v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments by category and current or long-term classification
The following table summarizes the Company's investments by category and current or long-term classification:
September 30, 2025December 31, 2024
(In millions)CurrentLong-TermTotalCurrentLong-TermTotal
Debt securities$490 $7,861 $8,351 $463 $8,960 $9,423 
Equity securities17 3,500 3,517 7 554 561 
Commercial mortgage loans100 1,158 1,258 108 1,243 1,351 
Policy loans— 1,080 1,080 — 1,156 1,156 
Other long-term investments— 4,884 4,884 — 4,576 4,576 
Short-term investments276 — 276 170 — 170 
Total$748 $16,489 $17,237 
Investments classified as assets of businesses held for sale (1)
(83)(1,361)(1,444)
Investments per Consolidated Balance Sheets$883 $18,483 $19,366 $665 $15,128 $15,793 
(1) Investments related to the HCSC transaction that were held for sale as of December 31, 2024. These investments were primarily comprised of debt securities.
Debt Securities by Contractual Maturity
The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of September 30, 2025:
(In millions)Amortized
Cost		Fair
Value
Due in one year or less$653 $573 
Due after one year through five years3,649 3,639 
Due after five years through ten years2,103 2,052 
Due after ten years1,978 1,842 
Mortgage and other asset-backed securities271 245 
Total$8,654 $8,351 
Gross Unrealized Appreciation (Depreciation) on Debt Securities
Gross unrealized appreciation (depreciation) on debt securities by type of issuer is shown below:
(In millions)Amortized
Cost		Allowance for Credit LossUnrealized
Appreciation		Unrealized
Depreciation		Fair
Value
September 30, 2025
Federal government and agency$214 $— $16 $(4)$226 
State and local government24 — 1 — 25 
Foreign government407 — 12 (7)412 
Corporate7,738 (118)168 (345)7,443 
Mortgage and other asset-backed271 — 2 (28)245 
Total$8,654 $(118)$199 $(384)$8,351 
December 31, 2024
Federal government and agency$276 $— $14 $(9)$281 
State and local government37 — 1 (1)37 
Foreign government350 — 5 (11)344 
Corporate9,091 (111)102 (659)8,423 
Mortgage and other asset-backed371 — 1 (34)338 
Total$10,125 $(111)$123 $(714)$9,423 
Summary of Debt Securities with a Decline in Fair Value
The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded (by investment grade and the length of time these securities have been in an unrealized loss position). Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.
September 30, 2025December 31, 2024
(Dollars in millions)Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues		Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues
One year or less
Investment grade$276 $278 $(2)121$1,203 $1,227 $(24)545 
Below investment grade52 58 (6)252245 250 (5)739 
More than one year
Investment grade3,389 3,747 (358)9184,687 5,319 (632)1,297 
Below investment grade213 231 (18)74416 469 (53)123 
Total$3,930 $4,314 $(384)1,365 $6,551 $7,265 $(714)2,704 
Equity Security Investments
The following table provides the values of the Company's equity security investments:
September 30, 2025 December 31, 2024
(In millions) CostCarrying Value CostCarrying Value
Equity securities with readily determinable fair values$641 $134 $635 $37 
Equity securities with no readily determinable fair value6,167 3,383 3,215 524 
Total$6,808 $3,517 $3,850 $561 
Summary of the Credit Risk Profile of the Commercial Mortgage Loan Portfolio
The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:

(Dollars in millions)September 30, 2025December 31, 2024
Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value Ratio
Below 60%$356 2.13$547 2.07
60% to 79%717 1.77595 1.83
80% to 100%185 0.87209 0.51
Total$1,258 1.7271 %$1,351 1.7069 %
Carrying Value Information for Other Long-Term Investments
Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans. These investments are carried at cost plus the Company's ownership percentage of reporting income or loss, based on the financial statements of the underlying investments that are generally reported at fair value. Income or loss from these investments is reported on a one-quarter lag due to the timing of when financial information is received from the general partner or manager of the investments.
Other long-term investments also include investment real estate carried at depreciated cost less any impairment write-downs to fair value when cash flow estimates indicate that the carrying value may not be recoverable. Additionally, statutory and other restricted deposits and foreign currency swaps carried at fair value are reported in the table below as Other. The following table provides the carrying value information for these investments:
Carrying Value as of
(In millions)September 30, 2025December 31, 2024
Real estate investments$1,800 $1,763 
Securities partnerships2,896 2,587 
Other188 226 
Total$4,884 $4,576