v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Investments    
Fixed maturities, at fair value (amortized cost: 2026—$20,411; 2025—$18,304) $ 18,925 $ 18,123
Equity securities, at fair value (cost: 2026—$4,273; 2025—$4,155) 13,145 12,694
Short-term investments, at fair value (amortized cost: 2026—$144; 2025—$148) 141 148
Other invested assets 928 818
Total investments 33,139 31,783
Cash and cash equivalents 1,239 1,431
Investment income receivable 260 235
Finance receivable 149 146
Premiums receivable 3,427 3,142
Reinsurance recoverable 624 655
Prepaid reinsurance premiums 99 71
Deferred policy acquisition costs 1,422 1,344
Land, building and equipment, net, for company use (accumulated depreciation: 2026—$381; 2025—$367) 209 219
Other assets 1,039 995
Separate accounts 1,004 981
Total assets 42,611 41,002
Insurance reserves    
Reserve for loss and loss expenses 12,750 11,507
Life policy and investment contract reserves 2,861 2,992
Unearned premiums 5,643 5,254
Other liabilities 1,680 1,638
Deferred income tax 1,616 1,833
Note payable 17 25
Long-term debt and lease obligations 858 861
Separate accounts 1,004 981
Total liabilities 26,429 25,091
Commitments and contingent liabilities (Note 12)
Shareholders' Equity    
Common stock, par value—$2 per share; (authorized: 2026 and 2025—500 million shares; issued: 2026 and 2025—198.3 million shares) 397 397
Paid-in capital 1,595 1,561
Retained earnings 18,273 16,719
Accumulated other comprehensive loss (951) (34)
Treasury stock at cost (2026—44.8 million shares and 2025—42.9 million shares) (3,132) (2,732)
Total shareholders' equity 16,182 15,911
Total liabilities and shareholders' equity $ 42,611 $ 41,002