v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$246 $24,240 $1,514 $26,000 
States, municipalities and political subdivisions— 8,528 44 8,572 
Asset-backed— 7,703 955 8,658 
Total fixed maturity securities 246 40,471 2,513 43,230 
Equity securities:
Common stock235 — 12 247 
Non-redeemable preferred stock34 504 — 538 
Total equity securities269 504 12 785 
Short-term and other1,230 31 — 1,261 
Total assets$1,745 $41,006 $2,525 $45,276 
Total liabilities$— $— $— $— 

December 31, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$238 $24,529 $1,483 $26,250 
States, municipalities and political subdivisions— 8,386 45 8,431 
Asset-backed— 7,723 998 8,721 
Total fixed maturity securities 238 40,638 2,526 43,402 
Equity securities:
Common stock224 — 13 237 
Non-redeemable preferred stock35 497 — 532 
Total equity securities259 497 13 769 
Short-term and other2,086 51 — 2,137 
Total assets$2,583 $41,186 $2,539 $46,308 
Total liabilities$— $— $— $— 
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, 2026
$1,483 $45 $998 $13 $2,539 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)(3)— (3)— (6)
Reported in Net investment income— — 5 (1)4 
Reported in Other comprehensive income (loss)(24)(1)(16)— (41)
Total realized and unrealized investment gains (losses)(27)(1)(14)(1)(43)
Purchases63 — 40 — 103 
Sales— — — — — 
Settlements(5)— (20)— (25)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (49)— (49)
Balance as of March 31, 2026
$1,514 $44 $955 $12 $2,525 
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2026 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2026 recognized in Other comprehensive income (loss) in the period
(24)(1)(16)— (41)

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 
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, 2026Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,981 Discounted cash flowCredit spread
1% - 11% (2%)
December 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,927 Discounted cash flowCredit spread
1% - 11% (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, 2026Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,055 $— $— $1,043 $1,043 
Liabilities
Long-term debt$2,972 $— $2,917 $— $2,917 
December 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,079 $— $— $1,072 $1,072 
Liabilities
Long-term debt$2,971 $— $2,967 $— $2,967