
Three months ended March 31
(In millions)	2025		2024
Fixed maturity securities	$	522	$	502
Equity securities	6		22
Limited partnership investments	56		54
Mortgage loans	16		15
Short-term investments	19		28
Trading portfolio	1		1
Other	6		8
Gross investment income	626		630
Investment expense	(22)		(21)
Net investment income	$	604	$	609
Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2025 and 2024	$	(4)	$	13


Three months ended March 31
(In millions)	2025		2024
Net investment gains (losses):
Fixed maturity securities:
Gross gains	$	13	$	14
Gross losses	(22)		(46)
Net investment gains (losses) on fixed maturity securities	(9)		(32)
Equity securities	—		11


Short-term investments and other	—		(1)
Net investment gains (losses)	$	(9)	$	(22)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of March 31, 2025 and 2024	$	(2)	$	11

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.


Three months ended March 31
(In millions)	2025		2024
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	7	$	9
Asset-backed	—		5
Impairment losses (gains) recognized in earnings	$	7	$	14


March 31, 2025	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	26,388	$	502	$	1,149	$	15	$	25,726
States, municipalities and political subdivisions	7,246		227		829		—		6,644
Asset-backed:
Residential mortgage-backed	3,844		20		426		—		3,438
Commercial mortgage-backed	1,788		14		119		18		1,665
Other asset-backed	3,816		24		216		14		3,610
Total asset-backed	9,448		58		761		32		8,713
U.S. Treasury and obligations of government-sponsored enterprises	219		1		2		—		218
Foreign government	688		8		26		—		670

Total fixed maturity securities available-for-sale	43,989		796		2,767		47		41,971
Total fixed maturity securities trading	2		—		—		—		2
Total fixed maturity securities	$	43,991	$	796	$	2,767	$	47	$	41,973


December 31, 2024	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	25,839	$	423	$	1,305	$	13	$	24,944
States, municipalities and political subdivisions	7,396		243		835		—		6,804
Asset-backed:
Residential mortgage-backed	3,725		7		488		—		3,244
Commercial mortgage-backed	1,830		11		142		18		1,681
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,325		42		869		32		8,466
U.S. Treasury and obligations of government-sponsored enterprises	220		1		1		—		220
Foreign government	701		6		30		—		677

Total fixed maturity securities available-for-sale	43,481		715		3,040		45		41,111
Total fixed maturity securities trading	—		—		—		—		—
Total fixed maturity securities	$	43,481	$	715	$	3,040	$	45	$	41,111

The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.


	Less than 12 Months				12 Months or Longer				Total
March 31, 2025	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	5,816	$	141	$	9,986	$	1,008	$	15,802	$	1,149
States, municipalities and political subdivisions	944		51		2,986		778		3,930		829
Asset-backed:
Residential mortgage-backed	413		9		2,016		417		2,429		426
Commercial mortgage-backed	98		1		969		118		1,067		119
Other asset-backed	629		16		1,499		200		2,128		216
Total asset-backed	1,140		26		4,484		735		5,624		761
U.S. Treasury and obligations of government-sponsored enterprises	43		1		42		1		85		2
Foreign government	105		2		300		24		405		26
Total	$	8,048	$	221	$	17,798	$	2,546	$	25,846	$	2,767


	Less than 12 Months				12 Months or Longer				Total
December 31, 2024	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	5,846	$	165	$	10,388	$	1,140	$	16,234	$	1,305
States, municipalities and political subdivisions	1,247		52		2,967		783		4,214		835
Asset-backed:
Residential mortgage-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	230		3		988		139		1,218		142
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,759		46		4,555		823		6,314		869
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41		—		90		1
Foreign government	118		3		368		27		486		30
Total	$	9,019	$	267	$	18,319	$	2,773	$	27,338	$	3,040

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.


	March 31, 2025				December 31, 2024
(In millions)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	2,212	$	322	$	2,567	$	373
AAA	1,453		265		1,830		283
AA	3,981		701		4,257		730
A	6,254		527		6,340		582
BBB	10,922		849		11,548		980
Non-investment grade	1,024		103		796		92
Total	$	25,846	$	2,767	$	27,338	$	3,040

Based on current facts and circumstances, the Company believes the unrealized losses presented in the March 31, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of March 31, 2025.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $456 million, $442 million, and $437 million as of March 31, 2025, December 31, 2024, and March 31, 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note.


(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—		—		—
Available-for-sale securities accounted for as PCD assets	—		—		—

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	—		—		—
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	—		—		—
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	2		—		2
Balance as of March 31, 2025	$	15	$	32	$	47



(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2024	$	4	$	12	$	16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—		—		—
Available-for-sale securities accounted for as PCD assets	—		—		—

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	—		—		—
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1		—		1
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		5		5
Balance as of March 31, 2024	$	3	$	17	$	20


	March 31, 2025				December 31, 2024
(In millions)	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,842	$	1,826	$	1,761	$	1,753
Due after one year through five years	11,606		11,371		11,678		11,403
Due after five years through ten years	13,277		12,742		13,134		12,415
Due after ten years	17,264		16,032		16,908		15,540
Total	$	43,989	$	41,971	$	43,481	$	41,111

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of March 31, 2025, the Company had commitments to purchase or fund approximately $1,575 million and sell approximately $95 million under the terms of these investments.

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).


March 31, 2025	Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)	2025		2024		2023		2022		2021		Prior		Total
DSCR ≥1.6x
LTV less than 55%	$	—	$	—	$	33	$	9	$	—	$	209	$	251
LTV 55% to 65%	—		—		—		15		11		16		42
LTV greater than 65%	—		—		12		31		12		—		55
DSCR 1.2x - 1.6x
LTV less than 55%	—		60		28		5		2		137		232
LTV 55% to 65%	—		41		31		20		30		58		180
LTV greater than 65%	—		—		—		46		—		—		46
DSCR ≤1.2
LTV less than 55%	—		—		—		—		—		21		21
LTV 55% to 65%	37		—		23		73		—		20		153
LTV greater than 65%	—		—		—		35		21		48		104
Total	$	37	$	101	$	127	$	234	$	76	$	509	$	1,084

(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

As of March 31, 2025, accrued interest receivable on mortgage loans totaled $4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.