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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income
Net investment income is as follows:

Year Ended December 31
202420232022
(In millions)   
    
Fixed maturity securities$2,050 $1,941 $1,787 
Limited partnership investments271 177 (6)
Short-term investments90 78 17 
Equity securities (a)82 63 23 
Income from trading portfolio (a)255 125 
Other129 105 65 
Total investment income2,877 2,489 1,886 
Investment expenses(97)(94)(84)
Net investment income$2,780 $2,395 $1,802 
(a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2024, 2023 and 2022
$93 $38 $3 
Schedule of Investment Gains (Losses)
Investment gains (losses) are as follows:

Year Ended December 31202420232022
(In millions)   
    
Fixed maturity securities:
Gross gains$48 $75 $120 
Gross losses(150)(166)(261)
Investment losses on fixed maturity securities(102)(91)(141)
Equity securities (a)21 4 (116)
Derivative instruments(1)64 
Short-term investments and other(11)(6)
Gain on acquisition of a joint venture (see Note 2)
46 
Investment losses$(81)$(53)$(199)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of December 31, 2024, 2023, and 2022
$19 $14 $(75)
Schedule of Impairment Losses (Gains) on Earnings
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:

Year Ended December 31202420232022
(In millions)   
    
Fixed maturity securities available-for-sale:   
Corporate and other bonds$34 $33 $62 
Asset-backed29 11 
Impairment losses recognized in earnings$63 $44 $62 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities
The amortized cost and fair values of fixed maturity securities are as follows:

December 31, 2024Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
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-backed3,725 7 488 3,244 
Commercial mortgage-backed1,779 11 141 18 1,631 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,274 42 868 32 8,416 
U.S. Treasury and obligations of
 government sponsored enterprises		220 1 1 220 
Foreign government701 6 30 677 
Fixed maturities available-for-sale$43,430 $715 $3,039 $45 $41,061 
Fixed maturities trading766 766 
Total fixed maturity securities$44,196 $715 $3,039 $45 $41,827 

December 31, 2023
    
Fixed maturity securities:    
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political
 subdivisions		7,713 382 703 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 enterprises		152 1 2 151 
Foreign government741 6 34 713 
Fixed maturities available-for-sale$42,414 $1,022 $2,995 $16 $40,425 
Fixed maturities trading201 201 
Total fixed maturity securities$42,615 $1,022 $2,995 $16 $40,626 
Schedule of Available-for-sale Securities in Gross Unrealized Loss Position
The available-for-sale fixed maturities securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
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-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed180 2 988 139 1,168 141 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,709 45 4,555 823 6,264 868 
U.S. Treasury and obligations of
 government-sponsored enterprises		49 1 41 90 1 
Foreign government118 3 368 27 486 30 
Total fixed maturity securities$8,969 $266 $18,319 $2,773 $27,288 $3,039 
December 31, 2023
Fixed maturity securities:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political
 subdivisions		598 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 enterprises		65 1 23 1 88 2 
Foreign government52 1 450 33 502 34 
Total fixed maturity securities$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
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,567 $373 $2,273 $309 
AAA1,800 282 1,524 261 
AA4,247 730 3,817 658 
A6,330 582 5,652 517 
BBB11,548 980 11,523 1,095 
Non-investment grade796 92 942 155 
Total$27,288 $3,039 $25,731 $2,995 
Schedule of Activity of Allowance on Available-for-Sale Securities
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 receivables on available-for-sale fixed maturity securities totaled $442 million and $435 million as of December 31, 2024 and 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Year Ended December 31, 2024
Corporate and Other Bonds
Asset-backed
Total
 (In millions)   
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 basis
1 1 
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
12 12 
Total allowance for credit losses$13 $32 $45 
Year Ended December 31, 2023Corporate
and Other Bonds 		Asset-backedTotal
(In millions)   
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 basis
8 8 
Write-offs charged against the allowance15 15 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
1 4 5 
Total allowance for credit losses$4 $12 $16 
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

December 3120242023
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
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 years13,083 12,365 13,359 12,573 
Due after ten years16,908 15,540 16,371 15,581 
Total$43,430 $41,061 $42,414 $40,425 
Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination
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 (“LTV”) ratios.

Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of December 31, 2024
2024
2023
2022
2021
2020
PriorTotal
(In millions)       
        
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 ≤1.2x
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 

(a)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Schedule of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments
The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments.

December 3120242023
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options - purchased$268 $2 $202 $1 
Futures - short167 1 116 
Warrants1 1 84 3 
Interest rate swaps300 4 300 13 
Currency forwards13 $(1)
Credit default swap index - purchased2,000