v3.26.3
Consolidated Balance Sheet (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 1,348 $ 1,727
Investments:    
Fixed maturities, available for sale at fair value (amortized cost — $12,277 and $11,101; allowance for expected credit losses of $27 and $21) 11,771 11,052
Fixed maturities, trading at fair value 75 91
Equity securities, at fair value 765 785
Investments accounted for using the equity method 2,458 2,421
Mortgage loans 829 947
Real estate and other investments 105 159
Total cash and investments 17,351 17,182
Recoverables from reinsurers 6,039 5,528
Prepaid reinsurance premiums 1,558 1,089
Agents’ balances and premiums receivable 2,215 1,641
Deferred policy acquisition costs 375 333
Assets of managed investment entities 4,556 4,050
Other receivables 1,915 1,212
Other assets 1,402 1,280
Goodwill 327 327
Total assets 35,738 32,642
Liabilities and Equity:    
Unpaid losses and loss adjustment expenses 16,095 15,094
Unearned premiums 4,769 3,736
Payable to reinsurers 1,479 1,195
Liabilities of managed investment entities 4,401 3,907
Long-term debt 1,821 1,820
Other liabilities 2,446 2,070
Total liabilities 31,011 27,822
Shareholders’ equity:    
Common Stock, no par value — 200,000,000 shares authorized — 82,749,654 and 83,422,202 shares outstanding 83 83
Capital surplus 1,438 1,430
Retained earnings 3,634 3,357
Accumulated other comprehensive income (loss), net of tax (428) (50)
Total shareholders’ equity 4,727 4,820
Total liabilities and shareholders’ equity $ 35,738 $ 32,642