v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 1Level 2Level 3Total
June 30, 2025
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$184 $4 $— $188 
States, municipalities and political subdivisions— 862 6 868 
Foreign government— 255 — 255 
Residential MBS— 2,216 1 2,217 
Collateralized loan obligations— 1,088 — 1,088 
Other asset-backed securities— 2,122 284 2,406 
Corporate and other— 3,006 461 3,467 
Total AFS fixed maturities184 9,553 752 10,489 
Trading fixed maturities— 69 13 82 
Equity securities467 47 286 800 
Assets of managed investment entities (“MIE”)360 3,462 11 3,833 
Other assets — derivatives— 6 — 6 
Total assets accounted for at fair value$1,011 $13,137 $1,062 $15,210 
Liabilities:
Contingent consideration — acquisitions$— $— $1 $1 
Liabilities of managed investment entities346 3,328 11 3,685 
Other liabilities — derivatives— 7 — 7 
Total liabilities accounted for at fair value$346 $3,335 $12 $3,693 
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 other12 3,014 470 3,496 
Total AFS fixed maturities185 9,445 768 10,398 
Trading fixed maturities— 50 26 76 
Equity securities419 40 292 751 
Assets of managed investment entities419 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 entities402 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 balances of Level 3 financial assets
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the second quarter and first six months of 2025 and 2024 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 March 31, 2025Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2025
AFS fixed maturities:
State and municipal$4 $— $— $— $— $2 $— $6 
Residential MBS1 — — — — — — 1 
Collateralized loan obligations— — — — — — — — 
Other asset-backed securities
281 — 3 6 (6)— — 284 
Corporate and other462 7 1 25 (34)— — 461 
Total AFS fixed maturities748 7 4 31 (40)2 — 752 
Trading fixed maturities
13 — — — — — — 13 
Equity securities297 20 — 3 — 7 (41)286 
Assets of MIE12 (2)— 1 — — — 11 
Total Level 3 assets$1,070 $25 $4 $35 $(40)$9 $(41)$1,062 
Contingent consideration — acquisitions$(1)$— $— $— $— $— $— $(1)
Total Level 3 liabilities$(1)$— $— $— $— $— $— $(1)
Total realized/unrealized
gains (losses) included in
Balance at March 31, 2024Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2024
AFS fixed maturities:
State and municipal$2 $— $— $— $— $— $— $2 
Residential MBS2 — — — — — — 2 
Collateralized loan obligations1 — — — — — — 1 
Other asset-backed securities
335 (1)4 9 (7)— — 340 
Corporate and other402 — 1 15 (6)— (1)411 
Total AFS fixed maturities742 (1)5 24 (13)— (1)756 
Trading fixed maturities
— — — 12 — — — 12 
Equity securities545 15 — 48 (6)— — 602 
Assets of MIE10 (1)— 3 — — — 12 
Total Level 3 assets$1,297 $13 $5 $87 $(19)$— $(1)$1,382 
Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)
Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2024Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2025
AFS fixed maturities:
State and municipal$1 $— $— $— $— $5 $— $6 
Residential MBS1 — — — — — — 1 
Collateralized loan obligations— — — — — — — — 
Other asset-backed securities
296 — 5 16 (33)— — 284 
Corporate and other470 1 5 39 (48)1 (7)461 
Total AFS fixed maturities768 1 10 55 (81)6 (7)752 
Trading fixed maturities
26 1 — — (14)— — 13 
Equity securities292 18 — 16 — 7 (47)286 
Assets of MIE10 (3)— 4 — — — 11 
Total Level 3 assets$1,096 $17 $10 $75 $(95)$13 $(54)$1,062 
Contingent consideration — acquisitions$(2)$— $— $— $1 $— $— $(1)
Total Level 3 liabilities$(2)$— $— $— $1 $— $— $(1)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2023Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2024
AFS fixed maturities:
State and municipal$2 $— $— $— $— $— $— $2 
Residential MBS2 — — — — — — 2 
Collateralized loan obligations1 — — — — — — 1 
Other asset-backed securities
351 (1)4 24 (12)— (26)340 
Corporate and other380 (1)1 48 (12)— (5)411 
