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v3.25.2

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | $ 1,070 | $ 1,297 | $ 1,096 | $ 1,230
Total realized/unrealized gains (losses) included in Net earnings (loss) | 25 | 13 | 17 | 31
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 4 | 5 | 10 | 5
Purchases and issuances | 35 | 87 | 75 | 179
Sales and settlements | (40) | (19) | (95) | (32)
Transfer into Level 3 | 9 | 0 | 13 | 0
Transfer out of Level 3 | (41) | (1) | (54) | (31)
Financial assets, Ending Balance | 1,062 | 1,382 | 1,062 | 1,382
Fixed maturities |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 748 | 742 | 768 | 736
Total realized/unrealized gains (losses) included in Net earnings (loss) | 7 | (1) | 1 | (2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 4 | 5 | 10 | 5
Purchases and issuances | 31 | 24 | 55 | 72
Sales and settlements | (40) | (13) | (81) | (24)
Transfer into Level 3 | 2 | 0 | 6 | 0
Transfer out of Level 3 | 0 | (1) | (7) | (31)
Financial assets, Ending Balance | 752 | 756 | 752 | 756
State and municipal |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 4 | 2 | 1 | 2
Total realized/unrealized gains (losses) included in Net earnings (loss) | 0 | 0 | 0 | 0
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases and issuances | 0 | 0 | 0 | 0
Sales and settlements | 0 | 0 | 0 | 0
Transfer into Level 3 | 2 | 0 | 5 | 0
Transfer out of Level 3 | 0 | 0 | 0 | 0
Financial assets, Ending Balance | 6 | 2 | 6 | 2
Residential MBS |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 1 | 2 | 1 | 2
Total realized/unrealized gains (losses) included in Net earnings (loss) | 0 | 0 | 0 | 0
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases and issuances | 0 | 0 | 0 | 0
Sales and settlements | 0 | 0 | 0 | 0
Transfer into Level 3 | 0 | 0 | 0 | 0
Transfer out of Level 3 | 0 | 0 | 0 | 0
Financial assets, Ending Balance | 1 | 2 | 1 | 2
Collateralized loan obligations |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 0 | 1 | 0 | 1
Total realized/unrealized gains (losses) included in Net earnings (loss) | 0 | 0 | 0 | 0
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases and issuances | 0 | 0 | 0 | 0
Sales and settlements | 0 | 0 | 0 | 0
Transfer into Level 3 | 0 | 0 | 0 | 0
Transfer out of Level 3 | 0 | 0 | 0 | 0
Financial assets, Ending Balance | 0 | 1 | 0 | 1
Other asset-backed securities |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 281 | 335 | 296 | 351
Total realized/unrealized gains (losses) included in Net earnings (loss) | 0 | (1) | 0 | (1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 3 | 4 | 5 | 4
Purchases and issuances | 6 | 9 | 16 | 24
Sales and settlements | (6) | (7) | (33) | (12)
Transfer into Level 3 | 0 | 0 | 0 | 0
Transfer out of Level 3 | 0 | 0 | 0 | (26)
Financial assets, Ending Balance | 284 | 340 | 284 | 340
Corporate and other |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 462 | 402 | 470 | 380
Total realized/unrealized gains (losses) included in Net earnings (loss) | 7 | 0 | 1 | (1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 1 | 1 | 5 | 1
Purchases and issuances | 25 | 15 | 39 | 48
Sales and settlements | (34) | (6) | (48) | (12)
Transfer into Level 3 | 0 | 0 | 1 | 0
Transfer out of Level 3 | 0 | (1) | (7) | (5)
Financial assets, Ending Balance | 461 | 411 | 461 | 411
Trading fixed maturities |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 13 | 0 | 26 | 0
Total realized/unrealized gains (losses) included in Net earnings (loss) | 0 | 0 | 1 | 0
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases and issuances | 0 | 12 | 0 | 12
Sales and settlements | 0 | 0 | (14) | 0
Transfer into Level 3 | 0 | 0 | 0 | 0
Transfer out of Level 3 | 0 | 0 | 0 | 0
Financial assets, Ending Balance | 13 | 12 | 13 | 12
Equity securities |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 297 | 545 | 292 | 485
Total realized/unrealized gains (losses) included in Net earnings (loss) | 20 | 15 | 18 | 35
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases and issuances | 3 | 48 | 16 | 90
Sales and settlements | 0 | (6) | 0 | (8)
Transfer into Level 3 | 7 | 0 | 7 | 0
Transfer out of Level 3 | (41) | 0 | (47) | 0
Financial assets, Ending Balance | 286 | 602 | 286 | 602
Assets of MIE |  |  |  |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] |  |  |  |
Financial assets, Beginning Balance | 12 | 10 | 10 | 9
Total realized/unrealized gains (losses) included in Net earnings (loss) | (2) | (1) | (3) | (2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases and issuances | 1 | 3 | 4 | 5
Sales and settlements | 0 | 0 | 0 | 0
Transfer into Level 3 | 0 | 0 | 0 | 0
Transfer out of Level 3 | 0 | 0 | 0 | 0
Financial assets, Ending Balance | $ 11 | $ 12 | $ 11 | $ 12

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