v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Assets      
Fixed maturities (amortized cost: $91,485, $82,372, and $82,704) $ 90,435 $ 82,866 $ 82,272
Short-term investments (amortized cost: $1,978, $2,103, and $10,005) 1,978 10,005 2,103
Total available-for-sale securities 92,413 92,871 84,375
Nonredeemable preferred stocks (cost: $292, $517, and $419) 276 404 500
Common equities (cost: $870, $775, and $819) 4,532 4,098 3,735
Total equity securities 4,808 4,502 4,235
Total investments 97,221 97,373 88,610
Cash and cash equivalents 178 125 125
Restricted cash and cash equivalents 15 13 10
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 193 138 135
Accrued investment income 728 670 636
Premiums receivable, net of allowance for credit losses of $544, $501, and $552 17,106 15,362 16,406
Reinsurance recoverables 3,919 4,083 4,197
Prepaid reinsurance premiums 202 197 263
Deferred acquisition costs 2,211 2,044 2,110
Property and equipment, net of accumulated depreciation of $1,381, $1,369, and $1,460 922 783 820
Net federal deferred income taxes 681 748 633
Other assets 1,742 1,641 1,670
Total assets 124,925 123,039 115,480
Liabilities      
Unearned premiums 27,401 25,219 26,335
Loss and loss adjustment expense reserves 45,567 43,310 41,154
Dividends payable on common shares 58 7,972 58
Accounts payable, accrued expenses, and other liabilities 9,179 9,318 8,434
Debt [1] 8,387 6,897 6,895
Total liabilities 90,592 92,716 82,876
Shareholders' Equity      
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 217, 212, and 212) 581 586 586
Paid-in capital 2,338 2,307 2,192
Retained earnings 32,261 27,327 29,921
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (832) 117 (81)
Net unrealized losses on forecasted transactions (13) (13) (13)
Foreign currency translation adjustment (2) (1) (1)
Total accumulated other comprehensive income (loss) (847) 103 (95)
Total shareholders’ equity 34,333 30,323 32,604
Total liabilities and shareholders’ equity $ 124,925 $ 123,039 $ 115,480
[1] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.