Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Rollforward of Common Stock Outstanding

The following table presents a rollforward of outstanding shares:

Three Months Ended March 31, 2026	Common Stock Issued	Treasury Stock	Common Stock Outstanding
(in millions)
Shares, beginning of year	1,906.7	(1,368.5)	538.2
Shares issued	—	1.4	1.4
Shares repurchased	—	(6.7)	(6.7)
Shares, end of period	1,906.7	(1,373.8)	532.9

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment			Total
Balance, December 31, 2025, net of tax	$	(3)	$	(1,373)	$	87	$	(2,981)	$	(717)	$	(4,987)
Change in unrealized appreciation (depreciation) of investments		(1)		(734)		—		—		—		(735)
Change in other		—		(3)		—		—		—		(3)
Change in discount rates		—		—		5		—		—		5
Change in foreign currency translation adjustments		—		—		—		(119)		—		(119)
Change in net actuarial loss		—		—		—		—		7		7
Change in prior service cost		—		—		—		—		1		1
Change in deferred tax asset (liability)		—		121		(1)		(2)		(2)		116
Total other comprehensive income (loss)		(1)		(616)		4		(121)		6		(728)
Balance, March 31, 2026, net of tax	$	(4)	$	(1,989)	$	91	$	(3,102)	$	(711)	$	(5,715)

Balance, December 31, 2024, net of tax	$	(4)	$	(2,868)	$	68	$	(3,521)	$	(774)	$	(7,099)
Change in unrealized appreciation (depreciation) of investments		4		318		—		—		—		322
Change in other		—		6		—		—		—		6
Change in discount rates		—		—		9		—		—		9
Change in foreign currency translation adjustments		—		—		—		175		—		175
Change in net actuarial loss		—		—		—		—		8		8
Change in deferred tax asset (liability)		—		101		(3)		19		(1)		116
Total other comprehensive income		4		425		6		194		7		636
Less: Noncontrolling interests		—		—		—		1		—		1
Balance, March 31, 2025, net of tax	$	—	$	(2,443)	$	74	$	(3,328)	$	(767)	$	(6,464)

Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2026 and 2025, respectively:

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment			Total
Three Months Ended March 31, 2026
Unrealized change arising during period	$	(1)	$	(867)	$	5	$	(119)	$	—	$	(982)
Less: Reclassification adjustments included in net income		—		(130)		—		—		(8)		(138)
Total other comprehensive income (loss), before of income tax expense (benefit)		(1)		(737)		5		(119)		8		(844)
Less: Income tax expense (benefit)		—		(121)		1		2		2		(116)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(1)	$	(616)	$	4	$	(121)	$	6	$	(728)
Three Months Ended March 31, 2025
Unrealized change arising during period	$	4	$	62	$	9	$	175	$	—	$	250
Less: Reclassification adjustments included in net income		—		(262)		—		—		(8)		(270)
Total other comprehensive income (loss), before income tax expense (benefit)		4		324		9		175		8		520
Less: Income tax expense (benefit)		—		(101)		3		(19)		1		(116)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	4	$	425	$	6	$	194	$	7	$	636

Schedule of Effect of the Reclassification of Significant Items out of Accumulated Other Comprehensive Income on the Respective Line Items in the Consolidated Statements of Income

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):

	Amount Reclassified from AOCI				Affected Line Item in the
	Three Months Ended March 31,				Condensed Consolidated
(in millions)		2026		2025	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—	Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(130)		(262)	Net realized gains (losses)
Total		(130)		(262)
Change in retirement plan liabilities adjustment
Prior-service credit		(1)		(1)	(b)
Actuarial losses		(7)		(7)	(b)
Total		(8)		(8)
Total reclassifications for the period	$	(138)	$	(270)

(a)Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts is not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table.

(b)These AOCI components are included in the computation of net periodic pension cost.