v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$140 $3 $— $143 
States, municipalities and political subdivisions— 771 2 773 
Foreign government— 232 — 232 
Residential mortgage-backed securities (“MBS”)— 3,180 3 3,183 
Collateralized loan obligations— 1,096 — 1,096 
Other asset-backed securities— 2,250 317 2,567 
Corporate and other1 2,883 380 3,264 
Total AFS fixed maturities141 10,415 702 11,258 
Trading fixed maturities— 69 11 80 
Equity securities482 50 247 779 
Assets of managed investment entities (“MIE”)210 3,918 14 4,142 
Total assets accounted for at fair value$833 $14,452 $974 $16,259 
Liabilities:
Contingent consideration — acquisitions$— $— $3 $3 
Liabilities of managed investment entities202 3,777 14 3,993 
Other liabilities — derivatives— 5 — 5 
Total liabilities accounted for at fair value$202 $3,782 $17 $4,001 
December 31, 2025
Assets:
Available for sale fixed maturities:
U.S. government and government agencies$157 $4 $— $161 
States, municipalities and political subdivisions— 831 4 835 
Foreign government— 238 — 238 
Residential MBS— 2,744 3 2,747 
Collateralized loan obligations— 1,160 — 1,160 
Other asset-backed securities— 2,215 310 2,525 
Corporate and other1 2,990 395 3,386 
Total AFS fixed maturities158 10,182 712 11,052 
Trading fixed maturities— 66 25 91 
Equity securities478 51 256 785 
Assets of managed investment entities310 3,725 15 4,050 
Other assets — derivatives— 1 — 1 
Total assets accounted for at fair value$946 $14,025 $1,008 $15,979 
Liabilities:
Contingent consideration — acquisitions$— $— $3 $3 
Liabilities of managed investment entities298 3,594 15 3,907 
Other liabilities — derivatives— 3 — 3 
Total liabilities accounted for at fair value$298 $3,597 $18 $3,913 
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 2026 and 2025 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, 2026Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2026
AFS fixed maturities:
State and municipal$6 $— $— $— $(1)$— $(3)$2 
Residential MBS3 — — — — — — 3 
Other asset-backed securities
356 (7)(8)15 (39)— — 317 
Corporate and other380 (4)— 24 (24)4 — 380 
Total AFS fixed maturities745 (11)(8)39 (64)4 (3)702 
Trading fixed maturities
13 — — — — — (2)11 
Equity securities242 2 — 6 — — (3)247 
Assets of MIE15 (1)— — — — — 14 
Total Level 3 assets$1,015 $(10)$(8)$45 $(64)$4 $(8)$974 
Contingent consideration — acquisitions$(3)$— $— $— $— $— $— $(3)
Total Level 3 liabilities$(3)$— $— $— $— $— $— $(3)
Total realized/unrealized
gains (losses) included in
Balance at March 31, 2025Net
earnings		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 
Other asset-backed securities
281 — 3 6 (6)— — 284 
Corporate and other462 7 1 25 (34)— — 461 
Total AFS fixed maturities
748 7 4 31 (40)2 — 752 
Trading fixed maturities13 — — — — — — 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 December 31, 2025Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2026
AFS fixed maturities:
State and municipal$4 $— $— $— $(1)$2 $(3)$2 
Residential MBS3 — — — — — — 3 
Other asset-backed securities
310 (7)(8)44 (49)27 — 317 
Corporate and other395 (8)— 42 (61)12 — 380 
Total AFS fixed maturities712 (15)(8)86 (111)41 (3)702 
Trading fixed maturities
25 1 — — (13)— (2)11 
Equity securities256 (12)— 6 — — (3)247 
Assets of MIE15 (2)— 1 — — — 14 
Total Level 3 assets$1,008 $(28)$(8)$93 $(124)$41 $(8)$974 
Contingent consideration — acquisitions$(3)$— $— $— $— $— $— $(3)
Total Level 3 liabilities$(3)$— $— $— $— $— $— $(3)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2024Net
earnings		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 
Other asset-backed securities
296 — 5 16 (33)— — 284 
Corporate and other470 1 5 39 (48)1 (7)461 
Total AFS fixed maturities
768 1 10 55 (81)6 (7)752 
Trading fixed maturities26 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)
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 2026 and 2025 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, 2026Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2026
AFS fixed maturities:
State and municipal$6 $— $— $— $(1)$— $(3)$2 
Residential MBS3 — — — — — — 3 
Other asset-backed securities
356 (7)(8)15 (39)— — 317 
Corporate and other380 (4)— 24 (24)4 — 380 
Total AFS fixed maturities745 (11)(8)39 (64)4 (3)702 
Trading fixed maturities
13 — — — — — (2)11 
Equity securities242 2 — 6 — — (3)247 
Assets of MIE15 (1)— — — — — 14 
Total Level 3 assets$1,015 $(10)$(8)$45 $(64)$4 $(8)$974 
Contingent consideration — acquisitions$(3)$— $— $— $— $— $— $(3)
Total Level 3 liabilities$(3)$— $— $— $— $— $— $(3)
Total realized/unrealized
gains (losses) included in
Balance at March 31, 2025Net
earnings		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 
Other asset-backed securities
281 — 3 6 (6)— — 284 
Corporate and other462 7 1 25 (34)— — 461 
Total AFS fixed maturities
748 7 4 31 (40)2 — 752 
Trading fixed maturities13 — — — — — — 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 December 31, 2025Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2026
AFS fixed maturities:
State and municipal$4 $— $— $— $(1)$2 $(3)$2 
Residential MBS3 — — — — — — 3 
Other asset-backed securities
310 (7)(8)44 (49)27 — 317 
Corporate and other395 (8)— 42 (61)12 — 380 
Total AFS fixed maturities712 (15)(8)86 (111)41 (3)702 
Trading fixed maturities
25 1 — — (13)— (2)11 
Equity securities256 (12)— 6 — — (3)247 
Assets of MIE15 (2)— 1 — — — 14 
Total Level 3 assets$1,008 $(28)$(8)$93 $(124)$41 $(8)$974 
Contingent consideration — acquisitions$(3)$— $— $— $— $— $— $(3)
Total Level 3 liabilities$(3)$— $— $— $— $— $— $(3)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2024Net
earnings		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 
Other asset-backed securities
296 — 5 16 (33)— — 284 
Corporate and other470 1 5 39 (48)1 (7)461 
Total AFS fixed maturities
768 1 10 55 (81)6 (7)752 
Trading fixed maturities26 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)
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, 2026
Financial assets:
Cash and cash equivalents$1,438 $1,438 $1,438 $— $— 
Mortgage loans920 908 — — 908 
Total financial assets not accounted for at fair value
$2,358 $2,346 $1,438 $— $908 
Long-term debt$1,821 $1,551 $— $1,548 $3 
Total financial liabilities not accounted for at fair value
$1,821 $1,551 $— $1,548 $3 
December 31, 2025
Financial assets:
Cash and cash equivalents$1,727 $1,727 $1,727 $— $— 
Mortgage loans947 937 — — 937 
Total financial assets not accounted for at fair value
$2,674 $2,664 $1,727 $— $937 
Long-term debt$1,820 $1,609 $— $1,606 $3 
Total financial liabilities not accounted for at fair value
$1,820 $1,609 $— $1,606 $3