Total AFS fixed maturities
736 (2)5 72 (24)— (31)756 
Trading fixed maturities— — — 12 — — — 12 
Equity securities485 35 — 90 (8)— — 602 
Assets of MIE9 (2)— 5 — — — 12 
Total Level 3 assets$1,230 $31 $5 $179 $(32)$— $(31)$1,382 
Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)
Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)
Changes in balances of Level 3 financial liabilities
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the second quarter and first six months of 2025 and 2024 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 March 31, 2025Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2025
AFS fixed maturities:
State and municipal$4 $— $— $— $— $2 $— $6 
Residential MBS1 — — — — — — 1 
Collateralized loan obligations— — — — — — — — 
Other asset-backed securities
281 — 3 6 (6)— — 284 
Corporate and other462 7 1 25 (34)— — 461 
Total AFS fixed maturities748 7 4 31 (40)2 — 752 
Trading fixed maturities
13 — — — — — — 13 
Equity securities297 20 — 3 — 7 (41)286 
Assets of MIE12 (2)— 1 — — — 11 
Total Level 3 assets$1,070 $25 $4 $35 $(40)$9 $(41)$1,062 
Contingent consideration — acquisitions$(1)$— $— $— $— $— $— $(1)
Total Level 3 liabilities$(1)$— $— $— $— $— $— $(1)
Total realized/unrealized
gains (losses) included in
Balance at March 31, 2024Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2024
AFS fixed maturities:
State and municipal$2 $— $— $— $— $— $— $2 
Residential MBS2 — — — — — — 2 
Collateralized loan obligations1 — — — — — — 1 
Other asset-backed securities
335 (1)4 9 (7)— — 340 
Corporate and other402 — 1 15 (6)— (1)411 
Total AFS fixed maturities742 (1)5 24 (13)— (1)756 
Trading fixed maturities
— — — 12 — — — 12 
Equity securities545 15 — 48 (6)— — 602 
Assets of MIE10 (1)— 3 — — — 12 
Total Level 3 assets$1,297 $13 $5 $87 $(19)$— $(1)$1,382 
Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)
Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2024Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2025
AFS fixed maturities:
State and municipal$1 $— $— $— $— $5 $— $6 
Residential MBS1 — — — — — — 1 
Collateralized loan obligations— — — — — — — — 
Other asset-backed securities
296 — 5 16 (33)— — 284 
Corporate and other470 1 5 39 (48)1 (7)461 
Total AFS fixed maturities768 1 10 55 (81)6 (7)752 
Trading fixed maturities
26 1 — — (14)— — 13 
Equity securities292 18 — 16 — 7 (47)286 
Assets of MIE10 (3)— 4 — — — 11 
Total Level 3 assets$1,096 $17 $10 $75 $(95)$13 $(54)$1,062 
Contingent consideration — acquisitions$(2)$— $— $— $1 $— $— $(1)
Total Level 3 liabilities$(2)$— $— $— $1 $— $— $(1)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2023Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2024
AFS fixed maturities:
State and municipal$2 $— $— $— $— $— $— $2 
Residential MBS2 — — — — — — 2 
Collateralized loan obligations1 — — — — — — 1 
Other asset-backed securities
351 (1)4 24 (12)— (26)340 
Corporate and other380 (1)1 48 (12)— (5)411 
Total AFS fixed maturities
736 (2)5 72 (24)— (31)756 
Trading fixed maturities— — — 12 — — — 12 
Equity securities485 35 — 90 (8)— — 602 
Assets of MIE9 (2)— 5 — — — 12 
Total Level 3 assets$1,230 $31 $5 $179 $(32)$— $(31)$1,382 
Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)
Total Level 3 liabilities$(2)$— $— $— $— $— $— $(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 are summarized below (in millions):
Carrying Value
Fair Value
TotalLevel 1Level 2Level 3
June 30, 2025
Financial assets:
Cash and cash equivalents$1,268 $1,268 $1,268 $— $— 
Mortgage loans909 881 — — 881 
Total financial assets not accounted for at fair value
$2,177 $2,149 $1,268 $— $881 
Long-term debt$1,476 $1,235 $— $1,232 $3 
Total financial liabilities not accounted for at fair value
$1,476 $1,235 $— $1,232 $3 
December 31, 2024
Financial assets:
Cash and cash equivalents$1,406 $1,406 $1,406 $— $— 
Mortgage loans791 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