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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy of Financial Instruments Carried at Fair Value | Amounts recorded at fair value in the Company’s financial statements are presented in the tables below. Fair Value Hierarchy of Financial Instruments Carried at Fair Value As of September 30, 2025
| Fair Value Hierarchy |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Fixed-maturity securities, available-for-sale |  |  |  |  |  |  |
Obligations of state and political subdivisions | $ | — |  |  | $ | 1,745 |  |  | $ | 10 |  |  | $ | 1,755 |
U.S. government and agencies | — |  |  | 48 |  |  | — |  |  | 48 |
Corporate securities | — |  |  | 2,755 |  |  | 168 |  |  | 2,923 |
Mortgage-backed securities: |  |  |  |  |  |  |
RMBS | — |  |  | 458 |  |  | 145 |  |  | 603 |
CMBS | — |  |  | 185 |  |  | — |  |  | 185 |
Asset-backed securities | — |  |  | 150 |  |  | 521 |  |  | 671 |
Non-U.S. government securities | — |  |  | 93 |  |  | — |  |  | 93 |
Total fixed-maturity securities, available-for-sale | — |  |  | 5,434 |  |  | 844 |  |  | 6,278 |
Fixed-maturity securities, trading | — |  |  | 132 |  |  | 4 |  |  | 136 |
Short-term investments | 1,329 |  |  | 3 |  |  | — |  |  | 1,332 |
Other invested assets (1) | — |  |  | — |  |  | 4 |  |  | 4 |
FG VIEs’ assets | — |  |  | — |  |  | 145 |  |  | 145 |
Assets of CIVs, equity securities | — |  |  | — |  |  | 132 |  |  | 132 |
Other assets | 78 |  |  | 64 |  |  | 17 |  |  | 159 |
Total assets carried at fair value | $ | 1,407 |  |  | $ | 5,633 |  |  | $ | 1,146 |  |  | $ | 8,186 |
Liabilities: |  |  |  |  |  |  |
FG VIEs’ liabilities (2) | $ | — |  |  | $ | — |  |  | $ | 159 |  |  | $ | 159 |
Other liabilities | — |  |  | — |  |  | 31 |  |  | 31 |
Total liabilities carried at fair value | $ | — |  |  | $ | — |  |  | $ | 190 |  |  | $ | 190 |
Fair Value Hierarchy of Financial Instruments Carried at Fair Value As of December 31, 2024
| Fair Value Hierarchy |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Fixed-maturity securities, available-for sale |  |  |  |  |  |  |
Obligations of state and political subdivisions | $ | — |  |  | $ | 1,930 |  |  | $ | 10 |  |  | $ | 1,940 |
U.S. government and agencies | — |  |  | 67 |  |  | — |  |  | 67 |
Corporate securities | — |  |  | 2,382 |  |  | — |  |  | 2,382 |
Mortgage-backed securities: |  |  |  |  |  |  |
RMBS | — |  |  | 422 |  |  | 145 |  |  | 567 |
CMBS | — |  |  | 186 |  |  | — |  |  | 186 |
Asset-backed securities | — |  |  | 127 |  |  | 1,031 |  |  | 1,158 |
Non-U.S. government securities | — |  |  | 69 |  |  | — |  |  | 69 |
Total fixed-maturity securities, available-for-sale | — |  |  | 5,183 |  |  | 1,186 |  |  | 6,369 |
Fixed-maturity securities, trading | — |  |  | 142 |  |  | 5 |  |  | 147 |
Short-term investments | 1,218 |  |  | 3 |  |  | — |  |  | 1,221 |
Other invested assets (1) | — |  |  | — |  |  | 4 |  |  | 4 |
FG VIEs’ assets | — |  |  | — |  |  | 147 |  |  | 147 |
Assets of CIVs, equity securities | — |  |  | — |  |  | 99 |  |  | 99 |
Other assets | 65 |  |  | 59 |  |  | 7 |  |  | 131 |
Total assets carried at fair value | $ | 1,283 |  |  | $ | 5,387 |  |  | $ | 1,448 |  |  | $ | 8,118 |
Liabilities: |  |  |  |  |  |  |
FG VIEs’ liabilities (2) | $ | — |  |  | $ | — |  |  | $ | 164 |  |  | $ | 164 |
Other liabilities | — |  |  | — |  |  | 34 |  |  | 34 |
Total liabilities carried at fair value | $ | — |  |  | $ | — |  |  | $ | 198 |  |  | $ | 198 |
___________________ (1) Other invested assets includes Level 3 mortgage loans that are recorded at fair value on a non-recurring basis. (2) FG VIEs’ liabilities include those with and without recourse. See Note 8, Variable Interest Entities.
