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Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments [Abstract] |
Schedule of Portfolio Composition |
Portfolio composition
|  | As of December 31,
($ in millions) |  | 2025 |  | 2024
Fixed income securities, at fair value |  | $ | 59,115 |  |  | $ | 52,747 |
Equity securities, at fair value |  | 8,398 |  |  | 4,463 |
Mortgage loans, net |  | 879 |  |  | 784 |
Limited partnership interests |  | 8,844 |  |  | 9,255 |
Short-term investments, at fair value |  | 4,887 |  |  | 4,537 |
Other investments, net |  | 1,114 |  |  | 824 |
Total |  | $ | 83,237 |  |  | $ | 72,610 |
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities |
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
|  | Amortized cost, net |  | Gross unrealized |  | Fair value
($ in millions) |  |  | Gains |  | Losses |
December 31, 2025 |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 18,165 |  |  | $ | 43 |  |  | $ | (75) |  |  | $ | 18,133 |
Municipal |  | 5,617 |  |  | 87 |  |  | (61) |  |  | 5,643 |
Corporate |  | 30,050 |  |  | 585 |  |  | (234) |  |  | 30,401 |
Foreign government |  | 1,464 |  |  | 13 |  |  | (17) |  |  | 1,460 |
ABS |  | 1,348 |  |  | 8 |  |  | (4) |  |  | 1,352 |
MBS |  | 2,086 |  |  | 41 |  |  | (1) |  |  | 2,126 |
Total fixed income securities |  | $ | 58,730 |  |  | $ | 777 |  |  | $ | (392) |  |  | $ | 59,115 |
December 31, 2024 |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 11,423 |  |  | $ | 15 |  |  | $ | (330) |  |  | $ | 11,108 |
Municipal |  | 8,985 |  |  | 33 |  |  | (176) |  |  | 8,842 |
Corporate |  | 30,630 |  |  | 272 |  |  | (710) |  |  | 30,192 |
Foreign government |  | 1,352 |  |  | 22 |  |  | (10) |  |  | 1,364 |
ABS |  | 1,130 |  |  | 19 |  |  | (4) |  |  | 1,145 |
MBS |  | 96 |  |  | — |  |  | — |  |  | 96 |
Total fixed income securities |  | $ | 53,616 |  |  | $ | 361 |  |  | $ | (1,230) |  |  | $ | 52,747 |
Schedule of Maturities for Fixed Income Securities |
Scheduled maturities for fixed income securities |  |  |  |
|  | As of December 31, 2025 |  | As of December 31, 2024
($ in millions) |  | Amortized cost, net |  | Fair value |  | Amortized cost, net |  | Fair value
Due in one year or less |  | $ | 1,464 |  |  | $ | 1,460 |  |  | $ | 1,544 |  |  | $ | 1,531 |
Due after one year through five years |  | 22,582 |  |  | 22,706 |  |  | 22,889 |  |  | 22,595 |
Due after five years through ten years |  | 21,538 |  |  | 21,780 |  |  | 17,431 |  |  | 17,130 |
Due after ten years |  | 9,712 |  |  | 9,691 |  |  | 10,526 |  |  | 10,250 |
|  | 55,296 |  |  | 55,637 |  |  | 52,390 |  |  | 51,506 |
ABS and MBS |  | 3,434 |  |  | 3,478 |  |  | 1,226 |  |  | 1,241 |
Total |  | $ | 58,730 |  |  | $ | 59,115 |  |  | $ | 53,616 |  |  | $ | 52,747 |
Schedule of Net Investment Income |
Net investment income
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Fixed income securities |  | $ | 2,509 |  |  | $ | 2,298 |  |  | $ | 1,761 |
Equity securities |  | 99 |  |  | 77 |  |  | 75 |
Mortgage loans |  | 41 |  |  | 36 |  |  | 35 |
Limited partnership interests |  | 634 |  |  | 600 |  |  | 499 |
Short-term investments |  | 345 |  |  | 290 |  |  | 253 |
Other investments |  | 119 |  |  | 106 |  |  | 169 |
Investment income, before expense |  | 3,747 |  |  | 3,407 |  |  | 2,792 |
Investment expense |  | (298) |  |  | (315) |  |  | (314) |
Net investment income |  | $ | 3,449 |  |  | $ | 3,092 |  |  | $ | 2,478 |
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type |
Net gains (losses) on investments and derivatives by asset type
