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Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
($ in millions)September 30, 2025December 31, 2024
Fixed income securities, at fair value$57,186 $52,747 
Equity securities, at fair value5,338 4,463 
Mortgage loans, net831 784 
Limited partnership interests 9,213 9,255 
Short-term investments, at fair value8,743 4,537 
Other investments, net1,017 824 
Total$82,328 $72,610 
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
September 30, 2025    
U.S. government and agencies$13,490 $55 $(20)$13,525 
Municipal6,258 67 (99)6,226 
Corporate32,484 656 (260)32,880 
Foreign government1,422 23 (10)1,435 
Asset-backed securities (“ABS”)
976 13 (3)986 
Mortgage-backed securities (“MBS”)
2,102 34 (2)2,134 
Total fixed income securities$56,732 $848 $(394)$57,186 
December 31, 2024    
U.S. government and agencies$11,423 $15 $(330)$11,108 
Municipal8,985 33 (176)8,842 
Corporate30,630 272 (710)30,192 
Foreign government1,352 22 (10)1,364 
ABS1,130 19 (4)1,145 
MBS
96 — — 96 
Total fixed income securities$53,616 $361 $(1,230)$52,747 
Schedule of Maturities for Fixed Income Securities
Scheduled maturities for fixed income securities
($ in millions)September 30, 2025December 31, 2024
Amortized cost, net
Fair
value
Amortized cost, net
Fair
value
Due in one year or less$1,941 $1,929 $1,544 $1,531 
Due after one year through five years22,197 22,331 22,889 22,595 
Due after five years through ten years20,443 20,699 17,431 17,130 
Due after ten years9,073 9,107 10,526 10,250 
 53,654 54,066 52,390 51,506 
ABS and MBS
3,078 3,120 1,226 1,241 
Total$56,732 $57,186 $53,616 $52,747 
Schedule of Net Investment Income
Net investment income
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Fixed income securities$634 $587 $1,844 $1,684 
Equity securities19 17 56 50 
Mortgage loans11 9 30 27 
Limited partnership interests226 138 494 440 
Short-term investments104 87 273 216 
Other investments26 25 71 71 
Investment income, before expense1,020 863 2,768 2,488 
Investment expense(71)(80)(211)(229)
Net investment income
$949 $783 $2,557 $2,259 
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type
Net gains (losses) on investments and derivatives by type
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Fixed income securities$107 $105 $(271)$(92)
Equity securities191 119 243 195 
Mortgage loans(6)(1)(6)— 
Limited partnership interests(32)(8)(24)(13)
Derivatives6 20 (78)(3)
Other investments(14)8 (38)12 
Other (1)
— — (67)(123)
Net gains (losses) on investments and derivatives$252 $243 $(241)$(24)
(1)2025 is related to losses recorded for variable interests in Adirondack Insurance Exchange (“Adirondack”) and New Jersey Skylands Insurance Association (“Skylands”) (together “Reciprocal Exchanges”). 2024 is related to losses for the carrying value of the surplus notes issued by the Reciprocal Exchanges. See Note 8 for further detail.
Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended September 30,Nine months ended September 30,
2025202420252024
Sales$69 $116 $(313)$(85)
Credit losses(23)(12)(103)(143)
Valuation change of equity investments (1)
200 119 253 207 
Valuation change and settlements of derivatives6 20 (78)(3)
Net gains (losses) on investments and derivatives$252 $243 $(241)$(24)
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Gross realized gains$142 $201 $329 $275 
Gross realized losses (35)(93)(600)(363)
Schedule of Net Appreciation (Decline) Recognized In net Income For Assets That Are Still Held
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Equity securities$178 $107 $291 $170 
Limited partnership interests carried at fair value
16 18 (13)65 
Total$194 $125 $278 $235 
Schedule of Credit Losses Recognized in Net Income
Credit losses recognized in net income
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Fixed income securities:    
Municipal$— $(2)$— $(2)
Corporate— (1)— (2)
Total fixed income securities— (3)— (4)
Mortgage loans(6)(1)(6)— 
Limited partnership interests(8)(8)(12)(24)
Other investments
Bank loans(3)— (12)5 
Real estate
(6)— (6)2 
Other assets
— — (52)(123)
Commitments to fund line of credit, commercial mortgage loans and bank loans— — (15)1 
Total $(23)$(12)$(103)$(143)
Schedule of Unrealized Net Capital Gains and Losses Included in AOCI
Unrealized net capital gains and losses included in accumulated other comprehensive income (“AOCI”)
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
September 30, 2025GainsLosses
Fixed income securities$57,186 $848 $(394)$454 
Short-term investments8,743 — — — 
Derivative instruments (1)
— — (2)(2)
Unrealized net capital gains and losses, pre-tax   452 
Reclassification of noncontrolling interest   — 
Deferred income taxes   (101)
Unrealized net capital gains and losses, after-tax   $351 
December 31, 2024
Fixed income securities$52,747 $361 $(1,230)$(869)
Short-term investments4,537 — (2)(2)
Derivative instruments (1)
— — (2)(2)
Investments classified as held for sale(110)
Unrealized net capital gains and losses, pre-tax   (983)
Reclassification of noncontrolling interest   3 
Deferred income taxes   209 
Unrealized net capital gains and losses, after-tax   $(771)
(1)Includes the effective portion of losses on terminated cash flow hedges.
Schedule of Change in Unrealized Net Capital Gains (Losses)
Change in unrealized net capital gains (losses)
($ in millions)Nine months ended September 30, 2025
Fixed income securities$1,323 
Short-term investments2 
Derivative instruments— 
Investments classified as held for sale (1)
110 
Total1,435 
Reclassification of noncontrolling interest(3)
Deferred income taxes(310)
Change in unrealized net capital gains and losses, after-tax
$1,122 
(1)Unrealized net capital gains and losses for investments disposed of in the EVB business sale.
