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Investment Information
 9 Months Ended
Sep. 30, 2025
Disclosure Investment Information [Abstract]  
Investment
Available For Sale Investments
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Expected Credit Losses Cost or
Amortized
Cost
September 30, 2025
Fixed maturities:
Corporate bonds$15,005 $301 $(173)$(14)$14,891 
U.S. government and government agencies6,324 23 (31)— 6,332 
Asset backed securities3,149 22 (19)(6)3,152 
Non-U.S. government securities3,241 59 (81)(1)3,264 
Commercial mortgage backed securities1,249 10 (6)— 1,245 
Residential mortgage backed securities2,766 30 (22)— 2,758 
Municipal bonds174 — (5)— 179 
Total31,908 445 (337)(21)31,821 
Short-term investments2,351 2 (1)— 2,350 
Total$34,259 $447 $(338)$(21)$34,171 
December 31, 2024
Fixed maturities:
Corporate bonds$12,487 $110 $(346)$(12)$12,735 
U.S. government and government agencies6,710 8 (149)— 6,851 
Asset backed securities2,900 19 (32)(8)2,921 
Non-U.S. government securities2,538 30 (107)(1)2,616 
Commercial mortgage backed securities1,058 6 (11)(1)1,064 
Residential mortgage backed securities1,079 6 (31)— 1,104 
Municipal bonds263 — (16)— 279 
Total27,035 179 (692)(22)27,570 
Short-term investments2,784 2 (2)— 2,784 
Total$29,819 $181 $(694)$(22)$30,354 
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
 Less than 12 Months12 Months or MoreTotal
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
September 30, 2025
Fixed maturities:
Corporate bonds$2,489 $(73)$1,714 $(100)$4,203 $(173)
U.S. government and government agencies3,205 (18)359 (13)3,564 (31)
Non-U.S. government securities1,671 (36)343 (45)2,014 (81)
Residential mortgage backed securities193 (2)168 (20)361 (22)
Asset backed securities461 (2)339 (17)800 (19)
Commercial mortgage backed securities336 (1)84 (5)420 (6)
Municipal bonds13 — 146 (5)159 (5)
Total8,368 (132)3,153 (205)11,521 (337)
Short-term investments616 (1)— — 616 (1)
Total$8,984 $(133)$3,153 $(205)$12,137 $(338)
December 31, 2024
Fixed maturities:
Corporate bonds$4,582 $(114)$2,924 $(232)$7,506 $(346)
U.S. government and government agencies5,130 (100)516 (49)5,646 (149)
Non-U.S. government securities1,650 (58)418 (49)2,068 (107)
Residential mortgage backed securities571 (6)186 (25)757 (31)
Asset backed securities236 (8)426 (24)662 (32)
Commercial mortgage backed securities180 (1)434 (10)614 (11)
Municipal bonds48 (1)176 (15)224 (16)
Total12,397 (288)5,080 (404)17,477 (692)
Short-term investments97 (2)— — 97 (2)
Total$12,494 $(290)$5,080 $(404)$17,574 $(694)
At September 30, 2025, on a lot level basis, approximately 7,730 security lots out of a total of approximately 25,020 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $5 million. At December 31, 2024, on a lot level basis, approximately 9,980 security lots out of a total of approximately 20,930 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $8 million.
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2025December 31, 2024
MaturityEstimated
Fair
Value		Amortized
Cost		Estimated
Fair
Value		Amortized
Cost
Due in one year or less$527 $525 $438 $451 
Due after one year through five years16,764 16,710 15,364 15,590 
Due after five years through 10 years6,808 6,792 5,811 6,039 
Due after 10 years645 639 385 401 
 24,744 24,666 21,998 22,481 
Residential mortgage backed securities2,766 2,758 1,079 1,104 
Commercial mortgage backed securities1,249 1,245 1,058 1,064 
Asset backed securities3,149 3,152 2,900 2,921 
Total$31,908 $31,821 $27,035 $27,570 
Equity Securities, at Fair Value
At September 30, 2025, the Company held $1.8 billion of equity securities, at fair value, compared to $1.7 billion at December 31, 2024. Such holdings include publicly traded common stocks, primarily in the consumer cyclical and non-cyclical, technology, communication and financial sectors, and exchange-traded funds in fixed income, equity and other sectors.
