v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income
Net investment income is as follows:

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
(In millions)  
   
Fixed maturity securities$536 $511 $1,057 $1,013 
Limited partnership investments81 74 137 128 
Short-term investments16 20 35 49 
Equity securities (a)27 13 33 35 
Income from trading portfolio (a)52 11 56 69 
Other28 34 54 62 
Total investment income740 663 1,372 1,356 
Investment expenses(26)(24)(50)(48)
Net investment income$714 $639 $1,322 $1,308 
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2025 and 2024
$30 $(21)$(10)$19 
Schedule of Investment Gains (Losses)
Investment gains (losses) are as follows:

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
(In millions)  
   
Fixed maturity securities:
Gross gains$5 $13 $18 $27 
Gross losses(53)(25)(75)(71)
Investment losses on fixed maturity securities(48)(12)(57)(44)
Equity securities (a)6 1 6 12 
Short-term investments and other(4)1 (4)
Investment losses$(46)$(10)$(55)$(32)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2025 and 2024
$6 $1 $4 $12 
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 EndedSix Months Ended
June 30,June 30,
2025202420252024
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$4 $6 $11 $15 
Asset-backed5 5 5 
Impairment losses recognized in earnings$9 $6 $16 $20 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities
The following tables present a summary of fixed maturity securities:

June 30, 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$26,205 $566 $1,069 $14 $25,688 
States, municipalities and political
 subdivisions		8,044 223 892 7,375 
Asset-backed:
Residential mortgage-backed3,947 25 427 3,545 
Commercial mortgage-backed1,705 17 106 18 1,598 
Other asset-backed3,783 25 213 19 3,576 
Total asset-backed9,435 67 746 37 8,719 
U.S. Treasury and obligations of
 government sponsored enterprises		231 5 226 
Foreign government744 7 26 725 
Fixed maturities available-for-sale$44,659 $863 $2,738 $51 $42,733 
Fixed maturities trading624 624 
Total fixed maturity securities$45,283 $863 $2,738 $51 $43,357 

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
June 30, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$4,252 $135 $9,515 $934 $13,767 $1,069 
States, municipalities and political
 subdivisions		1,424 74 2,938 818 4,362 892 
Asset-backed:
Residential mortgage-backed372 9 1,966 418 2,338 427 
Commercial mortgage-backed49 959 106 1,008 106 
Other asset-backed580 18 1,419 195 1,999 213 
Total asset-backed1,001 27 4,344 719 5,345 746 
U.S. Treasury and obligations of
 government-sponsored enterprises		55 3 19 2 74 5 
Foreign government145 3 294 23 439 26 
Total fixed maturity securities$6,877 $242 $17,110 $2,496 $23,987 $2,738 
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.

June 30, 2025December 31, 2024
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,086 $322 $2,567 $373 
AAA1,578 280 1,800 282 
AA4,224 735 4,247 730 
A5,891 522 6,330 582 
BBB9,531 787 11,548 980 
Non-investment grade677 92 796 92 
Total$23,987 $2,738 $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 $451 million, $442 million and $444 million as of June 30, 2025, December 31, 2024 and June 30, 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 June 30, 2025
Corporate and Other Bonds
Asset-backed
Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2025
$15 $32 $47 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 3 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 6 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
2 5 7 
Total allowance for credit losses$14 $37 $51 
Three months ended June 30, 2024Corporate and Other BondsAsset-backedTotal
(In millions)
Allowance for credit losses:
Balance as of April 1, 2024
$3 $17 $20 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)3 1 4 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
1 1 
Total allowance for credit losses$— $17 $17 

Six months ended June 30, 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:
Securities for which credit losses were not previously recorded3 3 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 6 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
4 5 9 
Total allowance for credit losses$14 $37 $51 

Six months ended June 30, 2024Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2024
$4 $12 $16 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis		1 1 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
6 6 
Total allowance for credit losses$— $17 $17 
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

June 30, 2025December 31, 2024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,627 $1,611 $1,761 $1,753 
Due after one year through five years12,083 11,843 11,678 11,403 
Due after five years through ten years12,814 12,417 13,083 12,365 
Due after ten years18,135 16,862 16,908 15,540 
Total$44,659 $42,733 $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 June 30, 2025
2025
2024
2023
2022
2021
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$33 $6 $5 $213 $257 
LTV 55% to 65%$12 12 14 6 16 60 
LTV greater than 65%30 12 42 
DSCR 1.2x - 1.6x
LTV less than 55%$68 28 5 2 130 233 
LTV 55% to 65%13 33 31 21 30 36 164 
LTV greater than 65%46 46 
DSCR ≤1.2x
LTV less than 55%6 21 27 
LTV 55% to 65%37 16 74 20 147 
LTV greater than 65%35 21 48 104 
Total$62 $101 $126 $231 $76 $484 $1,080 

(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.

June 30, 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$67 $1 $268 $2 
Futures – short5 167 1 
Warrants1 1 1 1 
Interest rate swaps478 300 4 
Credit default swap index - purchased2,000