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v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Assets and liabilities measured at fair value | Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available for sale (“AFS”) fixed maturities: |  |  |  |  |  |  |
U.S. government and government agencies | $ | 228 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 229 |
States, municipalities and political subdivisions | — |  |  | 909 |  |  | 2 |  |  | 911 |
Foreign government | — |  |  | 218 |  |  | — |  |  | 218 |
Residential MBS | — |  |  | 1,614 |  |  | 5 |  |  | 1,619 |
Commercial MBS | — |  |  | 76 |  |  | — |  |  | 76 |
Collateralized loan obligations | — |  |  | 1,722 |  |  | 1 |  |  | 1,723 |
Other asset-backed securities | — |  |  | 1,947 |  |  | 330 |  |  | 2,277 |
Corporate and other | 9 |  |  | 2,517 |  |  | 352 |  |  | 2,878 |
Total AFS fixed maturities | 237 |  |  | 9,004 |  |  | 690 |  |  | 9,931 |
Trading fixed maturities | — |  |  | 51 |  |  | — |  |  | 51 |
Equity securities | 521 |  |  | 32 |  |  | 454 |  |  | 1,007 |
Assets of managed investment entities (“MIE”) | 674 |  |  | 4,187 |  |  | 10 |  |  | 4,871 |
Total assets accounted for at fair value | $ | 1,432 |  |  | $ | 13,274 |  |  | $ | 1,154 |  |  | $ | 15,860 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration — acquisitions | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
Liabilities of managed investment entities | 654 |  |  | 4,064 |  |  | 10 |  |  | 4,728 |
Other liabilities — derivatives | — |  |  | 48 |  |  | — |  |  | 48 |
Total liabilities accounted for at fair value | $ | 654 |  |  | $ | 4,112 |  |  | $ | 12 |  |  | $ | 4,778 |
December 31, 2022 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available for sale fixed maturities: |  |  |  |  |  |  |
U.S. government and government agencies | $ | 219 |  |  | $ | — |  |  | $ | — |  |  | $ | 219 |
States, municipalities and political subdivisions | — |  |  | 1,181 |  |  | 5 |  |  | 1,186 |
Foreign government | — |  |  | 226 |  |  | — |  |  | 226 |
Residential MBS | — |  |  | 1,589 |  |  | 9 |  |  | 1,598 |
Commercial MBS | — |  |  | 85 |  |  | — |  |  | 85 |
Collateralized loan obligations | — |  |  | 1,919 |  |  | 2 |  |  | 1,921 |
Other asset-backed securities | — |  |  | 1,916 |  |  | 329 |  |  | 2,245 |
Corporate and other | 8 |  |  | 2,288 |  |  | 319 |  |  | 2,615 |
Total AFS fixed maturities | 227 |  |  | 9,204 |  |  | 664 |  |  | 10,095 |
Trading fixed maturities | — |  |  | 32 |  |  | — |  |  | 32 |
Equity securities | 556 |  |  | 27 |  |  | 427 |  |  | 1,010 |
Assets of managed investment entities | 659 |  |  | 4,777 |  |  | 11 |  |  | 5,447 |
Total assets accounted for at fair value | $ | 1,442 |  |  | $ | 14,040 |  |  | $ | 1,102 |  |  | $ | 16,584 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration — acquisitions | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | 25 |
Liabilities of managed investment entities | 645 |  |  | 4,676 |  |  | 11 |  |  | 5,332 |
Other liabilities — derivatives | — |  |  | 42 |  |  | — |  |  | 42 |
Total liabilities accounted for at fair value | $ | 645 |  |  | $ | 4,718 |  |  | $ | 36 |  |  | $ | 5,399 |
Changes in balances of Level 3 financial assets | Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2023 and 2022 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2023 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2023
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 5 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | 2 |
Residential MBS | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | 1 |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other asset-backed securities | 321 |  |  | — |  |  | (4) |  |  | 28 |  |  | (3) |  |  | — |  |  | (12) |  |  | 330 |
Corporate and other | 369 |  |  | (14) |  |  | — |  |  | 11 |  |  | (12) |  |  | 5 |  |  | (7) |  |  | 352 |
Total AFS fixed maturities | 701 |  |  | (15) |  |  | (3) |  |  | 39 |  |  | (16) |  |  | 5 |  |  | (21) |  |  | 690 |
Equity securities | 448 |  |  | 4 |  |  | — |  |  | 23 |  |  | (4) |  |  | — |  |  | (17) |  |  | 454 |
Assets of MIE | 11 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Total Level 3 assets | $ | 1,160 |  |  | $ | (12) |  |  | $ | (3) |  |  | $ | 62 |  |  | $ | (20) |  |  | $ | 5 |  |  | $ | (38) |  |  | $ | 1,154 |
Contingent consideration — acquisitions | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Total Level 3 liabilities | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2022 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2022
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Residential MBS | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | (4) |  |  | 8 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Other asset-backed securities | 313 |  |  | — |  |  | (8) |  |  | 5 |  |  | (9) |  |  | — |  |  | — |  |  | 301 |
