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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies			$	167					$	3					$	—					$	170
States, municipalities and political subdivisions			—						848						5						853
Foreign government			—						253						—						253
Residential MBS			—						2,308						3						2,311
Collateralized loan obligations			—						1,100						—						1,100
Other asset-backed securities			—						2,126						277						2,403
Corporate and other			1						3,027						400						3,428
Total AFS fixed maturities			168						9,665						685						10,518
Trading fixed maturities			—						66						14						80
Equity securities			459						50						291						800
Assets of managed investment entities (“MIE”)			269						3,689						14						3,972
Other assets — derivatives			—						4						—						4
Total assets accounted for at fair value			$	896					$	13,474					$	1,004					$	15,374
Liabilities:
Contingent consideration — acquisitions			$	—					$	—					$	1					$	1
Liabilities of managed investment entities			260						3,561						13						3,834
Other liabilities — derivatives			—						5						—						5
Total liabilities accounted for at fair value			$	260					$	3,566					$	14					$	3,840
December 31, 2024
Assets:
Available for sale fixed maturities:
U.S. government and government agencies			$	173					$	—					$	—					$	173
States, municipalities and political subdivisions			—						858						1						859
Foreign government			—						237						—						237
Residential MBS			—						1,988						1						1,989
Collateralized loan obligations			—						1,237						—						1,237
Other asset-backed securities			—						2,111						296						2,407
Corporate and other			12						3,014						470						3,496
Total AFS fixed maturities			185						9,445						768						10,398
Trading fixed maturities			—						50						26						76
Equity securities			419						40						292						751
Assets of managed investment entities			419						3,711						10						4,140
Other assets — derivatives			—						1						—						1
Total assets accounted for at fair value			$	1,023					$	13,247					$	1,096					$	15,366
Liabilities:
Contingent consideration — acquisitions			$	—					$	—					$	2					$	2
Liabilities of managed investment entities			402						3,553						10						3,965
Other liabilities — derivatives			—						18						—						18
Total liabilities accounted for at fair value			$	402					$	3,571					$	12					$	3,985

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 2025 and 2024 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, 2025						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, 2025
AFS fixed maturities:
State and municipal			$	6					$	—					$	—					$	—					$	(1)					$	—					$	—					$	5
Residential MBS			1						—						—						—						—						2						—						3
Collateralized loan obligations			—						—						—						—						—						—						—						—
Other asset-backed securities			284						1						(1)						8						(15)						—						—						277
Corporate and other			461						13						3						17						(82)						—						(12)						400
Total AFS fixed maturities			752						14						2						25						(98)						2						(12)						685
Trading fixed maturities			13						1						—						—						—						—						—						14
Equity securities			286						1						—						4						—						—						—						291
Assets of MIE			11						(2)						—						5						—						—						—						14
Total Level 3 assets			$	1,062					$	14					$	2					$	34					$	(98)					$	2					$	(12)					$	1,004
Contingent consideration — acquisitions			$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	(1)
Total Level 3 liabilities			$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	(1)

									Total realized/unrealized gains (losses) included in
			Balance at June 30, 2024						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, 2024
AFS fixed maturities:
State and municipal			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	2
Residential MBS			2						—						—						—						—						—						—						2
Collateralized loan obligations			1						(1)						—						—						—						—						—						—
Other asset-backed securities			340						—						7						16						(5)						5						—						363
Corporate and other			411						6						7						26						(5)						3						—						448
Total AFS fixed maturities			756						5						14						42						(10)						8						—						815
Trading fixed maturities			12						1						—						12						—						—						—						25
Equity securities			602						18						—						43						(43)						—						—						620
Assets of MIE			12						(1)						—						—						—						—						—						11
Total Level 3 assets			$	1,382					$	23					$	14					$	97					$	(53)					$	8					$	—					$	1,471
Contingent consideration — acquisitions			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)
Total Level 3 liabilities			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 2024						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, 2025
AFS fixed maturities:
State and municipal			$	1					$	—					$	—					$	—					$	(1)					$	5					$	—					$	5
Residential MBS			1						—						—						—						—						2						—						3
Collateralized loan obligations			—						—						—						—						—						—						—						—
Other asset-backed securities			296						1						4						24						(48)						—						—						277
Corporate and other			470						14						8						56						(130)						1						(19)						400
Total AFS fixed maturities			768						15						12						80						(179)						8						(19)						685
Trading fixed maturities			26						2						—						—						(14)						—						—						14
Equity securities			292						19						—						20						—						7						(47)						291
Assets of MIE			10						(5)						—						9						—						—						—						14
Total Level 3 assets			$	1,096					$	31					$	12					$	109					$	(193)					$	15					$	(66)					$	1,004
Contingent consideration — acquisitions			$	(2)					$	—					$	—					$	—					$	1					$	—					$	—					$	(1)
Total Level 3 liabilities			$	(2)					$	—					$	—					$	—					$	1					$	—					$	—					$	(1)

