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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
September 30, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Total
(In millions) |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Corporate bonds and other | $ | 227 |  |  | $ | 24,780 |  |  | $ | 1,400 |  |  | $ | 26,407 |
States, municipalities and political subdivisions |  |  | 8,332 |  |  | 44 |  |  | 8,376 |
Asset-backed |  |  | 7,894 |  |  | 959 |  |  | 8,853 |
Fixed maturities available-for-sale | 227 |  |  | 41,006 |  |  | 2,403 |  |  | 43,636 |
Fixed maturities trading | 415 |  |  | 65 |  |  |  |  | 480 |
Total fixed maturities | $ | 642 |  |  | $ | 41,071 |  |  | $ | 2,403 |  |  | $ | 44,116 |
Equity securities | $ | 792 |  |  | $ | 493 |  |  | $ | 10 |  |  | $ | 1,295 |
Short-term and other | 5,170 |  |  | 52 |  |  |  |  | 5,222 |
Receivables |  |  | 1 |  |  |  |  | 1 |
Payable to brokers | (34) |  |  |  |  |  |  | (34) |
December 31, 2024 |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Corporate bonds and other | $ | 223 |  |  | $ | 24,340 |  |  | $ | 1,278 |  |  | $ | 25,841 |
States, municipalities and political subdivisions |  |  | 6,762 |  |  | 42 |  |  | 6,804 |
Asset-backed |  |  | 7,540 |  |  | 876 |  |  | 8,416 |
Fixed maturities available-for-sale | 223 |  |  | 38,642 |  |  | 2,196 |  |  | 41,061 |
Fixed maturities trading | 766 |  |  |  |  |  |  | 766 |
Total fixed maturities | $ | 989 |  |  | $ | 38,642 |  |  | $ | 2,196 |  |  | $ | 41,827 |
Equity securities | $ | 603 |  |  | $ | 441 |  |  | $ | 20 |  |  | $ | 1,064 |
Short-term and other | 4,383 |  |  | 70 |  |  |  |  | 4,453 |
Receivables |  |  | 5 |  |  |  |  | 5 |
Payable to brokers | (88) |  |  |  |  |  |  | (88) |
Schedule of Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024:
|  |  | Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30 |  | Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2025 | Balance, July 1 |  | Included in Net Income |  | Included in OCI |  | Purchases |  | Sales |  | Settlements |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Balance, September 30 |  |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and other | $ | 1,388 |  |  |  |  | $ | 21 |  |  | $ | 24 |  |  |  |  | $ | (33) |  |  |  |  |  |  | $ | 1,400 |  |  |  |  | $ | 21 |
States, municipalities and political subdivisions | 44 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44 |  |  |  |  |
Asset-backed | 886 |  |  | $ | 8 |  |  | 8 |  |  | 93 |  |  |  |  | (36) |  |  |  |  |  |  | 959 |  |  |  |  | 9 |
Fixed maturities available-for-sale | $ | 2,318 |  |  | $ | 8 |  |  | $ | 29 |  |  | $ | 117 |  |  | $ | — |  |  | $ | (69) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,403 |  |  | $ | — |  |  | $ | 30 |
Equity securities | $ | 10 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and other | $ | 1,129 |  |  |  |  | $ | 59 |  |  | $ | 83 |  |  | $ | (10) |  |  | $ | (24) |  |  |  |  |  |  | $ | 1,237 |  |  |  |  | $ | 57 |
States, municipalities and political subdivisions | 43 |  |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  | 45 |  |  |  |  | 2 |
Asset-backed | 887 |  |  | $ | 1 |  |  | 30 |  |  | 38 |  |  |  |  | (23) |  |  |  |  | $ | (18) |  |  | 915 |  |  |  |  | 30 |
Fixed maturities available-for-sale | $ | 2,059 |  |  | $ | 1 |  |  | $ | 91 |  |  | $ | 121 |  |  | $ | (10) |  |  | $ | (47) |  |  | $ | — |  |  | $ | (18) |  |  | $ | 2,197 |  |  | $ | — |  |  | $ | 89 |
Equity securities | $ | 14 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14 |  |  |  |  |
|  |  | Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30 |  | Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2025 | Balance, January 1 |  | Included in Net Income |  | Included in OCI |  | Purchases |  | Sales |  | Settlements |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Balance, September 30 |  |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and other | $ | 1,278 |  |  | $ | 1 |  |  | $ | 58 |  |  | $ | 123 |  |  |  |  | $ | (75) |  |  | $ | 15 |  |  |  |  | $ | 1,400 |  |  |  |  | $ | 55 |
