2023 Q4 Form 10-Q Financial Statement

#000109507323000048 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.656B $3.991B
YoY Change 12.39% 29.87%
Cost Of Revenue $2.246B
YoY Change -14.37%
Gross Profit $1.745B
YoY Change 287.78%
Gross Profit Margin 43.72%
Selling, General & Admin $871.0M $771.0M
YoY Change 30.58% 17.35%
% of Gross Profit 44.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.351B $3.232B
YoY Change 25.98% -6.29%
Operating Profit -$1.487B
YoY Change -50.42%
Interest Expense -$32.00M -$50.00M
YoY Change 28.0% -68.94%
% of Operating Profit
Other Income/Expense, Net -$2.000M
YoY Change
Pretax Income $271.0M $725.0M
YoY Change -52.29% -280.8%
Income Tax -$532.0M $47.00M
% Of Pretax Income -196.31% 6.48%
Net Earnings $795.0M $678.0M
YoY Change 62.58% -312.54%
Net Earnings / Revenue 21.75% 16.99%
Basic Earnings Per Share $15.63
Diluted Earnings Per Share $18.57 $15.63
COMMON SHARES
Basic Shares Outstanding 43.39M shares 43.40M shares
Diluted Shares Outstanding 42.90M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.437B $1.765B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $123.0M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.794B $4.353B
YoY Change 17.36% 41.38%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $49.40B $46.32B
YoY Change 23.6% 21.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $22.00M $41.00M
YoY Change 15.79% 5.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $159.0M $241.0M
YoY Change 695.0% 39.31%
LONG-TERM LIABILITIES
Long-Term Debt $3.386B $3.085B
YoY Change 9.79% 0.03%
Other Long-Term Liabilities $752.0M $788.0M
YoY Change 25.33% 19.76%
Total Long-Term Liabilities $4.138B $3.873B
YoY Change 12.32% 3.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $159.0M $241.0M
Total Long-Term Liabilities $4.138B $3.873B
Total Liabilities $36.20B $35.09B
YoY Change 14.82% 15.07%
SHAREHOLDERS EQUITY
Retained Earnings $14.27B $13.54B
YoY Change 18.5% 16.64%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.20B $11.23B
YoY Change
Total Liabilities & Shareholders Equity $49.40B $46.32B
YoY Change 23.6% 21.43%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $795.0M $678.0M
YoY Change 62.58% -312.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.017B $1.379B
YoY Change 0.1% 23.33%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.556B -$1.594B
YoY Change 27.33% 10.76%
Cash From Investing Activities -$1.556B -$1.594B
YoY Change 27.33% 10.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 221.0M -81.00M
YoY Change -429.85% -38.83%
NET CHANGE
Cash From Operating Activities 1.017B 1.379B
Cash From Investing Activities -1.556B -1.594B
Cash From Financing Activities 221.0M -81.00M
Net Change In Cash -318.0M -296.0M
YoY Change 16.48% -34.73%
FREE CASH FLOW
Cash From Operating Activities $1.017B $1.379B
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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GENERAL<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Everest</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Group, Ltd</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and other international markets. As used in this document, “Company” means Group and its subsidiaries. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective July 10, 2023, the Company changed Group’s name to Everest Group, Ltd. from Everest Re Group, Ltd. to reflect the evolution, global growth and diversification strategy of the Company.</span></div>
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BASIS OF PRESENTATION<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated financial statements of the Company as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2022 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2022, 2021 and 2020, included in the Company’s most recent Form 10-K filing.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All intercompany accounts and transactions have been eliminated.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Application of Recently Issued Accounting Standard Changes.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company did not adopt any new accounting standards that had a material impact during the three and nine months ended September 30, 2023. The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”) on the Company’s consolidated financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There were no accounting standards issued in the nine months ended September 30, 2023, that are expected to have a material impact to Group.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Application of Methods and Assumption changes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance Segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used. The refined estimate resulted in an increase of gross written premium during the three and nine months ended September 30, 2023 periods and has further aligned the estimation methodology across the reinsurance division globally. This change had no impact on the total written premium to be recognized over the term of the treaty. There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income, or any related per-share amounts.</span></div>
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us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
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us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
45000000 usd
CY2023Q3 us-gaap Investment Income Net
InvestmentIncomeNet
406000000 usd
CY2022Q3 us-gaap Investment Income Net
InvestmentIncomeNet
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us-gaap Investment Income Net
InvestmentIncomeNet
1023000000 usd
us-gaap Investment Income Net
InvestmentIncomeNet
620000000 usd
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AdditionalContractualCommitments
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CY2023Q3 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
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CashSurrenderValueOfLifeInsurance
939000000 usd
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CY2022 eg Number Of Securities Held As Primary Beneficiary
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DebtSecuritiesHeldToMaturityAllowanceForCreditLossNotPreviouslyRecorded
9000000 usd
CY2022Q3 eg Debt Securities Held To Maturity Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense
