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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities | The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:
| At September 30, 2025
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 770 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (22) |  |  | 752 |
Obligations of U.S. states and political subdivisions | 55 |  |  | — |  |  | — |  |  | (6) |  |  | 49 |
Corporate securities | 9,734 |  |  | (38) |  |  | 199 |  |  | (189) |  |  | 9,705 |
Asset-backed securities | 5,049 |  |  | (14) |  |  | 23 |  |  | (15) |  |  | 5,044 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency commercial | 402 |  |  | — |  |  | 9 |  |  | (1) |  |  | 409 |
Non-agency commercial | 907 |  |  | — |  |  | 4 |  |  | (39) |  |  | 872 |
Agency residential | 5,594 |  |  | — |  |  | 68 |  |  | (178) |  |  | 5,484 |
Non-agency residential | 1,562 |  |  | — |  |  | 35 |  |  | (1) |  |  | 1,595 |
Foreign government securities | 2,534 |  |  | — |  |  | 35 |  |  | (100) |  |  | 2,470 |
Foreign corporate securities | 7,443 |  |  | — |  |  | 245 |  |  | (157) |  |  | 7,531 |
Total fixed maturity securities - available for sale | $ | 34,049 |  |  | $ | (51) |  |  | $ | 621 |  |  | $ | (708) |  |  | $ | 33,912 |
(Some amounts may not reconcile due to rounding.)
| At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 688 |  |  | $ | — |  |  | $ | 5 |  |  | $ | (24) |  |  | $ | 669 |
Obligations of U.S. states and political subdivisions | 75 |  |  | — |  |  | — |  |  | (5) |  |  | 70 |
Corporate securities | 7,288 |  |  | (35) |  |  | 57 |  |  | (299) |  |  | 7,010 |
Asset-backed securities | 5,994 |  |  | — |  |  | 28 |  |  | (39) |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 965 |  |  | — |  |  | 1 |  |  | (66) |  |  | 900 |
Agency residential | 5,205 |  |  | — |  |  | 13 |  |  | (287) |  |  | 4,931 |
Non-agency residential | 1,291 |  |  | — |  |  | 9 |  |  | (11) |  |  | 1,289 |
Foreign government securities | 2,330 |  |  | — |  |  | 13 |  |  | (147) |  |  | 2,196 |
Foreign corporate securities | 6,099 |  |  | — |  |  | 42 |  |  | (279) |  |  | 5,861 |
Total fixed maturity securities - available for sale | $ | 29,934 |  |  | $ | (36) |  |  | $ | 167 |  |  | $ | (1,157) |  |  | $ | 28,908 |
(Some amounts may not reconcile due to rounding.) The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:
| At September 30, 2025
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 167 |  |  | $ | (2) |  |  | $ | 7 |  |  | $ | (1) |  |  | $ | 170 |
Asset-backed securities | 364 |  |  | (3) |  |  | 6 |  |  | (8) |  |  | 358 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Foreign corporate securities | 79 |  |  | (1) |  |  | 6 |  |  | — |  |  | 84 |
Total fixed maturity securities - held to maturity | $ | 610 |  |  | (6) |  |  | $ | 19 |  |  | $ | (10) |  |  | $ | 613 |
(Some amounts may not reconcile due to rounding.)
| At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 177 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (4) |  |  | $ | 175 |
Asset-backed securities | 484 |  |  | (4) |  |  | 5 |  |  | (8) |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 4 |  |  | — |  |  | 86 |
Total fixed maturity securities - held to maturity | $ | 765 |  |  | $ | (8) |  |  | $ | 14 |  |  | $ | (12) |  |  | $ | 759 |
(Some amounts may not reconcile due to rounding.)
