Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:


(Dollars in millions)	Three months ended September 30,
	2025						2024
	Before tax		Income tax		Net		Before tax		Income tax		Net
Investments:
AOCI, beginning of period	$	(458)	$	(99)	$	(359)	$	(700)	$	(151)	$	(549)


OCI before investment gains and losses, net, recognized in net income	242		51		191		411		88		323
Investment gains and losses, net, recognized in net income	(1)		—		(1)		86		18		68
OCI	241		51		190		497		106		391
AOCI, end of period	$	(217)	$	(48)	$	(169)	$	(203)	$	(45)	$	(158)

Pension obligations:
AOCI, beginning of period	$	73	$	17	$	56	$	31	$	8	$	23
OCI excluding amortization recognized in net income	—		—		—		—		—		—
Amortization recognized in net income	—		—		—		—		—		—
OCI	—		—		—		—		—		—
AOCI, end of period	$	73	$	17	$	56	$	31	$	8	$	23

Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period	$	69	$	15	$	54	$	71	$	15	$	56


OCI before investment gains and losses, net, recognized in net income	(32)		(7)		(25)		(91)		(20)		(71)
Investment gains and losses, net, recognized in net income	—		—		—		—		—		—
OCI	(32)		(7)		(25)		(91)		(20)		(71)
AOCI, end of period	$	37	$	8	$	29	$	(20)	$	(5)	$	(15)

Summary of AOCI:
AOCI, beginning of period	$	(316)	$	(67)	$	(249)	$	(598)	$	(128)	$	(470)


Investments OCI	241		51		190		497		106		391
Pension obligations OCI	—		—		—		—		—		—
Life policy reserves, reinsurance recoverable and other OCI	(32)		(7)		(25)		(91)		(20)		(71)
Total OCI	209		44		165		406		86		320
AOCI, end of period	$	(107)	$	(23)	$	(84)	$	(192)	$	(42)	$	(150)


(Dollars in millions)	Nine months ended September 30,
	2025						2024
	Before tax		Income tax		Net		Before tax		Income tax		Net
Investments:
AOCI, beginning of period	$	(553)	$	(119)	$	(434)	$	(570)	$	(123)	$	(447)


OCI before investment gains and losses, net, recognized in net income	323		68		255		253		54		199
Investment gains and losses, net, recognized in net income	13		3		10		114		24		90
OCI	336		71		265		367		78		289
AOCI, end of period	$	(217)	$	(48)	$	(169)	$	(203)	$	(45)	$	(158)

Pension obligations:
AOCI, beginning of period	$	75	$	17	$	58	$	30	$	8	$	22
OCI excluding amortization recognized in net income	—		—		—		—		—		—
Amortization recognized in net income	(2)		—		(2)		1		—		1
OCI	(2)		—		(2)		1		—		1
AOCI, end of period	$	73	$	17	$	56	$	31	$	8	$	23

Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period	$	85	$	18	$	67	$	(13)	$	(3)	$	(10)


OCI before investment gains and losses, net, recognized in net income	(48)		(10)		(38)		(7)		(2)		(5)
Investment gains and losses, net, recognized in net income	—		—		—		—		—		—
OCI	(48)		(10)		(38)		(7)		(2)		(5)
AOCI, end of period	$	37	$	8	$	29	$	(20)	$	(5)	$	(15)

Summary of AOCI:
AOCI, beginning of period	$	(393)	$	(84)	$	(309)	$	(553)	$	(118)	$	(435)


Investments OCI	336		71		265		367		78		289
Pension obligations OCI	(2)		—		(2)		1		—		1
Life policy reserves, reinsurance recoverable and other OCI	(48)		(10)		(38)		(7)		(2)		(5)
Total OCI	286		61		225		361		76		285
AOCI, end of period	$	(107)	$	(23)	$	(84)	$	(192)	$	(42)	$	(150)