v3.26.1
Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Rollforward of Common Stock Outstanding
The following table presents a rollforward of outstanding shares:
Six Months Ended June 30, 2026
Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,368.5)538.2 
Shares issued— 1.7 1.7 
Shares repurchased— (15.2)(15.2)
Shares, end of period1,906.7 (1,382.0)524.7 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Total
Balance, March 31, 2026, net of tax$(4)$(1,989)$91 $(3,102)$(711)$(5,715)
Change in unrealized appreciation (depreciation) of investments
1 170 — — — 171 
Change in other— (17)— — — (17)
Change in discount rates— — 8 — — 8 
Change in foreign currency translation adjustments
— — — (4)— (4)
Change in net actuarial loss
— — — — 7 7 
Change in prior service cost
— — — — 1 1 
Change in deferred tax asset (liability)
— (45)(3)(7)(2)(57)
Total other comprehensive income (loss)1 108 5 (11)6 109 
Balance, June 30, 2026, net of tax$(3)$(1,881)$96 $(3,113)$(705)$(5,606)
Balance, March 31, 2025, net of tax$— $(2,443)$74 $(3,328)$(767)$(6,464)
Change in unrealized appreciation (depreciation) of investments
(7)512 — — — 505 
Change in other— (9)— — — (9)
Change in foreign currency translation adjustments
— — — 414 — 414 
Change in net actuarial loss
— — — — 2 2 
Change in deferred tax asset (liability)
1 (11)1 15 (2)4 
Total other comprehensive income (loss)(6)492 1 429 — 916 
Balance, June 30, 2025, net of tax$(6)$(1,951)$75 $(2,899)$(767)$(5,548)
Balance, December 31, 2025, net of tax$(3)$(1,373)$87 $(2,981)$(717)$(4,987)
Change in unrealized appreciation (depreciation) of investments
— (564)— — — (564)
Change in other— (20)— — — (20)
Change in discount rates— — 13 — — 13 
Change in foreign currency translation adjustments— — — (123)— (123)
Change in net actuarial loss— — — — 14 14 
Change in prior service cost
— — — — 2 2 
Change in deferred tax asset (liability)— 76 (4)(9)(4)59 
Total other comprehensive income (loss)— (508)9 (132)12 (619)
Balance, June 30, 2026, net of tax$(3)$(1,881)$96 $(3,113)$(705)$(5,606)
Balance, December 31, 2024, net of tax$(4)$(2,868)$68 $(3,521)$(774)$(7,099)
Change in unrealized appreciation (depreciation) of investments(3)830 — — — 827 
Change in other— (3)— — — (3)
Change in discount rates— — 9 — — 9 
Change in foreign currency translation adjustments— — — 589 — 589 
Change in net actuarial loss— — — — 10 10 
Change in deferred tax asset (liability)
1 90 (2)34 (3)120 
Total other comprehensive income (loss)(2)917 7 623 7 1,552 
Less: Noncontrolling interests— — — 1 — 1 
Balance, June 30, 2025, net of tax$(6)$(1,951)$75 $(2,899)$(767)$(5,548)
Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments
The following table presents the other comprehensive income (loss) reclassification adjustments for the three and six months ended June 30, 2026 and 2025, respectively:
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Total
Three Months Ended June 30, 2026
Unrealized change arising during period$1 $90 $8 $(4)$1 $96 
Less: Reclassification adjustments included in net income— (63)— — (7)(70)
Total other comprehensive income (loss), before income tax expense (benefit)1 153 8 (4)8 166 
Less: Income tax expense (benefit)— 45 3 7 2 57 
Total other comprehensive income (loss), net of income tax expense (benefit)$1 $108 $5 $(11)$6 $109 
Three Months Ended June 30, 2025
Unrealized change arising during period$(7)$352 $— $414 $(5)$754 
Less: Reclassification adjustments included in net income
— (151)— — (7)(158)
Total other comprehensive income (loss), before income tax expense (benefit)(7)503 — 414 2 912 
Less: Income tax expense (benefit)(1)11 (1)(15)2 (4)
Total other comprehensive income (loss), net of income tax expense (benefit)$(6)$492 $1 $429 $— $916 
Six Months Ended June 30, 2026
Unrealized change arising during period$— $(777)$13 $(123)$1 $(886)
Less: Reclassification adjustments included in net income— (193)— — (15)(208)
Total other comprehensive income (loss), before of income tax expense (benefit)— (584)13 (123)16 (678)
Less: Income tax expense (benefit)— (76)4 9 4 (59)
Total other comprehensive income (loss), net of income tax expense (benefit)$— $(508)$9 $(132)$12 $(619)
Six Months Ended June 30, 2025
Unrealized change arising during period$(3)$414 $9 $589 $(5)$1,004 
Less: Reclassification adjustments included in net income— (413)— — (15)(428)
Total other comprehensive income (loss), before income tax expense (benefit)(3)827 9 589 10 1,432 
Less: Income tax expense (benefit)(1)(90)2 (34)3 (120)
Total other comprehensive income (loss), net of income tax expense (benefit)$(2)$917 $7 $623 $7 $1,552 
Schedule of Effect of the Reclassification of Significant Items out of Accumulated Other Comprehensive Income on the Respective Line Items in the Consolidated Statements of Income
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):
Amount Reclassified from AOCIAffected Line Item in the
Three Months Ended June 30,Six Months Ended June 30,Condensed Consolidated
(in millions)2026202520262025Statements of Income (Loss)
Unrealized appreciation (depreciation) of all other investments
Investments(63)(151)(193)(413)Net realized gains (losses)
Total(63)(151)(193)(413)
Change in retirement plan liabilities adjustment
Prior-service credit(1)— (2)(1)
(b)
Actuarial losses(6)(7)(13)(14)
(b)
Total(7)(7)(15)(15)
Total reclassifications for the period$(70)$(158)$(208)$(428)
(a)Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts is not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table.
(b)These AOCI components are included in the computation of net periodic pension cost.