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Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments
5. Investments
Net Realized Gains (Losses)
 Three Months Ended September 30,Nine Months Ended September 30,
(Before tax)2025202420252024
Gross gains on sales of fixed maturities
$17 $12 $49 $23 
Gross losses on sales of fixed maturities
(38)(62)(108)(148)
Equity securities [1]
Net realized gains (losses) on sales of equity securities7 1 12 (14)
Change in net unrealized gains (losses) of equity securities20 26 40 90 
Net realized and unrealized gains (losses) on equity securities27 27 52 76 
Net credit losses on fixed maturities, AFS— — 2 (2)
Change in ACL on mortgage loans(6)— (6)3 
Other, net [2](12)10 (60)4 
Net realized losses$(12)$(13)$(71)$(44)
[1]The change in net unrealized gains on equity securities still held as of September 30, 2025, and included in net realized gains were $28 and $45 for the three and nine months ended September 30, 2025, respectively. The change in net unrealized gains (losses) on equity securities still held as of September 30, 2024, and included in net realized gains (losses) were $27 and $71 for the three and nine months ended September 30, 2024, respectively.
[2]For the three and nine months ended September 30, 2025, includes gains (losses) from transactional foreign currency revaluation of $7 and $(11), respectively, and losses on non-qualifying derivatives of $(5) and $(16), respectively. For the three and nine months ended September 30, 2024, includes losses from transactional foreign currency revaluation of $(11) and $(5), respectively, and gains on non-qualifying derivatives of $23 and $15, respectively.
Proceeds from the sales of fixed maturities, AFS totaled $1.6 billion and $4.3 billion for the three and nine months ended September 30, 2025, respectively, and $1.5 billion and $4.2 billion for the three and nine months ended September 30, 2024. Non-cash investing activities for both the three and nine months ended September 30, 2025, included $17 related to the exchange of equity securities for limited partnerships and other alternative investments. Non-cash investing activities for both the three and nine months ended September 30, 2024, included $18 related to the exchange of short-term investments for equity securities.
Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans
As of September 30, 2025 and December 31, 2024, the Company reported accrued investment income related to fixed maturities, AFS of $438 and $412, respectively, and accrued investment income related to mortgage loans of $24 and $22, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.
Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS
The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.
For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.
Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.
For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.
For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value.
ACL on Fixed Maturities, AFS by Type
Three Months Ended September 30,
20252024
(Before tax)CMBSTotalCorporateCMBSTotal
Balance as of beginning of period$14 $14 $6 $13 $19 
Reduction due to sales— — (3)— (3)
Balance as of end of period$14 $14 $3 $13 $16 
ACL on Fixed Maturities, AFS by Type
Nine Months Ended September 30,
20252024
(Before tax)CorporateCMBSTotalCorporateCMBSTotal
Balance as of beginning of period$3 $13 $16 $9 $12 $21 
Credit losses on fixed maturities where an allowance was not previously recorded— — — — 1 1 
Reduction due to sales— — — (3)— (3)
Net increases (decreases) on fixed maturities where an allowance was previously recorded(3)1 (2)1 — 1 
Write-offs charged against the allowance— — — (4)— (4)
Balance as of end of period$— $14 $14 $3 $13 $16 
Fixed Maturities, AFS
Fixed Maturities, AFS, by Type
September 30, 2025December 31, 2024

Amortized
Cost		ACLGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Amortized
Cost		ACLGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
ABS$4,470 $— $53 $(17)$4,506 $3,948 $— $28 $(39)$3,937 
CLOs3,368 — 11 — 3,379 3,237 — 13 — 3,250 
CMBS2,652 (14)25 (165)2,498 2,976 (13)21 (248)2,736 
Corporate23,276 — 389 (586)23,079 21,555 (3)117 (1,033)20,636 
Foreign govt./govt. agencies403 — 9 (3)409 500 — 3 (23)480 
Municipal4,690 — 82 (291)4,481 5,574 — 77 (347)5,304 
RMBS6,000 — 43 (265)5,778 5,610 — 13 (393)5,230 
U.S. Treasuries1,192 — 6 (125)1,073 1,138 — — (144)994 
Total fixed maturities, AFS$46,051 $(14)$618 $(1,452)$45,203 $44,538 $(16)$272 $(2,227)$42,567 
Fixed Maturities, AFS, by Contractual Maturity Year
September 30, 2025December 31, 2024
Amortized CostFair ValueAmortized CostFair Value
One year or less$1,337 $1,338 $1,308 $1,298 
Over one year through five years9,827 9,865 9,564 9,414 
Over five years through ten years8,605 8,606 7,687 7,334 
Over ten years9,792 9,233 10,208 9,368 
Subtotal29,561 29,042 28,767 27,414 
Mortgage-backed and asset-backed securities16,490 16,161 15,771 15,153 
Total fixed maturities, AFS$46,051 $45,203 $44,538 $42,567 
Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.
