W. R. Berkley Corporation
(NYSE:WRB)

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer in the United States and internationally. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including premises opera...

Website: http://www.berkley.com

Founded: 1967

Full Time Employees: 7,493

Sector: Financial Services

Industry: Insurance-Property & Casualty

Insurance

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2002-12-31

revenues:
net premiums written	3,174,345,000	2,999,655,000	3,226,930,000	3,351,439,000	3,133,302,000	2,936,750,000	3,057,276,000	3,126,779,000	2,851,291,000	2,719,668,000	2,848,459,000	2,811,515,000	2,574,824,000	2,427,907,000	2,577,274,000	2,585,635,000	2,413,254,000	2,275,510,000	2,325,138,000	2,212,181,000	2,050,038,000	1,797,457,000	1,879,316,000	1,739,818,000	1,845,846,000	1,660,528,000	1,749,906,000	1,743,464,000	1,709,601,000	1,519,571,000	1,624,214,000	1,624,104,000	1,665,338,000	1,478,236,000	1,571,183,000	1,564,251,000	1,646,838,000	1,510,257,000	1,607,365,000	1,642,569,000	1,663,722,000	1,499,151,000	1,571,037,000	1,543,925,000	1,575,402,000	1,455,909,000	1,525,382,000	1,489,776,000	1,525,880,000	1,357,684,000	1,423,625,000	1,341,898,000	1,376,966,000	1,228,135,000	1,275,887,000	1,190,991,000	1,203,526,000	1,090,511,000	1,126,139,000	1,057,415,000	1,083,303,000	986,706,000	961,354,000	983,950,000	828,382,000	969,329,000	908,912,000	1,023,472,000	888,452,000	996,333,000	991,549,000	1,157,565,000	1,051,964,000	1,132,489,000	1,136,764,000	1,254,772,000	926,355,500	1,208,906,000	1,217,985,000	1,278,531,000	1,150,267,000	1,131,128,000	1,135,011,000	1,188,168,000	1,104,902,000	1,058,580,000	1,016,177,000	1,086,702,000	939,677,000
change in net unearned premiums	-59,173,000	180,335,000	-70,548,000	-253,254,000	-120,921,000	74,150,000	-130,453,000	-280,364,000	-86,944,000	-5,054,000	-206,545,000	-258,788,000	-83,392,000	85,317,000	-135,313,000	-228,477,000	-164,167,000	-72,077,000	-244,120,000	-240,557,000	-200,082,000	16,133,000	-130,395,000	-62,903,000	-154,428,000	56,253,000	-73,096,000	-96,623,000	-116,745,000	99,987,000	-20,729,000	-43,051,000	-97,930,000	112,939,000	10,317,000	4,452,000	-76,796,000	110,019,000	-21,421,000	-82,776,000	-136,387,000	44,846,000	-39,479,000	-50,884,000	-103,389,000	46,448,000	-64,578,000	-72,131,000	-162,268,000	25,357,000	-94,763,000	-59,383,000	-144,847,000	11,840,000	-89,354,000	-43,634,000	-103,875,000	14,792,000	-70,316,000	-40,171,000	-100,806,000	-19,409,000	-13,226,000	-53,389,000				-44,264,000
net premiums earned	3,115,172,000	3,179,990,000	3,156,382,000	3,098,185,000	3,012,381,000	3,010,900,000	2,926,823,000	2,846,415,000	2,764,347,000	2,714,614,000	2,641,914,000	2,552,727,000	2,491,432,000	2,513,224,000	2,441,961,000	2,357,158,000	2,249,087,000	2,203,433,000	2,081,018,000	1,971,624,000	1,849,956,000	1,813,590,000	1,748,921,000	1,676,915,000	1,691,418,000	1,716,781,000	1,676,810,000	1,646,841,000	1,592,856,000	1,619,558,000	1,603,485,000	1,581,053,000	1,567,408,000	1,591,175,000	1,581,500,000	1,568,703,000	1,570,042,000	1,620,276,000	1,585,944,000	1,559,793,000	1,527,335,000	1,543,997,000	1,531,558,000	1,493,041,000	1,472,013,000	1,502,357,000	1,460,804,000	1,417,645,000	1,363,612,000	1,383,041,000	1,328,862,000	1,282,515,000	1,232,119,000	1,239,975,000	1,186,533,000	1,147,357,000	1,099,651,000	1,105,303,000	1,055,823,000	1,017,244,000	982,497,000	967,297,000	948,128,000	930,561,000	932,329,000	943,140,000	951,172,000	979,208,000	1,035,319,000	1,055,241,000	1,074,711,000	1,124,309,000
net investment income	404,333,000	338,234,000	351,238,000	379,303,000	360,292,000	317,438,000	323,756,000	372,129,000	319,839,000	313,341,000	270,944,000	245,152,000	223,398,000	231,283,000	202,816,000	171,574,000	173,512,000	165,003,000	179,851,000	168,187,000	158,577,000	180,977,000	142,650,000	85,431,000	174,763,000	137,335,000	161,692,000	188,333,000	158,254,000	159,816,000	186,124,000	153,777,000	174,518,000	149,187,000	142,479,000	135,264,000	148,858,000	159,313,000	145,668,000	129,049,000	130,133,000	127,609,000	133,214,000	127,583,000	124,239,000	114,220,000	179,225,000	138,729,000	168,711,000	138,991,000	125,634,000	143,737,000	135,929,000	151,875,000	116,019,000	161,250,000	157,619,000	117,090,000	114,063,000	149,072,000	146,126,000	138,187,000	128,191,000	138,843,000	141,181,000	141,029,000	132,135,000	138,216,000	85,195,000	153,402,000	153,939,000	144,497,000	172,506,000	165,790,000	168,943,000	165,421,000	163,827,000	145,784,000	145,067,000	131,497,000	113,280,000	107,502,000	93,622,000	89,558,000	82,286,000	71,722,000	68,798,000	68,489,000	51,678,000
net investment gains:
net realized and unrealized gains on investments	-15,629,000	5,626,000	78,800,000	30,533,000	15,711,000	151,903,000	-23,362,000	-60,306,000	11,503,000	-2,863,000	-40,855,000	68,647,000	22,611,000	77,647,000	-66,282,000	-163,935,000	369,882,000	17,551,000	17,187,000	20,461,000	51,759,000	162,918,000	-7,772,000	61,653,000	-143,285,000	-22,988,000	1,465,000	73,574,000	68,653,000	14,059,000	22,334,000	69,631,000	48,464,000
change in allowance for expected credit losses on investments	-146,000	306,000	160,000	440,000	644,000	6,623,000	15,276,000	1,794,000	14,277,000	10,666,000	-1,571,000	-9,993,000	399,000	-2,549,000	-1,128,000	-7,620,000	-3,617,000	-5,323,000	2,314,000	3,603,000	-16,920,000	393,000	46,750,000	16,232,000	-33,889,000
net investment gains	-15,775,000	5,932,000	78,960,000	30,973,000	16,355,000	158,526,000	-8,086,000	-58,512,000	25,780,000	7,803,000	-42,426,000	58,654,000	23,010,000	75,098,000	-67,410,000	-171,555,000	366,265,000	12,228,000	19,501,000	24,064,000	34,839,000	163,311,000	38,978,000	77,885,000	-177,174,000																					20,672,000	72,258,000	109,168,000	52,754,000	24,648,000	43,869,000	33,058,000	19,969,000	116,462,000	22,226,000	24,286,000	47,491,000	52,069,000	21,238,000	22,890,000	29,284,000	5,204,000	11,534,000	5,912,000	20,421,000	4,083,000	33,896,000
revenues from non-insurance businesses	156,551,000	169,337,000	150,335,000	128,839,000	128,909,000	152,705,000	128,610,000	125,705,000	120,992,000	160,283,000	137,116,000	113,910,000	124,200,000	164,338,000	119,013,000	128,421,000	97,776,000	172,224,000	120,374,000	109,122,000	87,430,000	132,922,000	87,495,000	75,742,000	93,729,000	123,536,000	101,880,000	89,297,000	91,827,000	130,948,000	95,168,000	76,698,000	70,171,000	101,132,000	89,786,000	69,857,000	65,390,000	84,561,000	80,242,000	123,764,000	101,780,000
insurance service fees	28,230,000	25,901,000	30,924,000	32,757,000	28,929,000	27,352,000	28,666,000	27,597,000	25,319,000	25,195,000	22,962,000	25,471,000	32,857,000	28,260,000	27,940,000	26,393,000	27,951,000	24,326,000	21,467,000	22,256,000	25,808,000	21,521,000	21,635,000	19,870,000	25,751,000	21,240,000	23,681,000	22,446,000	25,312,000	26,582,000	30,782,000	29,719,000	30,675,000	34,254,000	33,612,000	33,584,000	33,280,000	29,507,000	32,135,000	36,939,000	40,362,000	31,788,000	35,192,000	35,942,000	36,518,000	35,473,000	26,345,000	26,922,000	28,703,000	27,004,000	26,121,000	27,652,000	26,736,000	26,012,000	26,208,000	27,036,000	23,877,000	23,356,000	22,279,000	25,035,000	22,173,000	22,175,000	20,390,000	21,485,000	19,366,000	22,039,000	25,257,000	26,583,000	25,355,000	25,628,000	24,761,000	27,112,000	22,663,000	23,690,000		25,993,000
other income	1,823,000	2,019,000	397,000	751,000	533,000	647,000	610,000	698,000	496,000	146,000	128,000		107,000	1,599,000	80,000	896,000	818,000	1,014,000	2,072,000	833,000	259,000	150,000	140,000	183,000	2,123,000	170,000	188,000	2,893,000	120,000	622,000	9,000	38,000	11,000	110,000	6,000	188,000	500,000			54,000	258,000	2,000	30,000	46,000	259,000	377,000	405,000	240,000	286,000	272,000	248,000	225,000	281,000	360,000	1,428,000	384,000	392,000	400,000	406,000	574,000	384,000	310,000	356,000	452,000	553,000	474,000	517,000	593,000	518,000	893,000	760,000	372,000	195,000	437,000		5,284,000	302,000	511,000	306,000	391,000	2,699,000	319,000	501,000	517,000	770,000	922,000	6,000	538,000	226,000
