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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Net investment income
The significant components of Net investment income are presented in the following table.
Years ended December 31
(In millions)202420232022
Fixed maturity securities$2,051 $1,941 $1,787 
Equity securities82 63 23 
Limited partnership investments271 174 (12)
Mortgage loans58 58 54 
Short-term investments87 75 16 
Trading portfolio2 4 4 
Other31 28 5 
Gross investment income2,582 2,343 1,877 
Investment expense(85)(79)(72)
Net investment income$2,497 $2,264 $1,805 
Net investment income (loss) recognized due to the change in fair value of common stock held as of December 31, 2024, 2023 and 2022$28 $11 $47 
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Years ended December 31
(In millions)202420232022
Net investment gains (losses):
Fixed maturity securities:
Gross gains$48 $75 $120 
Gross losses(150)(166)(261)
Net investment gains (losses) on fixed maturity securities(102)(91)(141)
Equity securities21 4 (116)
Derivatives— (1)64 
Mortgage loans— (11)(8)
Short-term investments and other— — 2 
Net investment gains (losses)$(81)$(99)$(199)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of December 31, 2024, 2023 and 2022$19 $14 $(75)
Components of net other than temporary impairment losses recognized in earnings by asset type The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Years ended December 31
(In millions)202420232022
Fixed maturity securities available-for-sale:
Corporate and other bonds$34 $33 $62 
Asset-backed29 11 — 
Impairment losses (gains) recognized in earnings$63 $44 $62 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
   Redeemable preferred stock— — — — — 
Total fixed maturity securities available-for-sale43,481 715 3,040 45 41,111 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,481 $715 $3,040 $45 $41,111 
December 31, 2023Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political subdivisions7,713 382 703 — 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 — 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of government-sponsored enterprises152 1 2 — 151 
Foreign government741 6 34 — 713 
Redeemable preferred stock— — — — — 
Total fixed maturity securities available-for-sale42,414 1,022 2,995 16 40,425 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$42,414 $1,022 $2,995 $16 $40,425 
Debt securities, available-for-sale, unrealized loss position, fair value
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
Foreign government118 3 368 27 486 30 
Total$9,019 $267 $18,319 $2,773 $27,338 $3,040 
Less than 12 Months12 Months or LongerTotal
December 31, 2023Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political subdivisions598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of government-sponsored enterprises65 1 23 1 88 2 
   Foreign government52 1 450 33 502 34 
Total$3,483 $74 $22,248 $2,921 $25,731 $2,995 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
December 31, 2024December 31, 2023

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,567 $373 $2,273 $309 
AAA1,830 283 1,524 261 
AA 4,257 730 3,817 658 
A6,340 582 5,652 517 
BBB11,548 980 11,523 1,095 
Non-investment grade796 92 942 155 
Total$27,338 $3,040 $25,731 $2,995 
Debt securities, available-for-sale, allowance for credit loss
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded9 18 27 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 12 12 
Balance as of December 31, 2024
$13 $32 $45 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2023$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded10 7 17 
Available-for-sale securities accounted for as PCD assets22 — 22 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis8 — 8 
Write-offs charged against the allowance15 — 15 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period1 4 5 
Balance as of December 31, 2023
$4 $12 $16 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
December 3120242023
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,761 $1,753 $1,121 $1,091 
Due after one year through five years11,678 11,403 11,563 11,180 
Due after five years through ten years13,134 12,415 13,359 12,573 
Due after ten years16,908 15,540 16,371 15,581 
Total$43,481 $41,111 $42,414 $40,425 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
December 31, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20242023202220212020PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $34 $9 $— $60 $169 $272 
LTV 55% to 65%— — 15 11 4 12 42
LTV greater than 65%— 13 30 12 — — 55
DSCR 1.2x - 1.6x
LTV less than 55%49 28 5 2 49 71 204
LTV 55% to 65%53 30 21 30 20 39 193
LTV greater than 65%— — 46 — — — 46
DSCR ≤1.2
LTV less than 55%— — — — — 21 21
LTV 55% to 65%— 22 75 — — 20 117
LTV greater than 65%— — 35 21 — 48 104
Total$102 $127 $236 $76 $133 $380 $1,054 
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.