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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$214 $— $— $214 
States, municipalities and political subdivisions— 1,257 1 1,258 
Foreign government— 223 — 223 
Residential MBS— 1,596 8 1,604 
Commercial MBS— 85 — 85 
Collateralized loan obligations— 1,804 2 1,806 
Other asset-backed securities— 1,970 301 2,271 
Corporate and other10 2,268 295 2,573 
Total AFS fixed maturities224 9,203 607 10,034 
Trading fixed maturities— 30 — 30 
Equity securities570 42 384 996 
Assets of managed investment entities (“MIE”)296 4,792 11 5,099 
Total assets accounted for at fair value$1,090 $14,067 $1,002 $16,159 
Liabilities:
Contingent consideration — acquisitions$— $— $25 $25 
Liabilities of managed investment entities291 4,701 10 5,002 
Other liabilities — derivatives— 46 — 46 
Total liabilities accounted for at fair value$291 $4,747 $35 $5,073 
December 31, 2021
Assets:
Available for sale fixed maturities:
U.S. government and government agencies$215 $1 $— $216 
States, municipalities and political subdivisions— 1,791 41 1,832 
Foreign government— 246 — 246 
Residential MBS— 946 14 960 
Commercial MBS— 104 — 104 
Collateralized loan obligations— 1,643 — 1,643 
Other asset-backed securities— 2,398 278 2,676 
Corporate and other11 2,402 267 2,680 
Total AFS fixed maturities226 9,531 600 10,357 
Trading fixed maturities— 28 — 28 
Equity securities679 50 313 1,042 
Assets of managed investment entities390 4,893 13 5,296 
Total assets accounted for at fair value$1,295 $14,502 $926 $16,723 
Liabilities:
Contingent consideration — acquisitions$— $— $23 $23 
Liabilities of managed investment entities384 4,823 13 5,220 
Total liabilities accounted for at fair value$384 $4,823 $36 $5,243 
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 2022 and 2021 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, 2022Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal1 — — — — — — 1 
Residential MBS8 — — — — 4 (4)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations2 — — — — — — 2 
Other asset-backed securities
313 — (8)5 (9)— — 301 
Corporate and other269 (1)(12)45 (5)— (1)295 
Total AFS fixed maturities593 (1)(20)50 (14)4 (5)607 
Equity securities378 (2)— 24 (15)— (1)384 
Assets of MIE12 (1)— — — — — 11 
Total Level 3 assets$983 $(4)$(20)$74 $(29)$4 $(6)$1,002 
Contingent consideration — acquisitions$(23)$— $— $(2)$— $— $— $(25)
Total Level 3 liabilities$(23)$— $— $(2)$— $— $— $(25)
Total realized/unrealized
gains (losses) included in
Balance at June 30, 2021Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal36 — — — — 8 (2)42 
Residential MBS28 (1)— — (1)— (8)18 
Commercial MBS— — — — — — — — 
Collateralized loan obligations6 — 1 — — — (6)1 
Other asset-backed securities
315 1 (1)41 (38)— (9)309 
Corporate and other220 — (1)36 (9)2 — 248 
Total AFS fixed maturities
605 — (1)77 (48)10 (25)618 
Equity securities245 7 — 20 (4)— — 268 
Assets of MIE15 (2)— 1 — — (2)12 
Total Level 3 assets$865 $5 $(1)$98 $(52)$10 $(27)$898 
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2021Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal41 — (3)— (1)— (36)1 
Residential MBS14 — — — (1)4 (9)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations— — — — — 2 — 2 
Other asset-backed securities
278 2 (24)62 (51)34 — 301 
Corporate and other267 (1)(26)105 (15)— (35)295 
Total AFS fixed maturities600 1 (53)167 (68)40 (80)607 
Equity securities313 20 — 75 (20)3 (7)384 
Assets of MIE13 (3)— 1 — — — 11 
Total Level 3 assets$926 $18 $(53)$243 $(88)$43 $(87)$1,002 
Contingent consideration — acquisitions$(23)$— $— $(2)$— $— $— $(25)
Total Level 3 liabilities$(23)$— $— $(2)$— $— $— $(25)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2020Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Sale of Annuity BusinessBalance at September 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— $— 
State and municipal39 — — — (3)8 (2)— 42 
Residential MBS38 (4)— 6 (2)6 (26)— 18 
Commercial MBS2 — — — — — (2)— — 
Collateralized loan obligations16 1 — — (1)— (15)— 1 
Other asset-backed securities
305 1 — 131 (110)14 (32)— 309 
Corporate and other138 (1)(2)142 (29)5 (5)— 248 
Total AFS fixed maturities
