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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues      
Net premiums earned $ 58,664.4 $ 49,241.2 $ 44,368.7
Investment income 1,891.8 1,260.3 860.9
Net realized gains (losses) on securities:      
Net realized gains (losses) on security sales 13.7 196.5 614.3
Net holding period gains (losses) on securities 348.4 (2,100.1) 899.9
Net impairment losses recognized in earnings (9.0) (8.6) (5.0)
Total net realized gains (losses) on securities 353.1 (1,912.2) 1,509.2
Fees and other revenues 889.1 722.1 691.8
Service revenues 310.1 299.3 271.4
Total revenues 62,108.5 49,610.7 47,702.0 CloseClose
Expenses      
Losses and loss adjustment expenses 45,654.6 38,122.7 33,627.6
Policy acquisition costs 4,665.1 3,917.0 3,712.8
Other underwriting expenses 6,241.5 5,859.6 5,654.7
Investment expenses 26.2 24.3 25.5
Service expenses 349.0 296.7 252.8
Interest expense 268.4 243.5 218.6 Close
Goodwill impairment 0.0 224.8 0.0
Total expenses 57,204.8 48,688.6 43,492.0 Close
Net Income      
Income before income taxes 4,903.7 922.1 4,210.0 CloseClose
Provision for income taxes 1,001.3 200.6 859.1 CloseClose
Net income 3,902.4 721.5 3,350.9 CloseClose
Changes in:      
Total net unrealized gains (losses) on fixed-maturity securities 1,185.5 (2,842.5) (891.1)
Net unrealized losses on forecasted transactions 0.5 0.4 0.7
Foreign currency translation adjustment 0.3 (0.6) (0.6)
Other comprehensive income (loss) 1,186.3 (2,842.7) (891.0)
Comprehensive income (loss) 5,088.7 (2,121.2) 2,459.9
Computation of Earnings Per Common Share      
Net income 3,902.4 721.5 3,350.9
Less: Preferred share dividends [1] 37.6 26.9 26.9
Net income available to common shareholders $ 3,864.8 $ 694.6 $ 3,324.0
Average common shares outstanding - Basic 584.9 584.4 584.5
Net effect of dilutive stock-based compensation 2.6 2.7 2.6
Total average equivalent common shares - Diluted 587.5 587.1 587.1
Basic: Earnings per share (usd per share) $ 6.61 $ 1.19 $ 5.69
Diluted: Earnings per share (usd per share) $ 6.58 $ 1.18 $ 5.66
[1] Changed to a floating dividend rate in March 2023. See Note 14 – Dividends for further discussion.