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Investments (Tables)
 9 Months Ended
Sep. 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 unrealizedFair value
At September 30, 2025gainslosses
Fixed-maturity:    
Corporate $9,385 $171 $193 $9,363 
States, municipalities and political subdivisions5,043 24 221 4,846 
Government-sponsored enterprises 2,348 3 5 2,346 
Asset-backed776 11 9 778 
United States government272 3 1 274 
Foreign government23 — — 23 
Total fixed-maturity17,847 212 429 17,630 
Short-term149 — — 149 
Total fixed-maturity and short-term investments$17,996 $212 $429 $17,779 
At December 31, 2024    
Fixed-maturity:    
Corporate $8,652 $61 $333 $8,380 
States, municipalities and political subdivisions4,976 15 270 4,721 
Government-sponsored enterprises2,282 1 9 2,274 
Asset-backed 567 1 17 551 
United States government228 — 2 226 
Foreign government30 — — 30 
Total fixed-maturity16,735 78 631 16,182 
Short-term298 — — 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 months12 months or moreTotal
At September 30, 2025Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed-maturity:      
Corporate $793 $14 $2,887 $179 $3,680 $193 
States, municipalities and political subdivisions873 20 2,019 201 2,892 221 
Government-sponsored enterprises922 3 488 2 1,410 5 
Asset-backed173 4 91 5 264 9 
United States government— — 27 1 27 1 
Foreign government1 — — — 1 — 
Total fixed-maturity$2,762 $41 $5,512 $388 $8,274 $429 
At December 31, 2024      
Fixed-maturity:      
Corporate $2,815 $78 $3,634 $255 $6,449 $333 
States, municipalities and political subdivisions1,513 25 1,898 245 3,411 270 
Government-sponsored enterprises1,876 8 92 1 1,968 9 
Asset-backed331 10 96 7 427 17 
United States government48 — 100 2 148 2 
Foreign government— — 3 — 3 — 
Total fixed-maturity6,583 121 5,823 510 12,406 631 
Short-term100 — — — 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 September 30, 2025
Maturity dates:   
Due in one year or less$1,008 $1,001 5.6 %
Due after one year through five years3,667 3,679 20.7 
Due after five years through ten years4,084 4,109 23.1 
Due after ten years9,237 8,990 50.6 
Total$17,996 $17,779 100.0 %
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 September 30,Nine months ended September 30,
2025202420252024
Investment income:
Interest$227 $187 $651 $529 
Dividends69 68 206 209 
Other 4 7 16 18 
Total300 262 873 756 
Less investment expenses5 4 13 11 
Total$295 $258 $860 $745 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$(9)$24 $(5)$146 
Unrealized gains and losses on securities still held, net855 817 1,259 1,446 
Subtotal846 841 1,254 1,592 
Fixed-maturity securities:    
Gross realized gains2 1 3 5 
Gross realized losses(1)(87)(1)(94)
Change in allowance for credit losses, net— — (15)(25)
Subtotal1 (86)(13)(114)
Other6 3 18 29 
Total$853 $758 $1,259 $1,507