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 $ 2,039 $ 2,372 $ 4,137 $ 4,653
Net investment income 335 314 696 633
Total net gains (losses) on investments (8) (2) (38) 93
Other income (expense) (39) (29) (41) (41)
Total revenues 2,327 2,655 4,755 5,337
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 1,289 1,532 2,520 3,400
Commission, brokerage, taxes and fees 479 533 974 1,022
Other underwriting expenses 130 146 249 296
Corporate expenses 10 11 23 17
Interest, fees and bond issue cost amortization expense 42 44 84 88
Total claims and expenses 1,951 2,266 3,850 4,824
INCOME (LOSS) BEFORE TAXES 376 389 904 513
Income tax expense (benefit) 72 65 167 89
NET INCOME (LOSS) 305 324 738 424
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period (17) 86 (204) 241
Less: reclassification adjustment for realized losses (gains) included in net income (loss) 8 2 8 4
Total URA(D) of securities arising during the period (9) 88 (197) 245
Foreign currency translation adjustments (9) 48 (19) 59
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 (18) 128 (217) 296
COMPREHENSIVE INCOME (LOSS) $ 287 $ 452 $ 521 $ 720