total revenues	3,690,334,000	3,721,413,000	3,768,236,000	3,670,808,000	3,547,399,000	3,667,568,000	3,400,379,000	3,314,032,000	3,256,773,000	3,221,382,000	3,030,638,000	2,995,914,000	2,895,004,000	3,013,802,000	2,724,400,000	2,512,887,000	2,915,409,000	2,578,228,000	2,424,283,000	2,296,086,000	2,156,869,000	2,312,471,000	2,039,819,000	1,936,026,000	1,810,610,000	1,976,074,000	1,965,716,000	2,023,384,000	1,937,022,000	1,951,585,000	1,937,902,000	1,910,916,000	1,891,247,000	1,934,956,000	2,031,342,000	1,848,049,000	1,870,418,000	1,971,644,000	2,019,727,000	1,855,914,000	1,807,211,000	1,811,056,000	1,860,957,000	1,789,765,000	1,744,679,000	1,784,428,000	1,840,605,000	1,796,989,000	1,706,906,000	1,696,679,000	1,634,124,000	1,570,962,000	1,506,769,000	1,608,601,000	1,420,501,000	1,415,747,000	1,378,705,000	1,370,953,000	1,279,731,000	1,270,949,000	1,234,351,000	1,176,112,000	1,163,068,000	1,153,547,000	1,176,150,000	1,136,309,000	1,155,098,000	963,621,000	1,078,835,000	1,055,630,000	1,199,139,000	1,375,204,000	1,400,003,000	1,408,032,000	1,386,583,000	1,359,021,000	1,360,443,000	1,368,508,000	1,358,346,000	1,307,534,000	1,343,890,000	1,272,177,000	1,220,784,000	1,159,988,000	1,183,240,000	1,139,536,000	1,110,754,000	1,078,705,000
yoy	4.03%	1.47%	10.82%	10.77%	8.92%	13.85%	12.20%	10.62%	12.50%	6.89%	11.24%	19.22%	-0.70%	16.89%	12.38%	9.44%	35.17%	11.49%	18.85%	18.60%	19.12%	17.02%	3.77%	-4.32%	-6.53%	1.25%	1.44%	5.89%	2.42%	0.86%	-4.60%	3.40%	1.11%	-1.86%	0.58%	-0.42%	3.50%	8.87%	8.53%	3.70%	3.58%	1.49%	1.11%	-0.40%	2.21%	5.17%	12.64%	14.39%	13.28%	5.48%	15.04%	10.96%	9.29%	17.33%	11.00%	11.39%	11.69%	16.57%	10.03%	10.18%	4.95%	3.50%	0.69%	19.71%	9.02%	7.64%	-3.67%	-29.93%	-22.94%	-25.03%	-13.52%	1.19%	2.91%	2.89%	2.08%	3.94%	1.23%	7.57%	11.27%	12.72%	13.58%	11.64%	9.91%	7.54%
qoq	-0.84%	-1.24%	2.65%	3.48%	-3.28%	7.86%	2.61%	1.76%	1.10%	6.29%	1.16%	3.49%	-3.94%	10.62%	8.42%	-13.81%	13.08%	6.35%	5.58%	6.45%	-6.73%	13.37%	5.36%	6.93%	-8.37%	0.53%	-2.85%	4.46%	-0.75%	0.71%	1.41%	1.04%	-2.26%	-4.74%	9.92%	-1.20%	-5.13%	-2.38%	8.83%	2.69%	-0.21%	-2.68%	3.98%	2.58%	-2.23%	-3.05%	2.43%	5.28%	0.60%	3.83%	4.02%	4.26%	-6.33%	13.24%	0.34%	2.69%	0.57%	7.13%	0.69%	2.96%	4.95%	1.12%	0.83%	-1.92%	3.51%	-1.63%	19.87%	-10.68%	2.20%	-11.97%	-12.80%	-1.77%	-0.57%	1.55%	2.03%	-0.10%	-0.59%	0.75%	3.89%	-2.71%	5.64%	4.21%	5.24%	-1.97%	3.84%	2.59%	2.97%
operating costs and expenses:
losses and loss expenses	1,936,025,000	1,946,584,000	1,968,857,000	1,955,424,000	1,900,792,000	1,861,261,000	1,825,960,000	1,780,596,000	1,663,778,000	1,627,540,000	1,636,193,000	1,569,654,000	1,538,755,000	1,522,104,000	1,564,578,000	1,435,817,000	1,339,252,000	1,330,330,000	1,298,392,000	1,203,647,000	1,121,592,000	1,111,695,000	1,114,632,000	1,135,126,000	1,107,253,000	1,072,166,000	1,041,471,000	1,028,830,000	988,650,000	1,020,127,000	1,017,720,000	973,636,000	963,219,000	976,873,000	1,081,174,000	964,698,000	979,603,000	993,461,000	965,856,000	964,162,000	922,321,000	922,972,000	926,355,000	906,235,000	900,708,000	913,571,000	887,123,000	867,778,000	822,095,000	848,599,000	798,276,000	805,470,000	744,679,000	801,173,000	736,632,000	731,202,000	679,472,000	693,014,000	683,980,000	674,276,000	607,095,000	597,907,000	570,475,000	549,973,000	543,031,000	585,964,000	597,267,000	610,445,000	631,663,000	694,254,000	679,703,000	683,041,000	684,388,000	706,374,000	703,669,000	685,147,000	543,812,250	731,941,000	742,110,000	701,198,000	723,088,000	742,242,000	675,326,000	641,146,000	657,693,000	674,534,000	626,578,000	600,505,000	533,201,000
other operating costs and expenses	970,660,000	1,012,284,000	975,333,000	1,039,307,000	949,910,000	897,416,000	943,365,000	892,935,000	868,589,000	906,011,000	808,669,000	823,682,000	825,575,000	822,249,000	725,537,000	699,819,000	713,899,000	692,250,000	643,045,000	647,705,000	616,268,000	637,250,000	593,969,000	580,840,000	578,334,000	601,121,000	581,045,000	591,828,000	588,087,000	601,991,000	577,648,000	593,142,000	610,439,000	615,777,000	600,822,000	616,632,000	603,700,000	625,169,000	606,348,000	581,955,000	582,459,000	591,581,000	573,541,000	573,582,000	551,046,000	563,837,000	544,303,000	534,150,000	515,166,000	520,698,000	504,096,000	494,286,000	481,604,000	467,599,000	451,487,000	448,758,000	431,779,000	428,289,000	405,850,000	402,359,000	384,831,000	369,217,000	370,823,000	367,967,000	364,855,000	353,122,000	365,514,000	357,347,000			376,249,000	380,173,000
expenses from non-insurance businesses	135,842,000	158,954,000	144,176,000	122,437,000	126,364,000	148,839,000	124,885,000	121,120,000	118,607,000	154,754,000	133,939,000	113,538,000	122,767,000	159,127,000	116,240,000	122,966,000	94,855,000	163,698,000	115,465,000	106,698,000	86,290,000	128,456,000	85,036,000	76,238,000	94,757,000	122,528,000	101,743,000	88,272,000	90,125,000	126,251,000	93,463,000	75,191,000	69,543,000	104,028,000	86,412,000	68,959,000	66,019,000	84,304,000	78,865,000	116,731,000	95,531,000
interest expense	31,709,000	31,627,000	31,760,000	31,777,000	31,727,000	31,751,000	31,720,000	31,708,000	31,728,000	31,879,000	31,888,000	31,856,000	31,836,000	31,901,000	31,780,000	31,723,000	34,970,000	37,334,000	35,100,000	38,096,000	36,651,000	35,663,000	39,768,000	38,373,000	36,734,000	33,496,000	38,475,000	40,718,000	40,721,000	40,577,000	39,848,000	39,705,000	37,056,000	36,878,000	36,821,000	36,799,000	36,799,000	36,877,000	37,043,000	34,752,000	32,224,000	31,736,000	31,641,000	33,031,000	34,538,000	34,604,000	32,929,000	30,311,000	30,330,000	30,510,000	30,349,000	31,207,000	31,111,000	32,552,000	32,512,000	32,417,000	28,821,000	28,195,000	28,068,000	28,132,000	28,117,000	26,725,000	26,014,000	26,041,000	25,953,000	21,599,000	20,213,000	20,224,000	20,232,000	20,251,000	21,396,000	22,744,000	22,889,000	22,707,000	22,700,000	20,700,000	22,488,000	23,293,000	23,272,000	23,469,000	24,952,000	23,632,000	19,217,000	18,125,000	18,191,000	16,707,000	15,754,000	15,771,000	13,825,000
total operating costs and expenses	3,074,236,000	3,149,449,000	3,120,126,000	3,148,945,000	3,008,793,000	2,939,267,000	2,925,930,000	2,826,359,000	2,682,702,000	2,720,184,000	2,610,689,000	2,538,730,000	2,518,933,000	2,535,381,000	2,438,135,000	2,290,325,000	2,182,976,000	2,223,612,000	2,092,002,000	1,996,146,000	1,860,801,000	1,913,064,000	1,833,405,000	1,830,577,000	1,817,078,000	1,829,311,000	1,762,734,000	1,749,648,000	1,707,583,000	1,788,946,000	1,728,679,000	1,681,674,000	1,680,257,000	1,733,556,000	1,805,229,000	1,687,088,000	1,686,121,000	1,739,811,000	1,688,112,000	1,697,600,000	1,632,535,000	1,654,850,000	1,632,037,000	1,611,578,000	1,575,962,000	1,621,724,000	1,562,152,000	1,533,535,000	1,459,321,000	1,514,953,000	1,435,891,000	1,412,256,000	1,346,546,000	1,376,108,000	1,286,808,000	1,267,308,000	1,191,402,000	1,220,934,000	1,182,286,000	1,160,622,000	1,073,859,000	1,054,812,000	1,017,246,000	992,955,000
income before income taxes	616,098,000	571,964,000	648,110,000	521,863,000	538,606,000	728,301,000	474,449,000	487,673,000	574,071,000	501,198,000	419,949,000	457,184,000	376,071,000	478,421,000	286,265,000	222,562,000	732,433,000	354,616,000	332,281,000	299,940,000	296,068,000	399,407,000	206,414,000	105,449,000	-6,468,000	146,763,000	202,982,000	273,736,000	229,439,000	162,639,000	209,223,000	229,242,000	210,990,000	201,400,000	226,113,000	160,961,000	184,297,000	231,833,000	331,615,000	158,314,000	174,676,000	156,206,000	228,920,000	178,187,000	168,717,000	162,704,000	278,453,000	263,454,000	247,585,000	181,726,000	198,233,000	158,706,000	160,223,000	232,493,000	133,693,000	148,439,000	187,303,000	150,019,000	97,445,000	110,327,000	160,492,000	121,300,000	145,822,000	160,592,000	185,491,000	125,775,000	125,313,000	-54,349,000
