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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Schedule of Total Investments | Total investments at September 30, 2025 and December 31, 2024 were as follows:
| September 30, 2025 |  | December 31, 2024
In millions | Current |  | Long-term |  | Total |  | Current |  | Long-term |  | Total
Debt securities available for sale | $ | 1,978 |  |  | $ | 25,857 |  |  | $ | 27,835 |  |  | $ | 2,256 |  |  | $ | 23,777 |  |  | $ | 26,033 |
Mortgage loans | 156 |  |  | 1,367 |  |  | 1,523 |  |  | 151 |  |  | 1,354 |  |  | 1,505 |
Other investments | — |  |  | 4,329 |  |  | 4,329 |  |  | — |  |  | 3,803 |  |  | 3,803 |
Total investments | $ | 2,134 |  |  | $ | 31,553 |  |  | $ | 33,687 |  |  | $ | 2,407 |  |  | $ | 28,934 |  |  | $ | 31,341 |
Schedule of Debt Securities Available For Sale | Debt securities available for sale at September 30, 2025 and December 31, 2024 were as follows:
In millions |  |  |  |  | Amortized Cost (1) |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  |  |  |  | $ | 2,850 |  |  | $ | 42 |  |  | $ | (7) |  |  | $ | 2,885 |
States, municipalities and political subdivisions |  |  |  |  | 293 |  |  | 2 |  |  | (8) |  |  | 287 |
U.S. corporate securities |  |  |  |  | 13,768 |  |  | 266 |  |  | (214) |  |  | 13,820 |
Foreign securities |  |  |  |  | 2,798 |  |  | 76 |  |  | (36) |  |  | 2,838 |
Residential mortgage-backed securities |  |  |  |  | 963 |  |  | 12 |  |  | (34) |  |  | 941 |
Commercial mortgage-backed securities |  |  |  |  | 1,935 |  |  | 32 |  |  | (32) |  |  | 1,935 |
Other asset-backed securities |  |  |  |  | 5,083 |  |  | 32 |  |  | (1) |  |  | 5,114 |
Redeemable preferred securities |  |  |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Total debt securities (2) |  |  |  |  | $ | 27,705 |  |  | $ | 462 |  |  | $ | (332) |  |  | $ | 27,835 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  |  |  |  | $ | 2,826 |  |  | $ | 7 |  |  | $ | (38) |  |  | $ | 2,795 |
States, municipalities and political subdivisions |  |  |  |  | 712 |  |  | 4 |  |  | (18) |  |  | 698 |
U.S. corporate securities |  |  |  |  | 13,043 |  |  | 94 |  |  | (412) |  |  | 12,725 |
Foreign securities |  |  |  |  | 2,608 |  |  | 27 |  |  | (111) |  |  | 2,524 |
Residential mortgage-backed securities |  |  |  |  | 792 |  |  | 2 |  |  | (54) |  |  | 740 |
Commercial mortgage-backed securities |  |  |  |  | 1,731 |  |  | 9 |  |  | (67) |  |  | 1,673 |
Other asset-backed securities |  |  |  |  | 4,834 |  |  | 35 |  |  | (7) |  |  | 4,862 |
Redeemable preferred securities |  |  |  |  | 16 |  |  | — |  |  | — |  |  | 16 |
Total debt securities (2) |  |  |  |  | $ | 26,562 |  |  | $ | 178 |  |  | $ | (707) |  |  | $ | 26,033 |
_____________________________________________ (1)There was no allowance for expected credit losses recorded on available-for-sale debt securities at September 30, 2025 or December 31, 2024. (2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At September 30, 2025, debt securities with a fair value of $487 million, gross unrealized capital gains of $11 million and gross unrealized capital losses of $15 million, and at December 31, 2024, debt securities with a fair value of $543 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $30 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income (loss).
