INVESTMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities |
The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At June 30, 2026 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - available for sale | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | U.S. government agencies and corporations | $ | 831 | | | $ | — | | | $ | 1 | | | $ | (20) | | | 812 | | | Tax-exempt obligations of U.S. states and political subdivisions | 40 | | | — | | | — | | | (4) | | | 37 | | | Corporate securities | 9,839 | | | (39) | | | 100 | | | (211) | | | 9,689 | | | Asset-backed securities | 5,081 | | | (25) | | | 7 | | | (29) | | | 5,033 | | | Mortgage-backed securities | | | | | | | | | | | Agency commercial | 403 | | | — | | | 5 | | | (3) | | | 405 | | | Non-agency commercial | 1,232 | | | — | | | 2 | | | (37) | | | 1,198 | | | Agency residential | 5,280 | | | — | | | 43 | | | (185) | | | 5,138 | | | Non-agency residential | 1,767 | | | — | | | 13 | | | (9) | | | 1,771 | | | Foreign government securities | 2,286 | | | — | | | 21 | | | (81) | | | 2,226 | | | Foreign corporate securities | 8,152 | | | — | | | 155 | | | (171) | | | 8,136 | | | Total fixed maturity securities - available for sale | $ | 34,912 | | | $ | (64) | | | $ | 346 | | | $ | (749) | | | $ | 34,445 | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - available for sale | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | U.S. government agencies and corporations | $ | 845 | | | $ | — | | | $ | 4 | | | $ | (19) | | | $ | 830 | | | Tax-exempt obligations of U.S. states and political subdivisions | 45 | | | — | | | — | | | (4) | | | 41 | | | Corporate securities | 9,913 | | | (54) | | | 206 | | | (183) | | | 9,882 | | | Asset-backed securities | 5,094 | | | (14) | | | 14 | | | (17) | | | 5,077 | | | Mortgage-backed securities | | | | | | | | | | | Agency commercial | 404 | | | — | | | 9 | | | (2) | | | 412 | | | Non-agency commercial | 1,151 | | | — | | | 4 | | | (33) | | | 1,121 | | | Agency residential | 5,544 | | | — | | | 82 | | | (161) | | | 5,465 | | | Non-agency residential | 1,689 | | | — | | | 32 | | | (1) | | | 1,721 | | | Foreign government securities | 2,400 | | | — | | | 36 | | | (64) | | | 2,371 | | | Foreign corporate securities | 7,535 | | | — | | | 253 | | | (135) | | | 7,653 | | | Total fixed maturity securities - available for sale | $ | 34,620 | | | $ | (68) | | | $ | 640 | | | $ | (619) | | | $ | 34,573 | |
(Some amounts may not reconcile due to rounding.) The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At June 30, 2026 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - held to maturity | | | | | | | | | | | Corporate securities | $ | 180 | | | $ | (2) | | | $ | 1 | | | $ | (3) | | | $ | 176 | | | Asset-backed securities | 318 | | | (5) | | | 4 | | | (8) | | | 310 | | | Mortgage-backed securities | | | | | | | | | | | Non-agency commercial | — | | | — | | | — | | | — | | | — | | | Foreign corporate securities | 78 | | | (1) | | | 5 | | | — | | | 82 | | | Total fixed maturity securities - held to maturity | $ | 576 | | | (8) | | | $ | 10 | | | $ | (11) | | | $ | 568 | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - held to maturity | | | | | | | | | | | Corporate securities | $ | 166 | | | $ | (2) | | | $ | 7 | | | $ | (1) | | | $ | 169 | | | Asset-backed securities | 328 | | | (3) | | | 5 | | | (8) | | | 322 | | | Mortgage-backed securities | | | | | | | | | | | Commercial | — | | | — | | | — | | | — | | | — | | | Foreign corporate securities | 79 | | | (1) | | | 6 | | | — | | | 84 | | | Total fixed maturity securities - held to maturity | $ | 573 | | | $ | (6) | | | $ | 18 | | | $ | (9) | | | $ | 576 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity |
