Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Net investment income is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities	$	552	$	536	$	1,095	$	1,057
Limited partnership investments	99		81		154		137
Short-term investments	11		16		31		35
Equity securities (a)	41		27		37		33
Income from trading portfolio (a)	61		52		59		56
Other	26		28		53		54
Total investment income	790		740		1,429		1,372
Investment expenses	(29)		(26)		(55)		(50)
Net investment income	$	761	$	714	$	1,374	$	1,322
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2026 and 2025	$	22	$	30	$	(13)	$	(10)

Schedule of Investment Gains (Losses)

Investment gains (losses) are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities:
Gross gains	$	19	$	5	$	25	$	18
Gross losses	(27)		(53)		(47)		(75)
Investment losses on fixed maturity securities	(8)		(48)		(22)		(57)
Equity securities (a)	3		6		(1)		6

Short-term investments and other			(4)				(4)


Investment losses	$	(5)	$	(46)	$	(23)	$	(55)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2026 and 2025	$	2	$	6	$	(3)	$	4

Schedule of Impairment Losses (Gains) on Earnings

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds			$	4	$	8	$	11
Asset-backed	$	3	5		6		5
Impairment losses recognized in earnings	$	3	$	9	$	14	$	16

Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities

The following tables present a summary of fixed maturity securities:


June 30, 2026	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	25,722	$	513	$	964	$	16	$	25,255
States, municipalities and political subdivisions	9,257		305		727				8,835
Asset-backed:
Residential mortgage-backed	4,235		31		385				3,881
Commercial mortgage-backed	1,530		11		79		21		1,441
Other asset-backed	3,690		14		217		26		3,461
Total asset-backed	9,455		56		681		47		8,783
U.S. Treasury and obligations of government sponsored enterprises	242				3				239
Foreign government	722		8		21				709
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	45,406	$	882	$	2,396	$	63	$	43,829
Fixed maturities trading	291								291
Total fixed maturity securities	$	45,697	$	882	$	2,396	$	63	$	44,120


December 31, 2025


Fixed maturity securities:
Corporate and other bonds	$	25,484	$	682	$	881	$	28	$	25,257
States, municipalities and political subdivisions	8,870		303		742				8,431
Asset-backed:
Residential mortgage-backed	4,011		50		366				3,695
Commercial mortgage-backed	1,515		18		80		21		1,432
Other asset-backed	3,729		28		194		20		3,543
Total asset-backed	9,255		96		640		41		8,670
U.S. Treasury and obligations of government sponsored enterprises	236		1		3				234
Foreign government	764		7		20				751
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	44,617	$	1,089	$	2,286	$	69	$	43,351
Fixed maturities trading	633								633
Total fixed maturity securities	$	45,250	$	1,089	$	2,286	$	69	$	43,984

Schedule of Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position

The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:


	Less than 12 Months				12 Months or Longer				Total
June 30, 2026	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	5,910	$	96	$	7,533	$	868	$	13,443	$	964
States, municipalities and political subdivisions	373		6		3,428		721		3,801		727
Asset-backed:
Residential mortgage-backed	601		10		1,837		375		2,438		385
Commercial mortgage-backed	167		3		785		76		952		79
Other asset-backed	647		10		1,341		207		1,988		217
Total asset-backed	1,415		23		3,963		658		5,378		681
U.S. Treasury and obligations of government-sponsored enterprises	167		2		14		1		181		3
Foreign government	210		3		223		18		433		21
Total fixed maturity securities	$	8,075	$	130	$	15,161	$	2,266	$	23,236	$	2,396

December 31, 2025

Fixed maturity securities:
Corporate and other bonds	$	2,776	$	56	$	8,576	$	825	$	11,352	$	881
States, municipalities and political subdivisions	403		8		3,471		734		3,874		742
Asset-backed:
Residential mortgage-backed	154		1		2,002		365		2,156		366
Commercial mortgage-backed	36		2		887		78		923		80
Other asset-backed	420		9		1,432		185		1,852		194
Total asset-backed	610		12		4,321		628		4,931		640
U.S. Treasury and obligations of government-sponsored enterprises	78		2		18		1		96		3
Foreign government	131		1		260		19		391		20
Total fixed maturity securities	$	3,998	$	79	$	16,646	$	2,207	$	20,644	$	2,286

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.


	June 30, 2026				December 31, 2025
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,198	$	283	$	1,980	$	267
AAA	1,400		241		1,376		243
AA	4,127		630		3,827		623
A	5,854		477		5,025		440
BBB	8,741		670		7,758		639
Non-investment grade	916		95		678		74
Total	$	23,236	$	2,396	$	20,644	$	2,286

Schedule of Activity of Allowance on Available-for-Sale Securities

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $477 million, $470 million and $451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended June 30, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of April 1, 2026	$	31	$	44	$	75
Additions to the allowance for credit losses:

Available-for-sale securities accounted for as PCD assets	1				1

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	16				16



Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			3		3
Total allowance for credit losses	$	16	$	47	$	63


Three months ended June 30, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of April 1, 2025	$	15	$	32	$	47
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	3				3


Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6				6


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	2		5		7
Total allowance for credit losses	$	14	$	37	$	51


Six months ended June 30, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2026	$	28	$	41	$	69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3				3
Available-for-sale securities accounted for as PCD assets	1				1

Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	16				16



Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			6		6
Total allowance for credit losses	$	16	$	47	$	63


Six months ended June 30, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	3				3


Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6				6



Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	4		5		9
Total allowance for credit losses	$	14	$	37	$	51

Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.


	June 30, 2026				December 31, 2025
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,424	$	1,418	$	1,392	$	1,389
Due after one year through five years	11,048		10,836		11,318		11,214
Due after five years through ten years	13,387		12,999		13,440		13,187
Due after ten years	19,547		18,576		18,467		17,561
Total	$	45,406	$	43,829	$	44,617	$	43,351

Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of June 30, 2026	2026		2025		2024		2023		2022		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%			$	38			$	33	$	15	$	229	$	315
LTV 55% to 65%			37				12		12				61
LTV greater than 65%											13		13
DSCR 1.2x - 1.6x
LTV less than 55%	$	6			$	68	47		4		89		214
LTV 55% to 65%			107		33		18		52		19		229
LTV greater than 65%	5		7						15				27
DSCR ≤1.2x
LTV less than 55%			37				22				21		80
LTV 55% to 65%									45				45
LTV greater than 65%									22		46		68
Total	$	11	$	226	$	101	$	132	$	165	$	417	$	1,052


(a)			The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.