v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments by category and current or long-term classification
The following table summarizes the Company's investments by category and current or long-term classification:
June 30, 2026December 31, 2025
(In millions)CurrentLong-TermTotalCurrentLong-TermTotal
Debt securities$549 $7,901 $8,450 $691 $7,671 $8,362 
Equity securities17 3,756 3,773 22 3,534 3,556 
Commercial mortgage loans88 1,111 1,199 86 1,147 1,233 
Policy loans— 1,023 1,023 — 1,082 1,082 
Other long-term investments— 5,246 5,246 — 5,037 5,037 
Short-term investments305 — 305 257 — 257 
Total$959 $19,037 $19,996 $1,056 $18,471 $19,527 
Debt Securities by Contractual Maturity
The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of June 30, 2026:
(In millions)Amortized
Cost		Fair
Value
Due in one year or less$600 $574 
Due after one year through five years3,991 3,936 
Due after five years through ten years2,033 2,005 
Due after ten years1,872 1,708 
Mortgage and other asset-backed securities247 227 
Total$8,743 $8,450 
Gross Unrealized Appreciation (Depreciation) on Debt Securities
Gross unrealized appreciation (depreciation) on debt securities by type of issuer is shown below:
(In millions)Amortized
Cost		Allowance for Credit LossUnrealized
Appreciation		Unrealized
Depreciation		Fair
Value
June 30, 2026
Federal government and agency$217 $— $12 $(4)$225 
State and local government24 — 1 — 25 
Foreign government461 — 9 (6)464 
Corporate7,794 (51)135 (369)7,509 
Mortgage and other asset-backed247 — 2 (22)227 
Total$8,743 $(51)$159 $(401)$8,450 
December 31, 2025
Federal government and agency$215 $— $15 $(3)$227 
State and local government24 — 1 — 25 
Foreign government450 — 12 (6)456 
Corporate7,704 (137)175 (332)7,410 
Mortgage and other asset-backed267 — 3 (26)244 
Total$8,660 $(137)$206 $(367)$8,362 
Summary of Debt Securities with a Decline in Fair Value
The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded (by investment grade and the length of time these securities have been in an unrealized loss position). Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.
June 30, 2026December 31, 2025
(Dollars in millions)Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues		Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues
One year or less
Investment grade$1,902 $1,925 $(23)640$384 $386 $(2)149 
Below investment grade214 219 (5)472120 125 (5)239 
More than one year
Investment grade2,637 2,998 (361)7033,044 3,382 (338)799 
Below investment grade105 117 (12)67185 207 (22)86 
Total$4,858 $5,259 $(401)1,882 $3,733 $4,100 $(367)1,273 
Equity Security Investments
The following table provides the values of the Company's equity security investments:
June 30, 2026 December 31, 2025
(In millions) CostCarrying Value CostCarrying Value
Equity securities with readily determinable fair values$88 $106 $78 $92 
Equity securities with no readily determinable fair value6,974 3,667 6,792 3,464 
Total$7,062 $3,773 $6,870 $3,556 
Summary of the Credit Risk Profile of the Commercial Mortgage Loan Portfolio
The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:

(Dollars in millions)June 30, 2026December 31, 2025
Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value Ratio
Below 60%$379 2.08$355 2.13
60% to 79%634 1.72694 1.81
80% to 100%186 0.84184 0.79
Total$1,199 1.6772 %$1,233 1.7271 %
Carrying Value Information for Other Long-Term Investments
Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans. These investments are carried at cost plus the Company's ownership percentage of reporting income or loss, based on the financial statements of the underlying investments that are generally reported at fair value.
Income or loss from these investments is reported on a one-quarter lag due to the timing of when financial information is received from the general partner or manager of the investments.
Other long-term investments also include investment real estate carried at depreciated cost less any impairment write-downs to fair value when cash flow estimates indicate that the carrying value may not be recoverable. Additionally, statutory and other restricted deposits and foreign currency swaps carried at fair value are reported in the table below as Other. The following table provides the carrying value information for these investments:
Carrying Value as of
(In millions)June 30, 2026December 31, 2025
Real estate investments$1,971 $1,895 
Securities partnerships3,082 2,948 
Other193 194 
Total$5,246 $5,037