XML 43 R31.htm IDEA: XBRL DOCUMENT v3.23.2

Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair value hierarchy

The following table presents the Company’s financial assets and liabilities measured at fair value by level at June 30, 2023:

									Estimated Fair Value Measurements Using:
			Estimated Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds			$	9,977					$	—					$	9,877					$	100
Residential mortgage backed securities			860						—						860						—
Municipal bonds			306						—						306						—
Commercial mortgage backed securities			1,082						—						1,082						—
U.S. government and government agencies			4,529						4,507						22						—
Non-U.S. government securities			2,277						—						2,277						—
Asset backed securities			2,403						—						2,403						—
Total			21,434						4,507						16,827						100
Short-term investments			1,702						1,599						103						—
Equity securities, at fair value			911						876						30						5
Derivative instruments (2)			125						—						125						—
Residential mortgage loans			2						—						2						—
Fair value option:
Corporate bonds			639						—						639						—
Non-U.S. government bonds			10						—						10						—
Asset backed securities			2						—						2						—
U.S. government and government agencies			8						8						—						—
Short-term investments			8						1						7						—
Equity securities			7						3						—						4
Other investments			313						—						227						86
Other investments measured at net asset value (1)			859
Total			1,846						12						885						90
Total assets measured at fair value			$	26,020					$	6,994					$	17,972					$	195
Liabilities measured at fair value:
Other liabilities			$	(19)					$	—					$	—					$	(19)
Derivative instruments (2)			(62)						—						(62)						—
Total liabilities measured at fair value			$	(81)					$	—					$	(62)					$	(19)

(1)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

(2)    See note 9.

The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2022:

									Estimated Fair Value Measurements Using:
			Estimated Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds			$	8,020					$	—					$	7,899					$	121
Residential mortgage backed securities			795						—						795						—
Municipal bonds			419						—						419						—
Commercial mortgage backed securities			1,047						—						1,047						—
U.S. government and government agencies			5,162						5,145						17						—
Non-U.S. government securities			2,313						—						2,313						—
Asset backed securities			1,927						—						1,927						—
Total			19,683						5,145						14,417						121
Short-term investments			1,332						1,198						134						—
Equity securities, at fair value			860						829						28						3
Derivative instruments (2)			149						—						149						—
Residential mortgage loans			2						—						2						—
Fair value option:
Corporate bonds			543						—						543						—
Non-U.S. government bonds			4						—						4						—
Asset backed securities			2						—						2						—
U.S. government and government agencies			5						5						—						—
Short-term investments			33						1						32						—
Equity securities			14						10						—						4
Other investments			196						—						163						33
Other investments measured at net asset value (1)			847
Total			1,644						16						744						37
Total assets measured at fair value			$	23,670					$	7,188					$	15,474					$	161
Liabilities measured at fair value:
Other liabilities			$	(14)					$	—					$	—					$	(14)
Derivative instruments (2)			(76)						—						(76)						—
Total liabilities measured at fair value			$	(90)					$	—					$	(76)					$	(14)

(1)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

(2)    See note 9.

Rollforward of Level 3 investments

The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:

			Assets																														Liabilities
s			Available For Sale																		Fair Value Option												Fair Value
			Structured Securities (1)						Corporate Bonds												Other Investments						Equity Securities						Equity Securities						Other Liabilities
Three Months Ended June 30, 2023
Balance at beginning of period			$	—					$	69											$	46					$	4					$	5					$	(14)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—						—												—						—						—						—
Included in other comprehensive income			—						—												—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						43												40						—						—						—
Issuances			—						—												—						—						—						(5)
Sales			—						—												—						—						—						—
Settlements			—						(12)												—						—						—						—
Transfers in and/or out of Level 3			—						—												—						—						—						—
Balance at end of period			$	—					$	100											$	86					$	4					$	5					$	(19)
Three Months Ended June 30, 2022
Balance at beginning of period			$	3					$	4											$	23					$	5					$	3					$	(18)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—						—												—						—						—						—
Included in other comprehensive income			—						—												—						—						—						1
Purchases, issuances, sales and settlements
Purchases			—						—												11						—						—						—
Issuances			—						—												—						—						—						—
Sales			—						—												—						—						—						—
Settlements			—						—												—						—						—						—
Transfers in and/or out of Level 3			—						—												—						—						—						—
Balance at end of period			$	3					$	4											$	34					$	5					$	3					$	(17)
Six Months Ended June 30, 2023
Balance at beginning of year			$	—					$	121											$	33					$	4					$	4					$	(14)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—						1												(1)						—						—						—
Included in other comprehensive income			—						—												—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						43												58						—						1						—
Issuances			—						—												—						—						—						(5)
Sales			—						—												(4)						—						—						—
Settlements			—						(65)												—						—						—						—
Transfers in and/or out of Level 3			—						—												—						—						—						—
Balance at end of period			$	—					$	100											$	86					$	4					$	5					$	(19)
Six Months Ended June 30, 2022
Balance at beginning of year			$	3					$	—											$	28					$	5					$	3					$	(17)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—						—												—						—						—						—
Included in other comprehensive income			—						—												—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						—												11						—						—						—
Issuances			—						—												—						—						—						—
Sales			—						—												(2)						—						—						—
Settlements			—						—												(3)						—						—						—
Transfers in and/or out of Level 3			—						4												—						—						—						—
Balance at end of period			$	3					$	4											$	34					$	5					$	3					$	(17)

(1)    Includes asset backed securities, residential mortgage backed securities and commercial mortgage backed securities.

(2)    Gains or losses were included in net realized gains (losses).

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration