Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, 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	$	6,352	$	6,352	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	30,033		—		30,033		—
Debt securities issued by foreign governments	1,010		—		1,010		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	2,864		—		2,864		—
Corporate and all other bonds	32,655		9		32,371		275
Total fixed maturities	72,914		6,361		66,278		275
Equity securities
Common stock	603		438		—		165
Non-redeemable preferred stock	46		15		3		28
Total equity securities	649		453		3		193
Other investments	16		15		—		1
Total	$	73,579	$	6,829	$	66,281	$	469

(at December 31, 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	$	5,438	$	5,438	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	31,379		—		31,379		—
Debt securities issued by foreign governments	994		—		994		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1,991		—		1,991		—
Corporate and all other bonds	31,358		—		31,055		303
Total fixed maturities	71,160		5,438		65,419		303
Equity securities
Common stock	763		418		—		345
Non-redeemable preferred stock	44		15		3		26
Total equity securities	807		433		3		371
Other investments	16		15		—		1
Total	$	71,983	$	5,886	$	65,422	$	675
Other liabilities	$	2	$	—	$	—	$	2

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 March 31, 2023, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	3,243	$	3,243	$	409	$	2,782	$	52
Financial liabilities
Debt	$	7,192	$	6,787	$	—	$	6,787	$	—
Commercial paper	100		100		—		100		—

 

(at December 31, 2022, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	3,470	$	3,470	$	871	$	2,546	$	53
Financial liabilities
Debt	$	7,192	$	6,509	$	—	$	6,509	$	—
Commercial paper	100		100		—		100		—