income tax expense	-100,523,000	-117,213,000	-136,141,000	-121,155,000	-121,257,000	-152,958,000	-109,135,000	-115,788,000	-132,036,000	-102,235,000	-86,519,000	-101,460,000	-80,342,000	-96,437,000	-55,791,000	-43,095,000	-139,403,000	-60,313,000	-64,963,000	-62,262,000		-86,917,000	-54,048,000	-33,793,000		-26,970,000	-37,831,000	-56,309,000	-47,825,000	-26,367,000	-44,780,000	-48,464,000	-43,417,000	-45,128,000	-63,295,000	-51,388,000	-59,623,000	-78,164,000	-110,952,000	-49,408,000	-54,428,000	-46,328,000	-76,184,000	-55,138,000	-50,273,000	-51,753,000	-89,662,000	-83,277,000	-77,901,000	-46,338,000	-60,045,000	-43,579,000	-43,625,000	-66,994,000	-32,685,000	-39,535,000	-52,071,000	-32,065,000	-20,176,000	-27,309,000	-44,000,000	-27,631,000									-15,173,000	-75,706,000	-76,050,000	-76,344,000	-79,376,000	-79,135,000	-83,147,000	-70,445,000	-67,883,000	-64,923,000	-69,157,000	-44,540,000	-56,095,000	-52,729,000	-53,398,000	-40,645,000	-48,166,000	-54,026,000	-30,744,000
net income before noncontrolling interests	515,575,000	454,751,000	511,969,000	400,708,000	417,349,000	575,343,000	365,314,000	371,885,000	442,035,000	398,963,000	333,430,000	355,724,000	295,729,000	381,984,000	230,474,000	179,467,000	593,030,000	294,303,000	267,318,000	237,678,000	231,716,000	312,490,000	152,366,000	71,656,000	-3,526,000	119,793,000	165,151,000	217,427,000	181,614,000	136,272,000	164,443,000	180,778,000	167,573,000	156,272,000	162,818,000	109,573,000	124,674,000	153,669,000	220,663,000	108,906,000	120,248,000	109,878,000	152,736,000	123,049,000	118,444,000	110,951,000	188,791,000	180,177,000	169,684,000	135,388,000	138,188,000	115,127,000	116,598,000	165,499,000	101,008,000	108,904,000	135,232,000	117,954,000	77,269,000	83,018,000	116,492,000	93,669,000	110,224,000	118,781,000	134,144,000	97,788,000	97,432,000	-20,284,000
noncontrolling interests	-359,000	-5,240,000	-937,000	580,000	222,000	758,000	320,000	24,000	436,000	-1,624,000	156,000	584,000	-1,603,000	239,000	-1,595,000	-145,000	-2,392,000	127,000	-6,021,000	-440,000	-2,191,000	-340,000	-688,000	-396,000	-892,000	-487,000	57,000	-718,000	-892,000	-3,915,000	-2,523,000	-703,000	-1,177,000	-1,683,000	-764,000	-569,000	-1,227,000	-880,000	-13,000	61,000	-737,000	-133,000	-129,000	-14,000	-137,000	-240,000	-252,000	-216,000	-11,000	-5,009,000	-1,214,000	830,000	17,000	-10,000	-61,000	-66,000	86,000	-28,000	39,000	64,000	-5,000	-50,000	-17,000	-171,000	150,000	-66,000	-45,000	-62,000
net income to common stockholders	515,216,000	449,511,000	511,032,000	401,288,000	417,571,000	576,101,000	365,634,000	371,909,000	442,471,000	397,339,000	333,586,000	356,308,000	294,126,000	382,223,000	228,879,000	179,322,000	590,638,000	294,430,000	261,297,000	237,238,000	229,525,000	312,150,000	151,678,000	71,260,000	-4,418,000	119,306,000	165,208,000	216,709,000	180,722,000	132,357,000	161,920,000	180,075,000	166,396,000	154,589,000	162,054,000	109,004,000	123,447,000	152,789,000	220,650,000	108,967,000	119,511,000	109,745,000	152,607,000	123,035,000	118,307,000	110,711,000	188,539,000	179,961,000	169,673,000	130,379,000	136,974,000	115,957,000	116,615,000	165,489,000	100,947,000	108,838,000	135,318,000	117,926,000	77,308,000	83,082,000	116,487,000	93,619,000	110,207,000	118,610,000
net income per share
basic	1.31	1.13	1.29	1.01	1.05	1.44	0.92	0.93	1.65	1.48	1.24	1.32	1.07	1.38	0.83	0.65	2.13	1.6	1.41	1.28	1.24	1.67	0.82	0.38	-0.02	0.63	0.87	1.14	0.95	1.04	1.28	1.42	1.32	1.23	1.29	0.87	1.01	1.25	1.8	0.89	0.97	0.89	1.24	0.99	0.94	0.87	1.48	1.41	1.31	0.97	1.01	0.85	0.86	1.21	0.74	0.79	0.98	0.86	0.56	0.59	0.83	0.64	0.73	0.77				-0.13
diluted	1.31	1.13	1.28	1	1.04	1.44	0.91	0.92	1.64	1.46	1.23	1.3	1.06	1.37	0.82	0.64	2.12	1.59	1.4	1.27	1.23	1.66	0.81	0.38	-0.02	0.61	0.85	1.12	0.94	1.04	1.26	1.4	1.3	1.21	1.26	0.85	0.96	1.18	1.72	0.85	0.93	0.85	1.18	0.95	0.89	0.84	1.42	1.35	1.25	0.93	0.97	0.82	0.83	1.15	0.71	0.76	0.94	0.82	0.53	0.56	0.79	0.61	0.7	0.74				-0.13
income tax benefit																					-64,352,000				2,942,000																																						-35,598,000	-41,811,000	-5,450,750	-27,987,000	-27,881,000	34,065,000	-15,478,750	28,964,000
net realized investment gains																																		69,190,000	183,959,000	40,453,000	52,348,000	51,877,000	175,738,000	6,315,000	25,457,000	28,255,000	66,419,000	27,557,000	19,044,000
other-than-temporary impairments																																									-18,114,000	-20,794,000	-12,515,000																	-400,000		-1,123,000		-2,582,000
revenues from wholly-owned investees																																										115,841,000	107,059,000	105,596,000	92,606,000	111,329,000	101,568,000	104,285,000	92,840,000	122,723,000	109,390,000	83,775,000	91,735,000	73,917,000	68,087,000	55,434,000	49,675,000	72,735,000	65,922,000	56,134,000	53,887,000	61,983,000	52,929,000	51,576,000	57,301,000	51,201,000	49,942,000	30,903,000	44,765,000	40,496,000		24,888,000	41,619,000	41,739,000
expenses from wholly-owned investees																																										108,561,000	100,500,000	98,730,000	89,670,000	109,712,000	97,797,000	101,296,000	91,730,000	115,146,000	103,170,000	81,293,000	89,152,000	74,784,000	66,177,000	54,931,000	51,330,000	71,436,000	64,388,000	55,855,000	53,816,000	60,963,000	49,934,000	48,974,000	56,820,000	49,849,000	46,791,000	29,954,000	43,422,000	39,337,000	26,343,000	24,935,000	39,929,000	38,718,000
change in valuation allowance, net of other-than-temporary impairments																																																						2,253,500	5,000,000		4,014,000
net realized gains on investment sales																																																						116,462,000	17,226,000	24,286,000	43,477,000	52,069,000	21,238,000	23,290,000	29,284,000	6,327,000	11,534,000	8,494,000
losses from investment funds																																																														-19,044,000					-37,821,000
less investment impairments recognized in other comprehensive income																																																																			8,604,000
income (losses) from investment funds																																																															1,540,000	4,718,000	4,999,000	-25,657,000
change in unearned premiums																																																																	-7,048,250	-26,189,000	42,260,000		27,203,500	58,908,000	83,162,000	-33,256,000	-5,472,000	43,075,000	34,876,000	-99,839,000	-44,627,000	-15,049,000	-31,305,000	-132,154,000	-47,821,750	44,000	-43,138,000	-148,193,000	-42,866,000	-24,500,000	-11,794,000	-135,170,000	-104,097,000
net realized gains on sales of investments																																																																	18,052,500	9,594,000	49,224,000
other-than-temporary investment impairments																																																																	-34,862,000	-5,316,000	-23,932,000
portion of impairments reclassified to (from) other comprehensive income																																																																	2,102,250	-195,000
expenses:
total expenses																																																																	764,572,250	1,010,534,000	1,029,785,000	1,017,970,000	1,055,480,000	1,112,422,000	1,103,691,000	1,110,893,000	1,138,438,000	1,150,329,000	1,116,160,000	1,091,078,000	832,043,500	1,123,545,000	1,124,308,000	1,080,321,000	1,106,247,000	1,104,836,000	1,029,143,000	986,076,000	1,012,227,000	1,000,633,000	952,808,000	908,054,000
net income to common shareholders																																																																	43,690,750	97,722,000	97,387,000
earnings per share:
basic																																																																	0.273	0.61	0.61		0.25	-0.17	0.48	1.07	1.01	0.97	0.98	0.98	0.655	0.91	0.86	0.84
diluted																																																																	0.263	0.59	0.59		0.25	-0.17	0.46	1.03	0.97	0.93	0.93	0.93	0.623	0.87	0.82	0.8
income from investment funds																																																																				-115,074,000
realized investment gains																																																																				-96,808,000	-108,764,000	-220,030,000	-82,163,000	54,026,000	1,456,000	812,000	5,280,000	7,390,000	5,912,000	1,734,000	-673,000	2,675,000	3,324,000	8,120,000	6,126,000	-361,000	11,139,750	4,792,000	9,860,000	29,903,000	3,383,000
net income attributable to common shareholders																																																																				-20,346,000
