Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Measurements By Level For Assets Measured At Fair Value On A Recurring Basis

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 is as follows:


	Level I		Level II		Level III		Total
June 30, 2023
Assets:
Cash equivalents	$	6,100	$	—	$	—	$	6,100
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,883		—		1,883
Government sponsored securities	—		91		—		91
Foreign government securities	—		297		—		297
States, municipalities and political subdivisions, tax-exempt	—		3,772		—		3,772
Corporate securities	—		13,222		103		13,325
Residential mortgage-backed securities	—		3,315		—		3,315
Commercial mortgage-backed securities	—		2,082		—		2,082
Other asset-backed securities	—		3,665		366		4,031
Total fixed maturity securities, available-for-sale	—		28,327		469		28,796
Equity securities:
Exchange traded funds	166		—		—		166

Common equity securities	12		19		—		31
Private equity securities	—		—		75		75
Total equity securities	178		19		75		272
Other invested assets - common equity securities	121		—		—		121
Securities lending collateral	—		2,312		—		2,312
Derivatives - other assets	—		3		—		3
Total assets	$	6,399	$	30,661	$	544	$	37,604
Liabilities:
Derivatives - other liabilities	$	—	$	(69)	$	—	$	(69)
Total liabilities	$	—	$	(69)	$	—	$	(69)

December 31, 2022
Assets:
Cash equivalents	$	3,567	$	—	$	—	$	3,567
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,401		—		1,401
Government sponsored securities	—		78		—		78
Foreign government securities	—		274		—		274
States, municipalities and political subdivisions, tax-exempt	—		4,143		—		4,143
Corporate securities	—		12,392		137		12,529
Residential mortgage-backed securities	—		2,663		—		2,663
Commercial mortgage-backed securities	—		1,878		—		1,878
Other asset-backed securities	—		3,382		356		3,738
Total fixed maturity securities, available-for-sale	—		26,211		493		26,704
Equity securities:
Exchange traded funds	822		—		—		822

Common equity securities	2		41		—		43
Private equity securities	—		—		88		88
Total equity securities	824		41		88		953
Other invested assets - common equity securities	103		—		—		103
Securities lending collateral	—		2,457		—		2,457
Derivatives - other assets	—		3		—		3
Total assets	$	4,494	$	28,712	$	581	$	33,787
Liabilities:
Derivatives - other liabilities	$	—	$	(60)	$	—	$	(60)
Total liabilities	$	—	$	(60)	$	—	$	(60)

Reconciliation Of The Beginning And Ending Balances Of Assets Measured At Fair Value On A Recurring Basis Using Level III Inputs

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the three months ended June 30, 2023 and 2022 is as follows:





	Corporate Securities		Residential Mortgage- backed Securities		Other Asset- backed Securities		Equity Securities		Total
Three Months Ended June 30, 2023
Beginning balance at April 1, 2023	$	142	$	—	$	390	$	78	$	610
Total gains (losses):
Recognized in net income	(2)		—		1		2		1
Recognized in accumulated other comprehensive loss	1		—		(9)		—		(8)
Purchases	2		—		7		—		9
Sales	(10)		—		(5)		(5)		(20)
Settlements	(4)		—		—		—		(4)
Transfers into Level III	—		—		6		—		6
Transfers out of Level III	(26)		—		(24)		—		(50)
Ending balance at June 30, 2023	$	103	$	—	$	366	$	75	$	544
Change in unrealized losses included in net income related to assets still held at June 30, 2023	$	—	$	—	$	—	$	1	$	1

Three Months Ended June 30, 2022
Beginning balance at April 1, 2022	$	341	$	4	$	37	$	99	$	481
Total gains (losses):
Recognized in net income	(5)		—		—		(2)		(7)

Purchases	11		—		190		11		212
Sales	(188)		—		—		(14)		(202)
Settlements	(5)		—		—		—		(5)
Transfers into Level III	14		—		—		—		14
Transfers out of Level III	(13)		(4)		(9)		—		(26)
Ending balance at June 30, 2022	$	155	$	—	$	218	$	94	$	467
Change in unrealized gains included in net income related to assets still held at June 30, 2022	$	—	$	—	$	—	$	(3)	$	(3)

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the six months ended June 30, 2023 and 2022 is as follows:



	Corporate Securities		Residential Mortgage- backed Securities		Other Asset- backed Securities		Equity Securities		Total
Six Months Ended June 30, 2023
Beginning balance at January 1, 2023	$	137	$	—	$	356	$	88	$	581
Total losses:
Recognized in net income	(3)		—		1		(5)		(7)
Recognized in accumulated other comprehensive loss	2		—		(4)		—		(2)
Purchases	4		—		18		1		23
Sales	(10)		—		(11)		(9)		(30)
Settlements	(6)		—		—		—		(6)
Transfers into Level III	—		—		6		—		6
Transfers out of Level III	(21)		—		—		—		(21)
Ending balance at June 30, 2023	$	103	$	—	$	366	$	75	$	544
Change in unrealized gains included in net income related to assets still held at June 30, 2023	$	—	$	—	$	—	$	(6)	$	(6)

Six Months Ended June 30, 2022
Beginning balance at January 1, 2022	$	336	$	5	$	19	$	89	$	449
Total gains:
Recognized in net income	(4)		—		—		1		(3)
Recognized in accumulated other comprehensive loss	(2)		—		—		—		(2)
Purchases	35		—		205		20		260
Sales	(175)		—		—		(16)		(191)
Settlements	(39)		—		—		—		(39)
Transfers into Level III	14		—		—		—		14
Transfers out of Level III	(10)		(5)		(6)		—		(21)
Ending balance at June 30, 2022	$	155	$	—	$	218	$	94	$	467
Change in unrealized gains included in net income related to assets still held at June 30, 2022	$	—	$	—	$	—	$	1	$	1

Carrying And Fair Values By Level Of Financial Instruments Not Recorded At Fair Value On Consolidated Balance Sheet

A summary of the estimated fair values by level of each class of financial instrument that is recorded at its carrying value on our consolidated balance sheets at June 30, 2023 and December 31, 2022 is as follows:


	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
June 30, 2023
Assets:
Other invested assets	$	5,872	$	—	$	—	$	5,872	$	5,872
Liabilities:
Debt:
Short-term borrowings	265		—		265		—		265


Notes	24,859		—		22,872		—		22,872


December 31, 2022
Assets:
Other invested assets	$	5,582	$	—	$	—	$	5,582	$	5,582
Liabilities:
Debt:
Short-term borrowings	265		—		265		—		265

Notes	23,786		—		21,861		—		21,861
Convertible debentures	63		—		463		—		463