Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

The following table presents the Company’s financial assets and liabilities measured at fair value by level at June 30, 2024:


			Estimated Fair Value Measurements Using:
	Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds	$	12,043	$	—	$	11,883	$	160
U.S. government and government agencies	5,287		5,274		13		—
Asset backed securities	2,800		—		2,800		—
Non-U.S. government securities	2,487		—		2,487		—
Commercial mortgage backed securities	1,160		—		1,160		—
Residential mortgage backed securities	1,186		—		1,186		—
Municipal bonds	239		—		239		—
Total	25,202		5,274		19,768		160

Short-term investments	2,297		2,095		105		97

Equity securities, at fair value	1,397		1,363		28		6





Derivative instruments (2)	116		—		116		—

Residential mortgage loans	2		—		2		—

Fair value option:
Corporate bonds	952		—		952		—
Non-U.S. government bonds	10		—		10		—



Asset backed securities	—		—		—		—
U.S. government and government agencies	11		11		—		—
Short-term investments	37		2		21		14
Equity securities	7		3		—		4
Other investments	679		—		535		144
Other investments measured at net asset value (1)	1,510
Total	3,206		16		1,518		162

Total assets measured at fair value	$	32,220	$	8,748	$	21,537	$	425

Liabilities measured at fair value:
Other liabilities	$	(35)	$	—	$	—	$	(35)

Derivative instruments (2)	(60)		—		(60)		—
Total liabilities measured at fair value	$	(95)	$	—	$	(60)	$	(35)

(1) In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

(2) See note 9.

The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2023:


			Estimated Fair Value Measurements Using:
	Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds	$	10,855	$	—	$	10,708	$	147
U.S. government and government agencies	5,814		5,792		22		—
Asset backed securities	2,250		—		2,250		—
Non-U.S. government securities	2,062		—		2,062		—
Commercial mortgage backed securities	1,213		—		1,213		—
Residential mortgage backed securities	1,103		—		1,103		—
Municipal bonds	256		—		256		—
Total	23,553		5,792		17,614		147

Short-term investments	2,063		1,786		193		84

Equity securities, at fair value	1,186		1,151		30		5





Derivative instruments (2)	197		—		197		—

Residential mortgage loans	2		—		2		—


Fair value option:
Corporate bonds	662		—		662		—
Non-U.S. government bonds	6		—		6		—



Asset backed securities	2		—		2		—
U.S. government and government agencies	13		13		—		—
Short-term investments	21		—		11		10
Equity securities	7		3		—		4
Other investments	316		—		210		106
Other investments measured at net asset value (1)	1,461
Total	2,488		16		891		120

Total assets measured at fair value	$	29,489	$	8,745	$	18,927	$	356

Liabilities measured at fair value:
Other liabilities	$	(22)	$	—	$	—	$	(22)

Derivative instruments (2)	(119)		—		(119)		—
Total liabilities measured at fair value	$	(141)	$	—	$	(119)	$	(22)

(2) See note 9.

Rollforward of Level 3 investments

The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:


	Assets										Liabilities
s	Available For Sale				Fair Value Option						Fair Value
	Corporate Bonds		Short-term Investments		Other Investments		Short-term Investments		Equity Securities		Equity Securities		Other Liabilities
Three Months Ended June 30, 2024
Balance at beginning of period	$	160	$	97	$	126	$	17	$	4	$	5	$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)	—		—		—		—		—		—		—
Included in other comprehensive income	—		—		—		—		—		—		—
Purchases, issuances, sales and settlements
Purchases	—		—		30		3		—		1		—
Issuances	—		—		—		—		—		—		(13)
Sales	—		—		(2)		—		—		—		—
Settlements	—		—		(10)		(6)		—		—		—
Transfers in and/or out of Level 3	—		—		—		—		—		—		—
Balance at end of period	$	160	$	97	$	144	$	14	$	4	$	6	$	(35)

Three Months Ended June 30, 2023
Balance at beginning of period	$	69	$	—	$	46	$	—	$	4	$	5	$	(14)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)	—		—		—		—		—		—		—
Included in other comprehensive income	—		—		—		—		—		—		—
Purchases, issuances, sales and settlements
Purchases	43		—		40		—		—		—		—
Issuances	—		—		—		—		—		—		(5)
Sales	—		—		—		—		—		—		—
Settlements	(12)		—		—		—		—		—		—
Transfers in and/or out of Level 3	—		—		—		—		—		—		—
Balance at end of period	$	100	$	—	$	86	$	—	$	4	$	5	$	(19)

Six Months Ended June 30, 2024
Balance at beginning of year	$	147	$	84	$	106	$	10	$	4	$	5	$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)	—		—		(4)		—		—		—		(1)
Included in other comprehensive income	2		1		—		—		—		—		1
Purchases, issuances, sales and settlements
Purchases	98		12		60		10		—		1		—
Issuances	—		—		—		—		—		—		(13)
Sales	—		—		(2)		—		—		—		—
Settlements	(87)		—		(16)		(6)		—		—		—
Transfers in and/or out of Level 3	—		—		—		—		—		—		—
Balance at end of period	$	160	$	97	$	144	$	14	$	4	$	6	$	(35)

Six Months Ended June 30, 2023
Balance at beginning of year	$	121	$	—	$	33	$	—	$	4	$	4	$	(14)
Total gains or (losses) (realized/unrealized)
Included in earnings (1)	1		—		(1)		—		—		—		—
Included in other comprehensive income	—		—		—		—		—		—		—
Purchases, issuances, sales and settlements
Purchases	43		—		58		—		—		1		—
Issuances	—		—		—		—		—		—		(5)
Sales	—		—		(4)		—		—		—		—
Settlements	(65)		—		—		—		—		—		—
Transfers in and/or out of Level 3	—		—		—		—		—		—		—
Balance at end of period	$	100	$	—	$	86	$	—	$	4	$	5	$	(19)

(1) Gains or losses were included in net realized gains (losses).

- 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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