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
($ in millions)September 30, 2025December 31, 2024
Private equity$7,515 $7,734 
Real estate1,466 1,236 
Other (1)
232 285 
Total$9,213 $9,255 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Other investments by Asset Type
Other investments by asset type
($ in millions)September 30, 2025December 31, 2024
Bank loans, net$383 $201 
Real estate621 620 
Other13 3 
Total$1,017 $824 
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans
Rollforward of credit loss allowance for fixed income securities
Three months ended September 30,Nine months ended September 30,
($ in millions)2025202420252024
Beginning balance$(17)$(19)$(17)$(36)
Credit losses on securities for which credit losses not previously reported— (3)(1)(10)
Net (increases) decreases related to credit losses previously reported— — 1 3 
(Increase) decrease related to sales and other
— — — 3 
Write-offs12 — 12 18 
Ending balance$(5)$(22)$(5)$(22)
Components of credit loss allowance as of September 30
Municipal bonds
$— $(2)
Corporate bonds(4)(18)
ABS(1)(2)
Total$(5)$(22)
Rollforward of credit loss allowance for mortgage loans
Three months ended September 30,Nine months ended September 30,
($ in millions)2025202420252024
Beginning balance$(12)$(10)$(12)$(11)
Net increases related to credit losses(6)(1)(6)— 
Write-offs— — — — 
Ending balance
$(18)$(11)$(18)$(11)
Components of credit loss allowance as of September 30
Commercial
$(17)$(11)
Residential
(1)— 
Total
$(18)$(11)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Beginning balance$(17)$(11)$(10)$(22)
Net (increases) decreases related to credit losses(3)— (12)5 
Write-offs3 — 5 6 
Ending balance
$(17)$(11)$(17)$(11)
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ in millions)Less than 12 months12 months or more
Total
unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
September 30, 2025       
Fixed income securities       
U.S. government and agencies36 $6,679 $(16)74 $260 $(4)$(20)
Municipal342 2,262 (49)526 958 (50)(99)
Corporate351 3,030 (18)852 5,393 (242)(260)
Foreign government45 173 (3)56 43 (7)(10)
ABS20 85 (1)12 44 (2)(3)
MBS
49 541 (2)64 3 — (2)
Total fixed income securities843 $12,770 $(89)1,584 $6,701 $(305)$(394)
Investment grade fixed income securities695 $12,102 $(82)1,428 $5,955 $(271)$(353)
Below investment grade fixed income securities148 668 (7)156 746 (34)(41)
Total fixed income securities843 $12,770 $(89)1,584 $6,701 $(305)$(394)
December 31, 2024       
Fixed income securities       
U.S. government and agencies179 $8,520 $(256)99 $801 $(74)$(330)
Municipal990 4,889 (67)1,089 1,693 (109)(176)
Corporate943 9,178 (166)1,237 7,877 (544)(710)
Foreign government42 159 (2)73 73 (8)(10)
ABS15 76 — 15 51 (4)(4)
MBS
35 2 — 70 5 — — 
Total fixed income securities2,204 $22,824 $(491)2,583 $10,500 $(739)$(1,230)
Investment grade fixed income securities2,002 $21,846 $(473)2,367 $9,281 $(655)$(1,128)
Below investment grade fixed income securities202 978 (18)216 1,219 (84)(102)
Total fixed income securities2,204 $22,824 $(491)2,583 $10,500 $(739)$(1,230)
(1)Includes fixed income securities with fair values of $8 million and $16 million and unrealized losses of zero and $1 million with credit loss allowances of $1 million and $3 million as of September 30, 2025 and December 31, 2024, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality
Gross unrealized losses by unrealized loss position and credit quality as of September 30, 2025
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)
$(331)$(37)$(368)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)
(22)(4)(26)
Total unrealized losses$(353)$(41)$(394)
(1)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(2)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination
Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
September 30, 2025December 31, 2024
($ in millions)2020 and prior20212022202320242025TotalTotal
1.0 - 1.25$37 $— $— $25 $39 $— $101 $137 
1.26 - 1.5031 — 42 19 — — 92 105 
Above 1.50202 164 47 76 15 — 504 493 
Amortized cost before allowance$270 $164 $89 $120 $54 $— $697 $735 
Allowance(17)(12)
Amortized cost, net$680 $723 
Schedule of Payment Status of Mortgage Loans
Payment status of mortgage loans
September 30, 2025
($ in millions)
Commercial
Residential
Total
Less than 90 days past due
$23 $1 $24 
90 days or greater past due
— — — 
Total past due before allowance
23 1 24 
Current before allowance
674 151 825 
Total mortgage loans before allowance
697 152 849 
Allowance
(17)(1)(18)
Total mortgage loans$680 $151 $831 
Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination
Bank loans amortized cost by credit rating and year of origination
September 30, 2025December 31, 2024
($ in millions)2020 and prior20212022202320242025TotalTotal
NAIC 1 / A
$— $— $— $— $44 $155 $199 $45 
NAIC 2 / BBB — — — — 1 49 50 6 
NAIC 3 / BB— — 1 2 8 14 25 27 
NAIC 4 / B1 2 — 28 27 50 108 122 
NAIC 5-6 / CCC and below— — 1 8 1 8 18 11 
Amortized cost before allowance$1 $2 $2 $38 $81 $276 $400 $211 
Allowance(17)(10)
Amortized cost, net$383 $201