Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents	$ 1,276	$ 1,406
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,788 and $10,687; allowance for expected credit losses of $41 and $34)	10,568	10,398
Fixed maturities, trading at fair value	71	76
Equity securities, at fair value	770	751
Investments accounted for using the equity method	2,326	2,277
Mortgage loans	827	791
Real estate and other investments	156	153
Total cash and investments	15,994	15,852
Recoverables from reinsurers	4,945	5,176
Prepaid reinsurance premiums	1,105	1,013
Agents’ balances and premiums receivable	1,589	1,532
Deferred policy acquisition costs	316	320
Assets of managed investment entities	3,848	4,140
Other receivables	855	1,123
Other assets	1,337	1,375
Goodwill	305	305
Total assets	30,294	30,836
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	13,970	14,179
Unearned premiums	3,710	3,584
Payable to reinsurers	1,028	1,191
Liabilities of managed investment entities	3,726	3,965
Long-term debt	1,476	1,475
Other liabilities	1,992	1,976
Total liabilities	25,902	26,370
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,668,453 and 83,978,258 shares outstanding	84	84
Capital surplus	1,409	1,411
Retained earnings	3,078	3,211
Accumulated other comprehensive income (loss), net of tax	(179)	(240)
Total shareholders’ equity	4,392	4,466
Total liabilities and shareholders’ equity	$ 30,294	$ 30,836