XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2023, $27,305; 2022, $24,191, credit allowances: 2023, $(60); 2022, $(54)) $ 25,159 $ 22,236
Fixed maturities - held to maturity, at amortized cost (fair value: 2023, $766; 2022, $821, net of credit allowances: 2023, $(8); 2022, $(9)) 789 839
Equity securities, at fair value 166 281
Other invested assets 4,353 4,085
Short-term investments 2,403 1,032
Cash 1,765 1,398
Total investments and cash 34,635 29,872
Accrued investment income 298 217
Premiums receivable (net of credit allowances: 2023, $(36); 2022, $(29)) 4,426 3,619
Reinsurance paid loss recoverables (net of credit allowances: 2023, $(25); 2022, $(23)) 226 136
Reinsurance unpaid loss recoverables 2,196 2,105
Funds held by reinsureds 1,097 1,056
Deferred acquisition costs 1,156 962
Prepaid reinsurance premiums 756 610
Income tax asset, net 500 459
Other assets (net of credit allowances: 2023, $(8); 2022, $(5)) 1,029 930
TOTAL ASSETS 46,318 39,966
LIABILITIES:    
Reserve for losses and loss adjustment expenses 23,833 22,065
Future policy benefit reserve 27 29
Unearned premium reserve 6,295 5,147
Funds held under reinsurance treaties 28 13
Amounts due to reinsurers 795 567
Losses in course of payment 330 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 200 1
Other liabilities 459 526
Total liabilities 35,092 31,526
Commitments and contingencies (Note 11)
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 3,762 2,302
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(272) at 2023 and $(250) at 2022 (2,171) (1,996)
Treasury shares, at cost; 30.8 shares (2023) and 30.8 shares (2022) (3,908) (3,908)
Retained earnings 13,542 12,042
Total shareholders' equity 11,226 8,441
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 46,318 $ 39,966