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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2026
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
March 31, 2026 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available for sale (“AFS”) fixed maturities: |  |  |  |  |  |  |
U.S. government and government agencies | $ | 146 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 150 |
States, municipalities and political subdivisions | — |  |  | 785 |  |  | 6 |  |  | 791 |
Foreign government | — |  |  | 237 |  |  | — |  |  | 237 |
Residential MBS | — |  |  | 3,157 |  |  | 3 |  |  | 3,160 |
Collateralized loan obligations | — |  |  | 1,180 |  |  | — |  |  | 1,180 |
Other asset-backed securities | — |  |  | 2,219 |  |  | 356 |  |  | 2,575 |
Corporate and other | 1 |  |  | 2,923 |  |  | 380 |  |  | 3,304 |
Total AFS fixed maturities | 147 |  |  | 10,505 |  |  | 745 |  |  | 11,397 |
Trading fixed maturities | — |  |  | 67 |  |  | 13 |  |  | 80 |
Equity securities | 461 |  |  | 50 |  |  | 242 |  |  | 753 |
Assets of managed investment entities (“MIE”) | 168 |  |  | 3,804 |  |  | 15 |  |  | 3,987 |
Other assets — derivatives | — |  |  | 1 |  |  | — |  |  | 1 |
Total assets accounted for at fair value | $ | 776 |  |  | $ | 14,427 |  |  | $ | 1,015 |  |  | $ | 16,218 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration — acquisitions | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |
Liabilities of managed investment entities | 163 |  |  | 3,676 |  |  | 15 |  |  | 3,854 |
Other liabilities — derivatives | — |  |  | 11 |  |  | — |  |  | 11 |
Total liabilities accounted for at fair value | $ | 163 |  |  | $ | 3,687 |  |  | $ | 18 |  |  | $ | 3,868 |
December 31, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available for sale 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 | 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 |
Changes in balances of Level 3 financial assets | Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2026 and 2025 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, 2025 |  | Net earnings |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at March 31, 2026
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 6 |
Residential MBS | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other asset-backed securities | 310 |  |  | — |  |  | — |  |  | 29 |  |  | (10) |  |  | 27 |  |  | — |  |  | 356 |
Corporate and other | 395 |  |  | (4) |  |  | — |  |  | 18 |  |  | (37) |  |  | 8 |  |  | — |  |  | 380 |
Total AFS fixed maturities | 712 |  |  | (4) |  |  | — |  |  | 47 |  |  | (47) |  |  | 37 |  |  | — |  |  | 745 |
Trading fixed maturities | 25 |  |  | 1 |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | — |  |  | 13 |
Equity securities | 256 |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 242 |
Assets of MIE | 15 |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total Level 3 assets | $ | 1,008 |  |  | $ | (18) |  |  | $ | — |  |  | $ | 48 |  |  | $ | (60) |  |  | $ | 37 |  |  | $ | — |  |  | $ | 1,015 |
Contingent consideration — acquisitions | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |
Total Level 3 liabilities | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |
|  |  | 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 March 31, 2025
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |
Residential MBS | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Collateralized loan obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other asset-backed securities | 296 |  |  | — |  |  | 2 |  |  | 10 |  |  | (27) |  |  | — |  |  | — |  |  | 281 |
Corporate and other | 470 |  |  | (6) |  |  | 4 |  |  | 14 |  |  | (14) |  |  | 1 |  |  | (7) |  |  | 462 |
Total AFS fixed maturities | 768 |  |  | (6) |  |  | 6 |  |  | 24 |  |  | (41) |  |  | 4 |  |  | (7) |  |  | 748 |
Trading fixed maturities | 26 |  |  | 1 |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | — |  |  | 13 |
Equity securities | 292 |  |  | (2) |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | (6) |  |  | 297 |
Assets of MIE | 10 |  |  | (1) |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 12 |
Total Level 3 assets | $ | 1,096 |  |  | $ | (8) |  |  | $ | 6 |  |  | $ | 40 |  |  | $ | (55) |  |  | $ | 4 |  |  | $ | (13) |  |  | $ | 1,070 |
Contingent consideration — acquisitions | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Total Level 3 liabilities | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Changes in balances of Level 3 financial liabilities | Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2026 and 2025 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, 2025 |  | Net earnings |  | Other comprehensive income (loss) |  | Purchases and issuances |  | Sales and settlements |  | Transfer into Level 3 |  | Transfer out of Level 3 |  | Balance at March 31, 2026
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 6 |
Residential MBS | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other asset-backed securities | 310 |  |  | — |  |  | — |  |  | 29 |  |  | (10) |  |  | 27 |  |  | — |  |  | 356 |
Corporate and other | 395 |  |  | (4) |  |  | — |  |  | 18 |  |  | (37) |  |  | 8 |  |  | — |  |  | 380 |
Total AFS fixed maturities | 712 |  |  | (4) |  |  | — |  |  | 47 |  |  | (47) |  |  | 37 |  |  | — |  |  | 745 |
Trading fixed maturities | 25 |  |  | 1 |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | — |  |  | 13 |
Equity securities | 256 |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 242 |
Assets of MIE | 15 |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total Level 3 assets | $ | 1,008 |  |  | $ | (18) |  |  | $ | — |  |  | $ | 48 |  |  | $ | (60) |  |  | $ | 37 |  |  | $ | — |  |  | $ | 1,015 |
Contingent consideration — acquisitions | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |
Total Level 3 liabilities | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |
|  |  | 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 March 31, 2025
AFS fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |
Residential MBS | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Collateralized loan obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other asset-backed securities | 296 |  |  | — |  |  | 2 |  |  | 10 |  |  | (27) |  |  | — |  |  | — |  |  | 281 |
Corporate and other | 470 |  |  | (6) |  |  | 4 |  |  | 14 |  |  | (14) |  |  | 1 |  |  | (7) |  |  | 462 |
Total AFS fixed maturities | 768 |  |  | (6) |  |  | 6 |  |  | 24 |  |  | (41) |  |  | 4 |  |  | (7) |  |  | 748 |
Trading fixed maturities | 26 |  |  | 1 |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | — |  |  | 13 |
Equity securities | 292 |  |  | (2) |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | (6) |  |  | 297 |
Assets of MIE | 10 |  |  | (1) |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 12 |
Total Level 3 assets | $ | 1,096 |  |  | $ | (8) |  |  | $ | 6 |  |  | $ | 40 |  |  | $ | (55) |  |  | $ | 4 |  |  | $ | (13) |  |  | $ | 1,070 |
Contingent consideration — acquisitions | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Total Level 3 liabilities | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
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
March 31, 2026 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,353 |  |  | $ | 1,353 |  |  | $ | 1,353 |  |  | $ | — |  |  | $ | — |
Mortgage loans | 961 |  |  | 953 |  |  | — |  |  | — |  |  | 953 |
Total financial assets not accounted for at fair value | $ | 2,314 |  |  | $ | 2,306 |  |  | $ | 1,353 |  |  | $ | — |  |  | $ | 953 |
Long-term debt | $ | 1,820 |  |  | $ | 1,552 |  |  | $ | — |  |  | $ | 1,549 |  |  | $ | 3 |
Total financial liabilities not accounted for at fair value | $ | 1,820 |  |  | $ | 1,552 |  |  | $ | — |  |  | $ | 1,549 |  |  | $ | 3 |
December 31, 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 |

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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 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. + References Reference 1: 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 2: 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 3: 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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