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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Available-for-sale securities, at fair value:    
Fixed maturities (amortized cost: $62,441.9 and $50,264.0) $ 60,378.2 $ 46,651.9
Short-term investments (amortized cost: $1,789.9 and $2,861.7) 1,789.9 2,861.7
Total available-for-sale securities 62,168.1 49,513.6
Equity securities, at fair value:    
Nonredeemable preferred stocks (cost: $977.1 and $1,364.2) 902.1 1,213.2
Common equities (cost: $706.0 and $826.1) 2,928.4 2,821.5
Total equity securities 3,830.5 4,034.7
Total investments 65,998.6 53,548.3
Cash and cash equivalents 84.9 203.5
Restricted cash and cash equivalents 14.7 17.4
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 99.6 220.9
Accrued investment income 438.0 282.5
Premiums receivable, net of allowance for credit losses of $369.1 and $343.3 11,958.2 10,416.9
Reinsurance recoverables 5,093.9 5,832.1
Prepaid reinsurance premiums 249.8 295.5
Deferred acquisition costs 1,687.4 1,544.4
Property and equipment, net of accumulated depreciation of $1,655.1 and $1,551.1 880.8 1,034.0
Net federal deferred income taxes 936.0 1,131.5
Other assets 1,348.5 1,158.9
Total assets 88,690.8 75,465.0 Close
Liabilities    
Unearned premiums 20,133.7 17,293.6
Loss and loss adjustment expense reserves 34,389.2 30,359.3
Accounts payable, accrued expenses, and other liabilities [1] 7,002.2 5,532.8
Debt [2] 6,888.6 6,388.3
Total liabilities 68,413.7 59,574.0 Close
Shareholders' Equity    
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0.5) 493.9 493.9
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.3 and 212.7) 585.3 584.9
Paid-in capital 2,013.1 1,893.0
Retained earnings 18,800.5 15,721.2
Accumulated other comprehensive income (loss):    
Net unrealized gains (losses) on fixed-maturity securities (1,600.8) (2,786.3)
Net unrealized losses on forecasted transactions (14.0) (14.5)
Foreign currency translation adjustment (0.9) (1.2)
Total accumulated other comprehensive income (loss) (1,615.7) (2,802.0)
Total shareholders’ equity 20,277.1 15,891.0 Close
Total liabilities and shareholders’ equity $ 88,690.8 $ 75,465.0
[1] See Note 1 – Reporting and Accounting Policies, Commitments and Contingencies and Note 12 – Litigation for further discussion.
[2] Consists of long-term debt. See Note 4 – Debt for further discussion.