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Investments
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investments Investments
A summary of current and long-term fixed maturity securities, available-for-sale, at December 31, 2025 and 2024 is as follows:
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance For Credit LossesEstimated
Fair Value
 
December 31, 2025
Fixed maturity securities:
United States Government securities$1,512 $10 $(19)$— $1,503 
Government sponsored securities80 2 (1)— 81 
Foreign government securities13 — — — 13 
States, municipalities and political subdivisions, tax-exempt3,701 76 (74)(2)3,701 
Corporate securities13,498 419 (130)(4)13,783 
Residential mortgage-backed securities3,203 43 (136)(3)3,107 
Commercial mortgage-backed securities
2,078 28 (31)(2)2,073 
 Other asset-backed securities2,804 53 (103)(10)2,744 
Total fixed maturity securities$26,889 $631 $(494)$(21)$27,005 
December 31, 2024
Fixed maturity securities:
United States Government securities$1,907 $2 $(85)$— $1,824 
Government sponsored securities156 — (5)— 151 
Foreign government securities19 — (2)— 17 
States, municipalities and political subdivisions, tax-exempt
3,142 33 (123)— 3,052 
Corporate securities14,095 192 (367)(4)13,916 
Residential mortgage-backed securities3,274 13 (236)— 3,051 
Commercial mortgage-backed securities
1,801 8 (60)(1)1,748 
Other asset-backed securities2,534 36 (92)(1)2,477 
Total fixed maturity securities$26,928 $284 $(970)$(6)$26,236 
Other asset-backed securities primarily consist of collateralized loan obligations and other debt securities.
For fixed maturity securities in an unrealized loss position at December 31, 2025 and 2024, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position.
 Less than 12 Months12 Months or Greater
 Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss
(Securities are whole amounts)      
December 31, 2025
Fixed maturity securities:
United States Government securities18$460 $(3)17$167 $(16)
Government sponsored securities4— — 1629 (1)
Foreign government securities13 — 21 — 
States, municipalities and political subdivisions, tax-exempt
213486 (8)522848 (66)
Corporate securities5681,398 (22)8391,397 (108)
Residential mortgage-backed securities169282 (4)1,1641,012 (132)
Commercial mortgage-backed securities80308 (6)212479 (25)
Other asset-backed securities154657 (28)174275 (75)
Total fixed maturity securities1,207$3,594 $(71)2,946$4,208 $(423)
December 31, 2024
Fixed maturity securities:
United States Government securities
40 $1,240 $(52)25 $330 $(33)
Government sponsored securities
10 89 (2)36 42 (3)
Foreign government securities2 15 (1)2 2 (1)
States, municipalities and political subdivisions, tax-exempt
527 1,092 (22)661 943 (101)
Corporate securities
1,415 4,717 (92)1,317 2,645 (275)
Residential mortgage-backed securities
306 1,097 (25)1,312 1,291 (211)
Commercial mortgage-backed securities
136 670 (15)297 661 (45)
Other asset-backed securities123 293 (9)236 735 (83)
Total fixed maturity securities2,559 $9,213 $(218)3,886 $6,649 $(752)
Unrealized losses on our securities shown in the table above have not been recognized into income because, as of December 31, 2025, we do not intend to sell these investments, and it is likely that we will not be required to sell these investments prior to their anticipated recovery. The declines in fair values are largely due to elevated interest rates driven by the higher rate of inflation and other market conditions.
Allowances for credit losses have been recorded in the amounts of $21 and $6 at December 31, 2025 and 2024, respectively, for declines in fair value due to unfavorable changes in the credit quality characteristics that impact our assessment of collectability of principal and interest.
