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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments [Abstract] |
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Fixed-maturity Securities | The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and short-term investments:
(Dollars in millions) |  | Amortized cost |  | Gross unrealized |  | Fair value
At June 30, 2025 |  |  | gains |  | losses |
Fixed-maturity: |  |  |  |  |  |  |  |
Corporate |  | $ | 9,136 |  |  | $ | 107 |  |  | $ | 256 |  |  | $ | 8,987 |
States, municipalities and political subdivisions |  | 5,004 |  |  | 8 |  |  | 304 |  |  | 4,708 |
Government-sponsored enterprises |  | 2,455 |  |  | 1 |  |  | 9 |  |  | 2,447 |
Asset-backed |  | 736 |  |  | 8 |  |  | 12 |  |  | 732 |
United States government |  | 184 |  |  | — |  |  | 1 |  |  | 183 |
Foreign government |  | 20 |  |  | — |  |  | — |  |  | 20 |
Total fixed-maturity |  | 17,535 |  |  | 124 |  |  | 582 |  |  | 17,077 |
Short-term |  | 100 |  |  | — |  |  | — |  |  | 100 |
Total fixed-maturity and short-term investments |  | $ | 17,635 |  |  | $ | 124 |  |  | $ | 582 |  |  | $ | 17,177 |
At December 31, 2024 |  |  |  |  |  |  |  |
Fixed-maturity: |  |  |  |  |  |  |  |
Corporate |  | $ | 8,652 |  |  | $ | 61 |  |  | $ | 333 |  |  | $ | 8,380 |
States, municipalities and political subdivisions |  | 4,976 |  |  | 15 |  |  | 270 |  |  | 4,721 |
Government-sponsored enterprises |  | 2,282 |  |  | 1 |  |  | 9 |  |  | 2,274 |
Asset-backed |  | 567 |  |  | 1 |  |  | 17 |  |  | 551 |
United States government |  | 228 |  |  | — |  |  | 2 |  |  | 226 |
Foreign government |  | 30 |  |  | — |  |  | — |  |  | 30 |
Total fixed-maturity |  | 16,735 |  |  | 78 |  |  | 631 |  |  | 16,182 |
Short-term |  | 298 |  |  | — |  |  | — |  |  | 298 |
Total fixed-maturity and short-term investments |  | $ | 17,033 |  |  | $ | 78 |  |  | $ | 631 |  |  | $ | 16,480 |
Fair Value and Unrealized Losses by Investment Category and By the Duration of the Securities' Continuous Unrealized Loss Position | The table below provides fair values and gross unrealized losses by investment category and by the duration of the continuous unrealized loss positions:
(Dollars in millions) |  | Less than 12 months |  | 12 months or more |  | Total
At June 30, 2025 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Fixed-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 1,738 |  |  | $ | 51 |  |  | $ | 3,037 |  |  | $ | 205 |  |  | $ | 4,775 |  |  | $ | 256 |
States, municipalities and political subdivisions |  | 1,505 |  |  | 49 |  |  | 2,062 |  |  | 255 |  |  | 3,567 |  |  | 304 |
Government-sponsored enterprises |  | 1,427 |  |  | 9 |  |  | 124 |  |  | — |  |  | 1,551 |  |  | 9 |
Asset-backed |  | 237 |  |  | 7 |  |  | 78 |  |  | 5 |  |  | 315 |  |  | 12 |
United States government |  | — |  |  | — |  |  | 62 |  |  | 1 |  |  | 62 |  |  | 1 |
Foreign government |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total fixed-maturity |  | 4,907 |  |  | 116 |  |  | 5,363 |  |  | 466 |  |  | 10,270 |  |  | 582 |
Short-term |  | 100 |  |  | — |  |  | — |  |  | — |  |  | 100 |  |  | — |