538 (3)(2)279 (145)33 (82)— 618 
Equity securities176 78 — 44 (23)— (7)— 268 
Assets of MIE21 1 — 3 — 1 (14)— 12 
Assets of discontinued annuity operations2,971 85 (21)209 (328)32 (229)(2,719)— 
Total Level 3 assets$3,706 $161 $(23)$535 $(496)$66 $(332)$(2,719)$898 
Liabilities of discontinued annuity operations$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 
Total Level 3 liabilities$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 
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 2022 and 2021 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, 2022Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal1 — — — — — — 1 
Residential MBS8 — — — — 4 (4)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations2 — — — — — — 2 
Other asset-backed securities
313 — (8)5 (9)— — 301 
Corporate and other269 (1)(12)45 (5)— (1)295 
Total AFS fixed maturities593 (1)(20)50 (14)4 (5)607 
Equity securities378 (2)— 24 (15)— (1)384 
Assets of MIE12 (1)— — — — — 11 
Total Level 3 assets$983 $(4)$(20)$74 $(29)$4 $(6)$1,002 
Contingent consideration — acquisitions$(23)$— $— $(2)$— $— $— $(25)
Total Level 3 liabilities$(23)$— $— $(2)$— $— $— $(25)
Total realized/unrealized
gains (losses) included in
Balance at June 30, 2021Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal36 — — — — 8 (2)42 
Residential MBS28 (1)— — (1)— (8)18 
Commercial MBS— — — — — — — — 
Collateralized loan obligations6 — 1 — — — (6)1 
Other asset-backed securities
315 1 (1)41 (38)— (9)309 
Corporate and other220 — (1)36 (9)2 — 248 
Total AFS fixed maturities
605 — (1)77 (48)10 (25)618 
Equity securities245 7 — 20 (4)— — 268 
Assets of MIE15 (2)— 1 — — (2)12 
Total Level 3 assets$865 $5 $(1)$98 $(52)$10 $(27)$898 
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2021Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at September 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal41 — (3)— (1)— (36)1 
Residential MBS14 — — — (1)4 (9)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations— — — — — 2 — 2 
Other asset-backed securities
278 2 (24)62 (51)34 — 301 
Corporate and other267 (1)(26)105 (15)— (35)295 
Total AFS fixed maturities600 1 (53)167 (68)40 (80)607 
Equity securities313 20 — 75 (20)3 (7)384 
Assets of MIE13 (3)— 1 — — — 11 
Total Level 3 assets$926 $18 $(53)$243 $(88)$43 $(87)$1,002 
Contingent consideration — acquisitions$(23)$— $— $(2)$— $— $— $(25)
Total Level 3 liabilities$(23)$— $— $(2)$— $— $— $(25)
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2020Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Sale of Annuity BusinessBalance at September 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— $— 
State and municipal39 — — — (3)8 (2)— 42 
Residential MBS38 (4)— 6 (2)6 (26)— 18 
Commercial MBS2 — — — — — (2)— — 
Collateralized loan obligations16 1 — — (1)— (15)— 1 
Other asset-backed securities
305 1 — 131 (110)14 (32)— 309 
Corporate and other138 (1)(2)142 (29)5 (5)— 248 
Total AFS fixed maturities
538 (3)(2)279 (145)33 (82)— 618 
Equity securities176 78 — 44 (23)— (7)— 268 
Assets of MIE21 1 — 3 — 1 (14)— 12 
Assets of discontinued annuity operations2,971 85 (21)209 (328)32 (229)(2,719)— 
Total Level 3 assets$3,706 $161 $(23)$535 $(496)$66 $(332)$(2,719)$898 
Liabilities of discontinued annuity operations$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 
Total Level 3 liabilities$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 
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):
CarryingFair Value
ValueTotalLevel 1Level 2Level 3
September 30, 2022
Financial assets:
Cash and cash equivalents$794 $794 $794 $— $— 
Mortgage loans676 623 — — 623 
Total financial assets not accounted for at fair value
$1,470 $1,417 $794 $— $623 
Long-term debt$1,533 $1,344 $— $1,341 $3 
Total financial liabilities not accounted for at fair value
$1,533 $1,344 $— $1,341 $3 
December 31, 2021
Financial assets:
Cash and cash equivalents$2,131 $2,131 $2,131 $— $— 
Mortgage loans520 533 — — 533 
Total financial assets not accounted for at fair value
$2,651 $2,664 $2,131 $— $533 
Long-term debt$1,964 $2,261 $— $2,258 $3 
Total financial liabilities not accounted for at fair value
$1,964 $2,261 $— $2,258 $3