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Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets      
Fixed maturities (amortized cost: $74,595.2, $60,490.6, and $62,441.9) $ 74,411.2 $ 60,378.2 $ 56,591.9
Short-term investments (amortized cost: $756.5, $1,795.2, and $1,789.9) 756.5 1,789.9 1,795.2
Total available-for-sale securities 75,167.7 62,168.1 58,387.1
Nonredeemable preferred stocks (cost: $759.7, $976.9, and $977.1) 735.0 902.1 868.9
Common equities (cost: $733.5, $662.6, and $706.0) 3,497.0 2,928.4 2,614.5
Total equity securities 4,232.0 3,830.5 3,483.4
Total investments 79,399.7 65,998.6 61,870.5
Cash and cash equivalents 136.1 84.9 123.5
Restricted cash and cash equivalents 10.9 14.7 14.9
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 147.0 99.6 138.4
Accrued investment income 560.3 438.0 378.1
Premiums receivable, net of allowance for credit losses of $388.0, $361.2, and $369.1 15,135.4 11,958.2 12,408.0
Reinsurance recoverables 4,881.5 5,093.9 5,331.2
Prepaid reinsurance premiums 224.0 249.8 235.0
Deferred acquisition costs 2,031.6 1,687.4 1,732.1
Property and equipment, net of accumulated depreciation of $1,589.7, $1,596.9, and $1,655.1 688.8 880.8 919.8
Net federal deferred income taxes 598.0 936.0 1,357.1
Other assets 1,536.2 1,348.5 1,282.4
Total assets 105,202.5 88,690.8 85,652.6 Close
Liabilities      
Unearned premiums 24,772.5 20,133.7 20,761.7
Loss and loss adjustment expense reserves 38,061.5 34,389.2 33,577.3
Accounts payable, accrued expenses, and other liabilities 8,317.4 7,002.2 7,030.7
Debt [1] 6,891.8 6,888.6 6,887.6
Total liabilities 78,043.2 68,413.7 68,257.3 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 211.8, 212.6, and 212.3) 585.8 585.3 585.0
Paid-in capital 2,096.2 2,013.1 1,977.9
Retained earnings 24,631.7 18,800.5 17,380.9
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (139.7) (1,600.8) (3,027.3)
Net unrealized losses on forecasted transactions (13.7) (14.0) (14.1)
Foreign currency translation adjustment (1.0) (0.9) (1.0)
Total accumulated other comprehensive income (loss) (154.4) (1,615.7) (3,042.4)
Total shareholders’ equity 27,159.3 20,277.1 17,395.3 Close
Total liabilities and shareholders’ equity $ 105,202.5 $ 88,690.8 $ 85,652.6
[1] Consists of long-term debt. See Note 4 – Debt for further discussion.