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Fixed income securities |  | $ | (215) |  |  | $ | (200) |  |  | $ | (540) |
Equity securities |  | 257 |  |  | 82 |  |  | 282 |
Mortgage loans |  | (2) |  |  | (1) |  |  | (4) |
Limited partnership interests |  | (18) |  |  | (9) |  |  | 4 |
Derivatives |  | (76) |  |  | (14) |  |  | (84) |
Other investments |  | (47) |  |  | 40 |  |  | 42 |
Other (1) |  | (67) |  |  | (123) |  |  | — |
Net gains (losses) on investments and derivatives |  | $ | (168) |  |  | $ | (225) |  |  | $ | (300) |
(1)2025 is related to losses recorded for variable interests in Adirondack Insurance Exchange (“Adirondack”) and New Jersey Skylands Insurance Association (“Skylands”) (together “Reciprocal Exchanges”). 2024 is related to losses for the carrying value of the surplus notes issued by the Reciprocal Exchanges.See Note 9 for further detail.
Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type |
Net gains (losses) on investments and derivatives by transaction type
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Sales |  | $ | (253) |  |  | $ | (160) |  |  | $ | (433) |
Credit losses |  | (110) |  |  | (146) |  |  | (99) |
Valuation change of equity investments (1) |  | 271 |  |  | 95 |  |  | 316 |
Valuation change and settlements of derivatives |  | (76) |  |  | (14) |  |  | (84) |
Net gains (losses) on investments and derivatives |  | $ | (168) |  |  | $ | (225) |  |  | $ | (300) |
(1)Includes valuation changes of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities |
Gross realized gains (losses) on sales of fixed income securities
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Gross realized gains |  | $ | 450 |  |  | $ | 340 |  |  | $ | 115 |
Gross realized losses |  | (660) |  |  | (537) |  |  | (633) |
Schedule of Net Appreciation (Decline) Recognized in Net Income for Assets that are Still Held |
Net appreciation (decline) recognized in net income for assets that are still held
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Equity securities |  | $ | 221 |  |  | $ | 37 |  |  | $ | 151 |
Limited partnership interests carried at fair value |  | 3 |  |  | 76 |  |  | 85 |
Total |  | $ | 224 |  |  | $ | 113 |  |  | $ | 236 |
Schedule of Credit Losses Recognized in Net Income |
Credit losses recognized in net income
| For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Fixed income securities: |  |  |  |  |  |
Municipal |  | $ | — |  |  | $ | (2) |  |  | $ | — |
Corporate |  | (4) |  |  | (1) |  |  | (24) |
ABS |  | (1) |  |  | — |  |  | 2 |
Total fixed income securities |  | (5) |  |  | (3) |  |  | (22) |
Mortgage loans |  | (2) |  |  | (1) |  |  | (4) |
Limited partnership interests |  | (12) |  |  | (24) |  |  | (25) |
Other investments |  |  |  |  |  |
Bank loans |  | (12) |  |  | 6 |  |  | (18) |
Real estate |  | (12) |  |  | (2) |  |  | (29) |
Other assets |  | (52) |  |  | (123) |  |  | — |
Commitments to fund line of credit, commercial mortgage loans and bank loans |  | (15) |  |  | 1 |  |  | (1) |
Total |  | $ | (110) |  |  | $ | (146) |  |  | $ | (99) |
Schedule of Unrealized Net Capital Gains and Losses Included in AOCI |
Unrealized net capital gains and losses included in AOCI
($ in millions) |  | Fair value |  | Gross unrealized |  | Unrealized net gains (losses)
December 31, 2025 |  |  | Gains |  | Losses |
Fixed income securities |  | $ | 59,115 |  |  | $ | 777 |  |  | $ | (392) |  |  | $ | 385 |
Short-term investments |  | 4,887 |  |  | — |  |  | (1) |  |  | (1) |
Derivative instruments (1) |  | — |  |  | — |  |  | (2) |  |  | (2) |
Unrealized net capital gains and losses, pre-tax |  |  |  |  |  |  |  | 382 |
