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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES:        
Premiums earned $ 3,855 $ 3,918 $ 11,698 $ 11,262
Net investment income 540 496 1,563 1,481
Net gains (losses) on investments (47) (27) (59) (50)
Other income (expense) (29) (102) (129) (48)
Total revenues 4,319 4,285 13,073 12,645
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 2,837 2,584 8,203 7,132
Commission, brokerage, taxes and fees 890 826 2,595 2,398
Other underwriting expenses 258 236 750 694
Corporate expenses 27 25 79 69
Interest, fees and bond issue cost amortization expense 38 38 114 112
Total claims and expenses 4,050 3,708 11,740 10,404
INCOME (LOSS) BEFORE TAXES 269 577 1,332 2,241
Income tax expense (benefit) 14 68 187 275
NET INCOME (LOSS) 255 509 1,145 1,966
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period 129 704 714 477
Reclassification adjustment for realized losses (gains) included in net income (loss) 37 30 48 44
Total URA(D) of securities arising during the period 165 734 762 521
Foreign currency translation and other adjustments 1 83 230 45
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 0 0 (8) 24
Total benefit plan net gain (loss) for the period 0 0 (8) 24
Total other comprehensive income (loss), net of tax 167 816 984 590
COMPREHENSIVE INCOME (LOSS) $ 422 $ 1,325 $ 2,129 $ 2,556
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 6.09 $ 11.80 $ 27.06 $ 45.40
Diluted (in dollars per share) $ 6.09 $ 11.80 $ 27.06 $ 45.40