v3.26.1
OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2026
Other Comprehensive Income (Loss), Tax [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
(Dollars in millions)Before TaxTax EffectNet of TaxBefore TaxTax EffectNet of Tax
URA(D) of securities - non-credit related$(21)$4 $(17)$(257)$53 $(204)
Reclassification of net realized losses (gains) included
 in net income (loss)$10 $(2)8 10 (2)8 
Foreign currency translation adjustments$(11)$2 (9)(25)5 (19)
Benefit plan actuarial net gain (loss)— $— — — — — 
Reclassification of benefit plan liability amortization included
 in net income (loss)$— $— — (1)— (1)
Total other comprehensive income (loss)$(23)$5 $(18)$(273)$56 $(217)
(Some amounts may not reconcile due to rounding)
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(Dollars in millions)Before TaxTax EffectNet of TaxBefore TaxTax EffectNet of Tax
URA(D) of securities - non-credit related$109 $(23)$86 $305 $(64)$241 
Reclassification of net realized losses (gains) included
 in net income (loss)2 — 2 5 (1)4 
Foreign currency translation adjustments61 (13)48 75 (16)59 
Benefit plan actuarial net gain (loss)18 (4)14 18 (4)14 
Reclassification of benefit plan liability amortization included
 in net income (loss)(28)6 (22)(28)6 (22)
Total other comprehensive income (loss)$162 $(34)$128 $374 $(79)$296 
(Some amounts may not reconcile due to rounding)
The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,		Affected line item within the
statements of operations and
comprehensive income (loss)
AOCI component2026202520262025
(Dollars in millions)
URA(D) of securities$10 $2 $10 $5 Other net gains (losses) on investments
(2)— (2)(1)Income tax expense (benefit)
$8 $2 $8 $4 Net income (loss)
Benefit plan net gain (loss)$— $(28)$(1)$(28)Other underwriting expenses
— 6 — 6 Income tax expense (benefit)
$— $(22)$(1)$(22)Net income (loss)
(Some amounts may not reconcile due to rounding)
The following table presents the components of AOCI, net of tax, in the consolidated balance sheets for the periods indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2026202520262025
Beginning balance of URA(D) of securities$(197)$(236)$(9)$(393)
Current period change in URA(D) of securities - non-credit related(9)88 (197)245 
Ending balance of URA(D) of securities(205)(148)(205)(148)
Beginning balance of foreign currency translation adjustments22 (13)33 (24)
Current period change in foreign currency translation adjustments(9)48 (19)59 
Ending balance of foreign currency translation adjustments13 36 13 36 
Beginning balance of benefit plan net gain (loss)6 16 6 16 
Current period change in benefit plan net gain (loss)— (8)(1)(8)
Ending balance of benefit plan net gain (loss)5 8 5 8 
Ending balance of accumulated other comprehensive income (loss)$(187)$(104)$(187)$(104)
(Some amounts may not reconcile due to rounding.)