v3.26.1
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value
June 30, 2026
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets
Fixed income securities:
U.S. government and agencies$12,351 $— $— $12,351 
Municipal— 6,331 3 6,334 
Corporate - public— 23,502 12 23,514 
Corporate - privately placed— 12,726 167 12,893 
Foreign government— 1,625 — 1,625 
ABS— 1,878 93 1,971 
MBS
— 2,052 69 2,121 
Total fixed income securities12,351 48,114 344 60,809 
Equity securities (1)
10,347 214 18 10,579 
Short-term investments1,547 3,319 6 4,872 
Other investments— 19 1 $(6)14 
Other assets5 — 130 135 
Total recurring basis assets24,250 51,666 499 (6)76,409 
Non-recurring basis
— — 61 61 
Total assets at fair value$24,250 $51,666 $560 $(6)$76,470 
Investments reported at NAV (2)
1,063 
Total$77,533 
Liabilities
Other liabilities$(5)$(7)$— $6 $(6)
Total recurring basis liabilities(5)(7)— 6 (6)
Total liabilities at fair value$(5)$(7)$— $6 $(6)
(1)Excludes $101 million of securities using the measurement alternative or the equity method of accounting and $479 million reported at NAV.
(2)Includes $479 million of equity securities and $584 million of limited partnerships.
Assets and liabilities measured at fair value
December 31, 2025
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets
Fixed income securities:
U.S. government and agencies$18,124 $9 $— $18,133 
Municipal— 5,614 29 5,643 
Corporate - public— 19,907 12 19,919 
Corporate - privately placed— 10,295 187 10,482 
Foreign government— 1,460 — 1,460 
ABS— 1,330 22 1,352 
MBS
— 2,068 58 2,126 
Total fixed income securities18,124 40,683 308 59,115 
Equity securities (1)
7,572 239 22 7,833 
Short-term investments1,791 3,090 6 4,887 
Other investments— 11 1 $(1)11 
Other assets— — 147 147 
Total recurring basis assets27,487 44,023 484 (1)71,993 
Non-recurring basis— — 32 32 
Total assets at fair value$27,487 $44,023 $516 $(1)$72,025 
Investments reported at NAV (2)
1,266 
Total$73,291 
Liabilities
Other liabilities$(2)$(19)$(1)$19 $(3)
Total recurring basis liabilities(2)(19)(1)19 (3)
Total liabilities at fair value$(2)$(19)$(1)$19 $(3)
(1)Excludes $99 million of securities using the measurement alternative or the equity method of accounting and $466 million reported at NAV.
(2)Includes $466 million of equity securities and $800 million of limited partnerships.
Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value
Rollforward of Level 3 assets and liabilities held at fair value during the three-month period ended June 30, 2026
Balance as of
 March 31, 2026		Total gains (losses)
included in:		 Transfers Balance as of
 June 30, 2026
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$3 $— $— $— $— $— $— $— $3 
Corporate - public12 — — — — — — — 12 
Corporate - privately placed174 — (1)— — 4 (3)(7)167 
ABS42 — 1 — (10)61 — (1)93 
MBS
69 — — — — — — — 69 
Total fixed income securities300 — — — (10)65 (3)(8)344 
Equity securities18 — — — — — — — 18 
Short-term investments10 — — — (3)1 (1)(1)6 
Other investments1 — — — — — — — 1 
Other assets128 2 — — — — — — 130 
Total recurring Level 3 assets457 2 — — (13)66 (4)(9)499 
Liabilities
Other liabilities
(1)1 — — — — — — — 
Total recurring Level 3 liabilities$(1)$1 $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the six-month period ended June 30, 2026
Balance as of
 December 31, 2025		Total gains (losses)
included in:		 Transfers Balance as of
 June 30, 2026
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$29 $— $— $— $(26)$— $— $— $3 
Corporate - public12 — — — — — — — 12 
Corporate - privately placed187 — — — — 4 (3)(21)167 
ABS22 — 1 — (10)82 — (2)93 
MBS
58 — — — — 11 — — 69 
Total fixed income securities308 — 1 — (36)97 (3)(23)344 
Equity securities22 (1)— — — 1 (4)— 18 