The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. | | | | | | | | | | | | | | | | | | | | | | | | | At June 30, 2026 | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Fixed maturity securities – available for sale | | | | | | | | | Due in one year or less | $ | 1,496 | | | $ | 1,463 | | | $ | 1,440 | | | $ | 1,405 | | | Due after one year through five years | 11,152 | | | 11,059 | | | 10,746 | | | 10,819 | | | Due after five years through ten years | 6,986 | | | 6,931 | | | 6,722 | | | 6,781 | | | Due after ten years | 1,514 | | | 1,447 | | | 1,830 | | | 1,772 | | | Asset-backed securities | 5,081 | | | 5,033 | | | 5,094 | | | 5,077 | | | Mortgage-backed securities | | | | | | | | | Agency commercial | 403 | | | 405 | | | 404 | | | 412 | | | Non-agency commercial | 1,232 | | | 1,198 | | | 1,151 | | | 1,121 | | | Agency residential | 5,280 | | | 5,138 | | | 5,544 | | | 5,465 | | | Non-agency residential | 1,767 | | | 1,771 | | | 1,689 | | | 1,721 | | | Total fixed maturity securities - available for sale | $ | 34,912 | | | $ | 34,445 | | | $ | 34,620 | | | $ | 34,573 | |
(Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. | | | | | | | | | | | | | | | | | | | | | | | | | At June 30, 2026 | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Fixed maturity securities – held to maturity | | | | | | | | | Due in one year or less | $ | 36 | | | $ | 36 | | | $ | 25 | | | $ | 25 | | | Due after one year through five years | 77 | | | 76 | | | 68 | | | 69 | | | Due after five years through ten years | 41 | | | 43 | | | 4 | | | 4 | | | Due after ten years | 104 | | | 104 | | | 148 | | | 155 | | | Asset-backed securities | 318 | | | 310 | | | 328 | | | 322 | | | Mortgage-backed securities | | | | | | | | | Non-agency commercial | — | | | — | | | — | | | — | | | Total fixed maturity securities - held to maturity | $ | 576 | | | $ | 568 | | | $ | 573 | | | $ | 576 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments |
The changes in net URA(D) for the Company’s investments are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Increase (decrease) during the period between the fair value and cost of | | | | | | | | | investments carried at fair value, and deferred taxes thereon: | | | | | | | | | Fixed maturity securities - available for sale, held to maturity and short-term investments | $ | 30 | | | $ | 360 | | | $ | (423) | | | $ | 707 | | | Equity method investments | — | | | — | | | — | | | — | | | Change in URA(D), pre-tax | 30 | | | 360 | | | (423) | | | 707 | | | Deferred tax benefit (expense) | (3) | | | (52) | | | 75 | | | (111) | | | Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 27 | | | $ | 308 | | | $ | (347) | | | $ | 597 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type |