The amortized cost and fair value of fixed maturity securities at December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
Amortized
Cost		Estimated
Fair Value
Due in one year or less$241 $238 
Due after one year through five years4,271 4,305 
Due after five years through ten years10,502 10,697 
Due after ten years6,594 6,585 
Mortgage-backed securities5,281 5,180 
Total fixed maturity securities$26,889 $27,005 
Equity Securities
A summary of current equity securities at December 31, 2025 and 2024 is as follows:
December 31, 2025December 31, 2024
Equity Securities:
Exchange traded funds$650 $1,002 
Common equity securities35 118 
Private equity securities55 72 
Total$740 $1,192 
Other Invested Assets
Other invested assets include non-controlled joint ventures, including our minority interest ownership of approximately 40% of Augusta Topco Holdings, L.P. (“Mosaic Health”) and our 40% minority interest ownership of Project Freedom Holdings, LLC, which is the ultimate parent of LIBERTY Dental Plan Corporation (“Liberty Dental”).
On August 6, 2024, we made an equity investment of $2,580, consisting of cash and the net put option discussed in Note 6 “Derivative Financial Instruments”, in Mosaic Health. Mosaic Health is a joint venture with Clayton, Dubilier & Rice (“CD&R”) that is designed to accelerate innovation in care delivery across multiple regions in the United States by bringing together certain care delivery and enablement assets of Carelon Management Services, LLC (“CMSI Assets”), a Carelon Health business, and two CD&R portfolio businesses, apree health and Millennium Physician Group. The investment is accounted for as an equity method investment. Our additional contribution of the CMSI Assets to Mosaic Health was completed on January 1, 2025, for which we received an additional $300 of equity (approximately 5% ownership) in Mosaic Health. The CMSI Assets are included under the captions “Assets held for sale” and “Liabilities held for sale” in our consolidated balance sheets as of December 31, 2024.
In connection with our equity method investment in Mosaic Health, we entered into a financing agreement to provide a term loan of $200 and a line of credit up to $500 to Mosaic Health. Mosaic Health borrowed $100 on the line of credit in December 2025. Net amounts receivable under these arrangements were $282 and $188 at December 31, 2025 and 2024, respectively, which are included under the caption “Other invested assets” in our consolidated balance sheets as of December 31, 2025 and 2024. During the years ended December 31, 2025 and 2024, we recognized $18 and $7, respectively, in interest income from the financing arrangement with Mosaic Health. In addition to the term loan and line of credit, we committed to providing $70 of funding for no additional equity interest in Mosaic Health to meet any shortfall in operating cash flow and regulatory capital requirements of the CMSI Assets through December 31, 2026, and to fund any remaining shortfalls as necessary for which we would receive additional equity interests in Mosaic Health. No additional funding was provided as of December 31, 2025 or 2024. During the year ended December 31, 2025, related party transactions with Mosaic Health included care delivery and enablement services to Elevance Health subsidiaries amounting to $732, reported in benefit expense. Care delivery and enablement services provided by Mosaic Health in 2024 were not material.
In January 2023, we made an equity investment in Liberty Dental, a joint venture with Welsh, Carson, Anderson & Stowe which engages in dental insurance and dental health care administration. The investment is accounted for as an equity method investment. In connection with our equity method investment in Liberty Dental, in December 2024 we entered into a commitment to provide funding in the form of mandatorily redeemable preferred equity shares in Liberty Dental of up to $250, of which $165 and $87 was disbursed as of December 31, 2025 and 2024, respectively. Mandatorily redeemable preferred equity in Liberty Dental of $137 and $87 is included in the caption “Other invested assets” in our consolidated balance sheets at December 31, 2025 and 2024, respectively. Dividend income recognized from the financing arrangement during the year ended December 31, 2025 and 2024 was not material. During the years ended December 31, 2025 and 2024, related party transactions with Liberty Dental included administrative services to our Medicare Advantage members under a capitated arrangement amounting to $583 and $519, respectively, which is included in the caption “Benefit expense” in our consolidated income statements.
