v3.26.3
Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value
September 30, 2026
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets
Fixed income securities:
U.S. government and agencies$11,325 $4 $— $11,329 
Municipal— 6,792 5 6,797 
Corporate - public— 23,766 12 23,778 
Corporate - privately placed— 12,419 177 12,596 
Foreign government— 1,666 — 1,666 
ABS— 1,889 169 2,058 
MBS
— 1,967 55 2,022 
Total fixed income securities11,325 48,503 418 60,246 
Equity securities (1)
9,231 208 18 9,457 
Short-term investments1,959 3,817 3 5,779 
Other investments— 16 1 $(9)8 
Other assets— — 129 129 
Total recurring basis assets22,515 52,544 569 (9)75,619 
Non-recurring basis
— — 193 193 
Total assets at fair value$22,515 $52,544 $762 $(9)$75,812 
Investments reported at NAV (2)
1,124 
Total$76,936 
Liabilities
Other liabilities$(3)$(5)$— $4 $(4)
Total recurring basis liabilities(3)(5)— 4 (4)
Total liabilities at fair value$(3)$(5)$— $4 $(4)
(1)Excludes $107 million of securities using the measurement alternative or the equity method of accounting and $608 million reported at NAV.
(2)Includes $608 million of equity securities and $516 million of limited partnerships.
Assets and liabilities measured at fair value
December 31, 2025
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets
Fixed income securities:
U.S. government and agencies$18,124 $9 $— $18,133 
Municipal— 5,614 29 5,643 
Corporate - public— 19,907 12 19,919 
Corporate - privately placed— 10,295 187 10,482 
Foreign government— 1,460 — 1,460 
ABS— 1,330 22 1,352 
MBS
— 2,068 58 2,126 
Total fixed income securities18,124 40,683 308 59,115 
Equity securities (1)
7,572 239 22 7,833 
Short-term investments1,791 3,090 6 4,887 
Other investments— 11 1 $(1)11 
Other assets— — 147 147 
Total recurring basis assets27,487 44,023 484 (1)71,993 
Non-recurring basis— — 32 32 
Total assets at fair value$27,487 $44,023 $516 $(1)$72,025 
Investments reported at NAV (2)
1,266 
Total$73,291 
Liabilities
Other liabilities$(2)$(19)$(1)$19 $(3)
Total recurring basis liabilities(2)(19)(1)19 (3)
Total liabilities at fair value$(2)$(19)$(1)$19 $(3)
(1)Excludes $99 million of securities using the measurement alternative or the equity method of accounting and $466 million reported at NAV.
(2)Includes $466 million of equity securities and $800 million of limited partnerships.
Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value
Rollforward of Level 3 assets and liabilities held at fair value during the three-month period ended September 30, 2026
Balance as of
 June 30, 2026		Total gains (losses)
included in:		 Transfers Balance as of
 September 30, 2026
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$3 $— $— $— $— $2 $— $— $5 
Corporate - public12 — — — — — — — 12 
Corporate - privately placed167 — (1)— — 15 — (4)177 
ABS93 — (1)— (9)89 — (3)169 
MBS
69 — — — — — — (14)55 
Total fixed income securities344 — (2)— (9)106 — (21)418 
Equity securities18 — — — — — — — 18 
Short-term investments6 — — — — 1 (4)— 3 
Other investments1 — — — — — — — 1 
Other assets130 (1)— — — — — — 129 
Total recurring Level 3 assets499 (1)(2)— (9)107 (4)(21)569 
Liabilities
Total recurring Level 3 liabilities$— $— $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the nine-month period ended September 30, 2026
Balance as of
 December 31, 2025		Total gains (losses)
included in:		 Transfers Balance as of
 September 30, 2026
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$29 $— $— $— $(26)$2 $— $— $5 
Corporate - public12 — — — — — — — 12 
Corporate - privately placed187 — (1)— — 19 (3)(25)177 
ABS22 — — — (19)171 — (5)169 
MBS
58 — — — — 11 — (14)55 
Total fixed income securities308 — (1)— (45)203 (3)(44)418 
Equity securities22 (1)— — — 1 (4)— 18 
Short-term investments6 — — — (3)7 (6)(1)3 
