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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Schedule of Total Investments
Total investments at September 30, 2024 and December 31, 2023 were as follows:
 September 30, 2024December 31, 2023
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,633 $23,857 $26,490 $3,131 $18,582 $21,713 
Mortgage loans172 1,315 1,487 128 1,183 1,311 
Other investments— 3,767 3,767 — 3,254 3,254 
Total investments$2,805 $28,939 $31,744 $3,259 $23,019 $26,278 
Schedule of Debt Securities Available For Sale
Debt securities available for sale at September 30, 2024 and December 31, 2023 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2024
Debt securities:  
U.S. government securities$2,755 $52 $(23)$2,784 
States, municipalities and political subdivisions738 11 (11)738 
U.S. corporate securities13,086 283 (254)13,115 
Foreign securities2,645 68 (69)2,644 
Residential mortgage-backed securities815 13 (33)795 
Commercial mortgage-backed securities1,609 32 (58)1,583 
Other asset-backed securities4,767 51 (5)4,813 
Redeemable preferred securities18 — — 18 
Total debt securities (2)
$26,433 $510 $(453)$26,490 
December 31, 2023
Debt securities:
U.S. government securities$2,071 $19 $(54)$2,036 
States, municipalities and political subdivisions2,219 31 (35)2,215 
U.S. corporate securities10,156 133 (446)9,843 
Foreign securities2,593 41 (122)2,512 
Residential mortgage-backed securities862 8 (60)810 
Commercial mortgage-backed securities1,066 9 (100)975 
Other asset-backed securities3,294 26 (18)3,302 
Redeemable preferred securities21 — (1)20 
Total debt securities (2)
$22,282 $267 $(836)$21,713 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities at September 30, 2024 or December 31, 2023.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At September 30, 2024, debt securities with a fair value of $548 million, gross unrealized capital gains of $14 million and gross unrealized capital losses of $16 million, and at December 31, 2023, debt securities with a fair value of $592 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $28 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income (loss).
Schedule of Net Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities at September 30, 2024 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$819 $816 
One year through five years10,469 10,529 
After five years through ten years4,827 4,890 
Greater than ten years3,127 3,064 
Residential mortgage-backed securities815 795 
Commercial mortgage-backed securities1,609 1,583 
Other asset-backed securities4,767 4,813 
Total$26,433 $26,490 
Schedule of Debt Securities In An Unrealized Capital Loss Position
Summarized below are the debt securities the Company held at September 30, 2024 and December 31, 2023 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
September 30, 2024  
Debt securities:  
U.S. government securities13 $41 $1 203 $620 $22 216 $661 $23 
States, municipalities and political subdivisions30 46 — 159 235 11 189 281 11 
U.S. corporate securities267 366 2 2,798 3,727 252 3,065 4,093 254 
Foreign securities44 45 1 678 984 68 722 1,029 69 
Residential mortgage-backed securities6 27 — 365 370 33 371 397 33 
Commercial mortgage-backed securities28 110 — 261 528 58 289 638 58 
Other asset-backed securities105 236 3 86 114 2 191 350 5 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 493 $871 $7 4,554 $6,584 $446 5,047 $7,455 $453 
December 31, 2023  
Debt securities:  
U.S. government securities74 $194 $2 280 $891 $52 354 $1,085 $54 
States, municipalities and political subdivisions95 181 1 455 733 34 550 914 35 
U.S. corporate securities576 672 14 4,120 5,602 432 4,696 6,274 446 
Foreign securities160 243 4 964 1,407 118 1,124 1,650 122 
Residential mortgage-backed securities33 97 1 461 517 59 494 614 60 
Commercial mortgage-backed securities44 94 2 287 581 98 331 675 100 
Other asset-backed securities196 449 4 443 867 14 639 1,316 18 
Redeemable preferred securities4 2 — 8 18 1 12 20 1 
Total debt securities 1,182 $1,932 $28 7,018 $10,616 $808 8,200 $12,548 $836 
The maturity dates for debt securities in an unrealized capital loss position at September 30, 2024 were as follows:
 Supporting
experience-rated products		Supporting
remaining products		Total
In millionsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Due to mature:      
Less than one year$1 $— $477 $5 $478 $5 
One year through five years65 2 2,931 107 2,996 109 
After five years through ten years48 4 1,064 86 1,112 90 
Greater than ten years106 9 1,378 144 1,484 153 
Residential mortgage-backed securities6 — 391 33 397 33 
Commercial mortgage-backed securities10 1 628 57 638 58 
Other asset-backed securities10 — 340 5 350 5 
Total$246 $16 $7,209 $437 $7,455 $453 
Schedule of Activity in Mortgage Loan Portfolio During the three and nine months ended September 30, 2024 and 2023, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2024202320242023
New mortgage loans$125 $63 $262 $286 
Mortgage loans fully repaid33 17 67 34 
Mortgage loans foreclosed— — — — 
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator
Based on the Company’s assessments at September 30, 2024 and December 31, 2023, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows:
Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator20242023202220212020PriorTotal
September 30, 2024
1$— $— $— $— $— $8 $8 
2 to 4255 301 334 206 35 288 1,419 
5 and 6— — 5 13 — 42 60 
7— — — — — — — 
Total$255 $301 $339 $219 $35 $338 $1,487 
December 31, 2023
1$— $— $— $— $11 $11 
2 to 4302 346 225 35 354 1,262 
5 and 6— — 13 — 19 32 
7— — 6 — — 6 
Total$302 $346 $244 $35 $384 $1,311 
Schedule of Net Investment Income
Sources of net investment income for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2024202320242023
Debt securities$307 $217 $816 $612 
Mortgage loans20 16 56 43 
Other investments230 199 665 609 
Gross investment income557 432 1,537 1,264 
Investment expenses(26)(13)(50)(34)
Net investment income (excluding net realized capital gains or losses)
531 419 1,487 1,230 
Net realized capital gains (losses) (1)
19 (142)(89)(345)
Net investment income (2)
$550 $277 $1,398 $885 
_____________________________________________
(1)Net realized capital gains are net of yield-related impairment losses on debt securities of $12 million in the three months ended September 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $51 million in the nine months ended September 30, 2024. There were no credit-related impairment losses on debt securities in the three and nine months ended September 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $47 million in the three months ended September 30, 2023. There were no credit-related impairment losses on debt securities in the three months ended September 30, 2023. Net realized capital losses include yield-related impairment losses on debt securities of $108 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $3 million in the nine months ended September 30, 2023.
(2)Net investment income includes $8 million and $24 million for the three and nine months ended September 30, 2024, respectively, and $8 million and $25 million for the three and nine months ended September 30, 2023, respectively, related to investments supporting experience-rated products.
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities
Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2024202320242023
Proceeds from sales$2,322 $1,171 $5,203 $3,503 
Gross realized capital gains16 2 30 7 
Gross realized capital losses39 110 162 294