INVESTMENTS (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities |
The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2026 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - available for sale | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | U.S. government agencies and corporations | $ | 817 | | | $ | — | | | $ | 1 | | | $ | (41) | | | 777 | | | Tax-exempt obligations of U.S. states and political subdivisions | 39 | | | — | | | — | | | (7) | | | 32 | | | Corporate securities | 9,782 | | | (40) | | | 39 | | | (483) | | | 9,298 | | | Asset-backed securities | 5,074 | | | (75) | | | 2 | | | (116) | | | 4,885 | | | Mortgage-backed securities | | | | | | | | | | | Agency commercial | 404 | | | — | | | — | | | (42) | | | 363 | | | Non-agency commercial | 1,301 | | | — | | | — | | | (48) | | | 1,253 | | | Agency residential | 5,147 | | | — | | | — | | | (404) | | | 4,743 | | | Non-agency residential | 1,723 | | | — | | | — | | | (79) | | | 1,644 | | | Foreign government securities | 2,243 | | | — | | | 11 | | | (119) | | | 2,135 | | | Foreign corporate securities | 8,149 | | | — | | | 88 | | | (308) | | | 7,930 | | | Total fixed maturity securities - available for sale | $ | 34,680 | | | $ | (115) | | | $ | 142 | | | $ | (1,648) | | | $ | 33,058 | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - available for sale | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | U.S. government agencies and corporations | $ | 845 | | | $ | — | | | $ | 4 | | | $ | (19) | | | $ | 830 | | | Tax-exempt obligations of U.S. states and political subdivisions | 45 | | | — | | | — | | | (4) | | | 41 | | | Corporate securities | 9,913 | | | (54) | | | 206 | | | (183) | | | 9,882 | | | Asset-backed securities | 5,094 | | | (14) | | | 14 | | | (17) | | | 5,077 | | | Mortgage-backed securities | | | | | | | | | | | Agency commercial | 404 | | | — | | | 9 | | | (2) | | | 412 | | | Non-agency commercial | 1,151 | | | — | | | 4 | | | (33) | | | 1,121 | | | Agency residential | 5,544 | | | — | | | 82 | | | (161) | | | 5,465 | | | Non-agency residential | 1,689 | | | — | | | 32 | | | (1) | | | 1,721 | | | Foreign government securities | 2,400 | | | — | | | 36 | | | (64) | | | 2,371 | | | Foreign corporate securities | 7,535 | | | — | | | 253 | | | (135) | | | 7,653 | | | Total fixed maturity securities - available for sale | $ | 34,620 | | | $ | (68) | | | $ | 640 | | | $ | (619) | | | $ | 34,573 | |
(Some amounts may not reconcile due to rounding.) The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2026 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - held to maturity | | | | | | | | | | | Corporate securities | $ | 169 | | | $ | (2) | | | $ | — | | | $ | (8) | | | $ | 160 | | | Asset-backed securities | 324 | | | (5) | | | 3 | | | (11) | | | 311 | | | Mortgage-backed securities | | | | | | | | | | | Non-agency commercial | — | | | — | | | — | | | — | | | — | | | Foreign corporate securities | 78 | | | (1) | | | 1 | | | (1) | | | 78 | | | Total fixed maturity securities - held to maturity | $ | 571 | | | (7) | | | $ | 5 | | | $ | (20) | | | $ | 549 | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - held to maturity | | | | | | | | | | | Corporate securities | $ | 166 | | | $ | (2) | | | $ | 7 | | | $ | (1) | | | $ | 169 | | | Asset-backed securities | 328 | | | (3) | | | 5 | | | (8) | | | 322 | | | Mortgage-backed securities | | | | | | | | | | | Commercial | — | | | — | | | — | | | — | | | — | | | Foreign corporate securities | 79 | | | (1) | | | 6 | | | — | | | 84 | | | Total fixed maturity securities - held to maturity | $ | 573 | | | $ | (6) | | | $ | 18 | | | $ | (9) | | | $ | 576 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity |
The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2026 | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Fixed maturity securities – available for sale | | | | | | | | | Due in one year or less | $ | 1,716 | | | $ | 1,690 | | | $ | 1,440 | | | $ | 1,405 | | | Due after one year through five years | 10,927 | | | 10,616 | | | 10,746 | | | 10,819 | | | Due after five years through ten years | 6,918 | | | 6,545 | | | 6,722 | | | 6,781 | | | Due after ten years | 1,469 | | | 1,320 | | | 1,830 | | | 1,772 | | | Asset-backed securities | 5,074 | | | 4,885 | | | 5,094 | | | 5,077 | | | Mortgage-backed securities | | | | | | | | | Agency commercial | 404 | | | 363 | | | 404 | | | 412 | | | Non-agency commercial | 1,301 | | | 1,253 | | | 1,151 | | | 1,121 | | | Agency residential | 5,147 | | | 4,743 | | | 5,544 | | | 5,465 | | | Non-agency residential | 1,723 | | | 1,644 | | | 1,689 | | | 1,721 | | | Total fixed maturity securities - available for sale | $ | 34,680 | | | $ | 33,058 | | | $ | 34,620 | | | $ | 34,573 | |
(Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2026 | | At December 31, 2025 | | (Dollars in millions) | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Fixed maturity securities – held to maturity | | | | | | | | | Due in one year or less | $ | 36 | | | $ | 36 | | | $ | 25 | | | $ | 25 | | | Due after one year through five years | 71 | | | 69 | | | 68 | | | 69 | | | Due after five years through ten years | 37 | | | 36 | | | 4 | | | 4 | | | Due after ten years | 103 | | | 97 | | | 148 | | | 155 | | | Asset-backed securities | 324 | | | 311 | | | 328 | | | 322 | | | Mortgage-backed securities | | | | | | | | | Non-agency commercial | — | | | — | | | — | | | — | | | Total fixed maturity securities - held to maturity | $ | 571 | | | $ | 549 | | | $ | 573 | | | $ | 576 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments |
The changes in net URA(D) for the Company’s investments are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Increase (decrease) during the period between the fair value and cost of | | | | | | | | | investments carried at fair value, and deferred taxes thereon: | | | | | | | | | Fixed maturity securities - available for sale, held to maturity and short-term investments | $ | (1,104) | | | $ | 202 | | | $ | (1,527) | | | $ | 909 | | | | | | | | | | | Change in URA(D), pre-tax | (1,104) | | | 202 | | | (1,527) | | | 909 | | | Deferred tax benefit (expense) | 213 | | | (36) | | | 289 | | | (147) | | | Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | (891) | | | $ | 165 | | | $ | (1,238) | | | $ | 762 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type |
The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at September 30, 2026 by Security Type | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | | | U.S. government agencies and corporations | $ | 422 | | | $ | (23) | | | $ | 277 | | | $ | (18) | | | $ | 699 | | | $ | (41) | | | Tax-exempt obligations of U.S. states and political subdivisions | 1 | | | — | | | 28 | | | (7) | | | 29 | | | (7) | | | Corporate securities | 5,802 | | | (237) | | | 2,211 | | | (244) | | | 8,013 | | | (481) | | | Asset-backed securities | 2,096 | | | (93) | | | 396 | | | (24) | | | 2,491 | | | (116) | | | Mortgage-backed securities | | | | | | | | | | | | | Agency commercial | 313 | | | (35) | | | 50 | | | (7) | | | 363 | | | (42) | | | Non-agency commercial | 486 | | | (4) | | | 631 | | | (44) | | | 1,117 | | | (48) | | | Agency residential | 3,146 | | | (141) | | | 1,556 | | | (263) | | | 4,702 | | | (404) | | | Non-agency residential | 1,522 | | | (74) | | | 76 | | | (5) | | | 1,598 | | | (79) | | | Foreign government securities | 1,024 | | | (36) | | | 707 | | | (83) | | | 1,731 | | | (119) | | | Foreign corporate securities | 3,673 | | | (131) | | | 1,781 | | | (177) | | | 5,455 | | | (308) | | | Total | $ | 18,486 | | | $ | (775) | | | $ | 7,712 | | | $ | (872) | | | $ | 26,198 | | | $ | (1,646) | | | Securities where an allowance for credit loss was recorded | 8 | | | (2) | | | — | | | — | | | 8 | | | (2) | | | Total fixed maturity securities - available for sale | $ | 18,494 | | | $ | (777) | | | $ | 7,712 | | | $ | (872) | | | $ | 26,206 | | | $ | (1,648) | |
(Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at December 31, 2025 by Security Type | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | U.S. Treasury securities and obligations of | | | | | | | | | | | | | U.S. government agencies and corporations | $ | 244 | | | $ | (5) | | | $ | 333 | | | $ | (14) | | | $ | 577 | | | $ | (19) | | | Tax-exempt obligations of U.S. states and political subdivisions | 2 | | | — | | | 33 | | | (4) | | | 35 | | | (4) | | | Corporate securities | 1,370 | | | (31) | | | 1,990 | | | (147) | | | 3,360 | | | (179) | | | Asset-backed securities | 802 | | | (5) | | | 429 | | | (12) | | | 1,231 | | | (17) | | | Mortgage-backed securities | | | | | | | | | | | | | Agency commercial | 43 | | | (1) | | | 17 | | | (1) | | | 60 | | | (2) | | | Non-agency commercial | 288 | | | (5) | | | 631 | | | (29) | | | 919 | | | (33) | | | Agency residential | 234 | | | (3) | | | 1,755 | | | (158) | | | 1,990 | | | (161) | | | Non-agency residential | 81 | | | — | | | 87 | | | — | | | 168 | | | (1) | | | Foreign government securities | 260 | | | (4) | | | 854 | | | (61) | | | 1,114 | | | (64) | | | Foreign corporate securities | 847 | | | (15) | | | 1,615 | | | (120) | | | 2,463 | | | (135) | | | Total | $ | 4,171 | | | $ | (68) | | | $ | 7,745 | | | $ | (547) | | | $ | 11,916 | | | $ | (615) | | | Securities