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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments    
Fixed maturities, at fair value (amortized cost: 2024—$16,735; 2023—$14,361) $ 16,182 $ 13,791
Equity securities, at fair value (cost: 2024—$3,953; 2023—$4,282) 11,185 10,989
Short-term investments, at fair value (amortized cost: 2024—$298) 298 0
Other invested assets 713 577
Total investments 28,378 25,357
Cash and cash equivalents 983 907
Investment income receivable 222 192
Finance receivable 120 108
Premiums receivable 2,969 2,592
Reinsurance recoverable 523 651
Prepaid reinsurance premiums 70 55
Deferred policy acquisition costs 1,242 1,093
Land, building and equipment, net, for company use (accumulated depreciation: 2024—$347; 2023—$337) 214 208
Other assets 828 681
Separate accounts 952 925
Total assets 36,501 32,769
Insurance reserves    
Loss and loss expense reserves 10,003 9,050
Life policy and investment contract reserves 2,960 3,068
Unearned premiums 4,813 4,119
Other liabilities 1,487 1,311
Deferred income tax 1,476 1,324
Note payable 25 25
Long-Term Debt and Lease Obligation 850 849
Separate accounts 952 925
Total liabilities 22,566 20,671
Commitments and contingent liabilities (Note 16)
Shareholders' Equity    
Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million shares; issued: 2024 and 2023—198.3 million shares) 397 397
Paid-in capital 1,502 1,437
Retained earnings 14,869 13,084
Accumulated other comprehensive loss (309) (435)
Treasury stock, at cost (2024—41.9 million shares and 2023—41.3 million shares) (2,524) (2,385)
Total shareholders' equity 13,935 12,098
Total liabilities and shareholders' equity $ 36,501 $ 32,769