Investments (Tables)

6 Months Ended

Jun. 30, 2025

Text Block [Abstract]

Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios

The following tables present the amortized cost, allowance for credit losses, corresponding gross unrealized gains and losses and fair value for AFS investments in the Company’s consolidated investment portfolio as of June 30, 2025 and December 31, 2024:


						June 30, 2025
										Allowance				Gross				Gross
						Amortized				for Credit				Unrealized				Unrealized				Fair
In millions						Cost				Losses				Gains				Losses				Value
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	536			$	-			$	-			$	(12	)		$	524
	State and municipal bonds						106				-				2				(9	)			99
	Foreign governments						7				-				-				(2	)			5
	Corporate obligations						436				-				1				(99	)			338
	Mortgage-backed securities:
		Residential mortgage-backed agency					126				-				1				(13	)			114
		Residential mortgage-backed non-agency					13				-				-				(1	)			12
		Commercial mortgage-backed					14				-				-				-				14
	Asset-backed securities:
		Collateralized debt obligations					40				-				1				-				41
		Other asset-backed					122				-				1				(2	)			121
Total AFS investments						$	1,400			$	-			$	6			$	(138	)		$	1,268


						December 31, 2024
										Allowance				Gross				Gross
						Amortized				for Credit				Unrealized				Unrealized				Fair
In millions						Cost				Losses				Gains				Losses				Value
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	500			$	-			$	-			$	(19	)		$	481
	State and municipal bonds						110				-				2				(11	)			101
	Foreign governments						12				-				-				(2	)			10
	Corporate obligations						496				-				1				(106	)			391
	Mortgage-backed securities:
		Residential mortgage-backed agency					127				-				-				(16	)			111
		Residential mortgage-backed non-agency					36				-				1				(5	)			32
		Commercial mortgage-backed					7				-				-				-				7
	Asset-backed securities:
		Collateralized debt obligations					71				-				1				-				72
		Other asset-backed					32				-				-				(1	)			31
Total AFS investments						$	1,391			$	-			$	5			$	(160	)		$	1,236

Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments

The following table presents the distribution by contractual maturity of AFS fixed-maturity securities at amortized cost, net of allowance for credit losses, and fair value as of June 30, 2025. Contractual maturity may differ from expected maturity as borrowers may have the right to call or prepay obligations.


		AFS Securities
		Net
		Amortized				Fair
In millions		Cost				Value
Due in one year or less		$	433			$	432
Due after one year through five years			91				91
Due after five years through ten years			182				162
Due after ten years			379				281
Mortgage-backed and asset-backed			315				302
Total fixed-maturity investments		$	1,400			$	1,268

Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments

The following tables present the non-credit related gross unrealized losses related to AFS investments as of June 30, 2025 and December 31, 2024:


						June 30, 2025
						Less than 12 Months								12 Months or Longer								Total
						Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
In millions						Value				Losses				Value				Losses				Value				Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	14			$	-			$	121			$	(12	)		$	135			$	(12	)
	State and municipal bonds						6				-				61				(9	)			67				(9	)
	Foreign governments						-				-				5				(2	)			5				(2	)
	Corporate obligations						11				(2	)			277				(97	)			288				(99	)
	Mortgage-backed securities:
		Residential mortgage-backed agency					-				-				95				(13	)			95				(13	)
		Residential mortgage-backed non-agency					-				-				6				(1	)			6				(1	)
		Commercial mortgage-backed					2				-				5				-				7				-
	Asset-backed securities:
		Collateralized debt obligations					12				-				-				-				12				-
		Other asset-backed					19				-				26				(2	)			45				(2	)
Total AFS investments						$	64			$	(2	)		$	596			$	(136	)		$	660			$	(138	)


						December 31, 2024
						Less than 12 Months								12 Months or Longer								Total
						Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
In millions						Value				Losses				Value				Losses				Value				Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	41			$	(1	)		$	123			$	(18	)		$	164			$	(19	)
	State and municipal bonds						15				(1	)			63				(10	)			78				(11	)
	Foreign governments						5				-				5				(2	)			10				(2	)
	Corporate obligations						25				(1	)			302				(105	)			327				(106	)
	Mortgage-backed securities:
		Residential mortgage-backed agency					5				-				100				(16	)			105				(16	)
		Residential mortgage-backed non-agency					6				(1	)			21				(4	)			27				(5	)
	Asset-backed securities:
		Collateralized debt obligations					6				-				8				-				14				-
		Other asset-backed					3				-				12				(1	)			15				(1	)
Total AFS investments						$	106			$	(4	)		$	634			$	(156	)		$	740			$	(160	)

Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%

The following table presents the distribution of securities in an unrealized loss position for a continuous twelve-month period or longer where fair value was below book value by more than 5% as of June 30, 2025:


		AFS Securities
Percentage of Fair Value		Number of			Book Value					Fair Value
Below Book Value		Securities			(in millions)					(in millions)
> 5% to 15%			87			$	295			$	263
> 15% to 25%			51				84				67
> 25% to 50%			66				226				143
> 50%			2				-				-
Total			206			$	605			$	473

Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments

The following table provides information about securities held by the Company as of June 30, 2025 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves corresponding to the par amount owned by the Company. The Company did not hold any securities in an unrealized loss position that were insured by a third-party financial guarantor as of June 30, 2025.


								Unrealized				Insurance Loss
In millions				Fair Value				Loss				Reserve (1)
Asset-backed				$	17			$	(2	)		$	18
Corporate obligations					77				(46	)			-
Total				$	94			$	(48	)		$	18

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(1) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value.

Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities

The proceeds and the gross realized gains and losses from sales of fixed-maturity securities held as AFS for the three and six months ended June 30, 2025 and 2024 are as follows:


			Three Months Ended June 30,									Six Months Ended June 30,
In millions			2025					2024				2025					2024
Proceeds from sales				$	61			$	27				$	123				$	55
Gross realized gains				$	-			$	1				$	1				$	1
Gross realized losses				$	(1	)		$	(2	)			$	(7	)			$	(3	)

Portion Of Unrealized Gains Losses Recognized On Equity Investments


			Three Months Ended June 30,									Six Months Ended June 30,
In millions			2025				2024					2025				2024
Net gains (losses) recognized during the period on equity and trading securities				$	4			$	(56	)		$	1			$	(58	)
Less:
	Net gains (losses) recognized during the period on equity and trading securities sold during the period				-				1				2				1
Unrealized gains (losses) recognized during the period on equity and trading securities still held at the reporting date				$	4			$	(57	)		$	(1	)		$	(59	)