Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities (allowance for expected credit losses of $67,463 at March 31, 2020)	$ 13,666,067	$ 14,180,961
Real estate	2,084,387	2,105,950
Investment funds	1,178,858	1,213,535
Arbitrage trading account	666,829	400,809
Equity securities	356,102	480,620
Loans receivable (allowance for expected credit losses of $3,928 at March 31, 2020)	87,058	91,799
Total investments	18,039,301	18,473,674
Cash and cash equivalents	965,012	1,023,710
Premiums and fees receivable (allowance for expected credit losses of $21,524 at March 31, 2020)	2,075,685	1,997,186
Due from reinsurers (allowance for expected credit losses of $6,800 at March 31, 2020)	2,178,092	2,133,683
Deferred policy acquisition costs	542,013	517,364
Prepaid reinsurance premiums	576,646	567,595
Trading account receivables from brokers and clearing organizations	132,928	423,543
Property, furniture and equipment	422,012	422,091
Goodwill	169,652	169,652
Accrued investment income	140,843	138,789
Federal and foreign income taxes	83,677	0
Other assets	764,068	762,743
Total assets	26,089,929	26,630,030
Liabilities:
Reserves for losses and loss expenses	12,732,515	12,583,249
Unearned premiums	3,800,642	3,656,507
Due to reinsurers	368,724	360,314
Trading account securities sold but not yet purchased	14,003	36,143
Federal and foreign income taxes	0	4,308
Other liabilities	1,005,433	1,244,888
Senior notes and other debt	1,432,117	1,427,575
Subordinated debentures	1,198,951	1,198,704
Total liabilities	20,552,385	20,511,688
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, 179,836,714 and 183,411,907 shares, respectively	70,535	70,535
Additional paid-in capital	1,063,084	1,056,042
Retained earnings	7,877,371	7,932,372
Accumulated other comprehensive loss	(589,521)	(257,299)
Treasury stock, at cost, 172,840,050 and 169,264,857 shares, respectively	(2,927,994)	(2,726,711)
Total stockholders’ equity	5,493,475	6,074,939
Noncontrolling interests	44,069	43,403
Total equity	5,537,544	6,118,342
Total liabilities and equity	$ 26,089,929	$ 26,630,030