PROGRESSIVE CORP/OH/, 10-Q filed on 5/4/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 02, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-09518  
Entity Incorporation, State or Country Code OH  
Entity Tax Identification Number 34-0963169  
Entity Address, Address Line One 300 North Commons Blvd.,  
Entity Address, City or Town Mayfield Village,  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 44143  
City Area Code 440  
Local Phone Number 461-5000  
Entity Information, Former Legal or Registered Name Not Applicable  
Title of 12(b) Security Common Shares, $1.00 Par Value  
Trading Symbol PGR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   584,336,464
Entity Registrant Name PROGRESSIVE CORP/OH/  
Entity Central Index Key 0000080661  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Net premiums earned $ 20,968 $ 19,409
Investment income 917 814
Net realized gains (losses) on securities:    
Net realized gains (losses) on security sales 96 1
Net holding period gains (losses) on securities (216) (213)
Total net realized gains (losses) on securities (120) (212)
Fees and other revenues 297 287
Service revenues 126 111
Total revenues 22,188 20,409
Expenses    
Losses and loss adjustment expenses 13,827 12,804
Policy acquisition costs 1,538 1,456
Other underwriting expenses 3,048 2,719
Investment expenses 8 7
Service expenses 131 117
Interest expense 70 70
Total expenses 18,622 17,173
Net Income    
Income before income taxes 3,566 3,236
Provision for income taxes 748 669
Net income 2,818 2,567
Other Comprehensive Income (Loss)    
Change in total net unrealized gains (losses) on fixed-maturity securities (574) 899
Comprehensive income (loss) $ 2,244 $ 3,466
Computation of Earnings Per Common Share    
Average common shares outstanding - Basic (in shares) 585.6 586.0
Net effect of dilutive stock-based compensation (in shares) 1.3 1.7
Total average equivalent common shares - Diluted (in shares) 586.9 587.7
Basic: Earnings per common shares (in dollars per share) $ 4.81 $ 4.38
Diluted: Earnings per common share (in dollars per share) $ 4.80 $ 4.37
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets      
Fixed maturities (amortized cost: $88,408, $77,754, and $82,704) $ 87,832 $ 82,866 $ 77,101
Short-term investments (amortized cost: $2,126, $2,595, and $10,005) 2,126 10,005 2,595
Total available-for-sale securities 89,958 92,871 79,696
Nonredeemable preferred stocks (cost: $259, $608, and $419) 240 404 584
Common equities (cost: $839, $774, and $819) 3,933 4,098 3,384
Total equity securities 4,173 4,502 3,968
Total investments 94,131 97,373 83,664
Cash and cash equivalents 162 125 195
Restricted cash and cash equivalents 17 13 12
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 179 138 207
Accrued investment income 685 670 584
Premiums receivable, net of allowance for credit losses of $528, $473, and $552 17,614 15,362 16,811
Reinsurance recoverables 4,003 4,083 4,449
Prepaid reinsurance premiums 198 197 306
Deferred acquisition costs 2,131 2,044 2,068
Property and equipment, net of accumulated depreciation of $1,416, $1,490, and $1,460 792 783 854
Net federal deferred income taxes 742 748 860
Other assets 1,734 1,641 1,606
Total assets 122,209 123,039 111,409
Liabilities      
Unearned premiums 27,893 25,219 26,612
Loss and loss adjustment expense reserves 44,377 43,310 39,822
Dividends payable on common shares 58 7,972 59
Accounts payable, accrued expenses, and other liabilities 9,456 9,318 9,068
Debt [1] 8,386 6,897 6,894
Total liabilities 90,170 92,716 82,455
Shareholders' Equity      
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 214, 212, and 212) 584 586 586
Paid-in capital 2,314 2,307 2,160
Retained earnings 29,612 27,327 26,732
Accumulated other comprehensive income (loss):      
Net unrealized gains (losses) on fixed-maturity securities (457) 117 (509)
Net unrealized losses on forecasted transactions (13) (13) (14)
Foreign currency translation adjustment (1) (1) (1)
Total accumulated other comprehensive income (loss) (471) 103 (524)
Total shareholders’ equity 32,039 30,323 28,954
Total liabilities and shareholders’ equity $ 122,209 $ 123,039 $ 111,409
[1] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Statement of Financial Position [Abstract]      
Fixed maturities, amortized cost $ 88,408 $ 82,704 $ 77,754
Short-term investments, amortized cost 2,126 10,005 2,595
Nonredeemable preferred stocks, cost 259 419 608
Common equities, cost 839 819 774
Premium receivable, allowance for credit loss 528 552 473
Property and equipment, accumulated depreciation $ 1,416 $ 1,460 $ 1,490
Common shares, par value (USD per share) $ 1.00 $ 1.00 $ 1.00
Common shares, authorized (shares) 900,000,000 900,000,000 900,000,000
Common shares, issued (shares) 798,000,000 798,000,000 798,000,000
Treasury shares (shares) 214,000,000 212,000,000 212,000,000
v3.26.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Common Shares, $1.00 Par Value
Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Balance, Beginning of period at Dec. 31, 2024   $ 586 $ 2,145 $ 24,283 $ (1,423)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Treasury shares purchased   0 (1) (53)  
Amortization of equity-based compensation     16    
Net income $ 2,567     2,567  
Cash dividends declared on common shares ($0.10 and $0.10 per share)       (59)  
Other, net       (6)  
Other comprehensive income (loss)         899
Balance, End of period at Mar. 31, 2025 28,954 586 2,160 26,732 (524)
Balance, Beginning of period at Dec. 31, 2025 30,323 586 2,307 27,327 103
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Treasury shares purchased   (2) (9) (467)  
Amortization of equity-based compensation     16    
Net income 2,818     2,818  
Cash dividends declared on common shares ($0.10 and $0.10 per share)       (58)  
Other, net       (8)  
Other comprehensive income (loss)         (574)
Balance, End of period at Mar. 31, 2026 $ 32,039 $ 584 $ 2,314 $ 29,612 $ (471)
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities    
Net income $ 2,818 $ 2,567
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 75 70
Net amortization (accretion) of fixed-income securities (47) (21)
Amortization of equity-based compensation 16 16
Net realized (gains) losses on securities 120 212
Net (gains) losses on disposition of property and equipment 3 3
Changes in:    
Premiums receivable (2,252) (2,442)
Reinsurance recoverables 80 316
Prepaid reinsurance premiums (1) 43
Deferred acquisition costs (87) (107)
Income taxes 830 667
Unearned premiums 2,674 2,754
Loss and loss adjustment expense reserves 1,067 765
Accounts payable, accrued expenses, and other liabilities (788) 334
Other, net (141) (34)
Net cash provided by operating activities 4,367 5,143
Purchases:    
Fixed maturities (19,291) (17,324)
Equity securities (57) (86)
Sales:    
Fixed maturities 11,115 14,721
Equity securities 56 149
Maturities, paydowns, calls, and other:    
Fixed maturities 2,549 1,950
Equity securities 152 87
Net (purchases) sales of short-term investments 7,919 (1,964)
Net change in unsettled security transactions 243 172
Purchases of property and equipment (63) (59)
Sales of property and equipment 14 13
Net cash provided by (used in) investing activities 2,637 (2,341)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (7,972) (2,695)
Acquisition of treasury shares for equity award tax liabilities (43) (54)
Acquisition of treasury shares acquired in open market (435) 0
Net proceeds from debt issuances 1,487 0
Net cash used in financing activities (6,963) (2,749)
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 41 53
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 138 154
Cash, cash equivalents, restricted cash, and restricted cash equivalents – March 31 $ 179 $ 207
v3.26.1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical)ls) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Common shares, par value (USD per share) $ 1.00 $ 1.00
Cash dividends declared on common stock (in dollars per share) $ 0.10 $ 0.10
Voting Preference Shares    
Preferred stock, shares authorized (shares) 5,000,000 5,000,000
Preferred stock, shares issued (shares) 0 0
Serial Preferred Stock    
Preferred stock, shares authorized (shares) 20,000,000 20,000,000
v3.26.1
Basis of Reporting and Accounting
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Reporting and Accounting BASIS OF REPORTING AND ACCOUNTING
The accompanying consolidated financial statements include the accounts of The Progressive Corporation and our wholly owned insurance subsidiaries and non-insurance subsidiaries and affiliates in which we have a controlling financial interest (Progressive).
The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, were necessary for a fair statement of the results for the interim periods presented. The results of operations for the period ended March 31, 2026, are not necessarily indicative of the results expected for the full year. These consolidated financial statements and the notes thereto should be read in conjunction with Progressive’s audited financial statements and accompanying notes included in Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report to Shareholders).
Premiums Receivable
We perform analyses to evaluate our premiums receivable for expected credit losses. See our 2025 Annual Report to Shareholders for a discussion on our premiums receivable allowance for credit loss policy.
The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable:
Three Months Ended March 31,
(millions)20262025
Allowance for credit losses, beginning of period$552 $460 
Increase in allowance1
183 153 
Write-offs2
(207)(140)
Allowance for credit losses, end of period$528 $473 
1 Represents the incremental increase in other underwriting expenses.
2 Represents the portion of allowance that is reversed when the premiums receivable balances are written off. Premiums receivable balances are written off once we have exhausted our collection efforts.
Supplemental Cash Flow Information
Cash and cash equivalents include bank demand deposits and daily overnight reverse repurchase commitments of funds held in bank demand deposit accounts by certain subsidiaries. The amount of overnight reverse repurchase commitments, which are not considered part of the
investment portfolio, held by these subsidiaries at March 31, 2026 and 2025, and December 31, 2025, were $29 million, $78 million, and $44 million, respectively. Restricted cash and restricted cash equivalents include collateral held against unpaid deductibles and cash that is restricted to pay flood claims under the National Flood Insurance Program’s “Write Your Own” program, for which certain subsidiaries are participants.
Non-cash activity included the following in the respective periods:
Three Months Ended March 31,
(millions)20262025
Common share dividends1
$58 $59 
Operating lease liabilities2
23 40 
1 Declared but unpaid. See Note 10 – Dividends for further discussion.
2 From obtaining right-of-use assets.
In the respective periods, we paid the following: 
 Three Months Ended March 31,
(millions)20262025
Income taxes, net of refunds$(85)$0 
Interest88 88 
Operating lease liabilities26 22 
New Accounting Standards
We did not adopt any new accounting standards during the three months ended March 31, 2026. In September 2025, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), which amends the existing accounting guidance for capitalization of internal-use software costs and provides more detailed guidelines around the criteria for capitalization. This ASU will be effective for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2027 (fiscal 2028 for calendar-year companies). This standard may be applied using a prospective, modified, or retrospective transition approach. We do not believe this ASU will have a material impact on our financial condition or results of operations.
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
The following tables present the composition of our investment portfolio by major security type:
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2026
Available-for-sale securities:
Fixed maturities:
U.S. government$44,676 $229 $(488)$0 $44,417 47.2 %
State and local government3,135 13 (61)0 3,087 3.3 
Foreign government16 0 0 0 16 0 
Corporate and other debt20,994 121 (132)3 20,986 22.3 
Residential mortgage-backed4,127 23 (13)(1)4,136 4.4 
Commercial mortgage-backed7,228 6 (243)0 6,991 7.4 
Other asset-backed8,232 13 (46)0 8,199 8.7 
Total fixed maturities88,408 405 (983)2 87,832 93.3 
Short-term investments2,126 0 0 0 2,126 2.3 
Total available-for-sale securities90,534 405 (983)2 89,958 95.6 
Equity securities:
Nonredeemable preferred stocks259 0 0 (19)240 0.2 
Common equities839 0 0 3,094 3,933 4.2 
Total equity securities1,098 0 0 3,075 4,173 4.4 
Total portfolio1
$91,632 $405 $(983)$3,077 $94,131 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2025
Available-for-sale securities:
Fixed maturities:
U.S. government$44,523 $391 $(596)$0 $44,318 53.0 %
State and local government2,688 6 (90)0 2,604 3.1 
Foreign government16 0 0 0 16 0 
Corporate and other debt16,047 127 (156)(2)16,016 19.2 
Residential mortgage-backed2,172 18 (8)1 2,183 2.6 
Commercial mortgage-backed5,144 5 (324)0 4,825 5.8 
Other asset-backed7,164 25 (50)0 7,139 8.5 
Total fixed maturities77,754 572 (1,224)(1)77,101 92.2 
Short-term investments2,595 0 0 0 2,595 3.1 
Total available-for-sale securities80,349 572 (1,224)(1)79,696 95.3 
Equity securities:
Nonredeemable preferred stocks608 0 0 (24)584 0.7 
Common equities774 0 0 2,610 3,384 4.0 
Total equity securities1,382 0 0 2,586 3,968 4.7 
Total portfolio1
$81,731 $572 $(1,224)$2,585 $83,664 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
December 31, 2025
Available-for-sale securities:
Fixed maturities:
U.S. government$43,114 $541 $(357)$0 $43,298 44.5 %
State and local government3,342 19 (58)0 3,303 3.4 
Foreign government17 0 0 0 17 0 
Corporate and other debt19,773 273 (68)13 19,991 20.5 
Residential mortgage-backed3,152 28 (6)1 3,175 3.3 
Commercial mortgage-backed6,194 12 (233)0 5,973 6.1 
Other asset-backed7,112 28 (31)0 7,109 7.3 
Total fixed maturities82,704 901 (753)14 82,866 85.1 
Short-term investments10,005 0 0 0 10,005 10.3 
Total available-for-sale securities92,709 901 (753)14 92,871 95.4 
Equity securities:
Nonredeemable preferred stocks419 0 0 (15)404 0.4 
Common equities819 0 0 3,279 4,098 4.2 
Total equity securities1,238 0 0 3,264 4,502 4.6 
Total portfolio1
$93,947 $901 $(753)$3,278 $97,373 100.0 %
1 At March 31, 2026 and 2025, and December 31, 2025, we had $443 million, $297 million, and $200 million, respectively, of net unsettled security transactions included in accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets.
The total fair value of the portfolio at March 31, 2026 and 2025, and December 31, 2025, included $6.2 billion, $3.5 billion, and $13.0 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. A portion of the investments held at December 31, 2025, were sold and proceeds were used to pay our common share dividends in January 2026; see Note 10 – Dividends for additional information.
At March 31, 2026, bonds and certificates of deposit in the principal amount of $789 million were on deposit to meet state insurance regulatory requirements. We did not hold any securities of any one issuer, excluding U.S. government securities, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at March 31, 2026 or 2025, or December 31, 2025. At March 31, 2026, we did not hold any debt securities that were non-income producing during the preceding 12 months.
