v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,475 $— $2 $94 $3,383 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation22,523 — 93 1,394 21,222 
Revenue10,171 — 35 645 9,561 
State general obligation861 — 3 36 828 
Pre-refunded369 — 3 3 369 
Total obligations of U.S. states, municipalities and political subdivisions33,924 — 134 2,078 31,980 
Debt securities issued by foreign governments362 — 1 5 358 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,839 — 165 156 12,848 
Corporate and all other bonds43,142 3 222 1,194 42,167 
Total$93,742 $3 $524 $3,527 $90,736 
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,927 $— $11 $81 $3,857 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation21,724 — 161 1,096 20,789 
Revenue9,810 — 58 543 9,325 
State general obligation871 — 6 29 848 
Pre-refunded414 — 4 2 416 
Total obligations of U.S. states, municipalities and political subdivisions32,819 — 229 1,670 31,378 
Debt securities issued by foreign governments313 — 2 3 312 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,094 — 268 130 13,232 
Corporate and all other bonds41,564 3 458 965 41,054 
Total (1)$91,717 $3 $968 $2,849 $89,833 
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(1)Excludes fixed maturities classified as held for sale of $3,221 million of amortized cost and $3,243 million of fair value as of December 31, 2025.
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 March 31, 2026, in millions)CostGross GainsGross LossesFair Value
Common stock$397 $168 $7 $558 
Non-redeemable preferred stock31 2 — 33 
Total$428 $170 $7 $591 
(as of December 31, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$419 $177 $12 $584 
Non-redeemable preferred stock38 1 5 34 
Total (1)$457 $178 $17 $618 
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(1)Excludes equity securities classified as held for sale of $69 million of cost and $104 million of fair value as of December 31, 2025.
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 March 31, 2026 and December 31, 2025, 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 2025 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 2025 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of March 31, 2026, 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
$1,166 $16 $1,401 $78 $2,567 $94 
Obligations of U.S. states, municipalities and political subdivisions10,195 198 13,253 1,880 23,448 2,078 
Debt securities issued by foreign governments
178 3 57 2 235 5 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,654 24 1,319 132 3,973 156 
Corporate and all other bonds11,925 155 15,564 1,039 27,489 1,194 
Total $26,118 $396 $31,594 $3,131 $57,712 $3,527 
Less than 12 months12 months or longerTotal
(as of December 31, 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
$611 $5 $1,684  $76 $2,295 $81 
Obligations of U.S. states, municipalities and political subdivisions2,234 28 16,428  1,642 18,662 1,670 
Debt securities issued by foreign governments
34 — 75  3 109 3 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
437 2 1,835  128 2,272 130 
Corporate and all other bonds2,351 13 17,428  952 19,779 965 
Total $5,667 $48 $37,450 $2,801 $43,117 $2,849 
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 March 31, 2026 and December 31, 2025, 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 March 31, 2026, 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 subdivisions399 2 — 382 783 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds2 — — 5 7 
Total$401 $2 $— $387 $790 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 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 subdivisions18 — 10 550 578 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds1 — 4 — 5 
Total$19 $— $14 $550 $583 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]
The following table presents 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)March 31, 2026 March 31, 2025
Balance, beginning of period$3 $2 
Additions for expected credit losses on securities where no credit losses were previously recognized— 2 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
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$3 $4