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CY2022Q3 eg Debt Securities Held To Maturity Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Reversal
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DebtSecuritiesHeldToMaturityExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
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CY2022Q3 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
9000000 usd
CY2022Q3 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
9000000 usd
CY2023Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2022Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-129000000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
-21000000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2023Q2 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
63000000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
54000000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
-3000000 usd
us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
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CY2023Q3 eg Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpense
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CY2023Q3 eg Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Reversal
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedReversal
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eg Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Reversal
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedReversal
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CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Securities Sold
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
6000000 usd
us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Securities Sold
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
12000000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
60000000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
60000000 usd
CY2022Q2 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
43000000 usd
CY2021Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
30000000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
0 usd
us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
-23000000 usd
CY2022Q3 eg Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpense
3000000 usd
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DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpense
4000000 usd
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DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedReversal
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CY2022Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Securities Sold
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
8000000 usd
us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Securities Sold
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
19000000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
38000000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
38000000 usd
CY2023Q2 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
8000000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
9000000 usd
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DebtSecuritiesHeldToMaturityAllowanceForCreditLossNotPreviouslyRecorded
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eg Debt Securities Held To Maturity Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesHeldToMaturityAllowanceForCreditLossNotPreviouslyRecorded
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CY2023Q3 eg Debt Securities Held To Maturity Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense
DebtSecuritiesHeldToMaturityAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpense
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eg Debt Securities Held To Maturity Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense
DebtSecuritiesHeldToMaturityAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpense
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CY2023Q3 eg Debt Securities Held To Maturity Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Reversal
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eg Debt Securities Held To Maturity Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Reversal
DebtSecuritiesHeldToMaturityAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedReversal
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DebtSecuritiesHeldToMaturityExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
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eg Debt Securities Held To Maturity Excluding Accrued Interest Allowance For Credit Loss Securities Sold
DebtSecuritiesHeldToMaturityExcludingAccruedInterestAllowanceForCreditLossSecuritiesSold
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CY2023Q3 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
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CY2023Q3 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
8000000 usd
CY2022Q2 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
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CY2021Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
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CY2023Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2022Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
405000000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
468000000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1177000000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
4000000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
5000000 usd
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
21000000 usd
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
33000000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
23000000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
58000000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
42000000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
98000000 usd
CY2023Q3 eg Public Equity Portfolio Fair Value Disclosure
PublicEquityPortfolioFairValueDisclosure
5600000000 usd
CY2022Q4 eg Public Equity Portfolio Fair Value Disclosure
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CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
25159000000 usd
CY2023Q3 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
166000000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
