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Consolidated Balance Sheet (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 1,842 $ 1,406
Investments:    
Fixed maturities, available for sale at fair value (amortized cost — $10,588 and $10,687; allowance for expected credit losses of $16 and $34) 10,518 10,398
Fixed maturities, trading at fair value 80 76
Equity securities, at fair value 800 751
Investments accounted for using the equity method 2,383 2,277
Mortgage loans 975 791
Real estate and other investments 163 153
Total cash and investments 16,761 15,852
Recoverables from reinsurers 5,565 5,176
Prepaid reinsurance premiums 1,443 1,013
Agents’ balances and premiums receivable 2,034 1,532
Deferred policy acquisition costs 349 320
Assets of managed investment entities 3,972 4,140
Other receivables 2,075 1,123
Other assets 1,308 1,375
Goodwill 327 305
Total assets 33,834 30,836
Liabilities and Equity:    
Unpaid losses and loss adjustment expenses 15,079 14,179
Unearned premiums 4,450 3,584
Payable to reinsurers 1,578 1,191
Liabilities of managed investment entities 3,834 3,965
Long-term debt 1,820 1,475
Other liabilities 2,343 1,976
Total liabilities 29,104 26,370
Shareholders’ equity:    
Common Stock, no par value — 200,000,000 shares authorized — 83,401,430 and 83,978,258 shares outstanding 83 84
Capital surplus 1,421 1,411
Retained earnings 3,299 3,211
Accumulated other comprehensive income (loss), net of tax (73) (240)
Total shareholders’ equity 4,730 4,466
Total liabilities and shareholders’ equity $ 33,834 $ 30,836