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Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Assets      
Fixed maturities (amortized cost: $65,949.3, $53,123.9, and $62,441.9) $ 63,629.7 $ 60,378.2 $ 50,289.2
Short-term investments (amortized cost: $1,326.7, $2,524.1, and $1,789.9) 1,326.7 1,789.9 2,524.1
Total available-for-sale securities 64,956.4 62,168.1 52,813.3
Nonredeemable preferred stocks (cost: $931.1, $1,197.7, and $977.1) 886.7 902.1 1,078.8
Common equities (cost: $708.2, $740.5, and $706.0) 3,194.9 2,928.4 2,794.3
Total equity securities 4,081.6 3,830.5 3,873.1
Total investments 69,038.0 65,998.6 56,686.4
Cash and cash equivalents 154.5 84.9 273.7
Restricted cash and cash equivalents 13.4 14.7 14.9
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 167.9 99.6 288.6
Accrued investment income 464.2 438.0 299.5
Premiums receivable, net of allowance for credit losses of $327.7, $340.9, and $369.1 14,192.5 11,958.2 12,411.4
Reinsurance recoverables 5,003.4 5,093.9 5,616.2
Prepaid reinsurance premiums 209.8 249.8 269.6
Deferred acquisition costs 1,818.2 1,687.4 1,626.8
Property and equipment, net of accumulated depreciation of $1,580.2, $1,576.2, and $1,655.1 756.3 880.8 949.0
Net federal deferred income taxes 1,031.8 936.0 1,057.0
Other assets 1,445.8 1,348.5 1,202.6
Total assets 94,127.9 88,690.8 80,407.1 Close
Liabilities      
Unearned premiums 22,907.3 20,133.7 19,844.3
Loss and loss adjustment expense reserves 34,831.0 34,389.2 31,026.4
Accounts payable, accrued expenses, and other liabilities 7,688.6 7,002.2 6,278.7
Debt [1] 6,889.7 6,888.6 6,389.3
Total liabilities 72,316.6 68,413.7 63,538.7 Close
Shareholders' Equity      
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding of $0, $0.5, and $0.5) 0.0 493.9 493.9
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 211.9, 212.2, and 212.3) 585.7 585.3 585.4
Paid-in capital 2,028.7 2,013.1 1,907.7
Retained earnings 21,020.5 18,800.5 16,080.1
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (1,808.6) (1,600.8) (2,183.1)
Net unrealized losses on forecasted transactions (13.9) (14.0) (14.4)
Foreign currency translation adjustment (1.1) (0.9) (1.2)
Total accumulated other comprehensive income (loss) (1,823.6) (1,615.7) (2,198.7)
Total shareholders’ equity 21,811.3 20,277.1 16,868.4 Close
Total liabilities and shareholders’ equity $ 94,127.9 $ 88,690.8 $ 80,407.1
[1] Consists of long-term debt. See Note 4 – Debt for further discussion.