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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues    
Net premiums earned $ 16,148.6 $ 13,533.1
Investment income 617.6 419.6
Net realized gains (losses) on securities:    
Net realized gains (losses) on security sales (146.5) (30.3)
Net holding period gains (losses) on securities 302.1 104.4
Net impairment losses recognized in earnings 0.0 (2.3)
Total net realized gains (losses) on securities 155.6 71.8
Fees and other revenues 236.5 206.2
Service revenues 84.2 72.5
Total revenues 17,242.5 14,303.2 CloseClose
Expenses    
Losses and loss adjustment expenses 10,971.6 10,624.0
Policy acquisition costs 1,232.2 1,115.8
Other underwriting expenses 1,931.4 1,857.9
Investment expenses 5.7 5.5
Service expenses 92.1 82.3
Interest expense 69.6 63.3 Close
Total expenses 14,302.6 13,748.8 Close
Net Income    
Income before income taxes 2,939.9 554.4 CloseClose
Provision for income taxes 608.5 106.5 CloseClose
Net income 2,331.4 447.9 CloseClose
Other Comprehensive Income (Loss)    
Total net unrealized gains (losses) on fixed-maturity securities (207.8) 603.2
Net unrealized losses on forecasted transactions 0.1 0.1
Foreign currency translation adjustment (0.2) 0.0
Other comprehensive income (loss) (207.9) 603.3
Comprehensive income (loss) 2,123.5 1,051.2
Computation of Earnings Per Common Share    
Net income 2,331.4 447.9
Less: Preferred share dividends and other [1] 17.0 7.3
Net income available to common shareholders $ 2,314.4 $ 440.6
Average common shares outstanding - Basic (in shares) 585.4 584.9
Net effect of dilutive stock-based compensation (in shares) 1.9 2.1
Total average equivalent common shares - Diluted (in shares) 587.3 587.0
Basic: Earnings per common shares (in dollars per share) $ 3.95 $ 0.75
Diluted: Earnings per common share (in dollars per share) $ 3.94 $ 0.75
[1] All of our outstanding Serial Preferred Shares, Series B, were redeemed in February 2024. See Note 9 – Dividends for further discussion.