Hybrid Securities Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:
 March 31,
(millions)20262025December 31, 2025
Fixed Maturities:
Corporate and other debt$702 $632 $733 
Residential mortgage-backed998 579 792 
Total hybrid securities$1,700 $1,211 $1,525 
Since the embedded derivatives (e.g., change-in-control put option, debt-to-equity conversion, or any other feature unrelated to the credit quality or risk of default of the issuer that could impact the amount or timing of our expected future cash flows) do not have observable intrinsic values, we use the fair value option to record the changes in fair value of these securities through income as a component of net realized gains (losses).
Fixed Maturities The composition of fixed maturities by maturity at March 31, 2026, was:
(millions)CostFair Value
Less than one year$10,830 $10,805 
One to five years45,137 44,725 
Five to ten years32,117 31,977 
Ten years or greater324 325 
Total$88,408 $87,832 
Asset-backed securities are classified in the maturity distribution table based upon their projected cash flows. All other securities that do not have a single maturity date are reported based upon expected average maturity. Contractual maturities may differ from expected maturities because the issuers of the securities may have the right to call or prepay obligations.
Gross Unrealized Losses The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
 Value		Gross Unrealized
Losses
March 31, 2026
U.S. government73 $23,054 $(488)32 $17,806 $(171)41 $5,248 $(317)
State and local government293 1,872 (61)116 689 (5)177 1,183 (56)
Corporate and other debt320 9,052 (132)236 6,990 (64)84 2,062 (68)
Residential mortgage-backed53 1,450 (13)35 1,397 (8)18 53 (5)
Commercial mortgage-backed191 5,591 (243)79 3,187 (10)112 2,404 (233)
Other asset-backed144 4,911 (46)112 4,080 (16)32 831 (30)
Total fixed maturities1,074 $45,930 $(983)610 $34,149 $(274)464 $11,781 $(709)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
 Value		Gross Unrealized
Losses
March 31, 2025
U.S. government85 $16,851 $(596)18 $9,284 $(69)67 $7,567 $(527)
State and local government307 1,871 (90)70 445 (2)237 1,426 (88)
Corporate and other debt210 4,967 (156)56 1,352 (12)154 3,615 (144)
Residential mortgage-backed47 674 (8)25 628 (2)22 46 (6)
Commercial mortgage-backed165 3,653 (324)22 597 (4)143 3,056 (320)
Other asset-backed89 2,046 (50)46 1,128 (3)43 918 (47)
Total fixed maturities903 $30,062 $(1,224)237 $13,434 $(92)666 $16,628 $(1,132)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
 Value		Gross Unrealized
Losses
December 31, 2025
U.S. government62 $17,402 $(357)8 $11,327 $(54)54 $6,075 $(303)
State and local government252 1,589 (58)60 318 (1)192 1,271 (57)
Corporate and other debt141 3,821 (68)36 1,177 (5)105 2,644 (63)
Residential mortgage-backed30 293 (6)12 233 (1)18 60 (5)
Commercial mortgage-backed147 3,551 (233)34 1,210 (3)113 2,341 (230)
Other asset-backed64 1,924 (31)32 1,148 (3)32 776 (28)
Total fixed maturities696 $28,580 $(753)182 $15,413 $(67)514 $13,167 $(686)
A review of the securities in an unrealized loss position indicated that, at the end of each period presented, the issuers were current with respect to their interest obligations and that there was no evidence of deterioration of the current cash flow projections that would indicate we would not receive the remaining principal at maturity.
Allowance For Credit and Uncollectible Losses We are required to measure the amount of potential credit losses for all fixed-maturity securities in an unrealized loss position. We did not record any allowances for credit losses or any write-offs for credit losses deemed to be uncollectible during the first three months of 2026 or 2025, and did not have a material credit loss allowance balance as of March 31, 2026 and 2025, or December 31, 2025. No unrealized loss write offs were recorded during the three months ended March 31, 2026 or 2025.
As of March 31, 2026 and 2025, and December 31, 2025, we believe that none of the unrealized losses on our fixed-maturity securities were related to material credit losses on any specific securities, or in the aggregate. We continue to expect all the securities in our fixed-maturity portfolio will pay their principal and interest obligations.
In addition, we reviewed our accrued investment income outstanding on those securities in an unrealized loss position at March 31, 2026 and 2025, and December 31, 2025, to determine if the accrued interest amounts were uncollectible. Based on our analysis, we believe the issuers have sufficient liquidity and capital reserves to meet their current interest and future principal obligations and, therefore, did not write off any accrued income as uncollectible at March 31, 2026 and 2025, or December 31, 2025.
Realized Gains (Losses) The components of net realized gains (losses) for the three months ended March 31, were:
 Three Months
(millions)20262025
Gross realized gains on security sales
Available-for-sale securities:
U.S. government$99 $53 
State and local government1 0 
Corporate and other debt26 1 
Residential mortgage-backed1 0 
Total available-for-sale securities127 54 
Equity securities:
Nonredeemable preferred stocks8 2 
Common equities13 35 
Total equity securities21 37 
Subtotal gross realized gains on security sales148 91 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government(36)(77)
State and local government0 (2)
Corporate and other debt(5)(1)
Commercial mortgage-backed0 (4)
Total available-for-sale securities(41)(84)
Equity securities:
Nonredeemable preferred stocks(5)(2)
Common equities(6)(4)
Total equity securities(11)(6)
Subtotal gross realized losses on security sales(52)(90)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government63 (24)
State and local government1 (2)
Corporate and other debt21 0 
Residential mortgage-backed1 0 
Commercial mortgage-backed0 (4)
Total available-for-sale securities86 (30)
Equity securities:
Nonredeemable preferred stocks3 0 
Common equities7 31 
Total equity securities10 31 
Subtotal net realized gains (losses) on security sales96 1 
Net holding period gains (losses)
Hybrid securities(27)3 
Equity securities(189)(216)
Subtotal net holding period gains (losses)(216)(213)
Total net realized gains (losses) on securities$(120)$(212)
During the first three months of 2026 and 2025, the majority of our security sales were U.S. government securities that were sold for duration management. We also selectively sold securities that we viewed as having less attractive risk/reward profiles during the first three months of 2026 and 2025.
The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective quarter ends:
Three Months
(millions)20262025
Total net gains (losses) recognized during the period on equity securities$(179)$(185)
Less: Net gains (losses) recognized on equity securities sold during the period10 31 
Net holding period gains (losses) recognized during the period on equity securities held at period end$(189)$(216)
Net Investment Income The components of net investment income for the three months ended March 31, were: 
Three Months
(millions)20262025
Available-for-sale securities:
Fixed maturities:
U.S. government$400 $422 
State and local government24 19 
Corporate and other debt235 171 
Residential mortgage-backed39 25 
Commercial mortgage-backed71 53 
Other asset-backed87 84 
Total fixed maturities856 774 
Short-term investments44 18 
Total available-for-sale securities900 792 
Equity securities:
Nonredeemable preferred stocks4 8 
Common equities13 14 
Total equity securities17 22 
Investment income917 814 
Investment expenses(8)(7)
Net investment income$909 $807 
On a year-over-year basis, investment income (interest and dividends) increased 13% for the three months ended March 31, 2026, compared to the same period last year. The increase primarily reflects growth in invested assets and an increase in recurring investment book yield. The book yield increase primarily reflects investing new cash from insurance operations, and proceeds from maturing bonds, in higher coupon rate securities.
v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
The composition of the investment portfolio by major security type and our outstanding debt was:
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
March 31, 2026
Fixed maturities:
U.S. government$44,417 $0 $0 $44,417 $44,676 
State and local government0 3,087 0 3,087 3,135 
Foreign government0 16 0 16 16 
Corporate and other debt0 20,982 4 20,986 20,994 
Residential mortgage-backed0 4,136 0 4,136 4,127 
Commercial mortgage-backed0 6,991 0 6,991 7,228 
Other asset-backed0 8,199 0 8,199 8,232 
Total fixed maturities44,417 43,411 4 87,832 88,408 
Short-term investments2,072 54 0 2,126 2,126 
    Total available-for-sale securities46,489 43,465 4 89,958 90,534 
Equity securities:
Nonredeemable preferred stocks0 191 49 240 259 
Common equities:
Common stocks3,891 0 5 3,896 802 
Other risk investments0 0 37 37 37 
Subtotal common equities3,891 0 42 3,933 839 
    Total equity securities3,891 191 91 4,173 1,098 
Total portfolio$50,380 $43,656 $95 $94,131 $91,632 
Debt$0 $7,728 $0 $7,728 $8,386 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
March 31, 2025
Fixed maturities:
U.S. government$44,318 $0 $0 $44,318 $44,523 
State and local government0 2,604 0 2,604 2,688 
Foreign government0 16 0 16 16 
Corporate and other debt0 16,011 5 16,016 16,047 
Residential mortgage-backed0 2,183 0 2,183 2,172 
Commercial mortgage-backed0 4,825 0 4,825 5,144 
Other asset-backed0 7,139 0 7,139 7,164 
Total fixed maturities44,318 32,778 5 77,101 77,754 
Short-term investments2,595 0 0 2,595 2,595 
    Total available-for-sale securities46,913 32,778 5 79,696 80,349 
Equity securities:
Nonredeemable preferred stocks0 524 60 584 608 
Common equities:
Common stocks3,344 0 9 3,353 743 
Other risk investments0 0 31 31 31 
Subtotal common equities3,344 0 40 3,384 774 
    Total equity securities3,344 524 100 3,968 1,382 
Total portfolio$50,257 $33,302 $105 $83,664 $81,731 
Debt$0 $6,247 $0 $6,247 $6,894 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
December 31, 2025
Fixed maturities:
U.S. government$43,298 $0 $0 $43,298 $43,114 
State and local government0 3,303 0 3,303 3,342 
Foreign government0 17 0 17 17 
Corporate and other debt0 19,987 4 19,991 19,773 
Residential mortgage-backed0 3,175 0 3,175 3,152 
Commercial mortgage-backed0 5,973 0 5,973 6,194 
Other asset-backed0 7,109 0 7,109 7,112 
Total fixed maturities43,298 39,564 4 82,866 82,704 
Short-term investments9,810 195 0 10,005 10,005 
    Total available-for-sale securities53,108 39,759 4 92,871 92,709 
Equity securities:
Nonredeemable preferred stocks0 344 60 404 419 
Common equities:
Common stocks4,057 0 5 4,062 783 
Other risk investments0 0 36 36 36 
Subtotal common equities4,057 0 41 4,098 819 
    Total equity securities4,057 344 101 4,502 1,238 
Total portfolio$57,165 $40,103 $105 $97,373 $93,947 
Debt$0 $6,345 $0 $6,345 $6,897 
Our portfolio valuations, excluding short-term investments valued at adjusted original cost, classified as either Level 1 or Level 2 in the above tables are priced exclusively by external sources, including pricing vendors, dealers/market makers, and exchange-quoted prices. We concluded there was sufficient market activity in the relevant sectors and securities, further supporting our Level 1 and Level 2 classifications.
Our short-term investments classified as Level 1 include commercial paper, U.S. Treasury Bills, and money market funds, which are highly liquid, actively marketed, and have short durations. These securities are valued at their original cost, adjusted for any accretion of discount, which approximates fair value because of the relatively short period of time until maturity. The remainder of our short-term investments with a trade date to maturity of less than a year are classified as Level 2. These securities are classified as Level 2 since they are valued using external pricing vendor prices or are securities that continually trade at par value because they contain either liquidity facilities or mandatory put features within one year and, as a result, are valued at their original cost.
At March 31, 2026 and 2025, and December 31, 2025, vendor-quoted prices represented 92%, 93%, and 91%, respectively, of our Level 1 classifications (excluding short-term investments valued at adjusted original cost). The securities quoted by vendors in Level 1 primarily represent our holdings in U.S. government securities, which are frequently traded, and the quotes are considered similar to exchange-traded quotes. The balance of our Level 1 pricing comes from quotes obtained directly from trades made on active exchanges.
At March 31, 2026, vendor-quoted prices comprised 99% of our Level 2 classifications (excluding short-term investments valued at adjusted original cost), with the balance from dealer quotes, compared to 100% at March 31, 2025 and December 31, 2025. In our process for selecting a source (e.g., dealer or pricing service) to provide pricing for securities in our portfolio, we reviewed documentation from the sources that detailed the pricing techniques and methodologies used by these sources and determined if their policies adequately considered market activity, either based on specific transactions for the particular security type or based on modeling of securities with similar credit quality, duration, yield, and structure that were recently transacted. Once a source is chosen, we continue to monitor any changes or modifications to their processes by reviewing their documentation on internal controls for pricing and market reviews. We review quality control measures of our sources as they become available to determine if any significant changes have occurred from period to period that might indicate issues or concerns regarding their evaluation or market coverage.
As part of our pricing procedures, we obtain quotes from more than one source to help us fully evaluate the market price of securities. However, our internal pricing policy is to use a consistent source for individual securities in order to maintain the integrity of our valuation process. Quotes obtained from the sources are not considered binding offers to transact. Under our policy, when a review of the valuation received from our selected source appears to be outside of what is considered market level activity (which is defined as trading at spreads or yields significantly different than those of comparable securities or outside the
general sector level movement without a reasonable explanation), we may use an alternate source’s price. To the extent we determine that it may be prudent to substitute one source’s price for another, we will contact the initial source to obtain an understanding of the factors that may be contributing to the significant price variance.
To allow us to determine if our initial source is providing a price that is outside of a reasonable range, we review our portfolio pricing on a weekly basis. When necessary, we challenge prices from our sources when a price provided does not match our expectations based on our evaluation of market trends and activity. Initially, we perform a review of our portfolio by sector to identify securities whose prices appear outside of a reasonable range. We then perform a more detailed review of fair values for securities disclosed as Level 2. We review dealer bids and quotes for these and/or similar securities to determine the market level context for our valuations. We then evaluate inputs relevant for each class of securities disclosed in the preceding hierarchy tables.
For structured debt securities, including commercial, residential, and other asset-backed securities, we evaluate available market-related data for these and similar securities related to collateral, delinquencies, and defaults for historical trends and reasonably estimable projections, as well as historical prepayment rates and current prepayment assumptions and cash flow estimates. We further stratify each class of structured debt securities into more finite sectors (e.g., planned amortization class, first pay, second pay, senior, and subordinated) and use duration and credit quality to determine if the fair value is appropriate.
For corporate and other debt, nonredeemable preferred stock, and the notes issued by The Progressive Corporation (see Note 4 – Debt), we review securities by duration, credit quality, and coupon, as well as changes in interest rate and credit spread movements within that stratification. The review also includes recent trades, including: volume traded at various levels that establish a market; issuer specific fundamentals; and industry-specific economic news as it comes to light.
