Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 1,406	$ 1,225
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,687 and $10,752; allowance for expected credit losses of $34 and $12)	10,398	10,377
Fixed maturities, trading at fair value	76	57
Equity securities, at fair value	751	1,018
Investments accounted for using the equity method	2,277	1,814
Mortgage loans	791	643
Real estate and other investments	153	129
Total cash and investments	15,852	15,263
Recoverables from reinsurers	5,176	4,477
Prepaid reinsurance premiums	1,013	961
Agents’ balances and premiums receivable	1,532	1,471
Deferred policy acquisition costs	320	309
Assets of managed investment entities	4,140	4,484
Other receivables	1,123	1,171
Other assets	1,375	1,346
Goodwill	305	305
Total assets	30,836	29,787
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	14,179	13,087
Unearned premiums	3,584	3,451
Payable to reinsurers	1,191	1,186
Liabilities of managed investment entities	3,965	4,307
Long-term debt	1,475	1,475
Other liabilities	1,976	2,023
Total liabilities	26,370	25,529
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,978,258 and 83,635,807 shares outstanding	84	84
Capital surplus	1,411	1,372
Retained earnings	3,211	3,121
Accumulated other comprehensive income (loss), net of tax	(240)	(319)
Shareholders’ equity	4,466	4,258
Total liabilities and shareholders’ equity	$ 30,836	$ 29,787