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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2025, $34,049; 2024, $29,934, credit allowances: 2025, $(51); 2024, $(36)) $ 33,912 $ 28,908
Fixed maturities - held to maturity, at amortized cost (fair value: 2025, $613; 2024, $759, net of credit allowances: 2025, $(6); 2024, $(8)) 604 757
Equity securities, at fair value 177 217
Other invested assets 5,709 5,392
Short-term investments 3,890 4,707
Cash 1,539 1,549
Total investments and cash 45,831 41,531
Accrued investment income 421 368
Premiums receivable (net of credit allowances: 2025, $(68); 2024, $(54)) 6,017 5,378
Reinsurance paid loss recoverables (net of credit allowances: 2025, $(48); 2024, $(41)) 378 207
Reinsurance unpaid loss recoverables 3,511 2,915
Funds held by reinsureds 1,256 1,218
Deferred acquisition costs 1,542 1,461
Prepaid reinsurance premiums 926 869
Income tax asset, net 1,009 1,223
Other assets (net of credit allowances: 2025, $(10); 2024, $(9)) 1,348 1,171
TOTAL ASSETS 62,240 56,341
LIABILITIES:    
Reserve for losses and loss adjustment expenses 33,742 29,889
Unearned premium reserve 7,489 7,324
Funds held under reinsurance treaties 16 27
Amounts due to reinsurers 1,084 701
Losses in course of payment 228 241
Senior notes 2,351 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 17 84
Other liabilities 658 590
Total liabilities 46,864 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; 74.4 (2025) and 74.3 (2024) outstanding before treasury shares 1 1
Additional paid-in capital 3,835 3,812
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(43) at 2025 and $(177) at 2024 (154) (1,138)
Treasury shares, at cost; 32.5 shares (2025) and 31.3 shares (2024) (4,508) (4,108)
Retained earnings 16,202 15,309
Total shareholders' equity 15,375 13,875
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 62,240 $ 56,341