Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities (amortized cost of $13,019,378 and $13,976,647; allowance for expected credit losses of $46,441 at June 30, 2020)	$ 13,281,085	$ 14,180,961
Real estate	2,072,772	2,105,950
Investment funds	1,159,237	1,213,535
Arbitrage trading account	580,950	400,809
Equity securities	362,265	480,620
Loans receivable (net of allowance for expected credit losses of $8,719 at June 30, 2020)	82,134	91,799
Total investments	17,538,443	18,473,674
Cash and cash equivalents	2,430,826	1,023,710
Premiums and fees receivable (net of allowance for expected credit losses of $22,106 at June 30, 2020)	2,186,964	1,997,186
Due from reinsurers (net of allowance for expected credit losses of $7,175 at June 30, 2020)	2,273,638	2,133,683
Deferred policy acquisition costs	547,958	517,364
Prepaid reinsurance premiums	608,913	567,595
Trading account receivables from brokers and clearing organizations	254,230	423,543
Property, furniture and equipment	414,335	422,091
Goodwill	169,652	169,652
Accrued investment income	128,616	138,789
Other assets	769,717	762,743
Total assets	27,323,292	26,630,030
Liabilities:
Reserves for losses and loss expenses	13,088,904	12,583,249
Unearned premiums	3,902,913	3,656,507
Due to reinsurers	424,806	360,314
Trading account securities sold but not yet purchased	20,814	36,143
Federal and foreign income taxes	10,921	4,308
Other liabilities	1,104,896	1,244,888
Senior notes and other debt	1,725,449	1,427,575
Subordinated debentures	1,199,198	1,198,704
Total liabilities	21,477,901	20,511,688
Equity:
Perferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none	0	0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively	70,535	70,535
Additional paid-in capital	1,076,043	1,056,042
Retained earnings	7,927,280	7,932,372
Accumulated other comprehensive loss	(249,350)	(257,299)
Treasury stock, at cost, 174,745,998 and 169,264,857 shares, respectively	(3,023,392)	(2,726,711)
Total stockholders’ equity	5,801,116	6,074,939
Noncontrolling interests	44,275	43,403
Total equity	5,845,391	6,118,342
Total liabilities and equity	$ 27,323,292	$ 26,630,030