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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2023, $28,568; 2022, $24,191, credit allowances: 2023, $(48); 2022, $(54)) $ 27,740 $ 22,236
Fixed maturities - held to maturity, at amortized cost (fair value: 2023, $854; 2022, $821, net of credit allowances: 2023, $(8); 2022, $(9)) 855 839
Equity securities, at fair value 188 281
Other invested assets 4,794 4,085
Short-term investments 2,127 1,032
Cash 1,437 1,398
Total investments and cash 37,142 29,872
Accrued investment income 324 217
Premiums receivable (net of credit allowances: 2023, $(41); 2022, $(29)) 4,768 3,619
Reinsurance paid loss recoverables (net of credit allowances: 2023, $(26); 2022, $(23)) 164 136
Reinsurance unpaid loss recoverables 2,098 2,105
Funds held by reinsureds 1,135 1,056
Deferred acquisition costs 1,247 962
Prepaid reinsurance premiums 713 610
Income tax asset, net 868 459
Other assets (net of credit allowances: 2023, $(9); 2022, $(5)) 941 930
TOTAL ASSETS 49,399 39,966
LIABILITIES:    
Reserve for losses and loss adjustment expenses 24,604 22,065
Unearned premium reserve 6,622 5,147
Funds held under reinsurance treaties 24 13
Amounts due to reinsurers 650 567
Losses in course of payment 171 74
Senior notes 2,349 2,347
Long-term notes 218 218
Borrowings from FHLB 819 519
Accrued interest on debt and borrowings 22 19
Unsettled securities payable 137 1
Other liabilities 582 555
TOTAL LIABILITIES 36,197 31,525
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 3,773 2,302
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(99) at 2023 and $(250) at 2022 (934) (1,996)
Treasury shares, at cost: 30.8 shares (2023) and 30.8 shares (2022) (3,908) (3,908)
Retained earnings 14,270 12,042
Total shareholders' equity 13,202 8,441
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 49,399 $ 39,966