Total fixed-maturity and short-term investments |  | $ | 5,007 |  |  | $ | 116 |  |  | $ | 5,363 |  |  | $ | 466 |  |  | $ | 10,370 |  |  | $ | 582 |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 2,815 |  |  | $ | 78 |  |  | $ | 3,634 |  |  | $ | 255 |  |  | $ | 6,449 |  |  | $ | 333 |
States, municipalities and political subdivisions |  | 1,513 |  |  | 25 |  |  | 1,898 |  |  | 245 |  |  | 3,411 |  |  | 270 |
Government-sponsored enterprises |  | 1,876 |  |  | 8 |  |  | 92 |  |  | 1 |  |  | 1,968 |  |  | 9 |
Asset-backed |  | 331 |  |  | 10 |  |  | 96 |  |  | 7 |  |  | 427 |  |  | 17 |
United States government |  | 48 |  |  | — |  |  | 100 |  |  | 2 |  |  | 148 |  |  | 2 |
Foreign government |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Total fixed-maturity |  | 6,583 |  |  | 121 |  |  | 5,823 |  |  | 510 |  |  | 12,406 |  |  | 631 |
Short-term |  | 100 |  |  | — |  |  | — |  |  | — |  |  | 100 |  |  | — |
Total fixed-maturity and short-term investments |  | $ | 6,683 |  |  | $ | 121 |  |  | $ | 5,823 |  |  | $ | 510 |  |  | $ | 12,506 |  |  | $ | 631 |
Investments Classified by Contractual Maturity Date | Contractual maturity dates for our fixed-maturity and short-term investments were:
(Dollars in millions) |  | Amortized cost |  | Fair value |  | % of fair value
At June 30, 2025 |  |  |
Maturity dates: |  |  |  |  |  |
Due in one year or less |  | $ | 1,087 |  |  | $ | 1,082 |  |  | 6.3 | %
Due after one year through five years |  | 3,766 |  |  | 3,760 |  |  | 21.9 |
Due after five years through ten years |  | 3,955 |  |  | 3,916 |  |  | 22.8 |
Due after ten years |  | 8,827 |  |  | 8,419 |  |  | 49.0 |
Total |  | $ | 17,635 |  |  | $ | 17,177 |  |  | 100.0 | %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses | The following table provides investment income and investment gains and losses, net:
(Dollars in millions) | Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Investment income: |  |  |  |  |  |  |
Interest | $ | 214 |  |  | $ | 173 |  |  | $ | 424 |  |  | $ | 342 |
Dividends | 70 |  |  | 69 |  |  | 137 |  |  | 141 |
Other | 5 |  |  | 4 |  |  | 12 |  |  | 11 |
Total | 289 |  |  | 246 |  |  | 573 |  |  | 494 |
Less investment expenses | 4 |  |  | 4 |  |  | 8 |  |  | 7 |
Total | $ | 285 |  |  | $ | 242 |  |  | $ | 565 |  |  | $ | 487 |
Investment gains and losses, net: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Investment gains and losses on securities sold, net | $ | (1) |  |  | $ | 7 |  |  | $ | (3) |  |  | $ | 4 |
Unrealized gains and losses on securities still held, net | 481 |  |  | 142 |  |  | 411 |  |  | 747 |
Subtotal | 480 |  |  | 149 |  |  | 408 |  |  | 751 |
Fixed-maturity securities: |  |  |  |  |  |  |
Gross realized gains | 1 |  |  | 4 |  |  | 1 |  |  | 4 |
Gross realized losses | — |  |  | (6) |  |  | — |  |  | (7) |
Change in allowance for credit losses, net | (13) |  |  | (16) |  |  | (15) |  |  | (25) |
Subtotal | (12) |  |  | (18) |  |  | (14) |  |  | (28) |
Other | 5 |  |  | 6 |  |  | 12 |  |  | 26 |
Total | $ | 473 |  |  | $ | 137 |  |  | $ | 406 |  |  | $ | 749 |

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