Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements by Level

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023 is as follows:

	Level I		Level II		Level III		Total
June 30, 2024
Assets:
Cash equivalents	$	1,508	$	—	$	—	$	1,508
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,713		—		1,713
Government sponsored securities	—		125		—		125
Foreign government securities	—		69		—		69
States, municipalities and political subdivisions, tax-exempt	—		3,519		—		3,519
Corporate securities	—		15,566		62		15,628
Residential mortgage-backed securities	—		3,853		7		3,860
Commercial mortgage-backed securities	—		1,892		—		1,892
Other asset-backed securities	—		2,176		767		2,943
Total fixed maturity securities, available-for-sale	—		28,913		836		29,749
Equity securities:
Exchange traded funds	481		—		—		481
Common equity securities	13		22		—		35
Private equity securities	—		—		78		78
Total equity securities	494		22		78		594
Other invested assets - common equity securities	19		—		—		19
Securities lending collateral	—		2,701		—		2,701
Derivatives - other assets	—		6		—		6
Total assets	$	2,021	$	31,642	$	914	$	34,577
Percentage of total assets at fair value	6%		92%		2%		100%
Liabilities:
Derivatives - other liabilities	$	—	$	(55)	$	—	$	(55)
Total liabilities	$	—	$	(55)	$	—	$	(55)
December 31, 2023
Assets:
Cash equivalents	$	2,210	$	—	$	—	$	2,210
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,844		—		1,844
Government sponsored securities	—		110		—		110
Foreign government securities	—		4		—		4
States, municipalities and political subdivisions, tax-exempt	—		3,902		—		3,902
Corporate securities	—		14,532		46		14,578
Residential mortgage-backed securities	—		3,830		2		3,832
Commercial mortgage-backed securities	—		2,047		—		2,047
Other asset-backed securities	—		3,634		539		4,173
Total fixed maturity securities, available-for-sale	—		29,903		587		30,490
Equity securities:
Exchange traded funds	106		—		—		106
Common equity securities	12		33		—		45
Private equity securities	—		—		78		78
Total equity securities	118		33		78		229
Other invested assets - common equity securities	111		—		—		111
Securities lending collateral	—		2,382		—		2,382
Derivatives - other assets	—		10		—		10
Total assets	$	2,439	$	32,328	$	665	$	35,432
Percentage of total assets at fair value	7%		91%		2%		100%
Liabilities:
Derivatives - other liabilities	$	—	$	(40)	$	—	$	(40)
Total liabilities	$	—	$	(40)	$	—	$	(40)

Schedule of Estimated Fair Value by Level

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, 2024 and December 31, 2023 is as follows:

	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
June 30, 2024
Assets:
Other invested assets	$	6,791	$	—	$	—	$	6,760	$	6,760
Liabilities:
Debt:
Short-term borrowings	225		—		225		—		225
Notes	27,461		—		25,326		—		25,326
December 31, 2023
Assets:
Other invested assets	$	5,996	$	—	$	—	$	5,972	$	5,972
Liabilities:
Debt:
Short-term borrowings	225		—		225		—		225
Notes	24,895		—		23,569		—		23,569