v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income
Net investment income is as follows:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities$521 $502 
Limited partnership investments56 54 
Short-term investments19 29 
Equity securities (a)6 22 
Income from trading portfolio (a)4 58 
Other26 28 
Total investment income632 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 
Schedule of Investment Gains (Losses)
Investment gains (losses) are as follows:

Three Months Ended March 3120252024
(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 
Schedule of Impairment Losses (Gains) on Earnings
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 3120252024
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$7 $9 
Asset-backed5 
Impairment losses recognized in earnings$7 $14 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities
The following tables present a summary of fixed maturity securities:

March 31, 2025Cost or Amortized CostGross 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-backed3,844 20 426 3,438 
Commercial mortgage-backed1,738 14 119 18 1,615 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,398 58 761 32 8,663 
U.S. Treasury and obligations of
 government sponsored enterprises		219 1 2 218 
Foreign government688 8 26 670 
Fixed maturities available-for-sale$43,939 $796 $2,767 $47 $41,921 
Fixed maturities trading802 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-backed3,725 7 488 3,244 
Commercial mortgage-backed1,779 11 141 18 1,631 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,274 42 868 32 8,416 
U.S. Treasury and obligations of
 government sponsored enterprises		220 1 1 220 
Foreign government701 6 30 677 
Fixed maturities available-for-sale$43,430 $715 $3,039 $45 $41,061 
Fixed maturities trading766 766 
Total fixed maturity securities$44,196 $715 $3,039 $45 $41,827 
Schedule of Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
March 31, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross 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-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed58 1 969 118 1,027 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,100 26 4,484 735 5,584 761 
U.S. Treasury and obligations of
 government-sponsored enterprises		43 1 42 1 85 2 
Foreign government105 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-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed180 2 988 139 1,168 141 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,709 45 4,555 823 6,264 868 
U.S. Treasury and obligations of
 government-sponsored enterprises		49 1 41 90 1 
Foreign government118 3 368 27 486 30 
Total fixed maturity securities$8,969 $266 $18,319 $2,773 $27,288 $3,039 
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
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,423 265 1,800 282 
AA3,971 701 4,247 730 
A6,254 527 6,330 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 92 
Total$25,806 $2,767 $27,288 $3,039 
Schedule of Allowance for Credit Losses
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, 2025Corporate and Other BondsAsset-backedTotal
(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, 2024Corporate and Other BondsAsset-backedTotal
(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 
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

March 31, 2025December 31, 2024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
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 years13,227 12,692 13,083 12,365 
Due after ten years17,264 16,032 16,908 15,540 
Total$43,939 $41,921 $43,430 $41,061 
Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination
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 (“LTV”) ratios.

Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of March 31, 2025
2025
2024
2023
2022
2021
PriorTotal
(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)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Schedule of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments
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, 2025December 31, 2024
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$234 $3 $268 $2 
Futures – short167 1 
Warrants1 1 1 1 
Interest rate swaps300 2 300 4 
Currency forwards
Credit default swap index - purchased2,200 2,000