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CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
281000000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
779000000 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
779000000 usd
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
620000000 usd
CY2023Q3 us-gaap Underwriting Income Loss
UnderwritingIncomeLoss
301000000 usd
us-gaap Underwriting Income Loss
UnderwritingIncomeLoss
974000000 usd
CY2023Q3 us-gaap Net Investment Income
NetInvestmentIncome
406000000 usd
us-gaap Net Investment Income
NetInvestmentIncome
1023000000 usd
CY2023Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-31000000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
-21000000 usd
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated: </span></div><div style="margin-top:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine Months Ended<br/>September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:6pt;font-weight:400;line-height:100%">(Dollars in millions)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gross reserves beginning of period</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,065 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,009 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 14.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less reinsurance recoverables on unpaid losses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,105)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,946)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 23.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net reserves beginning of period</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,960 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,063 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incurred related to:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 14.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,175 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,291 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 14.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 23.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total incurred losses and LAE</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,173 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,289 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paid related to:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 14.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,071 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,794 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 14.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,381 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,841 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 23.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total paid losses and LAE</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,452 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,635 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign exchange/translation adjustment</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(43)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(605)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net reserves end of period</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,637 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,112 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 14.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plus reinsurance recoverables on unpaid losses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,196 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,110 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 23.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gross reserves end of period</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,833 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,222 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:6pt;font-weight:400;line-height:120%">(Some amounts may not reconcile due to rounding.)</span></div>
CY2022Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
22065000000 usd
CY2021Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
19009000000 usd
CY2022Q4 us-gaap Reinsurance Recoverables
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2105000000 usd
CY2021Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
1946000000 usd
CY2022Q4 eg Reserve For Losses And Loss Adjustment Expenses Net
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CY2021Q4 eg Reserve For Losses And Loss Adjustment Expenses Net
ReserveForLossesAndLossAdjustmentExpensesNet
17063000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
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us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
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us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
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us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
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us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
6173000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
6289000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
2071000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
1794000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
2381000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
1841000000 usd
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
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us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
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us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax Period Increase Decrease
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us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax Period Increase Decrease
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTaxPeriodIncreaseDecrease
-605000000 usd
CY2023Q3 eg Reserve For Losses And Loss Adjustment Expenses Net
ReserveForLossesAndLossAdjustmentExpensesNet
21637000000 usd
CY2022Q3 eg Reserve For Losses And Loss Adjustment Expenses Net
ReserveForLossesAndLossAdjustmentExpensesNet
19112000000 usd
CY2023Q3 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
2196000000 usd
CY2022Q3 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
