v3.25.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value
June 30, 2025
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets     
Fixed income securities:     
U.S. government and agencies$15,703 $9 $—  $15,712 
Municipal— 7,284 2  7,286 
Corporate - public— 18,971 35  19,006 
Corporate - privately placed— 8,847 109 8,956 
Foreign government— 1,391 —  1,391 
ABS— 944 39 983 
MBS
— 1,013 88 1,101 
Total fixed income securities15,703 38,459 273  54,435 
Equity securities (1)
1,611 278 358  2,247 
Short-term investments3,756 5,880 4  9,640 
Other investments— 2 1 $(2)1 
Other assets1 — 137  138 
Assets held for sale195 125 — 320 
Total recurring basis assets21,266 44,744 773 (2)66,781 
Non-recurring basis
— — 2  2 
Total assets at fair value$21,266 $44,744 $775 $(2)$66,783 
Investments reported at NAV953 
Total$67,736 
Liabilities     
Other liabilities$(3)$(49)$(1)$38 $(15)
Total recurring basis liabilities(3)(49)(1)38 (15)
Total liabilities at fair value$(3)$(49)$(1)$38 $(15)
(1)Excludes $150 million of preferred stock measured at cost.
Assets and liabilities measured at fair value
December 31, 2024
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets     
Fixed income securities:     
U.S. government and agencies$11,099 $9 $—  $11,108 
Municipal— 8,840 2  8,842 
Corporate - public— 21,211 22  21,233 
Corporate - privately placed— 8,849 110 8,959 
Foreign government— 1,364 —  1,364 
ABS— 1,119 26 1,145 
MBS
— 8 88 96 
Total fixed income securities11,099 41,400 248  52,747 
Equity securities (1)
3,600 306 407  4,313 
Short-term investments2,016 2,516 5  4,537 
Other investments— 21 1 $(19)3 
Other assets— — 134  134 
Assets held for sale241 1,536 7 1,784 
Total recurring basis assets16,956 45,779 802 (19)63,518 
Non-recurring basis— — 3  3 
Total assets at fair value$16,956 $45,779 $805 $(19)$63,521 
Investments reported at NAV1,096 
Total$64,617 
Liabilities     
Other liabilities$(1)$(1)$— $1 $(1)
Total recurring basis liabilities(1)(1)— 1 (1)
Total liabilities at fair value$(1)$(1)$— $1 $(1)
(1)Excludes $150 million of preferred stock measured at cost.
Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2025
Balance as of
 March 31, 2025		Total gains (losses)
included in:		 Transfers Balance as of
 June 30, 2025
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$2 $— $— $— $— $— $— $— $2 
Corporate - public35 — — — — — — — 35 
Corporate - privately placed109 — 1 — — — — (1)109 
ABS51 — — — (26)15 — (1)39 
MBS
88 — — — — — — — 88 
Total fixed income securities285 — 1 — (26)15 — (2)273 
Equity securities416 16 — — — 1 (75)— 358 
Short-term investments2 — — — — 2 — — 4 
Other investments1 — — — — — — — 1 
Other assets134 3 — — — — — — 137 
Assets held for sale
7 — 1 — — — (8)— — 
Total recurring Level 3 assets845 19 2 — (26)18 (83)(2)773 
Liabilities
Other liabilities
(1)— — — — — — — (1)
Total recurring Level 3 liabilities$(1)$— $— $— $— $— $— $— $(1)
Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2025
Balance as of
 December 31, 2024		Total gains (losses)
included in:		 Transfers Balance as of
 June 30, 2025
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$2 $— $— $— $— $— $— $— $2 
Corporate - public22 (1)1 — (7)20 — — 35 
Corporate - privately placed110 (1)1 — — — — (1)109 
ABS26 — — 26 (26)15 — (2)39 
MBS
88 — — — — — — — 88 
Total fixed income securities248 (2)2 26 (33)35 — (3)273 
Equity securities407 30 — — — 5 (84)— 358 
Short-term investments5 — — — — 3 (4)— 4 
Other investments1 — — — — — — — 1 
