Investments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments [Abstract] |
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| Net Realized Capital Gains (Losses) |
| | | | | | | | | | | | | | | | | | | Net Realized Gains (Losses) | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Before tax) | 2026 | 2025 | | 2026 | 2025 | Gross gains on sales of fixed maturities | $ | 7 | | $ | 17 | | | $ | 35 | | $ | 49 | | Gross losses on sales of fixed maturities | (25) | | (38) | | | (91) | | (108) | | | Equity securities [1] | | | | | | | Net realized gains (losses) on sales of equity securities | — | | — | | | — | | 1 | | | Change in net unrealized gains (losses) of equity securities | (27) | | 22 | | | 77 | | 36 | | | Net realized and unrealized gains (losses) on equity securities | (27) | | 22 | | | 77 | | 37 | | | Net credit losses on fixed maturities, AFS | (4) | | — | | | (4) | | 2 | | | Change in ACL on mortgage loans | — | | (6) | | | — | | (6) | | | | | | | | | Other, net [2] | (67) | | (12) | | | (121) | | (59) | | | | | | | | | | | | | | | | | | | | | Net realized gains (losses) | $ | (116) | | $ | (17) | | | $ | (104) | | $ | (85) | |
[1]The change in net unrealized gains (losses) on equity securities still held as of September 30, 2026, and included in net realized gains (losses) were $(26) and $78 for the three and nine months ended September 30, 2026, respectively. The change in net unrealized gains on equity securities still held as of September 30, 2025, and included in net realized gains were $22 and $36 for the three and nine months ended September 30, 2025, respectively. [2]For the three and nine months ended September 30, 2026, includes losses from transactional foreign currency revaluation of $(1) and $(4), respectively, and losses on non-qualifying derivatives of $(117) and $(122), respectively. For the three and nine months ended September 30, 2025, includes losses from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16), respectively.
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| Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ACL on Fixed Maturities, AFS by Type | | | | | | | Three Months Ended September 30, | | | | | | 2026 | | | | 2025 | | | | (Before tax) | | | | | | | | | | Corporate | CLOs | CMBS | Total | | | | CMBS | Total | | | | | Balance as of beginning of period | | | | | | | | | | $ | — | | $ | 2 | | $ | 14 | | $ | 16 | | | | | $ | 14 | | $ | 14 | | | | | | Credit losses on fixed maturities where an allowance was not previously recorded | | | | | | | | | | 4 | | — | | — | | 4 | | | | | — | | — | | | | | | Reduction due to sales | | | | | | | | | | — | | — | | (1) | | (1) | | | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of end of period | | | | | | | | | | $ | 4 | | $ | 2 | | $ | 13 | | $ | 19 | | | | | $ | 14 | | $ | 14 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ACL on Fixed Maturities, AFS by Type | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | | | (Before tax) | | | | | | | | Corporate | CLOs | CMBS | Total | | Corporate | | CMBS | Total | | | | | | | | | | | | | | | | | | | | | Balance as of beginning of period | | | | | | | | $ | — | | $ | 2 | | $ | 14 | | $ | 16 | | | $ | 3 | | | $ | 13 | | $ | 16 | | | | | | | | | | | | | | | | | | | | | | Credit losses on fixed maturities