Concentration of Credit Risk
The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of September 30, 2025 or December 31, 2024 other than U.S. government securities and certain U.S. government agencies.
Unrealized Losses on Fixed Maturities, AFS
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of September 30, 2025
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$316 $(2)$259 $(15)$575 $(17)
CLOs235 — — — 235 — 
CMBS114 (4)1,998 (161)2,112 (165)
Corporate1,640 (23)7,019 (563)8,659 (586)
Foreign govt./govt. agencies46 — 83 (3)129 (3)
Municipal553 (13)2,283 (278)2,836 (291)
RMBS534 (5)2,509 (260)3,043 (265)
U.S. Treasuries221 (5)571 (120)792 (125)
Total fixed maturities, AFS in an unrealized loss position$3,659 $(52)$14,722 $(1,400)$18,381 $(1,452)

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024
 Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$1,088 $(14)$407 $(25)$1,495 $(39)
CLOs78 — — — 78 — 
CMBS228 (4)2,299 (244)2,527 (248)
Corporate5,883 (138)8,212 (895)14,095 (1,033)
Foreign govt./govt. agencies165 (5)178 (18)343 (23)
Municipal1,263 (27)2,712 (320)3,975 (347)
RMBS1,297 (29)2,672 (364)3,969 (393)
U.S. Treasuries406 (26)461 (118)867 (144)
Total fixed maturities, AFS in an unrealized loss position$10,408 $(243)$16,941 $(1,984)$27,349 $(2,227)
As of September 30, 2025, fixed maturities, AFS in an unrealized loss position consisted of 2,780 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of September 30, 2025, 95% of these fixed maturities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during the nine months ended September 30, 2025, was primarily attributable to lower interest rates and tighter credit spreads.
Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, municipal bonds, and RMBS, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.
Mortgage Loans
ACL on Mortgage Loans
The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects
property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.
When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.
There were no mortgage loans held-for-sale as of September 30, 2025 or December 31, 2024. For the three and nine months ended September 30, 2025, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties. For the three
and nine months ended September 30, 2024, one office property mortgage loan with an amortized cost of $9 was granted a term extension of three years at the original rate which is a below-market rate with a borrower experiencing financial difficulties. The modified loan represented less than 1% of the portfolio and is current and performing in conjunction with the modified terms.
ACL on Mortgage Loans
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
ACL as of beginning of period$43 $48 $44 $51 
Current period provision (release)6 — 6 (3)
Current period gross write-offs— (4)(1)(4)
ACL as of September 30,
$49 $44 $49 $44 
The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 56% as of September 30, 2025, while the weighted-average LTV ratio at origination of these loans was 58%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.
Mortgage Loans LTV & DSCR by Origination Year as of September 30, 2025
202520242023202220212020 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
Greater than 80%$30 1.83x$— —x$— —x$15 0.80x$37 0.98x$165 1.49x$247 1.42x
65% - 80%56 1.53x76 0.86x23 0.83x90 1.72x484 2.50x335 1.90x1,064 2.04x
Less than 65%576 1.75x505 1.58x487 1.38x742 2.82x1,043 2.99x2,004 2.80x5,357 2.48x
Total mortgage loans$662 1.74x$581 1.49x$510 1.36x$847 2.67x$1,564 2.79x$2,504 2.60x$6,668 2.37x
[1]Amortized cost of mortgage loans excludes ACL of $49.
Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2024
202420232022202120202019 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
Greater than 80%$25 0.63x$— —x$16 1.05x$37 1.03x$— —x$110 1.68x$188 1.34x
65% - 80%89 1.42x7 1.35x204 1.89x421 2.55x100 3.60x439 2.01x1,260 2.26x
Less than 65%357 1.62x489 1.39x696 2.85x1,108 2.93x518 2.67x1,824 2.71x4,992 2.57x
Total mortgage loans$471 1.52x$496 1.39x$916 2.61x$1,566 2.79x$618 2.82x$2,373 2.53x$6,440 2.47x
[1]Amortized cost of mortgage loans excludes ACL of $44.
Mortgage Loans by Region
September 30, 2025December 31, 2024
Amortized CostPercent of TotalAmortized CostPercent of Total
East North Central$384 5.8 %$362 5.6 %
Middle Atlantic276 4.1 %259 4.0 %
Mountain841 12.6 %764 11.9 %
New England352 5.3 %356 5.5 %
Pacific1,372 20.6 %1,400 21.8 %
South Atlantic1,940 29.1 %1,821 28.3 %
West North Central145 2.2 %97 1.5 %
West South Central690 10.3 %588 9.1 %
Other [1]668 10.0 %793 12.3 %
Total mortgage loans6,668 100.0 %6,440 100.0 %
ACL(49)(44)
Total mortgage loans, net of ACL$6,619 $6,396 
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
September 30, 2025December 31, 2024
Amortized CostPercent of TotalAmortized CostPercent of Total
Commercial
Industrial$3,044 45.7 %$2,737 42.5 %
Multifamily2,175 32.6 %2,161 33.5 %
Office402 6.0 %507 7.9 %
Retail [1]968 14.5 %957 14.9 %
Single Family79 1.2 %78 1.2 %
Total mortgage loans6,668 100.0 %6,440 100.0 %
ACL(49)(44)
Total mortgage loans, net of ACL$6,619 $6,396 
[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
Past-Due Mortgage Loans
Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of September 30, 2025 and December 31, 2024, the Company held no mortgage loans considered past due.
Mortgage Servicing
The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of September 30, 2025, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.3 billion, of which $4.8 billion was serviced on behalf of third parties and $5.5 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company serviced mortgage loans with a total outstanding principal balance of $10.0 billion, of which $4.8 billion was serviced on behalf of third parties and $5.2 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of September 30, 2025 and December 31, 2024, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.
Variable Interest Entities
The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIEs") primarily as an investor through normal investment activities or, at times, as an investment manager.
A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company
consolidates the VIE in the Company’s Condensed Consolidated Financial Statements.
Consolidated VIEs
As of September 30, 2025 and December 31, 2024, the Company did not hold any securities for which it is the primary beneficiary.
Non-Consolidated VIEs
The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of September 30, 2025 and December 31, 2024 was limited to the total carrying value of $3.8 billion and $3.2 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of September 30, 2025 and December 31, 2024, the Company has outstanding commitments totaling $2.0 billion for both periods, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.
Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2025, the Company recognized amortization of $4 and $12, respectively, and related tax benefits of $6 and $19, respectively. For the three and nine months ended September 30, 2024, the Company recognized amortization of $1 and $3, respectively, and related tax benefits of $3 and $8, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $97 and $51 as of September 30, 2025, and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, the Company has outstanding commitments related to affordable housing projects of $209 and $267, respectively, that are contingent on various conditions precedent to funding.
In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.
Reverse Repurchase Agreements, Collateral Transactions and Restricted Investments
Reverse Repurchase Agreements
From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of September 30, 2025 and December 31, 2024, the Company reported $51 and $0, respectively, within short-term investments on the Condensed Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase securities.
Collateral Transactions
As of both September 30, 2025 and December 31, 2024, the Company pledged collateral of $1, of U.S. government securities or cash primarily related to certain bank loan participations committed through a limited partnership agreement.
For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.
Other Restricted Investments
The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate").
The following table presents the components of the Company’s exposure to other restricted investments.
September 30, 2025December 31, 2024
Fair ValueFair Value
Securities on deposit with government agencies$2,539 $2,362 
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders1,121 1,056 
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders45 25 
Other investments80 61 
Total Other Restricted Investments$3,785 $3,504