Corporate and other | 269 |  |  | (1) |  |  | (12) |  |  | 45 |  |  | (5) |  |  | — |  |  | (1) |  |  | 295 |
Total AFS fixed maturities | 593 |  |  | (1) |  |  | (20) |  |  | 50 |  |  | (14) |  |  | 4 |  |  | (5) |  |  | 607 |
Equity securities | 378 |  |  | (2) |  |  | — |  |  | 24 |  |  | (15) |  |  | — |  |  | (1) |  |  | 384 |
Assets of MIE | 12 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |
Total Level 3 assets | $ | 983 |  |  | $ | (4) |  |  | $ | (20) |  |  | $ | 74 |  |  | $ | (29) |  |  | $ | 4 |  |  | $ | (6) |  |  | $ | 1,002 |
Contingent consideration — acquisitions | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
Total Level 3 liabilities | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2023
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 5 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | 2 |
Residential MBS | 9 |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 4 |  |  | (5) |  |  | 5 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | 2 |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |
Other asset-backed securities | 329 |  |  | (2) |  |  | — |  |  | 38 |  |  | (34) |  |  | 31 |  |  | (32) |  |  | 330 |
Corporate and other | 319 |  |  | (13) |  |  | 10 |  |  | 67 |  |  | (25) |  |  | 7 |  |  | (13) |  |  | 352 |
Total AFS fixed maturities | 664 |  |  | (16) |  |  | 11 |  |  | 105 |  |  | (63) |  |  | 42 |  |  | (53) |  |  | 690 |
Equity securities | 427 |  |  | 11 |  |  | — |  |  | 84 |  |  | (29) |  |  | — |  |  | (39) |  |  | 454 |
Assets of MIE | 11 |  |  | (3) |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 10 |
Total Level 3 assets | $ | 1,102 |  |  | $ | (8) |  |  | $ | 11 |  |  | $ | 191 |  |  | $ | (92) |  |  | $ | 42 |  |  | $ | (92) |  |  | $ | 1,154 |
Contingent consideration — acquisitions | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Total Level 3 liabilities | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2022
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 41 |  |  | — |  |  | (3) |  |  | — |  |  | (1) |  |  | — |  |  | (36) |  |  | 1 |
Residential MBS | 14 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 4 |  |  | (9) |  |  | 8 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Other asset-backed securities | 278 |  |  | 2 |  |  | (24) |  |  | 62 |  |  | (51) |  |  | 34 |  |  | — |  |  | 301 |
Corporate and other | 267 |  |  | (1) |  |  | (26) |  |  | 105 |  |  | (15) |  |  | — |  |  | (35) |  |  | 295 |
Total AFS fixed maturities | 600 |  |  | 1 |  |  | (53) |  |  | 167 |  |  | (68) |  |  | 40 |  |  | (80) |  |  | 607 |
Equity securities | 313 |  |  | 20 |  |  | — |  |  | 75 |  |  | (20) |  |  | 3 |  |  | (7) |  |  | 384 |
Assets of MIE | 13 |  |  | (3) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Total Level 3 assets | $ | 926 |  |  | $ | 18 |  |  | $ | (53) |  |  | $ | 243 |  |  | $ | (88) |  |  | $ | 43 |  |  | $ | (87) |  |  | $ | 1,002 |
Contingent consideration — acquisitions | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
Total Level 3 liabilities | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
Changes in balances of Level 3 financial liabilities | Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2023 and 2022 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2023 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2023
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 5 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | 2 |
Residential MBS | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | 1 |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other asset-backed securities | 321 |  |  | — |  |  | (4) |  |  | 28 |  |  | (3) |  |  | — |  |  | (12) |  |  | 330 |
Corporate and other | 369 |  |  | (14) |  |  | — |  |  | 11 |  |  | (12) |  |  | 5 |  |  | (7) |  |  | 352 |
Total AFS fixed maturities | 701 |  |  | (15) |  |  | (3) |  |  | 39 |  |  | (16) |  |  | 5 |  |  | (21) |  |  | 690 |
Equity securities | 448 |  |  | 4 |  |  | — |  |  | 23 |  |  | (4) |  |  | — |  |  | (17) |  |  | 454 |
Assets of MIE | 11 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Total Level 3 assets | $ | 1,160 |  |  | $ | (12) |  |  | $ | (3) |  |  | $ | 62 |  |  | $ | (20) |  |  | $ | 5 |  |  | $ | (38) |  |  | $ | 1,154 |
Contingent consideration — acquisitions | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Total Level 3 liabilities | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2022 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2022
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Residential MBS | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | (4) |  |  | 8 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Other asset-backed securities | 313 |  |  | — |  |  | (8) |  |  | 5 |  |  | (9) |  |  | — |  |  | — |  |  | 301 |