The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at June 30, 2026 by Security Type | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | | | U.S. government agencies and corporations | $ | 373 | | | $ | (6) | | | $ | 312 | | | $ | (14) | | | $ | 684 | | | $ | (20) | | | Tax-exempt obligations of U.S. states and political subdivisions | — | | | — | | | 33 | | | (4) | | | 33 | | | (4) | | | Corporate securities | 2,689 | | | (47) | | | 2,183 | | | (163) | | | 4,871 | | | (210) | | | Asset-backed securities | 1,197 | | | (16) | | | 409 | | | (13) | | | 1,606 | | | (29) | | | Mortgage-backed securities | | | | | | | | | | | | | Agency commercial | 137 | | | (2) | | | 18 | | | (1) | | | 155 | | | (3) | | | Non-agency commercial | 215 | | | (1) | | | 646 | | | (35) | | | 861 | | | (37) | | | Agency residential | 812 | | | (9) | | | 1,707 | | | (176) | | | 2,518 | | | (185) | | | Non-agency residential | 717 | | | (8) | | | 65 | | | (1) | | | 782 | | | (9) | | | Foreign government securities | 796 | | | (18) | | | 756 | | | (63) | | | 1,552 | | | (81) | | | Foreign corporate securities | 2,004 | | | (40) | | | 1,748 | | | (131) | | | 3,752 | | | (171) | | | Total | $ | 8,939 | | | $ | (147) | | | $ | 7,876 | | | $ | (601) | | | $ | 16,815 | | | $ | (748) | | | Securities where an allowance for credit loss was recorded | 58 | | | (1) | | | — | | | — | | | 58 | | | (1) | | | Total fixed maturity securities - available for sale | $ | 8,997 | | | $ | (148) | | | $ | 7,876 | | | $ | (601) | | | $ | 16,873 | | | $ | (749) | |
(Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at December 31, 2025 by Security Type | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | | | U.S. government agencies and corporations | $ | 244 | | | $ | (5) | | | $ | 333 | | | $ | (14) | | | $ | 577 | | | $ | (19) | | | Tax-exempt obligations of U.S. states and political subdivisions | 2 | | | — | | | 33 | | | (4) | | | 35 | | | (4) | | | Corporate securities | 1,370 | | | (31) | | | 1,990 | | | (147) | | | 3,360 | | | (179) | | | Asset-backed securities | 802 | | | (5) | | | 429 | | | (12) | | | 1,231 | | | (17) | | | Mortgage-backed securities | | | | | | | | | | | | | Agency commercial | 43 | | | (1) | | | 17 | | | (1) | | | 60 | | | (2) | | | Non-agency commercial | 288 | | | (5) | | | 631 | | | (29) | | | 919 | | | (33) | | | Agency residential | 234 | | | (3) | | | 1,755 | | | (158) | | | 1,990 | | | (161) | | | Non-agency residential | 81 | | | — | | | 87 | | | — | | | 168 | | | (1) | | | Foreign government securities | 260 | | | (4) | | | 854 | | | (61) | | | 1,114 | | | (64) | | | Foreign corporate securities | 847 | | | (15) | | | 1,615 | | | (120) | | | 2,463 | | | (135) | | | Total | $ | 4,171 | | | $ | (68) | | | $ | 7,745 | | | $ | (547) | | | $ | 11,916 | | | $ | (615) | | | Securities where an allowance for credit loss was recorded | 24 | | | (2) | | | 14 | | | (2) | | | 37 | | | (4) | | | Total fixed maturity securities - available for sale | $ | 4,194 | | | $ | (70) | | | $ | 7,759 | | | $ | (549) | | | $ | 11,953 | | | $ | (619) | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at June 30, 2026 by Maturity | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | Due in one year or less | $ | 138 | | | $ | (3) | | | $ | 798 | | | $ | (25) | | | $ | 935 | | | $ | (29) | | | Due in one year through five years | 2,783 | | | (44) | | | 2,671 | | | (191) | | | 5,454 | | | (234) | | | Due in five years through ten years | 2,661 | | | (54) | | | 850 | | | (86) | | | 3,511 | | | (141) | | | Due after ten years | 280 | | | (9) | | | 712 | | | (73) | | | 992 | | | (82) | | | Asset-backed securities | 1,197 | | | (16) | | | 409 | | | (13) | | | 1,606 | | | (29) | | | Mortgage-backed securities | 1,881 | | | (20) | | | 2,435 | | | (213) | | | 4,316 | | | (233) | | | Total | $ | 8,939 | | | $ | (147) | | | $ | 7,876 | | | $ | (601) | | | $ | 16,815 | | | $ | (748) | | | Securities where an allowance for credit loss was recorded | 58 | | | (1) | | | — | | | — | | | 58 | | | (1) | | | Total fixed maturity securities - available for sale | $ | 8,997 | | | $ | (148) | | | $ | 7,876 | | | $ | (601) | | | $ | 16,873 | | | $ | (749) | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at December 31, 2025 by Maturity | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | Due in one year or less | $ | 165 | | | $ | (5) | | | $ | 675 | | | $ | (18) | | | $ | 840 | | | $ | (23) | | | Due in one year through five years | 1,475 | | | (33) | | | 2,411 | | | (156) | | | 3,887 | | | (189) | | | Due in five years through ten years | 859 | | | (14) | | | 987 | | | (99) | | | 1,846 | | | (112) | | | Due after ten years | 223 | | | (3) | | | 752 | | | (74) | | | 975 | | | (77) | | | Asset-backed securities | 802 | | | (5) | | | 429 | | | (12) | | | 1,231 | | | (17) | | | Mortgage-backed securities | 646 | | | (8) | | | 2,490 | | | (188) | | | 3,137 | | | (196) | | | Total | $ | 4,171 | | | $ | (68) | | | $ | 7,745 | | | $ | (547) | | | $ | 11,916 | | | $ | (615) | | | Securities where an allowance for credit loss was recorded | 24 | | | (2) | | | 14 | | | (2) | | | 37 | | | (4) | | | Total fixed maturity securities - available for sale | $ | 4,194 | | | $ | (70) | | | $ | 7,759 | | | $ | (549) | | | $ | 11,953 | | | $ | (619) | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Components of Net Investment Income |
The components of net investment income are presented in the table below for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Fixed maturities | $ | 411 | | | $ | 396 | | | $ | 804 | | | $ | 782 | | | Equity securities | 1 | | | 1 | | | 3 | | | 2 | | | Short-term investments and cash | 29 | | | 33 | | | 56 | | | 82 | | | Other invested assets | | | | | | | | | Limited partnerships | 61 | | | 88 | | | 180 | | | 113 | | | Other | 31 | | | 22 | | | 68 | | | 52 | | | Gross investment income before adjustments | 533 | | | 541 | | | 1,109 | | | 1,031 | | | Funds held interest income (expense) | 5 | | | 2 | | | 9 | | | 14 | | | Future policy benefit reserve income (expense) | — | | | — | | | — | | | — | | | Gross investment income | 538 | | | 543 | | | 1,118 | | | 1,045 | | | Investment expenses | 15 | | | 11 | | | 28 | | | 22 | | | Net investment income | $ | 523 | | | $ | 532 | | | $ | 1,091 | | | $ | 1,023 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Components of Net Realized Capital Gains (Losses) |
The components of net gains (losses) on investments are presented in the table below for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Credit allowance on fixed maturity securities | $ | (11) | | | $ | (2) | | | $ | 2 | | | $ | (2) | | | Gains (losses) from fair value adjustment on public equities | 5 | | | 5 | | | (1) | | | 3 | | | Net realized gains (losses) from dispositions: | | | | | | | | | Fixed maturities | (2) | | | (8) | | | (18) | | | (12) | | | Equity securities | — | | | — | | | — | | | (1) | | | Other Invested Assets | — | | | — | | | — | | | — | | | Short-term investments | — | | | — | | | — | | | — | | | Total net realized gains (losses) from dispositions | (2) | | | (8) | | | (18) | | | (13) | | | | | | | | | | | Total net gains (losses) on investments | $ | (8) | | | $ | (5) | | | $ | (17) | | | $ | (12) | |
(Some amounts may not reconcile due to rounding.)