For state and local government (municipal) securities, we stratify the portfolio to evaluate securities by type, duration, credit quality, and coupon, to review price changes relative to credit spread and interest rate changes.
Additionally, we look to economic data as it relates to geographic location as an indication of price-to-call or maturity predictors. For municipal housing securities, we look to changes in cash flow projections, both historical and reasonably estimable projections, to understand yield changes and their effect on valuation.
For short-term investments valued at adjusted original cost, we look at acquisition price relative to the coupon or yield. Since most of these securities are 60 days or less to maturity, we believe that adjusted original cost is the best estimate of fair value. For short-term investments valued with external vendor prices, we review securities by duration, credit quality, and coupon, as well as changes in interest rate and credit spread movements within that stratification, and recent trade information.
We also review data assumptions as supplied by our sources to determine if that data is relevant to current market conditions. In addition, we independently review each sector for transaction volumes, new issuances, and changes in spreads, as well as the overall movement of interest rates along the yield curve to determine if sufficient activity and liquidity exists to provide a credible source for our market valuations.
During each valuation period, we create internal estimations of portfolio valuation (performance returns), based on current market-related activity (i.e., interest rate and credit spread movements and other credit-related factors) within each major sector of our portfolio. We compare our results to index returns for each major sector adjusting for duration and credit quality differences to better understand our portfolio’s results. Additionally, we review our external sales transactions and compare the actual final market sales prices to previous market valuation prices on a monthly basis. This review provides us further validation that our pricing sources are providing market level prices, and gives us additional comfort regarding the source’s process, the quality of its review, and its willingness to improve its analysis based on feedback from clients. We believe this effort helps ensure that we are reporting the most representative fair values for our securities.
After all the valuations are received and our review of Level 2 securities is complete, if the inputs used by vendors are determined to not contain sufficient observable market information, we will reclassify the affected securities to Level 3.

Except as described below, our Level 3 securities are priced externally; however, due to several factors (e.g., nature of the securities, level of activity, and lack of similar securities trading to obtain observable market level inputs), these valuations are more subjective in nature.
To the extent we receive prices from external sources (e.g., broker and valuation firm) for the Level 3 securities, we review those prices for reasonableness using internally developed assumptions and then compare our derived prices to the prices received from the external sources. Based on our review during the first three months of 2026 and for the full year of 2025, all prices received from external sources remained unadjusted.
If we do not receive prices from an external source, we perform an internal fair value comparison, which includes a review and analysis of market-comparable securities, to determine if fair value changes are needed. Based on this analysis, certain private equity investments included in the Level 3 category remain valued at cost or were priced using a recent transaction as the basis for fair value. At
least annually, these private equity investments are priced by an external source.
Our Level 3 other risk investments include securities accounted for under the equity method of accounting and, therefore, are not subject to fair value reporting. Since these securities represent less than 0.1% of our total portfolio, we include them in our Level 3 disclosures and report the activity from these investments as “other” changes in the summary of changes in fair value table and categorize these securities as “pricing exemption securities” in the quantitative information table.
During the first three months of 2026 and for the full year of 2025, there were no material assets or liabilities measured at fair value on a nonrecurring basis.
Due to the relative size of the Level 3 securities’ fair values, compared to the total portfolio’s fair value, any changes in pricing methodology would not have a significant change in valuation that would materially impact net or comprehensive income.
The following tables provide a summary of changes in fair value associated with Level 3 assets for the three months ended March 31, 2026 and 2025:
(millions)Fair Value at December 31, 2025Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at March 31, 2026
Fixed maturities:
Corporate and other debt$4 $0 $0 $0 $0 $0 $0 $4 
Equity securities:
Nonredeemable preferred stocks60 0 0 (5)(7)1 0 49 
Common equities:
Common stocks5 0 0 0 0 0 0 5 
Other risk investments36 1 0 0 0 0 0 37 
Total Level 3 securities$105 $1 $0 $(5)$(7)$1 $0 $95 
(millions)Fair Value at December 31, 2024Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at March 31, 2025
Fixed maturities:
Corporate and other debt$5 $0 $0 $0 $0 $0 $0 $5 
Equity securities:
Nonredeemable preferred stocks52 0 8 0 0 0 0 60 
Common equities:
Common stocks23 0 0 0 0 (14)0 9 
Other risk investments25 6 0 0 0 0 0 31 
Total Level 3 securities
$105 $6 $8 $0 $0 $(14)$0 $105 
1For fixed maturities, amounts included are unrealized gains (losses) reflected in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, amounts included are net holding period gains (losses) on securities on our consolidated statements of comprehensive income.
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at March 31, 2026 and 2025, and December 31, 2025:
($ in millions)Fair Value at March 31, 2026Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$4 Market comparablesWeighted average market capitalization price change %
(1.0)%
(1.0)%
Equity securities:
Nonredeemable preferred stocks49 Market comparablesWeighted average market capitalization price change %
(23.6)% to 0%
(12.4)%
Common stocks5 Market comparablesWeighted average market capitalization price change %
(41.3)% to (12.9)%
(23.6)%
Subtotal Level 3 securities58 
Pricing exemption securities37 
Total Level 3 securities$95 


($ in millions)Fair Value at March 31, 2025Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$5 Market comparablesWeighted average market capitalization price change %
0.7% to 0.8%
0.8 %
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(11.8)% to 16.1%
6.4 %
Common stocks9 Market comparablesWeighted average market capitalization price change %
(36.8)% to 41.5%
6.7 %
Subtotal Level 3 securities74 
Pricing exemption securities31 
Total Level 3 securities$105 


($ in millions)Fair Value at December 31, 2025Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$4 Market comparablesWeighted average market capitalization price change %
(0.1)% to 0.1%
0 %
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(14.5)% to 7.6%
(4.5)%
Common stocks5 Market comparablesWeighted average market capitalization price change %
(40.9)% to 36.3%
7.6 %
Subtotal Level 3 securities69 
Pricing exemption securities36 
Total Level 3 securities$105 
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt at each of the balance sheet periods consisted of the following Senior Notes:
($ in millions)March 31, 2026March 31, 2025December 31, 2025
Principal Amount Interest RateIssuance DateMaturity DateCarrying
Value		Fair
Value		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
$500 2.45 %August 2016January 2027$500 $493 $499 $484 $499 $493 
500 2.50 March 2022March 2027500 492 499 483 499 492 
300 6 5/8March 1999March 2029299 320 298 322 299 323 
550 4.00 October 2018March 2029548 547 548 542 548 551 
500 3.20 March 2020March 2030498 478 498 470 498 484 
500 4.60 March 2026March 2031497 501 0 0 0 0 
500 3.00 March 2022March 2032497 457 497 447 497 462 
400 6.25 November 2002December 2032397 435 397 434 397 442 
500 4.95 May 2023June 2033497 507 497 503 497 513 
1,000 5.15 March 2026March 2036990 1,001 0 0 0 0 
350 4.35 April 2014April 2044347 295 347 300 347 304 
400 3.70 January 2015January 2045396 305 396 310 396 314 
850 4.125 April 2017April 2047843 678 842 695 843 702 
600 4.20 March 2018March 2048591 478 591 493 591 498 
500 3.95 March 2020March 2050492 380 491 393 492 392 
500 3.70 March 2022March 2052494 361 494 371 494 375 
Total$8,386 $7,728 $6,894 $6,247 $6,897 $6,345 
At March 31, 2026, short-term debt consisted of the $500 million 2.45% senior notes that mature in January 2027 and the $500 million 2.50% senior notes that mature in March 2027. There was no short-term debt outstanding at March 31, 2025, or December 31, 2025.
In March 2026, the Progressive Corporation issued $500 million of 4.60% Senior Notes due 2031 and $1 billion of 5.15% Senior Notes due 2036, in an underwritten public offering. The net proceeds from the issuances, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately
$1,487 million in aggregate. Consistent with the other senior notes issued by Progressive, interest on these notes is payable semiannually, principal is due at maturity, and the notes are redeemable, in whole or in part, at any time, subject to a treasury “make whole” provision.
The Progressive Corporation has a line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $300 million. See the 2025 Annual Report to Shareholders for a discussion of the terms of this line of credit. We had no borrowings under the line of credit that was available during the periods presented.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The effective tax rate for the three months ended March 31, 2026 and 2025, was 21.0% and 20.7%, respectively.
Deferred income taxes reflect the tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not that the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes and, therefore, no valuation allowance was needed at March 31, 2026 and 2025, and December 31, 2025.

We had net current income taxes payable of $700 million, $838 million, and $28 million at March 31, 2026 and 2025, and December 31, 2025, respectively, which were reported in accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets. The balance may fluctuate from period to period due to normal timing differences.
At March 31, 2026 and 2025, and December 31, 2025, we have not recorded any unrecognized tax benefits or related interest and penalties.
v3.26.1
Loss and Loss Adjustment Expense Reserves
 3 Months Ended
Mar. 31, 2026
Loss and Loss Adjustment Expenses Reserves [Abstract]  
Loss and Loss Adjustment Expense Reserves LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES
Activity in the loss and loss adjustment expense reserves is summarized as follows:
March 31,
(millions)20262025
Balance at January 1$43,310 $39,057 
Less reinsurance recoverables on unpaid losses3,807 4,487 
Net balance at January 139,503 34,570 
Incurred related to:
Current year14,278 13,082 
Prior years(451)(278)
Total incurred13,827 12,804 
Paid related to:
Current year5,356 4,881 
Prior years7,345 6,804 
Total paid12,701 11,685 
Net balance at March 31
40,629 35,689 
Plus reinsurance recoverables on unpaid losses3,748 4,133 
Balance at March 31
$44,377 $39,822 
We experienced favorable reserve development of $451 million and $278 million during the first three months of 2026 and 2025, respectively, which is reflected as “incurred related to prior years” in the table above.
First Quarter 2026
•The favorable prior year reserve development included approximately $320 million attributable to accident year 2025, $115 million to accident year 2024, and the remainder to accident years 2023 and prior.
•Our personal auto products incurred about $445 million of favorable loss and loss adjustment expense (LAE) reserve development, with the agency and direct auto businesses each contributing about half. The favorable development was primarily due to lower than anticipated bodily injury severity, more subrogation and salvage recoveries than anticipated, and lower than anticipated payments on previously closed but reopened property damage claims.
First Quarter 2025
•The favorable prior year reserve development included approximately $180 million attributable to accident year 2024, $90 million to accident year 2023, and the remainder to accident years 2022 and prior.
•Our personal auto products incurred about $260 million of favorable loss and LAE reserve development, with the agency and direct auto businesses each contributing about half. The favorable development was primarily due to lower than anticipated loss severity and frequency in Florida.
•Our personal property products experienced about $30 million of favorable development, primarily attributable to favorable development on 2024 catastrophe events.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Our Personal Lines segment writes insurance for personal autos, special lines products (e.g., recreational vehicles, such as motorcycles, RVs, and watercraft), personal residential property insurance for homeowners and renters, umbrella insurance, and flood insurance through the “Write Your Own” program for the National Flood Insurance Program.
Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related
general liability and commercial property insurance predominately for small businesses, and workers’ compensation insurance primarily for the transportation industry.
Our service businesses primarily provide insurance-related services, including serving as an agent for homeowners, general liability, and workers’ compensation insurance, among other products, through programs in our direct Personal Lines and Commercial Lines businesses.
All segment revenues are generated from external customers; all intercompany transactions are eliminated in consolidation.
Following are the operating results for the respective periods:
(millions)Personal LinesCommercial Lines
Other1
Companywide
Three Months Ended March 31, 2026
Net premiums earned$18,384 $2,583 $1 $20,968 
Fees and other revenues276 20 1 297 
Total underwriting revenue18,660 2,603 2 21,265 
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)10,219 1,457 1 11,677 
Catastrophe losses263 5 0 268 
Loss adjustment expenses1,593 289 0 1,882 
Total losses and loss adjustment expenses12,075 1,751 1 13,827 
Underwriting expenses:
Distribution expenses2
2,664 300 2 2,966 
Other underwriting expenses3
1,346 268 6 1,620 
Total underwriting expenses4,010 568 8 4,586 
Pretax underwriting profit (loss)$2,575 $284 $(7)2,852 
Investment profit (loss)4
789 
Service businesses profit (loss)(5)
Interest expense(70)
Total pretax profit (loss)$3,566 

(millions)Personal LinesCommercial Lines
Other1
Companywide
Three Months Ended March 31, 2025
Net premiums earned$16,710 $2,699 $0 $19,409 
Fees and other revenues249 38 0 287 
Total underwriting revenue16,959 2,737 0 19,696 
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)9,109 1,559 0 10,668 
Catastrophe losses454 5 0 459 
Loss adjustment expenses1,390 287 0 1,677 
Total losses and loss adjustment expenses10,953 1,851 0 12,804 
Underwriting expenses:
Distribution expenses2
2,348 286 0 2,634 
Other underwriting expenses3
1,275 262 4 1,541 
Total underwriting expenses3,623 548 4 4,175 
Pretax underwriting profit (loss)$2,383 $338 $(4)2,717 
Investment profit (loss)4
595 
Service businesses profit (loss)(6)
Interest expense(70)
Total pretax profit (loss)$3,236 
1 Includes other underwriting business and run-off operations.
2 Includes policy acquisition costs, agents’ contingent commissions, and advertising costs attributable to our operating segments. A portion of our companywide advertising costs are also attributed to our service businesses.
3 Primarily consists of employee compensation and benefit costs, and the increase in the allowance for credit loss exposure on our premiums receivable.
4 Calculated as recurring investment income plus total net realized gains (losses) on securities, less investment expenses.
