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Dispositions | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions |
Note 3 | Dispositions
Employer voluntary benefits (“EVB”) business disposition On April 1, 2025, the Company closed the sale of American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business for $1.9 billion in cash, net of purchase price adjustments. The Company recorded a gain on the sale of $888 million or $641 million, after-tax for the nine months ended September 30, 2025. The EVB business generated $243 million of premiums and contract charges and $22 million of adjusted net income for the three months ended March 31, 2025.
Major classes of assets and liabilities disposed of in EVB transaction
($ in millions) |  | April 1, 2025 |  | December 31, 2024
Assets |  |  |  |
Investments |  |  |  |
Fixed income securities, at fair value (amortized cost, net $1,765 and $1,809) |  | $ | 1,676 |  |  | $ | 1,699 |
Short-term, at fair value (amortized cost $64 and $85) |  | 64 |  |  | 85 |
Other investments, net |  | 116 |  |  | 122 |
Total investments |  | 1,856 |  |  | 1,906 |
Cash |  | 29 |  |  | — |
Deferred policy acquisition costs |  | 525 |  |  | 521 |
Reinsurance recoverables, net |  | 117 |  |  | 111 |
Other assets (1) |  | 523 |  |  | 554 |
Total assets |  | $ | 3,050 |  |  | $ | 3,092 |
Liabilities |  |  |  |
Reserve for future policy benefits |  | $ | 1,096 |  |  | $ | 1,085 |
Contractholder funds |  | 882 |  |  | 890 |
Other liabilities and accrued expenses |  | 124 |  |  | 138 |
Total liabilities |  | $ | 2,102 |  |  | $ | 2,113 |
(1)Included $249 million of goodwill at April 1, 2025. Shareholders' equity included $51 million of accumulated other comprehensive losses related to assets and liabilities disposed of on April 1, 2025. Group health business disposition On July 1, 2025, the Company closed the sale of Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the Company’s group health business for $1.23 billion in cash, net of purchase price adjustments. The Company recorded a gain on the sale of $722 million or $506 million, after-tax in the third quarter of 2025. The group health business generated $247 million of premiums and contract charges and $21 million of adjusted net income for the six months ended June 30, 2025.
Major classes of assets and liabilities disposed of in group health business transaction
($ in millions) |  | July 1, 2025
Assets |  |
Investments |  |
Fixed income securities, at fair value (amortized cost, net $142) |  | $ | 143 |
Short-term, at fair value (amortized cost $177) |  | 177 |
Total investments |  | 320 |
Cash |  | 88 |
Deferred policy acquisition costs |  | 1 |
Other assets (1) |  | 305 |
Total assets |  | $ | 714 |
Liabilities |  |
Other liabilities and accrued expenses |  | $ | 9 |
Total liabilities |  | $ | 9 |
(1)Included $152 million of goodwill at July 1, 2025. In addition, reserves for future policy benefits of $200 million were reinsured to Nationwide Life Insurance Company with a corresponding reinsurance recoverable established on July 1, 2025. In connection with these sales, the Company is providing transition services for 24 months from the respective dates of closing.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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