Short-term investments6 — — — (3)6 (2)(1)6 
Other investments1 — — — — — — — 1 
Other assets147 8 — — — — — (25)130 
Total recurring Level 3 assets484 7 1 — (39)104 (9)(49)499 
Liabilities
Other liabilities
(1)1 — — — — — — — 
Total recurring Level 3 liabilities$(1)$1 $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the three-month period ended June 30, 2025
Balance as of
 March 31, 2025		Total gains (losses)
 included in:		 Transfers Balance as of
 June 30, 2025
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$2 $— $— $— $— $— $— $— $2 
Corporate - public35 — — — — — — — 35 
Corporate - privately placed109 — 1 — — — — (1)109 
ABS51 — — — (26)15 — (1)39 
MBS88 — — — — — — — 88 
Total fixed income securities285 — 1 — (26)15 — (2)273 
Equity securities416 16 — — — 1 (75)— 358 
Short-term investments2 — — — — 2 — — 4 
Other investments1 — — — — — — — 1 
Other assets134 3 — — — — — — 137 
Assets held for sale7 — 1 — — — (8)— — 
Total recurring Level 3 assets845 19 2 — (26)18 (83)(2)773 
Liabilities
Other liabilities(1)— — — — — — — (1)
Total recurring Level 3 liabilities$(1)$— $— $— $— $— $— $— $(1)
Rollforward of Level 3 assets and liabilities held at fair value during the six-month period ended June 30, 2025
Balance as of
 December 31, 2024		Total gains (losses)
 included in:		 Transfers Balance as of
 June 30, 2025
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$2 $— $— $— $— $— $— $— $2 
Corporate - public22 (1)1 — (7)20 — — 35 
Corporate - privately placed110 (1)1 — — — — (1)109 
ABS26 — — 26 (26)15 — (2)39 
MBS
88 — — — — — — — 88 
Total fixed income securities248 (2)2 26 (33)35 — (3)273 
Equity securities407 30 — — — 5 (84)— 358 
Short-term investments5 — — — — 3 (4)— 4 
Other investments1 — — — — — — — 1 
Other assets134 3 — — — — — — 137 
Assets held for sale7 — 1 — — — (8)— — 
Total recurring Level 3 assets802 31 3 26 (33)43 (96)(3)773 
Liabilities
Other liabilities— (1)— — — — — — (1)
Total recurring Level 3 liabilities$— $(1)$— $— $— $— $— $— $(1)
Total Level 3 gains (losses) included in net income
Three months ended June 30,Six months ended June 30,
($ in millions)2026202520262025
Net gains (losses) on investments and derivatives
$1 $16 $— $27 
Operating costs and expenses
2 3 8 3 
Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities
Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
Three months ended June 30,Six months ended June 30,
($ in millions)2026202520262025
Assets
Fixed income securities:
Corporate - public$— $— $— $(1)
Corporate - privately placed(1)— (1)— 
Total fixed income securities(1)— (1)(1)
Equity securities— 15 (1)29 
Other assets2 3 8 3 
Total recurring Level 3 assets$1 $18 $6 $31 
Liabilities
Other liabilities$1 $— $1 $(1)
Total recurring Level 3 liabilities1 — 1 (1)
Total included in net income$2 $18 $7 $30 
Components of net income
Net gains (losses) on investments and derivatives$— $15 $(1)$27 
Operating costs and expenses2 3 8 3 
Total included in net income$2 $18 $7 $30 
Assets
Corporate - public$— $— $— $1 
Corporate - privately placed(1)1 — 1 
ABS1 — 1 — 
Changes in unrealized net capital gains and losses reported in OCI$— $1 $1 $2 
Schedule of Financial Instruments Not Carried at Fair Value
Financial instruments not carried at fair value
($ in millions)June 30, 2026December 31, 2025
Financial assetsFair value level
Amortized cost, net (1)
Fair
value
Amortized cost, net (1)
Fair
value
Mortgage loansLevel 3$842 $828 $879 $868 
Bank loansLevel 3564 568 473 487 
Financial liabilitiesFair value level
Carrying value (1)
Fair
value
Carrying value (1)
Fair
value
DebtLevel 2$7,492 $7,260 $7,490 $7,367 
Liability for collateralLevel 22,059 2,059 1,934 1,934 
(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.