Fair Value Assets Measured on Recurring Basis | The tables below present a roll forward of the Company’s Level 3 financial instruments carried at fair value on a recurring basis during third quarter 2025, third quarter 2024, nine months 2025 and nine months 2024. Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2025
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  |  |  |
| Obligations of State and Political Subdivisions |  | Corporate |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Assets of CIVs, Equity Securities |  | Other (7) |
| (in millions)
Fair value as of June 30, 2025 | $ | 10 |  |  | $ | 84 |  |  | $ | 142 |  |  | $ | 977 |  |  | $ | 4 |  |  | $ | 153 |  |  | $ | 121 |  |  | $ | 5 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | 1 |  | (1) | 3 |  | (1) | 3 |  | (1) | 1 |  | (10) | 7 |  | (2) | 11 |  | (4) | 9 |  | (3)
Other comprehensive income (loss) | — |  |  | 10 |  |  | 6 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Purchases | — |  |  | 73 |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Settlements | — |  |  | — |  |  | (6) |  |  | (496) |  |  | (1) |  |  | (6) |  |  | — |  |  | — |  |
Deconsolidations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |
Fair value as of September 30, 2025 | $ | 10 |  |  | $ | 168 |  |  | $ | 145 |  |  | $ | 521 |  |  | $ | 4 |  |  | $ | 145 |  |  | $ | 132 |  |  | $ | 15 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 6 |  | (2) | $ | 11 |  | (4) | $ | 9 |  | (3)
OCI | $ | — |  |  | $ | 10 |  |  | $ | 6 |  |  | $ | (2) |  |  |  |  |  |  |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2025
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of June 30, 2025 | $ | (29) |  |  | $ | (161) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 5 |  | (6) | (4) |  | (2)
Other comprehensive income (loss) | — |  |  | 1 |  |
Settlements | (2) |  |  | 5 |  |
Fair value as of September 30, 2025 | $ | (26) |  |  | $ | (159) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |
Earnings | $ | 3 |  | (6) | $ | (4) |  | (2)
OCI |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2024
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  | Assets of CIVs |  |  |
| Obligations of State and Political Subdivisions |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Equity Securities |  | Structured Products |  | Other (7) |
| (in millions)
Fair value as of June 30, 2024 | $ | 7 |  |  | $ | 150 |  |  | $ | 795 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 93 |  |  | $ | 225 |  |  | $ | 6 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | 5 |  | (1) | 7 |  | (1) | — |  |  | 2 |  | (2) | 9 |  | (4) | (5) |  | (4) | (4) |  | (3)
Other comprehensive income (loss) | — |  |  | 3 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Purchases | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 1 |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |
Settlements | — |  |  | (6) |  |  | (31) |  |  | (2) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |
Reclassifications (9) | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | (8) |  |  | — |  |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |
Fair value as of September 30, 2024 | $ | 7 |  |  | $ | 152 |  |  | $ | 787 |  |  | $ | 6 |  |  | $ | 156 |  |  | $ | 97 |  |  | $ | 237 |  |  | $ | 4 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  | (4) | $ | (1) |  | (4) | $ | (4) |  | (3)
OCI | $ | — |  |  | $ | 3 |  |  | $ | (3) |  |  |  |  |  |  |  |  |  |  | $ | (1) |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2024
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of June 30, 2024 | $ | (34) |  |  | $ | (393) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 3 |  | (6) | (3) |  | (2)
