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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Debt securities available for sale, at fair value $ 35,051 $ 29,819
Equity securities, at fair value 1,864 1,675
Other investments (portion measured at fair value: $3,136 and $3,066) 3,136 3,066
Investments accounted for using the equity method 6,453 5,980
Total investments 46,504 40,540
Cash 993 979
Accrued investment income 338 298
Investment in operating affiliates 1,313 1,240
Premiums receivable (net of allowance for credit losses: $43 and $45) 5,723 5,634
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $17 and $17) 9,526 8,260
Contractholder receivables (net of allowance for credit losses: $7 and $5) 2,270 2,161
Ceded unearned premiums 2,659 2,428
Deferred acquisition costs 1,717 1,734
Receivable for securities sold 180 50
Goodwill and intangible assets 1,222 1,351
Other assets 6,796 6,231
Total assets 79,241 70,906
Liabilities    
Reserve for losses and loss adjustment expenses 33,547 29,369
Unearned premiums 10,100 10,218
Reinsurance balances payable 2,320 2,137
Contractholder payables 2,277 2,165
Collateral held for insured obligations 237 249
Senior notes 2,729 2,728
Payable for securities purchased 308 181
Other liabilities 3,517 3,039
Total liabilities 55,035 50,086
Commitments and Contingencies
Shareholders’ Equity    
Non-cumulative preferred shares 830 830
Common shares ($0.0011 par, shares issued: 599.8 and 595.6) 1 1
Additional paid-in capital 2,735 2,510
Retained earnings 27,045 22,686
Accumulated other comprehensive income (loss), net of deferred income tax 5 (720)
Common shares held in treasury, at cost (shares: 240.8 and 219.2) (6,410) (4,487)
Total shareholders' equity 24,206 20,820
Total liabilities and shareholders' equity 79,241 70,906
Fixed maturities available for sale, at fair value (amortized cost: $32,329 and $27,570; net of allowance for credit losses: $20 and $22)    
Investments:    
Debt securities available for sale, at fair value 32,426 27,035
Short-term investments available for sale, at fair value (amortized cost: $2,624 and $2,784; net of allowance for credit losses: $0 and $0 )    
Investments:    
Debt securities available for sale, at fair value $ 2,625 $ 2,784