v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES:        
Premiums earned $ 3,490 $ 3,991 $ 7,064 $ 7,843
Net investment income 523 532 1,091 1,023
Net gains (losses) on investments (8) (5) (17) (12)
Other income (expense) (45) (27) (108) (100)
Total revenues 3,961 4,491 8,029 8,754
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 2,170 2,472 4,388 5,366
Commission, brokerage, taxes and fees 814 880 1,638 1,704
Other underwriting expenses 225 254 441 492
Corporate expenses 33 31 71 52
Interest, fees and bond issue cost amortization expense 36 38 71 76
Total claims and expenses 3,278 3,676 6,609 7,690
INCOME (LOSS) BEFORE TAXES 683 815 1,420 1,064
Income tax expense (benefit) 124 135 207 173
NET INCOME (LOSS) 559 680 1,213 890
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period 15 301 (360) 585
Reclassification adjustment for realized losses (gains) included in net income (loss) 12 7 13 12
Total URA(D) of securities arising during the period 27 308 (347) 597
Foreign currency translation and other adjustments 3 164 (32) 228
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 0 (8) (1) (8)
Total benefit plan net gain (loss) for the period 0 (8) (1) (8)
Total other comprehensive income (loss), net of tax 30 465 (380) 817
COMPREHENSIVE INCOME (LOSS) $ 589 $ 1,145 $ 832 $ 1,707
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 14.22 $ 16.10 $ 30.45 $ 20.93
Diluted (in dollars per share) $ 14.22 $ 16.10 $ 30.45 $ 20.93