other operating expenses																																																																					278,750,500	358,580,000			284,938,750	382,530,000	389,791,000	385,231,000	270,722,750	368,311,000	358,926,000	355,654,000	250,091,750	338,962,000	334,600,000	326,805,000	227,911,500	309,392,000	310,476,000	291,778,000	261,281,000
income before income taxes and minority interest																																																																					23,355,000	-56,792,000	95,448,000	264,311,000	261,565,000	257,703,000	270,423,000	267,943,000	176,553,500	244,963,000	234,038,000	227,213,000	237,643,000	167,341,000	191,641,000	173,912,000	171,013,000	138,903,000	157,946,000	170,651,000
minority interest																																																																					-25,000	-52,000	-18,000	-167,000	-1,391,000	-896,000	-414,000	-382,000	-1,228,000	-210,000	-703,000	-588,000	-1,062,000	-283,000	-1,467,000	-312,000	-1,494,000	-1,186,000	-296,000	-470,000	-862,000
net income																																																																					40,326,000	-27,880,000	80,257,000	188,438,000	184,124,000	180,463,000	190,633,000	188,426,000	198,056,000	174,308,000	165,452,000	161,702,000	167,424,000	122,518,000	134,079,000	120,871,000	116,121,000	97,072,000	109,484,000	115,428,000	76,469,000
yoy																																																																					-78.10%	-115.45%	-57.90%	0.01%	-7.03%	3.53%	15.22%	16.53%	18.30%	42.27%	23.40%	33.78%	44.18%	26.21%	22.46%	4.72%	51.85%
qoq																																																																					-244.64%	-134.74%	-57.41%	2.34%	2.03%	-5.33%	1.17%	-4.86%	13.62%	5.35%	2.32%	-3.42%	36.65%	-8.62%	10.93%	4.09%	19.62%	-11.34%	-5.15%	50.95%
net income margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	3.74%	-2.64%	6.69%	13.70%	13.15%	12.82%	13.75%	13.86%	14.56%	12.74%	12.18%	12.37%	12.46%	9.63%	10.98%	10.42%	9.81%	8.52%	9.86%	10.70%	Infinity%
revenue from wholly-owned investees																																																																							27,131,000
average shares outstanding:
basic																																																																							167,172	176,699				193,199				191,741								83,674
diluted																																																																							173,684	183,804				202,076				202,331								87,589
premiums earned																																																																									875,534,250	1,175,564,000	1,171,640,000	1,154,933,000	881,728,500	1,193,857,000	1,186,680,000	1,146,377,000	1,197,915,000	1,131,172,000	1,091,873,000	1,039,975,000	1,071,097,000	1,034,080,000	1,004,383,000	951,532,000
service fees																																																																											25,343,000		24,630,000	26,622,000	26,966,000	26,594,000	26,672,000	25,064,000	28,662,000	30,299,000	25,378,000	28,020,000	27,707,000	28,239,000	25,475,000
other revenues																																																																											15,377,000
average shares outstanding
basic																																																																							167,172	176,699				193,199				191,741								83,674
diluted																																																																							173,684	183,804				202,076				202,331								87,589
income before change in accounting principle																																																																																	167,424,000	122,518,000	134,079,000	120,871,000	116,121,000	97,072,000	109,484,000	116,155,000
cumulative effect of change in accounting principle, net of taxes																																																																																								-727,000
weighted-average shares outstanding
basic																																																																													191,809,000					127,196,000
diluted																																																																													201,961,000					133,753,000
earnings per share:
basic:
diluted:
foreign currency gains																																																																																								4,000	40,000
net income per share
average shares outstanding:

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2002-12-31

assets
investments:
fixed maturity securities	25,508,409,000	25,047,662,000	24,947,949,000	24,093,156,000	23,620,804,000	22,397,865,000	22,663,878,000	21,082,676,000	20,964,854,000	20,178,308,000	19,035,305,000	18,055,623,000	18,091,113,000	17,587,349,000	17,230,936,000	16,851,514,000	16,426,196,000	16,602,673,000	16,073,135,000	15,653,508,000	15,400,118,000	14,159,369,000	13,893,046,000	13,281,085,000	13,666,067,000	14,180,961,000	14,086,075,000	13,732,800,000	13,640,669,000	13,606,812,000	13,572,402,000	13,218,729,000	13,343,132,000	13,551,250,000	13,873,690,000	13,514,085,000	13,422,979,000	13,190,668,000	13,616,671,000	12,954,922,000	12,745,436,000	12,444,394,000	12,368,319,000	12,395,810,000	12,652,269,000	12,705,160,000	12,397,756,000	12,088,055,000	11,986,477,000	11,616,844,000	11,612,047,000	11,635,178,000	11,665,117,000	11,943,956,000	11,892,412,000	11,826,928,000	11,554,209,000	11,312,037,000	11,230,770,000	11,279,509,000	11,251,618,000		11,386,757,000	11,147,752,000	11,296,965,000	11,299,197,000	11,189,826,000	10,390,857,000	10,107,220,000	9,689,896,000	9,414,529,000	9,814,839,000	9,945,396,000	9,799,044,000	10,024,635,000	9,735,152,000	9,808,131,000	9,188,110,000	8,495,284,000	8,443,413,000	8,485,104,000	8,012,855,000	7,550,002,000	6,972,667,000	6,369,421,000	5,774,451,000	5,015,607,000	4,988,947,000	4,092,337,000	3,511,522,000
investment funds	1,398,022,000	1,361,802,000	1,430,991,000	1,492,258,000	1,480,322,000	1,468,246,000	1,607,381,000	1,589,119,000	1,555,818,000	1,621,655,000	1,600,495,000	1,594,225,000	1,601,567,000	1,608,548,000	1,662,029,000	1,702,270,000	1,545,648,000	1,480,612,000	1,400,932,000	1,369,453,000	1,358,997,000	1,309,430,000	1,163,707,000	1,159,237,000	1,178,858,000	1,213,535,000	1,227,298,000	1,401,571,000	1,359,908,000	1,332,818,000	1,251,748,000	1,208,586,000	1,161,127,000	1,155,677,000	1,119,907,000	1,190,963,000	1,238,558,000	1,198,146,000	1,231,700,000	1,205,133,000	1,179,310,000	1,170,040,000	1,140,218,000	1,123,829,000	1,214,272,000	1,211,401,000	1,020,132,000	984,836,000	956,701,000	1,067,495,000	873,884,000	858,394,000	793,603,000	809,689,000	747,638,000	728,505,000	679,689,000	680,638,000	610,513,000	606,291,000	548,327,000		409,004,000	421,394,000	429,591,000	418,880,000	368,733,000	378,164,000	388,160,000	495,533,000
real estate	1,303,741,000	1,279,748,000	1,305,299,000	1,294,505,000	1,304,443,000	1,291,455,000	1,297,314,000	1,279,306,000	1,273,063,000	1,249,874,000	1,270,545,000	1,292,200,000	1,338,504,000	1,340,622,000	1,320,550,000	1,304,094,000	1,276,157,000	1,852,508,000	1,842,400,000	1,811,263,000	1,961,212,000	1,960,914,000	2,106,474,000	2,072,772,000	2,084,387,000	2,105,950,000	2,102,391,000	2,067,544,000	2,019,123,000	1,957,092,000	1,917,250,000	1,883,622,000	1,833,337,000	1,469,601,000	1,391,274,000	1,317,089,000	1,237,738,000	1,184,981,000	1,108,482,000	1,024,102,000	986,810,000	936,367,000	873,909,000	820,257,000	761,856,000	731,612,000	703,994,000	530,239,000	752,376,000	715,242,000	647,698,000	589,936,000	588,777,000	606,735,000	433,686,000	360,787,000	355,254,000	342,905,000	346,015,000	117,873,000	32,775,000
equity securities	1,469,651,000	1,358,201,000	1,382,432,000	1,262,192,000	1,145,040,000	1,203,788,000	1,048,126,000	1,078,092,000	1,178,048,000	1,090,347,000	1,182,061,000	1,239,712,000	1,279,955,000	1,185,894,000	1,173,589,000	1,155,326,000	1,126,491,000	941,243,000	818,738,000	642,993,000	621,629,000	625,667,000	435,303,000	362,265,000	356,102,000	480,620,000	443,654,000	416,588,000	341,981,000	279,006,000	325,254,000	472,389,000	496,034,000								141,699,000		177,877,000	153,513,000	174,709,000		222,024,000	257,059,000	322,773,000		338,907,000	434,841,000	399,386,000
