v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Net investment income
The significant components of Net investment income are presented in the following table.
Three months ended March 31
(In millions)20252024
Fixed maturity securities$522 $502 
Equity securities6 22 
Limited partnership investments56 54 
Mortgage loans16 15 
Short-term investments19 28 
Trading portfolio1 1 
Other6 8 
Gross investment income626 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 
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Three months ended March 31
(In millions)20252024
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 
Components of net other than temporary impairment losses recognized in earnings by asset type 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)20252024
Fixed maturity securities available-for-sale:
Corporate and other bonds$7 $9 
Asset-backed— 5 
Impairment losses (gains) recognized in earnings$7 $14 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
March 31, 2025Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
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 subdivisions7,246 227 829 — 6,644 
Asset-backed:
Residential mortgage-backed3,844 20 426 — 3,438 
Commercial mortgage-backed1,788 14 119 18 1,665 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,448 58 761 32 8,713 
U.S. Treasury and obligations of government-sponsored enterprises219 1 2 — 218 
Foreign government688 8 26 — 670 
Total fixed maturity securities available-for-sale43,989 796 2,767 47 41,971 
Total fixed maturity securities trading2 — — — 2 
Total fixed maturity securities$43,991 $796 $2,767 $47 $41,973 
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
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 subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
Total fixed maturity securities available-for-sale43,481 715 3,040 45 41,111 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,481 $715 $3,040 $45 $41,111 
Debt securities, available-for-sale, unrealized loss position, fair value
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 Months12 Months or LongerTotal
March 31, 2025Estimated
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 subdivisions944 51 2,986 778 3,930 829 
Asset-backed:
Residential mortgage-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed98 1 969 118 1,067 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,140 26 4,484 735 5,624 761 
U.S. Treasury and obligations of government-sponsored enterprises43 1 42 1 85 2 
Foreign government105 2 300 24 405 26 
Total$8,048 $221 $17,798 $2,546 $25,846 $2,767 
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
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 subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
   Foreign government118 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, 2025December 31, 2024

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,453 265 1,830 283 
AA 3,981 701 4,257 730 
A6,254 527 6,340 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 92 
Total$25,846 $2,767 $27,338 $3,040 
Debt securities, available-for-sale, allowance for credit loss
(In millions)Corporate and other bondsAsset-backedTotal
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 period2 — 2 
Balance as of March 31, 2025
$15 $32 $47 
(In millions)Corporate and other bondsAsset-backedTotal
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 basis1 — 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 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
March 31, 2025December 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 years11,606 11,371 11,678 11,403 
Due after five years through ten years13,277 12,742 13,134 12,415 
Due after ten years17,264 16,032 16,908 15,540 
Total$43,989 $41,971 $43,481 $41,111 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
March 31, 2025
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20252024202320222021PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $— $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.