States, municipalities and political subdivisions | 42 |  |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  | 44 |  |  |  |  | 2 |
Asset-backed | 876 |  |  | 13 |  |  | 5 |  |  | 142 |  |  |  |  | (77) |  |  |  |  |  |  | 959 |  |  |  |  | 6 |
Fixed maturities available-for-sale | $ | 2,196 |  |  | $ | 14 |  |  | $ | 65 |  |  | $ | 265 |  |  | $ | — |  |  | $ | (152) |  |  | $ | 15 |  |  | $ | — |  |  | $ | 2,403 |  |  | $ | — |  |  | $ | 63 |
Equity securities | $ | 20 |  |  | $ | 1 |  |  |  |  |  |  | $ | (7) |  |  | $ | (4) |  |  |  |  |  |  | $ | 10 |  |  | $ | (1) |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and other | $ | 1,045 |  |  |  |  | $ | 39 |  |  | $ | 229 |  |  | $ | (10) |  |  | $ | (77) |  |  | $ | 11 |  |  |  |  | $ | 1,237 |  |  |  |  | $ | 34 |
States, municipalities and political subdivisions | 44 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  | 45 |  |  |  |  | 1 |
Asset-backed | 901 |  |  | $ | 5 |  |  | 14 |  |  | 111 |  |  | (14) |  |  | (65) |  |  |  |  | $ | (37) |  |  | 915 |  |  |  |  | 14 |
Fixed maturities available-for-sale | $ | 1,990 |  |  | $ | 5 |  |  | $ | 54 |  |  | $ | 340 |  |  | $ | (24) |  |  | $ | (142) |  |  | $ | 11 |  |  | $ | (37) |  |  | $ | 2,197 |  |  | $ | — |  |  | $ | 49 |
Equity securities | $ | 24 |  |  | $ | 6 |  |  |  |  | $ | 3 |  |  | $ | (19) |  |  |  |  |  |  |  |  | $ | 14 |  |  | $ | 2 |  |  |
Net investment gains and losses are reported in Net income as follows:
Major Category of Assets and Liabilities | Consolidated Condensed Statements of Operations Line Items
Fixed maturity securities available-for-sale | Investment gains (losses)
Fixed maturity securities trading | Net investment income
Equity securities | Investment gains (losses) and Net investment income
Other invested assets | Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio | Net investment income
Derivative financial instruments, other | Investment gains (losses) and Operating revenues and other
Schedule of Significant Unobservable Inputs | The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
September 30, 2025 | Estimated Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Range (Weighted Average)
| (In millions) |  |  |  |  |  |  |  |  |
Fixed maturity securities | $ | 1,866 |  |  | Discounted cash flow |  | Credit spread |  | 1 | % | — | 7 | % | (2 | %)
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Fixed maturity securities | $ | 1,724 |  |  | Discounted cash flow |  | Credit spread |  | 1 | % | — | 6 | % | (2 | %)
Schedule of Financial Assets and Liabilities not Measured at Fair Value | The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
| Carrying Amount |  | Estimated Fair Value
September 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
(In millions) |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Other invested assets, primarily mortgage loans | $ | 1,055 |  |  |  |  |  |  | $ | 1,047 |  |  | $ | 1,047 |
Liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | 1,004 |  |  |  |  | $ | 999 |  |  | 5 |  |  | 1,004 |
Long-term debt | 8,436 |  |  |  |  | 7,405 |  |  | 968 |  |  | 8,373 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Other invested assets, primarily mortgage loans | $ | 1,019 |  |  |  |  |  |  | $ | 987 |  |  | $ | 987 |
Liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | 4 |  |  |  |  |  |  | 5 |  |  | 5 |
Long-term debt | 8,936 |  |  |  |  | $ | 7,702 |  |  | 966 |  |  | 8,668 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -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 + Details
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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) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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