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Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Schedule of Total Investments
Total investments at December 31, 2025 and 2024 were as follows:
20252024
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$1,997 $26,721 $28,718 $2,256 $23,777 $26,033 
Mortgage loans148 1,376 1,524 151 1,354 1,505 
Other investments— 4,572 4,572 — 3,803 3,803 
Total investments
$2,145 $32,669 $34,814 $2,407 $28,934 $31,341 
Schedule of Debt Securities Available For Sale
Debt securities available for sale at December 31, 2025 and 2024 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2025   
Debt securities:   
U.S. government securities$2,691 $39 $(8)$2,722 
States, municipalities and political subdivisions296 3 (7)292 
U.S. corporate securities14,657 262 (231)14,688 
Foreign securities2,981 78 (31)3,028 
Residential mortgage-backed securities1,065 14 (29)1,050 
Commercial mortgage-backed securities1,974 28 (23)1,979 
Other asset-backed securities4,921 25 (2)4,944 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$28,600 $449 $(331)$28,718 
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 December 31, 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 December 31, 2025, debt securities with a fair value of $475 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $16 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).
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities at December 31, 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 millions Amortized
Cost		Fair
Value
Due to mature: 
Less than one year$815 $817 
One year through five years11,540 11,699 
After five years through ten years5,297 5,382 
Greater than ten years2,988 2,847 
Residential mortgage-backed securities1,065 1,050 
Commercial mortgage-backed securities1,974 1,979 
Other asset-backed securities4,921 4,944 
Total$28,600 $28,718 
Schedule of Debt Securities In An Unrealized Capital Loss Position
Summarized below are the debt securities the Company held at December 31, 2025 and 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
December 31, 2025
Debt securities:  
U.S. government securities50 $156 $2 80 $168 $6 130 $324 $8 
States, municipalities and political subdivisions16 28 — 89 136 7 105 164 7 
U.S. corporate securities1,045 1,634 23 1,541 2,149 208 2,586 3,783 231 
Foreign securities180 310 2 303 449 29 483 759 31 
Residential mortgage-backed securities67 124 1 303 272 28 370 396 29 
Commercial mortgage-backed securities84 290 1 126 269 22 210 559 23 
Other asset-backed securities136 314 1 19 27 1 155 341 2 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities1,578 $2,856 $30 2,465 $3,476 $301 4,043 $6,332 $331 
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 securities4,502 $7,506 $127 4,174 $5,734 $580 8,676 $13,240 $707 
The maturity dates for debt securities in an unrealized capital loss position at December 31, 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$— $— $119 $1 $119 $1 
One year through five years47 2 1,676 40 1,723 42 
After five years through ten years21 1 1,389 40 1,410 41 
Greater than ten years116 13 1,668 180 1,784 193 
Residential mortgage-backed securities9 — 387 29 396 29 
Commercial mortgage-backed securities5 — 554 23 559 23 
Other asset-backed securities6 — 335 2 341 2 
Total$204 $16 $6,128 $315 $6,332 $331 
Schedule of Activity in Mortgage Loan Portfolio
The Company’s mortgage loans are collateralized by commercial real estate. During the years ended December 31, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
In millions20252024
New mortgage loans$221 $323 
Mortgage loans fully repaid160 104 
Mortgage loans foreclosed— — 
At December 31, 2025 scheduled mortgage loan principal repayments were as follows:
In millions
2026$148 
2027247 
2028341 
2029308 
2030141 
Thereafter339 
Total$1,524 
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator
Based upon the Company’s assessments at December 31, 2025 and 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
December 31, 2025
1$— $— $— $— $— $4 $4 
2 to 4217 316 274 276 165 236 1,484 
5 and 6— — — 30 4 2 36 
7— — — — — — — 
Total$217 $316 $274 $306 $169 $242 $1,524 
December 31, 2024
1$— $— $— $— $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 
Schedule of Net Investment Income
Sources of net investment income for the years ended December 31, 2025, 2024 and 2023 were as follows:
In millions202520242023
Debt securities$1,332 $1,136 $841 
Mortgage loans86 76 59 
Other investments913 887 796 
Gross investment income2,331 2,099 1,696 
Investment expenses(54)(63)(46)
Net investment income (excluding net realized capital gains or losses)2,277 2,036 1,650 
Net realized capital gains (losses)
(44)117 (497)
Net investment income
$2,233 $2,153 $1,153 
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities
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 in the years ended December 31, 2025, 2024 and 2023 were as follows:
In millions202520242023
Proceeds from sales$8,587 $6,489 $5,031 
Gross realized capital gains68 37 9 
Gross realized capital losses(131)(190)420