Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income

Shareholders’ equity included the following activity in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
In millions	2024		2023
Net unrealized investment losses:
Beginning of period balance	$	(429)	$	(1,519)
Other comprehensive income (loss) before reclassifications ($(162) and $340 pretax)	(156)		339
Amounts reclassified from accumulated other comprehensive loss ($54 and $131 pretax) (1)	48		131
Other comprehensive income (loss)	(108)		470
End of period balance	(537)		(1,049)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance	152		219
Other comprehensive income (loss) before reclassifications ($88 and $(101) pretax)	68		(74)
Other comprehensive income (loss)	68		(74)
End of period balance	220		145
Foreign currency translation adjustments:
Beginning of period balance	—		—
Other comprehensive loss before reclassifications	—		(1)
Other comprehensive loss	—		(1)
End of period balance	—		(1)
Net cash flow hedges:
Beginning of period balance	244		239
Other comprehensive loss before reclassifications ($0 and $(5) pretax)	—		(4)
Amounts reclassified from accumulated other comprehensive income ($(6) and $(3) pretax) (2)	(4)		(2)
Other comprehensive loss	(4)		(6)
End of period balance	240		233
Pension and other postretirement benefits:
Beginning of period balance	(264)		(203)
Other comprehensive income	—		—
End of period balance	(264)		(203)
Total beginning of period accumulated other comprehensive loss	(297)		(1,264)
Total other comprehensive income (loss)	(44)		389
Total end of period accumulated other comprehensive loss	$	(341)	$	(875)

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(1)Amounts reclassified from accumulated other comprehensive loss for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.

(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $21 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.