Other Investments, at Fair Value
The following table summarizes the Company’s other investments:
September 30,
2025		December 31,
2024
Other investments$1,911 $2,135 
Fixed maturities 1,050 854 
Short term investments61 70 
Equity securities5 7 
Total$3,027 $3,066 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:
September 30,
2025		December 31,
2024
Investment grade fixed income$1,148 $1,055 
Private equity268 229 
Lending212 303 
Term loan investments201 430 
Credit related funds80 99 
Energy2 19 
Total$1,911 $2,135 
Net Investment Income
The components of net investment income were derived from the following sources:
September 30,
 20252024
Three Months Ended
Fixed maturities$379 $340 
Short term investments25 38 
Equity securities (dividends)10 9 
Other (1)19 35 
Gross investment income433 422 
Investment expenses(25)(23)
Net investment income$408 $399 
Nine Months Ended
Fixed maturities$1,081 $926 
Short term investments75 102 
Equity securities (dividends)31 27 
Other (1)82 103 
Gross investment income1,269 1,158 
Investment expenses(78)(68)
Net investment income$1,191 $1,090 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.

Net Realized Gains (Losses)
Net realized gains (losses), which include changes in the allowance for credit losses on financial assets and net impairment losses recognized in earnings were as follows:
September 30,
 20252024
Three Months Ended
Available for sale securities:  
Gross gains on investment sales$103 $104 
Gross losses on investment sales(59)(50)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities11 25 
Other investments29 (120)
Short-term investments— — 
Equity securities, at fair value:
Net realized gains (losses) on sales during the period15 15 
Net unrealized gains (losses) on equity securities still held at reporting date79 58 
Allowance for credit losses:
Investments related4 6 
Underwriting related(9)2 
Derivative instruments (1)30 125 
Other (2)7 4 
Net realized gains (losses)$210 $169 
Nine Months Ended
Available for sale securities:
Gross gains on investment sales$223 $167 
Gross losses on investment sales(228)(205)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities33 23 
Other investments31 (150)
Short-term investments3 — 
Equity securities, at fair value:
Net realized gains (losses) on sales during the period69 31 
Net unrealized gains (losses) on equity securities still held at reporting date113 147 
Allowance for credit losses:
Investments related(4)4 
Underwriting related(10)— 
Derivative instruments (1)292 116 
Other (2)(80)225 
Net realized gains (losses)$442 $358 
(1)    See note 10 for information on the Company’s derivative instruments.
(2)    Amounts in the 2025 periods primarily include losses related to the sale of certain alternative investments accounted for under the equity method.
Investments Accounted For Using the Equity Method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:
September 30,
2025		December 31,
2024
Private equity$2,270 $1,915 
Credit related funds1,588 1,487 
Lending505 616 
Real estate753 869 
Fixed income471 384 
Infrastructure411 425 
Equities191 217 
Energy43 67 
Total$6,232 $5,980 
Certain of the Company’s other investments are in investment funds for which the Company has the option to redeem at agreed upon values as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investments in investment funds may be redeemed daily, monthly, quarterly or on other terms. Two common redemption restrictions that may impact the Company’s ability to redeem these investment funds are gates and lockups. A gate is a suspension of redemptions that may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the investment fund’s net assets and which may otherwise hinder the general partner or investment manager’s ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. If the investment funds are eligible to be redeemed, the time to redeem such fund can take weeks or months following the notification.
Limited Partnership Interests
In the normal course of its activities, the Company invests in limited partnerships as part of its overall investment strategy. Such amounts are included in ‘investments accounted for using the equity method’ and ‘investments accounted for using the fair value option.’ The Company has determined that it is not required to consolidate these investments because it is not the primary beneficiary of the funds. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet line item:
September 30,
2025		December 31,
2024
Investments accounted for using the equity method (1)$6,232 $5,980 
Investments accounted for using the fair value option (2)— 48 
Total$6,232 $6,028 
(1)    Aggregate unfunded commitments were $3.7 billion at September 30, 2025, compared to $4.3 billion at December 31, 2024.
