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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES:        
Premiums earned $ 2,131 $ 1,954 $ 4,200 $ 3,783
Net investment income 242 176 432 333
Total net gains (losses) on investments (22) (378) 0 (605)
Other income (expense) (10) 0 (15) (9)
Total revenues 2,341 1,753 4,618 3,502
CLAIMS AND EXPENSES:        
Incurred losses and loss adjustment expenses 1,325 1,304 2,719 2,530
Commission, brokerage, taxes and fees 433 409 869 793
Other underwriting expenses 136 120 275 238
Corporate expenses 4 6 10 12
Interest, fees and bond issue cost amortization expense 33 24 65 48
Total claims and expenses 1,930 1,863 3,938 3,621
INCOME (LOSS) BEFORE TAXES 411 (110) 679 (119)
Income tax expense (benefit) 81 (25) 130 (35)
NET INCOME (LOSS) 330 (86) 549 (85)
Other comprehensive income (loss), net of tax:        
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (44) (411) 68 (805)
Less: reclassification adjustment for realized losses (gains) included in net income (loss) 6 6 15 8
Total URA(D) on securities arising during the period (38) (405) 83 (797)
Foreign currency translation adjustments (4) (10) 2 (12)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 0 1 1 2
Total benefit plan net gain (loss) for the period 0 1 1 2
Total other comprehensive income (loss), net of tax (42) (414) 86 (807)
COMPREHENSIVE INCOME (LOSS) $ 288 $ (500) $ 636 $ (892)