Other comprehensive income (loss) | — |  |  | (1) |  |
Issuances | (2) |  |  | — |  |
Settlements | (1) |  |  | 5 |  |
Fair value as of September 30, 2024 | $ | (34) |  |  | $ | (392) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |
Earnings | $ | 1 |  | (6) | $ | (4) |  | (2)
OCI |  |  | $ | (1) |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2025
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  |  |  |
| Obligations of State and Political Subdivisions |  | Corporate |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Assets of CIVs, Equity Securities |  | Other (7) |
| (in millions)
Fair value as of December 31, 2024 | $ | 10 |  |  | $ | — |  |  | $ | 145 |  |  | $ | 1,031 |  |  | $ | 5 |  |  | $ | 147 |  |  | $ | 99 |  |  | $ | 5 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 2 |  | (1) | 1 |  | (1) | 7 |  | (1) | 21 |  | (1) | 1 |  | (10) | 14 |  | (2) | 33 |  | (4) | 10 |  | (3)
Other comprehensive income (loss) | — |  |  | 20 |  |  | 12 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Purchases | — |  |  | 147 |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Sales | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | — |  |
Settlements | (2) |  |  | — |  |  | (19) |  |  | (567) |  |  | (2) |  |  | (16) |  |  | — |  |  | — |  |
Consolidations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |
Deconsolidations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |
Fair value as of September 30, 2025 | $ | 10 |  |  | $ | 168 |  |  | $ | 145 |  |  | $ | 521 |  |  | $ | 4 |  |  | $ | 145 |  |  | $ | 132 |  |  | $ | 15 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 11 |  | (2) | $ | 33 |  | (4) | $ | 10 |  | (3)
OCI | $ | — |  |  | $ | 20 |  |  | $ | 12 |  |  | $ | (20) |  |  |  |  |  |  |  |  | $ | — |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2025
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of December 31, 2024 | $ | (29) |  |  | $ | (164) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 110 |  | (6) | (9) |  | (2)
Other comprehensive income (loss) | — |  |  | 1 |  |
Settlements | (107) |  |  | 13 |  |
Fair value as of September 30, 2025 | $ | (26) |  |  | $ | (159) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |
Earnings | $ | 3 |  | (6) | $ | (8) |  | (2)
OCI |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2024
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  | Assets of CIVs |  |  |
| Obligations of State and Political Subdivisions |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Equity Securities |  | Structured Products |  | Other (7) |
| (in millions)
Fair value as of December 31, 2023 | $ | 6 |  |  | $ | 154 |  |  | $ | 803 |  |  | $ | — |  |  | $ | 174 |  |  | $ | 80 |  |  | $ | 189 |  |  | $ | 14 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | 12 |  | (1) | 24 |  | (1) | — |  |  | (1) |  | (2) | 21 |  | (4) | (10) |  | (4) | (12) |  | (3)
Other comprehensive income (loss) | 2 |  |  | 5 |  |  | 5 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |
Purchases | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | 76 |  |  | 1 |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | (20) |  |  | — |  |
Settlements | (1) |  |  | (19) |  |  | (95) |  |  | (2) |  |  | (18) |  |  | — |  |  | — |  |  | — |  |
Reclassifications (9) | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | (8) |  |  | — |  |
Transfers into Level 3 | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 3 |  |  | 10 |  |  | — |  |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |
Fair value as of September 30, 2024 | $ | 7 |  |  | $ | 152 |  |  | $ | 787 |  |  | $ | 6 |  |  | $ | 156 |  |  | $ | 97 |  |  | $ | 237 |  |  | $ | 4 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  | $ | — |  |  | $ | (5) |  | (2) | $ | 21 |  | (4) | $ | (3) |  | (4) | $ | (12) |  | (3)
