XML 97 R48.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurements - Fair Value by Hierarchy (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale $ 45,203 $ 42,567
Fixed maturities, at fair value using the fair value option ("FVO Securities") 191 308
Equity securities, at fair value [1] 570 603
Derivative assets 30 57
Short-term investments 4,219 4,068
Total assets accounted for at fair value on a recurring basis 50,213 47,603
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (32) (12)
Total liabilities accounted for at fair value on a recurring basis $ (32) $ (12)
Equity Security, FV-NI, Contractual Sale Restriction, Nature of Restriction and Circumstance for Lapse Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company. Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.
Credit derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets $ 28 $ 30
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (28) (30)
Foreign exchange derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 1 23
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (2) 18
Interest rate derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 1  
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (2)  
Equity    
Assets accounted for at fair value on a recurring basis    
Derivative assets   4
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 57
Fixed maturities, at fair value using the fair value option ("FVO Securities") 0 0
Equity securities, at fair value [1] 418 372
Derivative assets 0 0
Short-term investments 835 1,271
Total assets accounted for at fair value on a recurring basis 1,253 1,700
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0 0
Total liabilities accounted for at fair value on a recurring basis 0 0
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | Credit derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 0 0
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0 0
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | Foreign exchange derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 0 0
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0 0
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | Interest rate derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 0  
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0  
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | Equity    
Assets accounted for at fair value on a recurring basis    
Derivative assets   0
Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 41,965 39,900
Fixed maturities, at fair value using the fair value option ("FVO Securities") 0 111
Equity securities, at fair value [1] 46 144
Derivative assets 30 57
Short-term investments 3,177 2,699
Total assets accounted for at fair value on a recurring basis 45,218 42,911
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (32) (12)
Total liabilities accounted for at fair value on a recurring basis (32) (12)
Significant
Observable
Inputs
(Level 2) | Credit derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 28 30
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (28) (30)
Significant
Observable
Inputs
(Level 2) | Foreign exchange derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 1 23
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (2) 18
Significant
Observable
Inputs
(Level 2) | Interest rate derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 1  
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities (2)  
Significant
Observable
Inputs
(Level 2) | Equity    
Assets accounted for at fair value on a recurring basis    
Derivative assets   4
Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 3,238 2,610
Fixed maturities, at fair value using the fair value option ("FVO Securities") 191 197
Equity securities, at fair value [1] 106 87
Derivative assets 0 0
Short-term investments 207 98
Total assets accounted for at fair value on a recurring basis 3,742 2,992
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0 0
Total liabilities accounted for at fair value on a recurring basis 0 0
Fair Value, Inputs, Level 3 [Member] | Credit derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 0 0
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Foreign exchange derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 0 0
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives    
Assets accounted for at fair value on a recurring basis    
Derivative assets 0  
Liabilities accounted for at fair value on a recurring basis    
Derivative liabilities 0  
Fair Value, Inputs, Level 3 [Member] | Equity    
Assets accounted for at fair value on a recurring basis    
Derivative assets   0
Fair Value Measured at Net Asset Value Per Share [Member]    
Liabilities accounted for at fair value on a recurring basis    
Deposit Assets 80 61
Asset-backed securities ("ABS")    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 4,506 3,937
Asset-backed securities ("ABS") | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
Asset-backed securities ("ABS") | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 4,423 3,915
Asset-backed securities ("ABS") | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 83 22
Collateralized Loan Obligations [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 3,379 3,250
Fixed maturities, at fair value using the fair value option ("FVO Securities") 191 308
Collateralized Loan Obligations [Member] | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
Collateralized Loan Obligations [Member] | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 3,215 3,134
Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 164 116
CMBS    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 2,498 2,736
CMBS | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
CMBS | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 2,365 2,569
CMBS | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 133 167
Corporate    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 23,079 20,636
Corporate | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
Corporate | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 20,244 18,355
Corporate | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 2,835 2,281
Foreign government/government agencies    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 409 480
Foreign government/government agencies | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
Foreign government/government agencies | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 409 480
Foreign government/government agencies | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
Municipal    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 4,481 5,304
Municipal | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
Municipal | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 4,481 5,304
Municipal | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
RMBS    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 5,778 5,230
RMBS | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 0
RMBS | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 5,755 5,206
RMBS | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 23 24
U.S. Treasuries    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 1,073 994
U.S. Treasuries | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 0 57
U.S. Treasuries | Significant
Observable
Inputs
(Level 2)    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale 1,073 937
U.S. Treasuries | Fair Value, Inputs, Level 3 [Member]    
Assets accounted for at fair value on a recurring basis    
Debt Securities, Available-for-sale $ 0 $ 0