v3.26.1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026
Fixed maturities:
U.S. government$43,781 $0 $0 $43,781 $44,463 
State and local government0 3,852 0 3,852 3,904 
Foreign government0 16 0 16 16 
Corporate and other debt0 21,587 4 21,591 21,641 
Residential mortgage-backed0 4,282 0 4,282 4,291 
Commercial mortgage-backed0 7,453 0 7,453 7,674 
Other asset-backed0 9,310 150 9,460 9,496 
Total fixed maturities43,781 46,500 154 90,435 91,485 
Short-term investments1,930 48 0 1,978 1,978 
    Total available-for-sale securities45,711 46,548 154 92,413 93,463 
Equity securities:
Nonredeemable preferred stocks0 227 49 276 292 
Common equities:
Common stocks4,485 0 8 4,493 831 
Other risk investments0 0 39 39 39 
Subtotal common equities4,485 0 47 4,532 870 
    Total equity securities4,485 227 96 4,808 1,162 
Total portfolio$50,196 $46,775 $250 $97,221 $94,625 
Debt$0 $7,758 $0 $7,758 $8,387 
Fair Value
(millions)Level 1Level 2Level 3TotalCost
June 30, 2025
Fixed maturities:
U.S. government$46,810 $0 $0 $46,810 $46,684 
State and local government0 2,964 0 2,964 3,030 
Foreign government0 17 0 17 17 
Corporate and other debt0 18,117 5 18,122 18,004 
Residential mortgage-backed0 2,660 0 2,660 2,644 
Commercial mortgage-backed0 5,049 0 5,049 5,325 
Other asset-backed0 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
December 31, 2025
Fixed maturities:
U.S. government$43,298 $0 $0 $43,298 $43,114 
State and local government0 3,303 0 3,303 3,342 
Foreign government0 17 0 17 17 
Corporate and other debt0 19,987 4 19,991 19,773 
Residential mortgage-backed0 3,175 0 3,175 3,152 
Commercial mortgage-backed0 5,973 0 5,973 6,194 
Other asset-backed0 7,109 0 7,109 7,112 
Total fixed maturities43,298 39,564 4 82,866 82,704 
Short-term investments9,810 195 0 10,005 10,005 
    Total available-for-sale securities53,108 39,759 4 92,871 92,709 
Equity securities:
Nonredeemable preferred stocks0 344 60 404 419 
Common equities:
Common stocks4,057 0 5 4,062 783 
Other risk investments0 0 36 36 36 
Subtotal common equities4,057 0 41 4,098 819 
    Total equity securities4,057 344 101 4,502 1,238 
Total portfolio$57,165 $40,103 $105 $97,373 $93,947 
Debt$0 $6,345 $0 $6,345 $6,897 
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, 2026 and 2025:
(millions)Fair Value at March 31, 2026Calls/
Maturities/
Paydowns/
Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at June 30, 2026
Fixed maturities:
Corporate and other debt$4 $0 $0 $0 $0 $0 $0 $4 
Other asset-backed0 0 150 0 0 0 0 150 
Equity securities:
Nonredeemable preferred stocks49 0 0 0 0 0 0 49 
Common equities:
 Common stocks5 0 0 0 0 3 0 8 
Other risk investments37 2 0 0 0 0 0 39 
Total Level 3 securities
$95 $2 $150 $0 $0 $3 $0 $250 
(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$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 December 31, 2025Calls/
Maturities/
Paydowns/
Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at June 30, 2026
Fixed maturities:
Corporate and other debt$4 $0 $0 $0 $0 $0 $0 $4 
Other asset-backed0 0 150 0 0 0 0 150 
Equity securities:
Nonredeemable preferred stocks60 0 0 (5)(7)1 0 49 
Common equities:
Common stocks5 0 0 0 0 3 0 8 
Other risk investments36 3 0 0 0 0 0 39 
Total Level 3 securities$105 $3 $150 $(5)$(7)$4 $0 $250 
(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$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 $106 
1For fixed maturities, amounts included are unrealized gains (losses) reflected in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, amounts included are net holding period gains (losses) on securities on our consolidated statements of comprehensive income.
Fair Value Measurement Inputs and Valuation Techniques
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at June 30, 2026 and 2025, and December 31, 2025:
($ in millions)Fair Value at June 30, 2026Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$4 Market comparablesWeighted average market capitalization price change %
(0.8)% to 1.4%
(0.1)%
Equity securities:
Nonredeemable preferred stocks49 Market comparablesWeighted average market capitalization price change %
(9.3)% to 46.6%
14.4 %
Common stocks8 Market comparablesWeighted average market capitalization price change %
(36.7)% to 77.2%
32.0 %
Subtotal Level 3 securities61 
External price securities150 
Pricing exemption securities39 
Total Level 3 securities$250 


($ in millions)Fair Value at June 30, 2025Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$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 December 31, 2025Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$4 Market comparablesWeighted average market capitalization price change %
(0.1)% to 0.1%
0 %
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(14.5)% to 7.6%
(4.5)%
Common stocks5 Market comparablesWeighted average market capitalization price change %
(40.9)% to 36.3%
7.6 %
Subtotal Level 3 securities69 
Pricing exemption securities36 
Total Level 3 securities$105