Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

The following table presents the Company’s financial assets and liabilities measured at fair value by level at September 30, 2025:


			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	$	15,005	$	—	$	14,894	$	111
U.S. government and government agencies	6,324		6,324		—		—
Asset backed securities	3,149		—		3,132		17
Non-U.S. government securities	3,241		—		3,241		—
Commercial mortgage backed securities	1,249		—		1,249		—
Residential mortgage backed securities	2,766		—		2,766		—
Municipal bonds	174		—		174		—
Total	31,908		6,324		25,456		128

Short-term investments	2,351		2,269		82		—

Equity securities, at fair value	1,805		1,769		27		9





Derivative instruments (2)	179		—		179		—

Residential mortgage loans	21		—		21		—

Fair value option:
Corporate bonds	1,039		—		1,039		—
Non-U.S. government securities	4		—		4		—




U.S. government and government agencies	7		7		—		—
Short-term investments	61		6		17		38
Equity securities	5		—		—		5
Other investments	418		—		200		218
Other investments measured at net asset value (1)	1,493
Total	3,027		13		1,260		261

Total assets measured at fair value	$	39,291	$	10,375	$	27,025	$	398

Liabilities measured at fair value:
Other liabilities	$	(18)	$	—	$	—	$	(18)

Derivative instruments (2)	(71)		—		(71)		—
Total liabilities measured at fair value	$	(89)	$	—	$	(71)	$	(18)

(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 10.

The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 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	$	12,487	$	—	$	12,390	$	97
U.S. government and government agencies	6,710		6,709		1		—
Asset backed securities	2,900		—		2,900		—
Non-U.S. government securities	2,538		—		2,538		—
Commercial mortgage backed securities	1,058		—		1,058		—
Residential mortgage backed securities	1,079		—		1,079		—
Municipal bonds	263		—		263		—
Total	27,035		6,709		20,229		97

Short-term investments	2,784		2,704		80		—

Equity securities, at fair value	1,675		1,640		28		7





Derivative instruments (2)	206		—		206		—

Residential mortgage loans	15		—		15		—


Fair value option:
Corporate bonds	832		—		832		—
Non-U.S. government securities	8		—		8		—



Asset backed securities	—		—		—		—
U.S. government and government agencies	14		14		—		—
Short-term investments	70		—		37		33
Equity securities	6		2		—		4
Other investments	752		—		563		189
Other investments measured at net asset value (1)	1,383
Total	3,065		16		1,440		226

Total assets measured at fair value	$	34,780	$	11,069	$	21,998	$	330

Liabilities measured at fair value:
Other liabilities	$	(73)	$	—	$	—	$	(73)

Derivative instruments (2)	(115)		—		(115)		—
Total liabilities measured at fair value	$	(188)	$	—	$	(115)	$	(73)

(2) See note 10.

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
	Structured Securities (1)		Corporate Bonds		Short-term Investments		Other Investments		Short-term Investments		Equity Securities		Equity Securities		Other Liabilities
Three Months Ended September 30, 2025
Balance at beginning of period	$	17	$	145	$	—	$	208	$	45	$	5	$	8	$	(20)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)	—		1		—		—		—		—		—		—
Included in other comprehensive income	—		1		—		—		—		—		—		—
Purchases, issuances, sales and settlements
Purchases	—		—		—		45		14		—		1		—
Issuances	—		—		—		—		—		—		—		—
Sales	—		—		—		(2)		—		—		—		—
Settlements	—		(36)		—		(33)		(21)		—		—		2
Transfers in and/or out of Level 3	—		—		—		—		—		—		—		—
Balance at end of period	$	17	$	111	$	—	$	218	$	38	$	5	$	9	$	(18)

Three Months Ended September 30, 2024
Balance at beginning of period	$	—	$	160	$	97	$	144	$	14	$	4	$	6	$	(35)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)	—		—		—		—		—		—		—		(1)
Included in other comprehensive income	—		—		—		—		—		—		—		—
Purchases, issuances, sales and settlements
Purchases	—		—		—		39		5		—		—		—
Issuances	—		—		—		—		—		—		—		(9)
Sales	—		—		—		(2)		—		—		—		—
Settlements	—		(19)		—		(14)		(4)		—		—		2
Transfers in and/or out of Level 3	—		—		—		123		—		—		—		—
Balance at end of period	$	—	$	141	$	97	$	290	$	15	$	4	$	6	$	(43)

Nine Months Ended September 30, 2025
Balance at beginning of year	$	—	$	97	$	—	$	189	$	33	$	4	$	7	$	(73)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)	—		1		—		—		—		1		—		2
Included in other comprehensive income	—		1		—		—		—		—		—		(2)
Purchases, issuances, sales and settlements
Purchases	14		—		—		141		38		—		2		—
Issuances	—		—		—		—		—		—		—		—
Sales	—		—		—		(5)		—		—		—		—
Settlements	(2)		(58)		—		(107)		(33)		—		—		55
Transfers in and/or out of Level 3	5		70		—		—		—		—		—		—
Balance at end of period	$	17	$	111	$	—	$	218	$	38	$	5	$	9	$	(18)

Nine Months Ended September 30, 2024
Balance at beginning of year	$	—	$	147	$	84	$	106	$	10	$	4	$	5	$	(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)	—		—		—		(4)		—		—		—		(1)
Included in other comprehensive income	—		2		1		—		—		—		—		—
Purchases, issuances, sales and settlements
Purchases	—		98		12		99		15		—		1		—
Issuances	—		—		—		—		—		—		—		(22)
Sales	—		—		—		(4)		—		—		—		—
Settlements	—		(106)		—		(30)		(10)		—		—		2
Transfers in and/or out of Level 3	—		—		—		123		—		—		—		—
Balance at end of period	$	—	$	141	$	97	$	290	$	15	$	4	$	6	$	(43)

(1) Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.

(2) 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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