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Consolidated Balance Sheets Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities (amortized cost of $21,775,516 and $20,915,245; allowance for expected credit losses of $22,869 and $36,751 at March 31, 2024 and December 31, 2023, respectively) $ 20,964,854 $ 20,178,308
Investment funds 1,555,818 1,621,655
Real estate 1,273,063 1,249,874
Equity securities 1,178,048 1,090,347
Arbitrage trading account 1,146,119 938,049
Loans receivable (net of allowance for expected credit losses of $2,609 and $3,004 at March 31, 2024 and December 31, 2023, respectively) 228,766 201,271
Total investments 26,346,668 25,279,504
Cash and cash equivalents 1,169,053 1,363,195
Premiums and fees receivable (net of allowance for expected credit losses of $35,039 and $35,110 at March 31, 2024 and December 31, 2023, respectively) 3,171,108 3,109,334
Due from reinsurers (net of allowance for expected credit losses of $9,185 and $8,404 at March 31, 2024 and December 31, 2023, respectively) 3,510,097 3,534,527
Deferred policy acquisition costs 888,719 861,609
Prepaid reinsurance premiums 757,659 758,927
Trading account receivables from brokers and clearing organizations 141,277 303,614
Property, furniture and equipment 466,855 426,803
Goodwill 174,597 174,597
Accrued investment income 217,801 213,408
Current and deferred federal and foreign income taxes 120,754 220,756
Other assets 886,484 865,556
Total assets 37,851,072 37,111,830
Liabilities:    
Reserves for losses and loss expenses 19,099,628 18,739,652
Unearned premiums 5,996,812 5,922,326
Due to reinsurers 683,508 631,164
Trading account securities sold but not yet purchased 40,298 9,357
Other liabilities 1,395,048 1,503,053
Senior notes and other debt 1,827,997 1,827,951
Subordinated debentures 1,009,269 1,009,090
Total liabilities 30,052,560 29,642,593
Equity:    
Perferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none 0 0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively 105,803 105,803
Additional paid-in capital 1,030,475 1,017,691
Retained earnings 11,455,158 11,040,908
Accumulated other comprehensive loss (1,023,530) (925,838)
Treasury stock, at cost, 272,465,959 and 272,469,871 shares, respectively (3,783,074) (3,783,133)
Total stockholders’ equity 7,784,832 7,455,431
Noncontrolling interests 13,680 13,806
Total equity 7,798,512 7,469,237
Total liabilities and equity $ 37,851,072 $ 37,111,830