Our management uses underwriting margin and combined ratio as primary measures of underwriting profitability. The underwriting margin is the pretax underwriting profit (loss) expressed as a percentage of net premiums earned. Pretax underwriting profit (loss) is calculated as net premiums earned plus fees and other revenues, less: (i) losses and loss adjustment expenses; (ii) policy acquisition costs; and (iii) other underwriting expenses. Fees and other revenues are netted against either loss adjustment expenses or underwriting expenses in the ratio calculations, based on the underlying activity that generated the revenue. Combined ratio is the complement of the underwriting margin. Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
Three Months Ended March 31,
 20262025
Underwriting
Margin		Combined
Ratio		Underwriting
Margin		Combined
Ratio
Personal Lines14.0 %86.0 14.3 %85.7 
Commercial Lines11.0 89.0 12.5 87.5 
Total underwriting operations13.6 86.4 14.0 86.0 
v3.26.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Other Comprehensive Income (Loss) OTHER COMPREHENSIVE INCOME (LOSS)
The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows: 
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)Pretax total
accumulated
other
comprehensive
income (loss)		Total tax
(provision)
benefit		After tax total
accumulated
other
comprehensive
income (loss)		Total net unrealized gains (losses) on securitiesNet unrealized losses on forecasted transactions Foreign
currency
translation
adjustment
Balance at December 31, 2025$130 $(27)$103 $117 $(13)$(1)
Other comprehensive income (loss) before reclassifications for investment securities(628)132 (496)(496)0 0 
Less: Reclassification adjustment for amounts realized in net income by income statement line item:
Net realized gains (losses) on securities98 (20)78 78 0 0 
Total reclassification adjustment for amounts realized in net income98 (20)78 78 0 0 
Total other comprehensive income (loss)(726)152 (574)(574)0 0 
Balance at March 31, 2026$(596)$125 $(471)$(457)$(13)$(1)
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)Pretax total
accumulated
other
comprehensive
income (loss)		Total tax
(provision)
benefit		After tax total
accumulated
other
comprehensive
income (loss)		Total net unrealized gains (losses) on securitiesNet unrealized losses on forecasted transactionsForeign
currency
translation
adjustment
Balance at December 31, 2024$(1,809)$386 $(1,423)$(1,408)$(14)$(1)
Other comprehensive income (loss) before reclassifications for investment securities1,108 (233)875 875 0 0 
Less: Reclassification adjustment for amounts realized in net income by income statement line item:
Net realized gains (losses) on securities(30)6 (24)(24)0 0 
Total reclassification adjustment for amounts realized in net income(30)6 (24)(24)0 0 
Total other comprehensive income (loss)1,138 (239)899 899 0 0 
Balance at March 31, 2025$(671)$147 $(524)$(509)$(14)$(1)
In an effort to manage interest rate risk, we entered into forecasted transactions on certain of Progressive’s debt issuances. During the next 12 months, we expect to reclassify approximately $1 million (pretax) into interest expense, related to net unrealized losses on forecasted transactions (see Note 4 – Debt in our 2025 Annual Report to Shareholders for further discussion).
v3.26.1
Litigation
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Litigation LITIGATION
The Progressive Corporation and/or its insurance subsidiaries are named as defendants in various lawsuits arising out of claims made under insurance policies written by our insurance subsidiaries in the ordinary course of business. We consider all legal actions relating to such claims in establishing our loss and loss adjustment expense reserves.
In addition, The Progressive Corporation and/or its insurance subsidiaries are named as defendants in a number of class action or individual lawsuits that challenge certain of the operations of the subsidiaries. The nature and volume of litigation pending against The Progressive Corporation and/or its insurance subsidiaries is similar to that which was disclosed in Note 12 – Litigation in our 2025 Annual Report to Shareholders.
As of March 31, 2026, lawsuits have been certified or conditionally certified as class/collective actions in cases alleging that: we improperly value total loss claims by applying a negotiation adjustment in Colorado, North Carolina, and Ohio; we improperly calculate basic economic loss as it relates to wage loss coverage in New York; we improperly reduce or deny personal injury protection benefits when medical expenses are paid initially by health insurance in Arkansas; and we sell illusory underinsured motorist coverage in New Mexico. Other insurance companies face many of these same issues. We plan to contest the pending lawsuits vigorously, but may pursue settlement negotiations in some cases, as we deem appropriate.
Lawsuits arising from insurance policies and operations, including, but not limited to, allegations involving claims adjustment and vehicle valuation, may be filed
contemporaneously in multiple states. As of March 31, 2026, we are named as defendants in class action lawsuits
pending in multiple states alleging that we improperly
value total loss vehicle physical damage claims through the
application of a negotiation adjustment in calculating such valuations, which includes three states in which classes have been certified, as noted above, and lawsuits styled as putative class actions pending in additional states. These lawsuits, which were filed at different times by different plaintiffs, feature certain similar claims and also include different allegations and are subject to various state laws. While we believe we have meritorious defenses and we are vigorously contesting these lawsuits, an unfavorable result in, or a settlement of, a significant number of these lawsuits could, in aggregation, have a material adverse effect on our financial condition, cash flows, and/or results of operations. Based on information available to us, we determined that losses from these lawsuits are reasonably possible but neither probable nor reasonably estimable, other than for suits for which accruals have been established and are not material, as of March 31, 2026.
With respect to our pending lawsuits that are not related to claims under insurance policies, the accruals that we have established were not material at March 31, 2026 and 2025, or December 31, 2025, and there were no material settlements during 2025 or the first three months of 2026. For most of these lawsuits, we do not consider any losses to be both probable and estimable, and we are unable to estimate a meaningful range of loss, if any, at this time, due to the factors discussed in Note 12 – Litigation in our 2025 Annual Report to Shareholders. In the event that any one or more of these lawsuits results in a substantial judgment against us, or settlement by us, or if our accruals (if any) prove to be inadequate, the resulting liability could have a material adverse effect on our consolidated financial condition, cash flows, and/or results of operations. For a further discussion on our pending litigation and related reserving policies, see Note 1 – Reporting and Accounting Policies and Note 12 – Litigation in our 2025 Annual Report to Shareholders.
v3.26.1
Dividends
 3 Months Ended
Mar. 31, 2026
Dividends [Abstract]  
Dividends DIVIDENDS
Following is a summary of our common share dividends that were declared and/or paid during the three months ended March 31, 2026 and 2025:
(millions — except per share amounts)Amount
DeclaredPayablePer Share
Accrued/Paid1
Annual-Variable Dividends:
December 2025January 2026$13.50 $7,913 
December 2024January 20254.50 2,637 
Quarterly Dividends:
March 2026April 20260.10 58 
December 2025January 20260.10 59 
March 2025April 20250.10 59 
December 2024January 20250.10 58 
1 The accrual is based on an estimate of shares outstanding as of the record date and recorded as dividends payable on common shares on our consolidated balance sheets until paid; the prior period accrual was reclassified into this line item from accounts payable, accrued expenses, and other liabilities to conform to the current period’s presentation.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
John Murphy [Member]  
Trading Arrangements, by Individual  
Name John Murphy
Title Claims President
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 19, 2026
Expiration Date January 29, 2027
Arrangement Duration 344 days
Aggregate Available 5,916
Andrew J. Quigg [Member]  
Trading Arrangements, by Individual  
Name Andrew J. Quigg
Title Chief Strategy and Finance Management Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date January 29, 2026
Expiration Date January 29, 2027
Arrangement Duration 365 days
Aggregate Available 531
Steven A. Broz [Member]  
Trading Arrangements, by Individual  
Name Steven A. Broz
Title Chief Information Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 19, 2026
Expiration Date December 31, 2026
Arrangement Duration 315 days
Aggregate Available 3,470
Susan Patricia Griffith [Member]  
Trading Arrangements, by Individual  
Name Susan Patricia Griffith
Title President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 30, 2026
Expiration Date February 26, 2027
Arrangement Duration 333 days
Aggregate Available 13,422
Officer Trading Arrangement [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the first quarter 2026, certain executive officers entered into Rule 10b5-1 trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5-1(c). The trading arrangements provide for: (i) the sale of all (or a certain percentage) of the shares issued upon vesting for certain outstanding equity awards previously granted to the applicable executive, excluding any shares withheld by the company to satisfy tax withholding obligations (see our 2026 Proxy Statement for a description of the company’s equity compensation plans) and (ii) the sale and/or gift of a certain amount of shares (see “Additional or Specified Shares” below) held by the applicable executive, that are not sold in connection with the vesting of an outstanding equity award (as described above), some of which may have been the result of a prior vesting event for the applicable executive.
Below are the details of each applicable Rule 10b5-1 trading arrangement:
NameTitleDate Entered
Date Expires1
Additional or Specified Shares
Steven A. BrozChief Information OfficerFebruary 19, 2026December 31, 20263,470 
Susan Patricia GriffithPresident and Chief Executive OfficerMarch 30, 2026February 26, 202713,422 
John MurphyClaims PresidentFebruary 19, 2026January 29, 20275,916 
Andrew J. QuiggChief Strategy and Finance Management OfficerJanuary 29, 2026January 29, 2027531 
1 Subject to the plan’s earlier expiration or completion in accordance with its terms.
v3.26.1
Basis of Reporting and Accounting (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Standards
New Accounting Standards
We did not adopt any new accounting standards during the three months ended March 31, 2026. In September 2025, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), which amends the existing accounting guidance for capitalization of internal-use software costs and provides more detailed guidelines around the criteria for capitalization. This ASU will be effective for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2027 (fiscal 2028 for calendar-year companies). This standard may be applied using a prospective, modified, or retrospective transition approach. We do not believe this ASU will have a material impact on our financial condition or results of operations.
v3.26.1
Basis of Reporting and Accounting (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Premium Receivable, Allowance for Credit Loss
The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable:
Three Months Ended March 31,
(millions)20262025
Allowance for credit losses, beginning of period$552 $460 
Increase in allowance1
183 153 
Write-offs2
(207)(140)
Allowance for credit losses, end of period$528 $473 
1 Represents the incremental increase in other underwriting expenses.
2 Represents the portion of allowance that is reversed when the premiums receivable balances are written off. Premiums receivable balances are written off once we have exhausted our collection efforts.
Schedule of Supplemental Cash Flow Information, Non Cash Activity
Non-cash activity included the following in the respective periods:
Three Months Ended March 31,
(millions)20262025
Common share dividends1
$58 $59 
Operating lease liabilities2
23 40 
1 Declared but unpaid. See Note 10 – Dividends for further discussion.
2 From obtaining right-of-use assets.
Supplemental Cash Flow Information Table
In the respective periods, we paid the following: 
 Three Months Ended March 31,
(millions)20262025
Income taxes, net of refunds$(85)$0 
Interest88 88 
Operating lease liabilities26 22 
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt and Equity Securities Reconciliation
The following tables present the composition of our investment portfolio by major security type:
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2026
Available-for-sale securities:
Fixed maturities:
U.S. government$44,676 $229 $(488)$0 $44,417 47.2 %
State and local government3,135 13 (61)0 3,087 3.3 
Foreign government16 0 0 0 16 0 
Corporate and other debt20,994 121 (132)3 20,986 22.3 
Residential mortgage-backed4,127 23 (13)(1)4,136 4.4 
Commercial mortgage-backed7,228 6 (243)0 6,991 7.4 
Other asset-backed8,232 13 (46)0 8,199 8.7 
Total fixed maturities88,408 405 (983)2 87,832 93.3 
Short-term investments2,126 0 0 0 2,126 2.3 
Total available-for-sale securities90,534 405 (983)2 89,958 95.6 
Equity securities:
Nonredeemable preferred stocks259 0 0 (19)240 0.2 
Common equities839 0 0 3,094 3,933 4.2 
Total equity securities1,098 0 0 3,075 4,173 4.4 
Total portfolio1
$91,632 $405 $(983)$3,077 $94,131 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2025
Available-for-sale securities:
Fixed maturities:
U.S. government$44,523 $391 $(596)$0 $44,318 53.0 %
State and local government2,688 6 (90)0 2,604 3.1 
Foreign government16 0 0 0 16 0 
Corporate and other debt16,047 127 (156)(2)16,016 19.2 
Residential mortgage-backed2,172 18 (8)1 2,183 2.6 
Commercial mortgage-backed5,144 5 (324)0 4,825 5.8 
Other asset-backed7,164 25 (50)0 7,139 8.5 
Total fixed maturities77,754 572 (1,224)(1)77,101 92.2 
Short-term investments2,595 0 0 0 2,595 3.1 
Total available-for-sale securities80,349 572 (1,224)(1)79,696 95.3 
Equity securities:
Nonredeemable preferred stocks608 0 0 (24)584 0.7 
Common equities774 0 0 2,610 3,384 4.0 
Total equity securities1,382 0 0 2,586 3,968 4.7 
Total portfolio1
$81,731 $572 $(1,224)$2,585 $83,664 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
December 31, 2025
Available-for-sale securities:
Fixed maturities:
U.S. government$43,114 $541 $(357)$0 $43,298 44.5 %
State and local government3,342 19 (58)0 3,303 3.4 
Foreign government17 0 0 0 17 0 
Corporate and other debt19,773 273 (68)13 19,991 20.5 
Residential mortgage-backed3,152 28 (6)1 3,175 3.3 
Commercial mortgage-backed6,194 12 (233)0 5,973 6.1 
Other asset-backed7,112 28 (31)0 7,109 7.3 
Total fixed maturities82,704 901 (753)14 82,866 85.1 
Short-term investments10,005 0 0 0 10,005 10.3 
Total available-for-sale securities92,709 901 (753)14 92,871 95.4 
Equity securities:
Nonredeemable preferred stocks419 0 0 (15)404 0.4 
Common equities819 0 0 3,279 4,098 4.2 
Total equity securities1,238 0 0 3,264 4,502 4.6 
Total portfolio1
$93,947 $901 $(753)$3,278 $97,373 100.0 %
1 At March 31, 2026 and 2025, and December 31, 2025, we had $443 million, $297 million, and $200 million, respectively, of net unsettled security transactions included in accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets.
The total fair value of the portfolio at March 31, 2026 and 2025, and December 31, 2025, included $6.2 billion, $3.5 billion, and $13.0 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. A portion of the investments held at December 31, 2025, were sold and proceeds were used to pay our common share dividends in January 2026; see Note 10 – Dividends for additional information.
