v3.26.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of the Cost/Amortized Cost, Unrealized Gains and Losses, and Fair Value of Available-for-sale Securities by Type
Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
(dollars in millions)Cost/
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
September 30, 2026 *
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities$13 $— $— $13 
Obligations of states, municipalities, and political subdivisions
55 — (4)51 
Commercial paper
42 — — 42 
Non-U.S. government and government sponsored entities
133 — (5)128 
Corporate debt
1,070 2 (72)1,000 
Mortgage-backed, asset-backed, and collateralized:
RMBS
207 — (27)180 
CMBS
19 — (2)17 
CDO/ABS
62 — (3)59 
Total$1,601 $2 $(113)$1,490 
December 31, 2025 *
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$13 $— $— $13 
 Obligations of states, municipalities, and political subdivisions
59 — (3)56 
Commercial paper— — — — 
Non-U.S. government and government sponsored entities159 1 (3)157 
Corporate debt1,057 11 (38)1,030 
Mortgage-backed, asset-backed, and collateralized:
RMBS206 1 (17)190 
CMBS24 — (2)22 
CDO/ABS66 — (2)64 
Total$1,584 $13 $(65)$1,532 
*    The allowance for credit losses related to our investment securities as of September 30, 2026 and December 31, 2025 was immaterial.
Schedule of Fair Value and Unrealized Losses on Available-for-sale Securities by Type and Length of Time In a Continuous Unrealized Loss Position
Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
Less Than 12 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
September 30, 2026
U.S. government and government sponsored entities
$8 $— $5 $— $13 $— 
Obligations of states, municipalities, and political subdivisions
10 — 41 (4)51 (4)
Non-U.S. government and government sponsored entities
84 (2)28 (3)112 (5)
Corporate debt415 (18)471 (54)886 (72)
Mortgage-backed, asset-backed, and collateralized:
RMBS66 (3)106 (24)172 (27)
CMBS2 — 14 (2)16 (2)
CDO/ABS37 (1)19 (2)56 (3)
Total$622 $(24)$684 $(89)$1,306 $(113)
December 31, 2025
U.S. government and government sponsored entities
$— $— $8 $— $8 $— 
Obligations of states, municipalities, and political subdivisions
1 — 48 (3)49 (3)
Non-U.S. government and government sponsored entities
23 — 37 (3)60 (3)
Corporate debt73 — 545 (38)618 (38)
Mortgage-backed, asset-backed, and collateralized:
RMBS6 — 124 (17)130 (17)
CMBS1 — 19 (2)20 (2)
CDO/ABS6 — 28 (2)34 (2)
Total$110 $— $809 $(65)$919 $(65)
Schedule of Contractual Maturities of Fixed-Maturity Available-for-sale Securities
Contractual maturities of fixed-maturity available-for-sale securities at September 30, 2026 were as follows:
(dollars in millions)Fair
Value		Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less$202 $203 
Due after 1 year through 5 years570 600 
Due after 5 years through 10 years334 358 
Due after 10 years128 152 
Mortgage-backed, asset-backed, and collateralized securities256 288 
Total$1,490 $1,601 
Schedule of Fair Value of Other Securities by Type
The fair value of other securities by type was as follows:
(dollars in millions)September 30, 2026December 31, 2025
Fixed maturity other securities:
Bonds$3 $6 
Preferred stock
11 12 
Common stock
46 40 
Total $60 $58