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FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions | Sep. 30, 2025 USD ($) | Dec. 31, 2024 USD ($)
--- | --- | ---
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | $ 67,276 | $ 65,269
Equity securities |  | 885 | 796
Total assets |  | 77,382 | 74,133
Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 3,246 | 2,067
Equity securities |  | 163 | 157
Total assets |  | 3,409 | 2,224
Adjusted cost valuation technique | Level 3 | Private Financials |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Equity securities |  | 163 | 157
Municipalities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 1,986 | 2,034
Municipalities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 0 | 0
Mortgage- and asset-backed securities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 4,362 | 3,563
Mortgage- and asset-backed securities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 2,246 | 1,156
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | $ 2,246 | $ 1,156
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Lower Limit | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] | 89.64 | 84.08
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Upper Limit | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] | 106.78 | 104.60
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Weighted Average | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [1] | 100.52 | 99.07
Public utilities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | $ 7,430 | $ 7,045
Public utilities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 806 | 647
Public utilities | Discounted cash flow technique | Level 3 | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | $ 806 | $ 647
Public utilities | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0100 | 0.0100
Public utilities | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0394 | 0.0375
Public utilities | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0166 | 0.0162
Sovereign and supranational |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | $ 425 | $ 416
Sovereign and supranational | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 22 | 23
Sovereign and supranational | Consensus pricing valuation technique | Level 3 | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 22 | 23
Banks/financial institutions |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 9,719 | 8,956
Banks/financial institutions | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 9 | 10
Banks/financial institutions | Adjusted cost valuation technique | Level 3 | Private Financials |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 9 | 10
Other corporate |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 26,771 | 25,409
Other corporate | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | 163 | 231
Other corporate | Discounted cash flow technique | Level 3 | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale |  | $ 163 | $ 231
Other corporate | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0075 | 0.0091
Other corporate | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0384 | 0.0294
Other corporate | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Fixed maturity securities, available-for-sale, measurement input | [2] | 0.0217 | 0.0173
[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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