| Fair value hierarchy |
The following table presents the Company’s financial assets and liabilities measured at fair value by level at June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value Measurements Using: | | Estimated
Fair
Value | | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Assets measured at fair value: | | | | | | | | | Available for sale securities: | | | | | | | | | Fixed maturities: | | | | | | | | | Corporate bonds | $ | 14,231 | | | $ | — | | | $ | 14,117 | | | $ | 114 | | | U.S. government and government agencies | 8,060 | | | 8,060 | | | — | | | — | | | Asset backed securities | 3,677 | | | — | | | 3,651 | | | 26 | | | Non-U.S. government securities | 2,876 | | | — | | | 2,876 | | | — | | | Residential mortgage backed securities | 2,643 | | | — | | | 2,639 | | | 4 | | | Commercial mortgage backed securities | 1,549 | | | — | | | 1,549 | | | — | | | Municipal bonds | 119 | | | — | | | 119 | | | — | | | Total | 33,155 | | | 8,060 | | | 24,951 | | | 144 | | | | | | | | | | | Short-term investments | 3,298 | | | 2,874 | | | 424 | | | — | | | | | | | | | | | Equity securities, at fair value | 2,280 | | | 2,256 | | | 14 | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative instruments (2) | 227 | | | — | | | 227 | | | — | | | | | | | | | | | Residential mortgage loans | 54 | | | — | | | 54 | | | — | | | | | | | | | | | Fair value option: | | | | | | | | | Corporate bonds | 1,168 | | | — | | | 1,168 | | | — | | | Non-U.S. government securities | 3 | | | — | | | 3 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government and government agencies | 4 | | | 4 | | | — | | | — | | | Short-term investments | 57 | | | — | | | 13 | | | 44 | | | Equity securities | 4 | | | — | | | — | | | 4 | | | Other investments | 429 | | | — | | | 157 | | | 272 | | | Other investments measured at net asset value (1) | 1,715 | | | | | | | | | Total | 3,380 | | | 4 | | | 1,341 | | | 320 | | | | | | | | | | | Total assets measured at fair value | $ | 42,394 | | | $ | 13,194 | | | $ | 27,011 | | | $ | 474 | | | | | | | | | | | Liabilities measured at fair value: | | | | | | | | | Other liabilities | $ | (14) | | | $ | — | | | $ | — | | | $ | (14) | | | | | | | | | | | Derivative instruments (2) | (108) | | | — | | | (108) | | | — | | | Total liabilities measured at fair value | $ | (122) | | | $ | — | | | $ | (108) | | | $ | (14) | |
(1) In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value Measurements Using: | | Estimated
Fair
Value | | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Assets measured at fair value: | | | | | | | | | Available for sale securities: | | | | | | | | | Fixed maturities: | | | | | | | | | Corporate bonds | $ | 14,058 | | | $ | — | | | $ | 13,930 | | | $ | 128 | | | U.S. government and government agencies | 7,445 | | | 7,445 | | | — | | | — | | | Asset backed securities | 3,574 | | | — | | | 3,557 | | | 17 | | | Non-U.S. government securities | 3,270 | | | — | | | 3,270 | | | — | | | Residential mortgage backed securities | 2,705 | | | — | | | 2,705 | | | — | | | Commercial mortgage backed securities | 1,212 | | | — | | | 1,212 | | | — | | | Municipal bonds | 162 | | | — | | | 162 | | | — | | | Total | 32,426 | | | 7,445 | | | 24,836 | | | 145 | | | | | | | | | | | Short-term investments | 2,625 | | | 2,326 | | | 299 | | | — | | | | | | | | | | | Equity securities, at fair value | 1,864 | | | 1,829 | | | 26 | | | 9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative instruments (2) | 180 | | | — | | | 180 | | | — | | | | | | | | | | | Residential mortgage loans | 24 | | | — | | | 24 | | | — | | | | | | | | | | | | | | | | | | | Fair value option: | | | | | | | | | Corporate bonds | 1,102 | | | — | | | 1,102 | | | — | | | Non-U.S. government securities | 3 | | | — | | | 3 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset backed securities | — | | | — | | | — | | | — | | | U.S. government and government agencies | 5 | | | 5 | | | — | | | — | | | Short-term investments | 64 | | | 2 | | | 22 | | | 40 | | | Equity securities | 5 | | | — | | | — | | | 5 | | | Other investments | 398 | | | — | | | 166 | | | 232 | | | Other investments measured at net asset value (1) | 1,559 | | | | | | | | | Total | 3,136 | | | 7 | | | 1,293 | | | 277 | | | | | | | | | | | Total assets measured at fair value | $ | 40,255 | | | $ | 11,607 | | | $ | 26,658 | | | $ | 431 | | | | | | | | | | | Liabilities measured at fair value: | | | | | | | | | Other liabilities | $ | (18) | | | $ | — | | | $ | — | | | $ | (18) | | | | | | | | | | | Derivative instruments (2) | (72) | | | — | | | (72) | | | — | | | Total liabilities measured at fair value | $ | (90) | | | $ | — | | | $ | (72) | | | $ | (18) | |
