
Years ended December 31
(In millions)	2025		2024		2023
Fixed maturity securities	$	2,143	$	2,051	$	1,941
Equity securities	60		82		63
Limited partnership investments	276		271		174
Mortgage loans	64		58		58
Short-term investments	73		87		75
Trading portfolio	5		2		4
Other	27		31		28
Gross investment income	2,648		2,582		2,343
Investment expense	(91)		(85)		(79)
Net investment income	$	2,557	$	2,497	$	2,264
Net investment income (loss) recognized due to the change in fair value of common stock held as of December 31, 2025, 2024 and 2023	$	24	$	28	$	11

As of December 31, 2025 the Company held less than $1 million of fixed maturity securities that were non-income producing for the preceding twelve month period. The Company did not hold any fixed maturity securities as of December 31, 2024 that were non-income producing for the preceding twelve month period. As of December 31, 2025 and 2024, no investments in a single issuer exceeded 10% of stockholders' equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises.


Years ended December 31
(In millions)	2025		2024		2023
Net investment gains (losses):
Fixed maturity securities:
Gross gains	$	42	$	48	$	75
Gross losses	(125)		(150)		(166)
Net investment gains (losses) on fixed maturity securities	(83)		(102)		(91)
Equity securities	7		21		4
Derivatives	—		—		(1)
Mortgage loans	(5)		—		(11)

Net investment gains (losses)	$	(81)	$	(81)	$	(99)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of December 31, 2025, 2024 and 2023	$	7	$	19	$	14

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. 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)	2025		2024		2023
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	25	$	34	$	33
Asset-backed	8		29		11
Impairment losses (gains) recognized in earnings	$	33	$	63	$	44

For the years ended December 31, 2025 and 2023, the Company also recognized $5 million and $11 million of impairment losses on mortgage loans due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans for the year ended December 31, 2024.


December 31, 2025	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	25,484	$	682	$	881	$	28	$	25,257
States, municipalities and political subdivisions	8,870		303		742		—		8,431
Asset-backed:
Residential mortgage-backed	4,011		50		366		—		3,695
Commercial mortgage-backed	1,566		18		80		21		1,483
Other asset-backed	3,729		28		194		20		3,543
Total asset-backed	9,306		96		640		41		8,721
U.S. Treasury and obligations of government-sponsored enterprises	236		1		3		—		234
Foreign government	764		7		20		—		751
Redeemable preferred stock	8		—		—		—		8
Total fixed maturity securities available-for-sale	$	44,668	$	1,089	$	2,286	$	69	$	43,402


December 31, 2024	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated 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 subdivisions	7,396		243		835		—		6,804
Asset-backed:
Residential mortgage-backed	3,725		7		488		—		3,244
Commercial mortgage-backed	1,830		11		142		18		1,681
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,325		42		869		32		8,466
U.S. Treasury and obligations of government-sponsored enterprises	220		1		1		—		220
Foreign government	701		6		30		—		677
Redeemable preferred stock	—		—		—		—		—
Total fixed maturity securities available-for-sale	$	43,481	$	715	$	3,040	$	45	$	41,111

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 Months				12 Months or Longer				Total
December 31, 2025	Estimated 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	$	2,776	$	56	$	8,576	$	825	$	11,352	$	881
States, municipalities and political subdivisions	403		8		3,471		734		3,874		742
Asset-backed:
Residential mortgage-backed	154		1		2,002		365		2,156		366
Commercial mortgage-backed	36		2		887		78		923		80
Other asset-backed	420		9		1,432		185		1,852		194
Total asset-backed	610		12		4,321		628		4,931		640
U.S. Treasury and obligations of government-sponsored enterprises	78		2		18		1		96		3
Foreign government	131		1		260		19		391		20
Total	$	3,998	$	79	$	16,646	$	2,207	$	20,644	$	2,286


	Less than 12 Months				12 Months or Longer				Total
December 31, 2024	Estimated 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 subdivisions	1,247		52		2,967		783		4,214		835
Asset-backed:
Residential mortgage-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	230		3		988		139		1,218		142
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,759		46		4,555		823		6,314		869
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41		—		90		1
Foreign government	118		3		368		27		486		30
Total	$	9,019	$	267	$	18,319	$	2,773	$	27,338	$	3,040

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, 2025				December 31, 2024
(In millions)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	1,980	$	267	$	2,567	$	373
AAA	1,376		243		1,830		283
AA	3,827		623		4,257		730
A	5,025		440		6,340		582
BBB	7,758		639		11,548		980
Non-investment grade	678		74		796		92
Total	$	20,644	$	2,286	$	27,338	$	3,040

Based on current facts and circumstances, the Company believes the unrealized losses presented in the December 31, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of December 31, 2025.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $470 million and $442 million as of December 31, 2025 and 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note.


