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Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 1,727 $ 1,406
Investments:    
Fixed maturities, available for sale at fair value (amortized cost — $11,101 and $10,687; allowance for expected credit losses of $21 and $34) 11,052 10,398
Fixed maturities, trading at fair value 91 76
Equity securities, at fair value 785 751
Investments accounted for using the equity method 2,421 2,277
Mortgage loans 947 791
Real estate and other investments 159 153
Total cash and investments 17,182 15,852
Recoverables from reinsurers 5,528 5,176
Prepaid reinsurance premiums 1,089 1,013
Agents’ balances and premiums receivable 1,641 1,532
Deferred policy acquisition costs 333 320
Assets of managed investment entities 4,050 4,140
Other receivables 1,212 1,123
Other assets 1,280 1,375
Goodwill 327 305
Total assets 32,642 30,836
Liabilities and Equity:    
Unpaid losses and loss adjustment expenses 15,094 14,179
Unearned premiums 3,736 3,584
Payable to reinsurers 1,195 1,191
Liabilities of managed investment entities 3,907 3,965
Long-term debt 1,820 1,475
Other liabilities 2,070 1,976
Total liabilities 27,822 26,370
Shareholders’ equity:    
Common Stock, no par value — 200,000,000 shares authorized — 83,422,202 and 83,978,258 shares outstanding 83 84
Capital surplus 1,430 1,411
Retained earnings 3,357 3,211
Accumulated other comprehensive income (loss), net of tax (50) (240)
Shareholders’ equity 4,820 4,466
Total liabilities and shareholders’ equity $ 32,642 $ 30,836