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Net Investment Income and Investment Related Gains (Losses)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Net Investment Income and Investment Related Gains (Losses)
10. Net Investment Income and Investment Related Gains (Losses)
Net investment income is shown below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(Dollars in millions)
Available-for-sale fixed maturity securities$840 $604 $2,075 $1,265 
Equity securities15 17 35 38 
Mortgage loans188 190 574 428 
Private loans154 24 356 25 
Real estate20 (6)40 46 
Real estate partnerships45 (3)61 3 
Investment funds153 55 282 223 
Policy loans3 6 15 12 
Short-term investments(20)63 159 140 
Other(113)74 123 216 
Total net investment income$1,285 $1,024 $3,720 $2,396 
Net unrealized and realized investment gains (losses) are shown below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(Dollars in millions)
Available-for-sale fixed maturity securities$(111)$(100)$(14)$(125)
Equity securities60 23 158 47 
Mortgage loans16 (22)23 (28)
Private loans(75)— (40)(3)
Investment real estate(2)— (3)— 
Real estate partnerships— — 1 — 
Investments funds(7)— (9)— 
Short-term investments and other invested assets121 (29)(45)(51)
Total investment related gains (losses), net$2 $(128)$71 $(160)