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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

									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			$	11,698					$	—					$	11,538					$	160
U.S. government and government agencies			4,370						4,342						28						—
Asset backed securities			2,762						—						2,762						—
Non-U.S. government securities			2,195						—						2,195						—
Commercial mortgage backed securities			1,197						—						1,197						—
Residential mortgage backed securities			1,179						—						1,179						—
Municipal bonds			227						—						227						—
Total			23,628						4,342						19,126						160
Short-term investments			2,142						1,885						160						97
Equity securities, at fair value			1,720						1,686						29						5
Derivative instruments (2)			120						—						120						—
Residential mortgage loans			2						—						2						—
Fair value option:
Corporate bonds			910						—						910						—
Non-U.S. government bonds			5						—						5						—
Asset backed securities			2						—						2						—
U.S. government and government agencies			13						13						—						—
Short-term investments			35						1						17						17
Equity securities			7						3						—						4
Other investments			249						—						123						126
Other investments measured at net asset value (1)			1,665
Total			2,886						17						1,057						147
Total assets measured at fair value			$	30,498					$	7,930					$	20,494					$	409
Liabilities measured at fair value:
Other liabilities			$	(22)					$	—					$	—					$	(22)
Derivative instruments (2)			(57)						—						(57)						—
Total liabilities measured at fair value			$	(79)					$	—					$	(57)					$	(22)

(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, 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			$	10,855					$	—					$	10,708					$	147
U.S. government and government agencies			5,814						5,792						22						—
Asset backed securities			2,250						—						2,250						—
Non-U.S. government securities			2,062						—						2,062						—
Commercial mortgage backed securities			1,213						—						1,213						—
Residential mortgage backed securities			1,103						—						1,103						—
Municipal bonds			256						—						256						—
Total			23,553						5,792						17,614						147
Short-term investments			2,063						1,786						193						84
Equity securities, at fair value			1,186						1,151						30						5
Derivative instruments (2)			197						—						197						—
Residential mortgage loans			2						—						2						—
Fair value option:
Corporate bonds			662						—						662						—
Non-U.S. government bonds			6						—						6						—
Asset backed securities			2						—						2						—
U.S. government and government agencies			13						13						—						—
Short-term investments			21						—						11						10
Equity securities			7						3						—						4
Other investments			316						—						210						106
Other investments measured at net asset value (1)			1,461
Total			2,488						16						891						120
Total assets measured at fair value			$	29,489					$	8,745					$	18,927					$	356
Liabilities measured at fair value:
Other liabilities			$	(22)					$	—					$	—					$	(22)
Derivative instruments (2)			(119)						—						(119)						—
Total liabilities measured at fair value			$	(141)					$	—					$	(119)					$	(22)

(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
									Corporate Bonds						Short-term Investments												Other Investments						Short-term Investments						Equity Securities						Equity Securities						Other Liabilities
Three Months Ended March 31, 2024
Balance at beginning of period									$	147					$	84											$	106					$	10					$	4					$	5					$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									—						—												(4)						—						—						—						—
Included in other comprehensive income									2						1												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									98						12												30						7						—						—						—
Issuances									—						—												—						—						—						—						—
Sales									—						—												—						—						—						—						—
Settlements									(87)						—												(6)						—						—						—						—
Transfers in and/or out of Level 3									—						—												—						—						—						—						—
Balance at end of period									$	160					$	97											$	126					$	17					$	4					$	5					$	(22)
Three Months Ended March 31, 2023
Balance at beginning of period									$	121					$	—											$	33					$	—					$	4					$	4					$	(14)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									1						—												(1)						—						—						—						—
Included in other comprehensive income									—						—												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									—						—												18						—						—						1						—
Issuances									—						—												—						—						—						—						—
Sales									—						—												(4)						—						—						—						—
Settlements									(53)						—												—						—						—						—						—
Transfers in and/or out of Level 3									—						—												—						—						—						—						—
Balance at end of period									$	69					$	—											$	46					$	—					$	4					$	5					$	(14)

(1)    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://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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- 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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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