v3.26.3
Investments
 9 Months Ended
Sep. 30, 2026
Investments [Abstract]  
Investments Investments
Fixed Maturity Securities
A summary of current and long-term fixed maturity securities, available-for-sale, at September 30, 2026 and December 31, 2025 is as follows:
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance
For Credit
Losses		Estimated
Fair Value
September 30, 2026
Fixed maturity securities:
United States Government securities$1,633 $— $(102)$— $1,531 
Government sponsored securities34 — (2)— 32 
Foreign government securities15 — (1)— 14 
States, municipalities and political subdivisions, tax-exempt3,663 3 (237)(2)3,427 
Corporate securities14,028 36 (654)(7)13,403 
Residential mortgage-backed securities4,049 3 (332)(2)3,718 
Commercial mortgage-backed securities1,577 2 (68)(2)1,509 
Other asset-backed securities3,079 51 (159)(47)2,924 
Total fixed maturity securities$28,078 $95 $(1,555)$(60)$26,558 
December 31, 2025
Fixed maturity securities:
United States Government securities$1,512 $10 $(19)$— $1,503 
Government sponsored securities80 2 (1)— 81 
Foreign government securities13 — — — 13 
States, municipalities and political subdivisions, tax-exempt3,701 76 (74)(2)3,701 
Corporate securities13,498 419 (130)(4)13,783 
Residential mortgage-backed securities3,203 43 (136)(3)3,107 
Commercial mortgage-backed securities2,078 28 (31)(2)2,073 
Other asset-backed securities2,804 53 (103)(10)2,744 
Total fixed maturity securities$26,889 $631 $(494)$(21)$27,005 
Other asset-backed securities primarily consist of collateralized loan obligations and other debt securities.
For fixed maturity securities in an unrealized loss position at September 30, 2026 and December 31, 2025, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position:
Less than 12 Months12 Months or Greater
(Securities are whole amounts)Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss
September 30, 2026
Fixed maturity securities:
United States Government securities71 $1,351 $(76)13$106 $(26)
Government sponsored securities12 24 (1)118 (1)
Foreign government securities5 14 (1)1— — 
States, municipalities and political subdivisions, tax-exempt1,071 2,729 (148)330510 (89)
Corporate securities2,561 10,977 (541)531752 (113)
Residential mortgage-backed securities697 2,737 (152)1,139819 (180)
Commercial mortgage-backed securities276 1,109 (41)110222 (27)
Other asset-backed securities403 1,567 (53)165355 (106)
Total fixed maturity securities5,096 $20,508 $(1,013)2,300$2,772 $(542)
December 31, 2025
Fixed maturity securities:
United States Government securities18 $460 $(3)17 $167 $(16)
Government sponsored securities4 — — 1629 (1)
Foreign government securities1 3 — 21 — 
States, municipalities and political subdivisions, tax-exempt213486 (8)522848 (66)
Corporate securities5681,398 (22)8391,397 (108)
Residential mortgage-backed securities169282 (4)1,1641,012 (132)
Commercial mortgage-backed securities80308 (6)212479 (25)
Other asset-backed securities154657 (28)174275 (75)
Total fixed maturity securities1,207 $3,594 $(71)2,946 $4,208 $(423)
Unrealized losses on our securities shown in the table above have not been recognized into income because, as of September 30, 2026, we do not intend to sell these investments and it is likely that we will not be required to sell these investments prior to their anticipated recovery. The declines in fair values are largely due to elevated interest rates driven by the higher rate of inflation and other market conditions.
Allowances for credit losses have been recorded in the amount of $60 and $21 at September 30, 2026 and December 31, 2025, respectively, for declines in fair value due to unfavorable changes in the credit quality characteristics that impact our assessment of collectability of principal and interest.
The amortized cost and fair value of fixed maturity securities at September 30, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
Amortized
Cost		Estimated
Fair Value
Due in one year or less$295 $289 
Due after one year through five years3,254 3,167 
Due after five years through ten years9,379 8,972 
Due after ten years6,445 5,979 
Mortgage and other asset-backed securities8,705 8,151 
Total fixed maturity securities$28,078 $26,558 
Equity Securities
A summary of current equity securities at September 30, 2026 and December 31, 2025 is as follows:
September 30, 2026December 31, 2025
Equity securities:
Exchange traded funds$2,063 $650 
Common equity securities40 35 
Private equity securities48 55 
Total$2,151 $740 
Other Invested Assets
A summary of other invested assets at September 30, 2026 and December 31, 2025 is as follows:
September 30, 2026December 31, 2025
Other invested assets:
Company-owned life insurance$3,080 $2,927 
Equity method investments and joint ventures3,087 3,136 
Limited partnership investments3,646 3,033 
Other1,695 1,743 
Total$11,508 $10,839 
At September 30, 2026, “Other invested assets” included non-controlled equity method investments and joint ventures, including our minority interest ownership of approximately 40% of Augusta Topco Holdings, L.P. (“Mosaic Health”) and our 40% minority interest ownership of Project Freedom Holdings, LLC, which is the ultimate parent of LIBERTY Dental Plan Corporation (“Liberty Dental”). See Note 5, “Investments” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.