Other investments1 — — — — — — — 1 
Other assets147 7 — — — — — (25)129 
Total recurring Level 3 assets484 6 (1)— (48)211 (13)(70)569 
Liabilities
Other liabilities
(1)1 — — — — — — — 
Total recurring Level 3 liabilities$(1)$1 $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the three-month period ended September 30, 2025
Balance as of
 June 30, 2025		Total gains (losses)
 included in:		 Transfers Balance as of
 September 30, 2025
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$2 $— $— $1 $— $— $— $— $3 
Corporate - public35 — — — — — (1)— 34 
Corporate - privately placed109 — 1 — — 48 — (2)156 
ABS39 — — — (15)— — — 24 
MBS88 — — — — 2 — (1)89 
Total fixed income securities273 — 1 1 (15)50 (1)(3)306 
Equity securities358 (1)— — (48)3 (2)— 310 
Short-term investments4 — — — — 6 (1)— 9 
Other investments1 — — — — — — — 1 
Other assets137 3 — — — — — — 140 
Total recurring Level 3 assets773 2 1 1 (63)59 (4)(3)766 
Liabilities
Other liabilities(1)— — — — — — — (1)
Total recurring Level 3 liabilities$(1)$— $— $— $— $— $— $— $(1)
Rollforward of Level 3 assets and liabilities held at fair value during the nine-month period ended September 30, 2025
Balance as of
 December 31, 2024		Total gains (losses)
 included in:		 Transfers Balance as of
 September 30, 2025
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesSettlements
Assets
Fixed income securities:
Municipal$2 $— $— $1 $— $— $— $— $3 
Corporate - public22 (1)1 — (7)20 (1)— 34 
Corporate - privately placed110 (1)2 — — 48 — (3)156 
ABS26 — — 26 (41)15 — (2)24 
MBS
88 — — — — 2 — (1)89 
Total fixed income securities248 (2)3 27 (48)85 (1)(6)306 
Equity securities407 29 — — (48)8 (86)— 310 
Short-term investments5 — — — — 9 (5)— 9 
Other investments1 — — — — — — — 1 
Other assets134 6 — — — — — — 140 
Assets held for sale7 — 1 — — — (8)— — 
Total recurring Level 3 assets802 33 4 27 (96)102 (100)(6)766 
Liabilities
Other liabilities— (1)— — — — — — (1)
Total recurring Level 3 liabilities$— $(1)$— $— $— $— $— $— $(1)
Total Level 3 gains (losses) included in net income
Three months ended September 30,Nine months ended September 30,
($ in millions)2026202520262025
Net investment income$— $1 $— $1 
Net gains (losses) on investments and derivatives
— (2)— 25 
Operating costs and expenses
(1)3 7 6 
Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities
Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
Three months ended September 30,Nine months ended September 30,
($ in millions)2026202520262025
Assets
Fixed income securities:
Corporate - public$— $— $— $(1)
Corporate - privately placed— — (1)— 
Total fixed income securities— — (1)(1)
Equity securities— (2)(1)27 
Other assets(1)3 7 6 
Total recurring Level 3 assets(1)1 5 32 
Liabilities
Other liabilities— — 1 (1)
Total recurring Level 3 liabilities— — 1 (1)
Total included in net income$(1)$1 $6 $31 
Components of net income
Net investment income$— $1 $— $1 
Net gains (losses) on investments and derivatives— (3)(1)24 
Operating costs and expenses(1)3 7 6 
Total included in net income$(1)$1 $6 $31 
Assets
Corporate - public$— $— $— $1 
Corporate - privately placed(1)1 (1)2 
ABS(1)— — — 
Changes in unrealized net capital gains and losses reported in OCI$(2)$1 $(1)$3 
Schedule of Financial Instruments Not Carried at Fair Value
Financial instruments not carried at fair value
($ in millions)September 30, 2026December 31, 2025
Financial assetsFair value level
Amortized cost, net (1)
Fair
value
Amortized cost, net (1)
Fair
value
Mortgage loansLevel 3$1,040 $1,014 $879 $868 
Bank loansLevel 3517 520 473 487 
Financial liabilitiesFair value level
Carrying value (1)
Fair
value
Carrying value (1)
Fair
value
DebtLevel 2$7,494 $6,946 $7,490 $7,367 
Liability for collateralLevel 22,143 2,143 1,934 1,934 
(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.