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity | The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
| At September 30, 2025 |  | At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – available for sale |  |  |  |  |  |  |
Due in one year or less | $ | 1,423 |  |  | $ | 1,390 |  |  | $ | 1,116 |  |  | $ | 1,080 |
Due after one year through five years | 10,521 |  |  | 10,558 |  |  | 8,774 |  |  | 8,480 |
Due after five years through ten years | 6,666 |  |  | 6,701 |  |  | 4,764 |  |  | 4,523 |
Due after ten years | 1,926 |  |  | 1,860 |  |  | 1,826 |  |  | 1,723 |
Asset-backed securities | 5,049 |  |  | 5,044 |  |  | 5,994 |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency commercial | 402 |  |  | 409 |  |  | — |  |  | — |
Non-agency commercial | 907 |  |  | 872 |  |  | 965 |  |  | 900 |
Agency residential | 5,594 |  |  | 5,484 |  |  | 5,205 |  |  | 4,931 |
Non-agency residential | 1,562 |  |  | 1,595 |  |  | 1,291 |  |  | 1,289 |
Total fixed maturity securities - available for sale | $ | 34,049 |  |  | $ | 33,912 |  |  | $ | 29,934 |  |  | $ | 28,908 |
(Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
| At September 30, 2025 |  | At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – held to maturity |  |  |  |  |  |  |
Due in one year or less | $ | 5 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 7 |
Due after one year through five years | 88 |  |  | 89 |  |  | 67 |  |  | 67 |
Due after five years through ten years | 4 |  |  | 4 |  |  | 37 |  |  | 35 |
Due after ten years | 149 |  |  | 156 |  |  | 150 |  |  | 152 |
Asset-backed securities | 364 |  |  | 358 |  |  | 484 |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1 |  |  | 1 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 610 |  |  | $ | 613 |  |  | $ | 765 |  |  | $ | 759 |
(Some amounts may not reconcile due to rounding.)
Schedule of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments | The changes in net URA(D) for the Company’s investments are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Increase (decrease) during the period between the fair value and cost of |  |  |  |  |  |  |
investments carried at fair value, and deferred taxes thereon: |  |  |  |  |  |  |
Fixed maturity securities - available for sale, held to maturity and short-term investments | $ | 202 |  |  | $ | 840 |  |  | $ | 909 |  |  | $ | 563 |
Equity method investments | — |  |  | 18 |  |  | — |  |  | 18 |
Change in URA(D), pre-tax | 202 |  |  | 857 |  |  | 909 |  |  | 581 |
Deferred tax benefit (expense) | (36) |  |  | (123) |  |  | (147) |  |  | (60) |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 165 |  |  | $ | 734 |  |  | $ | 762 |  |  | $ | 521 |
(Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type | The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:
| Duration of Unrealized Loss at September 30, 2025 by Security Type
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 162 |  |  | $ | (4) |  |  | $ | 363 |  |  | $ | (19) |  |  | $ | 524 |  |  | $ | (22) |
Obligations of U.S. states and political subdivisions | 8 |  |  | — |  |  | 36 |  |  | (5) |  |  | 44 |  |  | (6) |
Corporate securities | 1,345 |  |  | (35) |  |  | 1,926 |  |  | (154) |  |  | 3,271 |  |  | (189) |
Asset-backed securities | 440 |  |  | (6) |  |  | 281 |  |  | (9) |  |  | 721 |  |  | (15) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Agency commercial | 88 |  |  | — |  |  | 17 |  |  | (1) |  |  | 105 |  |  | (1) |
Non-agency commercial | 86 |  |  | (5) |  |  | 678 |  |  | (34) |  |  | 764 |  |  | (39) |
Agency residential | 454 |  |  | (5) |  |  | 1,683 |  |  | (173) |  |  | 2,138 |  |  | (178) |
Non-agency residential | 154 |  |  | (1) |  |  | 19 |  |  | — |  |  | 173 |  |  | (1) |
Foreign government securities | 691 |  |  | (14) |  |  | 720 |  |  | (86) |  |  | 1,411 |  |  | (100) |
Foreign corporate securities | 1,026 |  |  | (24) |  |  | 1,540 |  |  | (133) |  |  | 2,566 |  |  | (157) |
Total | $ | 4,453 |  |  | $ | (94) |  |  | $ | 7,264 |  |  | $ | (613) |  |  | $ | 11,717 |  |  | $ | (707) |
Securities where an allowance for credit loss was recorded | 2 |  |  | — |  |  | 15 |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 4,455 |  |  | $ | (94) |  |  | $ | 7,279 |  |  | $ | (614) |  |  | $ | 11,734 |  |  | $ | (708) |
(Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:
| Duration of Unrealized Loss at December 31, 2024 by Security Type
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 80 |  |  | $ | (1) |  |  | $ | 398 |  |  | $ | (23) |  |  | $ | 478 |  |  | $ | (24) |
Obligations of U.S. states and political subdivisions | 9 |  |  | — |  |  | 40 |  |  | (5) |  |  | 48 |  |  | (5) |
Corporate securities | 2,744 |  |  | (76) |  |  | 2,132 |  |  | (221) |  |  | 4,876 |  |  | (297) |
Asset-backed securities | 958 |  |  | (20) |  |  | 537 |  |  | (19) |  |  | 1,495 |  |  | (39) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 53 |  |  | (3) |  |  | 757 |  |  | (63) |  |  | 810 |  |  | (66) |
Agency residential | 2,754 |  |  | (115) |  |  | 1,226 |  |  | (172) |  |  | 3,980 |  |  | (287) |
Non-agency residential | 654 |  |  | (11) |  |  | 25 |  |  | — |  |  | 678 |  |  | (11) |
Foreign government securities | 851 |  |  | (35) |  |  | 828 |  |  | (112) |  |  | 1,679 |  |  | (147) |
Foreign corporate securities | 2,484 |  |  | (61) |  |  | 1,785 |  |  | (218) |  |  | 4,269 |  |  | (279) |
Total | $ | 10,587 |  |  | $ | (323) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,315 |  |  | $ | (1,156) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 10,604 |  |  | $ | (324) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,332 |  |  | $ | (1,157) |
(Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity |
| Duration of Unrealized Loss at September 30, 2025 by Maturity
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 195 |  |  | $ | (6) |  |  | $ | 617 |  |  | $ | (27) |  |  | $ | 812 |  |  | $ | (33) |
Due in one year through five years | 1,471 |  |  | (37) |  |  | 2,426 |  |  | (178) |  |  | 3,898 |  |  | (215) |
Due in five years through ten years | 889 |  |  | (12) |  |  | 1,064 |  |  | (128) |  |  | 1,953 |  |  | (140) |
Due after ten years | 675 |  |  | (21) |  |  | 478 |  |  | (64) |  |  | 1,154 |  |  | (85) |
Asset-backed securities | 440 |  |  | (6) |  |  | 281 |  |  | (9) |  |  | 721 |  |  | (15) |
Mortgage-backed securities | 782 |  |  | (11) |  |  | 2,398 |  |  | (208) |  |  | 3,179 |  |  | (219) |
Total | $ | 4,453 |  |  | $ | (94) |  |  | $ | 7,264 |  |  | $ | (613) |  |  | $ | 11,717 |  |  | $ | (707) |
Securities where an allowance for credit loss was recorded | 2 |  |  | — |  |  | 15 |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 4,455 |  |  | $ | (94) |  |  | $ | 7,279 |  |  | $ | (614) |  |  | $ | 11,734 |  |  | $ | (708) |
(Some amounts may not reconcile due to rounding.)
| Duration of Unrealized Loss at December 31, 2024 by Maturity
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 138 |  |  | $ | (5) |  |  | $ | 544 |  |  | $ | (34) |  |  | $ | 682 |  |  | $ | (39) |
Due in one year through five years | 3,503 |  |  | (87) |  |  | 2,770 |  |  | (249) |  |  | 6,273 |  |  | (335) |
Due in five years through ten years | 1,850 |  |  | (50) |  |  | 1,382 |  |  | (220) |  |  | 3,232 |  |  | (271) |
Due after ten years | 677 |  |  | (32) |  |  | 487 |  |  | (76) |  |  | 1,164 |  |  | (107) |
Asset-backed securities | 958 |  |  | (20) |  |  | 537 |  |  | (19) |  |  | 1,495 |  |  | (39) |
Mortgage-backed securities | 3,461 |  |  | (129) |  |  | 2,008 |  |  | (235) |  |  | 5,469 |  |  | (364) |
Total | $ | 10,587 |  |  | $ | (323) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,315 |  |  | $ | (1,156) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 10,604 |  |  | $ | (324) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,332 |  |  | $ | (1,157) |
(Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Investment Income | The components of net investment income are presented in the table below for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturities | $ | 390 |  |  | $ | 378 |  |  | $ | 1,172 |  |  | $ | 1,099 |
Equity securities | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Short-term investments and cash | 43 |  |  | 54 |  |  | 125 |  |  | 135 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 76 |  |  | 36 |  |  | 189 |  |  | 183 |
Other | 36 |  |  | 36 |  |  | 87 |  |  | 85 |
Gross investment income before adjustments | 546 |  |  | 504 |  |  | 1,577 |  |  | 1,506 |
Funds held interest income (expense) | 7 |  |  | 5 |  |  | 22 |  |  | 20 |
Future policy benefit reserve income (expense) | — |  |  | 1 |  |  | — |  |  | — |
