Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities (amortized cost of $13,755,858 and $13,976,647; allowance for expected credit losses of $2,580 at December 31, 2020)	$ 14,159,369	$ 14,180,961
Investment funds	1,309,430	1,213,535
Real estate	1,960,914	2,105,950
Arbitrage trading account	341,473	400,809
Equity securities	625,667	480,620
Loans receivable (net of allowance for expected credit losses of $5,437 at December 31, 2020)	84,913	91,799
Total investments	18,481,766	18,473,674
Cash and cash equivalents	2,372,366	1,023,710
Premiums and fees receivable (net of allowance for expected credit losses of $22,883 at December 31, 2020)	2,167,799	1,997,186
Due from reinsurers (net of allowance for expected credit losses of $7,801 at December 31, 2020)	2,424,502	2,133,683
Deferred policy acquisition costs	556,168	517,364
Prepaid reinsurance premiums	648,376	567,595
Trading account receivable from brokers and clearing organizations	524,727	423,543
Property, furniture and equipment	405,930	422,091
Goodwill	169,652	169,652
Accrued investment income	120,464	138,789
Current federal and foreign income taxes	5,893	23,404
Deferred federal and foreign income taxes	29,055	8,710
Other assets	700,215	762,743
Total assets	28,606,913	26,662,144
Liabilities:
Reserves for losses and loss expenses	13,784,430	12,583,249
Unearned premiums	4,073,191	3,656,507
Due to reinsurers	426,124	360,314
Trading account securities sold but not yet purchased	10,048	36,143
Current federal and foreign income taxes	41,282	10,006
Deferred federal and foreign income taxes	42,161	26,416
Other liabilities	1,178,546	1,244,888
Senior notes and other debt	1,623,025	1,427,575
Subordinated debentures	1,102,309	1,198,704
Total liabilities	22,281,116	20,543,802
Equity:
Preferred 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, 177,825,150 and 183,411,907 shares, respectively	70,535	70,535
Additional paid-in capital	1,012,483	1,056,042
Retained earnings	8,348,381	7,932,372
Accumulated other comprehensive loss	(62,172)	(257,299)
Treasury stock, at cost, 174,851,350 and 169,264,857 shares, respectively	(3,058,425)	(2,726,711)
Total common stockholders’ equity	6,310,802	6,074,939
Noncontrolling interests	14,995	43,403
Total equity	6,325,797	6,118,342
Total liabilities and equity	$ 28,606,913	$ 26,662,144