2110000000 usd
CY2023Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
23833000000 usd
CY2022Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
21222000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
6200000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
6300000000 usd
CY2023Q3 us-gaap Premiums Written Gross
PremiumsWrittenGross
4391000000 usd
us-gaap Premiums Written Gross
PremiumsWrittenGross
12314000000 usd
CY2023Q3 us-gaap Premiums Written Net
PremiumsWrittenNet
3866000000 usd
us-gaap Premiums Written Net
PremiumsWrittenNet
10870000000 usd
CY2023Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
3513000000 usd
us-gaap Premiums Earned Net
PremiumsEarnedNet
9865000000 usd
CY2023Q3 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
2246000000 usd
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
6173000000 usd
CY2023Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
752000000 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2099000000 usd
CY2023Q3 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
215000000 usd
CY2023Q3 eg Corporate Expenses
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19000000 usd
eg Corporate Expenses
CorporateExpenses
55000000 usd
CY2023Q3 eg Interest Fee And Bond Issue Cost Amortization Expense
InterestFeeAndBondIssueCostAmortizationExpense
34000000 usd
eg Interest Fee And Bond Issue Cost Amortization Expense
InterestFeeAndBondIssueCostAmortizationExpense
99000000 usd
CY2023Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
103000000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
61000000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
725000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1883000000 usd
CY2022Q3 us-gaap Premiums Written Gross
PremiumsWrittenGross
3680000000 usd
us-gaap Premiums Written Gross
PremiumsWrittenGross
10313000000 usd
CY2022Q3 us-gaap Premiums Written Net
PremiumsWrittenNet
3323000000 usd
us-gaap Premiums Written Net
PremiumsWrittenNet
9156000000 usd
CY2022Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
3067000000 usd
us-gaap Premiums Earned Net
PremiumsEarnedNet
8775000000 usd
CY2022Q3 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
2623000000 usd
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
6289000000 usd
CY2022Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1877000000 usd
CY2022Q3 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
169000000 usd
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
500000000 usd
CY2022Q3 us-gaap Underwriting Income Loss
UnderwritingIncomeLoss
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us-gaap Underwriting Income Loss
UnderwritingIncomeLoss
109000000 usd
CY2022Q3 us-gaap Net Investment Income
NetInvestmentIncome
151000000 usd
us-gaap Net Investment Income
NetInvestmentIncome
620000000 usd
CY2022Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-129000000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2022Q3 eg Corporate Expenses
CorporateExpenses
16000000 usd
eg Corporate Expenses
CorporateExpenses
45000000 usd
CY2022Q3 eg Interest Fee And Bond Issue Cost Amortization Expense
InterestFeeAndBondIssueCostAmortizationExpense
25000000 usd
eg Interest Fee And Bond Issue Cost Amortization Expense
InterestFeeAndBondIssueCostAmortizationExpense
74000000 usd
CY2022Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-16000000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-71000000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-401000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
20000000 usd
CY2023Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1700000000 usd
CY2023Q3 eg Line Of Credit Facility Uncommitted Amount Available
LineOfCreditFacilityUncommittedAmountAvailable
240000000 usd
CY2023Q3 eg Federal Home Loan Bank Advances General Debt Obligations Disclosures Maximum Percentage Of Admitted Assets Allowed For Borrowing Base
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresMaximumPercentageOfAdmittedAssetsAllowedForBorrowingBase
0.10
eg Ceded Losses And Loss Adjustment Expenses
CededLossesAndLossAdjustmentExpenses
161000000 usd
CY2023Q3 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
2000000 usd
CY2022Q3 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
2000000 usd
CY2023Q3 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
4000000 usd
CY2022Q3 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
3000000 usd
us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
12000000 usd
us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
6000000 usd
CY2023Q3 us-gaap Security Deposit
SecurityDeposit
2500000000 usd
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
253000000 usd
CY2022Q3 us-gaap Security Deposit
SecurityDeposit
2200000000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
431000000 usd
CY2023Q3 us-gaap Ceded Premiums Written
CededPremiumsWritten
89000000 usd
CY2022Q3 us-gaap Ceded Premiums Written
CededPremiumsWritten
68000000 usd
us-gaap Ceded Premiums Written
CededPremiumsWritten
187000000 usd
us-gaap Ceded Premiums Written
CededPremiumsWritten
150000000 usd
CY2023Q3 eg Ceded Earned Premiums
CededEarnedPremiums
74000000 usd
CY2022Q3 eg Ceded Earned Premiums
CededEarnedPremiums
57000000 usd
eg Ceded Earned Premiums
CededEarnedPremiums
172000000 usd
eg Ceded Earned Premiums
CededEarnedPremiums
149000000 usd
CY2023Q3 eg Ceded Losses And Loss Adjustment Expenses
CededLossesAndLossAdjustmentExpenses
26000000 usd
CY2022Q3 eg Ceded Losses And Loss Adjustment Expenses
CededLossesAndLossAdjustmentExpenses
99000000 usd
eg Ceded Losses And Loss Adjustment Expenses
CededLossesAndLossAdjustmentExpenses
79000000 usd
us-gaap Assumed Premiums Written
AssumedPremiumsWritten
3000000 usd
us-gaap Assumed Premiums Written
AssumedPremiumsWritten
3000000 usd
CY2023Q3 eg Assumed Earned Premiums
AssumedEarnedPremiums
2000000 usd
CY2022Q3 eg Assumed Earned Premiums
AssumedEarnedPremiums
2000000 usd
eg Assumed Earned Premiums
AssumedEarnedPremiums
3000000 usd
eg Assumed Earned Premiums
AssumedEarnedPremiums
3000000 usd
CY2023Q3 eg Assumed Losses And Loss Adjustment Expenses
AssumedLossesAndLossAdjustmentExpenses
0 usd
CY2022Q3 eg Assumed Losses And Loss Adjustment Expenses
AssumedLossesAndLossAdjustmentExpenses
0 usd
eg Assumed Losses And Loss Adjustment Expenses
AssumedLossesAndLossAdjustmentExpenses
0 usd
eg Assumed Losses And Loss Adjustment Expenses
