v3.26.3
Fair Value (Tables)
 9 Months Ended
Sep. 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
September 30, 2026
Fixed maturities:
U.S. government$41,594 $0 $0 $41,594 $43,865 
State and local government0 3,835 0 3,835 3,988 
Corporate and other debt0 23,266 9 23,275 23,856 
Residential mortgage-backed0 4,559 0 4,559 4,654 
Commercial mortgage-backed0 7,909 0 7,909 8,174 
Other asset-backed0 10,926 149 11,075 11,182 
Total fixed maturities41,594 50,495 158 92,247 95,719 
Short-term investments2,082 43 0 2,125 2,125 
    Total available-for-sale securities43,676 50,538 158 94,372 97,844 
Equity securities:
Nonredeemable preferred stocks0 140 53 193 212 
Common equities:
Common stocks4,585 0 8 4,593 870 
Other risk investments0 0 39 39 39 
Subtotal common equities4,585 0 47 4,632 909 
    Total equity securities4,585 140 100 4,825 1,121 
Total portfolio$48,261 $50,678 $258 $99,197 $98,965 
Debt$0 $7,345 $0 $7,345 $8,389 
Fair Value
(millions)Level 1Level 2Level 3TotalCost
September 30, 2025
Fixed maturities:
U.S. government$51,339 $0 $0 $51,339 $51,021 
State and local government0 3,275 0 3,275 3,320 
Foreign government0 16 0 16 16 
Corporate and other debt0 18,812 5 18,817 18,621 
Residential mortgage-backed0 3,000 0 3,000 2,979 
Commercial mortgage-backed0 5,686 0 5,686 5,916 
Other asset-backed0 6,376 0 6,376 6,374 
Total fixed maturities51,339 37,165 5 88,509 88,247 
Short-term investments1,414 101 0 1,515 1,515 
    Total available-for-sale securities52,753 37,266 5 90,024 89,762 
Equity securities:
Nonredeemable preferred stocks0 378 60 438 454 
Common equities:
Common stocks4,004 0 9 4,013 774 
Other risk investments0 0 34 34 34 
Subtotal common equities4,004 0 43 4,047 808 
    Total equity securities4,004 378 103 4,485 1,262 
Total portfolio$56,757 $37,644 $108 $94,509 $91,024 
Debt$0 $6,398 $0 $6,398 $6,896 
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 nine months ended September 30, 2026 and 2025:
(millions)Fair Value at June 30, 2026Calls/
Maturities/
Paydowns/
Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at September 30, 2026
Fixed maturities:
Corporate and other debt$4 $5 $0 $0 $0 $0 $0 $9 
Other asset-backed150 (1)0 0 0 0 0 149 
Equity securities:
Nonredeemable preferred stocks49 4 0 0 0 0 0 53 
Common equities:
 Common stocks8 0 0 0 0 0 0 8 
Other risk investments39 0 0 0 0 0 0 39 
Total Level 3 securities
$250 $8 $0 $0 $0 $0 $0 $258 
(millions)Fair Value at June 30, 2025Calls/
Maturities/
Paydowns/
Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at September 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 investments32 2 0 0 0 0 0 34 
Total Level 3 securities$106 $2 $0 $0 $0 $0 $0 $108 
(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 September 30, 2026
Fixed maturities:
Corporate and other debt$4 $5 $0 $0 $0 $0 $0 $9 
Other asset-backed0 (1)150 0 0 0 0 149 
Equity securities:
Nonredeemable preferred stocks60 4 0 (5)(7)1 0 53 
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 $11 $150 $(5)$(7)$4 $0 $258 
(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 September 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 9 0 0 0 0 0 34 
Total Level 3 securities
$105 $9 $8 $0 $0 $(14)$0 $108 
1For fixed maturities, amounts included are unrealized gains (losses) reflected in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, amounts included are net holding period gains (losses) on securities on our consolidated statements of comprehensive income.
Fair Value Measurement Inputs and Valuation Techniques
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at September 30, 2026 and 2025, and December 31, 2025:
($ in millions)Fair Value at September 30, 2026Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$9 Market comparablesWeighted average market capitalization price change %
(9.8)% to 0.3%
(2.6)%
Equity securities:
Nonredeemable preferred stocks49 Market comparablesWeighted average market capitalization price change %
(21.2)% to 2.4%
(8.3)%
Common stocks8 Market comparablesWeighted average market capitalization price change %
(48.5)% to 42.6%
(21.2)%
Subtotal Level 3 securities66 
External price securities149 
Pricing exemption securities43 
Total Level 3 securities$258 


($ in millions)Fair Value at September 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 %
(1.0)% to (0.9)%
(1.0)%
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(6.6)% to 11.3%
3.8 %
Common stocks9 Market comparablesWeighted average market capitalization price change %
(21.5)% to 74.6%
11.3 %
Subtotal Level 3 securities74 
Pricing exemption securities34 
Total Level 3 securities$108 


($ 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