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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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			$	14,429					$	—					$	14,284					$	145
U.S. government and government agencies			6,585						6,585						—						—
Asset backed securities			2,770						—						2,753						17
Non-U.S. government securities			3,149						—						3,149						—
Commercial mortgage backed securities			838						—						838						—
Residential mortgage backed securities			2,386						—						2,386						—
Municipal bonds			175						—						175						—
Total			30,332						6,585						23,585						162
Short-term investments			2,788						2,735						53						—
Equity securities, at fair value			1,715						1,680						27						8
Derivative instruments (2)			271						—						271						—
Residential mortgage loans			27						—						27						—
Fair value option:
Corporate bonds			988						—						988						—
Non-U.S. government securities			15						—						15						—
U.S. government and government agencies			6						6						—						—
Short-term investments			68						6						17						45
Equity securities			5						—						—						5
Other investments			423						—						215						208
Other investments measured at net asset value (1)			1,387
Total			2,892						12						1,235						258
Total assets measured at fair value			$	38,025					$	11,012					$	25,198					$	428
Liabilities measured at fair value:
Other liabilities			$	(20)					$	—					$	—					$	(20)
Derivative instruments (2)			(159)						—						(159)						—
Total liabilities measured at fair value			$	(179)					$	—					$	(159)					$	(20)

(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 securities			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
			Structured Securities (1)			Corporate Bonds			Short-term Investments												Other Investments			Short-term Investments			Equity Securities						Equity Securities						Other Liabilities
Three Months Ended June 30, 2025
Balance at beginning of period			$	—		$	150		$	—											$	206		$	29		$	4					$	7					$	(34)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—			—			—												—			—			1						—						—
Included in other comprehensive income			—			—			—												—			—			—						—						(2)
Purchases, issuances, sales and settlements
Purchases			14			—			—												44			18			—						1						—
Issuances			—			—			—												—			—			—						—						—
Sales			—			—			—												(3)			—			—						—						—
Settlements			(2)			(5)			—												(39)			(2)			—						—						16
Transfers in and/or out of Level 3			5			—			—												—			—			—						—						—
Balance at end of period			$	17		$	145		$	—											$	208		$	45		$	5					$	8					$	(20)
Three Months Ended June 30, 2024
Balance at beginning of period			$	—		$	160		$	97											$	126		$	17		$	4					$	5					$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—			—			—												—			—			—						—						—
Included in other comprehensive income			—			—			—												—			—			—						—						—
Purchases, issuances, sales and settlements
Purchases			—			—			—												30			3			—						1						—
Issuances			—			—			—												—			—			—						—						(13)
Sales			—			—			—												(2)			—			—						—						—
Settlements			—			—			—												(10)			(6)			—						—						—
Transfers in and/or out of Level 3			—			—			—												—			—			—						—						—
Balance at end of period			$	—		$	160		$	97											$	144		$	14		$	4					$	6					$	(35)
Six Months Ended June 30, 2025
Balance at beginning of year			$	—		$	97		$	—											$	189		$	33		$	4					$	7					$	(73)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—			—			—												—			—			1						—						2
Included in other comprehensive income			—			—			—												—			—			—						—						(2)
Purchases, issuances, sales and settlements
Purchases			14			—			—												96			24			—						1						—
Issuances			—			—			—												—			—			—						—						—
Sales			—			—			—												(3)			—			—						—						—
Settlements			(2)			(22)			—												(74)			(12)			—						—						53
Transfers in and/or out of Level 3			5			70			—												—			—			—						—						—
Balance at end of period			$	17		$	145		$	—											$	208		$	45		$	5					$	8					$	(20)
Six Months Ended June 30, 2024
Balance at beginning of year			$	—		$	147		$	84											$	106		$	10		$	4					$	5					$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			—			—			—												(4)			—			—						—						(1)
Included in other comprehensive income			—			2			1												—			—			—						—						1
Purchases, issuances, sales and settlements
Purchases			—			98			12												60			10			—						1						—
Issuances			—			—			—												—			—			—						—						(13)
Sales			—			—			—												(2)			—			—						—						—
Settlements			—			(87)			—												(16)			(6)			—						—						—
Transfers in and/or out of Level 3			—			—			—												—			—			—						—						—
Balance at end of period			$	—		$	160		$	97											$	144		$	14		$	4					$	6					$	(35)

(1)     Includes asset backed securities, 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://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
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

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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/2009/role/commonPracticeRef
-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

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