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Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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			$	13,996					$	2					$	13,853					$	141
U.S. government and government agencies			5,863						5,850						13						—
Asset backed securities			2,989						—						2,989						—
Non-U.S. government securities			2,853						—						2,853						—
Commercial mortgage backed securities			1,146						—						1,146						—
Residential mortgage backed securities			1,313						—						1,313						—
Municipal bonds			274						—						274						—
Total			28,434						5,852						22,441						141
Short-term investments			3,341						3,081						163						97
Equity securities, at fair value			1,623						1,590						27						6
Derivative instruments (2)			147						—						147						—
Residential mortgage loans			13						—						13						—
Fair value option:
Corporate bonds			1,085						—						1,085						—
Non-U.S. government bonds			8						—						8						—
U.S. government and government agencies			4						4						—						—
Short-term investments			61						3						43						15
Equity securities			7						3						—						4
Other investments			703						—						413						290
Other investments measured at net asset value (1)			1,393
Total			3,261						10						1,549						309
Total assets measured at fair value			$	36,819					$	10,533					$	24,340					$	553
Liabilities measured at fair value:
Other liabilities			$	(43)					$	—					$	—					$	(43)
Derivative instruments (2)			(81)						—						(81)						—
Total liabilities measured at fair value			$	(124)					$	—					$	(81)					$	(43)

(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 10.

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 10.

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 September 30, 2024
Balance at beginning of period									$	160					$	97											$	144					$	14					$	4					$	6					$	(35)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									—						—												—						—						—						—						(1)
Included in other comprehensive income									—						—												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									—						—												39						5						—						—						—
Issuances (2)									—						—												—						—						—						—						(9)
Sales									—						—												(2)						—						—						—						—
Settlements									(19)						—												(14)						(4)						—						—						2
Transfers in and/or out of Level 3									—						—												123						—						—						—						—
Balance at end of period									$	141					$	97											$	290					$	15					$	4					$	6					$	(43)
Three Months Ended September 30, 2023
Balance at beginning of period									$	100					$	—											$	86					$	—					$	4					$	5					$	(19)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									—						—												—						—						—						—						—
Included in other comprehensive income									(1)						—												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									25						—												29						4						—						—						—
Issuances									—						—												—						—						—						—						(4)
Sales									—						—												(6)						—						—						—						—
Settlements									—						—												(9)						—						—						—						2
Transfers in and/or out of Level 3									—						—												—						—						—						—						—
Balance at end of period									$	124					$	—											$	100					$	4					$	4					$	5					$	(21)
Nine Months Ended September 30, 2024
Balance at beginning of year									$	147					$	84											$	106					$	10					$	4					$	5					$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									—						—												(4)						—						—						—						(1)
Included in other comprehensive income									2						1												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									98						12												99						15						—						1						—
Issuances (2)									—						—												—						—						—						—						(22)
Sales									—						—												(4)						—						—						—						—
Settlements									(106)						—												(30)						(10)						—						—						2
Transfers in and/or out of Level 3									—						—												123						—						—						—						—
Balance at end of period									$	141					$	97											$	290					$	15					$	4					$	6					$	(43)
Nine Months Ended September 30, 2023
Balance at beginning of year									$	121					$	—											$	33					$	—					$	4					$	4					$	(14)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									1						—												(1)						—						—						—						—
Included in other comprehensive income									(1)						—												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									68						—												87						4						—						1						—
Issuances									—						—												—						—						—						—						(9)
Sales									—						—												(10)						—						—						—						—
Settlements									(65)						—												(9)						—						—						—						2
Transfers in and/or out of Level 3									—						—												—						—						—						—						—
Balance at end of period									$	124					$	—											$	100					$	4					$	4					$	5					$	(21)

(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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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