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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments    
Fixed maturities, at fair value (amortized cost: 2025—$17,847; 2024—$16,735) $ 17,630 $ 16,182
Equity securities, at fair value (cost: 2025—$4,154; 2024—$3,953) 12,547 11,185
Short-term investments, at fair value (amortized cost: 2025—$149; 2024—$298) 149 298
Other invested assets 773 713
Total investments 31,099 28,378
Cash and cash equivalents 1,460 983
Investment income receivable 233 222
Finance receivable 147 120
Premiums receivable 3,307 2,969
Reinsurance recoverable 679 523
Prepaid reinsurance premiums 100 70
Deferred policy acquisition costs 1,360 1,242
Land, building and equipment, net, for company use (accumulated depreciation: 2025—$361; 2024—$347) 213 214
Other assets 998 828
Separate accounts 971 952
Total assets 40,567 36,501
Insurance reserves    
Reserve for loss and loss expenses 11,260 10,003
Life policy and investment contract reserves 3,003 2,960
Unearned premiums 5,423 4,813
Other liabilities 1,829 1,487
Deferred income tax 1,792 1,476
Note payable 25 25
Long-term debt and lease obligations 858 850
Separate accounts 971 952
Total liabilities 25,161 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 1,543 1,502
Retained earnings 16,179 14,869
Accumulated other comprehensive loss (84) (309)
Treasury stock at cost (2025—42.3 million shares and 2024—41.9 million shares) (2,629) (2,524)
Total shareholders' equity 15,406 13,935
Total liabilities and shareholders' equity $ 40,567 $ 36,501