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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
December 31, 2024
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions6,762 42 6,804 
Asset-backed7,540 876 8,416 
Fixed maturities available-for-sale223 38,642 2,196 41,061 
Fixed maturities trading766 766 
Total fixed maturities$989 $38,642 $2,196 $41,827 
 
Equity securities$603 $441 $20 $1,064 
Short-term and other4,383 70 4,453 
Receivables5 5 
Payable to brokers(88)(88)
December 31, 2023
Fixed maturity securities:
Corporate bonds and other$161 $23,926 $1,045 $25,132 
States, municipalities and political subdivisions7,348 44 7,392 
Asset-backed7,000 901 7,901 
Fixed maturities available-for-sale161 38,274 1,990 40,425 
Fixed maturities trading201 201 
Total fixed maturities$362 $38,274 $1,990 $40,626 
Equity securities$586 $440 $24 $1,050 
Short-term and other4,215 32 4,247 
Receivables13 13 
Payable to brokers(62)(62)
Schedule of Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2024 and 2023:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at December 31
2024Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, December 31
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$1,045 $(1)$(15)$352 $(10)$(104)$11 $1,278 $(1)$(21)
States, municipalities and political subdivisions44 (2)42 (2)
Asset-backed901 9 (12)125 (14)(83)$(50)876 (12)
Fixed maturities available-for-sale$1,990 $8 $(29)$477 $(24)$(187)$11 $(50)$2,196 $(1)$(35)
 
Equity securities$24 $12 $3 $(19)$20 $8 
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at December 31
2023Balance, January 1Included in Net Income Included in OCIPurchasesSales Settlements Transfers into
 Level 3		Transfers out of Level 3 Balance, December 31
(In millions)          
          
Fixed maturity securities:          
Corporate bonds and other$810 $38 $219 $(33)$11 $1,045 $38 
States, municipalities and political subdivisions43 1 44 1 
Asset-backed788 $16 9 248 (64)23 $(119)901 9 
Fixed maturities available-for-sale$1,641 $16 $48 $467 $— $(97)$34 $(119)$1,990 $— $48 
 
Equity securities$35 $(7)$(4)$24 $(7)

Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and LiabilitiesConsolidated Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment gains (losses) and Operating revenues and other
Schedule of Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

December 31, 2024Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1%
—
6%
(2%)
   
December 31, 2023  
   
Fixed maturity securities$1,495 Discounted cash flowCredit spread
1%
—
7%
(2%)
Schedule of Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.

Carrying AmountEstimated Fair Value
December 31, 2024Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,019 $987 $987 
 
Liabilities:
Short-term debt4 5 5 
Long-term debt8,936 $7,702 966 8,668 
 
December 31, 2023
 
Assets:
Other invested assets, primarily mortgage loans$1,035 $997 $997 
 
Liabilities:
Short-term debt1,083 $546 520 1,066 
Long-term debt7,915 7,255 385 7,640