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Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Net investment income is as follows:

Three Months Ended March 31
20262025
(In millions)  
   
Fixed maturity securities$543 $521 
Limited partnership investments55 56 
Short-term investments20 19 
Equity securities (a)(4)6 
Income (loss) from trading portfolio (a)(2)4 
Other27 26 
Total investment income639 632 
Investment expenses(26)(24)
Net investment income$613 $608 
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2026 and 2025
$(74)$(49)

Investment gains (losses) are as follows:

Three Months Ended March 31
20262025
(In millions)  
   
Fixed maturity securities:
Gross gains$6 $13 
Gross losses(20)(22)
Investment losses on fixed maturity securities(14)(9)
Equity securities (a)(4)
Investment losses$(18)$(9)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2026 and 2025
$(5)$(2)
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:

Three Months Ended March 31
20262025
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$8 $7 
Asset-backed3 
Impairment losses recognized in earnings$11 $7 

There were no impairment losses recognized on mortgage loans during the three months ended March 31, 2026 or 2025.
The following tables present a summary of fixed maturity securities:

March 31, 2026Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,624 $482 $1,074 $31 $25,001 
States, municipalities and political
 subdivisions		9,110 255 793 8,572 
Asset-backed:
Residential mortgage-backed4,035 37 372 3,700 
Commercial mortgage-backed1,498 13 81 21 1,409 
Other asset-backed3,722 19 219 23 3,499 
Total asset-backed9,255 69 672 44 8,608 
U.S. Treasury and obligations of
 government sponsored enterprises		244 1 3 242 
Foreign government769 6 26 749 
Redeemable preferred stock8 8 
Fixed maturities available-for-sale$45,010 $813 $2,568 $75 $43,180 
Fixed maturities trading390 390 
Total fixed maturity securities$45,400 $813 $2,568 $75 $43,570 

December 31, 2025
    
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 
The available-for-sale fixed maturity 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
March 31, 2026Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$6,698 $142 $7,903 $932 $14,601 $1,074 
States, municipalities and political
 subdivisions		718 12 3,398 781 4,116 793 
Asset-backed:
Residential mortgage-backed365 5 1,882 367 2,247 372 
Commercial mortgage-backed126 3 825 78 951 81 
Other asset-backed819 13 1,334 206 2,153 219 
Total asset-backed1,310 21 4,041 651 5,351 672 
U.S. Treasury and obligations of
 government-sponsored enterprises		98 2 14 1 112 3 
Foreign government285 5 236 21 521 26 
Total fixed maturity securities$9,109 $182 $15,592 $2,386 $24,701 $2,568 
December 31, 2025
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 
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.

March 31, 2026December 31, 2025
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,053 $271 $1,980 $267 
AAA1,521 256 1,376 243 
AA4,256 678 3,827 623 
A6,408 513 5,025 440 
BBB9,446 749 7,758 639 
Non-investment grade1,017 101 678 74 
Total$24,701 $2,568 $20,644 $2,286 

Based on current facts and circumstances, the unrealized losses presented in the March 31, 2026 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 March 31, 2026.

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 $477 million, $470 million and $456 million as of March 31, 2026, December 31, 2025 and March 31, 2025 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended March 31, 2026Corporate and Other BondsAsset-backedTotal
(In millions)   
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 recorded3 3 
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$31 $44 $75 
Three months ended March 31, 2025Corporate and Other BondsAsset-backedTotal
(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
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
2 2 
Total allowance for credit losses$15 $32 $47 

Contractual Maturity

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

March 31, 2026December 31, 2025
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,403 $1,397 $1,392 $1,389 
Due after one year through five years11,744 11,529 11,318 11,214 
Due after five years through ten years13,199 12,789 13,440 13,187 
Due after ten years18,664 17,465 18,467 17,561 
Total$45,010 $43,180 $44,617 $43,351 

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Mortgage Loans

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 March 31, 2026
2026
2025
2024
2023
2022
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$38 $33 $219 $290 
LTV 55% to 65%37 12 $26 12 87 
LTV greater than 65%13 13 
DSCR 1.2x - 1.6x
LTV less than 55%$6 $68 29 4 80 187 
LTV 55% to 65%107 33 38 21 28 227 
LTV greater than 65%5 7 46 58 
DSCR ≤1.2x
LTV less than 55%22 21 43 
LTV 55% to 65%37 45 15 97 
LTV greater than 65%22 46 68 
Total$11 $226 $101 $134 $164 $434 $1,070 

(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.

Investment Commitments
As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of March 31, 2026, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $40 million under the terms of these investments.