(1) In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
|
| Rollforward of Level 3 assets |
The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | s | Available For Sale | | | | Fair Value Option | | Fair Value | | | | Structured Securities (1) | Corporate
Bonds | | | | | Other
Investments | Short-term
Investments | Equity
Securities | | Equity
Securities | | Other Liabilities | | Three Months Ended June 30, 2026 | | | | | | | | | | | | | | | Balance at beginning of period | $ | 29 | | $ | 116 | | | | | | $ | 249 | | $ | 46 | | $ | 4 | | | $ | 9 | | | $ | (14) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Included in other comprehensive income | — | | (2) | | | | | | — | | — | | — | | | — | | | — | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 5 | | 1 | | | | | | 64 | | 25 | | — | | | 1 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (4) | | (1) | | | | | | (41) | | (27) | | — | | | — | | | — | | | Transfers in and/or out of Level 3 | — | | — | | | | | | 3 | | — | | — | | | — | | | — | | | Balance at end of period | $ | 30 | | $ | 114 | | | | | | $ | 272 | | $ | 44 | | $ | 4 | | | $ | 10 | | | $ | (14) | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | | | | Balance at beginning of period | $ | — | | $ | 150 | | | | | | $ | 206 | | $ | 29 | | $ | 4 | | | $ | 7 | | | $ | (34) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | 1 | | | — | | | — | | | Included in other comprehensive income | — | | — | | | | | | — | | — | | — | | | — | | | (2) | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 14 | | — | | | | | | 44 | | 18 | | — | | | 1 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (2) | | (5) | | | | | | (39) | | (2) | | — | | | — | | | 16 | | | Transfers in and/or out of Level 3 | 5 | | — | | | | | | — | | — | | — | | | — | | | — | | | Balance at end of period | $ | 17 | | $ | 145 | | | | | | $ | 208 | | $ | 45 | | $ | 5 | | | $ | 8 | | | $ | (20) | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | | | | | | | | | | | | | | Balance at beginning of year | $ | 17 | | $ | 128 | | | | | | $ | 232 | | $ | 40 | | $ | 5 | | | $ | 9 | | | $ | (18) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | (1) | | | (1) | | | 1 | | | Included in other comprehensive income | — | | (2) | | | | | | — | | — | | — | | | — | | | — | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 9 | | 1 | | | | | | 90 | | 46 | | — | | | 2 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (5) | | (42) | | | | | | (60) | | (43) | | — | | | — | | | 3 | | | Transfers in and/or out of Level 3 | 9 | | 29 | | | | | | 13 | | 1 | | — | | | — | | | — | | | Balance at end of period | $ | 30 | | $ | 114 | | | | | | $ | 272 | | $ | 44 | | $ | 4 | | | $ | 10 | | | $ | (14) | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | Balance at beginning of year | $ | — | | $ | 97 | | | | | | $ | 189 | | $ | 33 | | $ | 4 | | | $ | 7 | | | $ | (73) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | 1 | | | — | | | 2 | | | Included in other comprehensive income | — | | — | | | | | | — | | — | | — | | | — | | | (2) | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 14 | | — | | | | | | 96 | | 24 | | — | | | 1 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (2) | | (22) | | | | | | (74) | | (12) | | — | | | — | | | 53 | | | Transfers in and/or out of Level 3 | 5 | | 70 | | | | | | — | | — | | — | | | — | | | — | | | Balance at end of period | $ | 17 | | $ | 145 | | | | | | $ | 208 | | $ | 45 | | $ | 5 | | | $ | 8 | | | $ | (20) | |
(1) Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities. (2) Gains or losses were included in net realized gains (losses).
