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Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Assets      
Fixed maturities (amortized cost: $46,028.8, $42,378.0, and $43,794.2) $ 43,172.5 $ 43,873.1 $ 43,031.0
Short-term investments (amortized cost: $4,611.8, $1,710.6, and $942.6) 4,611.8 942.6 1,710.6
Total available-for-sale securities 47,784.3 44,815.7 44,741.6
Nonredeemable preferred stocks (cost: $1,522.5, $1,511.2, and $1,571.8) 1,360.5 1,639.9 1,609.8
Common equities (cost: $783.6, $1,238.4, and $1,264.1) 2,784.7 5,058.5 4,591.4
Total equity securities 4,145.2 6,698.4 6,201.2
Total investments 51,929.5 51,514.1 50,942.8
Cash and cash equivalents 226.1 187.1 99.5
Restricted cash and cash equivalents 14.4 15.0 15.1
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 240.5 202.1 114.6
Accrued investment income 216.7 181.7 179.3
Premiums receivable, net of allowance for credit losses of $265.8, $245.2, and $280.4 10,561.8 9,399.5 9,436.2
Reinsurance recoverables 4,961.2 4,980.5 4,709.1
Prepaid reinsurance premiums 464.3 457.6 620.0
Deferred acquisition costs 1,498.4 1,355.6 1,360.6
Property and equipment, net of accumulated depreciation of $1,512.6, $1,396.5, and $1,407.4 1,124.7 1,137.3 1,086.4
Goodwill 227.9 452.7 452.7
Intangible assets, net of accumulated amortization of $147.7, $354.6, and $383.8 97.2 117.3 146.5
Net federal deferred income taxes 955.6 0.0 0.0
Other assets 779.4 1,333.9 776.1
Total assets 73,057.2 71,132.3 69,824.3
Liabilities      
Unearned premiums 17,274.8 15,615.8 15,555.9
Loss and loss adjustment expense reserves 27,812.0 26,164.1 23,895.6
Net federal deferred income taxes 0.0 152.9 219.4
Accounts payable, accrued expenses, and other liabilities 5,931.2 6,069.1 6,080.3
Debt [1] 6,386.5 4,898.8 5,397.5
Total liabilities 57,404.5 52,900.7 51,148.7
Shareholders' Equity      
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5) 493.9 493.9 493.9
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.7, 212.4, and 213.2) 584.9 584.4 585.2
Paid-in capital 1,815.2 1,772.9 1,712.3
Retained earnings 14,967.7 15,339.7 15,401.0
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (2,193.5) 56.2 498.8
Net unrealized losses on forecasted transactions (14.7) (14.9) (15.1)
Foreign currency translation adjustment (0.8) (0.6) (0.5)
Total accumulated other comprehensive income (loss) (2,209.0) 40.7 483.2
Total shareholders’ equity 15,652.7 18,231.6 18,675.6
Total liabilities and shareholders’ equity $ 73,057.2 $ 71,132.3 $ 69,824.3
[1] Consists of long-term debt. See Note 4 – Debt for further discussion.