v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Assets      
Fixed maturities (amortized cost: $95,719, $88,247, and $82,704) $ 92,247 $ 82,866 $ 88,509
Short-term investments (amortized cost: $2,125, $1,515, and $10,005) 2,125 10,005 1,515
Total available-for-sale securities 94,372 92,871 90,024
Nonredeemable preferred stocks (cost: $212, $454, and $419) 193 404 438
Common equities (cost: $909, $808, and $819) 4,632 4,098 4,047
Total equity securities 4,825 4,502 4,485
Total investments 99,197 97,373 94,509
Cash and cash equivalents 141 125 173
Restricted cash and cash equivalents 15 13 12
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 156 138 185
Accrued investment income 747 670 691
Premiums receivable, net of allowance for credit losses of $588, $516, and $552 17,337 15,362 16,519
Reinsurance recoverables 3,875 4,083 4,107
Prepaid reinsurance premiums 209 197 215
Deferred acquisition costs 2,300 2,044 2,164
Property and equipment, net of accumulated depreciation of $1,428, $1,398, and $1,460 924 783 790
Net federal deferred income taxes 1,231 748 662
Other assets 1,768 1,641 1,693
Total assets 127,744 123,039 121,535
Liabilities      
Unearned premiums 27,873 25,219 26,822
Loss and loss adjustment expense reserves 46,786 43,310 42,105
Dividends payable on common shares 58 7,972 59
Accounts payable, accrued expenses, and other liabilities 10,153 9,318 10,208
Debt [1] 8,389 6,897 6,896
Total liabilities 93,259 92,716 86,090
Shareholders' Equity      
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 219, 212, and 212) 579 586 586
Paid-in capital 2,372 2,307 2,233
Retained earnings 34,278 27,327 32,437
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (2,730) 117 203
Net unrealized losses on forecasted transactions (13) (13) (13)
Foreign currency translation adjustment (1) (1) (1)
Total accumulated other comprehensive income (loss) (2,744) 103 189
Total shareholders’ equity 34,485 30,323 35,445
Total liabilities and shareholders’ equity $ 127,744 $ 123,039 $ 121,535
[1] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.