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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Investments:    
Fixed maturities, AFS, at fair value (amortized cost of $45,880 and $44,538, and ACL of $14 and $16) $ 44,558 $ 42,567
Fixed maturities, at fair value using the fair value option ("FVO Securities") 181 308
Equity securities, at fair value [1] 529 603
Mortgage loans (net of ACL of $43 and $44) 6,463 6,396
Limited partnerships and other alternative investments 5,325 5,042
Other investments 198 226
Short-term investments 3,649 4,068
Total investments 60,903 59,210
Cash 166 183
Restricted cash 53 51
Accrued Investment Income Receivable 465 450
Premiums receivable and agents' balances (net of ACL of $135 and $117) 6,698 5,998
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $75 and $75) 7,100 7,140
Deferred policy acquisition costs 1,362 1,239
Deferred income taxes, net 1,094 1,229
Goodwill 1,911 1,911
Property and equipment, net 906 888
Other intangible assets, net 602 637
Other assets 2,379 1,981
Total assets 83,639 80,917
Liabilities    
Unpaid losses and loss adjustment expenses 45,482 44,610
Other policyholder funds and benefits payable 612 614
Unearned premiums 10,337 9,408
Long-term debt 4,369 4,366
Other liabilities 4,878 5,024
Total liabilities 66,121 64,470
Stockholders' Equity    
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at June 30, 2025 and December 31, 2024, aggregate liquidation preference of $345 334 334
Common Stock, Value, Issued 3 3
Additional paid-in capital 527 578
Retained earnings 22,850 21,531
Treasury Stock, Value (3,812) (3,113)
Accumulated other comprehensive income (loss) ("AOCI"), net of tax (2,384) (2,886)
Total stockholders’ equity 17,518 16,447
Total liabilities and stockholders’ equity $ 83,639 $ 80,917