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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Assets and Financial Liabilities Carried at Fair Value
The following table provides information about the Company's financial assets and liabilities carried at fair value. Further information regarding insurance assets and liabilities carried at fair value is provided in Note 9E to the Consolidated Financial Statements. Separate account assets are also recorded at fair value on the Company's Consolidated Balance Sheets and are reported separately in the Separate Accounts section below as gains and losses related to these assets generally accrue directly to contractholders:
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
Financial assets at fair value
Debt securities
Federal government and agency$168 $130 $121 $137 $— $— $289 $267 
State and local government— — 38 38 — — 38 38 
Foreign government— — 376 352 — — 376 352 
Corporate
— — 8,448 8,432 377 401 8,825 8,833 
Mortgage and other asset-backed— — 307 319 46 46 353 365 
Total debt securities168 130 9,290 9,278 423 447 9,881 9,855 
Equity securities (1)
1 4 48 47 — — 49 51 
Short-term investments— — 182 206 — — 182 206 
Derivative assets— — 129 131 — 1 129 132 
Financial liabilities at fair value
Derivative liabilities$— $— $5 $4 $— $— $5 $4 
(1)Excludes certain equity securities that have no readily determinable fair value.
Fair Value and Significant Unobservable Inputs Used in Pricing Debt Securities
The following table summarizes the fair value and significant unobservable inputs that were developed directly by the Company and used in pricing these debt securities. The range and weighted average basis point amounts for liquidity reflect the Company's best estimates of the unobservable adjustments a market participant would make to calculate these fair values.
Fair Value as ofUnobservable Adjustment Range (Weighted Average by Quantity) as of
(Fair value in millions)September 30, 2024December 31, 2023Unobservable Input September 30, 2024September 30, 2024December 31, 2023
Debt securities
Corporate$377 $401 Liquidity
60 - 1495 (380)
bps
70 - 1235 (310)
bps
Mortgage and other asset-backed securities46 46 Liquidity
100 - 635 (320)
bps
95 - 640 (310)
bps
Total Level 3 debt securities$423 $447 
Changes in Level 3 Financial Assets and Financial Liabilities Carried at Fair Value
The following table summarizes the changes in financial assets and financial liabilities classified in Level 3. Gains and losses reported in the table may include net changes in fair value that are attributable to both observable and unobservable inputs.
Three Months Ended September 30,Nine Months Ended
September 30,
(In millions)2024202320242023
Debt and Equity Securities
Beginning balance$397 $454 $447 $447 
Losses included in Shareholders' net income
(10)(1)(71)(1)
Gains (losses) included in Other comprehensive income (loss)
8 (5)3 (5)
Purchases, sales and settlements
Purchases4 6 15 10 
Sales(2)— (2)— 
Settlements(4)(5)(19)(32)
Total purchases, sales and settlements(2)1 (6)(22)
Transfers into / (out of) Level 3
Transfers into Level 332 — 63 71 
Transfers out of Level 3(2)(13)(13)(54)
Total transfers into / (out of) Level 330 (13)50 17 
Ending balance$423 $436 $423 $436 
Total losses included in Shareholders' net income attributable to instruments held at the reporting date
$(9)$(1)$(71)$(1)
Change in unrealized gain or (loss) included in Other comprehensive income (loss) for assets held at the end of the reporting period
$8 $(4)$3 $(9)
Fair Values of Separate Account Assets
Fair values of Separate account assets were as follows:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
(In millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Guaranteed separate accounts (See Note 16)
$247 $226 $353 $352 $— $— $600 $578 
Non-guaranteed separate accounts (1)
166 158 6,007 5,797 227 217 6,400 6,172 
Subtotal$413 $384 $6,360 $6,149 $227 $217 7,000 6,750 
Non-guaranteed separate accounts priced at net asset value ("NAV") as a practical expedient (1)
651 680 
Total$7,651 $7,430 
(1)Non-guaranteed separate accounts include $4.0 billion as of both September 30, 2024 and December 31, 2023 in assets supporting the Company's pension plans, including $0.2 billion classified in Level 3 as of both September 30, 2024 and December 31, 2023.
Additional Information on Separate Account Assets Priced at NAV
Separate account investments in securities partnerships, real estate, real estate funds and hedge funds are generally valued based on the separate account's ownership share of the equity of the investee (NAV as a practical expedient), including changes in the fair values of its underlying investments. Substantially all of these assets support the Company's pension plans. The following table provides additional information on these investments:
Fair Value as ofUnfunded Commitment as of September 30, 2024Redemption Frequency
(if currently eligible)		Redemption Notice
Period
(In millions)September 30, 2024December 31, 2023
Securities partnerships$413 $419 $224 Not applicableNot applicable
Real estate and real estate funds237 258 3 Quarterly
30 - 90 days
Hedge funds1 3 — Up to annually, varying by fund
30 - 90 days
Total$651 $680 $227 
Fair Value Disclosures for Financial Instruments Not Carried at Fair Value
The following table includes the Company's financial instruments not recorded at fair value but for which fair value disclosure is required. In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table:
Classification in Fair Value HierarchySeptember 30, 2024December 31, 2023
(In millions)Fair ValueCarrying ValueFair ValueCarrying Value
Commercial mortgage loansLevel 3$1,394 $1,460 $1,430 $1,533 
Long-term debt, including current maturities, excluding finance leasesLevel 2$29,854 $31,073 $28,033 $29,585