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Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 1,225 $ 872
Investments:    
Fixed maturities, available for sale at fair value (amortized cost — $10,752 and $10,736; allowance for expected credit losses of $12 and $11) 10,377 10,095
Fixed maturities, trading at fair value 57 32
Equity securities, at fair value 1,018 1,010
Investments accounted for using the equity method 1,814 1,700
Mortgage loans 643 676
Real estate and other investments 129 127
Total cash and investments 15,263 14,512
Recoverables from reinsurers 4,477 3,977
Prepaid reinsurance premiums 961 917
Agents’ balances and premiums receivable 1,471 1,339
Deferred policy acquisition costs 309 288
Assets of managed investment entities 4,484 5,447
Other receivables 1,171 886
Other assets 1,346 1,219
Goodwill 305 246
Total assets 29,787 28,831 Close
Liabilities and Equity:    
Unpaid losses and loss adjustment expenses 13,087 11,974
Unearned premiums 3,451 3,246
Payable to reinsurers 1,186 1,035
Liabilities of managed investment entities 4,307 5,332
Long-term debt 1,475 1,496
Other liabilities 2,023 1,696
Total liabilities 25,529 24,779 Close
Shareholders’ equity:    
Common Stock, no par value — 200,000,000 shares authorized — 83,635,807 and 85,204,006 shares outstanding 84 85
Capital surplus 1,372 1,368
Retained earnings 3,121 3,142
Accumulated other comprehensive income (loss), net of tax (319) (543)
Shareholders’ equity 4,258 4,052
Total liabilities and shareholders’ equity $ 29,787 $ 28,831 Close