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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Investment Portfolio
Carrying Value
As of
March 31, 2025December 31, 2024
 (in millions)
Fixed-maturity securities, available-for-sale$6,415 $6,369 
Fixed-maturity securities, trading137 147 
Short-term investments1,158 1,221 
Other invested assets:
Equity method investments:
Ownership interest in Sound Point411 418 
Funds and other investments531 496 
Other18 12 
Total (1)$8,670 $8,663 
____________________
(1)    In the investment portfolio, the aggregate carrying value of Sound Point managed investments was $547 million and $569 million as of March 31, 2025 and December 31, 2024, respectively, excluding the Company’s ownership interest in Sound Point of $411 million and $418 million as of March 31, 2025 and December 31, 2024, respectively, and excluding certain investments in funds that are accounted for as CIVs.
Fixed Maturity Securities and Short Term Investments by Security Type
Available-for-Sale Fixed-Maturity Securities by Security Type
As of March 31, 2025
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
 (dollars in millions)
Obligations of state and political subdivisions29 %$2,003 $(14)$27 $(92)$1,924 
U.S. government and agencies1 76 — 1 (5)72 
Corporate securities (2)
39 2,630 (7)17 (163)2,477 
Mortgage-backed securities (3):
 
RMBS10 649 (22)5 (63)569 
Commercial mortgage-backed securities (CMBS)3 183 — 1 (2)182 
Asset-backed securities:
CLOs8 571 (1)3 (31)542 
Other9 581 (1)2 (4)578 
Non-U.S. government securities1 81 — 1 (11)71 
Total available-for-sale fixed-maturity securities100 %$6,774 $(45)$57 $(371)$6,415 
Available-for-Sale Fixed-Maturity Securities by Security Type
As of December 31, 2024
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
 (dollars in millions)
Obligations of state and political subdivisions30 %$2,032 $(14)$25 $(103)$1,940 
U.S. government and agencies1 72 — 1 (6)67 
Corporate securities (2)
38 2,586 (7)9 (206)2,382 
Mortgage-backed securities (3):
    
RMBS9 657 (21)2 (71)567 
CMBS3 189 — — (3)186 
Asset-backed securities:
CLOs9 615 (1)6 (9)611 
Other (4)9 593 (17)1 (30)547 
Non-U.S. government securities1 83 — — (14)69 
Total available-for-sale fixed-maturity securities100 %$6,827 $(60)$44 $(442)$6,369 
____________________
(1)Based on amortized cost.
(2)Includes securities issued by taxable universities and hospitals.
(3)U.S. government-agency obligations were approximately 68% of mortgage-backed securities as of both March 31, 2025 and December 31, 2024, based on fair value.
(4)Includes an investment in an affiliated entity with amortized cost of $41 million and fair value of $42 million as of both March 31, 2025 and December 31, 2024.
Fixed-Maturity Securities Gross Unrealized Loss by Length of Time
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of March 31, 2025
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$428 $(4)$966 $(88)$1,394 $(92)
U.S. government and agencies— — 29 (5)29 (5)
Corporate securities465 (8)947 (122)1,412 (130)
Mortgage-backed securities: 
RMBS59 (1)121 (8)180 (9)
CMBS9 — 97 (2)106 (2)
Asset-backed securities:
CLOs243 (23)30 — 273 (23)
Other82 (1)13 — 95 (1)
Non-U.S. government securities25 (1)20 (10)45 (11)
Total$1,311 $(38)$2,223 $(235)$3,534 $(273)
Number of securities (1) 416  1,006  1,399 
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of December 31, 2024
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$624 $(7)$964 $(96)$1,588 $(103)
U.S. government and agencies5 — 28 (6)33 (6)
Corporate securities762 (20)1,046 (150)1,808 (170)
Mortgage-backed securities:    
RMBS255 (4)123 (10)378 (14)
CMBS83 — 103 (3)186 (3)
Asset-backed securities:
CLOs151 (5)107 (1)258 (6)
Other60 (1)16 — 76 (1)
Non-U.S. government securities35 (3)30 (11)65 (14)
Total$1,975 $(40)$2,417 $(277)$4,392 $(317)
Number of securities (1) 569  1,065  1,591 
___________________
(1)    The number of securities does not add across because lots consisting of the same securities have been purchased at different times and appear in both categories above (i.e., less than 12 months and 12 months or more). If a security appears in both categories, it is counted only once in the total column.
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities by contractual maturity as of March 31, 2025 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Distribution of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity
As of March 31, 2025
 Amortized
Cost		Estimated
Fair Value
 (in millions)
Due within one year$206 $205 
Due after one year through five years1,295 1,269 
Due after five years through 10 years2,100 2,027 
Due after 10 years2,341 2,163 
Mortgage-backed securities:  
RMBS649 569 
CMBS183 182 
Total$6,774 $6,415 
Net Investment Income
Income from Investments
 First Quarter
 20252024
(in millions)
Investment income:
Fixed-maturity securities, available-for-sale (1)$74 $62 
Short-term investments13 23 
Other invested assets1 — 
Investment income88 85 
Investment expenses(1)(1)
Net investment income$87 $84 
Fair value gains (losses) on trading securities (2)$1 $26 
Equity in earnings (losses) of investees:
Ownership interest in Sound Point$13 $4 
Funds and other investments40 20 
Equity in earnings (losses) of investees$53 $24 
____________________
(1)    Includes $7 million income on Loss Mitigation Securities for both first quarter 2025 and first quarter 2024.
(2)    Fair value gains on trading securities pertaining to securities still held as of March 31, 2024 were $22 million for first quarter 2024.
Net Realized Investment Gains (Losses)
The table below presents the components of net realized investment gains (losses). Realized gains and losses on sales of investments are determined using the specific identification method.

Net Realized Investment Gains (Losses)
 First Quarter
 20252024
 (in millions)
Gross realized gains on sales of available-for-sale securities$3 $1 
Gross realized losses on sales of available-for-sale securities(8)(3)
Net foreign currency gains (losses)(1)— 
Change in the allowance for credit losses and intent to sell (1)(10)10 
Net realized investment gains (losses)$(16)$8 
____________________
(1)    Change in the allowance for credit losses for all periods was primarily related to Loss Mitigation Securities.
Rollforward of Credit Losses for Available-for-sale Fixed-Maturity Securities
The following table presents the roll forward of the allowance for the credit losses on available-for-sale fixed-maturity securities.

Roll Forward of Allowance for Credit Losses
for Available-for-Sale Fixed-Maturity Securities
 First Quarter
 20252024
 (in millions)
Balance, beginning of period$60 $77 
Additions for securities for which credit losses were not previously recognized1 — 
Additions (reductions) for securities for which credit losses were previously recognized9 (10)
Write-offs charged against the allowance(25)— 
Balance, end of period$45 $67