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Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Composition of Investment Portfolio by Major Security Type

The composition of the investment portfolio by major security type and our outstanding debt was:

			Fair Value
(millions)			Level 1						Level 2						Level 3						Total						Cost
September 30, 2025
Fixed maturities:
U.S. government obligations			$	51,339					$	0					$	0					$	51,339					$	51,021
State and local government obligations			0						3,275						0						3,275						3,320
Foreign government obligations			0						16						0						16						16
Corporate and other debt securities			0						18,812						5						18,817						18,621
Residential mortgage-backed securities			0						3,000						0						3,000						2,979
Commercial mortgage-backed securities			0						5,686						0						5,686						5,916
Other asset-backed securities			0						6,376						0						6,376						6,374
Total fixed maturities			51,339						37,165						5						88,509						88,247
Short-term investments			1,414						101						0						1,515						1,515
Total available-for-sale securities			52,753						37,266						5						90,024						89,762
Equity securities:
Nonredeemable preferred stocks			0						378						60						438						454
Common equities:
Common stocks			4,004						0						9						4,013						774
Other risk investments			0						0						34						34						34
Subtotal common equities			4,004						0						43						4,047						808
Total equity securities			4,004						378						103						4,485						1,262
Total portfolio			$	56,757					$	37,644					$	108					$	94,509					$	91,024
Debt			$	0					$	6,398					$	0					$	6,398					$	6,896

			Fair Value
(millions)			Level 1						Level 2						Level 3						Total						Cost
September 30, 2024
Fixed maturities:
U.S. government obligations			$	44,429					$	0					$	0					$	44,429					$	44,231
State and local government obligations			0						2,601						0						2,601						2,681
Foreign government obligations			0						16						0						16						17
Corporate and other debt securities			0						15,033						3						15,036						14,970
Residential mortgage-backed securities			0						1,424						0						1,424						1,404
Commercial mortgage-backed securities			0						4,291						0						4,291						4,664
Other asset-backed securities			0						6,614						0						6,614						6,628
Total fixed maturities			44,429						29,979						3						74,411						74,595
Short-term investments			755						2						0						757						757
Total available-for-sale securities			45,184						29,981						3						75,168						75,352
Equity securities:
Nonredeemable preferred stocks			0						683						52						735						760
Common equities:
Common stocks			3,452						0						22						3,474						710
Other risk investments			0						0						23						23						23
Subtotal common equities			3,452						0						45						3,497						733
Total equity securities			3,452						683						97						4,232						1,493
Total portfolio			$	48,636					$	30,664					$	100					$	79,400					$	76,845
Debt			$	0					$	6,498					$	0					$	6,498					$	6,892

			Fair Value
(millions)			Level 1						Level 2						Level 3						Total						Cost
December 31, 2024
Fixed maturities:
U.S. government obligations			$	45,988					$	0					$	0					$	45,988					$	47,103
State and local government obligations			0						2,778						0						2,778						2,893
Foreign government obligations			0						16						0						16						16
Corporate and other debt securities			0						13,949						5						13,954						14,111
Residential mortgage-backed securities			0						1,601						0						1,601						1,600
Commercial mortgage-backed securities			0						4,352						0						4,352						4,721
Other asset-backed securities			0						6,643						0						6,643						6,682
Total fixed maturities			45,988						29,339						5						75,332						77,126
Short-term investments			613						2						0						615						615
Total available-for-sale securities			46,601						29,341						5						75,947						77,741
Equity securities:
Nonredeemable preferred stocks			0						676						52						728						756
Common equities:
Common stocks			3,527						0						23						3,550						720
Other risk investments			0						0						25						25						25
Subtotal common equities			3,527						0						48						3,575						745
Total equity securities			3,527						676						100						4,303						1,501
Total portfolio			$	50,128					$	30,017					$	105					$	80,250					$	79,242
Debt			$	0					$	6,173					$	0					$	6,173					$	6,893

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and nine months ended September 30, 2025 and 2024:

(millions)			Fair Value at June 30, 2025			Calls/ Maturities/ Paydowns/Other			Purchases			Sales			Net Realized (Gain)/Loss on Sales			Change in Valuation1			Net Transfers In (Out)			Fair Value at September 30, 2025
Fixed maturities:
Corporate and other debt securities			$	5		$	0		$	0		$	0		$	0		$	0		$	0		$	5
Equity securities:
Nonredeemable preferred stocks			60			0			0			0			0			0			0			60
Common equities:
Common stocks			9			0			0			0			0			0			0			9
Other risk investments			32			2			0			0			0			0			0			34
Total Level 3 securities			$	106		$	2		$	0		$	0		$	0		$	0		$	0		$	108
(millions)			Fair Value at June 30, 2024			Calls/ Maturities/ Paydowns/Other			Purchases			Sales			Net Realized (Gain)/Loss on Sales			Change in Valuation1			Net Transfers In (Out)			Fair Value at September 30, 2024
Fixed maturities:
Corporate and other debt securities			$	3		$	0		$	0		$	0		$	0		$	0		$	0		$	3
Equity securities:
Nonredeemable preferred stocks			52			0			0			0			0			0			0			52
Common equities:
Common stocks			22			0			0			0			0			0			0			22
Other risk investments			24			(1)			0			0			0			0			0			23
Total Level 3 securities			$	101		$	(1)		$	0		$	0		$	0		$	0		$	0		$	100
(millions)			Fair Value at December 31, 2024			Calls/ Maturities/ Paydowns/Other			Purchases			Sales			Net Realized (Gain)/Loss on Sales			Change in Valuation1			Net Transfers In (Out)			Fair Value at September 30, 2025
Fixed maturities:
Corporate and other debt securities			$	5		$	0		$	0		$	0		$	0		$	0		$	0		$	5
Equity securities:
Nonredeemable preferred stocks			52			0			8			0			0			0			0			60
Common equities:
Common stocks			23			0			0			0			0			(14)			0			9
Other risk investments			25			9			0			0			0			0			0			34
Total Level 3 securities			$	105		$	9		$	8		$	0		$	0		$	(14)		$	0		$	108
(millions)			Fair Value at December 31, 2023			Calls/ Maturities/ Paydowns/Other			Purchases			Sales			Net Realized (Gain)/Loss on Sales			Change in Valuation1			Net Transfers In (Out)			Fair Value at September 30, 2024
Fixed maturities:
Corporate and other debt securities			$	3		$	0		$	0		$	0		$	0		$	0		$	0		$	3
Equity securities:
Nonredeemable preferred stocks			64			0			0			0			0			(12)			0			52
Common equities:
Common stocks			22			0			0			0			0			0			0			22
Other risk investments			21			2			0			0			0			0			0			23
Total Level 3 securities			$	110		$	2		$	0		$	0		$	0		$	(12)		$	0		$	100

1 For fixed maturities, these amounts are included in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, these amounts are included in our consolidated statements of comprehensive income.

Fair Value Measurement Inputs and Valuation Techniques

The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at September 30, 2025 and 2024, and December 31, 2024:

($ in millions)

Fair Value at September 30, 2025

Valuation Technique

Unobservable Input

Range of Input Values Increase (Decrease)

Weighted Average Increase (Decrease)

Fixed maturities:

Corporate and other debt securities

$

5

Market comparables

Weighted average market capitalization price change %

(1.0)% to (0.9)%

(1.0)

%

Equity securities:

Nonredeemable preferred stocks

60

Market comparables

Weighted average market capitalization price change %

(6.6)% to 11.3%

3.8

%

Common stocks

9

Market comparables

Weighted average market capitalization price change %

(21.5)% to 74.6%

11.3

%

Subtotal Level 3 securities

74

Pricing exemption securities

34

Total Level 3 securities

$

108

($ in millions)

Fair Value at September 30, 2024

Valuation Technique

Unobservable Input

Range of Input Values Increase (Decrease)

Weighted Average Increase (Decrease)

Fixed maturities:

Corporate and other debt securities

$

3

Market comparables

Weighted average market capitalization price change %

(3.1)% to 10.9%

2.6

%

Equity securities:

Nonredeemable preferred stocks

52

Market comparables

Weighted average market capitalization price change %

4.0% to 25.0%

18.1

%

Common stocks

22

Market comparables

Weighted average market capitalization price change %

(19.1)% to 69.6%

19.0

%

Subtotal Level 3 securities

77

Pricing exemption securities

23

Total Level 3 securities

$

100

($ in millions)

Fair Value at December 31, 2024

Valuation Technique

Unobservable Input

Range of Input Values Increase (Decrease)

Weighted Average Increase (Decrease)

Fixed maturities:

Corporate and other debt securities

$

5

Market comparables

Weighted average market capitalization price change %

(1.4)% to (1.3)%

(1.4)

%

Equity securities:

Nonredeemable preferred stocks

52

Market comparables

Weighted average market capitalization price change %

(14.1)% to 6.0%

(2.7)

%

Common stocks

23

Market comparables

Weighted average market capitalization price change %

(41.3)% to 95.9%

6.0

%

Subtotal Level 3 securities

80

Pricing exemption securities

25

Total Level 3 securities

$

105

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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