Reclassification of noncontrolling interest |  |  |  |  |  |  |  | — |
Deferred income taxes |  |  |  |  |  |  |  | (85) |
Unrealized net capital gains and losses, after-tax |  |  |  |  |  |  |  | $ | 297 |
December 31, 2024 |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 52,747 |  |  | $ | 361 |  |  | $ | (1,230) |  |  | $ | (869) |
Short-term investments |  | 4,537 |  |  | — |  |  | (2) |  |  | (2) |
Derivative instruments (1) |  | — |  |  | — |  |  | (2) |  |  | (2) |
Investments classified as held for sale |  |  |  |  |  |  |  | (110) |
Unrealized net capital gains and losses, pre-tax |  |  |  |  |  |  |  | (983) |
Reclassification of noncontrolling interest |  |  |  |  |  |  |  | 3 |
Deferred income taxes |  |  |  |  |  |  |  | 209 |
Unrealized net capital gains and losses, after-tax |  |  |  |  |  |  |  | $ | (771) |
(1)Includes the effective portion of losses on terminated cash flow hedges.
Schedule of Change in Unrealized Net Capital Gains (Losses) and Principal Geographic Distribution of Commercial Real Estate Exceeding 5% of the Mortgage Loans Portfolio and Types of Properties Collateralizing the Mortgage Loan Portfolio and Contractual Maturities of the Mortgage Loan Portfolio |
Change in unrealized net capital gains (losses)
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Fixed income securities |  | $ | 1,254 |  |  | $ | (85) |  |  | $ | 2,101 |
Short-term investments |  | 1 |  |  | (1) |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | 1 |
Limited partnerships interests |  | — |  |  | 4 |  |  | (6) |
Investments classified as held for sale (1) |  | 110 |  |  | (110) |  |  | — |
Total |  | 1,365 |  |  | (192) |  |  | 2,096 |
Reclassification of noncontrolling interest |  | (3) |  |  | (10) |  |  | (10) |
Deferred income taxes |  | (294) |  |  | 35 |  |  | (435) |
Change in unrealized net capital gains and losses, after-tax |  | $ | 1,068 |  |  | $ | (167) |  |  | $ | 1,651 |
(1)Unrealized net capital gains and losses for investments disposed of in the EVB business sale.
Principal geographic distribution of commercial real estate exceeding 5% of the commercial mortgage loans portfolio
|  | As of December 31,
(% of commercial mortgage loan portfolio carrying value) |  | 2025 |  | 2024
California |  | 24.4 | % |  | 22.9 | %
Texas |  | 12.2 |  |  | 13.8 |
Virginia |  | 7.3 |  |  | 6.1 |
Tennessee |  | 7.2 |  |  | 6.2 |
Ohio |  | 6.0 |  |  | 5.4 |
Florida |  | 2.8 |  |  | 8.5 |
As of December 31, 2025, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with concentrations over 5% in New York, New Jersey, Florida, Pennsylvania, Ohio and Texas.
Types of properties collateralizing the mortgage loan portfolio
|  | As of December 31,
(% of mortgage loan portfolio carrying value) |  | 2025 |  | 2024
Commercial |  |  |  |
Apartment Complex |  | 17.0 | % |  | 24.9 | %
Retail |  | 18.7 |  |  | 21.0 |
Warehouse |  | 16.2 |  |  | 20.9 |
Office |  | 7.6 |  |  | 13.4 |
Other |  | 10.9 |  |  | 12.0 |
Residential |  | 29.6 |  |  | 7.8 |
Total |  | 100.0 | % |  | 100.0 | %
Contractual maturities of the commercial mortgage loan portfolio
|  | As of December 31, 2025
($ in millions) |  | Number of loans |  | Amortized cost, net |  | Percent
2026 |  | 8 |  |  | $ | 139 |  |  | 22.4 | %
2027 |  | 6 |  |  | 57 |  |  | 9.2 |
2028 |  | 11 |  |  | 151 |  |  | 24.4 |
2029 |  | 5 |  |  | 94 |  |  | 15.2 |
Thereafter |  | 13 |  |  | 178 |  |  | 28.8 |
Total |  | 43 |  |  | $ | 619 |  |  | 100.0 | %
Residential mortgage loans typically have 30-year terms and were purchased within 2 years of loan origination.
