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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025:

									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			$	13,703					$	—					$	13,553					$	150
U.S. government and government agencies			6,531						6,530						1						—
Asset backed securities			3,087						—						3,087						—
Non-U.S. government securities			2,602						—						2,602						—
Commercial mortgage backed securities			931						—						931						—
Residential mortgage backed securities			1,755						—						1,755						—
Municipal bonds			189						—						189						—
Total			28,798						6,530						22,118						150
Short-term investments			2,477						2,401						76						—
Equity securities, at fair value			1,618						1,585						26						7
Derivative instruments (2)			206						—						206						—
Residential mortgage loans			2						—						2						—
Fair value option:
Corporate bonds			886						—						886						—
Non-U.S. government bonds			23						—						23						—
U.S. government and government agencies			4						4						—						—
Short-term investments			104						—						75						29
Equity securities			5						—						—						5
Other investments			407						—						201						206
Other investments measured at net asset value (1)			1,459
Total			2,888						4						1,185						240
Total assets measured at fair value			$	35,989					$	10,520					$	23,613					$	397
Liabilities measured at fair value:
Other liabilities			$	(34)					$	—					$	—					$	(34)
Derivative instruments (2)			(108)						—						(108)						—
Total liabilities measured at fair value			$	(142)					$	—					$	(108)					$	(34)

(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, 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			$	12,487					$	—					$	12,390					$	97
U.S. government and government agencies			6,710						6,709						1						—
Asset backed securities			2,900						—						2,900						—
Non-U.S. government securities			2,538						—						2,538						—
Commercial mortgage backed securities			1,058						—						1,058						—
Residential mortgage backed securities			1,079						—						1,079						—
Municipal bonds			263						—						263						—
Total			27,035						6,709						20,229						97
Short-term investments			2,784						2,704						80						—
Equity securities, at fair value			1,675						1,640						28						7
Derivative instruments (2)			206						—						206						—
Residential mortgage loans			15						—						15						—
Fair value option:
Corporate bonds			832						—						832						—
Non-U.S. government bonds			8						—						8						—
Asset backed securities			—						—						—						—
U.S. government and government agencies			14						14						—						—
Short-term investments			70						—						37						33
Equity securities			6						2						—						4
Other investments			752						—						563						189
Other investments measured at net asset value (1)			1,383
Total			3,065						16						1,440						226
Total assets measured at fair value			$	34,780					$	11,069					$	21,998					$	330
Liabilities measured at fair value:
Other liabilities			$	(73)					$	—					$	—					$	(73)
Derivative instruments (2)			(115)						—						(115)						—
Total liabilities measured at fair value			$	(188)					$	—					$	(115)					$	(73)

(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 March 31, 2025
Balance at beginning of period									$	97					$	—											$	189					$	33					$	4					$	7					$	(73)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)									—						—												—						—						—						—						2
Included in other comprehensive income									—						—												—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases									—						—												52						6						—						—						—
Issuances									—						—												—						—						—						—						—
Sales									—						—												—						—						—						—						—
Settlements									(17)						—												(35)						(10)						—						—						37
Transfers in and/or out of Level 3									70						—												—						—						—						—						—
Balance at end of period									$	150					$	—											$	206					$	29					$	4					$	7					$	(34)
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)

(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
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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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