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Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets      
Fixed maturities (amortized cost: $88,247, $74,595, and $77,126) $ 88,509 $ 75,332 $ 74,411
Short-term investments (amortized cost: $1,515, $757, and $615) 1,515 615 757
Total available-for-sale securities 90,024 75,947 75,168
Nonredeemable preferred stocks (cost: $454, $760, and $756) 438 728 735
Common equities (cost: $808, $733, and $745) 4,047 3,575 3,497
Total equity securities 4,485 4,303 4,232
Total investments 94,509 80,250 79,400
Cash and cash equivalents 173 143 136
Restricted cash and cash equivalents 12 11 11
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 185 154 147
Accrued investment income 691 594 560
Premiums receivable, net of allowance for credit losses of $516, $388, and $460 16,519 14,369 15,135
Reinsurance recoverables 4,107 4,765 4,881
Prepaid reinsurance premiums 215 349 224
Deferred acquisition costs 2,164 1,961 2,032
Property and equipment, net of accumulated depreciation of $1,398, $1,590, and $1,461 790 790 689
Net federal deferred income taxes 662 954 598
Other assets 1,693 1,559 1,537
Total assets 121,535 105,745 105,203
Liabilities      
Unearned premiums 26,822 23,858 24,772
Loss and loss adjustment expense reserves 42,105 39,057 38,062
Accounts payable, accrued expenses, and other liabilities 10,267 10,346 8,318
Debt [1] 6,896 6,893 6,892
Total liabilities 86,090 80,154 78,044
Shareholders' Equity      
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 212) 586 586 586
Paid-in capital 2,233 2,145 2,096
Retained earnings 32,437 24,283 24,632
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities 203 (1,408) (140)
Net unrealized losses on forecasted transactions (13) (14) (14)
Foreign currency translation adjustment (1) (1) (1)
Total accumulated other comprehensive income (loss) 189 (1,423) (155)
Total shareholders’ equity 35,445 25,591 27,159
Total liabilities and shareholders’ equity $ 121,535 $ 105,745 $ 105,203
[1] Consists solely of long-term debt. See Note 4 – Debt for further discussion.