Schedule of Net Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at September 30, 2025 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millions | Amortized Cost |  | Fair Value
Due to mature: |  |  |
Less than one year | $ | 835 |  |  | $ | 838 |
One year through five years | 11,365 |  |  | 11,512 |
After five years through ten years | 4,698 |  |  | 4,783 |
Greater than ten years | 2,826 |  |  | 2,712 |
Residential mortgage-backed securities | 963 |  |  | 941 |
Commercial mortgage-backed securities | 1,935 |  |  | 1,935 |
Other asset-backed securities | 5,083 |  |  | 5,114 |
Total | $ | 27,705 |  |  | $ | 27,835 |
Schedule of Debt Securities In An Unrealized Capital Loss Position | Summarized below are the debt securities the Company held at September 30, 2025 and December 31, 2024 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
| Less than 12 months |  | Greater than 12 months |  | Total
In millions, except number of securities | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 42 |  |  | $ | 119 |  |  | $ | 2 |  |  | 77 |  |  | $ | 156 |  |  | $ | 5 |  |  | 119 |  |  | $ | 275 |  |  | $ | 7 |
States, municipalities and political subdivisions | 23 |  |  | 51 |  |  | 1 |  |  | 93 |  |  | 121 |  |  | 7 |  |  | 116 |  |  | 172 |  |  | 8 |
U.S. corporate securities | 690 |  |  | 920 |  |  | 17 |  |  | 1,644 |  |  | 2,240 |  |  | 197 |  |  | 2,334 |  |  | 3,160 |  |  | 214 |
Foreign securities | 148 |  |  | 238 |  |  | 3 |  |  | 356 |  |  | 520 |  |  | 33 |  |  | 504 |  |  | 758 |  |  | 36 |
Residential mortgage-backed securities | 28 |  |  | 59 |  |  | — |  |  | 318 |  |  | 298 |  |  | 34 |  |  | 346 |  |  | 357 |  |  | 34 |
Commercial mortgage-backed securities | 33 |  |  | 117 |  |  | 1 |  |  | 138 |  |  | 283 |  |  | 31 |  |  | 171 |  |  | 400 |  |  | 32 |
Other asset-backed securities | 146 |  |  | 275 |  |  | 1 |  |  | 45 |  |  | 37 |  |  | — |  |  | 191 |  |  | 312 |  |  | 1 |
Redeemable preferred securities | — |  |  | — |  |  | — |  |  | 4 |  |  | 6 |  |  | — |  |  | 4 |  |  | 6 |  |  | — |
Total debt securities | 1,110 |  |  | $ | 1,779 |  |  | $ | 25 |  |  | 2,675 |  |  | $ | 3,661 |  |  | $ | 307 |  |  | 3,785 |  |  | $ | 5,440 |  |  | $ | 332 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 266 |  |  | $ | 1,053 |  |  | $ | 18 |  |  | 155 |  |  | $ | 394 |  |  | $ | 20 |  |  | 421 |  |  | $ | 1,447 |  |  | $ | 38 |
States, municipalities and political subdivisions | 100 |  |  | 181 |  |  | 3 |  |  | 137 |  |  | 201 |  |  | 15 |  |  | 237 |  |  | 382 |  |  | 18 |
U.S. corporate securities | 3,119 |  |  | 4,144 |  |  | 64 |  |  | 2,602 |  |  | 3,395 |  |  | 348 |  |  | 5,721 |  |  | 7,539 |  |  | 412 |
Foreign securities | 599 |  |  | 810 |  |  | 21 |  |  | 616 |  |  | 874 |  |  | 90 |  |  | 1,215 |  |  | 1,684 |  |  | 111 |
Residential mortgage-backed securities | 89 |  |  | 267 |  |  | 5 |  |  | 361 |  |  | 342 |  |  | 49 |  |  | 450 |  |  | 609 |  |  | 54 |
Commercial mortgage-backed securities | 186 |  |  | 628 |  |  | 11 |  |  | 237 |  |  | 464 |  |  | 56 |  |  | 423 |  |  | 1,092 |  |  | 67 |
Other asset-backed securities | 139 |  |  | 414 |  |  | 5 |  |  | 62 |  |  | 58 |  |  | 2 |  |  | 201 |  |  | 472 |  |  | 7 |
Redeemable preferred securities | 4 |  |  | 9 |  |  | — |  |  | 4 |  |  | 6 |  |  | — |  |  | 8 |  |  | 15 |  |  | — |
Total debt securities | 4,502 |  |  | $ | 7,506 |  |  | $ | 127 |  |  | 4,174 |  |  | $ | 5,734 |  |  | $ | 580 |  |  | 8,676 |  |  | $ | 13,240 |  |  | $ | 707 |
The maturity dates for debt securities in an unrealized capital loss position at September 30, 2025 were as follows:
| Supporting experience-rated products |  | Supporting remaining products |  | Total
