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Equity Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Components of Change in Net Gains (Losses) on Equity Securities

The net gains on equity securities recognized in “Investment related gains (losses)” on the Condensed Consolidated Statements of Operations are shown below:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in millions)
Unrealized gains on equity securities			$	47					$	21					$	144					$	43
Net gains on equity securities sold			13						2						14						4
Net gains on equity securities			$	60					$	23					$	158					$	47

Equity securities by market sector distribution are shown below, based on carrying value:

			September 30, 2025						December 31, 2024
Consumer goods			8		%				5		%
Education			21		%				20		%
Energy and utilities			38		%				10		%
Finance			4		%				48		%
Healthcare			3		%				2		%
Industrials			19		%				12		%
Information technology			1		%				—		%
Other			6		%				3		%
Total			100		%				100		%

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- References

No definition available.

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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