Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Current and Deferred Components of Income Tax Expense

The current and deferred components of income tax expense are as follows:

Year Ended December 31	2024		2023		2022
(In millions)
Income tax expense (benefit):
Federal:
Current	$	320	$	267	$	241
Deferred	(10)		81		(60)
State and city:
Current	47		20		25
Deferred	(40)		31		15
Foreign	63		52		2
Total	$	380	$	451	$	223

Schedule of Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense

The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows:

Year Ended December 31	2024		2023		2022
(In millions)
Income before income tax:
U.S.	$	1,672	$	1,798	$	973
Foreign	202		198		141
Total	$	1,874	$	1,996	$	1,114
Income tax expense at statutory rate	$	393	$	419	$	235
Increase (decrease) in income tax expense resulting from:
Exempt investment income	(22)		(28)		(38)
Foreign related tax differential	(5)		1		(15)
Valuation allowance	1		2		1
State taxes	8		48		36
Other	5		9		4
Income tax expense	$	380	$	451	$	223

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes deferred tax assets and liabilities:

December 31	2024		2023
(In millions)
Deferred tax assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	234	$	202
Unearned premium reserves	225		213
Policyholder reserves			160
Deferred revenue	85		70
Employee benefits	79		86
Deferred retroactive reinsurance benefit	89		88
Net operating loss carryforwards	35		44
Net unrealized losses	485		416
Other	153		159
Total deferred tax assets	1,385		1,438
Valuation allowance	(19)		(18)
Net deferred tax assets	1,366		1,420
Deferred tax liabilities:
Deferred acquisition costs	(140)		(126)
Policyholder reserves	(48)
Property, plant and equipment	(963)		(938)
Basis differential in investment in subsidiary	(481)		(502)
Other liabilities	(245)		(198)
Total deferred tax liabilities	(1,877)		(1,764)
Net deferred tax liabilities (a)	$	(511)	$	(344)
(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2024 and 2023	$	39	$	54