (1) 0 (1)
Reclassification adjustment impacting general and administrative expenses (benefit) on the consolidated statement of income 0 (1) 0 (2)
Total reclassifications 0 (2) 0 (3)
Income tax (expense) benefit 0 0 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 0 (2) 0 (3)
Net Unrealized Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)        
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income 0 0 0 0
Income tax (expense) benefit 0 0 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes $ 0 $ 0 $ 0 $ 0
v3.25.2
Common Share Repurchases (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]    
Number of shares repurchased under share repurchase authorization (in shares) | shares 1.8 2.8
Cost of shares repurchased under share repurchase authorization $ 500 $ 750
Average cost per share repurchased under share repurchase authorization (in dollars per share) | $ / shares $ 269.90 $ 265.45
Number of shares acquired to cover tax withholding costs and exercise costs (in shares) | shares 0.3 0.7
Cost of shares acquired to cover tax withholding costs and exercise costs $ 57 $ 165
Remaining capacity under share repurchase authorization $ 4,290 $ 4,290
v3.25.2
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share Reconciliation [Abstract]        
Net income $ 1,509 $ 534 $ 1,904 $ 1,657
Participating share-based awards — allocated income (11) (5) (14) (13)
Net income available to common shareholders -- basic 1,498 529 1,890 1,644
Net income available to common shareholders -- diluted $ 1,498 $ 529 $ 1,890 $ 1,644
Weighted average shares outstanding, basic (in shares) 225.9 228.6 226.4 228.8
Weighted average effects of dilutive securities - stock options and performance shares (in shares) 3.4 2.9 3.3 3.0
Weighted average shares outstanding, diluted (in shares) 229.3 231.5 229.7 231.8
Net income per common share, basic (in dollars per share) $ 6.63 $ 2.32 $ 8.35 $ 7.19
Net income per common share, diluted (in dollars per share) $ 6.53 $ 2.29 $ 8.23 $ 7.09
v3.25.2
Share-Based Incentive Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]        
Stock options vested at end of period, number (in shares) 5,964,494   5,964,494  
Stock options vested at end of period, weighted average exercise price (in dollars per share) $ 159.22   $ 159.22  
Stock options vested at end of period, weighted average contractual life remaining (in years)     5 years 7 months 6 days  
Stock options vested at end of period, aggregate intrinsic value $ 646   $ 646  
Stock options exercisable at end of period, number (in shares) 4,556,830   4,556,830  
Stock options exercisable at end of period, weighted average exercise price (in dollars per share) $ 142.69   $ 142.69  
Stock options exercisable at end of period, weighted average contractual life remaining (in years)     4 years 8 months 12 days  
Stock options exercisable at end of period, aggregate intrinsic value $ 569   $ 569  
Total compensation cost recognized in earnings for all share-based incentive compensation awards 57 $ 60 140 $ 139
Tax benefit recognized in the consolidated statement of income related to compensation costs 9 $ 10 22 $ 22
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards $ 359   $ 359  
Weighted-average period of recognition for unrecognized compensation cost (in years)     2 years  
v3.25.2
Pension Plans, Retirement Benefits and Savings Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pension Plans [Member]        
Defined benefit plan disclosure        
Service cost $ 29 $ 29 $ 57 $ 58
Interest cost on benefit obligation 44 43 88 86
Expected return on plan assets (70) (74) (140) (149)
Net periodic benefit cost (benefit), amortization of unrecognized prior service benefit 0 0 0 0
Net periodic benefit cost (benefit), amortization of unrecognized net actuarial (gain) loss 3 1 7 3
Total non-service cost (benefit) (23) (30) (45) (60)
Net periodic benefit cost (benefit) 6 (1) 12 (2)
Pension Plans [Member] | Claims and claim adjustment expenses [Member]        
Defined benefit plan disclosure        
Service cost 11 12 22 23
Total non-service cost (benefit) (9) (11) (17) (23)
Pension Plans [Member] | General and administrative expenses [Member]        
Defined benefit plan disclosure        
Service cost 18 17 35 35
Total non-service cost (benefit) (14) (19) (28) (37)
Postretirement Benefit Plans [Member]        
Defined benefit plan disclosure        
Service cost 0 0 0 0
Interest cost on benefit obligation 0 1 1 2
Expected return on plan assets 0 0 0 0
Net periodic benefit cost (benefit), amortization of unrecognized prior service benefit 0 (1) (1) (2)
Net periodic benefit cost (benefit), amortization of unrecognized net actuarial (gain) loss (3) (2) (6) (4)
Total non-service cost (benefit) (3) (2) (6) (4)
Net periodic benefit cost (benefit) (3) (2) (6) (4)
Postretirement Benefit Plans [Member] | Claims and claim adjustment expenses [Member]        
Defined benefit plan disclosure        
Service cost 0 0 0 0
Total non-service cost (benefit) (1) (1) (2) (2)
Postretirement Benefit Plans [Member] | General and administrative expenses [Member]        
Defined benefit plan disclosure        
Service cost 0 0 0 0
Total non-service cost (benefit) $ (2) $ (1) $ (4) $ (2)
v3.25.2
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating leases $ 16 $ 19 $ 32 $ 38
Short-term leases 0 0 1 1
Lease expense 16 19 33 39
Less: sublease income 0 0 0 0
Net lease cost 16 19 33 39
Cash payments to settle a lease liability reported in cash flows 18 20 36 42
Right-of-use assets obtained in exchange for new lease liabilities $ 9 $ 4 $ 16 $ 14
Weighted average discount rate (percent) 3.94% 3.08% 3.94% 3.08%
Weighted average remaining lease term (in years) 5 years 6 months 4 years 1 month 6 days 5 years 6 months 4 years 1 month 6 days
v3.25.2
Contingencies, Commitments and Guarantees (Details) - Commitments - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Contingencies, Commitments and Guarantees [Abstract]    
Unfunded commitments to private equity limited partnerships, real estate partnerships and other investments $ 1,430 $ 1,490
v3.25.2
Contingencies, Commitments and Guarantees (Details) - Guarantees
$ in Millions
Jun. 30, 2025
USD ($)
Indemnifications related to the sale of businesses [Member]  
Guarantor obligations  
Maximum amount of contingent obligation $ 351
Guarantees of certain insurance policy obligations [Member]  
Guarantor obligations  
Maximum amount of contingent obligation 480
Amount indemnified by a third party $ 480
v3.25.2
Noncash Investing and Financing Activities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Issuance of common stock — net share settlement of employee options $ 41 $ 30