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Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments Investments
Total investments at September 30, 2025 and December 31, 2024 were as follows:
 September 30, 2025December 31, 2024
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$1,978 $25,857 $27,835 $2,256 $23,777 $26,033 
Mortgage loans156 1,367 1,523 151 1,354 1,505 
Other investments— 4,329 4,329 — 3,803 3,803 
Total investments$2,134 $31,553 $33,687 $2,407 $28,934 $31,341 

Debt Securities

Debt securities available for sale at September 30, 2025 and December 31, 2024 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2025
Debt securities:  
U.S. government securities$2,850 $42 $(7)$2,885 
States, municipalities and political subdivisions293 2 (8)287 
U.S. corporate securities13,768 266 (214)13,820 
Foreign securities2,798 76 (36)2,838 
Residential mortgage-backed securities963 12 (34)941 
Commercial mortgage-backed securities1,935 32 (32)1,935 
Other asset-backed securities5,083 32 (1)5,114 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$27,705 $462 $(332)$27,835 
December 31, 2024
Debt securities:
U.S. government securities$2,826 $7 $(38)$2,795 
States, municipalities and political subdivisions712 4 (18)698 
U.S. corporate securities13,043 94 (412)12,725 
Foreign securities2,608 27 (111)2,524 
Residential mortgage-backed securities792 2 (54)740 
Commercial mortgage-backed securities1,731 9 (67)1,673 
Other asset-backed securities4,834 35 (7)4,862 
Redeemable preferred securities16 — — 16 
Total debt securities (2)
$26,562 $178 $(707)$26,033 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities at September 30, 2025 or December 31, 2024.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At September 30, 2025, debt securities with a fair value of $487 million, gross unrealized capital gains of $11 million and gross unrealized capital losses of $15 million, and at December 31, 2024, debt securities with a fair value of $543 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $30 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income (loss).
The amortized cost and fair value of debt securities at September 30, 2025 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$835 $838 
One year through five years11,365 11,512 
After five years through ten years4,698 4,783 
Greater than ten years2,826 2,712 
Residential mortgage-backed securities963 941 
Commercial mortgage-backed securities1,935 1,935 
Other asset-backed securities5,083 5,114 
Total$27,705 $27,835 
Summarized below are the debt securities the Company held at September 30, 2025 and December 31, 2024 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
September 30, 2025  
Debt securities:  
U.S. government securities42 $119 $2 77 $156 $5 119 $275 $7 
States, municipalities and political subdivisions23 51 1 93 121 7 116 172 8 
U.S. corporate securities690 920 17 1,644 2,240 197 2,334 3,160 214 
Foreign securities148 238 3 356 520 33 504 758 36 
Residential mortgage-backed securities28 59 — 318 298 34 346 357 34 
Commercial mortgage-backed securities33 117 1 138 283 31 171 400 32 
Other asset-backed securities146 275 1 45 37 — 191 312 1 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 1,110 $1,779 $25 2,675 $3,661 $307 3,785 $5,440 $332 
December 31, 2024  
Debt securities:  
U.S. government securities266 $1,053 $18 155 $394 $20 421 $1,447 $38 
States, municipalities and political subdivisions100 181 3 137 201 15 237 382 18 
U.S. corporate securities3,119 4,144 64 2,602 3,395 348 5,721 7,539 412 
Foreign securities599 810 21 616 874 90 1,215 1,684 111 
Residential mortgage-backed securities89 267 5 361 342 49 450 609 54 
Commercial mortgage-backed securities186 628 11 237 464 56 423 1,092 67 
Other asset-backed securities139 414 5 62 58 2 201 472 7 
Redeemable preferred securities4 9 — 4 6 — 8 15 — 
Total debt securities 4,502 $7,506 $127 4,174 $5,734 $580 8,676 $13,240 $707 

The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company’s business. In performing this review, the Company considered factors such as the quality of the investment security based on research performed by the Company’s internal credit analysts and external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. Unrealized capital losses at September 30, 2025 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of September 30, 2025, the Company did not intend to sell these securities, and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.
The maturity dates for debt securities in an unrealized capital loss position at September 30, 2025 were as follows:
 Supporting
experience-rated products		Supporting
remaining products		Total
In millionsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Due to mature:      
Less than one year$— $— $133 $2 $133 $2 
One year through five years50 2 1,711 46 1,761 48 
After five years through ten years19 1 927 42 946 43 
Greater than ten years101 11 1,430 161 1,531 172 
Residential mortgage-backed securities8 — 349 34 357 34 
Commercial mortgage-backed securities5 1 395 31 400 32 
Other asset-backed securities6 — 306 1 312 1 
Total$189 $15 $5,251 $317 $5,440 $332 

Mortgage Loans

The Company’s mortgage loans are collateralized by commercial real estate. During the three and nine months ended September 30, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2025202420252024
New mortgage loans$48 $125 $145 $262 
Mortgage loans fully repaid28 33 92 67 
Mortgage loans foreclosed— — — — 

The Company assesses mortgage loans on a regular basis for credit impairments, and assigns a credit quality indicator to each loan. The Company’s credit quality indicator is internally developed and categorizes each loan in its portfolio on a scale from 1 to 7. These indicators are based upon several factors, including current loan-to-value ratios, current and future property cash flow, property condition, market trends, creditworthiness of the borrower and deal structure.

•Category 1 - Represents loans of superior quality.
•Categories 2 to 4 - Represent loans where credit risk is minimal to acceptable; however, these loans may display some susceptibility to economic changes.
•Categories 5 and 6 - Represent loans where credit risk is not substantial, but these loans warrant management’s close attention.
•Category 7 - Represents loans where collections are potentially at risk; if necessary, an impairment is recorded.
Based on the Company’s assessments at September 30, 2025 and December 31, 2024, the amortized cost basis of the Company’s mortgage loans within each credit quality indicator by year of origination was as follows:
Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator20252024202320222021PriorTotal
September 30, 2025
1$— $— $— $— $— $5 $5 
2 to 4130 315 289 285 172 275 1,466 
5 and 6— — — 30 17 5 52 
7— — — — — — — 
Total$130 $315 $289 $315 $189 $285 $1,523 
December 31, 2024
1$— $— $— $— $8 $8 
2 to 4315 292 320 205 320 1,452 
5 and 6— — 4 13 28 45 
7— — — — — — 
Total$315 $292 $324 $218 $356 $1,505 

Net Investment Income

Sources of net investment income for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2025202420252024
Debt securities$339 $307 $986 $816 
Mortgage loans22 20 64 56 
Other investments298 230 687 665 
Gross investment income659 557 1,737 1,537 
Investment expenses(16)(26)(39)(50)
Net investment income (excluding net realized capital gains or losses)
643 531 1,698 1,487 
Net realized capital gains (losses)
(11)19 (59)(89)
Net investment income
$632 $550 $1,639 $1,398 

Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2025202420252024
Proceeds from sales$1,836 $2,322 $6,644 $5,203 
Gross realized capital gains15 16 37 30 
Gross realized capital losses27 39 114 162