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Fair Value Measurements (Tables)
 3 Months Ended
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 1Level 2Level 3Total
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 other1 2,923 380 3,304 
Total AFS fixed maturities147 10,505 745 11,397 
Trading fixed maturities— 67 13 80 
Equity securities461 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 entities163 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 other1 2,990 395 3,386 
Total AFS fixed maturities158 10,182 712 11,052 
Trading fixed maturities— 66 25 91 
Equity securities478 51 256 785 
Assets of managed investment entities310 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 entities298 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, 2025Net
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 MBS3 — — — — — — 3 
Other asset-backed securities
310 — — 29 (10)27 — 356 
Corporate and other395 (4)— 18 (37)8 — 380 
Total AFS fixed maturities712 (4)— 47 (47)37 — 745 
Trading fixed maturities
25 1 — — (13)— — 13 
Equity securities256 (14)— — — — — 242 
Assets of MIE15 (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, 2024Net
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 MBS1 — — — — — — 1 
Collateralized loan obligations— — — — — — — — 
Other asset-backed securities
296 — 2 10 (27)— — 281 
Corporate and other470 (6)4 14 (14)1 (7)462 
Total AFS fixed maturities
768 (6)6 24 (41)4 (7)748 
Trading fixed maturities26 1 — — (14)— — 13 
Equity securities292 (2)— 13 — — (6)297 
Assets of MIE10 (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, 2025Net
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 MBS3 — — — — — — 3 
Other asset-backed securities
310 — — 29 (10)27 — 356 
Corporate and other395 (4)— 18 (37)8 — 380 
Total AFS fixed maturities712 (4)— 47 (47)37 — 745 
Trading fixed maturities
25 1 — — (13)— — 13 
Equity securities256 (14)— — — — — 242 
Assets of MIE15 (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, 2024Net
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 MBS1 — — — — — — 1 
Collateralized loan obligations— — — — — — — — 
Other asset-backed securities
296 — 2 10 (27)— — 281 
Corporate and other470 (6)4 14 (14)1 (7)462 
Total AFS fixed maturities
768 (6)6 24 (41)4 (7)748 
Trading fixed maturities26 1 — — (14)— — 13 
Equity securities292 (2)— 13 — — (6)297 
Assets of MIE10 (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
TotalLevel 1Level 2Level 3
March 31, 2026
Financial assets:
Cash and cash equivalents$1,353 $1,353 $1,353 $— $— 
Mortgage loans961 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 loans947 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