AssumedLossesAndLossAdjustmentExpenses
0 usd
CY2023Q3 eg Catastrophe Bond Protection Threshold
CatastropheBondProtectionThreshold
350000000 usd
CY2023Q3 eg Catastrophe Bond Protection Potential Recovery
CatastropheBondProtectionPotentialRecovery
20000000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-313000000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-25000000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-288000000 usd
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-197000000 usd
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-22000000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-175000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-832000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-61000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-771000000 usd
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-2655000000 usd
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-295000000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2360000000 usd
us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
-90000000 usd
CY2023Q3 eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
0.989
CY2022Q3 eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
1.000
eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
0.988
eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
0.987
CY2023Q3 eg Net Income Loss Available To Common Stockholders Diluted Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersDilutedBeforeDividendsCommonStock
595000000 usd
CY2023Q3 eg Net Income Loss Available To Common Stockholders Basic Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersBasicBeforeDividendsCommonStock
595000000 usd
CY2022Q3 eg Net Income Loss Available To Common Stockholders Diluted Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersDilutedBeforeDividendsCommonStock
-384000000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
678000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-319000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1713000000 usd
us-gaap Net Income Loss
NetIncomeLoss
101000000 usd
CY2023Q3 us-gaap Dividends
Dividends
76000000 usd
CY2022Q3 us-gaap Dividends
Dividends
65000000 usd
us-gaap Dividends
Dividends
212000000 usd
us-gaap Dividends
Dividends
191000000 usd
CY2023Q3 us-gaap Undistributed Earnings
UndistributedEarnings
602000000 usd
CY2023Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
602000000 usd
CY2022Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-384000000 usd
CY2022Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
-384000000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
1501000000 usd
us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
1501000000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
-90000000 usd
CY2022Q3 eg Net Income Loss Available To Common Stockholders Basic Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersBasicBeforeDividendsCommonStock
-384000000 usd
eg Net Income Loss Available To Common Stockholders Basic Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersBasicBeforeDividendsCommonStock
1483000000 usd
eg Net Income Loss Available To Common Stockholders Diluted Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersDilutedBeforeDividendsCommonStock
1483000000 usd
eg Net Income Loss Available To Common Stockholders Diluted Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersDilutedBeforeDividendsCommonStock
-88000000 usd
eg Net Income Loss Available To Common Stockholders Basic Before Dividends Common Stock
NetIncomeLossAvailableToCommonStockholdersBasicBeforeDividendsCommonStock
-88000000 usd
CY2023Q3 eg Dividends Common Stock Declared
DividendsCommonStockDeclared
75000000 usd
CY2022Q3 eg Dividends Common Stock Declared
DividendsCommonStockDeclared
65000000 usd
eg Dividends Common Stock Declared
DividendsCommonStockDeclared
210000000 usd
eg Dividends Common Stock Declared
DividendsCommonStockDeclared
188000000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
671000000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
671000000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-319000000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-319000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1693000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1693000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
100000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
100000000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
42900000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
38800000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
40800000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
38800000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42900000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38800000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
15.63
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
41.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.57
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
15.63
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
41.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.57
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38800000 shares
CY2023Q3 eg Basic Weighted Average Common Shares Outstanding And Nonvested Common Shares Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonvestedCommonSharesExpectedToVest
43400000 shares
CY2022Q3 eg Basic Weighted Average Common Shares Outstanding And Nonvested Common Shares Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonvestedCommonSharesExpectedToVest
38800000 shares
eg Basic Weighted Average Common Shares Outstanding And Nonvested Common Shares Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonvestedCommonSharesExpectedToVest
41300000 shares
eg Basic Weighted Average Common Shares Outstanding And Nonvested Common Shares Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonvestedCommonSharesExpectedToVest
39400000 shares
CY2023Q3 eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
0.989
CY2022Q3 eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
1.000
eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
0.988
eg Percentage Allocated To Common Shareholders
PercentageAllocatedToCommonShareholders
0.987
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares

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