In connection with our equity method investment in Mosaic Health, we entered into a financing agreement to provide a term loan of $200 and a line of credit up to $500 to Mosaic Health. Net amounts receivable under these arrangements were $188 for the term loan and $188 for line of credit borrowings at September 30, 2026 and $188 for the term loan and $94 for line of credit borrowings at December 31, 2025, which are included under the caption “Other invested assets” in our consolidated balance sheets. Interest income recognized from the financing arrangement during the three and nine months ended September 30, 2026 and 2025 was not material. In addition to the term loan and line of credit, we committed to providing $70 of additional funding with no additional equity interest in Mosaic Health to meet any shortfall in operating cash flow and regulatory capital requirements of certain businesses that were contributed by us to Mosaic Health through December 31, 2026. Additional funding of $0 and $34 was provided during the three and nine months ended September 30, 2026, respectively. No additional funding was provided as of December 31, 2025. We also committed to fund any shortfalls above $70 in those businesses if necessary for which we would receive additional equity interests in Mosaic Health, in which none has been contributed. Related party transactions with Mosaic Health included care delivery and enablement services provided in the normal course of business which amounts were included in “Benefit expense” in our consolidated statements of income amounting to $197 and $583 for the three and nine months ended September 30, 2026, respectively, and $162 and $662 for the three and nine months ended September 30, 2025, respectively.
In connection with our equity method investment in Liberty Dental, in December 2024 we entered into a commitment to provide funding in the form of mandatorily redeemable preferred equity shares in Liberty Dental of up to $250, of which $165 was disbursed as of both September 30, 2026 and December 31, 2025. Mandatorily redeemable preferred equity in Liberty Dental of $168 and $137 is included in the caption “Other invested assets” in our consolidated balance sheets at September 30, 2026 and December 31, 2025, respectively. Dividend income recognized from the financing arrangement during the three and nine months ended September 30, 2026 and 2025 was not material. Related party transactions in the normal course of business with Liberty Dental included administrative services to our Medicare Advantage members under a capitated arrangement amounting to $126 and $382, for the three and nine months ended September 30, 2026, respectively, and $149 and $441, for the nine months ended September 30, 2025, respectively, which amounts were included in “Benefit expense” in our consolidated statements of income.
Investment Gains (Losses)
Net investment gains (losses) for the three and nine months ended September 30, 2026 and 2025 are as follows:
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30
2026202520262025
Net gains (losses):
Fixed maturity securities:
Gross realized gains from sales$12 $39 $75 $88 
Gross realized losses from sales(80)(51)(151)(195)
Impairment losses recognized in income(6)— (42)(10)
Net realized losses from sales of fixed maturity securities(74)(12)(118)(117)
Equity securities:
Unrealized gains (losses) recognized on equity securities still held at the end of the period(8)8 (8)2 
Net realized losses recognized on equity securities sold during the period(4)(7)(7)(9)
Net gains (losses) on equity securities(12)1 (15)(7)
Other investments:
Gross gains from sales21 28 58 41 
Gross losses from sales(12)— (23)(100)
Other realized losses recognized in income(55)(17)(150)(411)
Net gains (losses) on other investments(46)11 (115)(470)
Net losses on investments$(132)$— $(248)$(594)
A primary objective in the management of our fixed maturity and equity portfolios is to maximize total return relative to underlying liabilities and respective liquidity needs. In achieving this goal, assets may be sold to take advantage of market conditions or other investment opportunities as well as tax considerations. Sales will generally produce realized gains and losses. In the ordinary course of business, we may sell securities at a loss for a number of reasons, including, but not limited to: (i) changes in the investment environment; (ii) expectations that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; or (v) changes in expected cash flow.
During the three and nine months ended September 30, 2026, we received total proceeds from sales, maturities, calls or redemptions of fixed maturity securities of $3,447 and $9,243, respectively. During the three and nine months ended September 30, 2025, we received total proceeds from sales, maturities, calls or redemptions of fixed maturity securities of $2,738 and $8,759, respectively.
Accrued Investment Income
At September 30, 2026 and December 31, 2025, accrued investment income totaled $308 and $295, respectively. We recognize accrued investment income under the caption “Other receivables” on our consolidated balance sheets.
Securities Lending Programs
The fair value of the cash and securities received as collateral for securities loaned at September 30, 2026 and December 31, 2025 was $3,064 and $2,691, respectively. The collateral received was 102% of the market value of the loaned securities at each of September 30, 2026 and December 31, 2025.
We recognize the collateral as an asset under the caption “Other current assets” in our consolidated balance sheets, and we recognize a corresponding liability for the obligation to return the collateral to the borrower under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category on our consolidated balance sheets.
At September 30, 2026 and December 31, 2025, the remaining contractual maturities of our securities lending transactions included overnight and continuous transactions of cash for $2,373 and $2,136, respectively, United States Government securities for $587 and $552, respectively, and residential mortgage-backed securities for $104 and $3, respectively.