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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Net premiums earned $ 14,894.3 $ 12,398.9 $ 42,891.8 $ 36,349.7
Investment income 510.2 333.6 1,384.3 868.2
Net realized gains (losses) on securities:        
Net realized gains (losses) on security sales (66.2) (62.1) 38.6 430.0
Net holding period gains (losses) on securities (80.5) (152.1) 17.9 (2,262.9)
Net impairment losses recognized in earnings (2.3) (2.2) (6.8) (6.5)
Total net realized gains (losses) on securities (149.0) (216.4) 49.7 (1,839.4)
Fees and other revenues 223.7 181.4 656.6 531.9
Service revenues 81.4 82.7 234.9 230.5
Total revenues 15,560.6 12,780.2 45,217.3 36,140.9
Expenses        
Losses and loss adjustment expenses 11,387.9 10,018.7 34,182.0 28,298.2
Policy acquisition costs 1,173.2 970.9 3,442.6 2,867.9
Other underwriting expenses 1,420.7 1,496.4 4,710.3 4,433.9
Investment expenses 7.2 5.8 18.8 17.4
Service expenses 91.7 82.8 264.6 221.5
Interest expense 69.7 63.1 198.7 180.4
Goodwill impairment 0.0 0.0 0.0 224.8
Total expenses 14,150.4 12,637.7 42,817.0 36,244.1
Net Income (Loss)        
Income (loss) before income taxes 1,410.2 142.5 2,400.3 (103.2)
Provision for income taxes 288.9 18.4 485.7 1.7
Net income (loss) 1,121.3 124.1 1,914.6 (104.9)
Other Comprehensive Income (Loss)        
Total net unrealized gains (losses) on fixed-maturity securities (388.6) (920.3) (241.0) (3,170.0)
Net unrealized losses on forecasted transactions 0.2 0.1 0.4 0.3
Foreign currency translation adjustment 0.0 (0.7) 0.2 (0.9)
Other comprehensive income (loss) (388.4) (920.9) (240.4) (3,170.6)
Comprehensive income (loss) 732.9 (796.8) 1,674.2 (3,275.5)
Computation of Earnings Per Common Share        
Net income (loss) 1,121.3 124.1 1,914.6 (104.9)
Less: Preferred share dividends [1] 10.4 6.7 27.2 20.1
Net income (loss) available to common shareholders $ 1,110.9 $ 117.4 $ 1,887.4 $ (125.0)
Average common shares outstanding - Basic (in shares) 584.8 584.5 584.9 584.4
Net effect of dilutive stock-based compensation (in shares) 2.7 2.6 2.6 2.7
Total average equivalent common shares - Diluted (in shares) 587.5 587.1 587.5 587.1
Basic: Earnings per common shares (in dollars per share) $ 1.90 $ 0.20 $ 3.23 $ (0.21)
Diluted: Earnings per common share (in dollars per share) $ 1.89 $ 0.20 $ 3.21 $ (0.21)
[1] Changed to a floating dividend rate in March 2023. See Note 1 – Basis of Reporting and Accounting for further discussion.