XML 14 R2.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Net premiums earned $ 20,849 $ 18,297 $ 60,568 $ 51,655
Investment income 924 739 2,609 2,042
Net realized gains (losses) on securities:        
Net realized gains (losses) on security sales 12 68 32 (305)
Net holding period gains (losses) on securities 283 220 438 622
Total net realized gains (losses) on securities 295 288 470 317
Fees and other revenues 306 278 896 774
Service revenues 138 117 382 308
Total revenues 22,512 19,719 64,925 55,096
Expenses        
Losses and loss adjustment expenses 13,445 12,510 39,854 36,077
Policy acquisition costs 1,555 1,390 4,522 3,930
Other underwriting expenses 3,015 2,670 8,423 6,781
Policyholder credit expense [1] 950 0 950 0
Investment expenses 10 7 26 20
Service expenses 144 126 400 333
Interest expense 70 70 209 209
Total expenses 19,189 16,773 54,384 47,350
Net Income        
Income before income taxes 3,323 2,946 10,541 7,746
Provision for income taxes 708 612 2,184 1,622
Net income 2,615 2,334 8,357 6,124
Other Comprehensive Income (Loss)        
Total net unrealized gains (losses) on fixed-maturity securities 284 1,561 1,611 1,461
Net unrealized losses on forecasted transactions 0 0 1 0
Other comprehensive income (loss) 284 1,561 1,612 1,461
Comprehensive income (loss) 2,899 3,895 9,969 7,585
Computation of Earnings Per Common Share        
Net income 2,615 2,334 8,357 6,124
Less: Preferred share dividends and other [2] 0 0 0 17
Net income available to common shareholders $ 2,615 $ 2,334 $ 8,357 $ 6,107
Average common shares outstanding - Basic (in shares) 586.5 585.6 586.3 585.5
Net effect of dilutive stock-based compensation (in shares) 1.7 2.0 1.8 2.2
Total average equivalent common shares - Diluted (in shares) 588.2 587.6 588.1 587.7
Basic: Earnings per common shares (in dollars per share) $ 4.46 $ 3.98 $ 14.25 $ 10.43
Diluted: Earnings per common share (in dollars per share) $ 4.45 $ 3.97 $ 14.21 $ 10.39
[1] See Note 8 – Segment Information for further discussion.
[2] All of our outstanding Serial Preferred Shares, Series B, were redeemed in February 2024.