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 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, 2024
AFS fixed maturities:
State and municipal			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	2
Residential MBS			2						—						—						—						—						—						—						2
Collateralized loan obligations			1						(1)						—						—						—						—						—						—
Other asset-backed securities			351						(1)						11						40						(17)						5						(26)						363
Corporate and other			380						5						8						74						(17)						3						(5)						448
Total AFS fixed maturities			736						3						19						114						(34)						8						(31)						815
Trading fixed maturities			—						1						—						24						—						—						—						25
Equity securities			485						53						—						133						(51)						—						—						620
Assets of MIE			9						(3)						—						5						—						—						—						11
Total Level 3 assets			$	1,230					$	54					$	19					$	276					$	(85)					$	8					$	(31)					$	1,471
Contingent consideration — acquisitions			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)
Total Level 3 liabilities			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)

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 2025 and 2024 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, 2025						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, 2025
AFS fixed maturities:
State and municipal			$	6					$	—					$	—					$	—					$	(1)					$	—					$	—					$	5
Residential MBS			1						—						—						—						—						2						—						3
Collateralized loan obligations			—						—						—						—						—						—						—						—
Other asset-backed securities			284						1						(1)						8						(15)						—						—						277
Corporate and other			461						13						3						17						(82)						—						(12)						400
Total AFS fixed maturities			752						14						2						25						(98)						2						(12)						685
Trading fixed maturities			13						1						—						—						—						—						—						14
Equity securities			286						1						—						4						—						—						—						291
Assets of MIE			11						(2)						—						5						—						—						—						14
Total Level 3 assets			$	1,062					$	14					$	2					$	34					$	(98)					$	2					$	(12)					$	1,004
Contingent consideration — acquisitions			$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	(1)
Total Level 3 liabilities			$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	(1)

									Total realized/unrealized gains (losses) included in
			Balance at June 30, 2024						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, 2024
AFS fixed maturities:
State and municipal			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	2
Residential MBS			2						—						—						—						—						—						—						2
Collateralized loan obligations			1						(1)						—						—						—						—						—						—
Other asset-backed securities			340						—						7						16						(5)						5						—						363
Corporate and other			411						6						7						26						(5)						3						—						448
Total AFS fixed maturities			756						5						14						42						(10)						8						—						815
Trading fixed maturities			12						1						—						12						—						—						—						25
Equity securities			602						18						—						43						(43)						—						—						620
Assets of MIE			12						(1)						—						—						—						—						—						11
Total Level 3 assets			$	1,382					$	23					$	14					$	97					$	(53)					$	8					$	—					$	1,471
Contingent consideration — acquisitions			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)
Total Level 3 liabilities			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 2024						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, 2025
AFS fixed maturities:
State and municipal			$	1					$	—					$	—					$	—					$	(1)					$	5					$	—					$	5
Residential MBS			1						—						—						—						—						2						—						3
Collateralized loan obligations			—						—						—						—						—						—						—						—
Other asset-backed securities			296						1						4						24						(48)						—						—						277
Corporate and other			470						14						8						56						(130)						1						(19)						400
Total AFS fixed maturities			768						15						12						80						(179)						8						(19)						685
Trading fixed maturities			26						2						—						—						(14)						—						—						14
Equity securities			292						19						—						20						—						7						(47)						291
Assets of MIE			10						(5)						—						9						—						—						—						14
Total Level 3 assets			$	1,096					$	31					$	12					$	109					$	(193)					$	15					$	(66)					$	1,004
Contingent consideration — acquisitions			$	(2)					$	—					$	—					$	—					$	1					$	—					$	—					$	(1)
Total Level 3 liabilities			$	(2)					$	—					$	—					$	—					$	1					$	—					$	—					$	(1)

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 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, 2024
AFS fixed maturities:
State and municipal			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	2
Residential MBS			2						—						—						—						—						—						—						2
Collateralized loan obligations			1						(1)						—						—						—						—						—						—
Other asset-backed securities			351						(1)						11						40						(17)						5						(26)						363
Corporate and other			380						5						8						74						(17)						3						(5)						448
Total AFS fixed maturities			736						3						19						114						(34)						8						(31)						815
Trading fixed maturities			—						1						—						24						—						—						—						25
Equity securities			485						53						—						133						(51)						—						—						620
Assets of MIE			9						(3)						—						5						—						—						—						11
Total Level 3 assets			$	1,230					$	54					$	19					$	276					$	(85)					$	8					$	(31)					$	1,471
Contingent consideration — acquisitions			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)
Total Level 3 liabilities			$	(2)					$	(1)					$	—					$	—					$	—					$	—					$	—					$	(3)

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, 2025
Financial assets:
Cash and cash equivalents			$	1,842					$	1,842					$	1,842					$	—					$	—
Mortgage loans			975						958						—						—						958
Total financial assets not accounted for at fair value			$	2,817					$	2,800					$	1,842					$	—					$	958
Long-term debt			$	1,820					$	1,646					$	—					$	1,643					$	3
Total financial liabilities not accounted for at fair value			$	1,820					$	1,646					$	—					$	1,643					$	3
December 31, 2024
Financial assets:
Cash and cash equivalents			$	1,406					$	1,406					$	1,406					$	—					$	—
Mortgage loans			791						754						—						—						754
Total financial assets not accounted for at fair value			$	2,197					$	2,160					$	1,406					$	—					$	754
Long-term debt			$	1,475					$	1,276					$	—					$	1,273					$	3
Total financial liabilities not accounted for at fair value			$	1,475					$	1,276					$	—					$	1,273					$	3

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.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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).

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-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

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