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Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
As of December 31,
($ in millions)20252024
Fixed income securities, at fair value$59,115 $52,747 
Equity securities, at fair value8,398 4,463 
Mortgage loans, net879 784 
Limited partnership interests8,844 9,255 
Short-term investments, at fair value4,887 4,537 
Other investments, net1,114 824 
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)GainsLosses
December 31, 2025
U.S. government and agencies$18,165 $43 $(75)$18,133 
Municipal5,617 87 (61)5,643 
Corporate30,050 585 (234)30,401 
Foreign government1,464 13 (17)1,460 
ABS1,348 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 
Municipal8,985 33 (176)8,842 
Corporate30,630 272 (710)30,192 
Foreign government1,352 22 (10)1,364 
ABS1,130 19 (4)1,145 
MBS
96 — — 96 
Total fixed income securities$53,616 $361 $(1,230)$52,747 
Schedule of Maturities for Fixed Income Securities
Scheduled maturities for fixed income securities
As of December 31, 2025As of December 31, 2024
($ 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 years22,582 22,706 22,889 22,595 
Due after five years through ten years21,538 21,780 17,431 17,130 
Due after ten years9,712 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)202520242023
Fixed income securities$2,509 $2,298 $1,761 
Equity securities99 77 75 
Mortgage loans41 36 35 
Limited partnership interests634 600 499 
Short-term investments345 290 253 
Other investments119 106 169 
Investment income, before expense3,747 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)202520242023
Fixed income securities$(215)$(200)$(540)
Equity securities257 82 282 
Mortgage loans(2)(1)(4)
Limited partnership interests(18)(9)4 
Derivatives(76)(14)(84)
Other investments(47)40 42 
Other (1)
(67)(123)— 
Net gains (losses) on investments and derivatives$(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)202520242023
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)202520242023
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)202520242023
Equity securities$221 $37 $151 
Limited partnership interests carried at fair value3 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)202520242023
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 unrealizedUnrealized net gains (losses)
December 31, 2025GainsLosses
Fixed income securities$59,115 $777 $(392)$385 
Short-term investments4,887 — (1)(1)
Derivative instruments (1)
— — (2)(2)
Unrealized net capital gains and losses, pre-tax382 
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 investments4,537 — (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 interest3 
Deferred income taxes209 
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)202520242023
Fixed income securities$1,254 $(85)$2,101 
Short-term investments1 (1)— 
Derivative instruments— — 1 
Limited partnerships interests— 4 (6)
Investments classified as held for sale (1)
110 (110)— 
Total1,365 (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)$1,651 
(1)Unrealized net capital gains and losses for investments disposed of in the EVB business sale.
Principal geographic distribution of commercial real estate exceeding 5% of the commercial mortgage loans portfolio
As of December 31,
(% of commercial mortgage loan portfolio carrying value)
20252024
California24.4 %22.9 %
Texas12.2 13.8 
Virginia7.3 6.1 
Tennessee7.2 6.2 
Ohio6.0 5.4 
Florida2.8 8.5 
As of December 31, 2025, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with concentrations over 5% in New York, New Jersey, Florida, Pennsylvania, Ohio and Texas.
Types of properties collateralizing the mortgage loan portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)
20252024
Commercial
Apartment Complex17.0 %24.9 %
Retail18.7 21.0 
Warehouse16.2 20.9 
Office7.6 13.4 
Other10.9 12.0 
Residential
29.6 7.8 
Total100.0 %100.0 %
Contractual maturities of the commercial mortgage loan portfolio
As of December 31, 2025
($ in millions)Number of loansAmortized cost, netPercent
20268 $139 22.4 %
20276 57 9.2 
202811 151 24.4 
20295 94 15.2 
Thereafter13 178 28.8 
Total43 $619 100.0 %
Residential mortgage loans typically have 30-year terms and were purchased within 2 years of loan origination.
