v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES:        
Premiums earned $ 2,372 $ 2,209 $ 4,653 $ 4,440
Net investment income 314 348 633 660
Total net gains (losses) on investments (2) (30) 93 (37)
Other income (expense) (29) 18 (41) 25
Total revenues 2,655 2,545 5,337 5,087
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 1,532 1,406 3,400 2,781
Commission, brokerage, taxes and fees 533 463 1,022 935
Other underwriting expenses 146 146 296 292
Corporate expenses 11 6 17 11
Interest, fees and bond issue cost amortization expense 44 37 88 75
Total claims and expenses 2,266 2,058 4,824 4,094
INCOME (LOSS) BEFORE TAXES 389 487 513 994
Income tax expense (benefit) 65 100 89 198
NET INCOME (LOSS) 324 387 424 795
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period 86 (34) 241 (96)
Less: reclassification adjustment for realized losses (gains) included in net income (loss) 2 9 4 12
Total URA(D) of securities arising during the period 88 (25) 245 (84)
Foreign currency translation adjustments 48 (7) 59 (26)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) (8) 24 (8) 25
Total benefit plan net gain (loss) for the period (8) 24 (8) 25
Total other comprehensive income (loss), net of tax 128 (8) 296 (85)
COMPREHENSIVE INCOME (LOSS) $ 452 $ 379 $ 720 $ 710