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, $21,451; 2025, $21,032; credit allowances: 2026, $(64); 2025, $(68)) $ 21,152 $ 20,978
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 114 108
Other invested assets 3,960 3,778
Other invested assets, at fair value 1,597 1,622
Short-term investments 1,206 1,670
Cash 329 398
Total investments and cash 28,926 29,122
Accrued investment income 258 278
Premiums receivable (net of credit allowances: 2026, $(50); 2025, $(49)) 2,568 2,543
Reinsurance loss recoverables (net of credit allowances: 2026, $(51); 2025, $(48)) 4,488 4,603
Income tax asset 212 203
Funds held by reinsureds 410 372
Deferred acquisition costs 816 840
Prepaid reinsurance premiums 419 420
Other assets (net of credit allowances: 2026, $(17); 2025, $(17)) 1,408 1,169
TOTAL ASSETS 39,506 39,550
LIABILITIES:    
Reserve for losses and loss adjustment expenses 21,187 21,336
Unearned premium reserve 3,484 4,017
Funds held under reinsurance treaties 244 247
Amounts due to reinsurers 413 431
Losses in course of payment 169 156
Notes payable, affiliated 600 600
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 772 653
Total liabilities 30,484 31,048
Commitments and Contingencies (Note 12)
STOCKHOLDER'S EQUITY:    
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2026 and 2025) 0 0
Additional paid-in capital 1,103 1,103
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $50 at 2026 and $(6) at 2025 (187) 30
Retained earnings 8,106 7,368
Total shareholders' equity 9,022 8,501
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 39,506 $ 39,550