arbitrage trading account	1,164,872,000	1,221,103,000	1,070,304,000	1,034,557,000	831,705,000	1,122,599,000	820,928,000	1,221,861,000	1,146,119,000	938,049,000	825,049,000	723,967,000	609,001,000	944,230,000	1,165,016,000	1,142,003,000	1,188,910,000	1,179,606,000	860,339,000	634,276,000	614,721,000	341,473,000	595,727,000	580,950,000	666,829,000	400,809,000	641,993,000	533,442,000	504,633,000	452,548,000	678,321,000	721,088,000	744,859,000	617,649,000	488,238,000	634,016,000	753,278,000	299,999,000	602,965,000	496,522,000	384,519,000	376,697,000	351,179,000	830,212,000	972,629,000	450,648,000	918,223,000	732,279,000	681,077,000	522,128,000	619,881,000	680,713,000	701,223,000	329,077,000	417,446,000	419,249,000	344,892,000	397,312,000	327,883,000	474,787,000	488,202,000		472,209,000	498,368,000	472,125,000	465,783,000	536,721,000	544,812,000	216,170,000	119,485,000	263,387,000	252,981,000	306,244,000			1,020,540,000
loans receivable	441,160,000	418,913,000	326,855,000	324,365,000	419,880,000	405,453,000	389,869,000	349,325,000	228,766,000	201,271,000	177,750,000	181,562,000	194,944,000	193,002,000	112,800,000	113,483,000	115,097,000	115,172,000	115,495,000	116,009,000	76,896,000	84,913,000	84,771,000	82,134,000	87,058,000	91,799,000	92,285,000	94,697,000	95,557,000	94,813,000	96,590,000	98,088,000	75,902,000	79,684,000	74,229,000	96,064,000	103,650,000	106,798,000	113,996,000	142,858,000	149,388,000	273,103,000	286,273,000	259,411,000	280,769,000	322,012,000	343,300,000	655,691,000	373,166,000	343,583,000	411,851,000	359,177,000	456,533,000	401,961,000	371,408,000	325,073,000	357,121,000	263,187,000	283,560,000	311,663,000	348,773,000		357,805,000	373,605,000	376,993,000	381,591,000	391,268,000	388,783,000	385,650,000	381,182,000	308,181,000	268,249,000	267,818,000	268,206,000
total investments	31,285,855,000	30,687,429,000	30,463,830,000	29,501,033,000	28,802,194,000	27,889,406,000	27,827,496,000	26,600,379,000	26,346,668,000	25,279,504,000	24,091,205,000	23,087,289,000	23,115,084,000	22,859,645,000	22,664,920,000	22,268,690,000	21,678,499,000	22,171,814,000	21,111,039,000	20,227,502,000	20,033,573,000	18,481,766,000	18,279,028,000	17,538,443,000	18,039,301,000	18,473,674,000	18,593,696,000	18,246,642,000	17,961,871,000	17,723,089,000	17,841,565,000	17,602,502,000	17,654,391,000	17,450,508,000	17,561,363,000	17,365,024,000	17,367,581,000	16,649,792,000	16,832,789,000	16,110,189,000	15,587,162,000	15,351,467,000	15,197,775,000	15,583,032,000	16,056,504,000	15,591,824,000	15,605,429,000	15,248,159,000	15,072,570,000	14,548,630,000	14,504,268,000	14,558,239,000	14,604,639,000	14,467,440,000	14,287,912,000	14,222,327,000	13,780,385,000	13,439,518,000	13,293,812,000	13,360,903,000	13,242,366,000		13,147,693,000	12,856,912,000	13,072,063,000	13,050,238,000	12,967,068,000	12,084,087,000	11,504,503,000	11,143,281,000	11,218,326,000	11,783,623,000	11,962,106,000	11,893,522,000	12,219,541,000	12,074,158,000	11,992,360,000	11,027,703,000	10,144,436,000	10,282,287,000	9,810,225,000	9,246,856,000	8,757,421,000	8,149,132,000	7,303,889,000	6,827,987,000	7,178,208,000	7,003,947,000		4,521,906,000
cash and cash equivalents	2,280,934,000	2,539,938,000	2,404,019,000	1,984,529,000	1,720,209,000	1,974,747,000	1,573,238,000	1,580,270,000	1,169,053,000	1,363,195,000	1,646,074,000	1,823,558,000	1,242,357,000	1,449,346,000	1,130,750,000	1,316,603,000	2,114,841,000	1,568,843,000	2,069,029,000	1,790,199,000	2,014,911,000	2,372,366,000	2,571,447,000	2,430,826,000	965,012,000	1,023,710,000	812,550,000	1,258,174,000	937,428,000	817,602,000	819,366,000	911,202,000	956,603,000	950,471,000	773,997,000	788,354,000	608,393,000	795,285,000	873,064,000	948,710,000	837,515,000	763,631,000	879,934,000	756,368,000	614,695,000	674,441,000	1,342,285,000	842,671,000	643,575,000	839,738,000	966,326,000	658,839,000	945,492,000	905,670,000	1,189,564,000	1,012,220,000	1,082,407,000	911,742,000	866,130,000	794,881,000	630,151,000	29,476,000	922,198,000	781,463,000	441,047,000	515,430,000	736,392,000	771,511,000	826,067,000	1,134,835,000	1,003,875,000	614,700,000	718,073,000	951,863,000	591,279,000	801,993,000	713,489,000	658,910,000	783,402,000	636,849,000	672,941,000	979,272,000	707,955,000	707,617,000	932,079,000	1,049,126,000	1,220,163,000	1,074,852,000	1,196,215,000	594,183,000
premiums and fees receivable	3,470,776,000	3,417,112,000	3,535,372,000	3,647,860,000	3,316,909,000	3,266,845,000	3,414,385,000	3,430,991,000	3,171,108,000	3,109,334,000	3,104,609,000	3,042,864,000	2,814,504,000	2,779,244,000	2,752,678,000	2,799,805,000	2,599,357,000	2,522,972,000	2,524,109,000	2,487,649,000	2,260,026,000	2,167,799,000	2,162,192,000	2,186,964,000	2,075,685,000	1,997,186,000	2,009,294,000	2,034,036,000	1,964,244,000	1,807,762,000	1,872,460,000	1,902,336,000	1,845,723,000	1,773,844,000	1,818,836,000	1,867,048,000	1,766,478,000	1,701,854,000	1,742,210,000	1,843,386,000	1,749,273,000	1,669,186,000	1,720,637,000	1,766,654,000	1,706,823,000	1,651,088,000	1,681,674,000	1,748,916,000	1,651,407,000	1,557,480,000	1,585,773,000	1,582,395,000	1,504,535,000	1,440,752,000	1,409,246,000	1,347,305,000	1,307,237,000	1,206,204,000	1,195,018,000	1,241,298,000	1,179,495,000		1,069,757,000	1,112,760,000	1,080,691,000	1,047,976,000	1,082,770,000	1,114,219,000	1,127,620,000	1,056,096,000	1,155,685,000	1,243,089,000	1,275,548,000	1,199,002,000	1,295,121,000	1,348,560,000	1,309,407,000	1,231,934,000	1,268,690,000	1,188,706,000	1,106,677,000	1,071,400,000	1,116,871,000	1,085,222,000	1,032,624,000	1,008,335,000	1,041,958,000	1,016,785,000	986,679,000	822,060,000
due from reinsurers	3,551,097,000	3,543,013,000	3,472,067,000	3,601,233,000	3,581,920,000	3,557,695,000	3,478,354,000	3,501,892,000	3,510,097,000	3,534,527,000	3,426,196,000	3,444,721,000	3,282,288,000	3,187,730,000	3,160,843,000	3,046,754,000	2,929,161,000	2,923,026,000	2,792,811,000	2,681,266,000	2,549,739,000	2,424,502,000	2,323,833,000	2,273,638,000	2,178,092,000	2,133,683,000	2,079,525,000	2,040,250,000	1,941,311,000	1,932,291,000	1,859,917,000	1,841,056,000	1,868,667,000	1,783,200,000	1,739,835,000	1,646,587,000	1,640,190,000	1,743,980,000	1,692,779,000	1,602,750,000	1,558,749,000	1,532,829,000	1,559,277,000	1,533,267,000	1,519,530,000	1,503,441,000	1,452,393,000	1,464,003,000	1,508,311,000	1,533,103,000	1,525,906,000	1,477,381,000	1,441,389,000	1,450,348,000	1,309,463,000	1,270,036,000	1,242,270,000	1,215,679,000	1,187,344,000	1,130,040,000	1,173,581,000		1,076,907,000	1,062,726,000	983,557,000	972,820,000	970,261,000	943,829,000	958,503,000	931,115,000	945,015,000	879,867,000	912,865,000	904,509,000	905,716,000	912,085,000	954,998,000	941,598,000	951,732,000	989,249,000	954,066,000	942,564,000	884,155,000	852,878,000	851,019,000	873,935,000	873,504,000	822,593,000	774,843,000
deferred policy acquisition costs	1,012,807,000	1,000,691,000	1,030,935,000	1,017,073,000	978,244,000	951,728,000	957,997,000	939,453,000	888,719,000	861,609,000	854,374,000	830,315,000	786,502,000	763,486,000	766,923,000	753,185,000	716,645,000	676,145,000	662,636,000	627,647,000	594,309,000	556,168,000	560,739,000	547,958,000	542,013,000	517,364,000	527,390,000	520,908,000	515,595,000	497,629,000	513,092,000	514,499,000	513,586,000	507,549,000	534,091,000	539,961,000	544,914,000	537,890,000	564,663,000	563,842,000	547,519,000	513,128,000	524,269,000	521,312,000	507,509,000	488,525,000	492,500,000	483,714,000	475,244,000	452,101,000	452,695,000	433,274,000	425,070,000	404,047,000	400,727,000	386,783,000	377,600,000	448,795,000	450,552,000	440,644,000	429,933,000		412,024,000	409,837,000	402,680,000	391,360,000	409,749,000	401,755,000	395,756,000	394,807,000	434,928,000	453,610,000	461,731,000	455,244,000	475,414,000	482,376,000	478,531,000	494,233,000	490,201,000	484,504,000	459,773,000	469,714,000	470,244,000	464,433,000	442,484,000	441,276,000	433,228,000	425,194,000	396,311,000	308,200,000