Corporate and other | 269 |  |  | (1) |  |  | (12) |  |  | 45 |  |  | (5) |  |  | — |  |  | (1) |  |  | 295 |
Total AFS fixed maturities | 593 |  |  | (1) |  |  | (20) |  |  | 50 |  |  | (14) |  |  | 4 |  |  | (5) |  |  | 607 |
Equity securities | 378 |  |  | (2) |  |  | — |  |  | 24 |  |  | (15) |  |  | — |  |  | (1) |  |  | 384 |
Assets of MIE | 12 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |
Total Level 3 assets | $ | 983 |  |  | $ | (4) |  |  | $ | (20) |  |  | $ | 74 |  |  | $ | (29) |  |  | $ | 4 |  |  | $ | (6) |  |  | $ | 1,002 |
Contingent consideration — acquisitions | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
Total Level 3 liabilities | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2023
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 5 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | 2 |
Residential MBS | 9 |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 4 |  |  | (5) |  |  | 5 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | 2 |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |
Other asset-backed securities | 329 |  |  | (2) |  |  | — |  |  | 38 |  |  | (34) |  |  | 31 |  |  | (32) |  |  | 330 |
Corporate and other | 319 |  |  | (13) |  |  | 10 |  |  | 67 |  |  | (25) |  |  | 7 |  |  | (13) |  |  | 352 |
Total AFS fixed maturities | 664 |  |  | (16) |  |  | 11 |  |  | 105 |  |  | (63) |  |  | 42 |  |  | (53) |  |  | 690 |
Equity securities | 427 |  |  | 11 |  |  | — |  |  | 84 |  |  | (29) |  |  | — |  |  | (39) |  |  | 454 |
Assets of MIE | 11 |  |  | (3) |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 10 |
Total Level 3 assets | $ | 1,102 |  |  | $ | (8) |  |  | $ | 11 |  |  | $ | 191 |  |  | $ | (92) |  |  | $ | 42 |  |  | $ | (92) |  |  | $ | 1,154 |
Contingent consideration — acquisitions | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Total Level 3 liabilities | $ | (25) |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
|  |  | Total realized/unrealized gains (losses) included in |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | Net earnings (loss) |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at September 30, 2022
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | 41 |  |  | — |  |  | (3) |  |  | — |  |  | (1) |  |  | — |  |  | (36) |  |  | 1 |
Residential MBS | 14 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 4 |  |  | (9) |  |  | 8 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Collateralized loan obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Other asset-backed securities | 278 |  |  | 2 |  |  | (24) |  |  | 62 |  |  | (51) |  |  | 34 |  |  | — |  |  | 301 |
Corporate and other | 267 |  |  | (1) |  |  | (26) |  |  | 105 |  |  | (15) |  |  | — |  |  | (35) |  |  | 295 |
Total AFS fixed maturities | 600 |  |  | 1 |  |  | (53) |  |  | 167 |  |  | (68) |  |  | 40 |  |  | (80) |  |  | 607 |
Equity securities | 313 |  |  | 20 |  |  | — |  |  | 75 |  |  | (20) |  |  | 3 |  |  | (7) |  |  | 384 |
Assets of MIE | 13 |  |  | (3) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Total Level 3 assets | $ | 926 |  |  | $ | 18 |  |  | $ | (53) |  |  | $ | 243 |  |  | $ | (88) |  |  | $ | 43 |  |  | $ | (87) |  |  | $ | 1,002 |
Contingent consideration — acquisitions | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
Total Level 3 liabilities | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |
Fair value of financial instruments | The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions):
| Carrying Value |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2023 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,221 |  |  | $ | 1,221 |  |  | $ | 1,221 |  |  | $ | — |  |  | $ | — |
Mortgage loans | 644 |  |  | 590 |  |  | — |  |  | — |  |  | 590 |
Total financial assets not accounted for at fair value | $ | 1,865 |  |  | $ | 1,811 |  |  | $ | 1,221 |  |  | $ | — |  |  | $ | 590 |
Long-term debt | $ | 1,474 |  |  | $ | 1,213 |  |  | $ | — |  |  | $ | 1,210 |  |  | $ | 3 |
Total financial liabilities not accounted for at fair value | $ | 1,474 |  |  | $ | 1,213 |  |  | $ | — |  |  | $ | 1,210 |  |  | $ | 3 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 872 |  |  | $ | 872 |  |  | $ | 872 |  |  | $ | — |  |  | $ | — |
Mortgage loans | 676 |  |  | 626 |  |  | — |  |  | — |  |  | 626 |
Total financial assets not accounted for at fair value | $ | 1,548 |  |  | $ | 1,498 |  |  | $ | 872 |  |  | $ | — |  |  | $ | 626 |
Long-term debt | $ | 1,496 |  |  | $ | 1,302 |  |  | $ | — |  |  | $ | 1,299 |  |  | $ | 3 |
Total financial liabilities not accounted for at fair value | $ | 1,496 |  |  | $ | 1,302 |  |  | $ | — |  |  | $ | 1,299 |  |  | $ | 3 |

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