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Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Net Investment Income
Net investment income is as follows:

Year Ended December 31
202520242023
(In millions)   
    
Fixed maturity securities$2,140 $2,050 $1,941 
Limited partnership investments278 271 177 
Short-term investments76 90 78 
Equity securities (a)60 82 63 
Income from trading portfolio (a)209 255 125 
Other118 129 105 
Total investment income2,881 2,877 2,489 
Investment expenses(102)(97)(94)
Net investment income$2,779 $2,780 $2,395 
(a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2025, 2024 and 2023
$63 $93 $38 
Summary of Investment Gains (Losses)
Investment gains (losses) are as follows:

Year Ended December 31202520242023
(In millions)   
    
Fixed maturity securities:
Gross gains$42 $48 $75 
Gross losses(125)(150)(166)
Investment losses on fixed maturity securities(83)(102)(91)
Equity securities (a)7 21 4 
Derivative instruments(1)
Short-term investments and other(5)(11)
Gain on acquisition of a joint venture (see Note 2)
46 
Investment losses$(81)$(81)$(53)
(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, 2025, 2024 and 2023
$7 $19 $14 
Summary 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 31202520242023
(In millions)   
    
Fixed maturity securities available-for-sale:   
Corporate and other bonds$25 $34 $33 
Asset-backed8 29 11 
Impairment losses recognized in earnings$33 $63 $44 
Summary 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, 2025Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,484 $682 $881 $28 $25,257 
States, municipalities and political
 subdivisions		8,870 303 742 8,431 
Asset-backed:
Residential mortgage-backed4,011 50 366 3,695 
Commercial mortgage-backed1,515 18 80 21 1,432 
Other asset-backed3,729 28 194 20 3,543 
Total asset-backed9,255 96 640 41 8,670 
U.S. Treasury and obligations of
 government sponsored enterprises		236 1 3 234 
Foreign government764 7 20 751 
Redeemable preferred stock8 8 
Fixed maturities available-for-sale$44,617 $1,089 $2,286 $69 $43,351 
Fixed maturities trading633 633 
Total fixed maturity securities$45,250 $1,089 $2,286 $69 $43,984 

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-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 
Summary 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, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
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-backed154 1 2,002 365 2,156 366 
Commercial mortgage-backed36 2 887 78 923 80 
Other asset-backed420 9 1,432 185 1,852 194 
Total asset-backed610 12 4,321 628 4,931 640 
U.S. Treasury and obligations of
 government-sponsored enterprises		78 2 18 1 96 3 
Foreign government131 1 260 19 391 20 
Total fixed maturity securities$3,998 $79 $16,646 $2,207 $20,644 $2,286 
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-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 
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, 2025December 31, 2024
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$1,980 $267 $2,567 $373 
AAA1,376 243 1,800 282 
AA3,827 623 4,247 730 
A5,025 440 6,330 582 
BBB7,758 639 11,548 980 
Non-investment grade678 74 796 92 
Total$20,644 $2,286 $27,288 $3,039 
Summary 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 $470 million and $442 million as of December 31, 2025 and 2024 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, 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 recorded3 3 6 
Available-for-sale securities accounted for as PCD assets4 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
14 6 20 
Total allowance for credit losses$28 $41 $69 
Year Ended December 31, 2024Corporate
and Other Bonds 		Asset-backedTotal
(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 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 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 
Summary of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

December 3120252024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,392 $1,389 $1,761 $1,753 
Due after one year through five years11,318 11,214 11,678 11,403 
Due after five years through ten years13,440 13,187 13,083 12,365 
Due after ten years18,467 17,561 16,908 15,540 
Total$44,617 $43,351 $43,430 $41,061 
Summary 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, 2025
2025
2024
2023
2022
2021
PriorTotal
(In millions)       
        
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 ≤1.2x
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)

(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.
Summary 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 3120252024
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options - purchased$98 $1 $268 $2 
Futures - short249 2 167 1 
Warrants1 2 1 1 
Interest rate swaps473 300 4 
Credit default swap index - purchased2,000