Hybrid Instruments Table Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:
 March 31,
(millions)20262025December 31, 2025
Fixed Maturities:
Corporate and other debt$702 $632 $733 
Residential mortgage-backed998 579 792 
Total hybrid securities$1,700 $1,211 $1,525 
Investments Classified by Contractual Maturity Date The composition of fixed maturities by maturity at March 31, 2026, was:
(millions)CostFair Value
Less than one year$10,830 $10,805 
One to five years45,137 44,725 
Five to ten years32,117 31,977 
Ten years or greater324 325 
Total$88,408 $87,832 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
 Value		Gross Unrealized
Losses
March 31, 2026
U.S. government73 $23,054 $(488)32 $17,806 $(171)41 $5,248 $(317)
State and local government293 1,872 (61)116 689 (5)177 1,183 (56)
Corporate and other debt320 9,052 (132)236 6,990 (64)84 2,062 (68)
Residential mortgage-backed53 1,450 (13)35 1,397 (8)18 53 (5)
Commercial mortgage-backed191 5,591 (243)79 3,187 (10)112 2,404 (233)
Other asset-backed144 4,911 (46)112 4,080 (16)32 831 (30)
Total fixed maturities1,074 $45,930 $(983)610 $34,149 $(274)464 $11,781 $(709)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
 Value		Gross Unrealized
Losses
March 31, 2025
U.S. government85 $16,851 $(596)18 $9,284 $(69)67 $7,567 $(527)
State and local government307 1,871 (90)70 445 (2)237 1,426 (88)
Corporate and other debt210 4,967 (156)56 1,352 (12)154 3,615 (144)
Residential mortgage-backed47 674 (8)25 628 (2)22 46 (6)
Commercial mortgage-backed165 3,653 (324)22 597 (4)143 3,056 (320)
Other asset-backed89 2,046 (50)46 1,128 (3)43 918 (47)
Total fixed maturities903 $30,062 $(1,224)237 $13,434 $(92)666 $16,628 $(1,132)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
 Value		Gross Unrealized
Losses
December 31, 2025
U.S. government62 $17,402 $(357)8 $11,327 $(54)54 $6,075 $(303)
State and local government252 1,589 (58)60 318 (1)192 1,271 (57)
Corporate and other debt141 3,821 (68)36 1,177 (5)105 2,644 (63)
Residential mortgage-backed30 293 (6)12 233 (1)18 60 (5)
Commercial mortgage-backed147 3,551 (233)34 1,210 (3)113 2,341 (230)
Other asset-backed64 1,924 (31)32 1,148 (3)32 776 (28)
Total fixed maturities696 $28,580 $(753)182 $15,413 $(67)514 $13,167 $(686)
Realized Gain (Loss) on Investments The components of net realized gains (losses) for the three months ended March 31, were:
 Three Months
(millions)20262025
Gross realized gains on security sales
Available-for-sale securities:
U.S. government$99 $53 
State and local government1 0 
Corporate and other debt26 1 
Residential mortgage-backed1 0 
Total available-for-sale securities127 54 
Equity securities:
Nonredeemable preferred stocks8 2 
Common equities13 35 
Total equity securities21 37 
Subtotal gross realized gains on security sales148 91 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government(36)(77)
State and local government0 (2)
Corporate and other debt(5)(1)
Commercial mortgage-backed0 (4)
Total available-for-sale securities(41)(84)
Equity securities:
Nonredeemable preferred stocks(5)(2)
Common equities(6)(4)
Total equity securities(11)(6)
Subtotal gross realized losses on security sales(52)(90)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government63 (24)
State and local government1 (2)
Corporate and other debt21 0 
Residential mortgage-backed1 0 
Commercial mortgage-backed0 (4)
Total available-for-sale securities86 (30)
Equity securities:
Nonredeemable preferred stocks3 0 
Common equities7 31 
Total equity securities10 31 
Subtotal net realized gains (losses) on security sales96 1 
Net holding period gains (losses)
Hybrid securities(27)3 
Equity securities(189)(216)
Subtotal net holding period gains (losses)(216)(213)
Total net realized gains (losses) on securities$(120)$(212)
Components of Equity Realized Gains (Losses)
The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective quarter ends:
Three Months
(millions)20262025
Total net gains (losses) recognized during the period on equity securities$(179)$(185)
Less: Net gains (losses) recognized on equity securities sold during the period10 31 
Net holding period gains (losses) recognized during the period on equity securities held at period end$(189)$(216)
Components of Net Investment Income The components of net investment income for the three months ended March 31, were: 
Three Months
(millions)20262025
Available-for-sale securities:
Fixed maturities:
U.S. government$400 $422 
State and local government24 19 
Corporate and other debt235 171 
Residential mortgage-backed39 25 
Commercial mortgage-backed71 53 
Other asset-backed87 84 
Total fixed maturities856 774 
Short-term investments44 18 
Total available-for-sale securities900 792 
Equity securities:
Nonredeemable preferred stocks4 8 
Common equities13 14 
Total equity securities17 22 
Investment income917 814 
Investment expenses(8)(7)
Net investment income$909 $807 
v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Composition of Investment Portfolio by Major Security Type
The composition of the investment portfolio by major security type and our outstanding debt was:
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
March 31, 2026
Fixed maturities:
U.S. government$44,417 $0 $0 $44,417 $44,676 
State and local government0 3,087 0 3,087 3,135 
Foreign government0 16 0 16 16 
Corporate and other debt0 20,982 4 20,986 20,994 
Residential mortgage-backed0 4,136 0 4,136 4,127 
Commercial mortgage-backed0 6,991 0 6,991 7,228 
Other asset-backed0 8,199 0 8,199 8,232 
Total fixed maturities44,417 43,411 4 87,832 88,408 
Short-term investments2,072 54 0 2,126 2,126 
    Total available-for-sale securities46,489 43,465 4 89,958 90,534 
Equity securities:
Nonredeemable preferred stocks0 191 49 240 259 
Common equities:
Common stocks3,891 0 5 3,896 802 
Other risk investments0 0 37 37 37 
Subtotal common equities3,891 0 42 3,933 839 
    Total equity securities3,891 191 91 4,173 1,098 
Total portfolio$50,380 $43,656 $95 $94,131 $91,632 
Debt$0 $7,728 $0 $7,728 $8,386 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
March 31, 2025
Fixed maturities:
U.S. government$44,318 $0 $0 $44,318 $44,523 
State and local government0 2,604 0 2,604 2,688 
Foreign government0 16 0 16 16 
Corporate and other debt0 16,011 5 16,016 16,047 
Residential mortgage-backed0 2,183 0 2,183 2,172 
Commercial mortgage-backed0 4,825 0 4,825 5,144 
Other asset-backed0 7,139 0 7,139 7,164 
Total fixed maturities44,318 32,778 5 77,101 77,754 
Short-term investments2,595 0 0 2,595 2,595 
    Total available-for-sale securities46,913 32,778 5 79,696 80,349 
Equity securities:
Nonredeemable preferred stocks0 524 60 584 608 
Common equities:
Common stocks3,344 0 9 3,353 743 
Other risk investments0 0 31 31 31 
Subtotal common equities3,344 0 40 3,384 774 
    Total equity securities3,344 524 100 3,968 1,382 
Total portfolio$50,257 $33,302 $105 $83,664 $81,731 
Debt$0 $6,247 $0 $6,247 $6,894 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
December 31, 2025
Fixed maturities:
U.S. government$43,298 $0 $0 $43,298 $43,114 
State and local government0 3,303 0 3,303 3,342 
Foreign government0 17 0 17 17 
Corporate and other debt0 19,987 4 19,991 19,773 
Residential mortgage-backed0 3,175 0 3,175 3,152 
Commercial mortgage-backed0 5,973 0 5,973 6,194 
Other asset-backed0 7,109 0 7,109 7,112 
Total fixed maturities43,298 39,564 4 82,866 82,704 
Short-term investments9,810 195 0 10,005 10,005 
    Total available-for-sale securities53,108 39,759 4 92,871 92,709 
Equity securities:
Nonredeemable preferred stocks0 344 60 404 419 
Common equities:
Common stocks4,057 0 5 4,062 783 
Other risk investments0 0 36 36 36 
Subtotal common equities4,057 0 41 4,098 819 
    Total equity securities4,057 344 101 4,502 1,238 
Total portfolio$57,165 $40,103 $105 $97,373 $93,947 
Debt$0 $6,345 $0 $6,345 $6,897 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide a summary of changes in fair value associated with Level 3 assets for the three months ended March 31, 2026 and 2025:
(millions)Fair Value at December 31, 2025Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at March 31, 2026
Fixed maturities:
Corporate and other debt$4 $0 $0 $0 $0 $0 $0 $4 
Equity securities:
Nonredeemable preferred stocks60 0 0 (5)(7)1 0 49 
Common equities:
Common stocks5 0 0 0 0 0 0 5 
Other risk investments36 1 0 0 0 0 0 37 
Total Level 3 securities$105 $1 $0 $(5)$(7)$1 $0 $95 
(millions)Fair Value at December 31, 2024Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales
Change in
Valuation1
Net
Transfers
In (Out)		Fair Value at March 31, 2025
Fixed maturities:
Corporate and other debt$5 $0 $0 $0 $0 $0 $0 $5 
Equity securities:
Nonredeemable preferred stocks52 0 8 0 0 0 0 60 
Common equities:
Common stocks23 0 0 0 0 (14)0 9 
Other risk investments25 6 0 0 0 0 0 31 
Total Level 3 securities
$105 $6 $8 $0 $0 $(14)$0 $105 
1For fixed maturities, amounts included are unrealized gains (losses) reflected in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, amounts included are net holding period gains (losses) on securities on our consolidated statements of comprehensive income.
Fair Value Measurement Inputs and Valuation Techniques
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at March 31, 2026 and 2025, and December 31, 2025:
($ in millions)Fair Value at March 31, 2026Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$4 Market comparablesWeighted average market capitalization price change %
(1.0)%
(1.0)%
Equity securities:
Nonredeemable preferred stocks49 Market comparablesWeighted average market capitalization price change %
(23.6)% to 0%
(12.4)%
Common stocks5 Market comparablesWeighted average market capitalization price change %
(41.3)% to (12.9)%
(23.6)%
Subtotal Level 3 securities58 
Pricing exemption securities37 
Total Level 3 securities$95 


($ in millions)Fair Value at March 31, 2025Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$5 Market comparablesWeighted average market capitalization price change %
0.7% to 0.8%
0.8 %
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(11.8)% to 16.1%
6.4 %
Common stocks9 Market comparablesWeighted average market capitalization price change %
(36.8)% to 41.5%
6.7 %
Subtotal Level 3 securities74 
Pricing exemption securities31 
Total Level 3 securities$105 


($ in millions)Fair Value at December 31, 2025Valuation
Technique		Unobservable InputRange of
Input Values
Increase
(Decrease)		Weighted
Average
Increase
(Decrease)
Fixed maturities:
Corporate and other debt$4 Market comparablesWeighted average market capitalization price change %
(0.1)% to 0.1%
0 %
Equity securities:
Nonredeemable preferred stocks60 Market comparablesWeighted average market capitalization price change %
(14.5)% to 7.6%
(4.5)%
Common stocks5 Market comparablesWeighted average market capitalization price change %
(40.9)% to 36.3%
7.6 %
Subtotal Level 3 securities69 
Pricing exemption securities36 
Total Level 3 securities$105 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Table
Debt at each of the balance sheet periods consisted of the following Senior Notes:
($ in millions)March 31, 2026March 31, 2025December 31, 2025
Principal Amount Interest RateIssuance DateMaturity DateCarrying
Value		Fair
Value		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
$500 2.45 %August 2016January 2027$500 $493 $499 $484 $499 $493 
500 2.50 March 2022March 2027500 492 499 483 499 492 
300 6 5/8March 1999March 2029299 320 298 322 299 323 
550 4.00 October 2018March 2029548 547 548 542 548 551 
500 3.20 March 2020March 2030498 478 498 470 498 484 
500 4.60 March 2026March 2031497 501 0 0 0 0 
500 3.00 March 2022March 2032497 457 497 447 497 462 
400 6.25 November 2002December 2032397 435 397 434 397 442 
500 4.95 May 2023June 2033497 507 497 503 497 513 
1,000 5.15 March 2026March 2036990 1,001 0 0 0 0 
350 4.35 April 2014April 2044347 295 347 300 347 304 
400 3.70 January 2015January 2045396 305 396 310 396 314 
850 4.125 April 2017April 2047843 678 842 695 843 702 
600 4.20 March 2018March 2048591 478 591 493 591 498 
500 3.95 March 2020March 2050492 380 491 393 492 392 
500 3.70 March 2022March 2052494 361 494 371 494 375 
Total$8,386 $7,728 $6,894 $6,247 $6,897 $6,345 
v3.26.1
Loss and Loss Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2026
Loss and Loss Adjustment Expenses Reserves [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
Activity in the loss and loss adjustment expense reserves is summarized as follows:
March 31,
(millions)20262025
Balance at January 1$43,310 $39,057 
Less reinsurance recoverables on unpaid losses3,807 4,487 
Net balance at January 139,503 34,570 
Incurred related to:
Current year14,278 13,082 
Prior years(451)(278)
Total incurred13,827 12,804 
Paid related to:
Current year5,356 4,881 
Prior years7,345 6,804 
Total paid12,701 11,685 
Net balance at March 31
40,629 35,689 
Plus reinsurance recoverables on unpaid losses3,748 4,133 
Balance at March 31
$44,377 $39,822 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reconciliation of Revenue and operating Income from Segments to Consolidated
Following are the operating results for the respective periods:
(millions)Personal LinesCommercial Lines
Other1
Companywide
Three Months Ended March 31, 2026
Net premiums earned$18,384 $2,583 $1 $20,968 
Fees and other revenues276 20 1 297 
Total underwriting revenue18,660 2,603 2 21,265 
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)10,219 1,457 1 11,677 
Catastrophe losses263 5 0 268 
Loss adjustment expenses1,593 289 0 1,882 
Total losses and loss adjustment expenses12,075 1,751 1 13,827 
Underwriting expenses:
Distribution expenses2
2,664 300 2 2,966 
Other underwriting expenses3
1,346 268 6 1,620 
Total underwriting expenses4,010 568 8 4,586 
Pretax underwriting profit (loss)$2,575 $284 $(7)2,852 
Investment profit (loss)4
789 
Service businesses profit (loss)(5)
Interest expense(70)
Total pretax profit (loss)$3,566 

(millions)Personal LinesCommercial Lines
Other1
Companywide
Three Months Ended March 31, 2025
Net premiums earned$16,710 $2,699 $0 $19,409 
Fees and other revenues249 38 0 287 
Total underwriting revenue16,959 2,737 0 19,696 
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)9,109 1,559 0 10,668 
Catastrophe losses454 5 0 459 
Loss adjustment expenses1,390 287 0 1,677 
Total losses and loss adjustment expenses10,953 1,851 0 12,804 
Underwriting expenses:
Distribution expenses2
2,348 286 0 2,634 
Other underwriting expenses3
1,275 262 4 1,541 
Total underwriting expenses3,623 548 4 4,175 
Pretax underwriting profit (loss)$2,383 $338 $(4)2,717 
Investment profit (loss)4
595 
Service businesses profit (loss)(6)
Interest expense(70)
Total pretax profit (loss)$3,236 
1 Includes other underwriting business and run-off operations.
2 Includes policy acquisition costs, agents’ contingent commissions, and advertising costs attributable to our operating segments. A portion of our companywide advertising costs are also attributed to our service businesses.
3 Primarily consists of employee compensation and benefit costs, and the increase in the allowance for credit loss exposure on our premiums receivable.
4 Calculated as recurring investment income plus total net realized gains (losses) on securities, less investment expenses.
