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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt and Equity Securities Reconciliation

The following tables present the composition of our investment portfolio by major security type:

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
September 30, 2025
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	51,021					$	731					$	(413)					$	0					$	51,339					54.3		%
State and local government obligations			3,320						20						(65)						0						3,275						3.5
Foreign government obligations			16						0						0						0						16						0
Corporate and other debt securities			18,621						270						(86)						12						18,817						19.9
Residential mortgage-backed securities			2,979						26						(6)						1						3,000						3.2
Commercial mortgage-backed securities			5,916						17						(247)						0						5,686						6.0
Other asset-backed securities			6,374						35						(33)						0						6,376						6.7
Total fixed maturities			88,247						1,099						(850)						13						88,509						93.6
Short-term investments			1,515						0						0						0						1,515						1.6
Total available-for-sale securities			89,762						1,099						(850)						13						90,024						95.2
Equity securities:
Nonredeemable preferred stocks			454						0						0						(16)						438						0.5
Common equities			808						0						0						3,239						4,047						4.3
Total equity securities			1,262						0						0						3,223						4,485						4.8
Total portfolio1			$	91,024					$	1,099					$	(850)					$	3,236					$	94,509					100.0		%

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
September 30, 2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	44,231					$	772					$	(574)					$	0					$	44,429					56.0		%
State and local government obligations			2,681						10						(90)						0						2,601						3.3
Foreign government obligations			17						0						(1)						0						16						0
Corporate and other debt securities			14,970						222						(156)						0						15,036						18.9
Residential mortgage-backed securities			1,404						24						(6)						2						1,424						1.8
Commercial mortgage-backed securities			4,664						4						(377)						0						4,291						5.4
Other asset-backed securities			6,628						40						(54)						0						6,614						8.3
Total fixed maturities			74,595						1,072						(1,258)						2						74,411						93.7
Short-term investments			757						0						0						0						757						1.0
Total available-for-sale securities			75,352						1,072						(1,258)						2						75,168						94.7
Equity securities:
Nonredeemable preferred stocks			760						0						0						(25)						735						0.9
Common equities			733						0						0						2,764						3,497						4.4
Total equity securities			1,493						0						0						2,739						4,232						5.3
Total portfolio1			$	76,845					$	1,072					$	(1,258)					$	2,741					$	79,400					100.0		%

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
December 31, 2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	47,103					$	36					$	(1,151)					$	0					$	45,988					57.3		%
State and local government obligations			2,893						2						(117)						0						2,778						3.5
Foreign government obligations			16						0						0						0						16						0
Corporate and other debt securities			14,111						65						(215)						(7)						13,954						17.4
Residential mortgage-backed securities			1,600						9						(11)						3						1,601						2.0
Commercial mortgage-backed securities			4,721						7						(376)						0						4,352						5.4
Other asset-backed securities			6,682						26						(65)						0						6,643						8.3
Total fixed maturities			77,126						145						(1,935)						(4)						75,332						93.9
Short-term investments			615						0						0						0						615						0.7
Total available-for-sale securities			77,741						145						(1,935)						(4)						75,947						94.6
Equity securities:
Nonredeemable preferred stocks			756						0						0						(28)						728						0.9
Common equities			745						0						0						2,830						3,575						4.5
Total equity securities			1,501						0						0						2,802						4,303						5.4
Total portfolio1			$	79,242					$	145					$	(1,935)					$	2,798					$	80,250					100.0		%

1 At September 30, 2025 and 2024 and December 31, 2024, we had $523 million, $469 million, and $125 million, respectively, of net unsettled security transactions included in accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets.

The total fair value of the portfolio at September 30, 2025 and 2024 and December 31, 2024, included $4.9 billion, $4.1 billion, and $6.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. A portion of the investments held at December 31, 2024 were sold and proceeds were used to pay our common share dividends in January 2025; see Note 9 – Dividends for additional information.

Hybrid Instruments Table

Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:

			September 30,
(millions)			2025						2024						December 31, 2024
Fixed Maturities:
Corporate and other debt securities			$	696					$	637					$	608
Residential mortgage-backed securities			642						369						479
Other asset-backed securities			0						3						1
Total hybrid securities			$	1,338					$	1,009					$	1,088

Investments Classified by Contractual Maturity Date

The composition of fixed maturities by maturity at September 30, 2025, was:

(millions)			Cost						Fair Value
Less than one year			$	8,676					$	8,668
One to five years			53,046						53,116
Five to ten years			26,249						26,446
Ten years or greater			276						279
Total			$	88,247					$	88,509

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

The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months															12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Gross Unrealized Losses									No. of Sec.			Fair  Value			Gross Unrealized Losses
September 30, 2025
U.S. government obligations			71			$	11,145		$	(413)		7			$	1,777		$	(3)								64			$	9,368		$	(410)
State and local government obligations			251			1,557			(65)			40			188			(1)									211			1,369			(64)
Corporate and other debt securities			138			3,503			(86)			24			718			(4)									114			2,785			(82)
Residential mortgage-backed securities			28			283			(6)			9			186			(1)									19			97			(5)
Commercial mortgage-backed securities			138			2,879			(247)			16			375			(1)									122			2,504			(246)
Other asset-backed securities			50			1,128			(33)			13			228			(1)									37			900			(32)
Total fixed maturities			676			$	20,495		$	(850)		109			$	3,472		$	(11)								567			$	17,023		$	(839)