where an allowance was not previously recorded | | | | | | | | 4 | | — | | — | | 4 | | | — | | | — | | — | | | | | | | | | | | | | | | | | | | | | | Reduction due to sales | | | | | | | | — | | — | | (1) | | (1) | | | — | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net increases (decreases) on fixed maturities where an allowance was previously recorded | | | | | | | | — | | — | | — | | — | | | (3) | | | 1 | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of end of period | | | | | | | | $ | 4 | | $ | 2 | | $ | 13 | | $ | 19 | | | $ | — | | | $ | 14 | | $ | 14 | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Available-for-sale Securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed Maturities, AFS, by Type | | September 30, 2026 | | December 31, 2025 | |
Amortized
Cost | ACL | Gross
Unrealized
Gains | Gross
Unrealized
Losses | Fair
Value | | |
Amortized
Cost | ACL | Gross
Unrealized
Gains | Gross
Unrealized
Losses | Fair
Value | | | ABS | $ | 4,933 | | $ | — | | $ | 5 | | $ | (105) | | $ | 4,833 | | | | $ | 4,628 | | $ | — | | $ | 51 | | $ | (16) | | $ | 4,663 | | | | CLOs | 3,652 | | (2) | | 5 | | (3) | | 3,652 | | | | 3,310 | | (2) | | 9 | | (1) | | 3,316 | | | | CMBS | 1,781 | | (13) | | 18 | | (181) | | 1,605 | | | | 2,468 | | (14) | | 24 | | (150) | | 2,328 | | | | Corporate | 25,083 | | (4) | | 42 | | (1,604) | | 23,517 | | | | 23,305 | | — | | 375 | | (604) | | 23,076 | | | | Foreign govt./govt. agencies | 450 | | — | | 2 | | (14) | | 438 | | | | 440 | | — | | 9 | | (2) | | 447 | | | | Municipal | 4,341 | | — | | 19 | | (458) | | 3,902 | | | | 4,831 | | — | | 89 | | (268) | | 4,652 | | | | RMBS | 6,147 | | — | | 1 | | (463) | | 5,685 | | | | 6,372 | | — | | 50 | | (244) | | 6,178 | | | | U.S. Treasuries | 2,526 | | — | | — | | (256) | | 2,270 | | | | 1,517 | | — | | 3 | | (139) | | 1,381 | | | | Total fixed maturities, AFS | $ | 48,913 | | $ | (19) | | $ | 92 | | $ | (3,084) | | $ | 45,902 | | | | $ | 46,871 | | $ | (16) | | $ | 610 | | $ | (1,424) | | $ | 46,041 | | |
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| Investments by Contractual Maturity Year |
| | | | | | | | | | | | | | | | | | | Fixed Maturities, AFS, by Contractual Maturity Year | | September 30, 2026 | | December 31, 2025 | | Amortized Cost | Fair Value | | Amortized Cost | Fair Value | | One year or less | $ | 1,573 | | $ | 1,567 | | | $ | 1,174 | | $ | 1,179 | | | Over one year through five years | 10,480 | | 10,246 | | | 9,725 | | 9,791 | | | Over five years through ten years | 9,334 | | 8,769 | | | 9,046 | | 9,055 | | | Over ten years | 11,013 | | 9,545 | | | 10,148 | | 9,531 | | | Subtotal | 32,400 | | 30,127 | | | 30,093 | | 29,556 | | | Mortgage-backed and asset-backed securities | 16,513 | | 15,775 | | | 16,778 | | 16,485 | | | Total fixed maturities, AFS | $ | 48,913 | | $ | 45,902 | | | $ | 46,871 | | $ | 46,041 | |