Underwriting Margins and Combined Ratios for our Underwriting Operations Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
Three Months Ended March 31,
 20262025
Underwriting
Margin		Combined
Ratio		Underwriting
Margin		Combined
Ratio
Personal Lines14.0 %86.0 14.3 %85.7 
Commercial Lines11.0 89.0 12.5 87.5 
Total underwriting operations13.6 86.4 14.0 86.0 
v3.26.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Components of Other Comprehensive Income (Loss)
The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows: 
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)Pretax total
accumulated
other
comprehensive
income (loss)		Total tax
(provision)
benefit		After tax total
accumulated
other
comprehensive
income (loss)		Total net unrealized gains (losses) on securitiesNet unrealized losses on forecasted transactions Foreign
currency
translation
adjustment
Balance at December 31, 2025$130 $(27)$103 $117 $(13)$(1)
Other comprehensive income (loss) before reclassifications for investment securities(628)132 (496)(496)0 0 
Less: Reclassification adjustment for amounts realized in net income by income statement line item:
Net realized gains (losses) on securities98 (20)78 78 0 0 
Total reclassification adjustment for amounts realized in net income98 (20)78 78 0 0 
Total other comprehensive income (loss)(726)152 (574)(574)0 0 
Balance at March 31, 2026$(596)$125 $(471)$(457)$(13)$(1)
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)Pretax total
accumulated
other
comprehensive
income (loss)		Total tax
(provision)
benefit		After tax total
accumulated
other
comprehensive
income (loss)		Total net unrealized gains (losses) on securitiesNet unrealized losses on forecasted transactionsForeign
currency
translation
adjustment
Balance at December 31, 2024$(1,809)$386 $(1,423)$(1,408)$(14)$(1)
Other comprehensive income (loss) before reclassifications for investment securities1,108 (233)875 875 0 0 
Less: Reclassification adjustment for amounts realized in net income by income statement line item:
Net realized gains (losses) on securities(30)6 (24)(24)0 0 
Total reclassification adjustment for amounts realized in net income(30)6 (24)(24)0 0 
Total other comprehensive income (loss)1,138 (239)899 899 0 0 
Balance at March 31, 2025$(671)$147 $(524)$(509)$(14)$(1)
v3.26.1
Dividends (Tables)
 3 Months Ended
Mar. 31, 2026
Dividends [Abstract]  
Dividends
Following is a summary of our common share dividends that were declared and/or paid during the three months ended March 31, 2026 and 2025:
(millions — except per share amounts)Amount
DeclaredPayablePer Share
Accrued/Paid1
Annual-Variable Dividends:
December 2025January 2026$13.50 $7,913 
December 2024January 20254.50 2,637 
Quarterly Dividends:
March 2026April 20260.10 58 
December 2025January 20260.10 59 
March 2025April 20250.10 59 
December 2024January 20250.10 58 
1 The accrual is based on an estimate of shares outstanding as of the record date and recorded as dividends payable on common shares on our consolidated balance sheets until paid; the prior period accrual was reclassified into this line item from accounts payable, accrued expenses, and other liabilities to conform to the current period’s presentation.
v3.26.1
Basis of Reporting and Accounting - Reporting and Accounting Policies - Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Premium Receivable, Allowance for Credit Loss [Roll Forward]    
Allowance for credit losses, beginning of period $ 552 $ 460
Increase in allowance 183 153
Write-offs (207) (140)
Allowance for credit losses, end of period $ 528 $ 473
v3.26.1
Basis of Reporting and Accounting Non-Cash Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dividends payable on common shares $ 58 $ 59 $ 7,972
Operating lease liabilities 23 40  
Common equities      
Dividends payable on common shares $ 58 $ 59  
v3.26.1
Basis of Reporting and Accounting - Additional Details (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Cash and Cash Equivalents      
Cash and Cash Equivalents [Line Items]      
Open reverse repurchase commitments $ 29 $ 44 $ 78
v3.26.1
Basis of Reporting and Accounting Cash Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Income taxes, net of refunds $ (85)  
Income taxes, net of refunds   $ 0
Interest 88 88
Operating lease liabilities $ 26 $ 22
v3.26.1
Investments - Investment Portfolio by Major Security Type (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 90,534 $ 92,709 $ 80,349
Gross Unrealized Gains 405 901 572
Gross Unrealized Losses (983) (753) (1,224)
Net Holding Period Gains (Losses) 2 14 (1)
Total available-for-sale securities $ 89,958 $ 92,871 $ 79,696
% of Total Fair Value 95.60% 95.40% 95.30%
Equity securities, at Fair Value      
Cost $ 1,098 $ 1,238 $ 1,382
Gross Unrealized Gains 0 0 0
Gross Unrealized Losses 0 0 0
Net Holding Period Gains (Losses) 3,075 3,264 2,586
Fair Value $ 4,173 $ 4,502 $ 3,968
% of Total Fair Value 4.40% 4.60% 4.70%
Debt and Equity Securities, at Fair Value      
Cost $ 91,632 $ 93,947 $ 81,731
Gross Unrealized Gains 405 901 572
Gross Unrealized Losses (983) (753) (1,224)
Net Holding Period Gains (Losses) 3,077 3,278 2,585
Fair Value $ 94,131 $ 97,373 $ 83,664
% of Total Fair Value 100.00% 100.00% 100.00%
Unsettled security transactions, payable $ 443 $ 200 $ 297
Total fair value of non-insurance subsidiary portfolio 6,200 13,000 3,500
Nonredeemable preferred stocks      
Equity securities, at Fair Value      
Cost 259 419 608
Gross Unrealized Gains 0 0 0
Gross Unrealized Losses 0 0 0
Net Holding Period Gains (Losses) (19) (15) (24)
Fair Value $ 240 $ 404 $ 584
% of Total Fair Value 0.20% 0.40% 0.70%
Common equities      
Equity securities, at Fair Value      
Cost $ 839 $ 819 $ 774
Gross Unrealized Gains 0 0 0
Gross Unrealized Losses 0 0 0
Net Holding Period Gains (Losses) 3,094 3,279 2,610
Fair Value $ 3,933 $ 4,098 $ 3,384
% of Total Fair Value 4.20% 4.20% 4.00%
Total fixed maturities      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 88,408 $ 82,704 $ 77,754
Gross Unrealized Gains 405 901 572
Gross Unrealized Losses (983) (753) (1,224)
Net Holding Period Gains (Losses) 2 14 (1)
Total available-for-sale securities $ 87,832 $ 82,866 $ 77,101
% of Total Fair Value 93.30% 85.10% 92.20%
Total fixed maturities | U.S. government      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 44,676 $ 43,114 $ 44,523
Gross Unrealized Gains 229 541 391
Gross Unrealized Losses (488) (357) (596)
Net Holding Period Gains (Losses) 0 0 0
Total available-for-sale securities $ 44,417 $ 43,298 $ 44,318
% of Total Fair Value 47.20% 44.50% 53.00%
Total fixed maturities | State and local government      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 3,135 $ 3,342 $ 2,688
Gross Unrealized Gains 13 19 6
Gross Unrealized Losses (61) (58) (90)
Net Holding Period Gains (Losses) 0 0 0
Total available-for-sale securities $ 3,087 $ 3,303 $ 2,604
% of Total Fair Value 3.30% 3.40% 3.10%
Total fixed maturities | Foreign government      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 16 $ 17 $ 16
Gross Unrealized Gains 0 0 0
Gross Unrealized Losses 0 0 0
Net Holding Period Gains (Losses) 0 0 0
Total available-for-sale securities $ 16 $ 17 $ 16
% of Total Fair Value 0.00% 0.00% 0.00%
Total fixed maturities | Corporate and other debt      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 20,994 $ 19,773 $ 16,047
Gross Unrealized Gains 121 273 127
Gross Unrealized Losses (132) (68) (156)
Net Holding Period Gains (Losses) 3 13 (2)
Total available-for-sale securities $ 20,986 $ 19,991 $ 16,016
% of Total Fair Value 22.30% 20.50% 19.20%
Total fixed maturities | Residential mortgage-backed      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 4,127 $ 3,152 $ 2,172
Gross Unrealized Gains 23 28 18
Gross Unrealized Losses (13) (6) (8)
Net Holding Period Gains (Losses) (1) 1 1
Total available-for-sale securities $ 4,136 $ 3,175 $ 2,183
% of Total Fair Value 4.40% 3.30% 2.60%
Total fixed maturities | Commercial mortgage-backed      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 7,228 $ 6,194 $ 5,144
Gross Unrealized Gains 6 12 5
Gross Unrealized Losses (243) (233) (324)
Net Holding Period Gains (Losses) 0 0 0
Total available-for-sale securities $ 6,991 $ 5,973 $ 4,825
% of Total Fair Value 7.40% 6.10% 5.80%
Total fixed maturities | Other asset-backed      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 8,232 $ 7,112 $ 7,164
Gross Unrealized Gains 13 28 25
Gross Unrealized Losses (46) (31) (50)
Net Holding Period Gains (Losses) 0 0 0
Total available-for-sale securities $ 8,199 $ 7,109 $ 7,139
% of Total Fair Value 8.70% 7.30% 8.50%
Short-term investments      
Debt Securities, Available-for-Sale, at Fair Value      
Cost $ 2,126 $ 10,005 $ 2,595
Gross Unrealized Gains 0 0 0
Gross Unrealized Losses 0 0 0
Net Holding Period Gains (Losses) 0 0 0
Total available-for-sale securities $ 2,126 $ 10,005 $ 2,595
% of Total Fair Value 2.30% 10.30% 3.10%
v3.26.1
Investments - Hybrid Securities (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Hybrid Instruments [Line Items]      
Hybrid securities $ 1,700 $ 1,525 $ 1,211
Corporate and other debt      
Hybrid Instruments [Line Items]      
Hybrid securities 702 733 632
Residential mortgage-backed      
Hybrid Instruments [Line Items]      
Hybrid securities $ 998 $ 792 $ 579
v3.26.1
Investments - Composition of Fixed Maturities by Maturity (Detail) - Total fixed maturities
$ in Millions
Mar. 31, 2026
USD ($)
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract]  
Less than one year $ 10,830
One to five years 45,137
Five to ten years 32,117
Ten years or greater 324
Cost 88,408
Fair Value  
Less than one year 10,805
One to five years 44,725
Five to ten years 31,977
Ten years or greater 325
Fair Value $ 87,832
v3.26.1
Investments - Gross Unrealized losses by Major Security (Detail)
$ in Millions
Mar. 31, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Mar. 31, 2025
USD ($)
security
Number of Securities      
Total | security 1,074 696 903
Less than 12 Months | security 610 182 237
12 Months or Greater | security 464 514 666
Fair Value      
Total $ 45,930 $ 28,580 $ 30,062
Less than 12 Months 34,149 15,413 13,434
12 Months or Greater 11,781 13,167 16,628
Unrealized Losses      
Total (983) (753) (1,224)
Less than 12 Months (274) (67) (92)
12 Months or Greater $ (709) $ (686) $ (1,132)
U.S. government      
Number of Securities      
Total | security 73 62 85
Less than 12 Months | security 32 8 18
12 Months or Greater | security 41 54 67
Fair Value      
Total $ 23,054 $ 17,402 $ 16,851
Less than 12 Months 17,806 11,327 9,284
12 Months or Greater 5,248 6,075 7,567
Unrealized Losses      
Total (488) (357) (596)
Less than 12 Months (171) (54) (69)
12 Months or Greater $ (317) $ (303) $ (527)
State and local government      
Number of Securities      
Total | security 293 252 307
Less than 12 Months | security 116 60 70
12 Months or Greater | security 177 192 237
Fair Value      
Total $ 1,872 $ 1,589 $ 1,871
Less than 12 Months 689 318 445
12 Months or Greater 1,183 1,271 1,426
Unrealized Losses      
Total (61) (58) (90)
Less than 12 Months (5) (1) (2)
12 Months or Greater $ (56) $ (57) $ (88)
Corporate and other debt      
Number of Securities      
Total | security 320 141 210
Less than 12 Months | security 236 36 56
12 Months or Greater | security 84 105 154
Fair Value      
Total $ 9,052 $ 3,821 $ 4,967
Less than 12 Months 6,990 1,177 1,352
12 Months or Greater 2,062 2,644 3,615
Unrealized Losses      
Total (132) (68) (156)
Less than 12 Months (64) (5) (12)
12 Months or Greater $ (68) $ (63) $ (144)
Residential mortgage-backed      
Number of Securities      
Total | security 53 30 47
Less than 12 Months | security 35 12 25
12 Months or Greater | security 18 18 22
Fair Value      
Total $ 1,450 $ 293 $ 674
Less than 12 Months 1,397 233 628
12 Months or Greater 53 60 46
Unrealized Losses      
Total (13) (6) (8)
Less than 12 Months (8) (1) (2)
12 Months or Greater $ (5) $ (5) $ (6)
Commercial mortgage-backed      
Number of Securities      
Total | security 191 147 165
Less than 12 Months | security 79 34 22
12 Months or Greater | security 112 113 143
Fair Value      
Total $ 5,591 $ 3,551 $ 3,653
Less than 12 Months 3,187 1,210 597
12 Months or Greater 2,404 2,341 3,056
Unrealized Losses      
Total (243) (233) (324)
Less than 12 Months (10) (3) (4)
12 Months or Greater $ (233) $ (230) $ (320)
Other asset-backed      
Number of Securities      
Total | security 144 64 89
Less than 12 Months | security 112 32 46
12 Months or Greater | security 32 32 43
Fair Value      
Total $ 4,911 $ 1,924 $ 2,046
Less than 12 Months 4,080 1,148 1,128
12 Months or Greater 831 776 918
Unrealized Losses      
Total (46) (31) (50)
Less than 12 Months (16) (3) (3)
12 Months or Greater $ (30) $ (28) $ (47)
v3.26.1
Investments - Components of Net Realized Gains (Losses) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Gain (Loss) on Securities [Line Items]    
Gross realized gains on available-for-sale securities $ 127.0 $ 54.0
Gross realized gains on equity securities 21.0 37.0
Subtotal gross realized gains on security sales 148.0 91.0
Gross realized loss on available-for-sale securities (41.0) (84.0)
Gross realized loss on equity securities (11.0) (6.0)
Subtotal gross realized losses on security sales (52.0) (90.0)
Net realized gains (losses) on available-for-sale securities sales 86.0 (30.0)
Net realized gains (losses) on equity securities sales 10.0 31.0
Subtotal net realized gains (losses) on security sales 96.0 1.0
Hybrid securities (27.0) 3.0
Equity securities (189.0) (216.0)
Subtotal net holding period gains (losses) (216.0) (213.0)
Total net realized gains (losses) on securities (120.0) (212.0)
U.S. government    
Gain (Loss) on Securities [Line Items]    
Gross realized gains on available-for-sale securities 99.0 53.0
Gross realized loss on available-for-sale securities (36.0) (77.0)
Net realized gains (losses) on available-for-sale securities sales 63.0 (24.0)
State and local government    
Gain (Loss) on Securities [Line Items]    
Gross realized gains on available-for-sale securities 1.0 0.0
Gross realized loss on available-for-sale securities 0.0 (2.0)
Net realized gains (losses) on available-for-sale securities sales 1.0 (2.0)
Corporate and other debt    
Gain (Loss) on Securities [Line Items]    
Gross realized gains on available-for-sale securities 26.0 1.0
Gross realized loss on available-for-sale securities (5.0) (1.0)
Net realized gains (losses) on available-for-sale securities sales 21.0 0.0
Residential mortgage-backed    
Gain (Loss) on Securities [Line Items]    
Gross realized gains on available-for-sale securities 1.0 0.0
Net realized gains (losses) on available-for-sale securities sales 1.0 0.0
Commercial mortgage-backed    
Gain (Loss) on Securities [Line Items]    
Gross realized loss on available-for-sale securities 0.0 (4.0)
Net realized gains (losses) on available-for-sale securities sales 0.0 (4.0)
Nonredeemable preferred stocks    
Gain (Loss) on Securities [Line Items]    
Gross realized gains on equity securities 8.0 2.0
Gross realized loss on equity securities (5.0) (2.0)
Net realized gains (losses) on equity securities sales 3.0 0.0
Common equities    
Gain (Loss) on Securities [Line Items]    
Gross realized gains on equity securities 13.0 35.0
Gross realized loss on equity securities (6.0) (4.0)
Net realized gains (losses) on equity securities sales $ 7.0 $ 31.0
v3.26.1
Investments - Components of Equity Realized Gains (Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Total net gains (losses) recognized during the period on equity securities $ (179) $ (185)
Less: Net gains (losses) recognized on equity securities sold during the period 10 31
Net holding period gains (losses) recognized during the period on equity securities held at period end $ (189) $ (216)
v3.26.1
Investments - Components of Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Investment Income [Line Items]    
Gross investment income $ 917 $ 814
Investment expenses (8) (7)
Net Investment Income 909 807
Available-for-sale Securities    
Net Investment Income [Line Items]    
Gross investment income 900 792
Total equity securities    
Net Investment Income [Line Items]    
Gross investment income 17 22
Total equity securities | Nonredeemable preferred stocks    
Net Investment Income [Line Items]    
Gross investment income 4 8
