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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2025, $32,505; 2024, $29,934, credit allowances: 2025, $(37); 2024, $(36)) $ 31,824 $ 28,908
Fixed maturities - held to maturity, at amortized cost (fair value: 2025, $702; 2024, $759, net of credit allowances: 2025, $(8); 2024, $(8)) 695 757
Equity securities, at fair value 168 217
Other invested assets 5,425 5,392
Short-term investments 2,949 4,707
Cash 1,567 1,549
Total investments and cash 42,628 41,531
Accrued investment income 391 368
Premiums receivable (net of credit allowances: 2025, $(61); 2024, $(54)) 5,619 5,378
Reinsurance paid loss recoverables (net of credit allowances: 2025, $(42); 2024, $(41)) 377 207
Reinsurance unpaid loss recoverables 3,175 2,915
Funds held by reinsureds 1,237 1,218
Deferred acquisition costs 1,494 1,461
Prepaid reinsurance premiums 845 869
Income tax asset, net 1,126 1,223
Other assets (net of credit allowances: 2025, $(9); 2024, $(9)) 1,239 1,171
TOTAL ASSETS 58,132 56,341
LIABILITIES:    
Reserve for losses and loss adjustment expenses 31,512 29,889
Unearned premium reserve 7,253 7,324
Funds held under reinsurance treaties 9 27
Amounts due to reinsurers 781 701
Losses in course of payment 275 241
Senior notes 2,350 2,350
Long-term notes 218 218
Borrowings from FHLB 1,019 1,019
Accrued interest on debt and borrowings 43 22
Unsettled securities payable 7 84
Other liabilities 526 590
Total liabilities 43,993 42,466
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; (2025) 74.4 and (2024) 74.3 outstanding before treasury shares 1 1
Additional paid-in capital 3,799 3,812
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(116) at 2025 and $(177) at 2024 (786) (1,138)
Treasury shares, at cost; 31.9 shares (2025) and 31.3 shares (2024) (4,308) (4,108)
Retained earnings 15,434 15,309
Total shareholders' equity 14,140 13,875
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 58,132 $ 56,341