prepaid reinsurance premiums	870,765,000	881,831,000	884,637,000	872,539,000	815,703,000	823,207,000	830,797,000	814,858,000	757,659,000	758,927,000	756,236,000	753,094,000	701,295,000	696,468,000	701,044,000	694,888,000	680,703,000	676,915,000	670,913,000	680,773,000	668,111,000	648,376,000	626,229,000	608,913,000	576,646,000	567,595,000	547,352,000	538,358,000	516,691,000	498,880,000	497,285,000	503,292,000	490,582,000	472,009,000	473,766,000	482,258,000	451,886,000	413,140,000	429,850,000	450,199,000	429,058,000	394,387,000	400,392,000	415,672,000	410,359,000	395,748,000	418,081,000	431,933,000	404,275,000	367,803,000	381,005,000	382,570,000	345,329,000	316,309,000	311,355,000	305,689,000	274,706,000	258,271,000	275,479,000	275,826,000	265,683,000		226,050,000	235,736,000	219,476,000	211,054,000	218,584,000	222,367,000	191,228,000	181,462,000	188,061,000	192,681,000	199,954,000	179,495,000	186,323,000	197,218,000	180,487,000	180,215,000	197,792,000	194,946,000	178,621,000	194,645,000	210,636,000	220,831,000	191,381,000	203,008,000	203,355,000	209,567,000	257,127,000	164,284,000
trading account receivables from brokers and clearing organizations	8,690,000		113,330,000	138,891,000	343,796,000		410,756,000	40,705,000	141,277,000		401,982,000	484,457,000	583,970,000			9,937,000			221,165,000	361,586,000	257,756,000		252,223,000	254,230,000	132,928,000		209,061,000	402,361,000	322,925,000		191,394,000	119,628,000	26,667,000		297,208,000	164,696,000	29,131,000		185,548,000	349,223,000	373,833,000		401,941,000	41,576,000				57,454,000	74,786,000		123,320,000	144,150,000	28,720,000		387,352,000	275,844,000	382,479,000		380,887,000	242,720,000	286,735,000		239,006,000	183,175,000
property, furniture and equipment	567,116,000	596,235,000	492,800,000	490,121,000	481,737,000	478,511,000	478,361,000	477,034,000	466,855,000	426,803,000	423,279,000	421,049,000	421,102,000	423,232,000	414,228,000	415,446,000	417,888,000	419,883,000	419,941,000	428,723,000	404,281,000	405,930,000	410,228,000	414,335,000	422,012,000	422,091,000	416,966,000	398,885,000	406,841,000	416,372,000	424,754,000	427,619,000	424,751,000	422,960,000	399,924,000	424,984,000	356,908,000	349,432,000	348,169,000	346,024,000	346,471,000	348,224,000	336,825,000	332,015,000	327,231,000	332,098,000	333,938,000	335,741,000	337,982,000	339,448,000				267,227,000				262,275,000
goodwill	184,332,000	184,332,000	184,332,000	184,332,000	184,332,000	184,332,000	184,089,000	184,089,000	174,597,000	174,597,000	174,597,000	174,597,000	185,509,000	185,509,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	169,652,000	173,037,000	173,037,000	173,037,000	171,095,000	178,975,000	178,945,000	178,945,000	173,422,000	144,913,000	144,513,000	144,513,000	134,146,000	154,327,000	153,747,000	153,291,000	153,281,000	150,682,000	150,551,000	150,944,000	103,337,000	103,565,000	110,242,000	110,146,000	113,169,000	112,741,000	107,529,000	87,865,000	87,865,000	87,865,000	90,172,000	90,832,000	90,581,000	90,581,000	90,581,000		107,131,000	107,132,000	109,399,000	107,131,000	109,318,000	107,992,000	106,292,000	107,564,000	106,591,000	106,461,000	105,963,000	102,462,000	103,345,000	68,067,000	74,881,000	65,759,000	65,759,000	65,759,000	65,759,000	65,759,000	65,759,000	59,021,000	59,021,000	59,021,000	59,021,000	59,021,000	59,021,000	59,021,000
accrued investment income	246,022,000	255,199,000	248,860,000	259,308,000	236,478,000	243,772,000	234,084,000	225,214,000	217,801,000	213,408,000	201,206,000	184,729,000	181,342,000	166,784,000	150,801,000	133,014,000	129,194,000	122,938,000	126,245,000	122,524,000	123,755,000	120,464,000	128,370,000	128,616,000	140,843,000	138,789,000	144,488,000	140,864,000	150,294,000	144,481,000	148,646,000	141,902,000	143,974,000	136,597,000	139,864,000	136,663,000	135,439,000	127,047,000	133,720,000	127,027,000	130,380,000	123,164,000	128,140,000	129,364,000	139,689,000	120,367,000	138,904,000	123,168,000	130,510,000	118,329,000	128,094,000	126,122,000	126,577,000	127,230,000	131,790,000	135,702,000	132,745,000	133,776,000	133,940,000	139,994,000	135,832,000		142,944,000	134,745,000	131,313,000	130,524,000	125,678,000	124,602,000	114,413,000	122,461,000	114,296,000	137,293,000	127,262,000	134,872,000	128,756,000	127,274,000	118,927,000	115,302,000	105,037,000	102,717,000	101,751,000	86,347,000	83,336,000	70,655,000	69,575,000	64,153,000	59,411,000	58,725,000	48,958,000	46,334,000
other assets	837,159,000	809,394,000	885,035,000	924,883,000	884,270,000	877,099,000	838,532,000	894,954,000	886,484,000	865,556,000	740,227,000	748,184,000	776,820,000	736,022,000	757,385,000	787,530,000	771,487,000	753,231,000	713,094,000	675,737,000	715,161,000	700,215,000	698,360,000	769,717,000	764,068,000	762,743,000	708,537,000	734,388,000	695,023,000	501,413,000	478,879,000	477,557,000	483,943,000	434,554,000	423,770,000	433,003,000	501,981,000	402,550,000	408,718,000	530,186,000	517,227,000	442,782,000	434,074,000	430,732,000	414,161,000	369,558,000	529,056,000	327,870,000	295,365,000	335,225,000	343,018,000	376,334,000	320,342,000	242,135,000	154,148,000	153,922,000	195,402,000	192,729,000	190,526,000	192,858,000	216,014,000	7,969,000	171,283,000	164,141,000	161,510,000	154,966,000	149,001,000	156,036,000	117,418,000	115,813,000	299,572,000	252,966,000	256,957,000	210,354,000	172,645,000	188,119,000	145,503,000	196,108,000	149,820,000	146,860,000	146,714,000	131,837,000	146,267,000	122,887,000	128,731,000	128,916,000	103,297,000	93,125,000	65,247,000	41,449,000
total assets	44,315,553,000	44,071,071,000	43,715,217,000	42,658,057,000	41,345,792,000	40,567,268,000	40,359,298,000	38,909,919,000	37,851,072,000	37,202,015,000	36,111,348,000	35,308,694,000	34,296,064,000	33,861,099,000	33,076,819,000	32,692,447,000	32,250,954,000	32,086,414,000	31,544,288,000	30,297,917,000	29,791,274,000	28,606,913,000	28,212,370,000	27,323,292,000	26,089,929,000	26,643,428,000	26,218,511,000	26,487,903,000	25,585,260,000	24,895,977,000	24,855,649,000	24,621,144,000	24,587,832,000	24,299,917,000	24,336,076,000	23,993,491,000	23,547,414,000	23,364,844,000	23,345,656,000	23,025,863,000	22,230,934,000	21,730,967,000	21,738,566,000	21,689,809,000	21,847,052,000	21,716,691,000	22,097,597,000	21,167,194,000	20,704,267,000	20,551,796,000	20,523,719,000	20,211,542,000	20,120,634,000	20,155,896,000	19,932,912,000	19,462,106,000	19,133,632,000	18,487,731,000	18,330,821,000	18,195,124,000	17,983,511,000	5,761,609,000	17,812,851,000	17,416,926,000	17,231,923,000	17,328,596,000	17,392,514,000	16,656,495,000	16,193,308,000	16,121,158,000	16,417,710,000	16,547,507,000	16,834,811,000	16,832,170,000	16,695,839,000	16,626,837,000	16,538,194,000	15,444,238,000	14,691,916,000	14,524,134,000	13,896,287,000	13,671,523,000	12,841,736,000	12,159,460,000	11,451,033,000	11,059,645,000	10,321,445,000	10,072,309,000		7,031,323,000
liabilities and equity
liabilities:
reserves for losses and loss expenses	22,616,260,000	22,207,773,000	21,757,035,000	21,496,123,000	20,921,987,000	20,368,030,000	20,155,310,000	19,567,190,000	19,099,628,000	18,739,652,000	18,273,310,000	17,919,996,000	17,431,635,000	17,011,223,000	16,540,123,000	16,145,821,000	15,722,889,000	15,390,888,000	14,919,576,000	14,480,947,000	14,080,528,000	13,784,430,000	13,459,359,000	13,088,904,000	12,732,515,000	12,583,249,000	12,396,955,000	12,320,278,000	12,093,110,000	11,966,448,000	11,872,162,000	11,736,575,000	11,784,895,000	11,670,408,000	11,654,346,000	11,324,267,000	11,224,324,000	11,197,195,000	11,097,830,000	10,897,876,000	10,788,342,000	10,669,150,000	10,661,054,000	10,622,374,000	10,474,954,000	10,369,701,000	10,314,265,000	10,256,219,000	10,214,994,000	10,080,941,000	10,061,054,000	9,921,072,000	9,809,843,000	9,751,086,000	9,562,877,000	9,488,668,000	9,394,152,000	9,337,134,000	9,261,584,000	9,195,675,000	9,172,680,000		9,135,156,000	9,109,638,000	9,072,061,000	9,071,671,000	9,115,137,000	9,084,003,000	9,041,703,000	8,999,596,000	9,076,876,000	8,910,469,000	8,835,741,000	8,678,034,000	8,442,126,000	8,207,877,000	8,002,547,000	7,574,891,000	7,276,382,000	7,003,243,000	6,711,760,000	6,473,830,000	6,045,690,000	5,735,423,000	5,449,611,000	5,163,129,000	4,822,575,000	4,466,113,000	3,863,152,000	3,210,632,000
