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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2024, $30,753; 2023, $28,568, credit allowances: 2024, $(51); 2023, $(48)) $ 30,479 $ 27,740
Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $799; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8)) 780 855
Equity securities, at fair value 230 188
Other invested assets 5,071 4,794
Short-term investments 3,931 2,127
Cash 1,599 1,437
Total investments and cash 42,090 37,142
Accrued investment income 380 324
Premiums receivable (net of credit allowances: 2024, $(51); 2023, $(41)) 5,372 4,768
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(31); 2023, $(26)) 239 164
Reinsurance unpaid loss recoverables 2,276 2,098
Funds held by reinsureds 1,229 1,135
Deferred acquisition costs 1,475 1,247
Prepaid reinsurance premiums 952 713
Income tax asset, net 863 868
Other assets (net of credit allowances: 2024, $(9); 2023, $(9)) 986 941
TOTAL ASSETS 55,864 49,399
LIABILITIES:    
Reserve for losses and loss adjustment expenses 27,480 24,604
Unearned premium reserve 7,462 6,622
Funds held under reinsurance treaties 16 24
Amounts due to reinsurers 979 650
Losses in course of payment 259 171
Senior notes 2,350 2,349
Long-term notes 218 218
Borrowings from FHLB 819 819
Accrued interest on debt and borrowings 43 22
Unsettled securities payable 434 137
Other liabilities 469 582
Total liabilities 40,529 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 3,799 3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(162) at 2024 and $(99) at 2023 (344) (934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023) (4,108) (3,908)
Retained earnings 15,988 14,270
Total shareholders' equity 15,335 13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 55,864 $ 49,399