
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities	$	565	$	540	$	1,660	$	1,597
Limited partnership investments	35		68		189		205
Short-term investments	14		19		45		54
Equity securities (a)	22		12		59		45
Income from trading portfolio (a)	77		99		136		155
Other	27		30		80		84
Total investment income	740		768		2,169		2,140
Investment expenses	(27)		(25)		(82)		(75)
Net investment income	$	713	$	743	$	2,087	$	2,065
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2026 and 2025	$	(21)	$	72	$	(27)	$	42


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities:
Gross gains	$	21	$	15	$	46	$	33
Gross losses	(16)		(25)		(63)		(100)
Investment gains (losses) on fixed maturity securities	5		(10)		(17)		(67)
Equity securities (a)	(14)		4		(15)		10

Short-term investments and other			(1)				(5)


Investment losses	$	(9)	$	(7)	$	(32)	$	(62)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2026 and 2025	$	(14)	$	4	$	(17)	$	8

There were no impairment losses recognized on mortgage loans during the three and nine months ended September 30, 2026 or the three months ended September 30, 2025. There were $5 million of impairment losses recognized on mortgage loans during the nine months ended September 30, 2025 due to changes in expected credit losses.


September 30, 2026	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	25,753	$	173	$	1,865	$	17	$	24,044
States, municipalities and political subdivisions	9,554		101		1,247				8,408
Asset-backed:
Residential mortgage-backed	4,481		2		612				3,871
Commercial mortgage-backed	1,504		6		105		21		1,384
Other asset-backed	3,636		7		299		27		3,317
Total asset-backed	9,621		15		1,016		48		8,572
U.S. Treasury and obligations of government sponsored enterprises	282				5				277
Foreign government	745		1		36				710
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	45,963	$	290	$	4,169	$	65	$	42,019
Fixed maturities trading	282								282
Total fixed maturity securities	$	46,245	$	290	$	4,169	$	65	$	42,301


December 31, 2025


Fixed maturity securities:
Corporate and other bonds	$	25,484	$	682	$	881	$	28	$	25,257
States, municipalities and political subdivisions	8,870		303		742				8,431
Asset-backed:
Residential mortgage-backed	4,011		50		366				3,695
Commercial mortgage-backed	1,515		18		80		21		1,432
Other asset-backed	3,729		28		194		20		3,543
Total asset-backed	9,255		96		640		41		8,670
U.S. Treasury and obligations of government sponsored enterprises	236		1		3				234
Foreign government	764		7		20				751
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	44,617	$	1,089	$	2,286	$	69	$	43,351
Fixed maturities trading	633								633
Total fixed maturity securities	$	45,250	$	1,089	$	2,286	$	69	$	43,984


	Less than 12 Months				12 Months or Longer				Total
September 30, 2026	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	12,474	$	629	$	6,978	$	1,236	$	19,452	$	1,865
States, municipalities and political subdivisions	3,560		205		3,074		1,042		6,634		1,247
Asset-backed:
Residential mortgage-backed	2,115		124		1,683		488		3,798		612
Commercial mortgage-backed	493		15		748		90		1,241		105
Other asset-backed	1,167		39		1,250		260		2,417		299
Total asset-backed	3,775		178		3,681		838		7,456		1,016
U.S. Treasury and obligations of government-sponsored enterprises	261		4		11		1		272		5
Foreign government	400		14		205		22		605		36
Total fixed maturity securities	$	20,470	$	1,030	$	13,949	$	3,139	$	34,419	$	4,169

December 31, 2025

Fixed maturity securities:
Corporate and other bonds	$	2,776	$	56	$	8,576	$	825	$	11,352	$	881
States, municipalities and political subdivisions	403		8		3,471		734		3,874		742
Asset-backed:
Residential mortgage-backed	154		1		2,002		365		2,156		366
Commercial mortgage-backed	36		2		887		78		923		80
Other asset-backed	420		9		1,432		185		1,852		194
Total asset-backed	610		12		4,321		628		4,931		640
U.S. Treasury and obligations of government-sponsored enterprises	78		2		18		1		96		3
Foreign government	131		1		260		19		391		20
Total fixed maturity securities	$	3,998	$	79	$	16,646	$	2,207	$	20,644	$	2,286


	September 30, 2026				December 31, 2025
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	3,200	$	469	$	1,980	$	267
AAA	3,408		446		1,376		243
AA	6,102		1,062		3,827		623
A	8,304		843		5,025		440
BBB	12,137		1,181		7,758		639
Non-investment grade	1,268		168		678		74
Total	$	34,419	$	4,169	$	20,644	$	2,286

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2026 securities in the gross unrealized loss position table above are not believed to be indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 2026.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $497 million, $470 million and $469 million as of September 30, 2026, December 31, 2025 and September 30, 2025 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended September 30, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of July 1, 2026	$	16	$	47	$	63




Reductions to the allowance for credit losses:

Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1				1


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	2		1		3
Total allowance for credit losses	$	17	$	48	$	65


Three months ended September 30, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of July 1, 2025	$	14	$	37	$	51
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded			3		3
Available-for-sale securities accounted for as PCD assets	4				4





Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	3				3
Total allowance for credit losses	$	21	$	40	$	61


Nine months ended September 30, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2026	$	28	$	41	$	69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3				3
Available-for-sale securities accounted for as PCD assets	1				1

Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	16				16
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1				1


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	2		7		9
Total allowance for credit losses	$	17	$	48	$	65


Nine months ended September 30, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	3		3		6
Available-for-sale securities accounted for as PCD assets	4				4

Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6				6



Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	7		5		12
Total allowance for credit losses	$	21	$	40	$	61


	September 30, 2026				December 31, 2025
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,475	$	1,463	$	1,392	$	1,389
Due after one year through five years	10,970		10,546		11,318		11,214
Due after five years through ten years	12,946		11,991		13,440		13,187
Due after ten years	20,572		18,019		18,467		17,561
Total	$	45,963	$	42,019	$	44,617	$	43,351


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of September 30, 2026	2026		2025		2024		2023		2022		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%			$	38			$	15	$	19	$	227	$	299
LTV 55% to 65%			37				12		12				61
LTV greater than 65%											13		13
DSCR 1.2x - 1.6x
LTV less than 55%	$	29	11		$	68	46				77		231
LTV 55% to 65%			96		33		18		51		19		217
LTV greater than 65%	5		7						15				27
DSCR ≤1.2x
LTV less than 55%			37						37		32		106
LTV 55% to 65%									7				7
LTV greater than 65%									17		46		63
Total	$	34	$	226	$	101	$	91	$	158	$	414	$	1,024

In the third quarter of 2026, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities comprising the index. As of September 30, 2026, the notional amount of the Company’s credit default swap index investment was $4.3 billion. The derivative was measured using observable market inputs, including credit spreads, and the net asset was approximately $55 million and included in Short-term investments as of September 30, 2026. For the three and nine months ended September 30, 2026, Net investment income related to the position was $3 million.