v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Investments    
Fixed maturities, at fair value (amortized cost: 2026—$19,280; 2025—$18,304) $ 18,954 $ 18,123
Equity securities, at fair value (cost: 2026—$4,287; 2025—$4,155) 13,194 12,694
Short-term investments, at fair value (amortized cost: 2026—$143; 2025—$148) 142 148
Other invested assets 863 818
Total investments 33,153 31,783
Cash and cash equivalents 1,750 1,431
Investment income receivable 252 235
Finance receivable 143 146
Premiums receivable 3,546 3,142
Reinsurance recoverable 633 655
Prepaid reinsurance premiums 124 71
Deferred policy acquisition costs 1,442 1,344
Land, building and equipment, net, for company use (accumulated depreciation: 2026—$376; 2025—$367) 211 219
Other assets 981 995
Separate accounts 996 981
Total assets 43,231 41,002
Insurance reserves    
Reserve for loss and loss expenses 12,479 11,507
Life policy and investment contract reserves 2,986 2,992
Unearned premiums 5,724 5,254
Other liabilities 1,638 1,638
Deferred income tax 1,861 1,833
Note payable 17 25
Long-term debt and lease obligations 859 861
Separate accounts 996 981
Total liabilities 26,560 25,091
Commitments and contingent liabilities (Note 12)
Shareholders' Equity    
Common stock, par value—$2 per share; (authorized: 2026 and 2025—500 million shares; issued: 2026 and 2025—198.3 million shares) 397 397
Paid-in capital 1,582 1,561
Retained earnings 17,958 16,719
Accumulated other comprehensive loss (135) (34)
Treasury stock at cost (2026—44.9 million shares and 2025—42.9 million shares) (3,131) (2,732)
Total shareholders' equity 16,671 15,911
Total liabilities and shareholders' equity $ 43,231 $ 41,002