v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
($ in millions)September 30, 2026December 31, 2025
Fixed income securities, at fair value$60,246 $59,115 
Equity securities, at fair value10,172 8,398 
Mortgage loans, net1,040 879 
Limited partnership interests 9,058 8,844 
Short-term investments, at fair value5,779 4,887 
Other investments, net1,080 1,114 
Total$87,375 $83,237 
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
September 30, 2026
U.S. government and agencies$11,701 $— $(372)$11,329 
Municipal7,208 2 (413)6,797 
Corporate37,964 33 (1,623)36,374 
Foreign government1,722 3 (59)1,666 
Asset-backed securities (“ABS”)2,074 7 (23)2,058 
Mortgage-backed securities (“MBS”)
2,149 — (127)2,022 
Total fixed income securities$62,818 $45 $(2,617)$60,246 
December 31, 2025
U.S. government and agencies$18,165 $43 $(75)$18,133 
Municipal5,617 87 (61)5,643 
Corporate30,050 585 (234)30,401 
Foreign government1,464 13 (17)1,460 
ABS1,348 8 (4)1,352 
MBS
2,086 41 (1)2,126 
Total fixed income securities$58,730 $777 $(392)$59,115 
Schedule of Maturities for Fixed Income Securities
Scheduled maturities for fixed income securities
($ in millions)September 30, 2026December 31, 2025
Amortized cost, net
Fair
value
Amortized cost, net
Fair
value
Due in one year or less$1,618 $1,613 $1,464 $1,460 
Due after one year through five years23,807 23,302 22,582 22,706 
Due after five years through ten years18,953 18,085 21,538 21,780 
Due after ten years14,217 13,166 9,712 9,691 
58,595 56,166 55,296 55,637 
ABS and MBS
4,223 4,080 3,434 3,478 
Total$62,818 $60,246 $58,730 $59,115 
Schedule of Net Investment Income
Net investment income
($ in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed income securities$759 $634 $2,135 $1,844 
Equity securities53 19 148 56 
Mortgage loans15 11 39 30 
Limited partnership interests354 226 800 494 
Short-term investments48 104 155 273 
Other investments26 26 80 71 
Investment income, before expense1,255 1,020 3,357 2,768 
Investment expense(78)(71)(233)(211)
Net investment income
$1,177 $949 $3,124 $2,557 
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type
Net gains (losses) on investments and derivatives by type
($ in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed income securities$(401)$107 $(517)$(271)
Equity securities(74)191 703 243 
Mortgage loans1 (6)(2)(6)
Limited partnership interests— (32)4 (24)
Derivatives(41)6 (73)(78)
Other investments (1)
(30)(14)(10)(105)
Net gains (losses) on investments and derivatives$(545)$252 $105 $(241)
(1)Nine months ended 2025 includes $67 million of losses related to variable interests in Adirondack Insurance Exchange (“Adirondack”) and New Jersey Skylands Insurance Association (“Skylands”) (together “Reciprocal Exchanges”).
Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Sales$(413)$69 $(497)$(313)
Credit losses(30)(23)(55)(103)
Valuation change of equity investments (1)
(61)200 730 253 
Valuation change and settlements of derivatives(41)6 (73)(78)
Net gains (losses) on investments and derivatives$(545)$252 $105 $(241)
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Gross realized gains$14 $142 $199 $329 
Gross realized losses (414)(35)(715)(600)
Schedule of Net Appreciation (Decline) Recognized In net Income For Assets That Are Still Held
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Equity securities$(46)$178 $614 $291 
Limited partnership interests carried at fair value
15 16 7 (13)
Total$(31)$194 $621 $278 
Schedule of Credit Losses Recognized in Net Income
Credit losses recognized in net income
($ in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed income securities:
ABS$(1)$— $(1)$— 
Total fixed income securities(1)— (1)— 
Mortgage loans1 (6)(2)(6)
Limited partnership interests(5)(8)(19)(12)
Other investments
Bank loans(7)(3)(12)(12)
Real estate
(17)(6)(17)(6)
Other assets— — (3)(52)
Commitments to fund line of credit, commercial mortgage loans and bank loans(1)— (1)(15)
Total $(30)$(23)$(55)$(103)
Schedule of Unrealized Net Capital Gains and Losses Included in AOCI
Unrealized net capital gains and losses included in accumulated other comprehensive income (“AOCI”)
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
September 30, 2026GainsLosses
Fixed income securities$60,246 $45 $(2,617)$(2,572)
Short-term investments5,779 — (2)(2)
Derivative instruments (1)
— — (2)(2)
Unrealized net capital gains and losses, pre-tax(2,576)
Deferred income taxes552 
Unrealized net capital gains and losses, after-tax$(2,024)
December 31, 2025
Fixed income securities$59,115 $777 $(392)$385 
Short-term investments4,887 — (1)(1)
Derivative instruments (1)
— — (2)(2)
Unrealized net capital gains and losses, pre-tax382 
Deferred income taxes(85)
Unrealized net capital gains and losses, after-tax$297 
(1)Includes the effective portion of losses on terminated cash flow hedges.
