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Capital Structure (Tables)
 12 Months Ended
Dec. 31, 2024
Capital Structure  
Schedule of Total Debt Outstanding
Total debt outstanding
 As of December 31,
($ in millions)20242023
6.750% Senior Notes due 2024 (1) (2)
$— $350 
0.750% Senior Notes, due 2025 (1)
600 600 
3.280% Senior Notes, due 2026 (1)
550 550 
5.050% Senior Notes, due 2029 (1)
500 — 
Due in one year through five years1,650 1,500 
1.450% Senior Notes, due 2030 (1)
600 600 
6.125% Senior Notes, due 2032 (1)
159 159 
5.250% Senior Notes due 2033 (1)
750 750 
5.350% Senior Notes due 2033 (1)
323 323 
Due after five years through ten years1,832 1,832 
5.550% Senior Notes due 2035 (1)
546 546 
5.950% Senior Notes, due 2036 (1)
386 386 
6.900% Senior Debentures, due 2038
165 165 
5.200% Senior Notes, due 2042 (1)
62 62 
4.500% Senior Notes, due 2043 (1)
500 500 
4.200% Senior Notes, due 2046 (1)
700 700 
3.850% Senior Notes, due 2049 (1)
500 500 
Floating Rate Subordinated Debentures, due 2053 (3)
500 500 
Floating Rate Subordinated Debentures, due 2053 (3)
800 800 
6.500% Junior Subordinated Debentures, due 2067
500 500 
Due after ten years
4,659 4,659 
Long-term debt total principal8,141 7,991 
Fair value adjustments (2)
— 7 
Debt issuance costs (4)
(56)(56)
Total long-term debt8,085 7,942 
Short-term debt (5)
— — 
Total debt$8,085 $7,942 
(1)Senior Notes are subject to redemption at the Company’s option in whole or in part at any time at the greater of either 100% of the principal amount plus accrued and unpaid interest to the redemption date or the discounted sum of the present values of the remaining scheduled payments of principal and interest and accrued and unpaid interest to the redemption date.
(2)Debt acquired as part of the National General acquisition completed on January 4, 2021.
(3)2053 Subordinated Debentures became floating rate in 2023.
(4)Unamortized debt issuance costs are reported in debt and are amortized over the expected period the debt will remain outstanding.
(5)The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.
Schedule of Debt Maturities
Debt maturities for each of the next five years
and thereafter (excluding issuance costs and other)
($ in millions)
2025$600 
2026550 
2027— 
2028— 
2029500 
Thereafter6,491 
Total long-term debt principal$8,141 
Schedule of Total Preferred Stock Outstanding
Total preferred stock outstanding
As of December 31,
Aggregate liquidation preference
($ in millions)
Dividend per depository share (1)
Aggregate dividend payment ($ in millions)
2024202320242023Dividend rate202420232022202420232022
Series G (2)
— — $— $— 5.625 %$— $0.70 $1.41 $— $16 
(3)
$32 
Series H46,000 46,000 1,150.0 1,150.0 5.100 1.28 1.28 1.28 59 59 59 
Series I12,000 12,000 300.0 300.0 4.750 1.19 1.19 1.19 14 14 14 
Series J
24,000 24,000 600.0 600.0 7.375 1.84 0.75 — 44 18 — 
Total82,000 82,000 $2,050 $2,050 $117 $107 $105 
(1)Each depository share represents a 1/1,000th interest in a share of preferred stock.
(2)On April 17, 2023, the Company redeemed all outstanding shares of Preferred Stock Series G.
(3)Excludes $18 million related to original issuance costs in preferred stock dividends on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Equity as a result of the preferred stock redemptions.