(2)    Aggregate unfunded commitments were $15 million at September 30, 2025, compared to $21 million at December 31, 2024.
Equity in Net Income (Loss) of Investments Accounted for Using the Equity Method
Income from investment funds accounted for using the equity method for the 2025 third quarter was $134 million, compared to $171 million for the 2024 third quarter and an income of $349 million for the nine months ended September 30, 2025, compared to income of $437 million for the nine months ended September 30, 2024. In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the market value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds.
Investments in Operating Affiliates
Investments in which the Company has significant influence over the operating and financial policies are classified as ‘investments in operating affiliates’ on the Company’s balance sheets and are accounted for under the equity method. Such investments primarily include the Company’s investment in Coface SA (“Coface”), Greysbridge Holdings Ltd. (“Greysbridge”), and Premia Holdings Ltd. Investments in Coface and Premia Holdings Ltd. are generally recorded on a three month lag, while the Company’s investment in Greysbridge is not recorded on a lag.
As of September 30, 2025, the Company owned approximately 29.9% of the issued shares of Coface, or 30% excluding treasury shares, with a carrying value of $683 million, compared to $592 million at December 31, 2024.
As of September 30, 2025, the Company owned 40% of Greysbridge with a carrying value of $613 million, compared to $523 million at December 31, 2024.
Income from operating affiliates for the 2025 third quarter was $62 million, compared to $36 million for the 2024 third quarter and income of $119 million for the nine months ended September 30, 2025, compared to income of $136 million for nine months ended September 30, 2024.
See note 16 for information on Company’s transactions with related parties.

Allowance for Expected Credit Losses
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Structured Securities (1)Corporate
Bonds		Non-U.S.
Government
Securities		Total
Three Months Ended September 30, 2025
Balance at beginning of period$10 $16 $2 $28 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses (4)— (1)(5)
Reductions due to disposals— (2)— (2)
Balance at end of period$6 $14 $1 $21 
Three Months Ended September 30, 2024
Balance at beginning of period$10 $16 $1 $27 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses (3)(3)— (6)
Reductions due to disposals(1)(1)— (2)
Balance at end of period$6 $12 $1 $19 
Nine Months Ended September 30, 2025
Balance at beginning of year$9 $12 $1 $22 
Additions for current-period provision for expected credit losses3 2 — 5 
Additions (reductions) for previously recognized expected credit losses(6)5 — (1)
Reductions due to disposals— (5)— (5)
Balance at end of period$6 $14 $1 $21 
Nine Months Ended September 30, 2024
Balance at beginning of year$7 $20 $1 $28 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses— (4)— (4)
Reductions due to disposals(1)(4)— (5)
Balance at end of period$6 $12 $1 $19 
(1)    Includes asset backed securities, residential mortgage backed securities and commercial mortgage backed securities.
Restricted Assets
The Company is required to maintain assets on deposit, which primarily consist of fixed maturities, with various regulatory authorities to support its underwriting operations. The Company’s subsidiaries maintain assets in trust accounts as collateral for transactions with affiliated companies and also have investments in segregated portfolios primarily to provide collateral or guarantees for letters of credit to third parties. See note 18, “Commitments and Contingencies,” of the notes to consolidated financial statements in the Company’s 2024 Form 10-K.
The following table details the value of the Company’s restricted assets:
September 30,
2025		December 31,
2024
Assets used for collateral or guarantees:  
Affiliated transactions$5,292 $4,730 
Third party agreements6,636 5,999 
Deposits with U.S. regulatory authorities952 882 
Other (1)1,559 1,437 
Total restricted assets$14,439 $13,048 
(1)    Primarily includes Funds at Lloyds, deposits with non-U.S. regulatory authorities and other restricted assets.
Reconciliation of Cash and Restricted Cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
September 30,
2025		December 31,
2024
Cash$1,063 $979 
Restricted cash (included in ‘other assets’)791 781 
Cash and restricted cash$1,854 $1,760