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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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
March 31, 2024
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$198 $1 $— $199 
States, municipalities and political subdivisions— 908 2 910 
Foreign government— 235 — 235 
Residential MBS— 1,672 2 1,674 
Commercial MBS— 72 — 72 
Collateralized loan obligations— 1,592 1 1,593 
Other asset-backed securities— 2,039 335 2,374 
Corporate and other11 2,901 402 3,314 
Total AFS fixed maturities209 9,420 742 10,371 
Trading fixed maturities— 57 — 57 
Equity securities461 34 545 1,040 
Assets of managed investment entities (“MIE”)430 4,229 10 4,669 
Other assets — derivatives— 3 — 3 
Total assets accounted for at fair value$1,100 $13,743 $1,297 $16,140 
Liabilities:
Contingent consideration — acquisitions$— $— $2 $2 
Liabilities of managed investment entities411 4,047 10 4,468 
Other liabilities — derivatives— 28 — 28 
Total liabilities accounted for at fair value$411 $4,075 $12 $4,498 
December 31, 2023
Assets:
Available for sale fixed maturities:
U.S. government and government agencies$235 $1 $— $236 
States, municipalities and political subdivisions— 982 2 984 
Foreign government— 230 — 230 
Residential MBS— 1,656 2 1,658 
Commercial MBS— 74 — 74 
Collateralized loan obligations— 1,686 1 1,687 
Other asset-backed securities— 2,011 351 2,362 
Corporate and other9 2,757 380 3,146 
Total AFS fixed maturities244 9,397 736 10,377 
Trading fixed maturities— 57 — 57 
Equity securities500 33 485 1,018 
Assets of managed investment entities335 4,140 9 4,484 
Other assets — derivatives— 6 — 6 
Total assets accounted for at fair value$1,079 $13,633 $1,230 $15,942 
Liabilities:
Contingent consideration — acquisitions$— $— $2 $2 
Liabilities of managed investment entities322 3,976 9 4,307 
Other liabilities — derivatives— 22 — 22 
Total liabilities accounted for at fair value$322 $3,998 $11 $4,331 
Changes in balances of Level 3 financial assets
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2024 and 2023 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 December 31, 2023Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at March 31, 2024
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal2 — — — — — — 2 
Residential MBS2 — — — — — — 2 
Commercial MBS— — — — — — — — 
Collateralized loan obligations1 — — — — — — 1 
Other asset-backed securities
351 — — 15 (5)— (26)335 
Corporate and other380 (1)— 33 (6)— (4)402 
Total AFS fixed maturities736 (1)— 48 (11)— (30)742 
Equity securities485 20 — 42 (2)— — 545 
Assets of MIE9 (1)— 2 — — — 10 
Total Level 3 assets$1,230 $18 $— $92 $(13)$— $(30)$1,297 
Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)
Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)
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 March 31, 2023
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal5 — — — — — — 5 
Residential MBS9 — — — (3)4 (5)5 
Commercial MBS— — — — — — — — 
Collateralized loan obligations2 — — — — — (1)1 
Other asset-backed securities
329 — 4 7 (5)— — 335 
Corporate and other319 5 2 44 (11)— — 359 
Total AFS fixed maturities
664 5 6 51 (19)4 (6)705 
Equity securities427 (3)— 31 (22)— (22)411 
Assets of MIE11 (1)— 2 — — — 12 
Total Level 3 assets$1,102 $1 $6 $84 $(41)$4 $(28)$1,128 
Contingent consideration — acquisitions$(25)$— $— $— $— $— $— $(25)
Total Level 3 liabilities$(25)$— $— $— $— $— $— $(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 first three months of 2024 and 2023 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 December 31, 2023Net
earnings (loss)		Other comprehensive income (loss)Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at March 31, 2024
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal2 — — — — — — 2 
Residential MBS2 — — — — — — 2 
Commercial MBS— — — — — — — — 
Collateralized loan obligations1 — — — — — — 1 
Other asset-backed securities
351 — — 15 (5)— (26)335 
Corporate and other380 (1)— 33 (6)— (4)402 
Total AFS fixed maturities736 (1)— 48 (11)— (30)742 
Equity securities485 20 — 42 (2)— — 545 
Assets of MIE9 (1)— 2 — — — 10 
Total Level 3 assets$1,230 $18 $— $92 $(13)$— $(30)$1,297 
Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)
Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)
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 March 31, 2023
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal5 — — — — — — 5 
Residential MBS9 — — — (3)4 (5)5 
Commercial MBS— — — — — — — — 
Collateralized loan obligations2 — — — — — (1)1 
Other asset-backed securities
329 — 4 7 (5)— — 335 
Corporate and other319 5 2 44 (11)— — 359 
Total AFS fixed maturities
664 5 6 51 (19)4 (6)705 
Equity securities427 (3)— 31 (22)— (22)411 
Assets of MIE11 (1)— 2 — — — 12 
Total Level 3 assets$1,102 $1 $6 $84 $(41)$4 $(28)$1,128 
Contingent consideration — acquisitions$(25)$— $— $— $— $— $— $(25)
Total Level 3 liabilities$(25)$— $— $— $— $— $— $(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
March 31, 2024
Financial assets:
Cash and cash equivalents$1,087 $1,087 $1,087 $— $— 
Mortgage loans722 671 — — 671 
Total financial assets not accounted for at fair value
$1,809 $1,758 $1,087 $— $671 
Long-term debt$1,475 $1,358 $— $1,355 $3 
Total financial liabilities not accounted for at fair value
$1,475 $1,358 $— $1,355 $3 
December 31, 2023
Financial assets:
Cash and cash equivalents$1,225 $1,225 $1,225 $— $— 
Mortgage loans643 596 — — 596 
Total financial assets not accounted for at fair value
$1,868 $1,821 $1,225 $— $596 
Long-term debt$1,475 $1,345 $— $1,342 $3 
Total financial liabilities not accounted for at fair value
$1,475 $1,345 $— $1,342 $3