v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUES:        
Premiums earned $ 3,156 $ 3,855 $ 10,220 $ 11,698
Net investment income 634 540 1,725 1,563
Net gains (losses) on investments (68) (47) (86) (59)
Other income (expense) (9) (29) (117) (129)
Total revenues 3,713 4,319 11,742 13,073
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 2,432 2,837 6,819 8,203
Commission, brokerage, taxes and fees 747 890 2,386 2,595
Other underwriting expenses 200 258 641 750
Corporate expenses 30 27 101 79
Interest, fees and bond issue cost amortization expense 36 38 107 114
Total claims and expenses 3,445 4,050 10,054 11,740
INCOME (LOSS) BEFORE TAXES 268 269 1,688 1,332
Income tax expense (benefit) 36 14 243 187
NET INCOME (LOSS) 233 255 1,445 1,145
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period (935) 129 (1,295) 714
Reclassification adjustment for realized losses (gains) included in net income (loss) 44 37 57 48
Total URA(D) of securities arising during the period (891) 165 (1,238) 762
Foreign currency translation and other adjustments 9 1 (23) 230
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 0 0 (1) (8)
Total benefit plan net gain (loss) for the period 0 0 (1) (8)
Total other comprehensive income (loss), net of tax (882) 167 (1,262) 984
COMPREHENSIVE INCOME (LOSS) $ (649) $ 422 $ 183 $ 2,129
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 6.12 $ 6.09 $ 36.85 $ 27.06
Diluted (in dollars per share) $ 6.12 $ 6.09 $ 36.85 $ 27.06