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Investment gains (losses) (Tables)
9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of investment gains (losses)

Investment gains (losses) are summarized as follows (in millions).

 

Third Quarter

 

 

First Nine Months

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Investment gains (losses):

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Increase in unrealized investment gains during the
     period on securities held at the end of the period

$

20,555

 

 

$

18,643

 

 

$

23,559

 

 

$

45,053

 

Investment gains (losses) on securities sold during the period

 

1,365

 

 

 

1,868

 

 

 

(820

)

 

 

1,221

 

 

21,920

 

 

 

20,511

 

 

 

22,739

 

 

 

46,274

 

Fixed maturity securities:

 

 

 

 

 

 

 

 

 

 

 

Gross realized gains

 

27

 

 

 

23

 

 

 

43

 

 

 

37

 

Gross realized losses

 

(13

)

 

 

(17

)

 

 

(68

)

 

 

(57

)

Other

 

5

 

 

 

(3

)

 

 

(846

)

 

 

(7

)

 

$

21,939

 

 

$

20,514

 

 

$

21,868

 

 

$

46,247