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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Net premiums earned $ 17,209.5 $ 14,464.4 $ 33,358.1 $ 27,997.5
Investment income 685.0 454.5 1,302.6 874.1
Net realized gains (losses) on securities:        
Net realized gains (losses) on security sales (226.4) 135.1 (372.9) 104.8
Net holding period gains (losses) on securities 100.1 (6.0) 402.2 98.4
Net impairment losses recognized in earnings 0.0 (2.2) 0.0 (4.5)
Total net realized gains (losses) on securities (126.3) 126.9 29.3 198.7
Fees and other revenues 259.8 226.7 496.3 432.9
Service revenues 106.3 81.0 190.5 153.5
Total revenues 18,134.3 15,353.5 35,376.8 29,656.7 CloseClose
Expenses        
Losses and loss adjustment expenses 12,595.3 12,170.1 23,566.9 22,794.1
Policy acquisition costs 1,307.6 1,153.6 2,539.8 2,269.4
Other underwriting expenses 2,179.8 1,431.7 4,111.2 3,289.6
Investment expenses 7.3 6.1 13.0 11.6
Service expenses 114.3 90.6 206.4 172.9
Interest expense 69.6 65.7 139.2 129.0 Close
Total expenses 16,273.9 14,917.8 30,576.5 28,666.6 Close
Net Income        
Income before income taxes 1,860.4 435.7 4,800.3 990.1 CloseClose
Provision for income taxes 401.7 90.3 1,010.2 196.8 CloseClose
Net income 1,458.7 345.4 3,790.1 793.3 CloseClose
Other Comprehensive Income (Loss)        
Total net unrealized gains (losses) on fixed-maturity securities 107.7 (455.6) (100.1) 147.6
Net unrealized losses on forecasted transactions 0.1 0.1 0.2 0.2
Foreign currency translation adjustment 0.0 0.2 (0.2) 0.2
Other comprehensive income (loss) 107.8 (455.3) (100.1) 148.0
Comprehensive income (loss) 1,566.5 (109.9) 3,690.0 941.3
Computation of Earnings Per Common Share        
Net income 1,458.7 345.4 3,790.1 793.3
Less: Preferred share dividends and other [1] 0.0 9.5 17.0 16.8
Net income available to common shareholders $ 1,458.7 $ 335.9 $ 3,773.1 $ 776.5
Average common shares outstanding - Basic (in shares) 585.4 584.9 585.4 584.9
Net effect of dilutive stock-based compensation (in shares) 2.0 2.1 2.0 2.1
Total average equivalent common shares - Diluted (in shares) 587.4 587.0 587.4 587.0
Basic: Earnings per common shares (in dollars per share) $ 2.49 $ 0.57 $ 6.45 $ 1.33
Diluted: Earnings per common share (in dollars per share) $ 2.48 $ 0.57 $ 6.42 $ 1.32
[1] All of our outstanding Serial Preferred Shares, Series B, were redeemed in February 2024. See Note 9 – Dividends for further discussion.