Investments (Tables)

9 Months Ended

Sep. 30, 2026

Text Block [Abstract]

Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios

The following tables present the amortized cost, allowance for credit losses, corresponding gross unrealized gains and losses and fair value for AFS investments in the Company’s consolidated investment portfolio as of September 30, 2026 and December 31, 2025:


						September 30, 2026
										Allowance				Gross				Gross
						Amortized				for Credit				Unrealized				Unrealized				Fair
In millions						Cost				Losses				Gains				Losses				Value
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	462			$	-			$	-			$	(15	)		$	447
	State and municipal bonds						104				-				1				(14	)			91
	Foreign governments						7				-				-				(3	)			4
	Corporate obligations						469				-				-				(117	)			352
	Mortgage-backed securities:
		Residential mortgage-backed agency					109				-				-				(16	)			93
		Residential mortgage-backed non-agency					16				-				-				(1	)			15
	Asset-backed securities:
		Collateralized debt obligations					71				-				1				-				72
		Other asset-backed					168				-				-				(3	)			165
Total AFS investments						$	1,406			$	-			$	2			$	(169	)		$	1,239


						December 31, 2025
										Allowance				Gross				Gross
						Amortized				for Credit				Unrealized				Unrealized				Fair
In millions						Cost				Losses				Gains				Losses				Value
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	478			$	-			$	-			$	(10	)		$	468
	State and municipal bonds						106				-				3				(8	)			101
	Foreign governments						7				-				-				(2	)			5
	Corporate obligations						462				-				1				(96	)			367
	Mortgage-backed securities:
		Residential mortgage-backed agency					125				-				-				(11	)			114
		Residential mortgage-backed non-agency					17				-				-				(1	)			16
		Commercial mortgage-backed					10				-				-				-				10
	Asset-backed securities:
		Collateralized debt obligations					30				-				1				-				31
		Other asset-backed					229				-				2				(1	)			230
Total AFS investments						$	1,464			$	-			$	7			$	(129	)		$	1,342

Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments

The following table presents the distribution by contractual maturity of AFS fixed-maturity securities at amortized cost, net of allowance for credit losses, and fair value as of September 30, 2026. Contractual maturity may differ from expected maturity as borrowers may have the right to call or prepay obligations.



		AFS Securities
		Net
		Amortized				Fair
In millions		Cost				Value
Due in one year or less		$	376			$	376
Due after one year through five years			193				178
Due after five years through ten years			119				104
Due after ten years			354				236
Mortgage-backed and asset-backed			364				345
Total fixed-maturity investments		$	1,406			$	1,239

Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments

The following tables present the non-credit related gross unrealized losses related to AFS investments as of September 30, 2026 and December 31, 2025:


						September 30, 2026
						Less than 12 Months								12 Months or Longer								Total
						Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
In millions						Value				Losses				Value				Losses				Value				Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	21			$	(1	)		$	92			$	(14	)		$	113			$	(15	)
	State and municipal bonds						19				(1	)			51				(13	)			70				(14	)
	Foreign governments						-				-				5				(3	)			5				(3	)
	Corporate obligations						89				(1	)			253				(116	)			342				(117	)
	Mortgage-backed securities:
		Residential mortgage-backed agency					18				(1	)			75				(15	)			93				(16	)
		Residential mortgage-backed non-agency					9				-				4				(1	)			13				(1	)
	Asset-backed securities:
		Collateralized debt obligations					52				-				-				-				52				-
		Other asset-backed					121				(1	)			11				(2	)			132				(3	)
Total AFS investments						$	329			$	(5	)		$	491			$	(164	)		$	820			$	(169	)


						December 31, 2025
						Less than 12 Months								12 Months or Longer								Total
						Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
In millions						Value				Losses				Value				Losses				Value				Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	2			$	-			$	122			$	(10	)		$	124			$	(10	)
	State and municipal bonds						4				-				63				(8	)			67				(8	)
	Foreign governments						-				-				5				(2	)			5				(2	)
	Corporate obligations						9				(2	)			283				(94	)			292				(96	)
	Mortgage-backed securities:
		Residential mortgage-backed agency					5				-				90				(11	)			95				(11	)
		Residential mortgage-backed non-agency					5				-				5				(1	)			10				(1	)
		Commercial mortgage-backed					-				-				3				-				3				-
	Asset-backed securities:
		Collateralized debt obligations					8				-				-				-				8				-
		Other asset-backed					20				-				22				(1	)			42				(1	)
Total AFS investments						$	53			$	(2	)		$	593			$	(127	)		$	646			$	(129	)

Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%

The following table presents the distribution of securities in an unrealized loss position for a continuous twelve-month period or longer where fair value was below book value by more than 5% as of September 30, 2026:


		AFS Securities
Percentage of Fair Value		Number of			Book Value					Fair Value
Below Book Value		Securities			(in millions)					(in millions)
> 5% to 15%			62			$	210			$	183
> 15% to 25%			66				139				113
> 25% to 50%			92				263				160
> 50%			4				15				7
Total			224			$	627			$	463

Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments

The following table provides information about securities held by the Company as of September 30, 2026 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves corresponding to the par amount owned by the Company. The Company did not hold any securities in an unrealized loss position that were insured by a third-party financial guarantor as of September 30, 2026.


								Unrealized				Insurance Loss
In millions				Fair Value				Loss				Reserve (1)
Asset-backed				$	16			$	(3	)		$	18
Mortgage-backed					5				-				4
Corporate obligations					77				(55	)			-
Total				$	98			$	(58	)		$	22

___________________

(1) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value.

Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities

The proceeds and the gross realized gains and losses from sales of fixed-maturity securities held as AFS for the three and nine months ended September 30, 2026 and 2025 are as follows:


			Three Months Ended September 30,									Nine Months Ended September 30,
In millions			2026					2025				2026					2025
Proceeds from sales				$	-			$	2				$	-			$	125
Gross realized gains				$	-			$	-				$	-			$	1
Gross realized losses				$	-			$	-				$	-			$	(7	)

Portion Of Unrealized Gains Losses Recognized On Equity Investments

Three Months Ended September 30,

Nine Months Ended September 30,

In millions

2026

2025

2026

2025

Net gains (losses) recognized during the period on equity and trading securities

$

(7

)

$

(15

)

$

(7

)

$

(14

)

Less:

Net gains (losses) recognized during the period on equity and trading securities sold during the period

-

1

1

3

Unrealized gains (losses) recognized during the period on equity and trading securities still held at the reporting date

$

(7

)

$

(16

)

$

(8

)

$

(17