Total equity securities | Common equities    
Net Investment Income [Line Items]    
Gross investment income 13 14
Total fixed maturities    
Net Investment Income [Line Items]    
Gross investment income 856 774
Total fixed maturities | U.S. government    
Net Investment Income [Line Items]    
Gross investment income 400 422
Total fixed maturities | State and local government    
Net Investment Income [Line Items]    
Gross investment income 24 19
Total fixed maturities | Corporate and other debt    
Net Investment Income [Line Items]    
Gross investment income 235 171
Total fixed maturities | Residential mortgage-backed    
Net Investment Income [Line Items]    
Gross investment income 39 25
Total fixed maturities | Commercial mortgage-backed    
Net Investment Income [Line Items]    
Gross investment income 71 53
Total fixed maturities | Other asset-backed    
Net Investment Income [Line Items]    
Gross investment income 87 84
Short-term investments    
Net Investment Income [Line Items]    
Gross investment income $ 44 $ 18
v3.26.1
Investments - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]      
Principal amount of bonds and certificates of deposit $ 789,000,000    
Securities exceeding 10% of Shareholders' Equity 0 $ 0 $ 0
Non-income producing securities 0    
Debt securities, available-for-sale, allowance for credit loss, not previously recorded 0 0  
Debt securities, available-for-sale, allowance for credit loss 0 0 0
Debt securities, available-for-sale, allowance for credit loss, write-off 0 0 0
Unsettled security transactions, payable $ 443,000,000 $ 297,000,000 $ 200,000,000
v3.26.1
Fair Value - Composition of Investment Portfolio by Major Security Type (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities $ 89,958 $ 92,871 $ 79,696
Equity securities 4,173 4,502 3,968
Investments, fair value 94,131 97,373 83,664
Fair value 7,728 6,345 6,247
Nonredeemable preferred stocks      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 240 404 584
Common equities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 3,933 4,098 3,384
Common equities | Common Stocks, excluding Other Risk      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 3,896 4,062 3,353
Common equities | Other risk investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 37 36 31
Total fixed maturities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 87,832 82,866 77,101
Total fixed maturities | U.S. government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 44,417 43,298 44,318
Total fixed maturities | State and local government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 3,087 3,303 2,604
Total fixed maturities | Foreign government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 16 17 16
Total fixed maturities | Corporate and other debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 20,986 19,991 16,016
Total fixed maturities | Residential mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4,136 3,175 2,183
Total fixed maturities | Commercial mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 6,991 5,973 4,825
Total fixed maturities | Other asset-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 8,199 7,109 7,139
Total fixed maturities | Debt Securities | U.S. government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 44,417 43,298 44,318
Total fixed maturities | Debt Securities | State and local government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 3,087 3,303 2,604
Total fixed maturities | Debt Securities | Foreign government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 16 17 16
Total fixed maturities | Debt Securities | Corporate and other debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 20,986 19,991 16,016
Total fixed maturities | Asset-backed Securities | Residential mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4,136 3,175 2,183
Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 6,991 5,973 4,825
Total fixed maturities | Asset-backed Securities | Other asset-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 8,199 7,109 7,139
Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 2,126 10,005 2,595
Fair Value, Inputs, Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 46,489 53,108 46,913
Equity securities 3,891 4,057 3,344
Investments, fair value 50,380 57,165 50,257
Fair value 0 0 0
Fair Value, Inputs, Level 1 | Nonredeemable preferred stocks      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 0 0 0
Fair Value, Inputs, Level 1 | Common equities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 3,891 4,057 3,344
Fair Value, Inputs, Level 1 | Common equities | Common Stocks, excluding Other Risk      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 3,891 4,057 3,344
Fair Value, Inputs, Level 1 | Common equities | Other risk investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 0 0 0
Fair Value, Inputs, Level 1 | Total fixed maturities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 44,417 43,298 44,318
Fair Value, Inputs, Level 1 | Total fixed maturities | Debt Securities | U.S. government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 44,417 43,298 44,318
Fair Value, Inputs, Level 1 | Total fixed maturities | Debt Securities | State and local government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 1 | Total fixed maturities | Debt Securities | Foreign government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 1 | Total fixed maturities | Debt Securities | Corporate and other debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 1 | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 1 | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 1 | Total fixed maturities | Asset-backed Securities | Other asset-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 1 | Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 2,072 9,810 2,595
Fair Value, Inputs, Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 43,465 39,759 32,778
Equity securities 191 344 524
Investments, fair value 43,656 40,103 33,302
Fair value 7,728 6,345 6,247
Fair Value, Inputs, Level 2 | Nonredeemable preferred stocks      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 191 344 524
Fair Value, Inputs, Level 2 | Common equities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 0 0 0
Fair Value, Inputs, Level 2 | Common equities | Common Stocks, excluding Other Risk      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 0 0 0
Fair Value, Inputs, Level 2 | Common equities | Other risk investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 0 0 0
Fair Value, Inputs, Level 2 | Total fixed maturities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 43,411 39,564 32,778
Fair Value, Inputs, Level 2 | Total fixed maturities | Debt Securities | U.S. government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 2 | Total fixed maturities | Debt Securities | State and local government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 3,087 3,303 2,604
Fair Value, Inputs, Level 2 | Total fixed maturities | Debt Securities | Foreign government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 16 17 16
Fair Value, Inputs, Level 2 | Total fixed maturities | Debt Securities | Corporate and other debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 20,982 19,987 16,011
Fair Value, Inputs, Level 2 | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4,136 3,175 2,183
Fair Value, Inputs, Level 2 | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 6,991 5,973 4,825
Fair Value, Inputs, Level 2 | Total fixed maturities | Asset-backed Securities | Other asset-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 8,199 7,109 7,139
Fair Value, Inputs, Level 2 | Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 54 195 0
Fair Value, Inputs, Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4 4 5
Equity securities 91 101 100
Investments, fair value 95 105 105
Fair value 0 0 0
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 49 60 60
Fair Value, Inputs, Level 3 | Common equities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 42 41 40
Fair Value, Inputs, Level 3 | Common equities | Common Stocks, excluding Other Risk      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 5 5 9
Fair Value, Inputs, Level 3 | Common equities | Other risk investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 37 36 31
Fair Value, Inputs, Level 3 | Total fixed maturities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4 4 5
Fair Value, Inputs, Level 3 | Total fixed maturities | Debt Securities | U.S. government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 3 | Total fixed maturities | Debt Securities | State and local government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 3 | Total fixed maturities | Debt Securities | Foreign government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 3 | Total fixed maturities | Debt Securities | Corporate and other debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4 4 5
Fair Value, Inputs, Level 3 | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 3 | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 3 | Total fixed maturities | Asset-backed Securities | Other asset-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Fair Value, Inputs, Level 3 | Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 0 0 0
Carrying (Reported) Amount, Fair Value Disclosure      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 90,534 92,709 80,349
Equity securities 1,098 1,238 1,382
Investments, fair value 91,632 93,947 81,731
Long-term debt 8,386 6,897 6,894
Carrying (Reported) Amount, Fair Value Disclosure | Nonredeemable preferred stocks      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 259 419 608
Carrying (Reported) Amount, Fair Value Disclosure | Common equities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 839 819 774
Carrying (Reported) Amount, Fair Value Disclosure | Common equities | Common Stocks, excluding Other Risk      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 802 783 743
Carrying (Reported) Amount, Fair Value Disclosure | Common equities | Other risk investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities 37 36 31
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 88,408 82,704 77,754
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Debt Securities | U.S. government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 44,676 43,114 44,523
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Debt Securities | State and local government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 3,135 3,342 2,688
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Debt Securities | Foreign government      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 16 17 16
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Debt Securities | Corporate and other debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 20,994 19,773 16,047
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 4,127 3,152 2,172
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 7,228 6,194 5,144
Carrying (Reported) Amount, Fair Value Disclosure | Total fixed maturities | Asset-backed Securities | Other asset-backed      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities 8,232 7,112 7,164
Carrying (Reported) Amount, Fair Value Disclosure | Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total available-for-sale securities $ 2,126 $ 10,005 $ 2,595
v3.26.1
Fair Value - Summary of Changes in Fair Value Associated with Level 3 Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance $ 105 $ 105
Calls/ Maturities/ Paydowns/Other 1 6
Purchases 0 8
Sales (5) 0
Net Realized (Gain)/Loss on Sales (7) 0
Change in Valuation 1 (14)
Net Transfers In (Out) 0 0
Fair value, ending balance 95 105
Corporate and other debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 4 5
Calls/ Maturities/ Paydowns/Other 0 0
Purchases 0 0
Sales 0 0
Net Realized (Gain)/Loss on Sales 0 0
Change in Valuation 0 0
Net Transfers In (Out) 0 0
Fair value, ending balance 4 5
Nonredeemable preferred stocks    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 60 52
Calls/ Maturities/ Paydowns/Other 0 0
Purchases 0 8
Sales (5) 0
Net Realized (Gain)/Loss on Sales (7) 0
Change in Valuation 1 0
Net Transfers In (Out) 0 0
Fair value, ending balance 49 60
Common equities | Common Stocks, excluding Other Risk    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 5 23
Calls/ Maturities/ Paydowns/Other 0 0
Purchases 0 0
Sales 0 0
Net Realized (Gain)/Loss on Sales 0 0
Change in Valuation 0 (14)
Net Transfers In (Out) 0 0
Fair value, ending balance 5 9
Common equities | Other risk investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 36 25
Calls/ Maturities/ Paydowns/Other 1 6
Purchases 0 0
Sales 0 0
Net Realized (Gain)/Loss on Sales 0 0
Change in Valuation 0 0
Net Transfers In (Out) 0 0
Fair value, ending balance $ 37 $ 31
v3.26.1
Fair Value - Summary of Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value $ 94,131 $ 83,664 $ 97,373
Fair Value, Inputs, Level 3      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value 95 105 105
Fair Value, Inputs, Level 3 | Total Quantitative Level Three Securities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value 58 74 69
Fair Value, Inputs, Level 3 | Third Party Pricing Exemption Securities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value 37 31 36
Fair Value, Inputs, Level 3 | Corporate and other debt | Total Quantitative Level Three Securities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value $ 4 $ 5 $ 4
Fair value inputs, market cap price change percentage, range, minimum   0.70% (0.10%)
Fair value inputs, market cap price change percentage, range, maximum (1.00%) 0.80% 0.10%
Fair value inputs, market cap price change percentage, weighted average (1.00%) 0.80% 0.00%
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Total Quantitative Level Three Securities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value $ 49 $ 60 $ 60
Fair value inputs, market cap price change percentage, range, minimum (23.60%) (11.80%) (14.50%)
Fair value inputs, market cap price change percentage, range, maximum 0.00% 16.10% 7.60%
Fair value inputs, market cap price change percentage, weighted average (12.40%) 6.40% (4.50%)
Fair Value, Inputs, Level 3 | Common equities | Total Quantitative Level Three Securities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments, fair value $ 5 $ 9 $ 5
Fair value inputs, market cap price change percentage, range, minimum (41.30%) (36.80%) (40.90%)
Fair value inputs, market cap price change percentage, range, maximum (12.90%) 41.50% 36.30%
Fair value inputs, market cap price change percentage, weighted average (23.60%) 6.70% 7.60%
v3.26.1
Fair Value - Additional Information (Detail)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Fair Value, Inputs, Level 1      
Fair Value Measurements [Line Items]      
Vendor quoted prices, percent of FV hierarchy level 92.00% 91.00% 9300.00%
Fair Value, Inputs, Level 2      
Fair Value Measurements [Line Items]      
Vendor quoted prices, percent of FV hierarchy level 99.00% 100.00% 100.00%
v3.26.1
Debt - Summary of Debt (Detail) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
May 31, 2023
Mar. 31, 2022
Mar. 31, 2020
Oct. 31, 2018
Mar. 31, 2018
Apr. 30, 2017
Aug. 31, 2016
Jan. 31, 2015
Apr. 30, 2014
Nov. 30, 2002
Mar. 31, 1999
Debt Instrument [Line Items]                            
Debt [1] $ 8,386,000,000 $ 6,897,000,000 $ 6,894,000,000                      
Fair value 7,728,000,000 6,345,000,000 6,247,000,000                      
Senior Notes 2.45% Due 2027                            
Debt Instrument [Line Items]                            
Debt, face amount                   $ 500,000,000        
Debt, stated interest rate                   2.45%        
Long-term debt 500,000,000 499,000,000 499,000,000                      
Fair value 493,000,000 493,000,000 484,000,000                      
Senior Notes 2.50% Due 2027                            
Debt Instrument [Line Items]                            
Debt, face amount         $ 500,000,000                  
Debt, stated interest rate         2.50%                  
Long-term debt 500,000,000 499,000,000 499,000,000                      
Fair value 492,000,000 492,000,000 483,000,000                      
