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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2025
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies			$	157					$	4					$	—					$	161
States, municipalities and political subdivisions			—						831						4						835
Foreign government			—						238						—						238
Residential MBS			—						2,744						3						2,747
Collateralized loan obligations			—						1,160						—						1,160
Other asset-backed securities			—						2,215						310						2,525
Corporate and other			1						2,990						395						3,386
Total AFS fixed maturities			158						10,182						712						11,052
Trading fixed maturities			—						66						25						91
Equity securities			478						51						256						785
Assets of managed investment entities (“MIE”)			310						3,725						15						4,050
Other assets — derivatives			—						1						—						1
Total assets accounted for at fair value			$	946					$	14,025					$	1,008					$	15,979
Liabilities:
Contingent consideration — acquisitions			$	—					$	—					$	3					$	3
Liabilities of managed investment entities			298						3,594						15						3,907
Other liabilities — derivatives			—						3						—						3
Total liabilities accounted for at fair value			$	298					$	3,597					$	18					$	3,913
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 asset balances of Level 3 financial assets

Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2025, 2024 and 2023 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 December 31, 2024						Net earnings						Other comprehensive income (loss)						Purchases and issuances						Sales and settlements						Transfer into Level 3						Transfer out of Level 3						Balance at December 31, 2025
AFS fixed maturities:
State and municipal			$	1					$	—					$	—					$	—					$	(1)					$	5					$	(1)					$	4
Residential MBS			1						—						—						—						—						2						—						3
Other asset-backed securities			296						—						9						63						(58)						—						—						310
Corporate and other			470						15						8						91						(172)						3						(20)						395
Total AFS fixed maturities			768						15						17						154						(231)						10						(21)						712
Trading fixed maturities			26						2						—						11						(14)						—						—						25
Equity securities			292						(1)						—						28						(23)						7						(47)						256
Assets of MIE			10						(5)						—						10						—						—						—						15
Total Level 3 assets			$	1,096					$	11					$	17					$	203					$	(268)					$	17					$	(68)					$	1,008
Contingent consideration — acquisitions			$	(2)					$	—					$	—					$	(2)					$	1					$	—					$	—					$	(3)
Total Level 3 liabilities			$	(2)					$	—					$	—					$	(2)					$	1					$	—					$	—					$	(3)

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 2023						Net earnings						Other comprehensive income (loss)						Purchases and issuances						Sales and settlements						Transfer into Level 3						Transfer out of Level 3						Balance at December 31, 2024
AFS fixed maturities:
State and municipal			$	2					$	—					$	—					$	—					$	(1)					$	—					$	—					$	1
Residential MBS			2						—						—						—						—						—						(1)						1
Collateralized loan obligations			1						(1)						—						—						—						—						—						—
Other asset-backed securities			351						(1)						8						59						(100)						5						(26)						296
Corporate and other			380						16						6						105						(31)						4						(10)						470
Total AFS fixed maturities			736						14						14						164						(132)						9						(37)						768
Trading fixed maturities			—						2						—						24						—						—						—						26
Equity securities (*)			485						60						—						174						(57)						—						(370)						292
Assets of MIE			9						—						(5)						6						—						—						—						10
Total Level 3 assets			$	1,230					$	76					$	9					$	368					$	(189)					$	9					$	(407)					$	1,096
Contingent consideration — acquisitions			$	(2)					$	(1)					$	—					$	(1)					$	2					$	—					$	—					$	(2)
Total Level 3 liabilities			$	(2)					$	(1)					$	—					$	(1)					$	2					$	—					$	—					$	(2)

(*)Transfers out primarily relate to investments now accounted for using the equity method.

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 2022						Net earnings						Other comprehensive income (loss)						Purchases and issuances						Sales and settlements						Transfer into Level 3						Transfer out of Level 3						Balance at December 31, 2023
AFS fixed maturities:
State and municipal			$	5					$	—					$	—					$	—					$	(1)					$	1					$	(3)					$	2
Residential MBS			9						1						(1)						—						(3)						5						(9)						2
Collateralized loan obligations			2						(2)						1						—						—						1						(1)						1
Other asset-backed securities			329						1						6						55						(39)						31						(32)						351
Corporate and other			319						(4)						5						92						(27)						8						(13)						380
Total AFS fixed maturities			664						(4)						11						147						(70)						46						(58)						736
Equity securities			427						15						—						121						(39)						—						(39)						485
Assets of MIE			11						(4)						—						2						—						—						—						9
Total Level 3 assets			$	1,102					$	7					$	11					$	270					$	(109)					$	46					$	(97)					$	1,230
Contingent consideration — acquisitions			$	(25)					$	23					$	—					$	—					$	—					$	—					$	—					$	(2)
Total Level 3 liabilities			$	(25)					$	23					$	—					$	—					$	—					$	—					$	—					$	(2)

