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v3.25.3

Investments - Net Investment Income and Equity in Earnings of Investees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Net Investment Income |  |  |  |
Gross investment income | $ 96 | $ 83 | $ 274 | $ 250
Investment expenses | (2) | (1) | (4) | (3)
Net investment income | 94 | 82 | 270 | 247
Fair value gains (losses) on trading securities | 8 | 9 | 11 | 52
Equity in Earnings (Losses) of Investees | 20 | 18 | 76 | 47
Fixed-maturity securities, available-for-sale |  |  |  |
Net Investment Income |  |  |  |
Gross investment income | 81 | 62 | 232 | 184
Short-term investments |  |  |  |
Net Investment Income |  |  |  |
Gross investment income | 14 | 21 | 39 | 66
Other |  |  |  |
Net Investment Income |  |  |  |
Gross investment income | 1 | 0 | 3 | 0
Sound Point |  |  |  |
Net Investment Income |  |  |  |
Equity in Earnings (Losses) of Investees | 0 | 4 | 12 | 5
Equity method investments |  |  |  |
Net Investment Income |  |  |  |
Equity in Earnings (Losses) of Investees | 20 | 14 | 64 | 42
Insured Financial Obligations, Loss Mitigation Securities |  |  |  |
Net Investment Income |  |  |  |
Gross investment income | 7 | 7 | 21 | 21
Fixed-Maturity Securities, Trading |  |  |  |
Net Investment Income |  |  |  |
Fair value gains (losses) on trading securities still held | $ 7 | $ 7 | $ 9 | $ 26

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