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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2024, $29,311 ; 2023, $28568, credit allowances: 2024, $(46); 2023, $(48)) $ 28,297 $ 27,740
Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $842; 2023, $854, net of credit allowances: 2024, $(9); 2023, $(8)) 840 855
Equity securities, at fair value 216 188
Other invested assets 4,854 4,794
Short-term investments 2,397 2,127
Cash 1,544 1,437
Total investments and cash 38,148 37,142
Accrued investment income 327 324
Premiums receivable (net of credit allowances: 2024, $(43); 2023, $(41)) 5,101 4,768
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(27); 2023, $(26)) 233 164
Reinsurance unpaid loss recoverables 2,084 2,098
Funds held by reinsureds 1,155 1,135
Deferred acquisition costs 1,331 1,247
Prepaid reinsurance premiums 702 713
Income tax asset, net 823 868
Other assets (net of credit allowances: 2024, $(10); 2023, $(9)) 1,033 941
TOTAL ASSETS 50,937 49,399
LIABILITIES:    
Reserve for losses and loss adjustment expenses 25,211 24,604
Unearned premium reserve 6,826 6,622
Funds held under reinsurance treaties 11 24
Amounts due to reinsurers 716 650
Losses in course of payment 168 171
Senior notes 2,349 2,349
Long-term notes 218 218
Borrowings from FHLB 819 819
Accrued interest on debt and borrowings 43 22
Unsettled securities payable 403 137
Other liabilities 543 582
Total liabilities 37,308 36,197
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; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares 1 1
Additional paid-in capital 3,768 3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(137) at 2024 and $(99) at 2023 (1,125) (934)
Treasury shares, at cost; 30.9 shares (2024) and 30.8 shares (2023) (3,943) (3,908)
Retained earnings 14,927 14,270
Total shareholders' equity 13,628 13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 50,937 $ 49,399