v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments [Abstract]  
Amortized cost and fair value of investments in fixed maturities [Table Text Block]
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of September 30, 2026, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,267 $— $— $245 $3,022 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation23,649 — 1 3,084 20,566 
Revenue10,306 — 2 1,302 9,006 
State general obligation816 — 1 89 728 
Pre-refunded247 — — 6 241 
Total obligations of U.S. states, municipalities and political subdivisions35,018 — 4 4,481 30,541 
Debt securities issued by foreign governments420 — — 12 408 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,232 — 8 733 12,507 
Corporate and all other bonds45,486 2 17 2,607 42,894 
Total$97,423 $2 $29 $8,078 $89,372 
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,927 $— $11 $81 $3,857 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation21,724 — 161 1,096 20,789 
Revenue9,810 — 58 543 9,325 
State general obligation871 — 6 29 848 
Pre-refunded414 — 4 2 416 
Total obligations of U.S. states, municipalities and political subdivisions32,819 — 229 1,670 31,378 
Debt securities issued by foreign governments313 — 2 3 312 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,094 — 268 130 13,232 
Corporate and all other bonds41,564 3 458 965 41,054 
Total (1)
$91,717 $3 $968 $2,849 $89,833 
_______________________________________________
(1)Excludes fixed maturities classified as held for sale of $3,221 million of amortized cost and $3,243 million of fair value as of December 31, 2025.
Cost and fair value of investments in equity securities [Table Text Block]
The cost and fair value of investments in equity securities were as follows:
(as of September 30, 2026, in millions)CostGross GainsGross LossesFair Value
Common stock$383 $233 $9 $607 
Non-redeemable preferred stock31 2 — 33 
Total$414 $235 $9 $640 
(as of December 31, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$419 $177 $12 $584 
Non-redeemable preferred stock38 1 5 34 
Total (1)
$457 $178 $17 $618 
_______________________________________________
(1)Excludes equity securities classified as held for sale of $69 million of cost and $104 million of fair value as of December 31, 2025.
Unrealized investment losses [Table Text Block]
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of September 30, 2026 and December 31, 2025, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of September 30, 2026, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$1,835 $154 $1,030 $91 $2,865 $245 
Obligations of U.S. states, municipalities and political subdivisions18,275 1,675 11,615 2,806 29,890 4,481 
Debt securities issued by foreign governments
313 10 48 2 361 12 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
11,013 528 1,164 205 12,177 733 
Corporate and all other bonds26,757 1,294 13,903 1,313 40,660 2,607 
Total $58,193 $3,661 $27,760 $4,417 $85,953 $8,078 
Less than 12 months12 months or longerTotal
(as of December 31, 2025, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$611 $5 $1,684 $76 $2,295 $81 
Obligations of U.S. states, municipalities and political subdivisions2,234 28 16,428 1,642 18,662 1,670 
Debt securities issued by foreign governments
34 — 75 3 109 3 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
437 2 1,835 128 2,272 130 
Corporate and all other bonds2,351 13 17,428 952 19,779 965 
Total $5,667 $48 $37,450 $2,801 $43,117 $2,849 
Gross unrealized investment losses on securities continuously in an unrealized loss position of greater than 20% of amortized cost by length of time [Table Text Block]
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of September 30, 2026 and December 31, 2025, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost.
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of September 30, 2026, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions933 5 302 476 1,716 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
74 — — — 74 
Corporate and all other bonds7 2 — — 9 
Total$1,014 $7 $302 $476 $1,799 
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2025, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions18 — 10 550 578 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds1 — 4 — 5 
Total$19 $— $14 $550 $583 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]
The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses).
Fixed Maturities
Corporate and All Other Bonds
As of and For the Three Months Ended
(in millions)September 30, 2026 September 30, 2025
Balance, beginning of period$2 $4 
Additions for expected credit losses on securities where no credit losses were previously recognized— — 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— — 
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$2 $4 
Fixed Maturities
Corporate and All Other Bonds
As of and For the Nine Months Ended
(in millions)September 30, 2026 September 30, 2025
Balance, beginning of period$3 $2 
Additions for expected credit losses on securities where no credit losses were previously recognized— 2 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities(1)— 
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$2 $4