where an allowance for credit loss was recorded | 24 | | | (2) | | | 14 | | | (2) | | | 37 | | | (4) | | | Total fixed maturity securities - available for sale | $ | 4,194 | | | $ | (70) | | | $ | 7,759 | | | $ | (549) | | | $ | 11,953 | | | $ | (619) | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at September 30, 2026 by Maturity | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | Due in one year or less | $ | 285 | | | $ | (4) | | | $ | 706 | | | $ | (28) | | | $ | 991 | | | $ | (31) | | | Due in one year through five years | 5,305 | | | (141) | | | 2,595 | | | (239) | | | 7,900 | | | (380) | | | Due in five years through ten years | 4,972 | | | (258) | | | 985 | | | (131) | | | 5,956 | | | (389) | | | Due after ten years | 361 | | | (24) | | | 718 | | | (131) | | | 1,079 | | | (156) | | | Asset-backed securities | 2,096 | | | (93) | | | 396 | | | (24) | | | 2,491 | | | (116) | | | Mortgage-backed securities | 5,468 | | | (254) | | | 2,313 | | | (320) | | | 7,780 | | | (573) | | | Total | $ | 18,486 | | | $ | (775) | | | $ | 7,712 | | | $ | (872) | | | $ | 26,198 | | | $ | (1,646) | | | Securities where an allowance for credit loss was recorded | 8 | | | (2) | | | — | | | — | | | 8 | | | (2) | | | Total fixed maturity securities - available for sale | $ | 18,494 | | | $ | (777) | | | $ | 7,712 | | | $ | (872) | | | $ | 26,206 | | | $ | (1,648) | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at December 31, 2025 by Maturity | | Less than 12 months | | Greater than 12 months | | Total | | (Dollars in millions) | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fair Value | | Gross
Unrealized
Depreciation | | Fixed maturity securities - available for sale | | | | | | | | | | | | | Due in one year or less | $ | 165 | | | $ | (5) | | | $ | 675 | | | $ | (18) | | | $ | 840 | | | $ | (23) | | | Due in one year through five years | 1,475 | | | (33) | | | 2,411 | | | (156) | | | 3,887 | | | (189) | | | Due in five years through ten years | 859 | | | (14) | | | 987 | | | (99) | | | 1,846 | | | (112) | | | Due after ten years | 223 | | | (3) | | | 752 | | | (74) | | | 975 | | | (77) | | | Asset-backed securities | 802 | | | (5) | | | 429 | | | (12) | | | 1,231 | | | (17) | | | Mortgage-backed securities | 646 | | | (8) | | | 2,490 | | | (188) | | | 3,137 | | | (196) | | | Total | $ | 4,171 | | | $ | (68) | | | $ | 7,745 | | | $ | (547) | | | $ | 11,916 | | | $ | (615) | | | Securities where an allowance for credit loss was recorded | 24 | | | (2) | | | 14 | | | (2) | | | 37 | | | (4) | | | Total fixed maturity securities - available for sale | $ | 4,194 | | | $ | (70) | | | $ | 7,759 | | | $ | (549) | | | $ | 11,953 | | | $ | (619) | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Components of Net Investment Income |
The components of net investment income are presented in the table below for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Fixed maturities | $ | 421 | | | $ | 390 | | | $ | 1,225 | | | $ | 1,172 | | | Equity securities | 1 | | | 1 | | | 4 | | | 3 | | | Short-term investments and cash | 40 | | | 43 | | | 95 | | | 125 | | | Other invested assets | | | | | | | | | Limited partnerships | 144 | | | 76 | | | 324 | | | 189 | | | Other | 43 | | | 36 | | | 111 | | | 87 | | | Gross investment income before adjustments | 649 | | | 546 | | | 1,759 | | | 1,577 | | | Funds held interest income (expense) | — | | | 7 | | | 9 | | | 22 | | | Future policy benefit reserve income (expense) | — | | | — | | | — | | | — | | | Gross investment income | 649 | | | 553 | | | 1,767 | | | 1,598 | | | Investment expenses | 15 | | | 13 | | | 43 | | | 35 | | | Net investment income | $ | 634 | | | $ | 540 | | | $ | 1,725 | | | $ | 1,563 | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Components of Net Realized Capital Gains (Losses) |
The components of net gains (losses) on investments are presented in the table below for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Net realized gains (losses) from dispositions: | | | | | | | | | Fixed maturities | (9) | | | (36) | | | (27) | | | (48) | | | Equity securities | — | | | — | | | — | | | (1) | | | | | | | | | | | Short-term investments | (1) | | | — | | | (1) | | | — | | | Total net realized gains (losses) from dispositions | (10) | | | (36) | | | (28) | | | (49) | | | Credit allowance on fixed maturity securities | (51) | | | (12) | | | (49) | | | (14) | | | Gains (losses) from fair value adjustment on public equities | (8) | | | — | | | (9) | | | 3 | | | Total net gains (losses) on investments | $ | (68) | | | $ | (47) | | | $ | (86) | | | $ | (59) | |
(Some amounts may not reconcile due to rounding.)
