Fair Value (Tables)

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at September 30, 2026 and December 31, 2025 is as follows:


	Level I		Level II		Level III		Total
September 30, 2026
Assets:
Cash equivalents	$	5,687	$	—	$	—	$	5,687
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,531		—		1,531
Government sponsored securities	—		32		—		32
Foreign government securities	—		14		—		14
States, municipalities and political subdivisions, tax-exempt	—		3,427		—		3,427
Corporate securities	—		13,006		397		13,403
Residential mortgage-backed securities	—		3,715		3		3,718
Commercial mortgage-backed securities	—		1,509		—		1,509
Other asset-backed securities	—		2,041		883		2,924
Total fixed maturity securities, available-for-sale	—		25,275		1,283		26,558
Equity securities:
Exchange traded funds	2,063		—		—		2,063
Common equity securities	—		40		—		40
Private equity securities	—		—		48		48
Total equity securities	2,063		40		48		2,151
Other invested assets - common equity securities	5		—		3		8
Securities lending collateral	—		3,066		—		3,066
Derivatives - other assets	—		72		—		72
Total assets	$	7,755	$	28,453	$	1,334	$	37,542
Percentage of total assets at fair value	21%		76%		3%		100%
Liabilities:
Derivatives - other liabilities	$	—	$	(602)	$	—	$	(602)
Total liabilities	$	—	$	(602)	$	—	$	(602)

December 31, 2025
Assets:
Cash equivalents	$	5,184	$	—	$	—	$	5,184
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,503		—		1,503
Government sponsored securities	—		81		—		81
Foreign government securities	—		13		—		13
States, municipalities and political subdivisions, tax-exempt	—		3,701		—		3,701
Corporate securities	—		13,373		410		13,783
Residential mortgage-backed securities	—		3,090		17		3,107
Commercial mortgage-backed securities	—		2,073		—		2,073
Other asset-backed securities	—		1,878		866		2,744
Total fixed maturity securities, available-for-sale	—		25,712		1,293		27,005
Equity securities:
Exchange traded funds	650		—		—		650
Common equity securities	—		35		—		35
Private equity securities	—		—		55		55
Total equity securities	650		35		55		740
Other invested assets - common equity securities	6		—		—		6
Securities lending collateral	—		2,692		—		2,692
Derivatives - other assets	—		62		—		62
Total assets	$	5,840	$	28,501	$	1,348	$	35,689
Percentage of total assets at fair value	16%		80%		4%		100%
Liabilities:
Derivatives - other liabilities	$	—	$	(28)	$	—	$	(28)
Total liabilities	$	—	$	(28)	$	—	$	(28)

A summary of the estimated fair values by level for each class of financial instruments that is recorded at its carrying value on our consolidated balance sheets at September 30, 2026 and December 31, 2025 is as follows:


	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
September 30, 2026
Assets:
Other invested assets	$	901	$	—	$	—	$	852	$	852
Liabilities:
Debt:

Notes	30,757		—		27,370		—		27,370
Options	1,330		—		—		2,763		2,763

December 31, 2025
Assets:
Other invested assets	$	781	$	—	$	—	$	762	$	762
Liabilities:
Debt:
Short-term borrowings	150		—		150		—		150

Notes	31,896		—		30,207		—		30,207
Options	1,726		—		—		3,044		3,044