OCI | $ | 2 |  |  | $ | 5 |  |  | $ | 3 |  |  |  |  | $ | 1 |  |  |  |  |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2024
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of December 31, 2023 | $ | (50) |  |  | $ | (554) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 19 |  | (6) | 6 |  | (2)
Other comprehensive income (loss) | — |  |  | (1) |  |
Issuances | (2) |  |  | — |  |
Settlements | (1) |  |  | 157 |  |
Fair value as of September 30, 2024 | $ | (34) |  |  | $ | (392) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |
Earnings | $ | 9 |  | (6) | $ | — |  |
OCI |  |  | $ | (1) |  |
____________________ (1)Included in “net realized investment gains (losses)” and “net investment income.” (2)Reported in “fair value gains (losses) on FG VIEs.” (3)Reported in “fair value gains (losses) on CCS,” “net investment income” and “other income (loss).” (4)Reported in “fair value gains (losses) on CIVs.” (5)Represents the net position of credit derivatives. Credit derivative assets (reported in “other assets”) and credit derivative liabilities (reported in “other liabilities”) are shown as either assets or liabilities in the condensed consolidated balance sheets. (6)Reported in “fair value gains (losses) on credit derivatives.” (7)Includes CCS and other invested assets. (8)Includes FG VIEs’ liabilities with recourse and FG VIEs’ liabilities without recourse. (9)Represents securities transferred from one of the CIVs to the investment portfolio due to the distribution of assets of that CIV. (10)Reported in “fair value gains (losses) on trading securities.”
Fair Value, Liabilities Measured on Recurring Basis | The tables below present a roll forward of the Company’s Level 3 financial instruments carried at fair value on a recurring basis during third quarter 2025, third quarter 2024, nine months 2025 and nine months 2024. Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2025
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  |  |  |
| Obligations of State and Political Subdivisions |  | Corporate |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Assets of CIVs, Equity Securities |  | Other (7) |
| (in millions)
Fair value as of June 30, 2025 | $ | 10 |  |  | $ | 84 |  |  | $ | 142 |  |  | $ | 977 |  |  | $ | 4 |  |  | $ | 153 |  |  | $ | 121 |  |  | $ | 5 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | 1 |  | (1) | 3 |  | (1) | 3 |  | (1) | 1 |  | (10) | 7 |  | (2) | 11 |  | (4) | 9 |  | (3)
Other comprehensive income (loss) | — |  |  | 10 |  |  | 6 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Purchases | — |  |  | 73 |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Settlements | — |  |  | — |  |  | (6) |  |  | (496) |  |  | (1) |  |  | (6) |  |  | — |  |  | — |  |
Deconsolidations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |
Fair value as of September 30, 2025 | $ | 10 |  |  | $ | 168 |  |  | $ | 145 |  |  | $ | 521 |  |  | $ | 4 |  |  | $ | 145 |  |  | $ | 132 |  |  | $ | 15 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 6 |  | (2) | $ | 11 |  | (4) | $ | 9 |  | (3)
OCI | $ | — |  |  | $ | 10 |  |  | $ | 6 |  |  | $ | (2) |  |  |  |  |  |  |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2025
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of June 30, 2025 | $ | (29) |  |  | $ | (161) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 5 |  | (6) | (4) |  | (2)
Other comprehensive income (loss) | — |  |  | 1 |  |
Settlements | (2) |  |  | 5 |  |
Fair value as of September 30, 2025 | $ | (26) |  |  | $ | (159) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |
