v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
ASSETS:    
Fixed maturities - available for sale, at fair value (amortized cost: 2026, $34,912; 2025, $34,620, credit allowances: 2026, $(64); 2025, $(68)) $ 34,445 $ 34,573
Fixed maturities - held to maturity, at amortized cost (fair value: 2026, $568; 2025, $576, net of credit allowances: 2026, $(8); 2025, $(6)) 568 567
Equity securities, at fair value 185 180
Other invested assets 6,044 5,796
Short-term investments 2,503 2,994
Cash 1,117 1,318
Total investments and cash 44,863 45,429
Accrued investment income 411 436
Premiums receivable (net of credit allowances: 2026, $(99); 2025, $(94)) 5,595 5,727
Reinsurance loss recoverables (net of credit allowances: 2026, $(61); 2025, $(57)) 5,092 5,110
Funds held by reinsureds 1,408 1,326
Deferred acquisition costs 1,454 1,546
Prepaid reinsurance premiums 710 653
Income tax asset, net 952 915
Other assets (net of credit allowances: 2026, $(17); 2025, $(17)) 1,682 1,372
TOTAL ASSETS 62,167 62,514
LIABILITIES:    
Reserve for losses and loss adjustment expenses 34,735 34,312
Unearned premium reserve 6,436 7,275
Funds held under reinsurance treaties 267 267
Amounts due to reinsurers 806 642
Losses in course of payment 124 151
Senior notes 2,352 2,352
Long-term notes 218 218
Borrowings from FHLB 1,019 1,019
Accrued interest on debt and borrowings 21 21
Unsettled securities payable 5 0
Other liabilities 753 797
Total liabilities 46,737 47,054
Commitments and contingencies (Note 11)
SHAREHOLDERS' EQUITY:    
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding 0 0
Common shares, par value: $0.01; 200.0 shares authorized; 74.5 (2026) and 74.4 (2025) shares issued and outstanding 1 1
Additional paid-in capital 3,871 3,852
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(124) at 2026 and $(23) at 2025 (432) (52)
Treasury shares, at cost; 35.8 shares (2026) and 33.7 shares (2025) (5,630) (4,906)
Retained earnings 17,620 16,565
Total shareholders' equity 15,430 15,461
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 62,167 $ 62,514