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months												12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Gross Unrealized Losses						No. of Sec.			Fair  Value			Gross Unrealized Losses
September 30, 2024
U.S. government obligations			86			$	12,919		$	(574)		3			$	2,069		$	(3)					83			$	10,850		$	(571)
State and local government obligations			302			1,779			(90)			44			208			0						258			1,571			(90)
Foreign government obligations			1			16			(1)			0			0			0						1			16			(1)
Corporate and other debt securities			224			5,251			(156)			14			426			(3)						210			4,825			(153)
Residential mortgage-backed securities			33			244			(6)			4			185			0						29			59			(6)
Commercial mortgage-backed securities			177			3,750			(377)			5			170			0						172			3,580			(377)
Other asset-backed securities			80			1,531			(54)			16			353			0						64			1,178			(54)
Total fixed maturities			903			$	25,490		$	(1,258)		86			$	3,411		$	(6)					817			$	22,079		$	(1,252)

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months												12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Gross Unrealized Losses						No. of Sec.			Fair  Value			Gross Unrealized Losses
December 31, 2024
U.S. government obligations			113			$	38,782		$	(1,151)		39			$	30,257		$	(418)					74			$	8,525		$	(733)
State and local government obligations			379			2,339			(117)			127			783			(6)						252			1,556			(111)
Corporate and other debt securities			304			7,034			(215)			122			2,935			(33)						182			4,099			(182)
Residential mortgage-backed securities			40			428			(11)			12			377			(4)						28			51			(7)
Commercial mortgage-backed securities			153			3,294			(376)			8			264			(16)						145			3,030			(360)
Other asset-backed securities			84			1,907			(65)			34			912			(8)						50			995			(57)
Total fixed maturities			1,073			$	53,784		$	(1,935)		342			$	35,528		$	(485)					731			$	18,256		$	(1,450)

Realized Gain (Loss) on Investments

The components of net realized gains (losses) for the three and nine months ended September 30, were:

			Three Months												Nine Months
(millions)			2025						2024						2025						2024
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations			$	1					$	43					$	78					$	44
Corporate and other debt securities			6						2						9						6
Residential mortgage-backed securities			0						0						1						1
Total available-for-sale securities			7						45						88						51
Equity securities:
Nonredeemable preferred stocks			1						0						3						0
Common equities			11						14						50						26
Total equity securities			12						14						53						26
Subtotal gross realized gains on security sales			19						59						141						77
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations			0						(2)						(78)						(329)
State and local government obligations			0						(1)						(2)						(1)
Corporate and other debt securities			(4)						(5)						(7)						(43)
Commercial mortgage-backed securities			0						0						(10)						(15)
Total available-for-sale securities			(4)						(8)						(97)						(388)
Equity securities:
Nonredeemable preferred stocks			(1)						(7)						(6)						(18)
Common equities			(2)						(12)						(6)						(12)
Total equity securities			(3)						(19)						(12)						(30)
Subtotal gross realized losses on security sales			(7)						(27)						(109)						(418)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations			1						41						0						(285)
State and local government obligations			0						(1)						(2)						(1)
Corporate and other debt securities			2						(3)						2						(37)
Residential mortgage-backed securities			0						0						1						1
Commercial mortgage-backed securities			0						0						(10)						(15)
Total available-for-sale securities			3						37						(9)						(337)
Equity securities:
Nonredeemable preferred stocks			0						(7)						(3)						(18)
Common equities			9						2						44						14
Total equity securities			9						(5)						41						(4)
Subtotal net realized gains (losses) on security sales			12						32						32						(341)
Other assets
Gain			0						36						0						36
Net holding period gains (losses)
Hybrid securities			3						20						17						31
Equity securities			280						200						421						591
Subtotal net holding period gains (losses)			283						220						438						622
Total net realized gains (losses) on securities			$	295					$	288					$	470					$	317

Components of Equity Realized Gains (Losses)

The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective quarter ends:

			Three Months									Nine Months
(millions)			2025			2024						2025			2024
Total net gains (losses) recognized during the period on equity securities			$	289		$	195					$	462		$	587
Less: Net gains (losses) recognized on equity securities sold during the period			9			(5)						41			(4)
Net holding period gains (losses) recognized during the period on equity securities held at period end			$	280		$	200					$	421		$	591

Components of Net Investment Income

The components of net investment income for the three and nine months ended September 30, were: 

			Three Months									Nine Months
(millions)			2025			2024						2025			2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	470		$	396					$	1,314		$	1,064
State and local government obligations			24			16						64			42
Corporate and other debt securities			214			155						593			417
Residential mortgage-backed securities			38			14						95			27
Commercial mortgage-backed securities			63			49						175			142
Other asset-backed securities			78			83						246			243
Total fixed maturities			887			713						2,487			1,935
Short-term investments			20			9						66			45
Total available-for-sale securities			907			722						2,553			1,980
Equity securities:
Nonredeemable preferred stocks			6			9						19			30
Common equities			11			8						37			32
Total equity securities			17			17						56			62
Investment income			924			739						2,609			2,042
Investment expenses			(10)			(7)						(26)			(20)
Net investment income			$	914		$	732					$	2,583		$	2,022

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