Earnings | $ | 3 |  | (6) | $ | (4) |  | (2)
OCI |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2024
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  | Assets of CIVs |  |  |
| Obligations of State and Political Subdivisions |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Equity Securities |  | Structured Products |  | Other (7) |
| (in millions)
Fair value as of June 30, 2024 | $ | 7 |  |  | $ | 150 |  |  | $ | 795 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 93 |  |  | $ | 225 |  |  | $ | 6 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | 5 |  | (1) | 7 |  | (1) | — |  |  | 2 |  | (2) | 9 |  | (4) | (5) |  | (4) | (4) |  | (3)
Other comprehensive income (loss) | — |  |  | 3 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Purchases | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 1 |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |
Settlements | — |  |  | (6) |  |  | (31) |  |  | (2) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |
Reclassifications (9) | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | (8) |  |  | — |  |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |
Fair value as of September 30, 2024 | $ | 7 |  |  | $ | 152 |  |  | $ | 787 |  |  | $ | 6 |  |  | $ | 156 |  |  | $ | 97 |  |  | $ | 237 |  |  | $ | 4 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  | (4) | $ | (1) |  | (4) | $ | (4) |  | (3)
OCI | $ | — |  |  | $ | 3 |  |  | $ | (3) |  |  |  |  |  |  |  |  |  |  | $ | (1) |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Third Quarter 2024
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of June 30, 2024 | $ | (34) |  |  | $ | (393) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 3 |  | (6) | (3) |  | (2)
Other comprehensive income (loss) | — |  |  | (1) |  |
Issuances | (2) |  |  | — |  |
Settlements | (1) |  |  | 5 |  |
Fair value as of September 30, 2024 | $ | (34) |  |  | $ | (392) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |
Earnings | $ | 1 |  | (6) | $ | (4) |  | (2)
OCI |  |  | $ | (1) |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2025
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  |  |  |
| Obligations of State and Political Subdivisions |  | Corporate |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Assets of CIVs, Equity Securities |  | Other (7) |
| (in millions)
Fair value as of December 31, 2024 | $ | 10 |  |  | $ | — |  |  | $ | 145 |  |  | $ | 1,031 |  |  | $ | 5 |  |  | $ | 147 |  |  | $ | 99 |  |  | $ | 5 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | 2 |  | (1) | 1 |  | (1) | 7 |  | (1) | 21 |  | (1) | 1 |  | (10) | 14 |  | (2) | 33 |  | (4) | 10 |  | (3)
Other comprehensive income (loss) | — |  |  | 20 |  |  | 12 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Purchases | — |  |  | 147 |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Sales | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | — |  |
Settlements | (2) |  |  | — |  |  | (19) |  |  | (567) |  |  | (2) |  |  | (16) |  |  | — |  |  | — |  |
Consolidations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |
Deconsolidations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |
Fair value as of September 30, 2025 | $ | 10 |  |  | $ | 168 |  |  | $ | 145 |  |  | $ | 521 |  |  | $ | 4 |  |  | $ | 145 |  |  | $ | 132 |  |  | $ | 15 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 11 |  | (2) | $ | 33 |  | (4) | $ | 10 |  | (3)
OCI | $ | — |  |  | $ | 20 |  |  | $ | 12 |  |  | $ | (20) |  |  |  |  |  |  |  |  | $ | — |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2025
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of December 31, 2024 | $ | (29) |  |  | $ | (164) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 110 |  | (6) | (9) |  | (2)
