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v3.25.2

Available-For-Sale Fixed Maturity Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities | The total amortized cost, fair value, allowance for credit losses, and gross unrealized gains and losses of available-for-sale fixed maturity securities are shown below:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (Dollars in millions)
June 30, 2025 |  |  |  |  |  |  |  |  |
U.S. treasury and government | $ | 93 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 93 |
U.S. state and municipal | 3,093 |  |  | 63 |  |  | (35) |  |  | — |  |  | 3,121 |
Foreign governments | 1,315 |  |  | 16 |  |  | (13) |  |  | — |  |  | 1,318 |
Corporate debt securities | 34,373 |  |  | 733 |  |  | (217) |  |  | (1) |  |  | 34,888 |
Residential mortgage-backed securities | 966 |  |  | 35 |  |  | (2) |  |  | — |  |  | 999 |
Commercial mortgage-backed securities | 3,196 |  |  | 98 |  |  | (35) |  |  | — |  |  | 3,259 |
Collateralized debt securities | 5,224 |  |  | 92 |  |  | (62) |  |  | (1) |  |  | 5,253 |
Total fixed maturity securities | $ | 48,260 |  |  | $ | 1,038 |  |  | $ | (365) |  |  | $ | (2) |  |  | $ | 48,931 |
December 31, 2024 |  |  |  |  |  |  |  |  |
U.S. treasury and government | $ | 87 |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | 86 |
U.S. state and municipal | 3,200 |  |  | 37 |  |  | (30) |  |  | — |  |  | 3,207 |
Foreign governments | 1,568 |  |  | 6 |  |  | (33) |  |  | — |  |  | 1,541 |
Corporate debt securities | 32,770 |  |  | 454 |  |  | (350) |  |  | (26) |  |  | 32,848 |
Residential mortgage-backed securities | 1,086 |  |  | 25 |  |  | (4) |  |  | (1) |  |  | 1,106 |
Commercial mortgage-backed securities | 2,755 |  |  | 65 |  |  | (24) |  |  | — |  |  | 2,796 |
Collateralized debt securities | 5,661 |  |  | 77 |  |  | (30) |  |  | — |  |  | 5,708 |
Total fixed maturity securities | $ | 47,127 |  |  | $ | 664 |  |  | $ | (472) |  |  | $ | (27) |  |  | $ | 47,292 |
Schedule of Amortized Cost and Fair Value, by Contractual Maturity, of Available-for-Sale Fixed Maturity Securities | The amortized cost and fair value of available-for-sale fixed maturity securities at June 30, 2025, by contractual maturity are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.
| Available-For-Sale
| Amortized Cost |  | Fair Value
| (Dollars in millions)
Due in one year or less | $ | 1,711 |  |  | $ | 1,713 |
Due after one year through five years | 16,509 |  |  | 16,774 |
Due after five years through ten years | 5,284 |  |  | 5,426 |
Due after ten years | 15,370 |  |  | 15,507 |
| 38,874 |  |  | 39,420 |
Residential mortgage-backed securities | 966 |  |  | 999 |
Commercial mortgage-backed securities | 3,196 |  |  | 3,259 |
Collateralized debt securities | 5,224 |  |  | 5,253 |
Total | $ | 48,260 |  |  | $ | 48,931 |
Schedule of Proceeds from Sales of Available-for-Sale Fixed Maturity Securities with Related Gross Realized Gains and Losses | Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Proceeds from sales of available-for-sale fixed maturity securities | $ | 3,533 |  |  | $ | 1,820 |  |  | $ | 4,881 |  |  | $ | 2,413 |
Gross realized gains | 8 |  |  | 2 |  |  | 10 |  |  | 4 |
Gross realized (losses) | (61) |  |  | (21) |  |  | (62) |  |  | (23) |
Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities | The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:
| Less than 12 months |  | 12 months or more |  | Total
| Number of Issues |  | Gross Unrealized Losses (1) |  | Fair Value |  | Number of Issues |  | Gross Unrealized Losses (1) |  | Fair Value |  | Number of Issues |  | Gross Unrealized Losses (1) |  | Fair Value
| (Dollars in millions)
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government | 1 |  |  | $ | — |  |  | $ | 8 |  |  | 3 |  |  | $ | (1) |  |  | $ | 51 |  |  | 4 |  |  | $ | (1) |  |  | $ | 59 |
U.S. state and municipal | 140 |  |  | (17) |  |  | 788 |  |  | 93 |  |  | (18) |  |  | 222 |  |  | 233 |  |  | (35) |  |  | 1,010 |
Foreign governments | 9 |  |  | (13) |  |  | 452 |  |  | 2 |  |  | — |  |  | 25 |  |  | 11 |  |  | (13) |  |  | 477 |
Corporate debt securities | 633 |  |  | (118) |  |  | 4,706 |  |  | 267 |  |  | (99) |  |  | 3,024 |  |  | 900 |  |  | (217) |  |  | 7,730 |
Residential mortgage-backed securities | 38 |  |  | (1) |  |  | 138 |  |  | 4 |  |  | (1) |  |  | 21 |  |  | 42 |  |  | (2) |  |  | 159 |
Commercial mortgage-backed securities | 47 |  |  | (26) |  |  | 481 |  |  | 15 |  |  | (9) |  |  | 137 |  |  | 62 |  |  | (35) |  |  | 618 |
