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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2023, $26,372; 2022, $24,191, credit allowances: 2023, $(63); 2022, $(54)) $ 24,489 $ 22,236
Fixed maturities - held to maturity, at amortized cost (fair value: 2023, $781; 2022, $821, net of credit allowances: 2023, $(8); 2022, $(9)) 798 839
Equity securities, at fair value 259 281
Other invested assets 4,262 4,085
Short-term investments 1,675 1,032
Cash 2,067 1,398
Total investments and cash 33,550 29,872
Accrued investment income 266 217
Premiums receivable (net of credit allowances: 2023, $(34); 2022, $(29)) 4,263 3,619
Reinsurance paid loss recoverables (net of credit allowances: 2023, $(24); 2022, $(23)) 201 136
Reinsurance unpaid loss recoverables 2,175 2,105
Funds held by reinsureds 1,075 1,056
Deferred acquisition costs 1,086 962
Prepaid reinsurance premiums 692 610
Income tax asset, net 399 459
Other assets (net of credit allowances: 2023, $(7); 2022, $(5)) 961 930
TOTAL ASSETS 44,668 39,966
LIABILITIES:    
Reserve for losses and loss adjustment expenses 23,405 22,065
Future policy benefit reserve 28 29
Unearned premium reserve 5,943 5,147
Funds held under reinsurance treaties 25 13
Amounts due to reinsurers 678 567
Losses in course of payment 150 74
Senior notes 2,348 2,347
Long-term notes 218 218
Borrowings from FHLB 519 519
Accrued interest on debt and borrowings 19 19
Unsettled securities payable 21 1
Other liabilities 412 526
Total liabilities 33,766 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) 74.2 and (2022) 69.9 outstanding before treasury shares 1 1
Additional paid-in capital 3,753 2,302
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(247) at 2023 and $(250) at 2022 (1,883) (1,996)
Treasury shares, at cost; 30.8 shares (2023) and 30.8 shares (2022) (3,908) (3,908)
Retained earnings 12,940 12,042
Total shareholders' equity 10,902 8,441
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 44,668 $ 39,966