Schedule of Carrying Value for Limited Partnership Interests |
Carrying value for limited partnership interests
|  | As of December 31,
($ in millions) |  | 2025 |  | 2024
Private equity |  | $ | 7,247 |  |  | $ | 7,734 |
Real estate |  | 1,451 |  |  | 1,236 |
Other (1) |  | 146 |  |  | 285 |
Total |  | $ | 8,844 |  |  | $ | 9,255 |
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Principal Geographic Distribution of Municipal Bond Issuers Exceeding 5% of the Portfolio |
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
|  | As of December 31,
(% of municipal bond portfolio carrying value) |  | 2025 |  | 2024
Texas |  | 11.2 | % |  | 12.8 | %
Illinois |  | 11.2 |  |  | 6.1 |
New York |  | 10.2 |  |  | 6.0 |
Washington |  | 7.1 |  |  | 6.5 |
California |  | 7.0 |  |  | 6.8 |
Florida |  | 3.0 |  |  | 6.5 |
Schedule of Other Investments by Asset Type |
Other investments by asset type
|  | As of December 31,
($ in millions) |  | 2025 |  | 2024
Real estate |  | $ | 630 |  |  | $ | 620 |
Bank loans, net |  | 473 |  |  | 201 |
Other |  | 11 |  |  | 3 |
Total |  | $ | 1,114 |  |  | $ | 824 |
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities and Mortgage Loans and Bank Loans |
Rollforward of credit loss allowance for premium installment receivables
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | (187) |  |  | $ | (138) |
Increase in the provision for credit losses |  | (487) |  |  | (414) |
Write-off of uncollectible premium installment receivable amounts |  | 485 |  |  | 365 |
Ending balance |  | $ | (189) |  |  | $ | (187) |
Allowance for credit losses
|  | As of December 31,
($ in millions) |  | 2025 |  | 2024
Fixed income securities |  | $ | 10 |  |  | $ | 17 |
Mortgage loans |  | 10 |  |  | 12 |
Bank loans |  | 17 |  |  | 10 |
Investments |  | 37 |  |  | 39 |
Premium installment receivables |  | 189 |  |  | 187 |
Reinsurance recoverables |  | 54 |  |  | 63 |
Other assets |  | 15 |  |  | 14 |
Assets |  | 295 |  |  | 303 |
Commitments to fund line of credit, commercial mortgage loans and bank loans |  | 15 |  |  | — |
Liabilities |  | 15 |  |  | — |
Total |  | $ | 310 |  |  | $ | 303 |
Rollforward of credit loss allowance for fixed income securities
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023 |  |  |  |
Beginning balance |  | $ | (17) |  |  | $ | (36) |  |  | $ | (13) |  |  |  |  |
Credit losses on securities for which credit losses not previously reported |  | (3) |  |  | (8) |  |  | (11) |  |  |  |  |
Net (increases) decreases related to credit losses previously reported |  | (2) |  |  | 2 |  |  | (11) |  |  |  |  |
Decrease (increase) related to sales and other |  | — |  |  | 3 |  |  | (1) |  |  |  |  |
Write-offs |  | 12 |  |  | 22 |  |  | — |  |  |  |  |
Ending balance |  | $ | (10) |  |  | $ | (17) |  |  | $ | (36) |  |  |  |  |
Components of credit loss allowance as of December 31 |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | (8) |  |  | (16) |  |  | (35) |  |  |  |  |
ABS |  | (2) |  |  | (1) |  |  | (1) |  |  |  |  |
Total |  | $ | (10) |  |  | $ | (17) |  |  | $ | (36) |  |  |  |  |
Rollforward of credit loss allowance for mortgage loans
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Beginning balance |  | $ | (12) |  |  | $ | (11) |  |  | $ | (7) |
Net increases related to credit losses |  | (2) |  |  | (1) |  |  | (4) |
Write-offs |  | 4 |  |  | — |  |  | — |
Ending balance |  | $ | (10) |  |  | $ | (12) |  |  | $ | (11) |
