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FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Detail) $ in Millions | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($)
--- | --- | ---
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | $ 65,269 | $ 73,290
Equity securities |  | 796 | 1,088
Total assets |  | 74,133 | 80,325
Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 2,067 | 1,781
Equity securities |  | 157 | 248
Total assets |  | 2,224 | 2,029
Adjustd cost | Level 3 | Private financials |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Equity securities |  | 157 | 248
Mortgage- and asset-backed securities |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 3,563 | 3,086
Mortgage- and asset-backed securities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 1,156 | 772
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | $ 1,156 | $ 772
Mortgage- and asset-backed securities | Lower Limit | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] | 84.08 | 84.81
Mortgage- and asset-backed securities | Upper Limit | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] | 104.60 | 105.89
Mortgage- and asset-backed securities | Weighted Average | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] | 99.07 | 99.39
Public utilities |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | $ 7,045 | $ 7,592
Public utilities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 647 | 253
Public utilities | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  |  | $ 253
Public utilities | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | $ 647 |
Public utilities | Lower Limit | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] |  | 94.34
Public utilities | Lower Limit | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0100 |
Public utilities | Upper Limit | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] |  | 102.99
Public utilities | Upper Limit | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0375 |
Public utilities | Weighted Average | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] |  | 96.46
Public utilities | Weighted Average | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0162 |
Sovereign and supranational |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | $ 416 | $ 537
Sovereign and supranational | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 23 | 30
Sovereign and supranational | Consensus pricing valuation technique | Level 3 | Offered quotes |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 23 | 30
Banks/financial institutions |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 8,956 | 8,835
Banks/financial institutions | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 10 | 78
Banks/financial institutions | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  |  | 78
Banks/financial institutions | Adjustd cost | Level 3 | Private financials |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 10 |
Other corporate |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 25,409 | 28,342
Other corporate | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | 231 | 648
Other corporate | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale |  | $ 231 | $ 648
Other corporate | Lower Limit | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0091 | 0.0069
Other corporate | Upper Limit | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0294 | 0.0423
Other corporate | Weighted Average | Discounted cash flow technique | Level 3 | Credit spreads |  |  |
Fair Value Measurement Inputs and Valuation Technique |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0173 | 0.0206
[1] | Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
[2] | Actual or equivalent credit spreads in basis points.

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