Benefit Plans

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Benefit Plans

Note 15 Benefit Plans

Components of net cost (benefit) for pension and other postretirement plans
	Three months ended March 31,
($ in millions)	2025		2024
Pension benefits
Service cost	$	25	$	33
Interest cost	60		58
Expected return on plan assets	(78)		(77)
Costs and expenses	7		14
Remeasurement of projected benefit obligation	53		(25)
Remeasurement of plan assets	23		25
Remeasurement (gains) losses	76		—
Pension net cost	$	83	$	14
Postretirement benefits
Service cost	$	—	$	—
Interest cost	2		2
Costs and expenses	2		2
Remeasurement of benefit obligation	2		(2)
Remeasurement of plan assets	—		—
Remeasurement (gains) losses	2		(2)
Postretirement net cost	$	4	$	—
Pension and postretirement benefits
Costs and expenses	$	9	$	16
Remeasurement (gains) losses	78		(2)
Total net cost	$	87	$	14

Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses.

Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statements of Operations.

Pension and postretirement benefits remeasurement gains and losses
	Three months ended March 31,
($ in millions)	2025		2024
Remeasurement of benefit obligation (gains) losses:
Discount rate	$	59	$	(41)
Other assumptions	(4)		14
Remeasurement of plan assets (gains) losses	23		25
Remeasurement (gains) losses	$	78	$	(2)

Remeasurement losses of $78 million for the first quarter of 2025, are primarily related to a decrease in the liability discount rate and unfavorable asset performance compared to expected return on plan assets.

The weighted average discount rate used to measure the pension benefit obligation decreased to 5.54% on March 31, 2025 compared to 5.71% on December 31, 2024 resulting in losses for the first quarter of 2025.

For the first quarter of 2025, the actual return on plan assets was lower than the expected return due to lower equity valuations, partially offset by higher fixed income valuations driven by lower rates.