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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$228 $1 $— $229 
States, municipalities and political subdivisions— 909 2 911 
Foreign government— 218 — 218 
Residential MBS— 1,614 5 1,619 
Commercial MBS— 76 — 76 
Collateralized loan obligations— 1,722 1 1,723 
Other asset-backed securities— 1,947 330 2,277 
Corporate and other9 2,517 352 2,878 
Total AFS fixed maturities237 9,004 690 9,931 
Trading fixed maturities— 51 — 51 
Equity securities521 32 454 1,007 
Assets of managed investment entities (“MIE”)674 4,187 10 4,871 
Total assets accounted for at fair value$1,432 $13,274 $1,154 $15,860 
Liabilities:
Contingent consideration — acquisitions$— $— $2 $2 
Liabilities of managed investment entities654 4,064 10 4,728 
Other liabilities — derivatives— 48 — 48 
Total liabilities accounted for at fair value$654 $4,112 $12 $4,778 
December 31, 2022
Assets:
Available for sale fixed maturities:
U.S. government and government agencies$219 $— $— $219 
States, municipalities and political subdivisions— 1,181 5 1,186 
Foreign government— 226 — 226 
Residential MBS— 1,589 9 1,598 
Commercial MBS— 85 — 85 
Collateralized loan obligations— 1,919 2 1,921 
Other asset-backed securities— 1,916 329 2,245 
Corporate and other8 2,288 319 2,615 
Total AFS fixed maturities227 9,204 664 10,095 
Trading fixed maturities— 32 — 32 
Equity securities556 27 427 1,010 
Assets of managed investment entities659 4,777 11 5,447 
Total assets accounted for at fair value$1,442 $14,040 $1,102 $16,584 
Liabilities:
Contingent consideration — acquisitions$— $— $25 $25 
Liabilities of managed investment entities645 4,676 11 5,332 
Other liabilities — derivatives— 42 — 42 
Total liabilities accounted for at fair value$645 $4,718 $36 $5,399 
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 2023 and 2022 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, 2023Net
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, 2023
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal5 — — — (1)— (2)2 
Residential MBS5 — — — — — — 5 
Commercial MBS— — — — — — — — 
Collateralized loan obligations1 (1)1 — — — — 1 
Other asset-backed securities
321 — (4)28 (3)— (12)330 
Corporate and other369 (14)— 11 (12)5 (7)352 
Total AFS fixed maturities701 (15)(3)39 (16)5 (21)690 
Equity securities448 4 — 23 (4)— (17)454 
Assets of MIE11 (1)— — — — — 10 
Total Level 3 assets$1,160 $(12)$(3)$62 $(20)$5 $(38)$1,154 
Contingent consideration — acquisitions$(25)$23 $— $— $— $— $— $(2)
Total Level 3 liabilities$(25)$23 $— $— $— $— $— $(2)
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 December 31, 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, 2023
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal5 — — — (1)— (2)2 
Residential MBS9 — — — (3)4 (5)5 
Commercial MBS— — — — — — — — 
Collateralized loan obligations2 (1)1 — — — (1)1 
Other asset-backed securities
329 (2)— 38 (34)31 (32)330 
Corporate and other319 (13)10 67 (25)7 (13)352 
Total AFS fixed maturities664 (16)11 105 (63)42 (53)690 
Equity securities427 11 — 84 (29)— (39)454 
Assets of MIE11 (3)— 2 — — — 10 
Total Level 3 assets$1,102 $(8)$11 $191 $(92)$42 $(92)$1,154 
Contingent consideration — acquisitions$(25)$23 $— $— $— $— $— $(2)
Total Level 3 liabilities$(25)$23 $— $— $— $— $— $(2)
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 maturities
600 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)
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 2023 and 2022 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, 2023Net
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, 2023
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal5 — — — (1)— (2)2 
Residential MBS5 — — — — — — 5 
Commercial MBS— — — — — — — — 
Collateralized loan obligations1 (1)1 — — — — 1 
Other asset-backed securities
321 — (4)28 (3)— (12)330 
Corporate and other369 (14)— 11 (12)5 (7)352 
Total AFS fixed maturities701 (15)(3)39 (16)5 (21)690 
Equity securities448 4 — 23 (4)— (17)454 
Assets of MIE11 (1)— — — — — 10 
Total Level 3 assets$1,160 $(12)$(3)$62 $(20)$5 $(38)$1,154 
Contingent consideration — acquisitions$(25)$23 $— $— $— $— $— $(2)
Total Level 3 liabilities$(25)$23 $— $— $— $— $— $(2)
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 December 31, 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, 2023
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal5 — — — (1)— (2)2 
Residential MBS9 — — — (3)4 (5)5 
Commercial MBS— — — — — — — — 
Collateralized loan obligations2 (1)1 — — — (1)1 
Other asset-backed securities
329 (2)— 38 (34)31 (32)330 
Corporate and other319 (13)10 67 (25)7 (13)352 
Total AFS fixed maturities664 (16)11 105 (63)42 (53)690 
Equity securities427 11 — 84 (29)— (39)454 
Assets of MIE11 (3)— 2 — — — 10 
Total Level 3 assets$1,102 $(8)$11 $191 $(92)$42 $(92)$1,154 
Contingent consideration — acquisitions$(25)$23 $— $— $— $— $— $(2)
Total Level 3 liabilities$(25)$23 $— $— $— $— $— $(2)
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 maturities
600 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)
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):
Carrying Value
Fair Value
TotalLevel 1Level 2Level 3
September 30, 2023
Financial assets:
Cash and cash equivalents$1,221 $1,221 $1,221 $— $— 
Mortgage loans644 590 — — 590 
Total financial assets not accounted for at fair value
$1,865 $1,811 $1,221 $— $590 
Long-term debt$1,474 $1,213 $— $1,210 $3 
Total financial liabilities not accounted for at fair value
$1,474 $1,213 $— $1,210 $3 
December 31, 2022
Financial assets:
Cash and cash equivalents$872 $872 $872 $— $— 
Mortgage loans676 626 — — 626 
Total financial assets not accounted for at fair value
$1,548 $1,498 $872 $— $626 
Long-term debt$1,496 $1,302 $— $1,299 $3 
Total financial liabilities not accounted for at fair value
$1,496 $1,302 $— $1,299 $3