In millions | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Due to mature: |  |  |  |  |  |  |  |  |  |  |
Less than one year | $ | — |  |  | $ | — |  |  | $ | 133 |  |  | $ | 2 |  |  | $ | 133 |  |  | $ | 2 |
One year through five years | 50 |  |  | 2 |  |  | 1,711 |  |  | 46 |  |  | 1,761 |  |  | 48 |
After five years through ten years | 19 |  |  | 1 |  |  | 927 |  |  | 42 |  |  | 946 |  |  | 43 |
Greater than ten years | 101 |  |  | 11 |  |  | 1,430 |  |  | 161 |  |  | 1,531 |  |  | 172 |
Residential mortgage-backed securities | 8 |  |  | — |  |  | 349 |  |  | 34 |  |  | 357 |  |  | 34 |
Commercial mortgage-backed securities | 5 |  |  | 1 |  |  | 395 |  |  | 31 |  |  | 400 |  |  | 32 |
Other asset-backed securities | 6 |  |  | — |  |  | 306 |  |  | 1 |  |  | 312 |  |  | 1 |
Total | $ | 189 |  |  | $ | 15 |  |  | $ | 5,251 |  |  | $ | 317 |  |  | $ | 5,440 |  |  | $ | 332 |
Schedule of Activity in Mortgage Loan Portfolio | During the three and nine months ended September 30, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions | 2025 |  | 2024 |  | 2025 |  | 2024
New mortgage loans | $ | 48 |  |  | $ | 125 |  |  | $ | 145 |  |  | $ | 262 |
Mortgage loans fully repaid | 28 |  |  | 33 |  |  | 92 |  |  | 67 |
Mortgage loans foreclosed | — |  |  | — |  |  | — |  |  | — |
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator | Based on the Company’s assessments at September 30, 2025 and December 31, 2024, the amortized cost basis of the Company’s mortgage loans within each credit quality indicator by year of origination was as follows:
| Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
2 to 4 | 130 |  |  | 315 |  |  | 289 |  |  | 285 |  |  | 172 |  |  | 275 |  |  | 1,466 |
5 and 6 | — |  |  | — |  |  | — |  |  | 30 |  |  | 17 |  |  | 5 |  |  | 52 |
7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 130 |  |  | $ | 315 |  |  | $ | 289 |  |  | $ | 315 |  |  | $ | 189 |  |  | $ | 285 |  |  | $ | 1,523 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 8 |
2 to 4 |  |  | 315 |  |  | 292 |  |  | 320 |  |  | 205 |  |  | 320 |  |  | 1,452 |
5 and 6 |  |  | — |  |  | — |  |  | 4 |  |  | 13 |  |  | 28 |  |  | 45 |
7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 315 |  |  | $ | 292 |  |  | $ | 324 |  |  | $ | 218 |  |  | $ | 356 |  |  | $ | 1,505 |
Schedule of Net Investment Income | Sources of net investment income for the three and nine months ended September 30, 2025 and 2024 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions | 2025 |  | 2024 |  | 2025 |  | 2024
Debt securities | $ | 339 |  |  | $ | 307 |  |  | $ | 986 |  |  | $ | 816 |
Mortgage loans | 22 |  |  | 20 |  |  | 64 |  |  | 56 |
Other investments | 298 |  |  | 230 |  |  | 687 |  |  | 665 |
Gross investment income | 659 |  |  | 557 |  |  | 1,737 |  |  | 1,537 |
Investment expenses | (16) |  |  | (26) |  |  | (39) |  |  | (50) |
Net investment income (excluding net realized capital gains or losses) | 643 |  |  | 531 |  |  | 1,698 |  |  | 1,487 |
Net realized capital gains (losses) | (11) |  |  | 19 |  |  | (59) |  |  | (89) |
Net investment income | $ | 632 |  |  | $ | 550 |  |  | $ | 1,639 |  |  | $ | 1,398 |
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities | Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three and nine months ended September 30, 2025 and 2024 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales | $ | 1,836 |  |  | $ | 2,322 |  |  | $ | 6,644 |  |  | $ | 5,203 |
Gross realized capital gains | 15 |  |  | 16 |  |  | 37 |  |  | 30 |
Gross realized capital losses | 27 |  |  | 39 |  |  | 114 |  |  | 162 |

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