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| Unrealized Gain (Loss) on Investments [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of September 30, 2026 | | | Less Than 12 Months | | | 12 Months or More | | | Total | | | Fair Value | Unrealized Losses | | | Fair Value | Unrealized Losses | | | Fair Value | Unrealized Losses | | ABS | | $ | 3,330 | | $ | (85) | | | | $ | 184 | | $ | (20) | | | | $ | 3,514 | | $ | (105) | | | CLOs | | 572 | | (3) | | | | — | | — | | | | 572 | | (3) | | | CMBS | | 274 | | (11) | | | | 1,221 | | (170) | | | | 1,495 | | (181) | | | Corporate | | 14,567 | | (719) | | | | 5,834 | | (885) | | | | 20,401 | | (1,604) | | | Foreign govt./govt. agencies | | 310 | | (10) | | | | 12 | | (4) | | | | 322 | | (14) | | | Municipal | | 1,820 | | (110) | | | | 1,647 | | (348) | | | | 3,467 | | (458) | | | RMBS | | 3,564 | | (137) | | | | 1,819 | | (326) | | | | 5,383 | | (463) | | | U.S. Treasuries | | 1,022 | | (66) | | | | 541 | | (190) | | | | 1,563 | | (256) | | | Total fixed maturities, AFS in an unrealized loss position | | $ | 25,459 | | $ | (1,141) | | | | $ | 11,258 | | $ | (1,943) | | | | $ | 36,717 | | $ | (3,084) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2025 | | | Less Than 12 Months | | | 12 Months or More | | | Total | | | Fair Value | Unrealized Losses | | | Fair Value | Unrealized Losses | | | Fair Value | Unrealized Losses | | ABS | | $ | 405 | | $ | (2) | | | | $ | 339 | | $ | (14) | | | | $ | 744 | | $ | (16) | | | CLOs | | 496 | | (1) | | | | — | | — | | | | 496 | | (1) | | | CMBS | | 119 | | (3) | | | | 1,852 | | (147) | | | | 1,971 | | (150) | | | Corporate | | 2,372 | | (34) | | | | 7,089 | | (570) | | | | 9,461 | | (604) | | | Foreign govt./govt. agencies | | 39 | | — | | | | 38 | | (2) | | | | 77 | | (2) | | | Municipal | | 407 | | (7) | | | | 2,286 | | (261) | | | | 2,693 | | (268) | | | RMBS | | 256 | | (1) | | | | 2,626 | | (243) | | | | 2,882 | | (244) | | | U.S. Treasuries | | 592 | | (11) | | | | 563 | | (128) | | | | 1,155 | | (139) | | | Total fixed maturities, AFS in an unrealized loss position | | $ | 4,686 | | $ | (59) | | | | $ | 14,793 | | $ | (1,365) | | | | $ | 19,479 | | $ | (1,424) | |
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| Financing Receivable, Allowance for Credit Loss [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | ACL on Mortgage Loans | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | 2025 | | 2026 | 2025 | | | ACL as of beginning of period | $ | 49 | | $ | 43 | | | $ | 49 | | $ | 44 | | | | Current period provision (release) | — | | 6 | | | — | | 6 | | | | | | | | | | | Current period gross write-offs | — | | — | | | — | | (1) | | | | | | | | | | ACL as of September 30, | $ | 49 | | $ | 49 | | | $ | 49 | | $ | 49 | | |
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| Loans Credit Quality |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Loans LTV & DSCR by Origination Year as of September 30, 2026 | | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 & Prior | Total | | Loan-to-value | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost [1] | Avg. DSCR | | Greater than 80% | $ | — | | —x | $ | — | | —x | $ | — | | —x | $ | — | | —x | $ | — | | —x | $ | 125 | | 0.85x | $ | 125 | | 0.85x | | 65% - 80% | — | | —x | 39 | | 1.04x | 77 | | 1.46x | 22 | | 0.78x | 146 | | 2.40x | 558 | | 2.46x | 842 | | 2.25x | | Less than 65% | 837 | | 1.82x | 1,208 | | 1.79x | 609 | | 1.60x | 243 | | 1.44x | 455 | | 3.17x | 2,911 | | 2.79x | 6,263 | | 2.33x | | Total mortgage loans | $ | 837 | | 1.82x | $ | 1,247 | | 1.76x | $ | 686 | | 1.59x | $ | 265 | | 1.39x | $ | 601 | | 2.98x | $ | 3,594 | | 2.67x | $ | 7,230 | | 2.29x |