|
| Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale |
The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | | Three Months Ended September 30, 2026 | | Nine Months Ended September 30, 2026 | | (Dollars in millions) | Corporate
Securities | | Asset-Backed
Securities | | | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | Asset-Backed
Securities | | | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (39) | | | $ | (25) | | | | | $ | — | | | $ | (64) | | | $ | (54) | | | $ | (14) | | | | | $ | — | | | $ | (68) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | | | | | losses were not previously recorded | — | | | (28) | | | | | — | | | (28) | | | (2) | | | (28) | | | | | — | | | (30) | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | (2) | | | (22) | | | | | — | | | (24) | | | (9) | | | (34) | | | | | — | | | (43) | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | | | — | | | — | | | — | | | — | | | | | — | | | — | | | Reduction in allowance due to disposals | 1 | | | — | | | | | — | | | 1 | | | 26 | | | — | | | | | — | | | 26 | | | Balance, end of period | $ | (40) | | | $ | (75) | | | | | $ | — | | | $ | (115) | | | $ | (40) | | | $ | (75) | | | | | $ | — | | | $ | (115) | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | | Three Months Ended September 30, 2025 | | Nine Months Ended September 30, 2025 | | (Dollars in millions) | Corporate
Securities | | Asset-Backed
Securities | | | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | Asset-Backed
Securities | | | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (39) | | | $ | — | | | | | $ | — | | | $ | (40) | | | $ | (35) | | | $ | — | | | | | $ | — | | | $ | (36) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | | | | | losses were not previously recorded | (17) | | | (14) | | | | | — | | | (30) | | | (21) | | | (14) | | | | | — | | | (34) | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | (6) | | | — | | | | | — | | | (6) | | | (6) | | | — | | | | | — | | | (6) | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | | | | | impaired securities | — | | | — | | | | | — | | | — | | | — | | | — | | | | | — | | | — | | | Reduction in allowance due to disposals | 25 | | | — | | | | | — | | | 25 | | | 25 | | | — | | | | | — | | | 25 | | | Balance, end of period | $ | (38) | | | $ | (14) | | | | | $ | — | | | $ | (51) | | | $ | (38) | | | $ | (14) | | | | | $ | — | | | $ | (51) | |
(Some amounts may not reconcile due to rounding.)
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| Schedule of Proceeds and Split Between Gross Gains and Losses, from Dispositions of Fixed Maturity Securities |
The proceeds and split between gross gains and losses from sales of fixed maturity securities - available for sale, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Proceeds from sales of fixed maturity securities - available for sale | $ | 402 | | | $ | 653 | | | $ | 1,485 | | | $ | 933 | | | Gross gains from sales | 9 | | | 34 | | | 36 | | | 43 | | | Gross losses from sales | (18) | | | (69) | | | (63) | | | (91) | | | | | | | | | | | Proceeds from sales of fixed maturity securities - held to maturity | $ | — | | | $ | — | | | $ | — | | | $ | 10 | | | Gross gains from sales | — | | | — | | | — | | | — | | | Gross losses from sales | — | | | — | | | — | | | (1) | | | | | | | | | | | Proceeds from sales of equity securities | $ | 36 | | | $ | 1 | | | $ | 36 | | | $ | 55 | | | Gross gains from sales | 1 | | | — | | | 1 | | | — | | | Gross losses from sales | (1) | | | — | | | (1) | | | (1) | |
(Some amounts may not reconcile due to rounding.)
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