Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities (amortized cost of $16,838,703 and $16,471,304; allowance for expected credit losses of $26,531 and $22,625 at March 31, 2022 and December 31, 2021, respectively)	$ 16,426,196	$ 16,602,673
Real estate	1,276,157	1,852,508
Investment funds	1,545,648	1,480,612
Arbitrage trading account	1,188,910	1,179,606
Equity securities	1,126,491	941,243
Loans receivable (net of allowance for expected credit losses of $1,429 and $1,718 at March 31, 2022 and December 31, 2021, respectively)	115,097	115,172
Total investments	21,678,499	22,171,814
Cash and cash equivalents	2,114,841	1,568,843
Premiums and fees receivable (net of allowance for expected credit losses of $28,236 and $25,218 at March 31, 2022 and December 31, 2021, respectively)	2,599,357	2,522,972
Due from reinsurers (net of allowance for expected credit losses of $7,655 and $7,713 at March 31, 2022 and December 31, 2021, respectively)	2,929,161	2,923,026
Deferred policy acquisition costs	716,645	676,145
Prepaid reinsurance premiums	680,703	676,915
Property, furniture and equipment	417,888	419,883
Goodwill	169,652	169,652
Accrued investment income	129,194	122,938
Current and deferred federal and foreign income taxes	43,527	42,457
Other assets	771,487	753,231
Total assets	32,250,954	32,047,876
Liabilities:
Reserves for losses and loss expenses	15,722,889	15,390,888
Unearned premiums	5,026,905	4,847,160
Due to reinsurers	524,562	514,980
Trading account securities sold but not yet purchased	241	1,169
Trading account payable to brokers and clearing organizations	56,652	53,636
Other liabilities	1,189,919	1,305,245
Senior notes and other debt	1,834,155	2,259,416
Subordinated debentures	1,007,832	1,007,652
Total liabilities	25,363,155	25,380,146
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, 177,930,502 and 183,411,907 shares, respectively	105,803	105,803
Additional paid-in capital	992,012	981,104
Retained earnings	9,582,790	9,015,135
Accumulated other comprehensive loss	(649,229)	(281,955)
Treasury stock, at cost, 263,828,377 and 263,843,868 shares, respectively	(3,166,873)	(3,167,076)
Total stockholders’ equity	6,864,503	6,653,011
Noncontrolling interests	23,296	14,719
Total equity	6,887,799	6,667,730
Total liabilities and equity	$ 32,250,954	$ 32,047,876