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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
REVENUES:    
Premiums earned $ 3,574 $ 3,852
Net investment income 567 491
Net gains (losses) on investments (10) (7)
Other income (expense) (63) (73)
Total revenues 4,068 4,263
CLAIMS AND EXPENSES:    
Incurred losses and loss adjustment expenses 2,217 2,893
Commission, brokerage, taxes and fees 825 824
Other underwriting expenses 216 238
Corporate expenses 38 21
Interest, fees and bond issue cost amortization expense 36 38
Total claims and expenses 3,332 4,015
INCOME (LOSS) BEFORE TAXES 736 248
Income tax expense (benefit) 83 39
NET INCOME (LOSS) 653 210
Other comprehensive income (loss), net of tax:    
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period (375) 284
Reclassification adjustment for realized losses (gains) included in net income (loss) 1 4
Total URA(D) of securities arising during the period (374) 289
Foreign currency translation and other adjustments (35) 64
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 0 0
Total benefit plan net gain (loss) for the period 0 0
Total other comprehensive income (loss), net of tax (410) 352
COMPREHENSIVE INCOME (LOSS) $ 243 $ 562
EARNINGS PER COMMON SHARE:    
Basic (in dollars per share) $ 16.21 $ 4.90
Diluted (in dollars per share) $ 16.21 $ 4.90