Components of credit loss allowance as of December 31 |  |  |  |  |  |
Commercial |  | $ | (9) |  |  | $ | (12) |  |  | $ | (11) |
Residential |  | (1) |  |  | — |  |  | — |
Total |  | $ | (10) |  |  | $ | (12) |  |  | $ | (11) |
Rollforward of credit loss allowance for bank loans
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Beginning balance |  | $ | (10) |  |  | $ | (22) |  |  | $ | (57) |
Net (increases) decreases related to credit losses |  | (12) |  |  | 6 |  |  | (18) |
Reduction related to sales |  | — |  |  | — |  |  | 50 |
Write-offs |  | 5 |  |  | 6 |  |  | 3 |
Ending balance |  | $ | (17) |  |  | $ | (10) |  |  | $ | (22) |
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position |
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
|  | Less than 12 months |  | 12 months or more |  |
($ in millions) |  | Number of issues |  | Fair value |  | Unrealized losses |  | Number of issues |  | Fair value |  | Unrealized losses |  | Total unrealized losses
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 74 |  |  | $ | 11,840 |  |  | $ | (72) |  |  | 54 |  |  | $ | 209 |  |  | $ | (3) |  |  | $ | (75) |
Municipal |  | 106 |  |  | 640 |  |  | (6) |  |  | 527 |  |  | 1,423 |  |  | (55) |  |  | (61) |
Corporate |  | 530 |  |  | 3,933 |  |  | (49) |  |  | 640 |  |  | 3,677 |  |  | (185) |  |  | (234) |
Foreign government |  | 77 |  |  | 553 |  |  | (9) |  |  | 53 |  |  | 40 |  |  | (8) |  |  | (17) |
ABS |  | 58 |  |  | 205 |  |  | (2) |  |  | 12 |  |  | 42 |  |  | (2) |  |  | (4) |
MBS |  | 29 |  |  | 246 |  |  | (1) |  |  | 59 |  |  | 3 |  |  | — |  |  | (1) |
Total fixed income securities |  | 874 |  |  | $ | 17,417 |  |  | $ | (139) |  |  | 1,345 |  |  | $ | 5,394 |  |  | $ | (253) |  |  | $ | (392) |
Investment grade fixed income securities |  | 694 |  |  | $ | 16,899 |  |  | $ | (123) |  |  | 1,212 |  |  | $ | 4,793 |  |  | $ | (229) |  |  | $ | (352) |
Below investment grade fixed income securities |  | 180 |  |  | 518 |  |  | (16) |  |  | 133 |  |  | 601 |  |  | (24) |  |  | (40) |
Total fixed income securities |  | 874 |  |  | $ | 17,417 |  |  | $ | (139) |  |  | 1,345 |  |  | $ | 5,394 |  |  | $ | (253) |  |  | $ | (392) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 179 |  |  | $ | 8,520 |  |  | $ | (256) |  |  | 99 |  |  | $ | 801 |  |  | $ | (74) |  |  | $ | (330) |
Municipal |  | 990 |  |  | 4,889 |  |  | (67) |  |  | 1,089 |  |  | 1,693 |  |  | (109) |  |  | (176) |
Corporate |  | 943 |  |  | 9,178 |  |  | (166) |  |  | 1,237 |  |  | 7,877 |  |  | (544) |  |  | (710) |
Foreign government |  | 42 |  |  | 159 |  |  | (2) |  |  | 73 |  |  | 73 |  |  | (8) |  |  | (10) |
ABS |  | 15 |  |  | 76 |  |  | — |  |  | 15 |  |  | 51 |  |  | (4) |  |  | (4) |
MBS |  | 35 |  |  | 2 |  |  | — |  |  | 70 |  |  | 5 |  |  | — |  |  | — |
Total fixed income securities |  | 2,204 |  |  | $ | 22,824 |  |  | $ | (491) |  |  | 2,583 |  |  | $ | 10,500 |  |  | $ | (739) |  |  | $ | (1,230) |
Investment grade fixed income securities |  | 2,002 |  |  | $ | 21,846 |  |  | $ | (473) |  |  | 2,367 |  |  | $ | 9,281 |  |  | $ | (655) |  |  | $ | (1,128) |
Below investment grade fixed income securities |  | 202 |  |  | 978 |  |  | (18) |  |  | 216 |  |  | 1,219 |  |  | (84) |  |  | (102) |
Total fixed income securities |  | 2,204 |  |  | $ | 22,824 |  |  | $ | (491) |  |  | 2,583 |  |  | $ | 10,500 |  |  | $ | (739) |  |  | $ | (1,230) |