|
| Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale |
The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | | Three Months Ended June 30, 2026 | | Six Months Ended June 30, 2026 | | (Dollars in millions) | Corporate
Securities | | Asset-Backed
Securities | | | | | | Total | | Corporate
Securities | | Asset-Backed
Securities | | | | | | Total | | Beginning balance | $ | (39) | | | $ | (14) | | | | | | | $ | (53) | | | $ | (54) | | | $ | (14) | | | | | | | $ | (68) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | | | | | losses were not previously recorded | (1) | | | — | | | | | | | (1) | | | (2) | | | — | | | | | | | (2) | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | (1) | | | (12) | | | | | | | (13) | | | (7) | | | (12) | | | | | | | (19) | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | | | | | — | | | — | | | — | | | | | | | — | | | Reduction in allowance due to disposals | 3 | | | — | | | | | | | 3 | | | 25 | | | — | | | | | | | 25 | | | Balance, end of period | $ | (39) | | | $ | (25) | | | | | | | $ | (64) | | | $ | (39) | | | $ | (25) | | | | | | | $ | (64) | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | (Dollars in millions) | Corporate
Securities | | | | | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | | | | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (36) | | | | | | | $ | — | | | $ | (37) | | | $ | (35) | | | | | | | $ | — | | | $ | (36) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | | | | | losses were not previously recorded | (3) | | | | | | | — | | | (3) | | | (4) | | | | | | | — | | | (4) | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | — | | | | | | | — | | | — | | | — | | | | | | | — | | | — | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | — | | | | | | | — | | | — | | | — | | | | | | | — | | | — | | | Reduction in allowance due to disposals | — | | | | | | | — | | | — | | | — | | | | | | | — | | | — | | | Balance, end of period | $ | (39) | | | | | | | $ | — | | | $ | (40) | | | $ | (39) | | | | | | | $ | — | | | $ | (40) | |
(Some amounts may not reconcile due to rounding.)
|
| Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | | Three Months Ended June 30, 2026 | | Six Months Ended June 30, 2026 | | (Dollars in millions) | Corporate
Securities | | Asset-Backed
Securities | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | Asset-Backed
Securities | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (2) | | | $ | (5) | | | $ | (1) | | | $ | (8) | | | $ | (2) | | | $ | (3) | | | $ | (1) | | | $ | (6) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | losses were not previously recorded | — | | | — | | | — | | | — | | | — | | | (2) | | | — | | | (2) | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Reduction in allowance due to disposals | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Balance, end of period | $ | (2) | | | $ | (5) | | | $ | (1) | | | $ | (8) | | | $ | (2) | | | $ | (5) | | | $ | (1) | | | $ | (8) | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | (Dollars in millions) | Corporate
Securities | | Asset-Backed
Securities | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | Asset-Backed
Securities | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (2) | | | $ | (4) | | | $ | (1) | | | (8) | | | $ | (2) | | | $ | (4) | | | $ | (1) | | | $ | (8) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | losses were not previously recorded | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Reduction in allowance due to disposals | — | | | — | | | 1 | | | 1 | | | — | | | 1 | | | 1 | | | 1 | | | Balance, end of period | (2) | | | (4) | | | $ | (1) | | | $ | (7) | | | $ | (2) | | | $ | (4) | | | $ | (1) | | | $ | (7) | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Proceeds and Split Between Gross Gains and Losses, from Dispositions of Fixed Maturity Securities |
The proceeds and split between gross gains and losses from sales of fixed maturity securities - available for sale, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Proceeds from sales of fixed maturity securities - available for sale | $ | 564 | | | $ | 153 | | | $ | 1,083 | | | $ | 280 | | | Gross gains from sales | 13 | | | 5 | | | 27 | | | 10 | | | Gross losses from sales | (15) | | | (13) | | | (45) | | | (22) | | | | | | | | | | | Proceeds from sales of fixed maturity securities - held to maturity | $ | — | | | $ | — | | | $ | — | | | $ | 10 | | | Gross gains from sales | — | | | — | | | — | | | — | | | Gross losses from sales | — | | | — | | | — | | | (1) | | | | | | | | | | | Proceeds from sales of equity securities | $ | — | | | $ | 5 | | | $ | — | | | $ | 54 | | | Gross gains from sales | — | | | — | | | — | | | — | | | Gross losses from sales | — | | | — | | | — | | | (1) | |
(Some amounts may not reconcile due to rounding.)
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