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Other Insurance Liabilities and Separate Accounts
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Other Insurance Liabilities and Separate Accounts Other Insurance Liabilities and Separate Accounts
Future Policy Benefits

The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the consolidated balance sheets, during the years ended December 31, 2025 and 2024:
2025
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of period - current discount rate$275 
Beginning liability for future policy benefits at original (locked-in) discount rate$280 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience7 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate287 
Interest accrual (using locked-in discount rate)14 
Net premiums (actual)(37)
Ending liability for future policy benefits at original (locked-in) discount rate264 
Effect of changes in discount rate assumptions2 
Liability for future policy benefits, end of period - current discount rate$266 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of period - current discount rate$1,917 $1,552 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,090 $1,647 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(6)3 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,084 1,650 
Issuances18 — 
Interest accrual (using locked-in discount rate)84 82 
Benefit payments (actual)(241)(78)
Ending liability for future policy benefits at original (locked-in) discount rate1,945 1,654 
Effect of changes in discount rate assumptions(120)(58)
Liability for future policy benefits, end of period - current discount rate$1,825 $1,596 
Net liability for future policy benefits$1,825 $1,330 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,825 $1,330 
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(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.
2024
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of period - current discount rate$293 
Beginning liability for future policy benefits at original (locked-in) discount rate$288 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience16 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate304 
Interest accrual (using locked-in discount rate)14 
Net premiums (actual)(38)
Ending liability for future policy benefits at original (locked-in) discount rate280 
Effect of changes in discount rate assumptions(5)
Liability for future policy benefits, end of period - current discount rate$275 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of period - current discount rate$2,139 $1,640 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,251 $1,632 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(27)6 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,224 1,638 
Issuances30 — 
Interest accrual (using locked-in discount rate)91 83 
Benefit payments (actual)(255)(74)
Ending liability for future policy benefits at original (locked-in) discount rate2,090 1,647 
Effect of changes in discount rate assumptions(173)(95)
Liability for future policy benefits, end of period - current discount rate$1,917 $1,552 
Net liability for future policy benefits$1,917 $1,277 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,917 $1,277 
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(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.

The Company did not have any material differences between the actual experience and expected experience for the significant assumptions used in the computation of the liability for future policy benefits.
The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of December 31, 2025 and 2024 were as follows:
In millions20252024
Large case pensions
Expected future benefit payments$2,804$3,024
Expected gross premiums——
Long-term care
Expected future benefit payments$3,132$3,189
Expected gross premiums372399

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of December 31, 2025 and 2024 were as follows:
20252024
Large case pensions
Interest accretion rate4.21%4.20%
Current discount rate5.13%5.46%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.51%5.70%

The weighted-average durations (in years) of the long-duration insurance liabilities as of December 31, 2025 and 2024 were as follows:
20252024
Large case pensions7.27.3
Long-term care11.211.7
Separate Accounts

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of December 31, 2025 and 2024:
In millions20252024
Cash and cash equivalents$156 $165 
Debt securities:
U.S. government securities36 186 
States, municipalities and political subdivisions11 14 
U.S. corporate securities291 524 
Foreign securities39 51 
Residential mortgage-backed securities8 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities393 856 
Common/collective trusts1,445 2,478 
Total (1)
$1,994 $3,499 
_____________________________________________
(1)Excludes $188 million of other payables at December 31, 2024.

The following table shows the components of the change in Separate Accounts liabilities during the years ended December 31, 2025 and 2024:
In millions20252024
Separate Accounts liability, beginning of the period$3,311 $3,250 
Premiums and deposits888 964 
Surrenders and withdrawals(1,336)(277)
Benefit payments(953)(978)
Investment earnings84 348 
Net transfers from general account8 13 
Other(8)(9)
Separate Accounts liability, end of the period$1,994 $3,311 
Cash surrender value, end of the period$933 $1,987 
The Company did not recognize any gains or losses on assets transferred to Separate Accounts during the years ended December 31, 2025 or 2024.