v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2025, $19,992; 2024, $17,685; credit allowances: 2025, $(40); 2024, $(36)) $ 19,796 $ 17,186
Fixed maturities - held to maturity, at amortized cost (fair value: 2025, $657; 2024, $759; net of credit allowances: 2025, $(7); 2024, $(8)) 651 757
Equity securities, at fair value 112 110
Other invested assets 3,668 3,639
Other invested assets, at fair value 1,618 1,523
Short-term investments 1,389 2,819
Cash 870 616
Total investments and cash 28,104 26,650
Accrued investment income 283 248
Premiums receivable (net of credit allowances: 2025, $(39); 2024, $(35)) 2,954 2,350
Income tax asset, net 253 410
Funds held by reinsureds 341 336
Deferred acquisition costs 844 810
Prepaid reinsurance premiums 714 593
Other assets (net of credit allowances: 2025, $(9); 2024, $(9)) 1,050 1,029
TOTAL ASSETS 38,199 36,209
LIABILITIES:    
Reserve for losses and loss adjustment expenses 20,333 19,271
Unearned premium reserve 4,222 4,193
Funds held under reinsurance treaties 45 57
Amounts due to reinsurers 653 522
Losses in course of payment 218 127
Senior notes 2,351 2,350
Long-term notes 218 218
Borrowings from FHLB 1,019 1,019
Accrued interest on debt and borrowings 22 22
Unsettled securities payable 44 84
Other liabilities 458 450
Total liabilities 30,182 28,913
Commitments and Contingencies (Note 11)
STOCKHOLDER'S EQUITY:    
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2025 and 2024) 0 0
Additional paid-in capital 1,103 1,103
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(28) at 2025 and $(107) at 2024 (104) (400)
Retained earnings 7,017 6,593
Total stockholder's equity 8,016 7,296
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 38,199 36,209
Unaffiliated Party    
ASSETS:    
Reinsurance recoverables 2,682 2,481
Affiliated Entity    
ASSETS:    
Reinsurance recoverables 974 1,302
LIABILITIES:    
Notes payable, affiliated $ 600 $ 600