v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Assets      
Fixed maturities (amortized cost: $82,372, $69,668, and $77,126) $ 82,272 $ 75,332 $ 67,489
Short-term investments (amortized cost: $2,103, $733, and $615) 2,103 615 733
Total available-for-sale securities 84,375 75,947 68,222
Nonredeemable preferred stocks (cost: $517, $887, and $756) 500 728 838
Common equities (cost: $775, $708, and $745) 3,735 3,575 3,296
Total equity securities 4,235 4,303 4,134
Total investments 88,610 80,250 72,356
Cash and cash equivalents 125 143 90
Restricted cash and cash equivalents 10 11 12
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 135 154 102
Accrued investment income 636 594 564
Premiums receivable, net of allowance for credit losses of $501, $328, and $460 16,406 14,369 14,545
Reinsurance recoverables 4,197 4,765 4,881
Prepaid reinsurance premiums 263 349 291
Deferred acquisition costs 2,110 1,961 1,938
Property and equipment, net of accumulated depreciation of $1,369, $1,558, and $1,461 820 790 713
Net federal deferred income taxes 633 954 1,001
Other assets 1,670 1,559 1,502
Total assets 115,480 105,745 97,893
Liabilities      
Unearned premiums 26,335 23,858 23,681
Loss and loss adjustment expense reserves 41,154 39,057 36,605
Accounts payable, accrued expenses, and other liabilities 8,492 10,346 7,376
Debt [1] 6,895 6,893 6,891
Total liabilities 82,876 80,154 74,553
Shareholders' Equity      
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 212) 586 586 586
Paid-in capital 2,192 2,145 2,060
Retained earnings 29,921 24,283 22,410
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (81) (1,408) (1,701)
Net unrealized losses on forecasted transactions (13) (14) (14)
Foreign currency translation adjustment (1) (1) (1)
Total accumulated other comprehensive income (loss) (95) (1,423) (1,716)
Total shareholders’ equity 32,604 25,591 23,340
Total liabilities and shareholders’ equity $ 115,480 $ 105,745 $ 97,893
[1] Consists solely of long-term debt. See Note 4 – Debt for further discussion.