[1]Amortized cost of mortgage loans excludes ACL of $49. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2025 | | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 & Prior | Total | | | | | | | | | Loan-to-value | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost [1] | Avg. DSCR | | | | | | | | | Greater than 80% | $ | 30 | | 1.83x | $ | — | | —x | $ | — | | —x | $ | — | | —x | $ | 36 | | 0.98x | $ | 164 | | 1.39x | $ | 230 | | 1.38x | | | | | | | | | 65% - 80% | 56 | | 1.53x | 76 | | 1.03x | 23 | | 0.83x | 95 | | 1.65x | 444 | | 2.72x | 315 | | 1.96x | 1,009 | | 2.14x | | | | | | | | | Less than 65% | 1,123 | | 1.80x | 535 | | 1.57x | 401 | | 1.40x | 645 | | 2.93x | 993 | | 3.10x | 1,950 | | 2.75x | 5,647 | | 2.44x | | | | | | | | | Total mortgage loans | $ | 1,209 | | 1.79x | $ | 611 | | 1.50x | $ | 424 | | 1.37x | $ | 740 | | 2.77x | $ | 1,473 | | 2.93x | $ | 2,429 | | 2.56x | $ | 6,886 | | 2.36x | | | | | | | |
[1]Amortized cost of mortgage loans excludes ACL of $49. | | | | | | | | | | | | | | | | | | | Mortgage Loans by Region | | September 30, 2026 | | December 31, 2025 | | Amortized Cost | Percent of Total | | Amortized Cost | Percent of Total | | East North Central | $ | 371 | | 5.1 | % | | $ | 401 | | 5.8 | % | | | | | | | | Middle Atlantic | 251 | | 3.5 | % | | 275 | | 4.0 | % | | Mountain | 919 | | 12.7 | % | | 903 | | 13.1 | % | | New England | 327 | | 4.5 | % | | 351 | | 5.1 | % | | Pacific | 1,421 | | 19.7 | % | | 1,417 | | 20.6 | % | | South Atlantic | 2,106 | | 29.1 | % | | 2,005 | | 29.1 | % | | West North Central | 152 | | 2.1 | % | | 128 | | 1.9 | % | | West South Central | 797 | | 11.0 | % | | 720 | | 10.4 | % | | Other [1] | 886 | | 12.3 | % | | 686 | | 10.0 | % | | Total mortgage loans | 7,230 | | 100.0 | % | | 6,886 | | 100.0 | % | | ACL | (49) | | | | (49) | | | | Total mortgage loans, net of ACL | $ | 7,181 | | | | $ | 6,837 | | |
[1]Primarily represents loans collateralized by multiple properties in various regions. | | | | | | | | | | | | | | | | | | | Mortgage Loans by Property Type | | September 30, 2026 | | December 31, 2025 | | Amortized Cost | Percent of Total | | Amortized Cost | Percent of Total | | Commercial | | | | | | | | | | | | | Industrial | $ | 3,652 | | 50.5 | % | | $ | 3,208 | | 46.6 | % | | | | | | | | Multifamily | 2,138 | | 29.6 | % | | 2,209 | | 32.1 | % | | Office | 370 | | 5.1 | % | | 399 | | 5.8 | % | | Retail [1] | 990 | | 13.7 | % | | 992 | | 14.4 | % | | Single Family | 80 | | 1.1 | % | | 78 | | 1.1 | % | | | | | | | | Total mortgage loans | 7,230 | | 100.0 | % | | 6,886 | | 100.0 | % | | ACL | (49) | | | | (49) | | | | Total mortgage loans, net of ACL | $ | 7,181 | | | | $ | 6,837 | | |
[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
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| Schedule of Financial Instruments Owned and Pledged as Collateral |
| | | | | | | | | | | September 30, 2026 | December 31, 2025 | | Fair Value | Fair Value | | Securities on deposit with government agencies | $ | 2,378 | | $ | 2,558 | | | Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders | 1,210 | | 1,178 | | | Short-term investments in trust for benefit of Lloyd's Syndicate policyholders | 28 | | 23 | | | | | | Other investments | 86 | | 87 | | | Total Other Restricted Investments | $ | 3,702 | | $ | 3,846 | |
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