Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities (amortized cost of $24,369,703 and $23,010,899; allowance for expected credit losses of $332 and $671 at June 30, 2025 and December 31, 2024, respectively)	$ 24,093,156	$ 22,397,865
Investment funds	1,492,258	1,468,246
Real estate	1,294,505	1,291,455
Equity securities	1,262,192	1,203,788
Arbitrage trading account	1,034,557	1,122,599
Loans receivable (net of allowance for expected credit losses of $369 and $1,114 at June 30, 2025 and December 31, 2024, respectively)	324,365	405,453
Total investments	29,501,033	27,889,406
Cash and cash equivalents	1,984,529	1,974,747
Premiums and fees receivable (net of allowance for expected credit losses of $38,960 and $39,884 at June 30, 2025 and December 31, 2024, respectively)	3,647,860	3,266,845
Due from reinsurers (net of allowance for expected credit losses of $6,954 and $8,350 at June 30, 2025 and December 31, 2024, respectively)	3,601,233	3,557,695
Deferred policy acquisition costs	1,017,073	951,728
Prepaid reinsurance premiums	872,539	823,207
Trading account receivables from brokers and clearing organizations	138,891	60,327
Property, furniture and equipment	490,121	478,511
Goodwill	184,332	184,332
Accrued investment income	259,308	243,772
Current and deferred federal and foreign income taxes	36,255	140,966
Other assets	924,883	877,099
Total assets	42,658,057	40,448,635
Liabilities:
Reserves for losses and loss expenses	21,496,123	20,368,030
Unearned premiums	6,818,407	6,375,112
Due to reinsurers	644,608	668,652
Trading account securities sold but not yet purchased	30,909	73,358
Other liabilities	1,521,396	1,715,078
Subordinated debentures	1,010,168	1,009,808
Senior notes and other debt	1,831,638	1,831,158
Total liabilities	33,353,249	32,041,196
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	158,705	158,705
Additional paid-in capital	1,005,428	984,825
Retained earnings	12,829,755	12,265,070
Accumulated other comprehensive loss	(572,384)	(934,269)
Treasury stock, at cost, 414,136,477 and 413,455,739 shares, respectively	(4,126,967)	(4,079,220)
Total stockholders’ equity	9,294,537	8,395,111
Noncontrolling interests	10,271	12,328
Total equity	9,304,808	8,407,439
Total liabilities and equity	$ 42,658,057	$ 40,448,635