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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2022, $24,191; 2021, $22,064, credit allowances: 2022, $(54); 2021, $(30)) $ 22,236 $ 22,308
Fixed maturities - held to maturity, at amortized cost, net of credit allowances (fair value: 2022, $821, credit allowances: 2022, $(9)) 839
Equity securities, at fair value 281 1,826
Other invested assets 4,085 2,920
Short-term investments (cost: 2022, $1,032; 2021, $1,178) 1,032 1,178
Cash 1,398 1,441
Total investments and cash 29,872 29,673
Accrued Investment Income Receivable 217 149
Premiums receivable (net of credit allowances: 2022, $(29); 2021, $(26)) 3,619 3,294
Reinsurance paid loss recoverables (net of credit allowances: 2021, $(23); 2021, $(17)) 136 107
Reinsurance unpaid loss recoverables 2,105 1,946
Funds held by reinsureds 1,056 869
Deferred acquisition costs 962 872
Prepaid reinsurance premiums 610 515
Income tax asset, net 459 2
Other assets (net of credit allowances: 2022, $(5); 2021, $(4)) 930 757
TOTAL ASSETS 39,966 38,185
LIABILITIES:    
Reserve for losses and loss adjustment expenses 22,065 19,009
Future policy benefit reserve 29 36
Unearned premium reserve 5,147 4,610
Funds held under reinsurance treaties 13 18
Other net payable to reinsurers 567 450
Losses in course of payment 74 261
Senior notes 2,347 2,346
Long term notes 218 224
Borrowings from FHLB 519 519
Accrued interest on debt and borrowings 19 17
Unsettled securities payable 1 17
Other liabilities 526 540
Total liabilities 31,525 28,046
Commitments and contingencies (Note 15)
SHAREHOLDERS' EQUITY:    
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding
Common shares, par value: $0.01; 200.0 shares authorized; (2022) 69.9 and (2021) 69.8 outstanding before treasury shares 1 1
Additional paid-in capital 2,302 2,274
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(250) at 2022 and $27 at 2021 (1,996) 12
Treasury shares, at cost; 30.8 shares (2022) and 30.5 shares (2021) (3,908) (3,847)
Retained earnings 12,042 11,700
Total shareholders' equity 8,441 10,139
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 39,966 $ 38,185