Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Net Domestic Life Insurance In-Force

The following table sets forth net domestic life insurance in-force as of December 31:

(Amounts in millions)	2025			2024			2023
Direct life insurance in-force	$	321,201		$	361,846		$	397,276
Amounts assumed from other companies	387			425			487
Amounts ceded to other companies (1)	(280,842)			(319,192)			(352,901)
Net life insurance in-force	$	40,746		$	43,079		$	44,862
Percentage of amount assumed to net	1		%	1		%	1		%

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(1)Includes amounts accounted for under the deposit method.

Schedule of Effects of Reinsurance on Premiums Written and Earned

The following table sets forth the effects of reinsurance on premiums written and earned for the years ended December 31:

	Written						Earned
(Amounts in millions)	2025		2024		2023		2025			2024			2023
Direct:
Life insurance	$	607	$	656	$	699	$	607		$	656		$	699
Accident and health insurance (1)	2,594		2,545		2,712		2,594			2,545			2,712
Mortgage insurance	1,068		1,050		995		1,091			1,085			1,049
Total direct	4,269		4,251		4,406		4,292			4,286			4,460
Assumed:
Life insurance	1		1		1		1			1			1
Accident and health insurance (1)	260		277		288		260			277			288
Mortgage insurance	33		21		4		33			21			4
Total assumed	294		299		293		294			299			293
Ceded:
Life insurance	(444)		(478)		(493)		(444)			(478)			(493)
Accident and health insurance (1)	(510)		(512)		(537)		(510)			(512)			(537)
Mortgage insurance	(133)		(115)		(87)		(133)			(115)			(87)
Total ceded	(1,087)		(1,105)		(1,117)		(1,087)			(1,105)			(1,117)
Net premiums	$	3,476	$	3,445	$	3,582	$	3,499		$	3,480		$	3,636
Percentage of amount assumed to net							8		%	9		%	8		%

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(1)Accident and health insurance is comprised of our long-term care insurance products.

Schedule of Reinsurance Recoverable in Allowance for Credit Losses

The following table sets forth the changes in the allowance for credit losses related to reinsurance recoverables as of and for the years ended December 31:

(Amounts in millions)	2025		2024		2023
Allowance for credit losses:
Beginning balance	$	24	$	29	$	63
Provision	(1)		(5)		35
Write-offs	—		—		(69)
Recoveries	—		—		—
Ending balance	$	23	$	24	$	29

Schedule of Credit Ratings on Reinsurance Recoverable

The following tables set forth A.M. Best Company, Inc.’s credit ratings related to our reinsurance recoverables at the locked-in discount rate, gross of the allowance for credit losses, as of December 31:

	2025
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	720	$	720
A+	1,510		1,764		3,274
A	33		288		321
Not rated (1)	12,594		10		12,604
Total reinsurance recoverable	$	14,137	$	2,782	$	16,919

	2024
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	686	$	686
A+	1,441		1,654		3,095
A	33		325		358
Not rated (1)	12,775		11		12,786
Total reinsurance recoverable	$	14,249	$	2,676	$	16,925

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(1)Primarily relates to amounts associated with UFLIC, which is not rated. However, UFLIC has trust accounts and a guarantee from its parent, as discussed above, and is sufficiently collateralized and fully collectible; accordingly, no allowance for credit losses was recorded as of December 31, 2025 and 2024.