Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured on a recurring basis [Table Text Block]

The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.

 

(at September 30, 2022, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	4,034	$	4,034	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	31,128		—		31,128		—
Debt securities issued by foreign governments	941		—		941		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1,820		—		1,820		—
Corporate and all other bonds	30,527		3		30,278		246
Total fixed maturities	68,450		4,037		64,167		246
Equity securities
Common stock	716		394		—		322
Non-redeemable preferred stock	58		15		19		24
Total equity securities	774		409		19		346
Other investments	15		14		—		1
Total	$	69,239	$	4,460	$	64,186	$	593
Other liabilities	$	3	$	—	$	—	$	3

(at December 31, 2021, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	3,562	$	3,562	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	36,862		—		36,858		4
Debt securities issued by foreign governments	1,041		—		1,041		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1,817		—		1,762		55
Corporate and all other bonds	34,528		—		34,339		189
Total fixed maturities	77,810		3,562		74,000		248
Equity securities
Common stock	827		509		—		318
Non-redeemable preferred stock	66		21		20		25
Total equity securities	893		530		20		343
Other investments	23		18		—		5
Total	$	78,726	$	4,110	$	74,020	$	596
Other liabilities	$	3	$	—	$	—	$	3

Carrying value and fair value of the Company's financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized [Table Text Block]

The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.

(at September 30, 2022, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	3,927	$	3,927	$	617	$	3,268	$	42
Financial liabilities
Debt	$	7,191	$	6,457	$	—	$	6,457	$	—
Commercial paper	100		100		—		100		—

 

(at December 31, 2021, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	3,836	$	3,836	$	1,163	$	2,615	$	58
Financial liabilities
Debt	$	7,190	$	9,085	$	—	$	9,085	$	—
Commercial paper	100		100		—		100		—