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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments    
Fixed maturities, at fair value (amortized cost: 2025—$17,009; 2024—$16,735) $ 16,523 $ 16,182
Equity securities, at fair value (cost: 2025—$3,964; 2024—$3,953) 11,118 11,185
Short-term investments, at fair value (amortized cost: 2025—$100; 2024—$298) 100 298
Other invested assets 740 713
Total investments 28,481 28,378
Cash and cash equivalents 1,010 983
Investment income receivable 224 222
Finance receivable 122 120
Premiums receivable 3,163 2,969
Reinsurance recoverable 808 523
Prepaid reinsurance premiums 93 70
Deferred policy acquisition costs 1,297 1,242
Land, building and equipment, net, for company use (accumulated depreciation: 2025—$354; 2024—$347) 216 214
Other assets 903 828
Separate accounts 959 952
Total assets 37,276 36,501
Insurance reserves    
Reserve for loss and loss expenses 10,780 10,003
Life policy and investment contract reserves 2,968 2,960
Unearned premiums 5,068 4,813
Other liabilities 1,416 1,487
Deferred income tax 1,489 1,476
Note payable 25 25
Long-term debt and lease obligations 853 850
Separate accounts 959 952
Total liabilities 23,558 22,566
Commitments and contingent liabilities (Note 12)
Shareholders' Equity    
Common stock, par value—$2 per share; (authorized: 2025 and 2024—500 million shares; issued: 2025 and 2024—198.3 million shares) 397 397
Paid-in capital 1,511 1,502
Retained earnings 14,644 14,869
Accumulated other comprehensive loss (271) (309)
Treasury stock at cost (2025—42.0 million shares and 2024—41.9 million shares) (2,563) (2,524)
Total shareholders' equity 13,718 13,935
Total liabilities and shareholders' equity $ 37,276 $ 36,501