Investments (Tables)

9 Months Ended

Sep. 30, 2025

Short-Term and Long-Term Investments [Table Text Block]

A summary of debt securities by major security type is as follows:


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,893	$	2	$	(167)	$	3,728
State and municipal obligations	6,747		20		(273)		6,494
Corporate obligations	24,731		156		(578)		24,309
U.S. agency mortgage-backed securities	10,258		25		(651)		9,632
Non-U.S. agency mortgage-backed securities	2,757		11		(109)		2,659
Total debt securities - available-for-sale	48,386		214		(1,778)		46,822
Debt securities - held-to-maturity:
U.S. government and agency obligations	459		1		(1)		459
State and municipal obligations	26		—		(2)		24
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	488		1		(3)		486
Total debt securities	$	48,874	$	215	$	(1,781)	$	47,308
December 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,600	$	1	$	(274)	$	4,327
State and municipal obligations	7,357		2		(375)		6,984
Corporate obligations	24,391		56		(1,140)		23,307
U.S. agency mortgage-backed securities	10,577		1		(994)		9,584
Non-U.S. agency mortgage-backed securities	2,890		2		(175)		2,717
Total debt securities - available-for-sale	49,815		62		(2,958)		46,919
Debt securities - held-to-maturity:
U.S. government and agency obligations	444		—		(2)		442
State and municipal obligations	28		—		(2)		26
Corporate obligations	40		—		—		40
Total debt securities - held-to-maturity	512		—		(4)		508
Total debt securities	$	50,327	$	62	$	(2,962)	$	47,427

Investments by Contractual Maturity [Table Text Block]

The amortized cost and fair value of debt securities as of September 30, 2025, by contractual maturity, were as follows:


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,485	$	3,466	$	264	$	264
Due after one year through five years	13,603		13,360		202		202
Due after five years through ten years	11,582		11,243		5		5
Due after ten years	6,701		6,462		17		15
U.S. agency mortgage-backed securities	10,258		9,632		—		—
Non-U.S. agency mortgage-backed securities	2,757		2,659		—		—
Total debt securities	$	48,386	$	46,822	$	488	$	486

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:


	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	525	$	(5)	$	2,561	$	(162)	$	3,086	$	(167)
State and municipal obligations	1,346		(47)		3,825		(226)		5,171		(273)
Corporate obligations	1,610		(16)		11,293		(562)		12,903		(578)
U.S. agency mortgage-backed securities	1,044		(11)		6,434		(640)		7,478		(651)
Non-U.S. agency mortgage-backed securities	188		—		1,471		(109)		1,659		(109)
Total debt securities - available-for-sale	$	4,713	$	(79)	$	25,584	$	(1,699)	$	30,297	$	(1,778)
December 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,475	$	(51)	$	2,152	$	(223)	$	3,627	$	(274)
State and municipal obligations	2,593		(58)		4,085		(317)		6,678		(375)
Corporate obligations	7,402		(213)		11,449		(927)		18,851		(1,140)
U.S. agency mortgage-backed securities	4,791		(191)		4,674		(803)		9,465		(994)
Non-U.S. agency mortgage-backed securities	416		(5)		1,863		(170)		2,279		(175)
Total debt securities - available-for-sale	$	16,677	$	(518)	$	24,223	$	(2,440)	$	40,900	$	(2,958)