(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3		3		6
Available-for-sale securities accounted for as PCD assets	4		—		4

Reductions to the allowance for credit losses:
Securities disposed 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 basis	—		—		—
Write-offs charged against the allowance	—		—		—
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	14		6		20
Balance as of December 31, 2025	$	28	$	41	$	69



(In millions)	Corporate and other bonds		Asset-backed		Total
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 recorded	9		18		27
Available-for-sale securities accounted for as PCD assets	4		—		4

Reductions to the allowance for credit losses:
Securities disposed 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 basis	1		—		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


December 31	2025				2024
(In millions)	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,392	$	1,389	$	1,761	$	1,753
Due after one year through five years	11,318		11,214		11,678		11,403
Due after five years through ten years	13,491		13,238		13,134		12,415
Due after ten years	18,467		17,561		16,908		15,540
Total	$	44,668	$	43,402	$	43,481	$	41,111

The carrying value of limited partnerships as of December 31, 2025 and 2024 was $2,772 million and $2,520 million, which includes net undistributed earnings of $379 million and $334 million. Limited partnerships comprising 12% of the total carrying value are reported on a current basis through December 31, 2025 with no reporting lag, 2% are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio.

Limited partnerships comprising 88% and 86% of the carrying value as of December 31, 2025 and 2024 were invested in private debt and equity. Limited partnerships comprising 12% and 14% of the carrying value as of December 31, 2025 and 2024 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, co-investment, private credit, growth capital, distressed investing and real estate. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments.

The ten largest limited partnership positions held totaled $630 million and $648 million as of December 31, 2025 and 2024. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 1% of the aggregate partnership equity as of December 31, 2025 and 2024, and the related income reflected on the Consolidated Statements of Operations represents approximately 1% of the changes in aggregate partnership equity for the years ended December 31, 2025, 2024 and 2023.

There are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies.

The Company’s private debt, private equity and other non-hedge fund limited partnership investments generally do not permit voluntary withdrawals. The Company’s hedge fund limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year or longer. Typically, hedge fund withdrawals require advance written notice of up to 90 days.

The Company may use derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk and foreign currency risk) stemming from various assets and liabilities. The Company's principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment.

The Company may enter into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. The Company may use foreign currency forward contracts to manage foreign currency risk.

Credit exposure associated with non-performance by the counterparties to derivative instruments is generally limited to the uncollateralized fair value of the asset related to the instruments recognized on the Consolidated Balance Sheets. The Company generally requires that all over-the-counter derivative contracts be governed by an International Swaps and Derivatives Association Master Agreement, and exchanges collateral under the terms of these agreements with its derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty. Gross estimated fair values of derivative positions are presented in Other invested assets and Other liabilities on the Consolidated Balance Sheets. The Company does not offset derivative positions against the fair value of collateral provided or positions subject to netting arrangements. There would be no significant difference in the balance included in such accounts if the estimated fair values were presented net as of December 31, 2025 and 2024.

As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of December 31, 2025, the Company had commitments to purchase or fund approximately $1,770 million and sell approximately $45 million under the terms of these investments.

Cash and securities with carrying values of approximately $3.4 billion and $3.1 billion were deposited by the Company’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2025 and 2024.

Cash and securities with carrying values of approximately $0.6 billion and $0.7 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2025 and 2024.

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, 2025	Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)	2025		2024		2023		2022		2021		Prior		Total
DSCR ≥1.6x
LTV less than 55%	$	38	$	—	$	33	$	—	$	5	$	215	$	291
LTV 55% to 65%	37		—		12		14		6		12		81
LTV greater than 65%	—		—		—		12		13		—		25
DSCR 1.2x - 1.6x
LTV less than 55%	—		68		28		5		2		75		178
LTV 55% to 65%	107		33		38		21		19		28		246
LTV greater than 65%	7		—		—		46		—		—		53
DSCR ≤1.2
LTV less than 55%	—		—		6		—		—		21		27
LTV 55% to 65%	37		—		17		38		—		15		107
LTV greater than 65%	—		—		—		40		21		25		86
Total	$	226	$	101	$	134	$	176	$	66	$	391	$	1,094
Write-offs for the year ended December 31, 2025	$	—	$	—	$	—	$	(2)	$	—	$	(23)	$	(25)

As of December 31, 2025, accrued interest receivable on mortgage loans totaled $5 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.



(In millions)	2025		2024
Allowance for credit losses:
Balance as of January 1	$	35	$	35
Current-period provision for expected credit losses	5		—
Write-offs charged against the allowance	(25)		—
Balance as of December 31	$	15	$	35

As of December 31, 2025, the Company held mortgage loans with an amortized cost of $30 million that were on nonaccrual status, past due by more than 180 days and carried no allowance for credit loss as a result of write-offs charged against the allowance during the year. During the year ended December 31, 2025, the Company recognized $1 million of interest income on $15 million of these loans; the remaining $15 million were non‑income producing for the preceding twelve‑month period.

As of December 31, 2024, the Company held mortgage loans with an amortized cost of $48 million and an allowance for credit losses of $14 million that were on nonaccrual status. These loans were all past due by more than 180 days and were non‑income producing for the preceding twelve‑month period.