v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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
September 30, 2026
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$129 $3 $— $132 
States, municipalities and political subdivisions— 693 5 698 
Foreign government— 228 — 228 
Residential mortgage-backed securities (“MBS”)— 3,455 2 3,457 
Collateralized loan obligations— 1,237 — 1,237 
Other asset-backed securities— 2,317 355 2,672 
Corporate and other1 2,985 361 3,347 
Total AFS fixed maturities130 10,918 723 11,771 
Trading fixed maturities— 66 9 75 
Equity securities456 60 249 765 
Assets of managed investment entities (“MIE”)343 4,197 16 4,556 
Total assets accounted for at fair value$929 $15,241 $997 $17,167 
Liabilities:
Contingent consideration — acquisitions$— $— $3 $3 
Liabilities of managed investment entities332 4,054 15 4,401 
Other liabilities — derivatives— 30 — 30 
Total liabilities accounted for at fair value$332 $4,084 $18 $4,434 
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 third quarter and first nine 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 June 30, 2026Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2026
AFS fixed maturities:
State and municipal$2 $— $— $— $— $3 $— $5 
Residential MBS3 — — — (1)— — 2 
Other asset-backed securities
317 (3)(4)53 (5)— (3)355 
Corporate and other380 — (4)6 (21)— — 361 
Total AFS fixed maturities702 (3)(8)59 (27)3 (3)723 
Trading fixed maturities
11 — — — (2)— — 9 
Equity securities247 (1)— 3 — — — 249 
Assets of MIE14 (1)— 3 — — — 16 
Total Level 3 assets$974 $(5)$(8)$65 $(29)$3 $(3)$997 
Contingent consideration — acquisitions$(3)$— $— $— $— $— $— $(3)
Total Level 3 liabilities$(3)$— $— $— $— $— $— $(3)
Total realized/unrealized
gains (losses) included in
Balance at June 30, 2025Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2025
AFS fixed maturities:
State and municipal$6 $— $— $— $(1)$— $— $5 
Residential MBS1 — — — — 2 — 3 
Other asset-backed securities
284 1 (1)8 (15)— — 277 
Corporate and other461 13 3 17 (82)— (12)400 
Total AFS fixed maturities
752 14 2 25 (98)2 (12)685 
Trading fixed maturities13 1 — — — — — 14 
Equity securities286 1 — 4 — — — 291 
Assets of MIE11 (2)— 5 — — — 14 
Total Level 3 assets$1,062 $14 $2 $34 $(98)$2 $(12)$1,004 
Contingent consideration — acquisitions$(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 September 30, 2026
AFS fixed maturities:
State and municipal$4 $— $— $— $(1)$5 $(3)$5 
Residential MBS3 — — — (1)— — 2 
Other asset-backed securities
310 (10)(12)97 (54)27 (3)355 
Corporate and other395 (8)(4)48 (82)12 — 361 
Total AFS fixed maturities712 (18)(16)145 (138)44 (6)723 
Trading fixed maturities
25 1 — — (15)— (2)9 
Equity securities256 (13)— 9 — — (3)249 
Assets of MIE15 (3)— 4 — — — 16 
Total Level 3 assets$1,008 $(33)$(16)$158 $(153)$44 $(11)$997 
Contingent consideration — acquisitions$(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 September 30, 2025
AFS fixed maturities:
State and municipal$1 $— $— $— $(1)$5 $— $5 
Residential MBS1 — — — — 2 — 3 
Other asset-backed securities
296 1 4 24 (48)— — 277 
Corporate and other470 14 8 56 (130)1 (19)400 
Total AFS fixed maturities
768 15 12 80 (179)8 (19)685 
Trading fixed maturities26 2 — — (14)— — 14 
Equity securities292 19 — 20 — 7 (47)291 
Assets of MIE10 (5)— 9 — — — 14 
Total Level 3 assets$1,096 $31 $12 $109 $(193)$15 $(66)$1,004 
Contingent consideration — acquisitions$(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 third quarter and first nine 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 June 30, 2026Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2026
AFS fixed maturities:
State and municipal$2 $— $— $— $— $3 $— $5 
Residential MBS3 — — — (1)— — 2 
Other asset-backed securities
317 (3)(4)53 (5)— (3)355 
Corporate and other380 — (4)6 (21)— — 361 
Total AFS fixed maturities702 (3)(8)59 (27)3 (3)723 
Trading fixed maturities
11 — — — (2)— — 9 
Equity securities247 (1)— 3 — — — 249 
Assets of MIE14 (1)— 3 — — — 16 
Total Level 3 assets$974 $(5)$(8)$65 $(29)$3 $(3)$997 
Contingent consideration — acquisitions$(3)$— $— $— $— $— $— $(3)
Total Level 3 liabilities$(3)$— $— $— $— $— $— $(3)
Total realized/unrealized
gains (losses) included in
Balance at June 30, 2025Net
earnings		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2025
AFS fixed maturities:
State and municipal$6 $— $— $— $(1)$— $— $5 
Residential MBS1 — — — — 2 — 3 
Other asset-backed securities
284 1 (1)8 (15)— — 277 
Corporate and other461 13 3 17 (82)— (12)400 
Total AFS fixed maturities
752 14 2 25 (98)2 (12)685 
Trading fixed maturities13 1 — — — — — 14 
Equity securities286 1 — 4 — — — 291 
Assets of MIE11 (2)— 5 — — — 14 
Total Level 3 assets$1,062 $14 $2 $34 $(98)$2 $(12)$1,004 
Contingent consideration — acquisitions$(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 September 30, 2026
AFS fixed maturities:
State and municipal$4 $— $— $— $(1)$5 $(3)$5 
Residential MBS3 — — — (1)— — 2 
Other asset-backed securities
310 (10)(12)97 (54)27 (3)355 
Corporate and other395 (8)(4)48 (82)12 — 361 
Total AFS fixed maturities712 (18)(16)145 (138)44 (6)723 
Trading fixed maturities
25 1 — — (15)— (2)9 
Equity securities256 (13)— 9 — — (3)249 
Assets of MIE15 (3)— 4 — — — 16 
Total Level 3 assets$1,008 $(33)$(16)$158 $(153)$44 $(11)$997 
Contingent consideration — acquisitions$(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 September 30, 2025
AFS fixed maturities:
State and municipal$1 $— $— $— $(1)$5 $— $5 
Residential MBS1 — — — — 2 — 3 
Other asset-backed securities
296 1 4 24 (48)— — 277 
Corporate and other470 14 8 56 (130)1 (19)400 
Total AFS fixed maturities
768 15 12 80 (179)8 (19)685 
Trading fixed maturities26 2 — — (14)— — 14 
Equity securities292 19 — 20 — 7 (47)291 
Assets of MIE10 (5)— 9 — — — 14 
Total Level 3 assets$1,096 $31 $12 $109 $(193)$15 $(66)$1,004 
Contingent consideration — acquisitions$(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
September 30, 2026
Financial assets:
Cash and cash equivalents$1,348 $1,348 $1,348 $— $— 
Mortgage loans829 829 — — 829 
Total financial assets not accounted for at fair value
$2,177 $2,177 $1,348 $— $829 
Long-term debt$1,821 $1,518 $— $1,515 $3 
Total financial liabilities not accounted for at fair value
$1,821 $1,518 $— $1,515 $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