Fair Value Measurements (Tables)

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 June 30, 2024, 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	$	5,940	$	5,940	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	27,256		—		27,256		—
Debt securities issued by foreign governments	880		—		880		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	10,201		17		10,139		45
Corporate and all other bonds	34,911		—		34,650		261
Total fixed maturities	79,188		5,957		72,925		306
Equity securities
Common stock	594		587		—		7
Non-redeemable preferred stock	50		16		3		31
Total equity securities	644		603		3		38
Other investments	19		19		—		—
Total	$	79,851	$	6,579	$	72,928	$	344


(at December 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	$	6,368	$	6,368	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	28,506		—		28,506		—
Debt securities issued by foreign governments	1,006		—		1,006		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	7,818		—		7,818		—
Corporate and all other bonds	34,109		—		33,851		258
Total fixed maturities	77,807		6,368		71,181		258
Equity securities
Common stock	560		553		—		7
Non-redeemable preferred stock	48		16		2		30
Total equity securities	608		569		2		37
Other investments	18		18		—		—
Total	$	78,433	$	6,955	$	71,183	$	295

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 June 30, 2024, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	4,353	$	4,353	$	619	$	3,687	$	47
Financial liabilities
Debt	$	7,932	$	7,205	$	—	$	7,205	$	—
Commercial paper	100		100		—		100		—


(at December 31, 2023, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	5,137	$	5,137	$	1,171	$	3,912	$	54
Financial liabilities
Debt	$	7,931	$	7,645	$	—	$	7,645	$	—
Commercial paper	100		100		—		100		—