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, 2026, 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	$	3,022	$	3,022	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	30,541		—		30,541		—
Debt securities issued by foreign governments	408		—		408		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	12,507		—		12,507		—
Corporate and all other bonds	42,894		—		42,815		79
Total fixed maturities	89,372		3,022		86,271		79
Equity securities
Common stock	607		598		—		9
Non-redeemable preferred stock	33		8		3		22
Total equity securities	640		606		3		31
Other investments	9		9		—		—
Total	$	90,021	$	3,637	$	86,274	$	110


(as of December 31, 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	$	3,857	$	3,857	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	31,378		—		31,378		—
Debt securities issued by foreign governments	312		—		312		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	13,232		—		13,232		—
Corporate and all other bonds	41,054		25		40,698		331
Total fixed maturities	89,833		3,882		85,620		331
Equity securities
Common stock	584		576		—		8
Non-redeemable preferred stock	34		7		3		24
Total equity securities	618		583		3		32
Other investments	9		9		—		—
Assets held for sale	3,347		104		3,243		—
Total	$	93,807	$	4,578	$	88,866	$	363

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, 2026, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	5,561	$	5,561	$	830	$	4,680	$	51
Financial liabilities
Debt	$	9,713	$	8,211	$	—	$	8,211	$	—
Commercial paper	100		100		—		100		—


(as of December 31, 2025, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	5,716	$	5,716	$	1,398	$	4,267	$	51
Financial liabilities
Debt	$	9,167	$	8,538	$	—	$	8,538	$	—
Commercial paper	100		100		—		100		—