Other comprehensive income (loss) | — |  |  | 1 |  |
Settlements | (107) |  |  | 13 |  |
Fair value as of September 30, 2025 | $ | (26) |  |  | $ | (159) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2025 included in: |  |  |  |
Earnings | $ | 3 |  | (6) | $ | (8) |  | (2)
OCI |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2024
| Fixed-Maturity Securities, Available-for-Sale |  |  |  |  |  | Assets of CIVs |  |  |
| Obligations of State and Political Subdivisions |  | RMBS |  | Asset- Backed Securities |  | Fixed-Maturity Securities, Trading |  | FG VIEs’ Assets |  | Equity Securities |  | Structured Products |  | Other (7) |
| (in millions)
Fair value as of December 31, 2023 | $ | 6 |  |  | $ | 154 |  |  | $ | 803 |  |  | $ | — |  |  | $ | 174 |  |  | $ | 80 |  |  | $ | 189 |  |  | $ | 14 |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | 12 |  | (1) | 24 |  | (1) | — |  |  | (1) |  | (2) | 21 |  | (4) | (10) |  | (4) | (12) |  | (3)
Other comprehensive income (loss) | 2 |  |  | 5 |  |  | 5 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |
Purchases | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | 76 |  |  | 1 |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | (20) |  |  | — |  |
Settlements | (1) |  |  | (19) |  |  | (95) |  |  | (2) |  |  | (18) |  |  | — |  |  | — |  |  | — |  |
Reclassifications (9) | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | (8) |  |  | — |  |
Transfers into Level 3 | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 3 |  |  | 10 |  |  | — |  |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |
Fair value as of September 30, 2024 | $ | 7 |  |  | $ | 152 |  |  | $ | 787 |  |  | $ | 6 |  |  | $ | 156 |  |  | $ | 97 |  |  | $ | 237 |  |  | $ | 4 |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  | $ | — |  |  | $ | (5) |  | (2) | $ | 21 |  | (4) | $ | (3) |  | (4) | $ | (12) |  | (3)
OCI | $ | 2 |  |  | $ | 5 |  |  | $ | 3 |  |  |  |  | $ | 1 |  |  |  |  |  |  | $ | 1 |  |
Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis Nine Months 2024
| Credit Derivative Liability, net (5) |  | FG VIEs’ Liabilities (8) |
| (in millions)
Fair value as of December 31, 2023 | $ | (50) |  |  | $ | (554) |  |
Total pre-tax realized and unrealized gains (losses) recorded in: |  |  |  |
Net income (loss) | 19 |  | (6) | 6 |  | (2)
Other comprehensive income (loss) | — |  |  | (1) |  |
Issuances | (2) |  |  | — |  |
Settlements | (1) |  |  | 157 |  |
Fair value as of September 30, 2024 | $ | (34) |  |  | $ | (392) |  |
Change in unrealized gains (losses) related to financial instruments held as of September 30, 2024 included in: |  |  |  |
Earnings | $ | 9 |  | (6) | $ | — |  |
OCI |  |  | $ | (1) |  |
____________________ (1)Included in “net realized investment gains (losses)” and “net investment income.” (2)Reported in “fair value gains (losses) on FG VIEs.” (3)Reported in “fair value gains (losses) on CCS,” “net investment income” and “other income (loss).” (4)Reported in “fair value gains (losses) on CIVs.” (5)Represents the net position of credit derivatives. Credit derivative assets (reported in “other assets”) and credit derivative liabilities (reported in “other liabilities”) are shown as either assets or liabilities in the condensed consolidated balance sheets. (6)Reported in “fair value gains (losses) on credit derivatives.” (7)Includes CCS and other invested assets. (8)Includes FG VIEs’ liabilities with recourse and FG VIEs’ liabilities without recourse. (9)Represents securities transferred from one of the CIVs to the investment portfolio due to the distribution of assets of that CIV. (10)Reported in “fair value gains (losses) on trading securities.”