Collateralized debt securities | 124 |  |  | (27) |  |  | 1,406 |  |  | 19 |  |  | (35) |  |  | 467 |  |  | 143 |  |  | (62) |  |  | 1,873 |
Total | 992 |  |  | $ | (202) |  |  | $ | 7,979 |  |  | 403 |  |  | $ | (163) |  |  | $ | 3,947 |  |  | 1,395 |  |  | $ | (365) |  |  | $ | 11,926 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government | 3 |  |  | $ | — |  |  | $ | 29 |  |  | 1 |  |  | $ | (1) |  |  | $ | 36 |  |  | 4 |  |  | $ | (1) |  |  | $ | 65 |
U.S. state and municipal | 174 |  |  | (20) |  |  | 851 |  |  | 190 |  |  | (10) |  |  | 280 |  |  | 364 |  |  | (30) |  |  | 1,131 |
Foreign governments | 8 |  |  | (33) |  |  | 1,206 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | (33) |  |  | 1,206 |
Corporate debt securities | 1,514 |  |  | (165) |  |  | 6,615 |  |  | 384 |  |  | (185) |  |  | 4,015 |  |  | 1,898 |  |  | (350) |  |  | 10,630 |
Residential mortgage-backed securities | 47 |  |  | (3) |  |  | 178 |  |  | 16 |  |  | (1) |  |  | 61 |  |  | 63 |  |  | (4) |  |  | 239 |
Commercial mortgage-backed securities | 104 |  |  | (24) |  |  | 667 |  |  | — |  |  | — |  |  | — |  |  | 104 |  |  | (24) |  |  | 667 |
Collateralized debt securities | 178 |  |  | (29) |  |  | 1,182 |  |  | 5 |  |  | (1) |  |  | 22 |  |  | 183 |  |  | (30) |  |  | 1,204 |
Total | 2,028 |  |  | $ | (274) |  |  | $ | 10,728 |  |  | 596 |  |  | $ | (198) |  |  | $ | 4,414 |  |  | 2,624 |  |  | $ | (472) |  |  | $ | 15,142 |
(1)Unrealized losses have been reduced to reflect the allowance for credit losses of $2 million and $27 million as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities | The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below:
| Three Months Ended June 30, 2025
| Corporate Securities |  | Residential Mortgage Backed Securities |  |  |  | Collateralized Debt Securities |  | Total
| (Dollars in millions)
Beginning balance | $ | (9) |  |  | $ | (1) |  |  |  |  | $ | (1) |  |  | $ | (11) |
Credit losses recognized on securities for which credit losses were not previously recorded | (3) |  |  | — |  |  |  |  | (1) |  |  | (4) |
Reductions for securities sold during the period | — |  |  | — |  |  |  |  | — |  |  | — |
Allowance on securities that had an allowance recorded in a previous period | 11 |  |  | 1 |  |  |  |  | 1 |  |  | 13 |
Balance as of June 30, 2025 | $ | (1) |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | (2) |
| Three Months Ended June 30, 2024
| Corporate Securities |  | Residential Mortgage Backed Securities |  |  |  | Collateralized Debt Securities |  | Total
| (Dollars in millions)
Beginning balance | $ | (24) |  |  | $ | (1) |  |  |  |  | $ | (3) |  |  | $ | (28) |
Credit losses recognized on securities for which credit losses were not previously recorded | (13) |  |  | — |  |  |  |  | — |  |  | (13) |
Reductions for securities sold during the period | — |  |  | — |  |  |  |  | — |  |  | — |
Allowance on securities that had an allowance recorded in a previous period | 3 |  |  | — |  |  |  |  | 1 |  |  | 4 |
Balance as of June 30, 2024 | $ | (34) |  |  | $ | (1) |  |  |  |  | $ | (2) |  |  | $ | (37) |
| Six Months Ended June 30, 2025
| Corporate Securities |  | Residential Mortgage Backed Securities |  |  |  | Collateralized Debt Securities |  | Total
| (Dollars in millions)
Beginning balance | $ | (26) |  |  | $ | (1) |  |  |  |  | $ | — |  |  | $ | (27) |
Credit losses recognized on securities for which credit losses were not previously recorded | (10) |  |  | — |  |  |  |  | (2) |  |  | (12) |
Reductions for securities sold during the period | 16 |  |  | — |  |  |  |  | — |  |  | 16 |
Allowance on securities that had an allowance recorded in a previous period | 19 |  |  | 1 |  |  |  |  | 1 |  |  | 21 |
Balance as of June 30, 2025 | $ | (1) |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | (2) |
| Six Months Ended June 30, 2024
| Corporate Securities |  | Residential Mortgage Backed Securities |  |  |  | Collateralized Debt Securities |  | Total
| (Dollars in millions)
Beginning balance | $ | (19) |  |  | $ | (1) |  |  |  |  | $ | (4) |  |  | $ | (24) |
Credit losses recognized on securities for which credit losses were not previously recorded | (33) |  |  | — |  |  |  |  | — |  |  | (33) |
Reductions for securities sold during the period | 1 |  |  | — |  |  |  |  | — |  |  | 1 |
Allowance on securities that had an allowance recorded in a previous period | 17 |  |  | — |  |  |  |  | 1 |  |  | 18 |
Balance as of June 30, 2024 | $ | (34) |  |  | $ | (1) |  |  |  |  | $ | (2) |  |  | $ | (37) |

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