v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Investments Investments
Total investments as of March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,104 $26,287 $28,391 $1,997 $26,721 $28,718 
Mortgage loans156 1,339 1,495 148 1,376 1,524 
Other investments— 4,781 4,781 — 4,572 4,572 
Total investments$2,260 $32,407 $34,667 $2,145 $32,669 $34,814 

Debt Securities

Debt securities available for sale as of March 31, 2026 and December 31, 2025 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2026
Debt securities:  
U.S. government securities$2,725 $20 $(10)$2,735 
States, municipalities and political subdivisions273 2 (7)268 
U.S. corporate securities15,104 143 (314)14,933 
Foreign securities3,024 47 (50)3,021 
Residential mortgage-backed securities1,090 10 (31)1,069 
Commercial mortgage-backed securities1,889 14 (28)1,875 
Other asset-backed securities4,474 9 (7)4,476 
Redeemable preferred securities14 — — 14 
Total debt securities (2)
$28,593 $245 $(447)$28,391 
December 31, 2025
Debt securities:
U.S. government securities$2,691 $39 $(8)$2,722 
States, municipalities and political subdivisions296 3 (7)292 
U.S. corporate securities14,657 262 (231)14,688 
Foreign securities2,981 78 (31)3,028 
Residential mortgage-backed securities1,065 14 (29)1,050 
Commercial mortgage-backed securities1,974 28 (23)1,979 
Other asset-backed securities4,921 25 (2)4,944 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$28,600 $449 $(331)$28,718 
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(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities as of March 31, 2026 or December 31, 2025.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. As of March 31, 2026, debt securities with a fair value of $433 million, gross unrealized capital gains of $6 million and gross unrealized capital losses of $19 million, and as of December 31, 2025, debt securities with a fair value of $475 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $16 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income.
The amortized cost and fair value of debt securities as of March 31, 2026 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$850 $852 
One year through five years11,487 11,534 
After five years through ten years5,706 5,685 
Greater than ten years3,097 2,900 
Residential mortgage-backed securities1,090 1,069 
Commercial mortgage-backed securities1,889 1,875 
Other asset-backed securities4,474 4,476 
Total$28,593 $28,391 
Summarized below are the debt securities the Company held as of March 31, 2026 and December 31, 2025 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
March 31, 2026  
Debt securities:  
U.S. government securities151 $597 $5 71 $149 $5 222 $746 $10 
States, municipalities and political subdivisions34 84 1 63 91 6 97 175 7 
U.S. corporate securities3,450 5,547 96 1,287 1,787 218 4,737 7,334 314 
Foreign securities602 1,136 22 220 300 28 822 1,436 50 
Residential mortgage-backed securities150 303 3 281 223 28 431 526 31 
Commercial mortgage-backed securities220 750 9 76 163 19 296 913 28 
Other asset-backed securities657 1,660 6 21 27 1 678 1,687 7 
Redeemable preferred securities4 6 — — — — 4 6 — 
Total debt securities 5,268 $10,083 $142 2,019 $2,740 $305 7,287 $12,823 $447 
December 31, 2025  
Debt securities:  
U.S. government securities50 $156 $2 80 $168 $6 130 $324 $8 
States, municipalities and political subdivisions16 28 — 89 136 7 105 164 7 
U.S. corporate securities1,045 1,634 23 1,541 2,149 208 2,586 3,783 231 
Foreign securities180 310 2 303 449 29 483 759 31 
Residential mortgage-backed securities67 124 1 303 272 28 370 396 29 
Commercial mortgage-backed securities84 290 1 126 269 22 210 559 23 
Other asset-backed securities136 314 1 19 27 1 155 341 2 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 1,578 $2,856 $30 2,465 $3,476 $301 4,043 $6,332 $331 

The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company’s business. In performing this review, the Company considered factors such as the quality of the investment security based on research performed by the Company’s internal credit analysts and external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. Unrealized capital losses as of March 31, 2026 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of March 31, 2026, the Company did not intend to sell these securities, and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.
Net Investment Income

Sources of net investment income for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
In millions20262025
Debt securities$351 $323 
Mortgage loans22 21 
Other investments230 209 
Gross investment income603 553 
Investment expenses(13)(12)
Net investment income (excluding net realized capital losses)
590 541 
Net realized capital losses
(16)(21)
Net investment income
$574 $520 

Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
In millions20262025
Proceeds from sales$2,950 $2,185 
Gross realized capital gains27 12 
Gross realized capital losses28 39