Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments [Abstract]

Net investment income

The significant components of Net investment income are presented in the following table.

Periods ended June 30	Three Months				Six Months
(In millions)	2026		2025		2026		2025
Fixed maturity securities	$	553	$	536	$	1,096	$	1,058
Equity securities	41		27		37		33
Limited partnership investments	99		81		154		137
Mortgage loans	15		16		32		32
Short-term investments	11		14		30		33
Trading portfolio	1		3		1		4
Other	4		8		8		14
Gross investment income	724		685		1,358		1,311
Investment expense	(23)		(23)		(47)		(45)
Net investment income	$	701	$	662	$	1,311	$	1,266
Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2026 and 2025	$	9	$	15	$	10	$	15

Net realized investment gains (losses)

Net investment gains (losses) are presented in the following table.

Periods ended June 30	Three Months				Six Months
(In millions)	2026		2025		2026		2025
Net investment gains (losses):
Fixed maturity securities:
Gross gains	$	19	$	5	$	25	$	18
Gross losses	(27)		(53)		(47)		(75)
Net investment gains (losses) on fixed maturity securities	(8)		(48)		(22)		(57)
Equity securities	3		6		(1)		6
Mortgage loans	—		(5)		—		(5)
Short-term investments and other	—		1		—		1
Net investment gains (losses)	$	(5)	$	(46)	$	(23)	$	(55)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2026 and 2025	$	2	$	6	$	(3)	$	4

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.

Periods ended June 30	Three Months				Six Months
(In millions)	2026		2025		2026		2025
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	—	$	4	$	8	$	11
Asset-backed	3		5		6		5
Impairment losses (gains) recognized in earnings	$	3	$	9	$	14	$	16

Summary of fixed maturity securities

The following tables present a summary of fixed maturity securities.

June 30, 2026	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	$	25,722	$	513	$	964	$	16	$	25,255
States, municipalities and political subdivisions	9,257		305		727		—		8,835
Asset-backed:
Residential mortgage-backed	4,235		31		385		—		3,881
Commercial mortgage-backed	1,580		12		79		21		1,492
Other asset-backed	3,690		14		217		26		3,461
Total asset-backed	9,505		57		681		47		8,834
U.S. Treasury and obligations of government-sponsored enterprises	242		—		3		—		239
Foreign government	722		8		21		—		709
Redeemable preferred stock	8		—		—		—		8
Total fixed maturity securities available-for-sale	$	45,456	$	883	$	2,396	$	63	$	43,880
Total fixed maturity securities trading	2		—		—		—		2
Total fixed maturity securities	$	45,458	$	883	$	2,396	$	63	$	43,882

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
Total fixed maturity securities trading	—		—		—		—		—
Total fixed maturity securities	$	44,668	$	1,089	$	2,286	$	69	$	43,402

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 Months				12 Months or Longer				Total
June 30, 2026	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	$	5,910	$	96	$	7,533	$	868	$	13,443	$	964
States, municipalities and political subdivisions	373		6		3,428		721		3,801		727
Asset-backed:
Residential mortgage-backed	601		10		1,837		375		2,438		385
Commercial mortgage-backed	167		3		785		76		952		79
Other asset-backed	647		10		1,341		207		1,988		217
Total asset-backed	1,415		23		3,963		658		5,378		681
U.S. Treasury and obligations of government-sponsored enterprises	167		2		14		1		181		3
Foreign government	210		3		223		18		433		21
Total	$	8,075	$	130	$	15,161	$	2,266	$	23,236	$	2,396

	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

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.

	June 30, 2026				December 31, 2025
(In millions)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	2,198	$	283	$	1,980	$	267
AAA	1,400		241		1,376		243
AA	4,127		630		3,827		623
A	5,854		477		5,025		440
BBB	8,741		670		7,758		639
Non-investment grade	916		95		678		74
Total	$	23,236	$	2,396	$	20,644	$	2,286

Debt securities, available-for-sale, allowance for credit loss

Accrued interest receivable on available-for-sale fixed maturity securities totaled $477 million, $470 million and $451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of April 1, 2026	$	31	$	44	$	75
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—		—		—
Available-for-sale securities accounted for as PCD assets	1		—		1
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	16		—		16
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		3		3
Balance as of June 30, 2026	$	16	$	47	$	63

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of April 1, 2025	$	15	$	32	$	47
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3		—		3
Available-for-sale securities accounted for as PCD assets	—		—		—
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6		—		6
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	2		5		7
Balance as of June 30, 2025	$	14	$	37	$	51

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2026	$	28	$	41	$	69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3		—		3
Available-for-sale securities accounted for as PCD assets	1		—		1
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	16		—		16
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		6		6
Balance as of June 30, 2026	$	16	$	47	$	63

(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
Available-for-sale securities accounted for as PCD assets	—		—		—
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6		—		6
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	4		5		9
Balance as of June 30, 2025	$	14	$	37	$	51

Contractual maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

	June 30, 2026				December 31, 2025
(In millions)	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,424	$	1,418	$	1,392	$	1,389
Due after one year through five years	11,048		10,836		11,318		11,214
Due after five years through ten years	13,437		13,050		13,491		13,238
Due after ten years	19,547		18,576		18,467		17,561
Total	$	45,456	$	43,880	$	44,668	$	43,402

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).

June 30, 2026	Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)	2026		2025		2024		2023		2022		Prior		Total
DSCR ≥1.6x
LTV less than 55%	$	—	$	38	$	—	$	33	$	15	$	229	$	315
LTV 55% to 65%	—		37		—		12		12		—		61
LTV greater than 65%	—		—		—		—		—		13		13
DSCR 1.2x - 1.6x
LTV less than 55%	6		—		68		47		4		89		214
LTV 55% to 65%	—		107		33		18		52		19		229
LTV greater than 65%	5		7		—		—		15		—		27
DSCR ≤1.2x
LTV less than 55%	—		37		—		22		—		21		80
LTV 55% to 65%	—		—		—		—		45		—		45
LTV greater than 65%	—		—		—		—		22		46		68
Total	$	11	$	226	$	101	$	132	$	165	$	417	$	1,052

(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.