Changes in liability balances of Level 3 financial liabilities

Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2025, 2024 and 2023 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 December 31, 2024						Net earnings						Other comprehensive income (loss)						Purchases and issuances						Sales and settlements						Transfer into Level 3						Transfer out of Level 3						Balance at December 31, 2025
AFS fixed maturities:
State and municipal			$	1					$	—					$	—					$	—					$	(1)					$	5					$	(1)					$	4
Residential MBS			1						—						—						—						—						2						—						3
Other asset-backed securities			296						—						9						63						(58)						—						—						310
Corporate and other			470						15						8						91						(172)						3						(20)						395
Total AFS fixed maturities			768						15						17						154						(231)						10						(21)						712
Trading fixed maturities			26						2						—						11						(14)						—						—						25
Equity securities			292						(1)						—						28						(23)						7						(47)						256
Assets of MIE			10						(5)						—						10						—						—						—						15
Total Level 3 assets			$	1,096					$	11					$	17					$	203					$	(268)					$	17					$	(68)					$	1,008
Contingent consideration — acquisitions			$	(2)					$	—					$	—					$	(2)					$	1					$	—					$	—					$	(3)
Total Level 3 liabilities			$	(2)					$	—					$	—					$	(2)					$	1					$	—					$	—					$	(3)

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 2023						Net earnings						Other comprehensive income (loss)						Purchases and issuances						Sales and settlements						Transfer into Level 3						Transfer out of Level 3						Balance at December 31, 2024
AFS fixed maturities:
State and municipal			$	2					$	—					$	—					$	—					$	(1)					$	—					$	—					$	1
Residential MBS			2						—						—						—						—						—						(1)						1
Collateralized loan obligations			1						(1)						—						—						—						—						—						—
Other asset-backed securities			351						(1)						8						59						(100)						5						(26)						296
Corporate and other			380						16						6						105						(31)						4						(10)						470
Total AFS fixed maturities			736						14						14						164						(132)						9						(37)						768
Trading fixed maturities			—						2						—						24						—						—						—						26
Equity securities (*)			485						60						—						174						(57)						—						(370)						292
Assets of MIE			9						—						(5)						6						—						—						—						10
Total Level 3 assets			$	1,230					$	76					$	9					$	368					$	(189)					$	9					$	(407)					$	1,096
Contingent consideration — acquisitions			$	(2)					$	(1)					$	—					$	(1)					$	2					$	—					$	—					$	(2)
Total Level 3 liabilities			$	(2)					$	(1)					$	—					$	(1)					$	2					$	—					$	—					$	(2)

(*)Transfers out primarily relate to investments now accounted for using the equity method.

									Total realized/unrealized gains (losses) included in
			Balance at December 31, 2022						Net earnings						Other comprehensive income (loss)						Purchases and issuances						Sales and settlements						Transfer into Level 3						Transfer out of Level 3						Balance at December 31, 2023
AFS fixed maturities:
State and municipal			$	5					$	—					$	—					$	—					$	(1)					$	1					$	(3)					$	2
Residential MBS			9						1						(1)						—						(3)						5						(9)						2
Collateralized loan obligations			2						(2)						1						—						—						1						(1)						1
Other asset-backed securities			329						1						6						55						(39)						31						(32)						351
Corporate and other			319						(4)						5						92						(27)						8						(13)						380
Total AFS fixed maturities			664						(4)						11						147						(70)						46						(58)						736
Equity securities			427						15						—						121						(39)						—						(39)						485
Assets of MIE			11						(4)						—						2						—						—						—						9
Total Level 3 assets			$	1,102					$	7					$	11					$	270					$	(109)					$	46					$	(97)					$	1,230
Contingent consideration — acquisitions			$	(25)					$	23					$	—					$	—					$	—					$	—					$	—					$	(2)
Total Level 3 liabilities			$	(25)					$	23					$	—					$	—					$	—					$	—					$	—					$	(2)

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 at December 31 are summarized below (in millions):

			Carrying						Fair Value
			Value						Total						Level 1						Level 2						Level 3
2025
Financial assets:
Cash and cash equivalents			$	1,727					$	1,727					$	1,727					$	—					$	—
Mortgage loans			947						937						—						—						937
Total financial assets not accounted for at fair value			$	2,674					$	2,664					$	1,727					$	—					$	937
Long-term debt			$	1,820					$	1,609					$	—					$	1,606					$	3
Total financial liabilities not accounted for at fair value			$	1,820					$	1,609					$	—					$	1,606					$	3
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

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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.

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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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