



Three Months Ended March 31	2025		2024
(In millions)

Fixed maturity securities	$	521	$	502
Limited partnership investments	56		54
Short-term investments	19		29
Equity securities (a)	6		22
Income from trading portfolio (a)	4		58
Other	26		28
Total investment income	632		693
Investment expenses	(24)		(24)
Net investment income	$	608	$	669
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2025 and 2024	$	(49)	$	48





Three Months Ended March 31	2025		2024
(In millions)

Fixed maturity securities:
Gross gains	$	13	$	14
Gross losses	(22)		(46)
Investment losses on fixed maturity securities	(9)		(32)
Equity securities (a)			11

Short-term investments and other			(1)


Investment losses	$	(9)	$	(22)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities 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:


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:
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	1,738		14		119		18		1,615
Other asset-backed	3,816		24		216		14		3,610
Total asset-backed	9,398		58		761		32		8,663
U.S. Treasury and obligations of government sponsored enterprises	219		1		2				218
Foreign government	688		8		26				670

Fixed maturities available-for-sale	$	43,939	$	796	$	2,767	$	47	$	41,921
Fixed maturities trading	802								802
Total fixed maturity securities	$	44,741	$	796	$	2,767	$	47	$	42,723


December 31, 2024


Fixed maturity securities:
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	1,779		11		141		18		1,631
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,274		42		868		32		8,416
U.S. Treasury and obligations of government sponsored enterprises	220		1		1				220
Foreign government	701		6		30				677

Fixed maturities available-for-sale	$	43,430	$	715	$	3,039	$	45	$	41,061
Fixed maturities trading	766								766
Total fixed maturity securities	$	44,196	$	715	$	3,039	$	45	$	41,827


	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:
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	58		1		969		118		1,027		119
Other asset-backed	629		16		1,499		200		2,128		216
Total asset-backed	1,100		26		4,484		735		5,584		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 fixed maturity securities	$	8,008	$	221	$	17,798	$	2,546	$	25,806	$	2,767

December 31, 2024

Fixed maturity securities:
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	180		2		988		139		1,168		141
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,709		45		4,555		823		6,264		868
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41				90		1
Foreign government	118		3		368		27		486		30
Total fixed maturity securities	$	8,969	$	266	$	18,319	$	2,773	$	27,288	$	3,039


	March 31, 2025				December 31, 2024
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,212	$	322	$	2,567	$	373
AAA	1,423		265		1,800		282
AA	3,971		701		4,247		730
A	6,254		527		6,330		582
BBB	10,922		849		11,548		980
Non-investment grade	1,024		103		796		92
Total	$	25,806	$	2,767	$	27,288	$	3,039

Based on current facts and circumstances, the unrealized losses presented in the March 31, 2025 securities in the gross unrealized loss position table 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 volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was 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 are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended March 31, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:

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					—


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	2				2
Total allowance for credit losses	$	15	$	32	$	47


Three months ended March 31, 2024	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2024	$	4	$	12	$	16
Additions to the allowance for credit losses:


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


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			5		5
Total allowance for credit losses	$	3	$	17	$	20


	March 31, 2025				December 31, 2024
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

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	13,227		12,692		13,083		12,365
Due after ten years	17,264		16,032		16,908		15,540
Total	$	43,939	$	41,921	$	43,430	$	41,061


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of March 31, 2025	2025		2024		2023		2022		2021		Prior		Total
(In millions)

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 ≤1.2x
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

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.


	March 31, 2025					December 31, 2024
	Contractual/Notional Amount		Estimated Fair Value			Contractual/Notional Amount		Estimated Fair Value
			Asset		(Liability)			Asset		(Liability)
(In millions)

Without hedge designation:
Equity markets:
Options – purchased	$	234	$	3		$	268	$	2
Futures – short						167		1
Warrants	1		1			1		1
Interest rate swaps	300		2			300		4

Currency forwards
Credit default swap index - purchased	2,200					2,000

In the fourth quarter of 2024, the Company entered into credit default swap index transactions that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index. As of March 31, 2025 and December 31, 2024, the notional value of the credit default swap index is $2.2 billion and $2 billion and the fair value is less than $1 million, which is recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position is measured using observable market inputs, including credit spreads. For the three months ended March 31, 2025, Net investment income related to the position was $3 million.