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
As of December 31,
($ in millions)20252024
Private equity$7,247 $7,734 
Real estate1,451 1,236 
Other (1)
146 285 
Total $8,844 $9,255 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Principal Geographic Distribution of Municipal Bond Issuers Exceeding 5% of the Portfolio
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
As of December 31,
(% of municipal bond portfolio carrying value)20252024
Texas11.2 %12.8 %
Illinois11.2 6.1 
New York10.2 6.0 
Washington7.1 6.5 
California7.0 6.8 
Florida3.0 6.5 
Schedule of Other Investments by Asset Type
Other investments by asset type
As of December 31,
($ in millions)20252024
Real estate$630 $620 
Bank loans, net473 201 
Other11 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)20252024
Fixed income securities$10 $17 
Mortgage loans 10 12 
Bank loans 17 10 
Investments37 39 
Premium installment receivables189 187 
Reinsurance recoverables54 63 
Other assets15 14 
Assets295 303 
Commitments to fund line of credit, commercial mortgage loans and bank loans
15 — 
Liabilities15 — 
Total$310 $303 
Rollforward of credit loss allowance for fixed income securities
For the years ended December 31,
($ in millions)202520242023
Beginning balance$(17)$(36)$(13)
Credit losses on securities for which credit losses not previously reported(3)(8)(11)
Net (increases) decreases related to credit losses previously reported(2)2 (11)
Decrease (increase) related to sales and other— 3 (1)
Write-offs12 22 — 
Ending balance$(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)202520242023
Beginning balance$(12)$(11)$(7)
Net increases related to credit losses(2)(1)(4)
Write-offs4 — — 
Ending balance$(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)202520242023
Beginning balance$(10)$(22)$(57)
Net (increases) decreases related to credit losses(12)6 (18)
Reduction related to sales
— — 50 
Write-offs5 6 3 
Ending balance
$(17)$(10)$(22)
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
Less than 12 months12 months or more
($ in millions)Number of issuesFair valueUnrealized lossesNumber of issuesFair valueUnrealized lossesTotal unrealized losses
December 31, 2025
Fixed income securities
U.S. government and agencies74 $11,840 $(72)54 $209 $(3)$(75)
Municipal106 640 (6)527 1,423 (55)(61)
Corporate530 3,933 (49)640 3,677 (185)(234)
Foreign government77 553 (9)53 40 (8)(17)
ABS58 205 (2)12 42 (2)(4)
MBS
29 246 (1)59 3 — (1)
Total fixed income securities874 $17,417 $(139)1,345 $5,394 $(253)$(392)
Investment grade fixed income securities694 $16,899 $(123)1,212 $4,793 $(229)$(352)
Below investment grade fixed income securities180 518 (16)133 601 (24)(40)
Total fixed income securities874 $17,417 $(139)1,345 $5,394 $(253)$(392)
December 31, 2024
Fixed income securities
U.S. government and agencies179 $8,520 $(256)99 $801 $(74)$(330)
Municipal990 4,889 (67)1,089 1,693 (109)(176)
Corporate943 9,178 (166)1,237 7,877 (544)(710)
Foreign government42 159 (2)73 73 (8)(10)
ABS15 76 — 15 51 (4)(4)
MBS
35 2 — 70 5 — — 
Total fixed income securities2,204 $22,824 $(491)2,583 $10,500 $(739)$(1,230)
Investment grade fixed income securities2,002 $21,846 $(473)2,367 $9,281 $(655)$(1,128)
Below investment grade fixed income securities202 978 (18)216 1,219 (84)(102)
Total fixed income securities2,204 $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 gradeTotal
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, 2025December 31, 2024
($ in millions)2020 and prior20212022202320242025TotalTotal
Below 1.0$— $— $— $— $— $— $— $— 
1.0 - 1.2510 — — 25 36 — 71 137 
1.26 - 1.5034 — 42 19 — — 95 105 
Above 1.50178 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, 2025December 31, 2024
2020 and prior20212022202320242025TotalTotal
NAIC 1 / A$— $— $— $— $44 $155 $199 $45 
NAIC 2 / BBB— — — — 1 143 144 6 
NAIC 3 / BB— — — 2 6 15 23 27 
NAIC 4 / B1 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