Schedule of Quantitative Information About Level 3 Liabilities, Fair Value Measurements | Quantitative Information About Level 3 Fair Value Inputs As of September 30, 2025
Financial Instrument Description |  | Fair Value Assets (Liabilities) (in millions) |  | Significant Unobservable Inputs |  | Range |  | Weighted Average (4)
Investments (2): |  |  |  |  |  |  |  |
Fixed-maturity securities, available-for-sale (1): |  |  |  |  |  |  |  |  |  |
Obligations of state and political subdivisions |  | $ | 10 |  |  | Yield |  | 5.3 | % | - | 15.0% |  | 6.7%
Corporate |  | 168 |  |  | Yield |  | 5.3 | % | - | 8.3% |  | 5.4%
RMBS |  | 145 |  |  | Conditional prepayment rate (CPR) |  | 0.0 | % | - | 17.9% |  | 3.9%
|  |  |  | CDR |  | 1.2 | % | - | 18.6% |  | 5.4%
|  |  |  | Loss severity |  | 50.0 | % | - | 125.0% |  | 79.9%
|  |  |  | Yield |  | 7.0 | % | - | 10.0% |  | 8.4%
Asset-backed securities: |  |  |  |  |  |  |  |  |  |
CLOs |  | 472 |  |  | Discount margin |  | 1.0 | % | - | 2.9% |  | 1.8%
|  |  |  | Yield |  | 10.2 | % | - | 23.5% |  | 17.8%
Others |  | 49 |  |  | Yield |  | 9.7% |  |
Fixed-maturity securities, trading (1) |  | 4 |  |  | Yield |  | 4.2 | % | - | 7.7% |  | 6.0%
FG VIEs’ assets (1) |  | 145 |  |  | CPR |  | 1.1 | % | - | 28.1% |  | 5.1%
|  |  |  | CDR |  | 1.2 | % | - | 41.0% |  | 10.5%
|  |  |  | Loss severity |  | 45.0 | % | - | 100.0% |  | 83.5%
|  |  |  | Yield |  | 6.3 | % | - | 9.9% |  | 8.7%
Assets of CIVs - equity securities (3) |  | 132 |  |  | Discount rate |  | 23.4% |  |
|  |  |  | Market multiple-price to book |  | 1.00x |  |
|  |  |  | Market multiple-price to earnings |  | 5.75x |  |
|  |  |  | Terminal growth rate |  | 4.0% |  |
|  |  |  | Exit multiple-price to book |  | 1.00x |  |
|  |  |  | Exit multiple-price to earnings |  | 5.50x |  |
Other assets (1) |  | 12 |  |  | Implied Yield |  | 6.5 | % | - | 7.0% |  | 6.7%
|  |  |  | Term (years) |  | 10 years |  |
Credit derivative liabilities, net (1) |  | (26) |  |  | Hedge cost (in basis points) (bps) |  | 11.8 | - | 27.9 |  | 15.4
|  |  |  | Bank profit (in bps) |  | 55.0 | - | 257.7 |  | 130.4
|  |  |  | Internal floor (in bps) |  | 10.0 |  |
|  |  |  | Internal credit rating |  | AAA | - | CCC |  | A
|  |  |  | Discount rates of future expected premium cash flows |  | 3.2 | % | - | 4.3% |  | 4.1%
FG VIEs’ liabilities (1) |  | (159) |  |  | CPR |  | 1.1 | % | - | 28.1% |  | 5.1%
|  |  |  | CDR |  | 1.2 | % | - | 41.0% |  | 10.5%
|  |  |  | Loss severity |  | 45.0 | % | - | 100.0% |  | 83.5%
|  |  |  | Yield |  | 5.2 | % | - | 9.9% |  | 6.5%
___________________ (1) Discounted cash flows are used as the primary valuation technique. (2) This amount excludes several investments reported in “other invested assets” with a fair value of $4 million. (3) The primary valuation technique uses the income and/or market approach. (4) Weighted average is calculated as a percentage of current par outstanding for all categories except for assets of CIVs and fixed-maturity securities, trading, for which it is calculated as a percentage of fair value. Quantitative Information About Level 3 Fair Value Inputs As of December 31, 2024
Financial Instrument Description |  | Fair Value Assets (Liabilities) (in millions) |  | Significant Unobservable Inputs |  | Range |  | Weighted Average (4)
Investments (2): |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities, available-for-sale (1): |  |  |  |  |  |  |  |  |  |
Obligations of state and political subdivisions |  | $ | 10 |  |  | Yield |  | 5.5 | % | - | 22.0% |  | 7.5%
