v3.26.1
Consolidated Balance Sheets Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Fixed maturity securities (amortized cost of $26,265,637 and $25,170,368; allowance for expected credit losses of $440 and $74 at June 30, 2026 and December 31, 2025, respectively) $ 25,899,992 $ 25,047,662
Investment funds 1,431,427 1,361,802
Real estate 1,350,849 1,279,748
Equity securities 1,502,237 1,358,201
Arbitrage trading account 1,292,382 1,221,103
Loans receivable (net of allowance for expected credit losses of $0 and $161 at June 30, 2026 and December 31, 2025, respectively) 265,644 418,913
Total investments 31,742,531 30,687,429
Cash and cash equivalents 2,606,530 2,539,938
Premiums and fees receivable (net of allowance for expected credit losses of $41,421 and $42,006 at June 30, 2026 and December 31, 2025, respectively) 3,755,577 3,417,112
Due from reinsurers (net of allowance for expected credit losses of $6,808 and $6,378 at June 30, 2026 and December 31, 2025, respectively) 3,643,933 3,543,013
Deferred policy acquisition costs 1,044,777 1,000,691
Prepaid reinsurance premiums 946,151 881,831
Trading account receivables from brokers and clearing organizations 3,139 11,669
Property, furniture and equipment 566,952 596,235
Goodwill 184,332 184,332
Accrued investment income 264,222 255,199
Current and deferred federal and foreign income taxes 64,670 0
Other assets 854,299 809,394
Total assets 45,677,113 43,926,843
Liabilities:    
Reserves for losses and loss expenses 23,182,240 22,207,773
Unearned premiums 7,099,475 6,721,570
Due to reinsurers 646,261 615,781
Trading account securities sold but not yet purchased 6,576 66,285
Current and deferred federal and foreign income taxes 0 39,018
Other liabilities 2,059,148 1,724,797
Subordinated debentures 1,010,887 1,010,527
Senior notes and other debt 1,829,445 1,829,198
Total liabilities $ 35,834,032 34,214,949
Equity:    
Number of authorized shares not disclosed true  
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 1,015,222 987,708
Retained earnings 14,055,344 13,344,204
Accumulated other comprehensive loss (640,007) (451,097)
Treasury stock, at cost, 422,464,027 and 416,366,010 shares, respectively (4,756,025) (4,338,702)
Total stockholders’ equity 9,833,239 9,700,818
Noncontrolling interests 9,842 11,076
Total equity 9,843,081 9,711,894
Total liabilities and equity $ 45,677,113 $ 43,926,843