v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Amortized cost and fair value of investments in fixed maturities [Table Text Block]
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of September 30, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$4,084 $— $15 $86 $4,013 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation21,171 — 103 1,342 19,932 
Revenue9,677 — 42 642 9,077 
State general obligation1,019 — 5 55 969 
Pre-refunded324 — 3 1 326 
Total obligations of U.S. states, municipalities and political subdivisions32,191 — 153 2,040 30,304 
Debt securities issued by foreign governments984 — 10 6 988 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,287 — 225 151 13,361 
Corporate and all other bonds43,052 4 480 1,081 42,447 
Total$93,598 $4 $883 $3,364 $91,113 
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2024, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,735 $— $4 $169 $5,570 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation18,604 — 23 1,604 17,023 
Revenue9,268 — 16 704 8,580 
State general obligation1,081 — 2 73 1,010 
Pre-refunded573 — 2 3 572 
Total obligations of U.S. states, municipalities and political subdivisions29,526 — 43 2,384 27,185 
Debt securities issued by foreign governments917 — 5 13 909 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,888 — 53 336 12,605 
Corporate and all other bonds39,211 2 118 1,930 37,397 
Total$88,277 $2 $223 $4,832 $83,666 
Cost and fair value of investments in equity securities [Table Text Block]
The cost and fair value of investments in equity securities were as follows:
  
(as of September 30, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$462 $193 $6 $649 
Non-redeemable preferred stock44 5 6 43 
Total$506 $198 $12 $692 
(as of December 31, 2024, in millions)CostGross GainsGross LossesFair Value
Common stock$500 $150 $11 $639 
Non-redeemable preferred stock44 4 — 48 
Total$544 $154 $11 $687 
Unrealized investment losses [Table Text Block]
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of September 30, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of September 30, 2025, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$192 $— $2,067 $86 $2,259 $86 
Obligations of U.S. states, municipalities and political subdivisions6,006 162 14,917 1,878 20,923 2,040 
Debt securities issued by foreign governments
52 — 327 6 379 6 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,031 7 1,773 144 2,804 151 
Corporate and all other bonds1,896 10 19,447 1,071 21,343 1,081 
Total $9,177 $179 $38,531 $3,185 $47,708 $3,364 
Less than 12 months12 months or longerTotal
(as of December 31, 2024, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$557 $1 $2,830  $168 $3,387 $169 
Obligations of U.S. states, municipalities and political subdivisions8,584 160 15,007  2,224 23,591 2,384 
Debt securities issued by foreign governments
113 1 454  12 567 13 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
7,359 148 1,419  188 8,778 336 
Corporate and all other bonds7,341 144 21,999  1,786 29,340 1,930 
Total $23,954 $454 $41,709 $4,378 $65,663 $4,832 
Gross unrealized investment losses on securities continuously in an unrealized loss position of greater than 20% of amortized cost by length of time [Table Text Block]
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of September 30, 2025 and December 31, 2024, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of September 30, 2025, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions— 2 161 641 804 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds2 — 4 1 7 
Total$2 $2 $165 $642 $811 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2024, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions366 — 43 635 1,044 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
58 — — — 58 
Corporate and all other bonds13 — — 3 16 
Total$437 $— $43 $638 $1,118 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]
The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):
Fixed Maturities
Corporate and All Other Bonds
As of and For the Three Months Ended
(in millions)September 30, 2025 September 30, 2024
Balance, beginning of period$4 $1 
Additions for expected credit losses on securities where no credit losses were previously recognized— — 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— (1)
Reductions due to sales/defaults of credit-impaired securities— — 
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$4 $— 
Fixed Maturities
Corporate and All Other Bonds
As of and For the Nine Months Ended
(in millions)September 30, 2025September 30, 2024
Balance, beginning of period$2 $5 
Additions for expected credit losses on securities where no credit losses were previously recognized2 3 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— (1)
Reductions due to sales/defaults of credit-impaired securities— (7)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$4 $—