Senior Notes 6.625% Due 2029                            
Debt Instrument [Line Items]                            
Debt, face amount                           $ 300,000,000
Debt, stated interest rate                           6.625%
Long-term debt 299,000,000 299,000,000 298,000,000                      
Fair value 320,000,000 323,000,000 322,000,000                      
Senior Notes 4.00% Due 2029                            
Debt Instrument [Line Items]                            
Debt, face amount             $ 550,000,000              
Debt, stated interest rate             4.00%              
Long-term debt 548,000,000 548,000,000 548,000,000                      
Fair value 547,000,000 551,000,000 542,000,000                      
Senior Notes 3.20% Due 2030                            
Debt Instrument [Line Items]                            
Debt, face amount           $ 500,000,000                
Debt, stated interest rate           3.20%                
Long-term debt 498,000,000 498,000,000 498,000,000                      
Fair value 478,000,000 484,000,000 470,000,000                      
Senior Notes 4.60% Due 2031                            
Debt Instrument [Line Items]                            
Debt, face amount $ 500,000,000                          
Debt, stated interest rate 4.60%                          
Long-term debt $ 497,000,000 0 0                      
Fair value 501,000,000 0 0                      
Senior Notes 3.00% Due 2032                            
Debt Instrument [Line Items]                            
Debt, face amount         $ 500,000,000                  
Debt, stated interest rate         3.00%                  
Long-term debt 497,000,000 497,000,000 497,000,000                      
Fair value 457,000,000 462,000,000 447,000,000                      
Senior Notes 6.25% Due 2032                            
Debt Instrument [Line Items]                            
Debt, face amount                         $ 400,000,000  
Debt, stated interest rate                         6.25%  
Long-term debt 397,000,000 397,000,000 397,000,000                      
Fair value 435,000,000 442,000,000 434,000,000                      
Senior Notes 4.95% Due 2033                            
Debt Instrument [Line Items]                            
Debt, face amount       $ 500,000,000                    
Debt, stated interest rate       4.95%                    
Long-term debt 497,000,000 497,000,000 497,000,000                      
Fair value 507,000,000 513,000,000 503,000,000                      
Senior Notes 5.15% Due 2036                            
Debt Instrument [Line Items]                            
Debt, face amount $ 1,000,000,000                          
Debt, stated interest rate 5.15%                          
Long-term debt $ 990,000,000 0 0                      
Fair value 1,001,000,000 0 0                      
Senior Notes 4.35% Due 2044                            
Debt Instrument [Line Items]                            
Debt, face amount                       $ 350,000,000    
Debt, stated interest rate                       4.35%    
Long-term debt 347,000,000 347,000,000 347,000,000                      
Fair value 295,000,000 304,000,000 300,000,000                      
Senior Notes 3.70% Due 2045                            
Debt Instrument [Line Items]                            
Debt, face amount                     $ 400,000,000      
Debt, stated interest rate                     3.70%      
Long-term debt 396,000,000 396,000,000 396,000,000                      
Fair value 305,000,000 314,000,000 310,000,000                      
Senior Notes 4.125% Due 2047                            
Debt Instrument [Line Items]                            
Debt, face amount                 $ 850,000,000          
Debt, stated interest rate                 4.125%          
Long-term debt 843,000,000 843,000,000 842,000,000                      
Fair value 678,000,000 702,000,000 695,000,000                      
Senior Notes 4.20% Due 2048                            
Debt Instrument [Line Items]                            
Debt, face amount               $ 600,000,000            
Debt, stated interest rate               4.20%            
Long-term debt 591,000,000 591,000,000 591,000,000                      
Fair value 478,000,000 498,000,000 493,000,000                      
Senior Notes 3.95% Due 2050                            
Debt Instrument [Line Items]                            
Debt, face amount           $ 500,000,000                
Debt, stated interest rate           3.95%                
Long-term debt 492,000,000 492,000,000 491,000,000                      
Fair value 380,000,000 392,000,000 393,000,000                      
Senior Notes 3.70% Due 2052                            
Debt Instrument [Line Items]                            
Debt, face amount         $ 500,000,000                  
Debt, stated interest rate         3.70%                  
Long-term debt 494,000,000 494,000,000 494,000,000                      
Fair value $ 361,000,000 $ 375,000,000 $ 371,000,000                      
[1] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.
v3.26.1
Debt - Additional Information (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Mar. 31, 2022
Aug. 31, 2016
Debt Instrument [Line Items]              
Long-term debt, current maturities     $ 0   $ 0    
Net proceeds from debt issuances $ 1,487,000,000 $ 1,487,000,000 0        
Senior Notes 2.45% Due 2027              
Debt Instrument [Line Items]              
Long-term debt, current maturities 500,000,000 500,000,000          
Debt, stated interest rate             2.45%
Debt, face amount             $ 500,000,000
Senior Notes 2.50% Due 2027              
Debt Instrument [Line Items]              
Long-term debt, current maturities $ 500,000,000 $ 500,000,000          
Debt, stated interest rate           2.50%  
Debt, face amount           $ 500,000,000  
Senior Notes 4.60% Due 2031              
Debt Instrument [Line Items]              
Debt, stated interest rate 4.60% 4.60%          
Debt, face amount $ 500,000,000 $ 500,000,000          
Senior Notes 5.15% Due 2036              
Debt Instrument [Line Items]              
Debt, stated interest rate 5.15% 5.15%          
Debt, face amount $ 1,000,000,000 $ 1,000,000,000          
Discretionary Line of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity $ 300,000,000 300,000,000          
Borrowings outstanding   $ 0 $ 0 $ 0      
v3.26.1
Income Taxes - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
Effective tax rate 21.00% 20.70%  
Valuation allowance $ 0 $ 0 $ 0
Accrued income taxes 700,000,000 838,000,000 28,000,000
Unrecognized tax benefits $ 0 $ 0 $ 0
v3.26.1
Loss and Loss Adjustment Expense Reserves Activity in Loss and Loss Adjustment Expense Reserves (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Balance at January 1 $ 43,310 $ 39,057    
Less reinsurance recoverables on unpaid losses 3,748 4,133 $ 3,807 $ 4,487
Net balance at January 1 39,503 34,570    
Incurred related to:        
Current year 14,278 13,082    
Prior years (451) (278)    
Total incurred 13,827 12,804    
Paid related to:        
Current year 5,356 4,881    
Prior years 7,345 6,804    
Total paid 12,701 11,685    
Net balance at March 31 40,629 35,689    
Plus reinsurance recoverables on unpaid losses 3,748 4,133    
Balance at March 31 $ 44,377 $ 39,822    
v3.26.1
Loss and Loss Adjustment Expense Reserves (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Liability for Claims and Claims Adjustment Expense [Line Items]    
Prior years $ 451 $ 278
Personal Lines | Personal auto business    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Prior years 445 260
Personal Lines | Personal property    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Prior years   30
Short-Duration Insurance Contract, Accident Year 2025    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Prior years 320  
Short-Duration Insurance Contract, Accident Year 2024    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Prior years $ 115 180
Short-Duration Insurance Contract, Accident Year 2023    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Prior years   $ 90
v3.26.1
Segment Information - Operating Results (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net premiums earned $ 20,968 $ 19,409
Fees and other revenues 297 287
Total underwriting revenue 21,265 19,696
Losses (excluding catastrophe losses) 11,677 10,668
Catastrophe losses 268 459
Loss adjustment expenses 1,882 1,677
Losses and loss adjustment expenses 13,827 12,804
Distribution expenses 2,966 2,634
Other underwriting expenses 1,620 1,541
Total underwriting expenses 4,586 4,175
Pretax underwriting profit (loss) 2,852 2,717
Investment profit (loss) 789 595
Service businesses profit (loss) (5) (6)
Interest expense (70) (70)
Income before income taxes 3,566 3,236
Operating Segments | Personal Lines | Underwriting operations    
Segment Reporting Information [Line Items]    
Net premiums earned 18,384 16,710
Fees and other revenues 276 249
Total underwriting revenue 18,660 16,959
Losses (excluding catastrophe losses) 10,219 9,109
Catastrophe losses 263 454
Loss adjustment expenses 1,593 1,390
Losses and loss adjustment expenses 12,075 10,953
Distribution expenses 2,664 2,348
Other underwriting expenses 1,346 1,275
Total underwriting expenses 4,010 3,623
Pretax underwriting profit (loss) 2,575 2,383
Operating Segments | Commercial Lines | Underwriting operations    
Segment Reporting Information [Line Items]    
Net premiums earned 2,583 2,699
Fees and other revenues 20 38
Total underwriting revenue 2,603 2,737
Losses (excluding catastrophe losses) 1,457 1,559
Catastrophe losses 5 5
Loss adjustment expenses 289 287
Losses and loss adjustment expenses 1,751 1,851
Distribution expenses 300 286
Other underwriting expenses 268 262
Total underwriting expenses 568 548
Pretax underwriting profit (loss) 284 338
Operating Segments | Other Indemnity | Underwriting operations    
Segment Reporting Information [Line Items]    
Net premiums earned 1 0
Fees and other revenues 1 0
Total underwriting revenue 2 0
Losses (excluding catastrophe losses) 1 0
Catastrophe losses 0 0
Loss adjustment expenses 0 0
Losses and loss adjustment expenses 1 0
Distribution expenses 2 0
Other underwriting expenses 6 4
Total underwriting expenses 8 4
Pretax underwriting profit (loss) $ (7) $ (4)
v3.26.1
Segment Information - Underwriting Margins and Combined Ratios for our Underwriting Operations (Detail) - Underwriting operations
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Under- writing Margin 13.60% 14.00%
Combined Ratio 86.40% 86.00%
Operating Segments | Personal Lines    
Segment Reporting Information [Line Items]    
Under- writing Margin 14.00% 14.30%
Combined Ratio 86.00% 85.70%
Operating Segments | Commercial Lines    
Segment Reporting Information [Line Items]    
Under- writing Margin 11.00% 12.50%
Combined Ratio 89.00% 87.50%
v3.26.1
Segment Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
security
Segment Reporting [Abstract]  
Number of Reportable Segments 2
v3.26.1
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]        
Pretax total accumulated other comprehensive income (loss), beginning balance $ 130 $ (1,809)    
Pretax total accumulated other comprehensive income (loss), Investment securities (628) 1,108    
Pretax total accumulated other comprehensive income (loss), Net realized gains (losses) on securities 98 (30)    
Total reclassification adjustment for amounts realized in net income, pre tax 98 (30)    
Total other comprehensive income (loss), pre tax (726) 1,138    
Pretax total accumulated other comprehensive income (loss), ending balance (596) (671)    
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]        
Total tax (provision) benefit, beginning balance (27) 386    
Total tax (provision) benefit, Investment securities 132 (233)    
Total tax (provision) benefit, Net realized gains (losses) on securities (20) 6    
Total reclassification adjustment for amounts realized in net income, Total tax (provision) benefit (20) 6    
Total other comprehensive income (loss), tax (provision) benefit 152 (239)    
Total tax (provision) benefit, ending balance 125 147    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
After tax total accumulated other comprehensive income (loss), beginning balance 103 (1,423)    
Stockholders' Equity Attributable to Parent 32,039 28,954 $ 30,323  
After tax total accumulated other comprehensive income (loss), Investment securities (496) 875    
After tax total accumulated other comprehensive income (loss), Net realized gains (losses) on securities 78 (24)    
Total reclassification adjustment for amounts realized in net income, after tax 78 (24)    
Total other comprehensive income (loss), after tax (574) 899    
After tax total accumulated other comprehensive income (loss), ending balance (471) (524)    
Total net unrealized gains (losses) on securities        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Stockholders' Equity Attributable to Parent (457) (509) 117 $ (1,408)
After tax total accumulated other comprehensive income (loss), Investment securities (496) 875    
After tax total accumulated other comprehensive income (loss), Net realized gains (losses) on securities 78 (24)    
Total reclassification adjustment for amounts realized in net income, after tax 78 (24)    
Total other comprehensive income (loss), after tax (574) 899    
Net unrealized losses on forecasted transactions        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Stockholders' Equity Attributable to Parent (13) (14) (13) (14)
After tax total accumulated other comprehensive income (loss), Investment securities 0 0    
After tax total accumulated other comprehensive income (loss), Net realized gains (losses) on securities 0 0    
Total reclassification adjustment for amounts realized in net income, after tax 0 0    
Total other comprehensive income (loss), after tax 0 0    
Foreign currency translation adjustment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Stockholders' Equity Attributable to Parent (1) (1) $ (1) $ (1)
After tax total accumulated other comprehensive income (loss), Investment securities 0 0    
After tax total accumulated other comprehensive income (loss), Net realized gains (losses) on securities 0 0    
Total reclassification adjustment for amounts realized in net income, after tax 0 0    
Total other comprehensive income (loss), after tax $ 0 $ 0    
v3.26.1
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement, Additional Information (Detail)
$ in Millions
Mar. 31, 2026
USD ($)
Equity [Abstract]  
Net unrealized losses on forecasted transactions, expected to reclassify into income within the next 12 months $ 1
v3.26.1
Litigation - Additional Information (Details)
Mar. 31, 2026
segment
Commitments and Contingencies Disclosure [Abstract]  
Number of states, classes certified 3
v3.26.1
Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2026
Apr. 30, 2025
Jan. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dividends paid to common shareholders       $ 7,972 $ 2,695  
Cash dividends declared on common stock (in dollars per share)       $ 0.10 $ 0.10  
Dividends payable on common shares       $ 58 $ 59 $ 7,972
Common equities            
Dividends payable on common shares       $ 58 $ 59  
O2025A            
Cash dividends paid on common stock (in dollars per share) $ 13.50          
Dividends paid to common shareholders $ 7,913          
O2024A            
Cash dividends paid on common stock (in dollars per share)     $ 4.50      
Dividends paid to common shareholders     $ 2,637      
O2026Q1            
Cash dividends declared on common stock (in dollars per share)       $ 0.10    
O2026Q1 | Common equities            
Dividends payable on common shares       $ 58    
O2025Q4            
Cash dividends paid on common stock (in dollars per share) $ 0.10          
Dividends paid to common shareholders $ 59          
O2025Q1            
Cash dividends paid on common stock (in dollars per share)   $ 0.10        
Dividends paid to common shareholders   $ 59        
O2024Q4            
Cash dividends paid on common stock (in dollars per share)     $ 0.10      
Dividends paid to common shareholders     $ 58