v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES:      
Premiums earned $ 15,560 $ 15,187 $ 13,443
Net investment income 2,124 1,954 1,434
Total net gains (losses) on investments (143) 19 (276)
Other income (expense) (45) 121 (14)
Total revenues 17,496 17,281 14,587
CLAIMS AND EXPENSES:      
Incurred losses and loss adjustment expenses 10,859 11,305 8,427
Commission, brokerage, taxes and fees 3,461 3,300 2,952
Other underwriting expenses 1,029 938 846
Corporate expenses 109 95 73
Interest, fees and bond issue cost amortization expense 151 149 134
Total claims and expenses 15,609 15,787 12,432
INCOME (LOSS) BEFORE TAXES 1,887 1,493 2,154
Income tax expense (benefit) 296 120 (363)
NET INCOME (LOSS) 1,591 1,373 2,517
Other comprehensive income (loss), net of tax:      
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 740 (97) 743
Reclassification adjustment for realized losses (gains) included in net income (loss) 114 (12) 244
Total URA(D) on securities arising during the period 854 (109) 986
Foreign currency translation and other adjustments 242 (128) 59
Benefit plan actuarial net gain (loss) for the period (9) 34 15
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) (1) (1) 2
Total benefit plan net gain (loss) for the period (10) 33 17
Total other comprehensive income (loss), net of tax 1,086 (204) 1,063
COMPREHENSIVE INCOME (LOSS) $ 2,678 $ 1,169 $ 3,580
EARNINGS PER COMMON SHARE:      
Basic (in dollars per share) $ 37.80 $ 31.78 $ 60.19
Diluted (in dollars per share) $ 37.80 $ 31.78 $ 60.19