
Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Fixed maturity securities	$	536	$	511	$	1,058	$	1,013
Equity securities	27		13		33		35
Limited partnership investments	81		74		137		128
Mortgage loans	16		14		32		29
Short-term investments	14		20		33		48
Trading portfolio	3		—		4		1
Other	8		7		14		15
Gross investment income	685		639		1,311		1,269
Investment expense	(23)		(21)		(45)		(42)
Net investment income	$	662	$	618	$	1,266	$	1,227
Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2025 and 2024	$	15	$	2	$	15	$	11


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Net investment gains (losses):
Fixed maturity securities:
Gross gains	$	5	$	13	$	18	$	27
Gross losses	(53)		(25)		(75)		(71)
Net investment gains (losses) on fixed maturity securities	(48)		(12)		(57)		(44)
Equity securities	6		1		6		12

Mortgage loans	(5)		—		(5)		—
Short-term investments and other	1		1		1		—
Net investment gains (losses)	$	(46)	$	(10)	$	(55)	$	(32)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2025 and 2024	$	6	$	1	$	4	$	12

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.


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	4	$	6	$	11	$	15
Asset-backed	5		—		5		5
Impairment losses (gains) recognized in earnings	$	9	$	6	$	16	$	20

The Company also recognized $5 million of impairment losses on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.


June 30, 2025	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)
Fixed maturity securities available-for-sale:
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-backed	3,947		25		427		—		3,545
Commercial mortgage-backed	1,756		17		107		18		1,648
Other asset-backed	3,783		25		213		19		3,576
Total asset-backed	9,486		67		747		37		8,769
U.S. Treasury and obligations of government-sponsored enterprises	231		—		5		—		226
Foreign government	744		7		26		—		725

Total fixed maturity securities available-for-sale	44,710		863		2,739		51		42,783
Total fixed maturity securities trading	16		—		—		—		16
Total fixed maturity securities	$	44,726	$	863	$	2,739	$	51	$	42,799


December 31, 2024	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)
Fixed maturity securities available-for-sale:
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-backed	3,725		7		488		—		3,244
Commercial mortgage-backed	1,830		11		142		18		1,681
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,325		42		869		32		8,466
U.S. Treasury and obligations of government-sponsored enterprises	220		1		1		—		220
Foreign government	701		6		30		—		677

Total fixed maturity securities available-for-sale	43,481		715		3,040		45		41,111
Total fixed maturity securities trading	—		—		—		—		—
Total fixed maturity securities	$	43,481	$	715	$	3,040	$	45	$	41,111

The following tables present 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 the length of time in which the securities have continuously been in that position.


	Less than 12 Months				12 Months or Longer				Total
June 30, 2025	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)
Fixed maturity securities available-for-sale:
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-backed	372		9		1,966		418		2,338		427
Commercial mortgage-backed	99		1		959		106		1,058		107
Other asset-backed	580		18		1,419		195		1,999		213
Total asset-backed	1,051		28		4,344		719		5,395		747
U.S. Treasury and obligations of government-sponsored enterprises	55		3		19		2		74		5
Foreign government	145		3		294		23		439		26
Total	$	6,927	$	243	$	17,110	$	2,496	$	24,037	$	2,739


	Less than 12 Months				12 Months or Longer				Total
December 31, 2024	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)
Fixed maturity securities available-for-sale:
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-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	230		3		988		139		1,218		142
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,759		46		4,555		823		6,314		869
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41		—		90		1
Foreign government	118		3		368		27		486		30
Total	$	9,019	$	267	$	18,319	$	2,773	$	27,338	$	3,040

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, 2025				December 31, 2024
(In millions)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	2,086	$	322	$	2,567	$	373
AAA	1,608		280		1,830		283
AA	4,234		735		4,257		730
A	5,901		523		6,340		582
BBB	9,531		787		11,548		980
Non-investment grade	677		92		796		92
Total	$	24,037	$	2,739	$	27,338	$	3,040

Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of June 30, 2025.

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 is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.


(In millions)	Corporate and other bonds		Asset-backed		Total
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 recorded	3		—		3
Available-for-sale securities accounted for as PCD assets	—		—		—

Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6		—		6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	—		—		—
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	2		5		7
Balance as of June 30, 2025	$	14	$	37	$	51



(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of April 1, 2024	$	3	$	17	$	20
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—		—		—
Available-for-sale securities accounted for as PCD assets	—		—		—

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	—		—		—
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		1		1
Balance as of June 30, 2024	$	—	$	17	$	17


(In millions)	Corporate and other bonds		Asset-backed		Total
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 recorded	3		—		3
Available-for-sale securities accounted for as PCD assets	—		—		—

Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6		—		6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	—		—		—
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	4		5		9
Balance as of June 30, 2025	$	14	$	37	$	51



(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2024	$	4	$	12	$	16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—		—		—
Available-for-sale securities accounted for as PCD assets	—		—		—

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
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		6		6
Balance as of June 30, 2024	$	—	$	17	$	17


	June 30, 2025				December 31, 2024
(In millions)	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,627	$	1,611	$	1,761	$	1,753
Due after one year through five years	12,083		11,843		11,678		11,403
Due after five years through ten years	12,865		12,467		13,134		12,415
Due after ten years	18,135		16,862		16,908		15,540
Total	$	44,710	$	42,783	$	43,481	$	41,111

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of June 30, 2025, the Company had commitments to purchase or fund approximately $1,805 million and sell approximately $80 million under the terms of these investments.

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 ratios (LTV).


June 30, 2025	Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)	2025		2024		2023		2022		2021		Prior		Total
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 ≤1.2
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

(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

As of June 30, 2025, accrued interest receivable on mortgage loans totaled $4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.