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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

March 31, 2026
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$246 $24,240 $1,514 $26,000 
States, municipalities and political subdivisions8,528 44 8,572 
Asset-backed7,653 955 8,608 
Fixed maturities available-for-sale246 40,421 2,513 43,180 
Fixed maturities trading390 390 
Total fixed maturities$636 $40,421 $2,513 $43,570 
 
Equity securities$818 $504 $32 $1,354 
Short-term and other5,019 31 5,050 
Payable to brokers(37)(37)
December 31, 2025
Fixed maturity securities:
Corporate bonds and other$238 $24,529 $1,483 $26,250 
States, municipalities and political subdivisions8,386 45 8,431 
Asset-backed7,672 998 8,670 
Fixed maturities available-for-sale238 40,587 2,526 43,351 
Fixed maturities trading603 30 633 
Total fixed maturities$841 $40,617 $2,526 $43,984 
Equity securities$762 $497 $33 $1,292 
Short-term and other5,820 51 5,871 
Payable to brokers(43)(43)
Schedule of Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025:
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
2026Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, March 31
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$1,483 $(3)$(24)$63 $(5)$1,514 $(24)
States, municipalities and political subdivisions45 (1)44 (1)
Asset-backed998 2 (16)40 (20)$(49)955 (16)
Fixed maturities available-for-sale$2,526 $(1)$(41)$103 $— $(25)$— $(49)$2,513 $— $(41)
 
Equity securities$33 $(1)$32 $(1)

2025
          
Fixed maturity securities:          
Corporate bonds and other$1,278 $21 $55 $(18)$15 $1,351 $21 
States, municipalities and political subdivisions42 2 44 2 
Asset-backed876 $4 1 27 (19)889 1 
Fixed maturities available-for-sale$2,196 $4 $24 $82 $— $(37)$15 $— $2,284 $— $24 
 
Equity securities$20 $1 $(4)$17 $(1)
Net investment gains and losses are reported in Net income as follows:

Category of Assets and LiabilitiesConsolidated Condensed Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment gains (losses) and Operating revenues and other
Schedule of Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

March 31, 2026Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,981 Discounted cash flowCredit spread1%—11%(2%)
   
December 31, 2025  
   
Fixed maturity securities$1,927 Discounted cash flowCredit spread1%—11%(2%)
Schedule of Financial Assets and Liabilities not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.
Carrying AmountEstimated Fair Value
March 31, 2026Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,055 $1,043 $1,043 
 
Liabilities:
Short-term debt1 1 1 
Long-term debt8,933 $7,801 992 8,793 
 
December 31, 2025
 
Assets:
Other invested assets, primarily mortgage loans$1,079 $1,072 $1,072 
 
Liabilities:
Short-term debt1,051 $1,051 2 1,053 
Long-term debt8,435 7,431 995 8,426