v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of the Cost/Amortized Cost, Unrealized Gains and Losses, and Fair Value of Available-for-sale Securities by Type
Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
(dollars in millions)Cost/
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
June 30, 2026*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$13 $— $— $13 
Obligations of states, municipalities, and political subdivisions
57 — (3)54 
Commercial paper
58 — — 58 
Non-U.S. government and government sponsored entities
139 1 (3)137 
Corporate debt
1,088 5 (45)1,048 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
207 1 (18)190 
CMBS
20 — (2)18 
CDO/ABS
70 — (1)69 
Total$1,652 $7 $(72)$1,587 
December 31, 2025*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$13 $— $— $13 
 Obligations of states, municipalities, and political subdivisions
59 — (3)56 
Commercial paper— — — — 
Non-U.S. government and government sponsored entities159 1 (3)157 
Corporate debt1,057 11 (38)1,030 
Mortgage-backed, asset-backed, and collateralized:
RMBS206 1 (17)190 
CMBS24 — (2)22 
CDO/ABS66 — (2)64 
Total$1,584 $13 $(65)$1,532 
*    The allowance for credit losses related to our investment securities as of June 30, 2026 and December 31, 2025 was immaterial.
Schedule of Fair Value and Unrealized Losses on Investment Securities by Type and Length of Time In a Continuous Unrealized Loss Position
Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
 Less Than 12 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
June 30, 2026      
U.S. government and government sponsored entities
$5 $— $8 $— $13 $— 
Obligations of states, municipalities, and political subdivisions
4 — 43 (3)47 (3)
Non-U.S. government and government sponsored entities
30 — 31 (3)61 (3)
Corporate debt283 (4)490 (41)773 (45)
Mortgage-backed, asset-backed, and collateralized:
RMBS32 — 117 (18)149 (18)
CMBS2 — 14 (2)16 (2)
CDO/ABS33 — 23 (1)56 (1)
Total$389 $(4)$726 $(68)$1,115 $(72)
December 31, 2025
      
U.S. government and government sponsored entities
$— $— $8 $— $8 $— 
Obligations of states, municipalities, and political subdivisions
1 — 48 (3)49 (3)
Non-U.S. government and government sponsored entities
23 — 37 (3)60 (3)
Corporate debt73 — 545 (38)618 (38)
Mortgage-backed, asset-backed, and collateralized:
RMBS6 — 124 (17)130 (17)
CMBS1 — 19 (2)20 (2)
CDO/ABS6 — 28 (2)34 (2)
Total$110 $— $809 $(65)$919 $(65)
Schedule of Contractual Maturities of Fixed-Maturity Available-for-sale Securities
Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2026 were as follows:
(dollars in millions)Fair
Value		Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
  
Due in 1 year or less$203 $205 
Due after 1 year through 5 years596 613 
Due after 5 years through 10 years371 382 
Due after 10 years140 155 
Mortgage-backed, asset-backed, and collateralized securities277 297 
Total$1,587 $1,652 
Schedule of Fair Value of Other Securities by Type
The fair value of other securities by type was as follows:
(dollars in millions)June 30, 2026December 31, 2025
Fixed maturity other securities: 
Bonds$4 $6 
Preferred stock
12 12 
Common stock
46 40 
Total $62 $58