Investment Income
The major categories of net investment income for the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Fixed maturity securities$1,437 $1,539 $1,387 
Equity securities42 40 18 
Cash equivalents270 235 305 
Other invested assets482 274 157 
Investment income2,231 2,088 1,867 
Investment expenses(37)(37)(42)
Net investment income$2,194 $2,051 $1,825 
Investment Gains (Losses)
Net investment gains (losses) for the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Net gains (losses):
Fixed maturity securities:
Gross realized gains from sales$123 $158 $47 
Gross realized losses from sales(236)(479)(488)
Impairment losses recognized in income(21)(17)(15)
Net realized gains (losses) on fixed maturity securities
(134)(338)(456)
Equity securities:
Unrealized gains (losses) recognized on equity securities still held
(7)(6)(1)
Net realized gains (losses) recognized on equity securities sold
(8)(9)6 
Net realized gains (losses) on equity securities
(15)(15)5 
Other investments:
Gross gains43 49 103 
Gross losses(110)(25)(63)
Impairment losses recognized in income(435)(126)(291)
Net gains (losses) on other investments
(502)(102)(251)
Net gains (losses) on investments
$(651)$(455)$(702)
A primary objective in the management of our fixed maturity and equity portfolios is to maximize total return relative to underlying liabilities and respective liquidity needs. In achieving this goal, assets may be sold to take advantage of market conditions or other investment opportunities as well as tax considerations. Sales will generally produce realized gains and
losses. In the ordinary course of business, we may sell securities at a loss for a number of reasons, including, but not limited to: (i) changes in the investment environment; (ii) expectations that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; or (v) changes in expected cash flow.
Total proceeds from sales, maturities, calls or redemptions of fixed maturity securities were $11,609, $16,334 and $12,289 for the years ended December 31, 2025, 2024 and 2023, respectively.
A significant judgment in the valuation of investments is the determination of when a credit loss has occurred. We follow a consistent and systematic process for recognizing impairments on securities that sustain credit declines in value. We have established a committee responsible for the impairment review process. The decision to impair a security incorporates both quantitative criteria and qualitative information. The impairment review process considers a number of factors including, but not limited to: (i) the extent to which the fair value is less than book value, (ii) the financial condition and near term prospects of the issuer, (iii) our intent and ability to retain impaired investments for a period of time sufficient to allow for any anticipated recovery in fair value, (iv) our intent to sell or the likelihood that we will need to sell a fixed maturity security before recovery of its amortized cost basis, (v) whether the debtor is current on interest and principal payments, (vi) the reasons for the decline in value (i.e., credit event compared to liquidity, general credit spread widening, currency exchange rate or interest rate factors) and (vii) general market conditions and industry or sector specific factors. When a decision has been made to sell an impaired security or it is more likely than not that the impaired security will be required to be disposed of prior to recovery of its cost basis, the security is written down to fair value at the reporting date. For all other impaired securities, if the impairment is deemed to be credit related, an allowance is created.
Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in these risk factors in the near term could have a material adverse impact on our results of operations or shareholders’ equity.
At December 31, 2025 and 2024, there were no individual investments that exceeded 10% of shareholders’ equity.
At December 31, 2025 and 2024, there were ten and nine, respectively, fixed maturity investments that did not produce income during the years then ended.
We had unfunded loan commitments to certain equity investees of $1,542 and $1,442 at December 31, 2025 and 2024, respectively. We do not believe such obligations will materially affect our financial position, results of operations, or cash flows.
As of December 31, 2025 and 2024, we had committed approximately $321 and $423, respectively, to future investments in rated notes.
At December 31, 2025 and 2024, securities with carrying values of approximately $1,121 and $1,035, respectively, were deposited by our insurance subsidiaries under requirements of regulatory authorities.
Accrued Investment Income
Accrued investment income totaled $295 and $287 at December 31, 2025 and 2024, respectively. We recognize accrued investment income under the caption “Other receivables” on our consolidated balance sheets.
Securities Lending Programs
The fair value of the cash and securities received as collateral for securities loaned at December 31, 2025 and 2024 was $2,691 and $2,305, respectively. The collateral received was 102% of the market value of the loaned securities at each of December 31, 2025 and 2024.
We recognize the collateral as an asset under the caption “Other current assets” in our consolidated balance sheets, and we recognize a corresponding liability for the obligation to return the collateral to the borrower under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category on our consolidated balance sheets.
At December 31, 2025 and 2024, the remaining contractual maturities of our securities lending transactions included overnight and continuous transactions of cash for $2,136 and $2,115, respectively, United States Government securities for $552 and $176, respectively, and residential mortgage-backed securities for $3 and $14, respectively.