v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of the Cost/Amortized Cost, Unrealized Gains and Losses, and Fair Value of Available-for-sale Securities by Type
Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
(dollars in millions)Cost/
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
June 30, 2025*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$31 $— $— $31 
Obligations of states, municipalities, and political subdivisions
60 — (4)56 
Commercial paper
39 — — 39 
Non-U.S. government and government sponsored entities
155 1 (4)152 
Corporate debt
1,099 7 (49)1,057 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
208 1 (21)188 
CMBS
25 — (2)23 
CDO/ABS
78 1 (2)77 
Total$1,695 $10 $(82)$1,623 
December 31, 2024*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$12 $— $— $12 
 Obligations of states, municipalities, and political subdivisions
66 — (5)61 
Commercial paper9 — — 9 
Non-U.S. government and government sponsored entities159 1 (5)155 
Corporate debt1,086 4 (69)1,021 
Mortgage-backed, asset-backed, and collateralized:
RMBS208 — (24)184 
CMBS29 — (2)27 
CDO/ABS72 1 (3)70 
Total$1,641 $6 $(108)$1,539 
*    The allowance for credit losses related to our investment securities as of June 30, 2025 and December 31, 2024 was immaterial.
Schedule of Fair Value and Unrealized Losses on Investment Securities by Type and Length of Time In a Continuous Unrealized Loss Position
Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
 Less Than 12 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
June 30, 2025      
U.S. government and government sponsored entities
$— $— $10 $— $10 $— 
Obligations of states, municipalities, and political subdivisions
2 — 48 (4)50 (4)
Non-U.S. government and government sponsored entities
27 — 42 (4)69 (4)
Corporate debt138 (2)607 (47)745 (49)
Mortgage-backed, asset-backed, and collateralized:
RMBS13 — 130 (21)143 (21)
CMBS1 — 22 (2)23 (2)
CDO/ABS9 — 33 (2)42 (2)
Total$190 $(2)$892 $(80)$1,082 $(82)
December 31, 2024
      
U.S. government and government sponsored entities
$1 $— $11 $— $12 $— 
Obligations of states, municipalities, and political subdivisions
3 — 56 (5)59 (5)
Non-U.S. government and government sponsored entities
15 — 67 (5)82 (5)
Corporate debt210 (5)657 (64)867 (69)
Mortgage-backed, asset-backed, and collateralized:
RMBS40 — 134 (24)174 (24)
CMBS2 — 25 (2)27 (2)
CDO/ABS8 — 40 (3)48 (3)
Total$279 $(5)$990 $(103)$1,269 $(108)
Schedule of Contractual Maturities of Fixed-Maturity Available-for-sale Securities
Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2025 were as follows:
(dollars in millions)Fair
Value		Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
  
Due in 1 year or less$187 $187 
Due after 1 year through 5 years613 623 
Due after 5 years through 10 years384 406 
Due after 10 years151 168 
Mortgage-backed, asset-backed, and collateralized securities288 311 
Total$1,623 $1,695 
Schedule of Fair Value of Other Securities by Type
The fair value of other securities by type was as follows:
(dollars in millions)June 30, 2025December 31, 2024
Fixed maturity other securities: 
Bonds$9 $18 
Preferred stock
13 13 
Common stock
38 37 
Total $60 $68