v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets      
Fixed maturities (amortized cost: $88,408, $77,754, and $82,704) $ 87,832 $ 82,866 $ 77,101
Short-term investments (amortized cost: $2,126, $2,595, and $10,005) 2,126 10,005 2,595
Total available-for-sale securities 89,958 92,871 79,696
Nonredeemable preferred stocks (cost: $259, $608, and $419) 240 404 584
Common equities (cost: $839, $774, and $819) 3,933 4,098 3,384
Total equity securities 4,173 4,502 3,968
Total investments 94,131 97,373 83,664
Cash and cash equivalents 162 125 195
Restricted cash and cash equivalents 17 13 12
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 179 138 207
Accrued investment income 685 670 584
Premiums receivable, net of allowance for credit losses of $528, $473, and $552 17,614 15,362 16,811
Reinsurance recoverables 4,003 4,083 4,449
Prepaid reinsurance premiums 198 197 306
Deferred acquisition costs 2,131 2,044 2,068
Property and equipment, net of accumulated depreciation of $1,416, $1,490, and $1,460 792 783 854
Net federal deferred income taxes 742 748 860
Other assets 1,734 1,641 1,606
Total assets 122,209 123,039 111,409
Liabilities      
Unearned premiums 27,893 25,219 26,612
Loss and loss adjustment expense reserves 44,377 43,310 39,822
Dividends payable on common shares 58 7,972 59
Accounts payable, accrued expenses, and other liabilities 9,456 9,318 9,068
Debt [1] 8,386 6,897 6,894
Total liabilities 90,170 92,716 82,455
Shareholders' Equity      
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 214, 212, and 212) 584 586 586
Paid-in capital 2,314 2,307 2,160
Retained earnings 29,612 27,327 26,732
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (457) 117 (509)
Net unrealized losses on forecasted transactions (13) (13) (14)
Foreign currency translation adjustment (1) (1) (1)
Total accumulated other comprehensive income (loss) (471) 103 (524)
Total shareholders’ equity 32,039 30,323 28,954
Total liabilities and shareholders’ equity $ 122,209 $ 123,039 $ 111,409
[1] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.