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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2023, $25,247; 2022, $24,191, credit allowances: 2023, $(62); 2022, $(54)) $ 23,560 $ 22,236
Fixed maturities - held to maturity, at amortized cost (fair value: 2023, $814; 2022, $821, net of credit allowances: 2023, $(9); 2022, $(9)) 825 839
Equity securities, at fair value 250 281
Other invested assets 4,156 4,085
Short-term investments 1,034 1,032
Cash 1,610 1,398
Total investments and cash 31,435 29,872
Accrued investment income 235 217
Premiums receivable (net of credit allowances: 2023, $(30); 2022, $(29)) 3,922 3,619
Reinsurance paid loss recoverables (net of credit allowances: 2023, $(24); 2022, $(23)) 182 136
Reinsurance unpaid loss recoverables 2,125 2,105
Funds held by reinsureds 1,071 1,056
Deferred acquisition costs 1,011 962
Prepaid reinsurance premiums 611 610
Income tax asset, net 387 459
Other assets (net of credit allowances: 2023, $(7); 2022, $(5)) 860 930
TOTAL ASSETS 41,839 39,966
LIABILITIES:    
Reserve for losses and loss adjustment expenses 22,878 22,065
Future policy benefit reserve 29 29
Unearned premium reserve 5,418 5,147
Funds held under reinsurance treaties 10 13
Other net payable to reinsurers 618 567
Losses in course of payment 123 74
Senior notes 2,348 2,347
Long-term notes 218 218
Borrowings from FHLB 519 519
Accrued interest on debt and borrowings 41 19
Unsettled securities payable 201 1
Other liabilities 422 526
Total liabilities 32,825 31,525
Commitments and contingencies
SHAREHOLDERS' EQUITY:    
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding 0 0
Common shares, par value: $0.01; 200.0 shares authorized; (2023) 70.0 and (2022) 69.9 outstanding before treasury shares 1 1
Additional paid-in capital 2,295 2,302
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(218) at 2023 and $(250) at 2022 (1,716) (1,996)
Treasury shares, at cost; 30.8 shares (2023) and 30.8 shares (2022) (3,908) (3,908)
Retained earnings 12,342 12,042
Total shareholders' equity 9,014 8,441
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 41,839 $ 39,966