Other assets134 3 — — — — — — 137 
Assets held for sale
7 — 1 — — — (8)— — 
Total recurring Level 3 assets802 31 3 26 (33)43 (96)(3)773 
Liabilities— 
Other liabilities
— (1)— — — — — — (1)
Total recurring Level 3 liabilities$— $(1)$— $— $— $— $— $— $(1)
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2024
Balance as of
 March 31, 2024		Total gains (losses)
 included in:		 Transfers Balance as of
 June 30, 2024
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$8 $— $— $— $— $— $(1)$— $7 
Corporate - public23 1 (1)— — 11 (4)— 30 
Corporate - privately placed54 (2)— — — — (2)— 50 
ABS and MBS
58 — — — — 14 — (1)71 
Total fixed income securities143 (1)(1)— — 25 (7)(1)158 
Equity securities408 (3)— — — 9 (21)— 393 
Short-term investments21 — — — — 1 (20)(1)1 
Other investments2 — — — — — — — 2 
Other assets120 1 — — — — — — 121 
Total recurring Level 3 assets694 (3)(1)— — 35 (48)(2)675 
Liabilities
Total recurring Level 3 liabilities$— $— $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2024
Balance as of
 December 31, 2023		Total gains (losses)
 included in:		 Transfers Balance as of
 June 30, 2024
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$11 $— $— $— $— $— $(2)$(2)$7 
Corporate - public26 1 1 — — 11 (9)— 30 
Corporate - privately placed58 (6)— — — — (2)— 50 
ABS and MBS
58 — — — — 14 — (1)71 
Total fixed income securities153 (5)1 — — 25 (13)(3)158 
Equity securities402 6 — — — 9 (24)— 393 
Short-term investments1 — — — — 21 (20)(1)1 
Other investments2 — — — — — — — 2 
Other assets118 3 — — — — — — 121 
Total recurring Level 3 assets676 4 1 — — 55 (57)(4)675 
Liabilities
Total recurring Level 3 liabilities$— $— $— $— $— $— $— $— $— 
Total Level 3 gains (losses) included in net income
Three months ended June 30,Six months ended June 30,
($ in millions)2025202420252024
Net investment income$— $1 $— $1 
Net gains (losses) on investments and derivatives
16 (5)27 — 
Operating costs and expenses
3 1 3 3 
Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities
Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
Three months ended June 30,Six months ended June 30,
($ in millions)2025202420252024
Assets    
Fixed income securities:
Corporate - public$— $1 $(1)$1 
Corporate - privately placed— (2)— (6)
Total fixed income securities— (1)(1)(5)
Equity securities15 — 29 11 
Other assets3 1 3 3 
Total recurring Level 3 assets$18 $— $31 $9 
Liabilities    
Other liabilities$— $— $(1)$— 
Total recurring Level 3 liabilities— — (1)— 
Total included in net income$18 $— $30 $9 
Components of net income
Net investment income$— $1 $— $1 
Net gains (losses) on investments and derivatives15 (2)27 5 
Operating costs and expenses3 1 3 3 
Total included in net income$18 $— $30 $9 
Assets
Corporate - public$— $(1)$1 $1 
Corporate - privately placed1 — 1 — 
Changes in unrealized net capital gains and losses reported in OCI$1 $(1)$2 $1 
Schedule of Financial Instruments Not Carried at Fair Value
Financial instruments not carried at fair value
($ in millions)June 30, 2025December 31, 2024
Financial assetsFair value level
Amortized cost, net (1)
Fair
value
Amortized cost, net (1)
Fair
value
Mortgage loansLevel 3$807 $782 $784 $746 
Bank loansLevel 3335 341 201 207 
Financial liabilitiesFair value level
Carrying value (1)
Fair
value
Carrying value (1)
Fair
value
DebtLevel 2$8,087 $7,880 $8,085 $7,740 
Liability for collateralLevel 21,918 1,918 2,041 2,041 
Liabilities held for sale
Level 3— — 40 40 
(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.