v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
March 31, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$222 $25,043 $1,351 $26,616 
States, municipalities and political subdivisions— 6,600 44 6,644 
Asset-backed— 7,824 889 8,713 
Total fixed maturity securities 222 39,467 2,284 41,973 
Equity securities:
Common stock165 — 17 182 
Non-redeemable preferred stock35 478 — 513 
Total equity securities200 478 17 695 
Short-term and other1,368 43 — 1,411 
Total assets$1,790 $39,988 $2,301 $44,079 
Total liabilities$— $— $— $— 

December 31, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions— 6,762 42 6,804 
Asset-backed— 7,590 876 8,466 
Total fixed maturity securities 223 38,692 2,196 41,111 
Equity securities:
Common stock162 — 18 180 
Non-redeemable preferred stock36 441 2 479 
Total equity securities198 441 20 659 
Short-term and other1,852 70 — 1,922 
Total assets$2,273 $39,203 $2,216 $43,692 
Total liabilities$— $— $— $— 
Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2025
$1,278 $42 $876 $20 $2,216 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — — 2 2 
Reported in Net investment income— — 4 (1)3 
Reported in Other comprehensive income (loss)21 2 1 — 24 
Total realized and unrealized investment gains (losses)21 2 5 1 29 
Purchases55 — 27 — 82 
Sales— — — — — 
Settlements(18)— (19)(4)(41)
Transfers into Level 315 — — — 15 
Transfers out of Level 3— — — — — 
Balance as of March 31, 2025
$1,351 $44 $889 $17 $2,301 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2025 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2025 recognized in Other comprehensive income (loss) in the period
21 2 1 — 24 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2024
$1,045 $44 $901 $24 $2,014 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (4)— (4)
Reported in Net investment income— — 6 6 12 
Reported in Other comprehensive income (loss)(12)(1)(5)— (18)
Total realized and unrealized investment gains (losses)(12)(1)(3)6 (10)
Purchases74 — 18 — 92 
Sales— — (9)(19)(28)
Settlements(36)— (17)— (53)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (19)— (19)
Balance as of March 31, 2024
$1,082 $43 $871 $11 $2,007 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Net income (loss) in the period
$— $— $— $1 $1 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Other comprehensive income (loss) in the period
(14)(1)(5)— (20)
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
March 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,805 Discounted cash flowCredit spread
1% - 7% (2%)
December 31, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1% - 6% (2%)
Carrying amount and estimated fair value of financial instrument assets and liabilities not measured at fair value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.
March 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,049 $— $— $1,035 $1,035 
Liabilities
Short-term debt$500 $— $499 $— $499 
Long-term debt2,474 — 2,410 — 2,410 
December 31, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,019 $— $— $987 $987 
Liabilities
Short-term debt$— $— $— $— $— 
Long-term debt2,973 — 2,885 — 2,885