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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES:        
Premiums earned $ 3,693 $ 3,251 $ 7,345 $ 6,352
Net investment income 528 357 985 617
Net gains (losses) on investments (17) 5 (24) 10
Other income (expense) 23 38 54 (42)
Total revenues 4,227 3,650 8,360 6,936
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 2,311 1,960 4,548 3,927
Commission, brokerage, taxes and fees 790 686 1,571 1,347
Other underwriting expenses 234 205 458 405
Corporate expenses 22 17 44 36
Interest, fees and bond issue cost amortization expense 37 33 75 65
Total claims and expenses 3,395 2,901 6,696 5,779
INCOME (LOSS) BEFORE TAXES 832 750 1,664 1,157
Income tax expense (benefit) 108 80 207 122
NET INCOME (LOSS) 724 670 1,457 1,035
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (70) (169) (227) 77
Reclassification adjustment for realized losses (gains) included in net income (loss) 9 2 14 5
Total URA(D) on securities arising during the period (60) (167) (213) 82
Foreign currency translation adjustments 0 (1) (38) 30
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 24 0 25 1
Total benefit plan net gain (loss) for the period 24 0 25 1
Total other comprehensive income (loss), net of tax (36) (168) (227) 113
COMPREHENSIVE INCOME (LOSS) $ 688 $ 502 $ 1,230 $ 1,148
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 16.70 $ 16.26 $ 33.57 $ 25.74
Diluted (in dollars per share) $ 16.70 $ 16.26 $ 33.57 $ 25.74