Schedule of Change in Unrealized Net Capital Gains (Losses)
Change in unrealized net capital gains (losses)
($ in millions)Nine months ended September 30, 2026
Fixed income securities$(2,957)
Short-term investments(1)
Total(2,958)
Deferred income taxes637 
Change in unrealized net capital gains and losses, after-tax
$(2,321)
Schedule of Mortgage Loans, Net of Credit Allowance
Mortgage loans, net of credit allowance
($ in millions)September 30, 2026December 31, 2025
Commercial$671 $619 
Residential369 260 
Total$1,040 $879 
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
($ in millions)September 30, 2026December 31, 2025
Private equity$7,140 $7,247 
Real estate1,651 1,451 
Other (1)
267 146 
Total$9,058 $8,844 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Other investments by Asset Type
Other investments by asset type
($ in millions)September 30, 2026December 31, 2025
Real estate$555 $630 
Bank loans, net517 473 
Other8 11 
Total$1,080 $1,114 
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans
Rollforward of credit loss allowance for fixed income securities
Three months ended September 30,Nine months ended September 30,
($ in millions)2026202520262025
Beginning balance$(10)$(17)$(10)$(17)
Credit losses on securities for which credit losses not previously reported— — — (1)
Net (increases) decreases related to credit losses previously reported(1)— (1)1 
Write-offs— 12 — 12 
Ending balance$(11)$(5)$(11)$(5)
Components of credit loss allowance as of September 30
Corporate bonds(8)(4)
ABS(3)(1)
Total$(11)$(5)
Rollforward of credit loss allowance for mortgage loans
Three months ended September 30,Nine months ended September 30,
($ in millions)2026202520262025
Beginning balance$(13)$(12)$(10)$(12)
Net decreases (increases) related to credit losses1 (6)(2)(6)
Write-offs— — — — 
Ending balance
$(12)$(18)$(12)$(18)
Components of credit loss allowance as of September 30
Commercial
$(9)$(17)
Residential
(3)(1)
Total
$(12)$(18)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Beginning balance$(21)$(17)$(17)$(10)
Net increases related to credit losses(7)(3)(12)(12)
Write-offs7 3 8 5 
Ending balance
$(21)$(17)$(21)$(17)
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ in millions)Less than 12 months12 months or more
Total
unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
September 30, 2026
Fixed income securities
U.S. government and agencies162 $11,210 $(369)20 $61 $(3)$(372)
Municipal929 6,003 (357)319 571 (56)(413)
Corporate2,512 31,785 (1,434)401 1,787 (189)(1,623)
Foreign government100 1,316 (44)63 70 (15)(59)
ABS411 1,302 (22)12 48 (1)(23)
MBS
209 1,938 (127)58 2 — (127)
Total fixed income securities4,323 $53,554 $(2,353)873 $2,539 $(264)$(2,617)
Investment grade fixed income securities3,878 $50,293 $(2,217)768 $2,128 $(226)$(2,443)
Below investment grade fixed income securities445 3,261 (136)105 411 (38)(174)
Total fixed income securities4,323 $53,554 $(2,353)873 $2,539 $(264)$(2,617)
December 31, 2025
Fixed income securities
U.S. government and agencies74 $11,840 $(72)54 $209 $(3)$(75)
Municipal106 640 (6)527 1,423 (55)(61)
Corporate530 3,933 (49)640 3,677 (185)(234)
Foreign government77 553 (9)53 40 (8)(17)
ABS58 205 (2)12 42 (2)(4)
MBS
29 246 (1)59 3 — (1)
Total fixed income securities874 $17,417 $(139)1,345 $5,394 $(253)$(392)
Investment grade fixed income securities694 $16,899 $(123)1,212 $4,793 $(229)$(352)
Below investment grade fixed income securities180 518 (16)133 601 (24)(40)
Total fixed income securities874 $17,417 $(139)1,345 $5,394 $(253)$(392)
(1)Includes fixed income securities with credit loss allowances; fair values of $17 million and $11 million, unrealized losses of $1 million and $2 million, and credit loss allowances of $1 million and $1 million as of September 30, 2026 and December 31, 2025, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality
Gross unrealized losses by unrealized loss position and credit quality as of September 30, 2026
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)
$(2,386)$(159)$(2,545)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)
(57)(15)(72)
Total unrealized losses$(2,443)$(174)$(2,617)
(1)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(2)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination
Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
September 30, 2026December 31, 2025
($ in millions)2021 and prior20222023202420252026TotalTotal
1.0 - 1.25$19 $— $— $38 $48 $38 $143 $71 
1.26 - 1.504 — 9 — — 37 50 95 
Above 1.50358 47 48 15 — 19 487 462 
Amortized cost before allowance$381 $47 $57 $53 $48 $94 $680 $628 
Allowance(9)(9)
Amortized cost, net$671 $619 
Schedule of Payment Status of Mortgage Loans
Payment status of mortgage loans
($ in millions)
Commercial
Residential
Total
September 30, 2026
Less than 90 days past due
$— $2 $2 
90 days or greater past due
— 3 3 
Total past due before allowance
— 5 5 
Current before allowance
680 367 1,047 
Total mortgage loans before allowance
680 372 1,052 
Allowance
(9)(3)(12)
Total mortgage loans$671 $369 $1,040 
December 31, 2025
Less than 90 days past due
$— $2 $2 
90 days or greater past due
— 2 2 
Total past due before allowance
— 4 4 
Current before allowance
628 257 885 
Total mortgage loans before allowance
628 261 889 
Allowance
(9)(1)(10)
Total mortgage loans$619 $260 $879 
Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination
Bank loans amortized cost by credit rating and year of origination
September 30, 2026December 31, 2025
($ in millions)2023 and prior202420252026TotalTotal
NAIC 1 / A
$— $37 $130 $101 $268 $199 
NAIC 2 / BBB — — 90 33 123 144 
NAIC 3 / BB1 4 5 28 38 23 
NAIC 4 / B18 9 26 46 99 106 
NAIC 5-6 / CCC and below1 1 — 8 10 18 
Amortized cost before allowance$20 $51 $251 $216 $538 $490 
Allowance(21)(17)
Amortized cost, net$517 $473