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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)
			Three Months Ended September 30,									Nine Months Ended September 30,
(Before tax)			2025			2024						2025			2024
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 securities			7			1						12			(14)
Change in net unrealized gains (losses) of equity securities			20			26						40			90
Net realized and unrealized gains (losses) on equity securities			27			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.

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

ACL on Fixed Maturities, AFS by Type
															Three Months Ended September 30,
																					2025									2024
(Before tax)																																				CMBS			Total						Corporate						CMBS			Total
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,
															2025												2024
(Before tax)																								Corporate						CMBS			Total						Corporate						CMBS			Total
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

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			September 30, 2025																		December 31, 2024
			Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value									Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
ABS			$	4,470		$	—		$	53		$	(17)		$	4,506								$	3,948		$	—		$	28		$	(39)		$	3,937
CLOs			3,368			—			11			—			3,379									3,237			—			13			—			3,250
CMBS			2,652			(14)			25			(165)			2,498									2,976			(13)			21			(248)			2,736
Corporate			23,276			—			389			(586)			23,079									21,555			(3)			117			(1,033)			20,636
Foreign govt./govt. agencies			403			—			9			(3)			409									500			—			3			(23)			480
Municipal			4,690			—			82			(291)			4,481									5,574			—			77			(347)			5,304
RMBS			6,000			—			43			(265)			5,778									5,610			—			13			(393)			5,230
U.S. Treasuries			1,192			—			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

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year
			September 30, 2025									December 31, 2024
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,337		$	1,338					$	1,308		$	1,298
Over one year through five years			9,827			9,865						9,564			9,414
Over five years through ten years			8,605			8,606						7,687			7,334
Over ten years			9,792			9,233						10,208			9,368
Subtotal			29,561			29,042						28,767			27,414
Mortgage-backed and asset-backed securities			16,490			16,161						15,771			15,153
Total fixed maturities, AFS			$	46,051		$	45,203					$	44,538		$	42,567

Unrealized Gain (Loss) on Investments [Table Text Block]

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of September 30, 2025
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	316		$	(2)								$	259		$	(15)								$	575		$	(17)
CLOs						235			—									—			—									235			—
CMBS						114			(4)									1,998			(161)									2,112			(165)
Corporate						1,640			(23)									7,019			(563)									8,659			(586)
Foreign govt./govt. agencies						46			—									83			(3)									129			(3)
Municipal						553			(13)									2,283			(278)									2,836			(291)
RMBS						534			(5)									2,509			(260)									3,043			(265)
U.S. Treasuries						221			(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 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	1,088		$	(14)								$	407		$	(25)								$	1,495		$	(39)
CLOs						78			—									—			—									78			—
CMBS						228			(4)									2,299			(244)									2,527			(248)
Corporate						5,883			(138)									8,212			(895)									14,095			(1,033)
Foreign govt./govt. agencies						165			(5)									178			(18)									343			(23)
Municipal						1,263			(27)									2,712			(320)									3,975			(347)
RMBS						1,297			(29)									2,672			(364)									3,969			(393)
U.S. Treasuries						406			(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)

Financing Receivable, Allowance for Credit Loss [Table Text Block]

ACL on Mortgage Loans
			Three Months Ended September 30,									Nine Months Ended September 30,
			2025			2024						2025			2024
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

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of September 30, 2025
			2025						2024						2023						2022						2021						2020 & Prior						Total
Loan-to-value			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized 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			1.53x			76			0.86x			23			0.83x			90			1.72x			484			2.50x			335			1.90x			1,064			2.04x
Less than 65%			576			1.75x			505			1.58x			487			1.38x			742			2.82x			1,043			2.99x			2,004			2.80x			5,357			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
			2024						2023						2022						2021						2020						2019 & Prior						Total
Loan-to-value			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized 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			1.42x			7			1.35x			204			1.89x			421			2.55x			100			3.60x			439			2.01x			1,260			2.26x
Less than 65%			357			1.62x			489			1.39x			696			2.85x			1,108			2.93x			518			2.67x			1,824			2.71x			4,992			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, 2025									December 31, 2024
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	384		5.8		%				$	362		5.6		%
Middle Atlantic			276			4.1		%				259			4.0		%
Mountain			841			12.6		%				764			11.9		%
New England			352			5.3		%				356			5.5		%
Pacific			1,372			20.6		%				1,400			21.8		%
South Atlantic			1,940			29.1		%				1,821			28.3		%
West North Central			145			2.2		%				97			1.5		%
West South Central			690			10.3		%				588			9.1		%
Other [1]			668			10.0		%				793			12.3		%
Total mortgage loans			6,668			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, 2025									December 31, 2024
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	3,044		45.7		%				$	2,737		42.5		%
Multifamily			2,175			32.6		%				2,161			33.5		%
Office			402			6.0		%				507			7.9		%
Retail [1]			968			14.5		%				957			14.9		%
Single Family			79			1.2		%				78			1.2		%
Total mortgage loans			6,668			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.

Schedule of Financial Instruments Owned and Pledged as Collateral

			September 30, 2025			December 31, 2024
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,539		$	2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			1,121			1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			45			25
Other investments			80			61
Total Other Restricted Investments			$	3,785		$	3,504

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