
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

(In millions)

Fixed maturity securities	$	540	$	517	$	1,597	$	1,530
Limited partnership investments	68		67		205		195
Short-term investments	19		21		54		70
Equity securities (a)	12		21		45		56
Income from trading portfolio (a)	99		141		155		210
Other	30		33		84		95
Total investment income	768		800		2,140		2,156
Investment expenses	(25)		(24)		(75)		(72)
Net investment income	$	743	$	776	$	2,065	$	2,084
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2025 and 2024	$	72	$	108	$	42	$	123


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

(In millions)

Fixed maturity securities:
Gross gains	$	15	$	11	$	33	$	38
Gross losses	(25)		(33)		(100)		(104)
Investment losses on fixed maturity securities	(10)		(22)		(67)		(66)
Equity securities (a)	4		13		10		25

Short-term investments and other	(1)		(1)		(5)		(1)


Investment losses	$	(7)	$	(10)	$	(62)	$	(42)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2025 and 2024	$	4	$	13	$	8	$	24

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:

There were $5 million of impairment losses recognized on mortgage loans during the nine months ended September 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three months ended September 30, 2025 or the three and nine months ended September 30, 2024.


September 30, 2025	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	25,592	$	734	$	844	$	21	$	25,461
States, municipalities and political subdivisions	8,840		301		765				8,376
Asset-backed:
Residential mortgage-backed	4,041		42		382				3,701
Commercial mortgage-backed	1,633		19		88		22		1,542
Other asset-backed	3,790		28		190		18		3,610
Total asset-backed	9,464		89		660		40		8,853
U.S. Treasury and obligations of government sponsored enterprises	226				3				223
Foreign government	736		10		23				723

Fixed maturities available-for-sale	$	44,858	$	1,134	$	2,295	$	61	$	43,636
Fixed maturities trading	480								480
Total fixed maturity securities	$	45,338	$	1,134	$	2,295	$	61	$	44,116


December 31, 2024


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-backed	3,725		7		488				3,244
Commercial mortgage-backed	1,779		11		141		18		1,631
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,274		42		868		32		8,416
U.S. Treasury and obligations of government sponsored enterprises	220		1		1				220
Foreign government	701		6		30				677

Fixed maturities available-for-sale	$	43,430	$	715	$	3,039	$	45	$	41,061
Fixed maturities trading	766								766
Total fixed maturity securities	$	44,196	$	715	$	3,039	$	45	$	41,827


	Less than 12 Months				12 Months or Longer				Total
September 30, 2025	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	2,802	$	58	$	8,578	$	786	$	11,380	$	844
States, municipalities and political subdivisions	701		33		3,162		732		3,863		765
Asset-backed:
Residential mortgage-backed	133		2		2,038		380		2,171		382
Commercial mortgage-backed	27				923		88		950		88
Other asset-backed	505		12		1,361		178		1,866		190
Total asset-backed	665		14		4,322		646		4,987		660
U.S. Treasury and obligations of government-sponsored enterprises	29		2		23		1		52		3
Foreign government	108		2		301		21		409		23
Total fixed maturity securities	$	4,305	$	109	$	16,386	$	2,186	$	20,691	$	2,295

December 31, 2024

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-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	180		2		988		139		1,168		141
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,709		45		4,555		823		6,264		868
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41				90		1
Foreign government	118		3		368		27		486		30
Total fixed maturity securities	$	8,969	$	266	$	18,319	$	2,773	$	27,288	$	3,039


	September 30, 2025				December 31, 2024
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	1,959	$	281	$	2,567	$	373
AAA	1,367		248		1,800		282
AA	3,765		633		4,247		730
A	5,049		436		6,330		582
BBB	7,846		627		11,548		980
Non-investment grade	705		70		796		92
Total	$	20,691	$	2,295	$	27,288	$	3,039

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2025 securities in the gross unrealized loss position table 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 volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 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 $469 million, $442 million and $451 million as of September 30, 2025, December 31, 2024 and September 30, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended September 30, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of July 1, 2025	$	14	$	37	$	51
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	4				4






Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	3				3
Total allowance for credit losses	$	21	$	40	$	61


Three months ended September 30, 2024	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of July 1, 2024	$	—	$	17	$	17
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	4				4
Available-for-sale securities accounted for as PCD assets	2				2

Reductions to the allowance for credit losses:

Write-offs charged against the allowance			9		9

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			4		4
Total allowance for credit losses	$	6	$	12	$	18


Nine months ended September 30, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

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



Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	7		5		12
Total allowance for credit losses	$	21	$	40	$	61


Nine months ended September 30, 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 recorded	4				4
Available-for-sale securities accounted for as PCD assets	2				2

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

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			10		10
Total allowance for credit losses	$	6	$	12	$	18


	September 30, 2025				December 31, 2024
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,275	$	1,267	$	1,761	$	1,753
Due after one year through five years	11,741		11,578		11,678		11,403
Due after five years through ten years	12,959		12,713		13,083		12,365
Due after ten years	18,883		18,078		16,908		15,540
Total	$	44,858	$	43,636	$	43,430	$	41,061


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%	$	18			$	33	$	6	$	5	$	210	$	272
LTV 55% to 65%					12		15		6		16		49
LTV greater than 65%							30		12				42
DSCR 1.2x - 1.6x
LTV less than 55%			$	68	28		5		2		93		196
LTV 55% to 65%	55		33		38		21		19		28		194
LTV greater than 65%	23						46						69
DSCR ≤1.2x
LTV less than 55%					6		34				21		61
LTV 55% to 65%	37				17		39				15		108
LTV greater than 65%							34		22		48		104
Total	$	133	$	101	$	134	$	230	$	66	$	431	$	1,095

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.


	September 30, 2025					December 31, 2024
	Contractual/Notional Amount		Estimated Fair Value			Contractual/Notional Amount		Estimated Fair Value
			Asset		(Liability)			Asset		(Liability)
(In millions)

Without hedge designation:
Equity markets:
Options – purchased	$	95	$	1		$	268	$	2
Futures – short	1					167		1
Warrants	1		1			1		1
Interest rate swaps	474					300		4


Credit default swap index - purchased						2,000

In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index. The position was closed during the second quarter of 2025. As of December 31, 2024, the notional value of the credit default swap index was $2 billion and the fair value was less than $1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position was measured using observable market inputs, including credit spreads. For the nine months ended September 30, 2025, Net investment income related to the position was $19 million.