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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2024, $29,934; 2023, $28,568, credit allowances: 2024, $(36); 2023, $(48)) $ 28,908 $ 27,740
Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $759; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8)) 757 855
Equity securities, at fair value 217 188
Other invested assets 5,392 4,794
Short-term investments 4,707 2,127
Cash 1,549 1,437
Total investments and cash 41,531 37,142
Accrued investment income 368 324
Premiums receivable (net of credit allowances: 2024, $(54); 2023, $(41)) 5,378 4,768
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(41); 2023, $(26)) 207 164
Reinsurance unpaid loss recoverables 2,915 2,098
Funds held by reinsureds 1,218 1,135
Deferred acquisition costs 1,461 1,247
Prepaid reinsurance premiums 869 713
Income tax asset, net 1,223 868
Other assets (net of credit allowances: 2024, $(9); 2023, $(9)) 1,171 941
TOTAL ASSETS 56,341 49,399
LIABILITIES:    
Reserve for losses and loss adjustment expenses 29,889 24,604
Unearned premium reserve 7,324 6,622
Funds held under reinsurance treaties 27 24
Amounts due to reinsurers 701 650
Losses in course of payment 241 171
Senior notes 2,350 2,349
Long-term notes 218 218
Borrowings from FHLB 1,019 819
Accrued interest on debt and borrowings 22 22
Unsettled securities payable 84 137
Other liabilities 590 582
TOTAL LIABILITIES 42,466 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; 74.3 (2024) and 74.2 (2023) outstanding before treasury shares 1 1
Additional paid-in capital 3,812 3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(177) at 2024 and $(99) at 2023 (1,138) (934)
Treasury shares, at cost: 31.3 shares (2024) and 30.8 shares (2023) (4,108) (3,908)
Retained earnings 15,309 14,270
Total shareholders' equity 13,875 13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 56,341 $ 49,399