
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(as of June 30, 2025, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	3,938	$	—	$	4	$	99	$	3,843
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	20,225		—		22		1,835		18,412
Revenue	9,476		—		14		847		8,643
State general obligation	1,005		—		2		77		930
Pre-refunded	575		—		2		2		575
Total obligations of U.S. states, municipalities and political subdivisions	31,281		—		40		2,761		28,560
Debt securities issued by foreign governments	978		—		8		8		978
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	13,182		—		137		207		13,112
Corporate and all other bonds	42,027		4		331		1,278		41,076
Total	$	91,406	$	4	$	520	$	4,353	$	87,569


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(as of December 31, 2024, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	5,735	$	—	$	4	$	169	$	5,570
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	18,604		—		23		1,604		17,023
Revenue	9,268		—		16		704		8,580
State general obligation	1,081		—		2		73		1,010
Pre-refunded	573		—		2		3		572
Total obligations of U.S. states, municipalities and political subdivisions	29,526		—		43		2,384		27,185
Debt securities issued by foreign governments	917		—		5		13		909
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	12,888		—		53		336		12,605
Corporate and all other bonds	39,211		2		118		1,930		37,397
Total	$	88,277	$	2	$	223	$	4,832	$	83,666

Pre-refunded bonds of $575 million and $572 million as of June 30, 2025 and December 31, 2024, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds.

Proceeds from the sales of fixed maturities classified as available for sale were $601 million and $1.25 billion during the six months ended June 30, 2025 and 2024, respectively. Gross gains of $3 million and $2 million and gross losses of $26 million and $41 million were realized on those sales during the six months ended June 30, 2025 and 2024, respectively. Included in net realized investment gains (losses) for the six months ended June 30, 2025 and 2024 were $23 million and $33 million, respectively, of losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds’ maturity date.



(as of June 30, 2025, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	460	$	154	$	7	$	607
Non-redeemable preferred stock	45		5		6		44
Total	$	505	$	159	$	13	$	651


(as of December 31, 2024, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	500	$	150	$	11	$	639
Non-redeemable preferred stock	44		4		—		48
Total	$	544	$	154	$	11	$	687

For the six months ended June 30, 2025 and 2024, the Company recognized $1 million and $51 million of net gains on equity securities still held as of June 30, 2025 and 2024, respectively.

The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of June 30, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report to determine whether a credit loss impairment exists.


	Less than 12 months				12 months or longer				Total
(as of June 30, 2025, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	566	$	—	$	2,248	$	99	$	2,814	$	99
Obligations of U.S. states, municipalities and political subdivisions	9,403		411		15,223		2,350		24,626		2,761
Debt securities issued by foreign governments	93		—		333		8		426		8
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	3,825		55		1,354		152		5,179		207
Corporate and all other bonds	2,841		30		20,217		1,248		23,058		1,278
Total	$	16,728	$	496	$	39,375	$	3,857	$	56,103	$	4,353


	Less than 12 months				12 months or longer				Total
(as of December 31, 2024, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	557	$	1	$	2,830	$	168	$	3,387	$	169
Obligations of U.S. states, municipalities and political subdivisions	8,584		160		15,007		2,224		23,591		2,384
Debt securities issued by foreign governments	113		1		454		12		567		13
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	7,359		148		1,419		188		8,778		336
Corporate and all other bonds	7,341		144		21,999		1,786		29,340		1,930
Total	$	23,954	$	454	$	41,709	$	4,378	$	65,663	$	4,832

The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of June 30, 2025 and December 31, 2024, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:


	Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of June 30, 2025, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	56		248		149		732		1,185
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	3		2		—		—		5
Corporate and all other bonds	4		4		—		1		9
Total	$	63	$	254	$	149	$	733	$	1,199


	Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2024, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	366		—		43		635		1,044
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	58		—		—		—		58
Corporate and all other bonds	13		—		—		3		16
Total	$	437	$	—	$	43	$	638	$	1,118

Increases in the applicable interest rates resulted in the gross unrealized investment losses disclosed in the tables above; however, the net unrealized loss is considered temporary in nature as the decrease in value is not due to credit impairments and there is no impact on expected contractual cash flows from fixed maturities.

The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):


	Fixed Maturities
	Corporate and All Other Bonds
	As of and For the Three Months Ended
(in millions)	June 30, 2025		June 30, 2024

Balance, beginning of period	$	4	$	3
Additions for expected credit losses on securities where no credit losses were previously recognized	—		—
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	—		—
Reductions due to sales/defaults of credit-impaired securities	—		(2)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Balance, end of period	$	4	$	1


	Fixed Maturities
	Corporate and All Other Bonds
	As of and For the Six Months Ended
(in millions)	June 30, 2025		June 30, 2024

Balance, beginning of period	$	2		$	5
Additions for expected credit losses on securities where no credit losses were previously recognized	2			3
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	—			—
Reductions due to sales/defaults of credit-impaired securities	—			(7)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—			—
Balance, end of period	$	4		$	1

Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income were $0 million for both the three months ended June 30, 2025 and 2024, and $2 million and $3 million for the six months ended June 30, 2025 and 2024, respectively. Credit losses related to the fixed maturity portfolio for both the three and six months ended June 30, 2025 and 2024 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.

Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.