v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Net Realized Capital Gains (Losses)
Net Realized Gains (Losses)
 Three Months Ended June 30,Six Months Ended June 30,
(Before tax)2026202520262025
Gross gains on sales of fixed maturities
$10 $19 $28 $32 
Gross losses on sales of fixed maturities
(36)(45)(66)(70)
Equity securities [1]
Net realized gains (losses) on sales of equity securities2 1 4 1 
Change in net unrealized gains (losses) of equity securities119 26 100 14 
Net realized and unrealized gains (losses) on equity securities121 27 104 15 
Net credit losses on fixed maturities, AFS— — — 2 
Change in ACL on mortgage loans— — — — 
Other, net [2](31)(20)(54)(47)
Net realized gains (losses)$64 $(19)$12 $(68)
[1]The change in net unrealized gains on equity securities still held as of June 30, 2026, and included in net realized gains were $121 and $104 for the three and six months ended June 30, 2026, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $27 and $14 for the three and six months ended June 30, 2025, respectively.
[2]For the three and six months ended June 30, 2026, includes losses from transactional foreign currency revaluation of $6 and $3, respectively, and losses on non-qualifying derivatives of $13 and $5 , respectively. For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11 respectively.
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
ACL on Fixed Maturities, AFS by Type
Three Months Ended June 30,
20262025
(Before tax)CLOsCMBSTotalCMBSTotal
Balance as of beginning of period$2 $14 $16 $14 $14 
Credit losses on fixed maturities where an allowance was not previously recorded— — — — — 
Balance as of end of period$2 $14 $16 $14 $14 
ACL on Fixed Maturities, AFS by Type
Six Months Ended June 30,
20262025
(Before tax)CLOsCMBSTotalCorporateCMBSTotal
Balance as of beginning of period$2 $14 $16 $3 $13 $16 
Net increases (decreases) on fixed maturities where an allowance was previously recorded— — — (3)1 (2)
Balance as of end of period$2 $14 $16 $— $14 $14 
Schedule of Available-for-sale Securities
Fixed Maturities, AFS, by Type
June 30, 2026December 31, 2025

Amortized
Cost		ACLGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Amortized
Cost		ACLGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
ABS$4,794 $— $19 $(30)$4,783 $4,628 $— $51 $(16)$4,663 
CLOs3,360 (2)5 (3)3,360 3,310 (2)9 (1)3,316 
CMBS1,956 (14)21 (141)1,822 2,468 (14)24 (150)2,328 
Corporate24,401 — 200 (733)23,868 23,305 — 375 (604)23,076 
Foreign govt./govt. agencies453 — 6 (5)454 440 — 9 (2)447 
Municipal4,253 — 75 (223)4,105 4,831 — 89 (268)4,652 
RMBS6,028 — 22 (263)5,787 6,372 — 50 (244)6,178 
U.S. Treasuries1,791 — 1 (147)1,645 1,517 — 3 (139)1,381 
Total fixed maturities, AFS$47,036 $(16)$349 $(1,545)$45,824 $46,871 $(16)$610 $(1,424)$46,041 
Investments by Contractual Maturity Year
Fixed Maturities, AFS, by Contractual Maturity Year
June 30, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
One year or less$1,245 $1,239 $1,174 $1,179 
Over one year through five years10,266 10,222 9,725 9,791 
Over five years through ten years8,930 8,803 9,046 9,055 
Over ten years10,457 9,808 10,148 9,531 
Subtotal30,898 30,072 30,093 29,556 
Mortgage-backed and asset-backed securities16,138 15,752 16,778 16,485 
Total fixed maturities, AFS$47,036 $45,824 $46,871 $46,041 
Unrealized Gain (Loss) on Investments [Table Text Block]
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2026
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$1,763 $(17)$202 $(13)$1,965 $(30)
CLOs649 (3)— — 649 (3)
