Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Fair Value Measurements by Level

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024 is as follows:


	Level I		Level II		Level III		Total
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
Liabilities:
Derivatives - other liabilities	$	—	$	(28)	$	—	$	(28)
Total liabilities	$	—	$	(28)	$	—	$	(28)

December 31, 2024
Assets:
Cash equivalents	$	3,199	$	—	$	—	$	3,199
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,824		—		1,824
Government sponsored securities	—		151		—		151
Foreign government securities	—		17		—		17
States, municipalities and political subdivisions, tax-exempt	—		3,052		—		3,052
Corporate securities	—		13,873		43		13,916
Residential mortgage-backed securities	—		3,041		10		3,051
Commercial mortgage-backed securities	—		1,748		—		1,748
Other asset-backed securities	—		1,730		747		2,477
Total fixed maturity securities, available-for-sale	—		25,436		800		26,236
Equity securities:
Exchange traded funds	1,002		—		—		1,002
Common equity securities	87		31		—		118
Private equity securities	—		—		72		72
Total equity securities	1,089		31		72		1,192
Other invested assets - common equity securities	18		—		—		18
Securities lending collateral	—		2,306		—		2,306
Derivatives - other assets	—		5		—		5
Total assets	$	4,306	$	27,778	$	872	$	32,956
Liabilities:
Derivatives - other liabilities	$	—	$	(150)	$	—	$	(150)
Total liabilities	$	—	$	(150)	$	—	$	(150)

Reconciliation of Assets Measured at Fair Value on a Recurring Basis Using Level III Inputs

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Corporate Securities		Residential Mortgage- backed Securities		Other Asset-Backed Securities		Equity Securities		Total
Year ended December 31, 2025
Beginning balance at January 1, 2025	$	43	$	10	$	747	$	72	$	872
Total gains (losses):
Recognized in net income	3		—		—		(9)		(6)
Recognized in accumulated other comprehensive income	12		—		17		—		29
Purchases	384		13		162		54		613
Sales	—		—		(8)		(62)		(70)
Settlements	(7)		—		(53)		—		(60)
Transfers into Level III	1		4		1		—		6
Transfers out of Level III	(26)		(10)		—		—		(36)
Ending balance at December 31, 2025	$	410	$	17	$	866	$	55	$	1,348
Change in unrealized gains or losses included in net income related to assets still held at December 31, 2025	$	—	$	—	$	—	$	(10)	$	(10)

Year ended December 31, 2024
Beginning balance at January 1, 2024	$	46	$	2	$	539	$	78	$	665
Total gains (losses):
Recognized in net income	1		—		—		(6)		(5)
Recognized in accumulated other comprehensive income	—		—		12		—		12
Purchases	26		10		118		17		171
Sales	(5)		(2)		(10)		(17)		(34)
Settlements	(4)		—		(1)		—		(5)
Transfers into Level III	—		—		92		—		92
Transfers out of Level III	(21)		—		(3)		—		(24)
Ending balance at December 31, 2024	$	43	$	10	$	747	$	72	$	872
Change in unrealized gains or losses included in net income related to assets still held at December 31, 2024	$	—	$	—	$	—	$	(5)	$	(5)

Year ended December 31, 2023
Beginning balance at January 1, 2023	$	137	$	—	$	356	$	88	$	581
Total gains (losses):
Recognized in net income	(10)		—		—		(4)		(14)
Recognized in accumulated other comprehensive income	6		—		3		—		9
Purchases	38		—		191		15		244
Sales	(88)		—		(17)		(21)		(126)
Settlements	(21)		—		—		—		(21)
Transfers into Level III	6		2		6		—		14
Transfers out of Level III	(22)		—		—		—		(22)
Ending balance at December 31, 2023	$	46	$	2	$	539	$	78	$	665
Change in unrealized gains or losses included in net income related to assets still held at December 31, 2023	$	—	$	—	$	—	$	(6)	$	(6)

Summary of Estimated Fair Values of Financial Instruments Recoded at Carrying Value

A summary of the estimated fair values by level of each class of financial instrument that is recorded at its carrying value on our consolidated balance sheets at December 31, 2025 and 2024 is as follows:


	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
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

December 31, 2024
Assets:
Other invested assets	$	642	$	—	$	—	$	610	$	610
Liabilities:
Debt:
Short-term borrowings	365		—		365		—		365

Notes	30,867		—		28,460		—		28,460
Options	1,415		—		—		1,873		1,873

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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