Gross investment income | 553 |  |  | 510 |  |  | 1,598 |  |  | 1,525 |
Investment expenses | 13 |  |  | 13 |  |  | 35 |  |  | 44 |
Net investment income | $ | 540 |  |  | $ | 496 |  |  | $ | 1,563 |  |  | $ | 1,481 |
(Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Realized Capital Gains (Losses) | The components of net gains (losses) on investments are presented in the table below for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | (12) |  |  | $ | (9) |  |  | $ | (14) |  |  | $ | (3) |
Net realized gains (losses) from dispositions | (36) |  |  | (25) |  |  | (48) |  |  | (47) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | — |  |  | (1) |  |  | 1 |
Gains (losses) from fair value adjustments | — |  |  | 5 |  |  | 3 |  |  | (3) |
Other invested assets | — |  |  | 1 |  |  | — |  |  | — |
Short-term investments gain (loss) | — |  |  | 1 |  |  | — |  |  | 1 |
Total net gains (losses) on investments | $ | (47) |  |  | $ | (27) |  |  | $ | (59) |  |  | $ | (50) |
(Some amounts may not reconcile due to rounding.)
Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale | The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (39) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (40) |  |  | $ | (35) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (36) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (17) |  |  | (14) |  |  |  |  | — |  |  | (30) |  |  | (21) |  |  | (14) |  |  |  |  | — |  |  | (34) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | (6) |  |  | — |  |  |  |  | — |  |  | (6) |  |  | (6) |  |  | — |  |  |  |  | — |  |  | (6) |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | 25 |  |  | — |  |  |  |  | — |  |  | 25 |  |  | 25 |  |  | — |  |  |  |  | — |  |  | 25 |
Balance, end of period | $ | (38) |  |  | $ | (14) |  |  |  |  | $ | — |  |  | $ | (51) |  |  | $ | (38) |  |  | $ | (14) |  |  |  |  | $ | — |  |  | $ | (51) |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (42) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (42) |  |  | $ | (47) |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | (48) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (9) |  |  | — |  |  |  |  | — |  |  | (9) |  |  | (9) |  |  | — |  |  |  |  | — |  |  | (9) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  | 1 |  |  | 6 |
Balance, end of period | $ | (50) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (51) |  |  | $ | (50) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (51) |
(Some amounts may not reconcile due to rounding.)
Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity |
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (7) |  |  | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (8) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |
Balance, end of period | $ | (2) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (6) |  |  | $ | (2) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (6) |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | (8) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Balance, end of period | (2) |  |  | (5) |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |
(Some amounts may not reconcile due to rounding.)
Schedule of Proceeds and Split Between Gross Gains and Losses, from Dispositions of Fixed Maturity Securities | The proceeds and split between gross gains and losses from sales of fixed maturity securities - available for sale, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales of fixed maturity securities - available for sale | $ | 653 |  |  | $ | 3,237 |  |  | $ | 933 |  |  | $ | 4,322 |
Gross gains from sales | 34 |  |  | 59 |  |  | 43 |  |  | 86 |
Gross losses from sales | (69) |  |  | (84) |  |  | (91) |  |  | (133) |
Proceeds from sales of fixed maturity securities - held to maturity | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Gross gains from sales | — |  |  | — |  |  | — |  |  | — |
Gross losses from sales | — |  |  | — |  |  | (1) |  |  | — |
Proceeds from sales of equity securities | $ | 1 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 15 |
Gross gains from sales | — |  |  | — |  |  | — |  |  | 2 |
Gross losses from sales | — |  |  | — |  |  | (1) |  |  | — |
(Some amounts may not reconcile due to rounding.)

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