CMBS86 — 1,412 (141)1,498 (141)
Corporate6,936 (110)6,347 (623)13,283 (733)
Foreign govt./govt. agencies186 (2)23 (3)209 (5)
Municipal703 (12)1,842 (211)2,545 (223)
RMBS1,864 (20)1,993 (243)3,857 (263)
U.S. Treasuries980 (10)595 (137)1,575 (147)
Total fixed maturities, AFS in an unrealized loss position$13,167 $(174)$12,414 $(1,371)$25,581 $(1,545)
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2025
 Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$405 $(2)$339 $(14)$744 $(16)
CLOs496 (1)— — 496 (1)
CMBS119 (3)1,852 (147)1,971 (150)
Corporate2,372 (34)7,089 (570)9,461 (604)
Foreign govt./govt. agencies39 — 38 (2)77 (2)
Municipal407 (7)2,286 (261)2,693 (268)
RMBS256 (1)2,626 (243)2,882 (244)
U.S. Treasuries592 (11)563 (128)1,155 (139)
Total fixed maturities, AFS in an unrealized loss position$4,686 $(59)$14,793 $(1,365)$19,479 $(1,424)
Financing Receivable, Allowance for Credit Loss [Table Text Block]
ACL on Mortgage Loans
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
ACL as of beginning of period$49 $43 $49 $44 
Current period gross write-offs— — — (1)
ACL as of June 30,
$49 $43 $49 $43 
Loans Credit Quality
Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2026
202620252024202320222021 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
Greater than 80%$— —x$— —x$28 1.37x$— —x$— —x$160 1.58x$188 1.54x
65% - 80%— —x39 1.05x49 0.95x16 1.00x95 1.63x764 2.33x963 2.11x
Less than 65%682 1.77x1,192 1.74x607 1.55x315 1.36x612 3.03x2,752 2.81x6,160 2.31x
Total mortgage loans$682 1.77x$1,231 1.72x$684 1.37x$331 1.34x$707 2.84x$3,676 2.66x$7,311 2.27x
[1]Amortized cost of mortgage loans excludes ACL of $49.
Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2025
202520242023202220212020 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
Greater than 80%$30 1.83x$— —x$— —x$— —x$36 0.98x$164 1.39x$230 1.38x
65% - 80%56 1.53x76 1.03x23 0.83x95 1.65x444 2.72x315 1.96x1,009 2.14x
Less than 65%1,123 1.80x535 1.57x401 1.40x645 2.93x993 3.10x1,950 2.75x5,647 2.44x
Total mortgage loans$1,209 1.79x$611 1.50x$424 1.37x$740 2.77x$1,473 2.93x$2,429 2.56x$6,886 2.36x
[1]Amortized cost of mortgage loans excludes ACL of $49.
Mortgage Loans by Region
June 30, 2026December 31, 2025
Amortized CostPercent of TotalAmortized CostPercent of Total
East North Central$459 6.3 %$401 5.8 %
Middle Atlantic275 3.8 %275 4.0 %
Mountain892 12.2 %903 13.1 %
New England328 4.5 %351 5.1 %
Pacific1,424 19.4 %1,417 20.6 %
South Atlantic2,158 29.5 %2,005 29.1 %
West North Central129 1.8 %128 1.9 %
West South Central759 10.4 %720 10.4 %
Other [1]887 12.1 %686 10.0 %
Total mortgage loans7,311 100.0 %6,886 100.0 %
ACL(49)(49)
Total mortgage loans, net of ACL$7,262 $6,837 
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
June 30, 2026December 31, 2025
Amortized CostPercent of TotalAmortized CostPercent of Total
Commercial
Industrial$3,660 50.1 %$3,208 46.6 %
Multifamily2,207 30.2 %2,209 32.1 %
Office373 5.1 %399 5.8 %
Retail [1]991 13.5 %992 14.4 %
Single Family80 1.1 %78 1.1 %
Total mortgage loans7,311 100.0 %6,886 100.0 %
ACL(49)(49)
Total mortgage loans, net of ACL$7,262 $6,837 
[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
Schedule of Financial Instruments Owned and Pledged as Collateral
June 30, 2026December 31, 2025
Fair ValueFair Value
Securities on deposit with government agencies$2,527 $2,558 
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders1,167 1,178 
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders9 23 
Other investments84 87 
Total Other Restricted Investments$3,787 $3,846