OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2026

Other Comprehensive Income (Loss), Tax [Abstract]

Schedule of Components of Comprehensive Income (Loss)

The following tables present the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:


	Three Months Ended March 31, 2026
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax
URA(D) of securities (1)	$	(456)	$	81	$	(375)
Reclassification of net realized losses (gains) included
in net income (loss) (1)	3		(2)		1
Foreign currency translation and other adjustments	(45)		10		(35)
Reclassification of benefit plan liability amortization included
in net income (loss)	—		—		—
Total other comprehensive income (loss)	$	(499)	$	88	$	(410)

(Some amounts may not reconcile due to rounding)

(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.


	Three Months Ended March 31, 2025
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax
URA(D) of securities	$	342	$	(58)	$	284
Reclassification of net realized losses (gains) included
in net income (loss)	5		(1)		4
Foreign currency translation and other adjustments	67		(3)		64
Reclassification of benefit plan liability amortization included
in net income (loss)	—		—		—
Total other comprehensive income (loss)	$	414	$	(62)	$	352

(Some amounts may not reconcile due to rounding)

Schedule of Amount Reclassified from Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:


(Dollars in millions)	Three Months Ended March 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2026		2025
URA(D) of securities (1)	$	3	$	5		Net gains (losses) on investments
	(2)		(1)			Income tax expense (benefit)
	$	1	$	4		Net income (loss)

Benefit plan net gain (loss)	$	—	$	—		Other underwriting expenses
	—		—			Income tax expense (benefit)
	$	—	$	—		Net income (loss)

(Some amounts may not reconcile due to rounding)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax

The following table presents the components of AOCI, net of tax, in the consolidated balance sheets for the periods indicated:


	Three Months Ended March 31,
(Dollars in millions)	2026		2025
Beginning balance of URA(D) of securities (1)	$	23	$	(831)
Current period change in URA(D) of securities	(374)		289
Ending balance of URA(D) of securities	(351)		(543)

Beginning balance of foreign currency translation and other adjustments	(81)		(323)
Current period change in foreign currency translation and other adjustments	(35)		64
Ending balance of foreign currency translation and other adjustments	(116)		(259)

Beginning balance of benefit plan net gain (loss)	6		16
Current period change in benefit plan net gain (loss)	—		—
Ending balance of benefit plan net gain (loss)	6		16

Ending balance of accumulated other comprehensive income (loss)	$	(462)	$	(786)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.