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Quarterly Results (unaudited) | 12 Months Ended
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Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (unaudited) |
Note 21 | Quarterly Results (unaudited)
|  | First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
($ in millions, except per share data) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  | $ | 16,452 |  |  | $ | 15,259 |  |  | $ | 16,633 |  |  | $ | 15,714 |  |  | $ | 17,255 |  |  | $ | 16,627 |  |  | $ | 17,345 |  |  | $ | 16,506 |
Net income applicable to common shareholders |  | 566 |  |  | 1,189 |  |  | 2,079 |  |  | 301 |  |  | 3,717 |  |  | 1,161 |  |  | 3,803 |  |  | 1,899 |
Net income applicable to common shareholders per common share - Basic |  | 2.13 |  |  | 4.51 |  |  | 7.86 |  |  | 1.14 |  |  | 14.13 |  |  | 4.39 |  |  | 14.55 |  |  | 7.16 |
Net income applicable to common shareholders per common share - Diluted |  | 2.11 |  |  | 4.46 |  |  | 7.76 |  |  | 1.13 |  |  | 13.95 |  |  | 4.33 |  |  | 14.37 |  |  | 7.07 |
Consolidated net income applicable to common shareholders was $3.80 billion in the fourth quarter of 2025 compared to $1.90 billion in the fourth quarter of 2024, primarily due to improved underwriting results from increased earned premium and improved loss trends and higher investment results.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 270 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/270/tableOfContent + Details
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