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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES:        
Premiums earned $ 3,251 $ 2,916 $ 6,352 $ 5,708
Net investment income 357 226 617 469
Total net gains (losses) on investments 5 (236) 10 (390)
Other income (expense) 38 (71) (42) (56)
Total revenues 3,650 2,835 6,936 5,731
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 1,960 1,876 3,927 3,666
Commission, brokerage, taxes and fees 686 630 1,347 1,236
Other underwriting expenses 205 170 405 331
Corporate expenses 17 15 36 29
Interest, fees and bond issue cost amortization expense 33 24 65 48
Total claims and expenses 2,901 2,715 5,779 5,310
INCOME (LOSS) BEFORE TAXES 750 119 1,157 421
Income tax expense (benefit) 80 (4) 122 1
NET INCOME (LOSS) 670 123 1,035 420
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (169) (732) 77 (1,548)
Reclassification adjustment for realized losses (gains) included in net income (loss) 2 16 5 20
Total URA(D) on securities arising during the period (167) (717) 82 (1,528)
Foreign currency translation adjustments (1) (28) 30 (62)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 0 1 1 2
Total benefit plan net gain (loss) for the period 0 1 1 2
Total other comprehensive income (loss), net of tax (168) (744) 113 (1,588)
COMPREHENSIVE INCOME (LOSS) $ 502 $ (621) $ 1,148 $ (1,168)
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 16.26 $ 3.11 $ 25.74 $ 10.67
Diluted (in dollars per share) $ 16.26 $ 3.11 $ 25.74 $ 10.67