v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income
Net investment income is as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
(In millions)
Fixed maturity securities$565 $540 $1,660 $1,597 
Limited partnership investments35 68 189 205 
Short-term investments14 19 45 54 
Equity securities (a)22 12 59 45 
Income from trading portfolio (a)77 99 136 155 
Other27 30 80 84 
Total investment income740 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 
Schedule of Investment Gains (Losses)
Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
(In millions)
Fixed maturity securities:
Gross gains$21 $15 $46 $33 
Gross losses(16)(25)(63)(100)
Investment gains (losses) on fixed maturity securities5 (10)(17)(67)
Equity securities (a)(14)4 (15)10 
Short-term investments and other(1)(5)
Investment losses$(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 
Schedule of Impairment Losses (Gains) on Earnings
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$3 $4 $11 $15 
Asset-backed1 2 7 7 
Impairment losses recognized in earnings$4 $6 $18 $22 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities
The following tables present a summary of fixed maturity securities:

September 30, 2026Cost or Amortized CostGross 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-backed4,481 2 612 3,871 
Commercial mortgage-backed1,504 6 105 21 1,384 
Other asset-backed3,636 7 299 27 3,317 
Total asset-backed9,621 15 1,016 48 8,572 
U.S. Treasury and obligations of
 government sponsored enterprises		282 5 277 
Foreign government745 1 36 710 
Redeemable preferred stock8 8 
Fixed maturities available-for-sale$45,963 $290 $4,169 $65 $42,019 
Fixed maturities trading282 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-backed4,011 50 366 3,695 
Commercial mortgage-backed1,515 18 80 21 1,432 
Other asset-backed3,729 28 194 20 3,543 
Total asset-backed9,255 96 640 41 8,670 
U.S. Treasury and obligations of
 government sponsored enterprises		236 1 3 234 
Foreign government764 7 20 751 
Redeemable preferred stock8 8 
Fixed maturities available-for-sale$44,617 $1,089 $2,286 $69 $43,351 
Fixed maturities trading633 633 
Total fixed maturity securities$45,250 $1,089 $2,286 $69 $43,984 
Schedule of Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

Less than 12 Months12 Months or LongerTotal
September 30, 2026Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross 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-backed2,115 124 1,683 488 3,798 612 
Commercial mortgage-backed493 15 748 90 1,241 105 
Other asset-backed1,167 39 1,250 260 2,417 299 
Total asset-backed3,775 178 3,681 838 7,456 1,016 
U.S. Treasury and obligations of
 government-sponsored enterprises		261 4 11 1 272 5 
Foreign government400 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-backed154 1 2,002 365 2,156 366 
Commercial mortgage-backed36 2 887 78 923 80 
Other asset-backed420 9 1,432 185 1,852 194 
Total asset-backed610 12 4,321 628 4,931 640 
U.S. Treasury and obligations of
 government-sponsored enterprises		78 2 18 1 96 3 
Foreign government131 1 260 19 391 20 
Total fixed maturity securities$3,998 $79 $16,646 $2,207 $20,644 $2,286 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

September 30, 2026December 31, 2025
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$3,200 $469 $1,980 $267 
AAA3,408 446 1,376 243 
AA6,102 1,062 3,827 623 
A8,304 843 5,025 440 
BBB12,137 1,181 7,758 639 
Non-investment grade1,268 168 678 74 
Total$34,419 $4,169 $20,644 $2,286 
Schedule of Activity of Allowance on Available-for-Sale Securities
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, 2025Corporate and Other BondsAsset-backedTotal
(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 recorded3 3 
Available-for-sale securities accounted for as PCD assets4 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, 2026Corporate and Other BondsAsset-backedTotal
(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 recorded3 3 
Available-for-sale securities accounted for as PCD assets1 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 basis1 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, 2025Corporate and Other BondsAsset-backedTotal
(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 recorded3 3 6 
Available-for-sale securities accounted for as PCD assets4 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 
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

September 30, 2026December 31, 2025
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,475 $1,463 $1,392 $1,389 
Due after one year through five years10,970 10,546 11,318 11,214 
Due after five years through ten years12,946 11,991 13,440 13,187 
Due after ten years20,572 18,019 18,467 17,561 
Total$45,963 $42,019 $44,617 $43,351 
Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.

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

(a)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.