(1)Includes fixed income securities with fair values of $11 million and $16 million and unrealized losses of $2 million and $1 million with credit loss allowances of $1 million and $3 million as of December 31, 2025, and 2024, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality |
Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2025
($ in millions) |  | Investment grade |  | Below investment grade |  | Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) |  | $ | (329) |  |  | $ | (36) |  |  | $ | (365) |
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2) |  | (23) |  |  | (4) |  |  | (27) |
Total unrealized losses |  | $ | (352) |  |  | $ | (40) |  |  | $ | (392) |
(1)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (2)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of Commercial Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination |
Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
|  | December 31, 2025 |  | December 31, 2024
($ in millions) |  | 2020 and prior |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Total |  | Total
Below 1.0 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
1.0 - 1.25 |  | 10 |  |  | — |  |  | — |  |  | 25 |  |  | 36 |  |  | — |  |  | 71 |  |  | 137 |
1.26 - 1.50 |  | 34 |  |  | — |  |  | 42 |  |  | 19 |  |  | — |  |  | — |  |  | 95 |  |  | 105 |
Above 1.50 |  | 178 |  |  | 164 |  |  | 47 |  |  | 58 |  |  | 15 |  |  | — |  |  | 462 |  |  | 493 |
Amortized cost before allowance |  | $ | 222 |  |  | $ | 164 |  |  | $ | 89 |  |  | $ | 102 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 628 |  |  | $ | 735 |
Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | (9) |  |  | (12) |
Amortized cost, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 619 |  |  | $ | 723 |
Schedule of Payment Status of Mortgage Loans |
Payment status of mortgage loans
|  | December 31, 2025
($ in millions) |  | Commercial |  | Residential |  | Total
Less than 90 days past due |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
90 days or greater past due |  | — |  |  | 2 |  |  | 2 |
Total past due before allowance |  | — |  |  | 4 |  |  | 4 |
Current before allowance |  | 628 |  |  | 257 |  |  | 885 |
Total mortgage loans before allowance |  | 628 |  |  | 261 |  |  | 889 |
Allowance |  | (9) |  |  | (1) |  |  | (10) |
Total mortgage loans |  | $ | 619 |  |  | $ | 260 |  |  | $ | 879 |
Schedule of Bank Loans Amortized Cost by Credit Quality and Year of Origination |
Bank loans amortized cost by credit rating and year of origination
($ in millions) |  | December 31, 2025 |  | December 31, 2024
|  | 2020 and prior |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Total |  | Total
NAIC 1 / A |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44 |  |  | $ | 155 |  |  | $ | 199 |  |  | $ | 45 |
NAIC 2 / BBB |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 143 |  |  | 144 |  |  | 6 |
NAIC 3 / BB |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 6 |  |  | 15 |  |  | 23 |  |  | 27 |
NAIC 4 / B |  | 1 |  |  | 2 |  |  | — |  |  | 24 |  |  | 22 |  |  | 57 |  |  | 106 |  |  | 122 |
NAIC 5-6 / CCC and below |  | — |  |  | — |  |  | 1 |  |  | 7 |  |  | 1 |  |  | 9 |  |  | 18 |  |  | 11 |
Amortized cost before allowance |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 33 |  |  | $ | 74 |  |  | $ | 379 |  |  | $ | 490 |  |  | $ | 211 |
Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | (17) |  |  | (10) |
Amortized cost, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 473 |  |  | $ | 201 |

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