|
| Rollforward of Level 3 liabilities |
The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | s | Available For Sale | | | | Fair Value Option | | Fair Value | | | | Structured Securities (1) | Corporate
Bonds | | | | | Other
Investments | Short-term
Investments | Equity
Securities | | Equity
Securities | | Other Liabilities | | Three Months Ended June 30, 2026 | | | | | | | | | | | | | | | Balance at beginning of period | $ | 29 | | $ | 116 | | | | | | $ | 249 | | $ | 46 | | $ | 4 | | | $ | 9 | | | $ | (14) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Included in other comprehensive income | — | | (2) | | | | | | — | | — | | — | | | — | | | — | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 5 | | 1 | | | | | | 64 | | 25 | | — | | | 1 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (4) | | (1) | | | | | | (41) | | (27) | | — | | | — | | | — | | | Transfers in and/or out of Level 3 | — | | — | | | | | | 3 | | — | | — | | | — | | | — | | | Balance at end of period | $ | 30 | | $ | 114 | | | | | | $ | 272 | | $ | 44 | | $ | 4 | | | $ | 10 | | | $ | (14) | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | | | | Balance at beginning of period | $ | — | | $ | 150 | | | | | | $ | 206 | | $ | 29 | | $ | 4 | | | $ | 7 | | | $ | (34) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | 1 | | | — | | | — | | | Included in other comprehensive income | — | | — | | | | | | — | | — | | — | | | — | | | (2) | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 14 | | — | | | | | | 44 | | 18 | | — | | | 1 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (2) | | (5) | | | | | | (39) | | (2) | | — | | | — | | | 16 | | | Transfers in and/or out of Level 3 | 5 | | — | | | | | | — | | — | | — | | | — | | | — | | | Balance at end of period | $ | 17 | | $ | 145 | | | | | | $ | 208 | | $ | 45 | | $ | 5 | | | $ | 8 | | | $ | (20) | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | | | | | | | | | | | | | | Balance at beginning of year | $ | 17 | | $ | 128 | | | | | | $ | 232 | | $ | 40 | | $ | 5 | | | $ | 9 | | | $ | (18) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | (1) | | | (1) | | | 1 | | | Included in other comprehensive income | — | | (2) | | | | | | — | | — | | — | | | — | | | — | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 9 | | 1 | | | | | | 90 | | 46 | | — | | | 2 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (5) | | (42) | | | | | | (60) | | (43) | | — | | | — | | | 3 | | | Transfers in and/or out of Level 3 | 9 | | 29 | | | | | | 13 | | 1 | | — | | | — | | | — | | | Balance at end of period | $ | 30 | | $ | 114 | | | | | | $ | 272 | | $ | 44 | | $ | 4 | | | $ | 10 | | | $ | (14) | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | Balance at beginning of year | $ | — | | $ | 97 | | | | | | $ | 189 | | $ | 33 | | $ | 4 | | | $ | 7 | | | $ | (73) | | | Total gains or (losses) (realized/unrealized) | | | | | | | | | | | | | | | Included in earnings (2) | — | | — | | | | | | — | | — | | 1 | | | — | | | 2 | | | Included in other comprehensive income | — | | — | | | | | | — | | — | | — | | | — | | | (2) | | | Purchases, issuances, sales and settlements | | | | | | | | | | | | | | | Purchases | 14 | | — | | | | | | 96 | | 24 | | — | | | 1 | | | — | | | Issuances | — | | — | | | | | | — | | — | | — | | | — | | | — | | | Sales | — | | — | | | | | | (3) | | — | | — | | | — | | | — | | | Settlements | (2) | | (22) | | | | | | (74) | | (12) | | — | | | — | | | 53 | | | Transfers in and/or out of Level 3 | 5 | | 70 | | | | | | — | | — | | — | | | — | | | — | | | Balance at end of period | $ | 17 | | $ | 145 | | | | | | $ | 208 | | $ | 45 | | $ | 5 | | | $ | 8 | | | $ | (20) | |
(1) Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities. (2) Gains or losses were included in net realized gains (losses).
|