RMBS |  | 145 |  |  | CPR |  | 1.8 | % | - | 17.0% |  | 2.8%
|  |  |  | CDR |  | 1.8 | % | - | 18.7% |  | 5.4%
|  |  |  | Loss severity |  | 50.0 | % | - | 125.0% |  | 79.9%
|  |  |  | Yield |  | 7.7 | % | - | 10.8% |  | 9.1%
Asset-backed securities: |  |  |  |  |  |  |  |  |  |
CLOs |  | 611 |  |  | Discount margin |  | 0.8 | % | - | 2.9% |  | 1.9%
|  |  |  | Yield |  | 12.5 | % | - | 22.5% |  | 17.9%
Others |  | 420 |  | Yield |  | 6.4 | % | - | 9.1% |  | 6.7%
Fixed-maturity securities, trading (1) |  | 5 |  |  | Yield |  | 19.8 | % | - | 169.5% |  | 163.8%
FG VIEs’ assets (1) |  | 147 |  |  | CPR |  | 2.2 | % | - | 25.0% |  | 5.7%
|  |  |  | CDR |  | 1.3 | % | - | 41.0% |  | 10.7%
|  |  |  | Loss severity |  | 45.0 | % | - | 100.0% |  | 83.2%
|  |  |  | Yield |  | 6.8 | % | - | 10.8% |  | 9.3%
Assets of CIVs - equity securities (3) |  | 99 |  |  | Discount rate |  | 24.3% |  |
|  |  |  | Market multiple-price to book |  | 1.05x |  |
|  |  |  | Market multiple-price to earnings |  | 5.25x |  |
|  |  |  | Terminal growth rate |  | 4.0% |  |
|  |  |  | Exit multiple-price to book |  | 1.05x |  |
|  |  |  | Exit multiple-price to earnings |  | 5.50x |  |
Other assets (1) |  | 2 |  |  | Implied Yield |  | 6.5 | % | - | 7.0% |  | 6.8%
|  |  |  | Term (years) |  | 10 years |  |
Credit derivative liabilities, net (1) |  | (29) |  |  | Hedge cost (in bps) |  | 12.8 | - | 30.1 |  | 16.8
|  |  |  | Bank profit (in bps) |  | 73.2 | - | 275.9 |  | 139.3
|  |  |  | Internal floor (in bps) |  | 10.0 | - | 85.5 |  | 29.7
|  |  |  | Internal credit rating |  | AAA | - | CCC |  | A
|  |  |  | Discount rates of future expected premium cash flows |  | 3.9 | % |  | 4.4% |  | 4.3%
FG VIEs’ liabilities (1) |  | (164) |  |  | CPR |  | 2.2 | % | - | 25.0% |  | 5.7%
|  |  |  | CDR |  | 1.3 | % | - | 41.0% |  | 10.7%
|  |  |  | Loss severity |  | 45.0 | % | - | 100.0% |  | 83.2%
|  |  |  | Yield |  | 5.5 | % | - | 10.8% |  | 7.0%
____________________ (1) Discounted cash flows are used as the primary valuation technique. (2) This amount excludes several investments reported in “other invested assets” with a fair value of $4 million. (3) The primary valuation technique uses the income and/or market approach. (4) Weighted average is calculated as a percentage of current par outstanding for all categories except for assets of CIVs, for which it is calculated as a percentage of fair value.
Schedule of Financial Instruments Not Carried at Fair Value | The carrying amount and estimated fair value of the Company’s financial instruments not carried at fair value are presented in the following table. Fair Value of Financial Instruments Not Carried at Fair Value
| As of September 30, 2025 |  | As of December 31, 2024
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
| (in millions)
Assets (liabilities): |  |  |  |  |  |  |
Other assets (including other invested assets) | $ | 87 |  |  | $ | 88 |  |  | $ | 115 |  |  | $ | 116 |
Financial guaranty insurance contracts (1) | (1,926) |  |  | (846) |  |  | (2,029) |  |  | (1,136) |
Long-term debt | (1,702) |  |  | (1,622) |  |  | (1,699) |  |  | (1,579) |
Other liabilities | (40) |  |  | (40) |  |  | (16) |  |  | (16) |
____________________ (1) Carrying amount includes the assets and liabilities related to financial guaranty insurance contract premiums, losses and salvage and subrogation and other recoverables net of reinsurance.

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- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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