v3.25.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Composition of Investment Portfolio by Major Security Type
The composition of the investment portfolio by major security type and our outstanding debt was:
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
June 30, 2025
Fixed maturities:
U.S. government obligations$46,810 $0 $0 $46,810 $46,684 
State and local government obligations0 2,964 0 2,964 3,030 
Foreign government obligations0 17 0 17 17 
Corporate and other debt securities0 18,117 5 18,122 18,004 
Residential mortgage-backed securities0 2,660 0 2,660 2,644 
Commercial mortgage-backed securities0 5,049 0 5,049 5,325 
Other asset-backed securities0 6,650 0 6,650 6,668 
Total fixed maturities46,810 35,457 5 82,272 82,372 
Short-term investments1,922 181 0 2,103 2,103 
    Total available-for-sale securities48,732 35,638 5 84,375 84,475 
Equity securities:
Nonredeemable preferred stocks0 440 60 500 517 
Common equities:
Common stocks3,694 0 9 3,703 743 
Other risk investments0 0 32 32 32 
Subtotal common equities3,694 0 41 3,735 775 
    Total equity securities3,694 440 101 4,235 1,292 
Total portfolio$52,426 $36,078 $106 $88,610 $85,767 
Debt$0 $6,294 $0 $6,294 $6,895 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
June 30, 2024
Fixed maturities:
U.S. government obligations$40,894 $0 $0 $40,894 $42,063 
State and local government obligations0 2,202 0 2,202 2,345 
Foreign government obligations0 16 0 16 17 
Corporate and other debt securities0 13,143 3 13,146 13,439 
Residential mortgage-backed securities0 976 0 976 981 
Commercial mortgage-backed securities0 3,970 0 3,970 4,457 
Other asset-backed securities0 6,285 0 6,285 6,366 
Total fixed maturities40,894 26,592 3 67,489 69,668 
Short-term investments733 0 0 733 733 
    Total available-for-sale securities41,627 26,592 3 68,222 70,401 
Equity securities:
Nonredeemable preferred stocks0 786 52 838 887 
Common equities:
Common stocks3,250 0 22 3,272 684 
Other risk investments0 0 24 24 24 
Subtotal common equities3,250 0 46 3,296 708 
    Total equity securities3,250 786 98 4,134 1,595 
Total portfolio$44,877 $27,378 $101 $72,356 $71,996 
Debt$0 $6,166 $0 $6,166 $6,891 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
December 31, 2024
Fixed maturities:
U.S. government obligations$45,988 $0 $0 $45,988 $47,103 
State and local government obligations0 2,778 0 2,778 2,893 
Foreign government obligations0 16 0 16 16 
Corporate and other debt securities0 13,949 5 13,954 14,111 
Residential mortgage-backed securities0 1,601 0 1,601 1,600 
Commercial mortgage-backed securities0 4,352 0 4,352 4,721 
Other asset-backed securities0 6,643 0 6,643 6,682 
Total fixed maturities45,988 29,339 5 75,332 77,126 
Short-term investments613 2 0 615 615 
    Total available-for-sale securities46,601 29,341 5 75,947 77,741 
Equity securities:
Nonredeemable preferred stocks0 676 52 728 756 
Common equities:
Common stocks3,527 0 23 3,550 720 
Other risk investments0 0 25 25 25 
Subtotal common equities3,527 0 48 3,575 745 
    Total equity securities3,527 676 100 4,303 1,501 
Total portfolio$50,128 $30,017 $105 $80,250 $79,242 
Debt$0 $6,173 $0 $6,173 $6,893 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and six months ended June 30, 2025 and 2024:
(millions)Fair Value at March 31, 2025Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at June 30, 2025
Fixed maturities:
Corporate and other debt securities$5 $0 $0 $0 $0 $0 $0 $5 
Equity securities:
Nonredeemable preferred stocks60 0 0 0 0 0 0 60 
Common equities:
 Common stocks9 0 0 0 0 0 0 9 
Other risk investments31 1 0 0 0 0 0 32 
Total Level 3 securities
$105 $1 $0 $0 $0 $0 $0 $106 
(millions)Fair Value at March 31, 2024Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at June 30, 2024
Fixed maturities:
Corporate and other debt securities$3 $0 $0 $0 $0 $0 $0 $3 
Equity securities:
Nonredeemable preferred stocks64 0 0 0 0 (12)0 52 
Common equities:
Common stocks22 0 0 0 0 0 0 22 
Other risk investments25 (1)0 0 0 0 0 24 
Total Level 3 securities
$114 $(1)$0 $0 $0 $(12)$0 $101 
(millions)Fair Value at December 31, 2024Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at June 30, 2025
Fixed maturities:
Corporate and other debt securities$5 $0 $0 $0 $0 $0 $0 $5 
Equity securities:
Nonredeemable preferred stocks52 0 8 0 0 0 0 60 
Common equities:
Common stocks23 0 0 0 0 (14)0 9 
Other risk investments25 7 0 0 0 0 0 32 
Total Level 3 securities$105 $7 $8 $0 $0 $(14)$0 $106 
(millions)Fair Value at December 31, 2023Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at June 30, 2024
Fixed maturities:
Corporate and other debt securities$3 $0 $0 $0 $0 $0 $0 $3 
Equity securities:
Nonredeemable preferred stocks64 0 0 0 0 (12)0 52 
Common equities:
Common stocks22 0 0 0 0 0 0 22 
Other risk investments21 3 0 0 0 0 0 24 
Total Level 3 securities
$110 $3 $0 $0 $0 $(12)$0 $101 
1 For fixed maturities, these amounts are included in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, these amounts are included in our consolidated statements of comprehensive income.
Fair Value Measurement Inputs and Valuation Techniques
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at June 30, 2025 and 2024, and December 31, 2024:
($ in millions)Fair Value at June 30, 2025Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Fixed maturities:
Corporate and other debt securities$5 Market comparablesWeighted average market capitalization price change %
0.6% to 0.8%
0.7 %
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(13.1)% to 22.7%
3.7 %
Common stocks9 Market comparablesWeighted average market capitalization price change %
(26.3)% to 56.6%
21.3 %
Subtotal Level 3 securities74 
Pricing exemption securities32 
Total Level 3 securities$106 


($ in millions)Fair Value at June 30, 2024Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Fixed maturities:
Corporate and other debt securities$3 Market comparablesWeighted average market capitalization price change %
(1.2)% to 1.2%
0.2 %
Equity securities:
Nonredeemable preferred stocks52 Market comparablesWeighted average market capitalization price change %
(7.6)% to (1.5)%
(2.9)%
Common stocks22 Market comparablesWeighted average market capitalization price change %
(26.5)% to 19.3%
(4.4)%
Subtotal Level 3 securities77 
Pricing exemption securities24 
Total Level 3 securities$101 


($ in millions)Fair Value at December 31, 2024Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Fixed maturities:
Corporate and other debt securities$5 Market comparablesWeighted average market capitalization price change %
(1.4)% to (1.3)%
(1.4)%
Equity securities:
Nonredeemable preferred stocks52 Market comparablesWeighted average market capitalization price change %
(14.1)% to 6.0%
(2.7)%
Common stocks23 Market comparablesWeighted average market capitalization price change %
(41.3)% to 95.9%
6.0 %
Subtotal Level 3 securities80 
Pricing exemption securities25 
Total Level 3 securities$105