Fair Value Measurements (Tables)

The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.


(as of September 30, 2025, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	4,013	$	4,013	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	30,304		—		30,304		—
Debt securities issued by foreign governments	988		—		988		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	13,361		—		13,358		3
Corporate and all other bonds	42,447		13		42,098		336
Total fixed maturities	91,113		4,026		86,748		339
Equity securities
Common stock	649		642		—		7
Non-redeemable preferred stock	43		16		3		24
Total equity securities	692		658		3		31
Other investments	22		22		—		—
Total	$	91,827	$	4,706	$	86,751	$	370


(as of December 31, 2024, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	5,570	$	5,570	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	27,185		—		27,185		—
Debt securities issued by foreign governments	909		—		909		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	12,605		—		12,602		3
Corporate and all other bonds	37,397		—		37,151		246
Total fixed maturities	83,666		5,570		77,847		249
Equity securities
Common stock	639		631		—		8
Non-redeemable preferred stock	48		16		3		29
Total equity securities	687		647		3		37
Other investments	20		20		—		—
Total	$	84,373	$	6,237	$	77,850	$	286

The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.


(as of September 30, 2025, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	6,798	$	6,798	$	1,139	$	5,612	$	47
Financial liabilities
Debt	$	9,167	$	8,597	$	—	$	8,597	$	—
Commercial paper	100		100		—		100		—


(as of December 31, 2024, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	4,766	$	4,766	$	1,933	$	2,788	$	45
Financial liabilities
Debt	$	7,933	$	7,095	$	—	$	7,095	$	—
Commercial paper	100		100		—		100		—