unearned premiums	6,776,750,000	6,721,570,000	6,910,056,000	6,818,407,000	6,494,206,000	6,375,112,000	6,489,597,000	6,332,699,000	5,996,812,000	5,922,326,000	5,899,738,000	5,698,478,000	5,385,886,000	5,297,654,000	5,374,985,000	5,249,543,000	5,026,905,000	4,847,160,000	4,769,313,000	4,544,524,000	4,288,252,000	4,073,191,000	4,054,471,000	3,902,913,000	3,800,642,000	3,656,507,000	3,691,312,000	3,614,152,000	3,496,199,000	3,359,991,000	3,454,955,000	3,441,774,000	3,404,003,000	3,290,180,000	3,409,628,000	3,425,534,000	3,402,892,000	3,283,300,000	3,408,640,000	3,417,068,000	3,314,676,000	3,137,133,000	3,198,009,000	3,190,144,000	3,128,637,000	3,026,732,000	3,111,013,000	3,081,888,000	2,979,086,000	2,781,437,000	2,825,105,000	2,721,228,000	2,635,995,000	2,474,847,000	2,480,449,000	2,380,002,000	2,311,187,000	2,189,575,000	2,214,954,000	2,166,032,000	2,112,709,000		2,033,921,000	2,009,298,000	1,989,553,000	1,928,428,000	2,040,239,000	2,015,712,000	2,015,057,000	1,966,150,000	2,132,638,000	2,205,410,000	2,294,415,000	2,240,690,000	2,355,935,000	2,408,198,000	2,424,720,000	2,373,103,000	2,374,069,000	2,337,619,000	2,189,001,000	2,255,317,000	2,272,354,000	2,240,998,000	2,064,519,000	2,038,886,000	2,014,969,000	2,010,024,000	1,848,818,000	1,390,246,000
due to reinsurers	627,760,000	615,781,000	626,193,000	644,608,000	647,378,000	668,652,000	727,074,000	730,407,000	683,508,000	631,164,000	626,448,000	598,162,000	539,333,000	523,131,000	579,262,000	541,689,000	524,562,000	514,980,000	557,478,000	535,286,000	463,467,000	426,124,000	406,844,000	424,806,000	368,724,000	360,314,000	336,547,000	294,949,000	262,781,000	256,917,000	231,197,000	252,358,000	248,746,000	246,460,000	228,539,000	221,633,000	218,040,000	213,128,000	261,622,000	246,490,000	256,838,000	224,752,000	230,008,000	225,213,000	218,443,000	237,270,000	255,430,000	272,455,000	236,688,000	276,755,000	285,152,000	337,370,000	298,557,000	316,388,000	303,424,000	299,220,000	268,288,000	241,204,000	254,117,000	264,929,000	227,017,000		211,743,000	220,086,000	204,576,000	208,045,000	163,531,000	158,159,000	115,477,000	114,974,000	108,767,000	112,918,000	107,236,000	108,178,000	126,187,000	119,018,000	159,310,000	92,766,000	96,686,000	118,386,000	87,652,000	118,384,000	105,826,000	113,566,000	119,901,000	122,667,000	130,624,000	129,052,000	178,559,000	184,912,000
trading account securities sold but not yet purchased	33,000	66,285,000	34,509,000	30,909,000	52,407,000	73,358,000	36,093,000	81,273,000	40,298,000	9,357,000	7,538,000				6,000	68,000	241,000	1,169,000	739,000	190,000	218,000	10,048,000	19,254,000	20,814,000	14,003,000	36,143,000	68,976,000	159,349,000	58,148,000	38,120,000	112,355,000	90,281,000	29,453,000	64,358,000	44,937,000	62,860,000	51,348,000	51,179,000	60,959,000	120,663,000	35,956,000	37,035,000	33,360,000	155,484,000	99,299,000	106,079,000	159,537,000	111,991,000	91,118,000	162,278,000	88,489,000	171,990,000	79,965,000	121,487,000	149,405,000	40,520,000	71,386,000	62,514,000	60,973,000	68,255,000	123,474,000		65,876,000	48,836,000	82,826,000	143,885,000	115,389,000	156,500,000	44,078,000	23,050,000	57,020,000	56,445,000	88,231,000	67,139,000	146,151,000	256,841,000	220,308,000	236,891,000	123,737,000	309,060,000	198,426,000	188,089,000	200,099,000	156,783,000	70,667,000					36,115,000
current and deferred federal and foreign income taxes	76,199,000			36,255,000			131,209,000	220,080,000	120,754,000		291,363,000	313,837,000	205,291,000		407,595,000	296,943,000	43,527,000		63,654,000	44,659,000	76,667,000
other liabilities	1,626,900,000	1,724,797,000	1,719,078,000	1,521,396,000	1,428,680,000	1,715,078,000	1,674,405,000	1,573,428,000	1,395,048,000	1,503,053,000	1,537,449,000	1,347,896,000	1,137,055,000	1,377,740,000	1,369,169,000	1,378,169,000	1,189,919,000	1,305,245,000	1,367,353,000	1,229,970,000	1,141,444,000	1,178,546,000	1,159,957,000	1,104,896,000	1,005,433,000	1,244,888,000	1,267,221,000	1,258,995,000	1,046,286,000	1,005,184,000	1,008,145,000	935,356,000	852,255,000	981,987,000	923,369,000	1,051,322,000	775,039,000	916,318,000	968,019,000	828,787,000	754,292,000	837,937,000	820,278,000	776,207,000	673,724,000	859,736,000	938,554,000	728,337,000	679,784,000	848,749,000	832,388,000	758,627,000	844,297,000	981,626,000	912,357,000	881,170,000	801,855,000	866,229,000	924,667,000	835,529,000	808,718,000	161,666,000	795,114,000	754,975,000	642,997,000	779,347,000	759,636,000	673,999,000	625,418,000	694,255,000	713,429,000	709,199,000	695,529,000	761,690,000	710,541,000	668,093,000	799,710,000	621,083,000	584,966,000	615,770,000	618,712,000	545,978,000	464,723,000	478,251,000	507,950,000	469,418,000	417,676,000	451,036,000	386,083,000	294,334,000
subordinated debentures	1,010,707,000	1,010,527,000	1,010,347,000	1,010,168,000	1,009,988,000	1,009,808,000	1,009,629,000	1,009,449,000	1,009,269,000	1,009,090,000	1,008,910,000	1,008,730,000	1,008,551,000	1,008,371,000	1,008,191,000	1,008,011,000	1,007,832,000	1,007,652,000	1,007,472,000	1,007,293,000	1,289,272,000	1,102,309,000	1,443,736,000	1,199,198,000	1,198,951,000	1,198,704,000	908,053,000	907,866,000	907,679,000	907,491,000	907,304,000	907,117,000	897,426,000	728,218,000	728,071,000	727,924,000	727,777,000	727,630,000	727,390,000	727,242,000	446,485,000	340,320,000	340,255,000	340,190,000	340,125,000	340,060,000
senior notes and other debt	1,830,328,000	1,829,198,000	1,829,511,000	1,831,638,000	1,832,822,000	1,831,158,000	1,827,788,000	1,828,422,000	1,827,997,000	1,827,951,000	1,828,046,000	1,827,080,000	1,827,981,000	1,828,823,000	1,834,287,000	1,832,273,000	1,834,155,000	2,259,416,000	2,258,646,000	1,911,753,000	2,021,142,000	1,623,025,000	1,629,077,000	1,725,449,000	1,432,117,000	1,427,575,000	1,434,725,000	1,873,799,000	1,875,018,000	1,882,028,000	1,790,498,000	1,792,055,000	1,782,139,000	1,769,052,000	1,759,929,000	1,759,115,000	1,759,494,000	1,760,595,000	1,762,487,000	1,808,522,000	1,814,998,000	1,844,621,000	1,838,965,000	1,843,865,000	2,112,456,000	2,115,527,000	2,122,030,000	1,697,037,000	1,692,690,000	1,692,442,000	1,696,461,000	1,695,986,000	1,693,279,000	1,871,535,000	1,877,431,000	1,865,380,000	1,853,512,000	1,500,503,000	1,501,773,000	1,501,739,000	1,497,095,000		1,494,207,000	1,342,601,000	1,345,463,000	1,345,481,000	1,340,295,000	1,022,732,000	1,021,978,000	1,021,869,000	1,024,758,000	1,021,668,000	1,110,318,000	1,121,793,000	1,121,678,000	1,121,653,000	1,121,523,000	868,848,000	868,509,000	868,170,000	967,818,000	967,449,000	967,090,000	808,594,000	808,264,000	807,896,000	659,776,000	659,492,000
total liabilities	34,564,937,000	34,359,177,000	33,910,214,000	33,353,249,000	32,419,420,000	32,159,829,000	31,919,896,000	31,122,868,000	30,052,560,000	29,732,778,000	29,181,439,000	28,400,342,000	27,330,441,000	27,092,938,000	26,706,843,000	26,155,574,000	25,363,155,000	25,418,684,000	24,880,577,000	23,709,963,000	23,360,990,000	22,281,116,000	22,172,698,000	21,477,901,000	20,552,385,000	20,525,086,000	20,119,068,000	20,467,825,000	19,782,464,000	19,416,179,000	19,376,616,000	19,155,516,000	19,095,652,000	18,848,754,000	18,865,427,000	18,667,542,000	18,328,873,000	18,283,710,000	18,383,832,000	18,086,810,000	17,442,878,000	17,097,759,000	17,121,929,000	17,153,477,000	17,234,015,000	17,092,557,000	17,354,123,000	16,512,636,000	16,293,409,000	16,182,402,000	16,128,421,000	15,945,887,000	15,710,004,000	15,820,430,000	15,599,065,000	15,245,264,000	14,998,177,000	14,471,779,000	14,461,013,000	14,275,052,000	14,184,534,000	2,058,733,000	13,978,750,000	13,728,116,000	13,580,107,000	13,726,650,000	13,783,969,000	13,360,796,000	13,113,351,000	13,069,478,000	13,363,021,000	13,265,591,000	13,380,901,000	13,226,899,000	13,144,725,000	13,023,736,000	12,970,123,000	12,319,269,000	11,865,905,000	11,793,756,000	11,307,896,000	11,225,682,000	10,453,869,000	9,945,203,000	9,295,180,000	9,043,991,000	8,470,936,000	8,223,321,000		5,479,224,000
equity:
preferred stock, par value .10 per share:
authorized 5,000,000 shares; issued and outstanding - none
common stock																																																														47,024,000
authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 372,699,681 and 377,155,799 shares, respectively	158,705,000
additional paid-in capital	1,000,375,000	987,708,000	981,817,000	1,005,428,000	992,901,000	984,825,000	973,032,000	986,892,000	1,030,475,000	1,017,691,000	1,008,301,000	1,020,818,000	1,008,128,000	997,534,000	984,803,000	1,001,093,000	992,012,000	1,016,372,000	1,018,300,000	1,035,166,000	1,023,556,000	1,012,483,000	1,064,719,000	1,076,043,000	1,063,084,000	1,056,042,000	1,045,448,000	1,058,416,000	1,053,372,000	1,063,144,000	1,058,074,000	1,060,308,000	1,057,230,000	1,048,283,000	1,040,575,000	1,057,939,000	1,047,589,000	1,037,446,000	1,027,465,000	1,021,614,000	1,013,572,000	1,005,455,000	989,547,000	1,003,567,000	998,005,000	991,512,000	982,104,000	974,794,000	970,305,000	967,440,000	961,304,000	956,084,000	949,926,000	945,166,000	936,915,000	944,263,000	938,417,000	941,109,000	927,348,000	923,995,000	925,590,000	935,099,000	933,090,000	926,406,000	924,445,000	926,359,000	925,746,000	930,668,000	924,915,000	920,241,000	915,756,000	912,924,000	909,393,000	907,016,000	901,788,000	896,580,000	873,342,000	843,588,000	837,535,000	830,041,000	836,723,000	833,126,000	827,768,000	823,211,000	831,363,000	824,670,000	822,708,000	821,406,000	817,964,000	823,190,000
retained earnings	13,825,717,000	13,344,204,000	13,306,597,000	12,829,755,000	12,652,303,000	12,265,070,000	11,909,408,000	11,669,567,000	11,455,158,000	11,040,908,000	10,800,697,000	10,624,518,000	10,296,539,000	10,161,005,000	9,805,237,000	9,602,948,000	9,582,790,000	9,015,135,000	8,920,334,000	8,682,088,000	8,556,621,000	8,348,381,000	8,057,556,000	7,927,280,000	7,877,371,000	7,932,372,000	7,971,019,000	7,826,015,000	7,721,039,000	7,558,619,000	7,505,706,000	7,423,162,000	7,322,201,000	6,956,882,000	6,880,062,000	6,735,066,000	6,703,675,000	6,595,987,000	6,519,536,000	6,375,893,000	6,282,870,000	6,178,070,000	6,083,120,000	5,945,305,000	5,836,968,000	5,732,410,000	5,762,406,000	5,587,824,000	5,421,913,000	5,265,015,000	5,148,017,000	5,024,565,000	4,922,178,000	4,817,807,000	4,800,537,000	4,711,836,000	4,615,439,000	4,546,232,000	4,439,287,000	4,372,978,000	4,301,258,000	4,194,684,000	4,077,797,000	3,994,366,000	3,894,608,000	3,785,187,000	3,660,451,000	3,572,372,000	3,484,587,000	3,514,531,000	3,461,294,000	3,498,901,000	3,428,602,000	3,248,762,000	3,073,652,000	2,902,367,000	2,721,474,000	2,352,358,000	2,185,711,000	2,027,966,000	1,873,953,000	1,712,903,000	1,596,753,000	1,469,023,000	1,354,489,000	1,244,265,000	1,153,082,000	1,049,473,000	852,548,000	623,651,000
accumulated other comprehensive loss	-601,277,000	-451,097,000	-506,156,000	-572,384,000	-762,067,000	-934,269,000	-603,144,000	-1,033,640,000	-1,023,530,000	-925,838,000	-1,322,819,000	-1,181,673,000	-1,078,917,000	-1,264,581,000	-1,385,810,000	-1,029,630,000	-649,229,000	-281,955,000	-190,862,000	-122,444,000	-148,252,000	-62,172,000	-170,886,000	-249,350,000	-589,521,000	-257,299,000	-322,100,000	-260,796,000	-364,983,000										-9,808,000																													-25,325,000	-146,148,000
treasury stock	-4,643,970,000	-4,338,702,000	-4,142,071,000	-4,126,967,000	-4,127,803,000	-4,079,220,000	-4,011,737,000	-4,007,742,000	-3,783,074,000	-3,783,133,000	-3,676,403,000	-3,682,281,000	-3,387,538,000	-3,251,429,000	-3,163,967,000	-3,165,729,000	-3,166,873,000	-3,167,076,000	-3,169,866,000	-3,087,069,000	-3,087,860,000	-3,058,425,000	-3,026,812,000	-3,023,392,000	-2,927,994,000	-2,726,711,000	-2,708,606,000	-2,717,410,000	-2,720,011,000	-2,720,466,000	-2,698,018,000	-2,708,534,000	-2,715,697,000	-2,709,386,000	-2,690,884,000	-2,686,813,000	-2,688,173,000	-2,688,817,000	-2,658,452,000	-2,599,312,000	-2,600,377,000	-2,563,605,000	-2,564,536,000	-2,579,764,000	-2,455,433,000	-2,364,551,000	-2,356,176,000	-2,323,828,000	-2,322,181,000	-2,132,835,000	-2,006,750,000	-1,999,294,000	-1,969,179,000	-1,969,411,000	-1,968,227,000	-1,911,694,000	-1,867,223,000	-1,880,790,000	-1,887,007,000	-1,771,933,000	-1,745,264,000	-1,750,494,000	-1,627,413,000	-1,541,820,000	-1,411,643,000	-1,325,710,000	-1,221,236,000	-1,234,467,000	-1,235,773,000	-1,206,518,000	-1,193,867,000	-1,152,891,000	-971,600,000	-686,228,000	-597,215,000	-307,738,000	-217,340,000	-234,401,000	-236,420,000	-193,747,000	-199,853,000	-200,613,000	-204,108,000	-205,922,000	-209,106,000	-211,017,000	-212,139,000	-215,269,000	-224,283,000	-230,179,000
total stockholders’ equity	9,739,550,000		9,798,892,000	9,294,537,000	8,914,039,000		8,426,264,000	7,773,782,000	7,784,832,000		6,915,579,000	6,887,185,000	6,944,015,000		6,346,066,000	6,514,485,000	6,864,503,000		6,648,441,000	6,578,276,000	6,414,600,000		5,995,112,000	5,801,116,000	5,493,475,000		6,056,296,000	5,976,760,000	5,759,952,000		5,437,848,000	5,426,118,000	5,451,776,000		5,430,536,000	5,286,518,000	5,179,606,000		4,925,765,000	4,902,501,000	4,751,213,000		4,583,266,000	4,502,187,000	4,578,622,000		4,708,903,000	4,619,713,000	4,375,944,000		4,367,074,000	4,238,604,000	4,378,541,000		4,324,401,000	4,207,784,000	4,126,916,000		3,862,393,000	3,912,807,000	3,791,784,000	3,702,876,000	3,827,392,000	3,682,362,000						3,046,319,000	3,049,441,000	3,276,738,000	3,488,740,000	3,569,775,000	3,516,730,000	3,571,177,000	3,537,028,000	3,097,587,000	2,800,823,000	2,708,363,000	2,567,077,000	2,424,818,000	2,361,266,000	2,167,387,000	2,109,702,000	1,976,070,000	1,813,741,000	1,811,494,000		1,335,199,000
noncontrolling interests	11,066,000	11,076,000	6,111,000	10,271,000	12,333,000	12,328,000	13,138,000	13,269,000	13,680,000	13,806,000	14,330,000	21,167,000	21,608,000	19,829,000	23,910,000	22,388,000	23,296,000	14,719,000	15,270,000	9,678,000	15,684,000	14,995,000	44,560,000	44,275,000	44,069,000	43,403,000	43,147,000	43,318,000	42,844,000	41,947,000	41,185,000	39,510,000	40,404,000	39,819,000	40,113,000	39,431,000	38,935,000	33,926,000	36,059,000	36,552,000	36,843,000	32,962,000	33,371,000	34,145,000	34,415,000	34,189,000	34,571,000	34,845,000	34,914,000	33,359,000	28,224,000	27,051,000	32,089,000	29,249,000	9,446,000	9,058,000	8,539,000	7,526,000	7,415,000	7,265,000	7,193,000		6,709,000	6,448,000	5,832,000	5,879,000	5,500,000
total equity	9,750,616,000	9,711,894,000	9,805,003,000	9,304,808,000	8,926,372,000	8,407,439,000	8,439,402,000	7,787,051,000	7,798,512,000	7,469,237,000	6,929,909,000	6,908,352,000	6,965,623,000	6,768,161,000	6,369,976,000	6,536,873,000	6,887,799,000	6,667,730,000	6,663,711,000	6,587,954,000	6,430,284,000	6,325,797,000	6,039,672,000	5,845,391,000	5,537,544,000	6,118,342,000	6,099,443,000	6,020,078,000	5,802,796,000	5,479,798,000	5,479,033,000	5,465,628,000	5,492,180,000	5,451,163,000	5,470,649,000	5,325,949,000	5,218,541,000	5,081,134,000	4,961,824,000	4,939,053,000	4,788,056,000	4,633,208,000	4,616,637,000	4,536,332,000	4,613,037,000	4,624,134,000	4,743,474,000	4,654,558,000	4,410,858,000	4,369,394,000	4,395,298,000	4,265,655,000	4,410,630,000	4,335,466,000	4,333,847,000	4,216,842,000	4,135,455,000	4,015,952,000	3,869,808,000	3,920,072,000	3,798,977,000		3,834,101,000	3,688,810,000	3,651,816,000	3,601,946,000	3,608,545,000	3,295,699,000	3,079,957,000
total liabilities and equity	44,315,553,000	44,071,071,000	43,715,217,000	42,658,057,000	41,345,792,000	40,567,268,000	40,359,298,000	38,909,919,000	37,851,072,000	37,202,015,000	36,111,348,000	35,308,694,000	34,296,064,000	33,861,099,000	33,076,819,000	32,692,447,000	32,250,954,000	32,086,414,000	31,544,288,000	30,297,917,000	29,791,274,000	28,606,913,000	28,212,370,000	27,323,292,000	26,089,929,000	26,643,428,000	26,218,511,000	26,487,903,000	25,585,260,000	24,895,977,000	24,855,649,000	24,621,144,000	24,587,832,000	24,299,917,000	24,336,076,000	23,993,491,000	23,547,414,000	23,364,844,000	23,345,656,000	23,025,863,000	22,230,934,000	21,730,967,000	21,738,566,000	21,689,809,000	21,847,052,000	21,716,691,000	22,097,597,000	21,167,194,000	20,704,267,000	20,551,796,000	20,523,719,000	20,211,542,000	20,120,634,000	20,155,896,000	19,932,912,000	19,462,106,000	19,133,632,000	18,487,731,000	18,330,821,000	18,195,124,000	17,983,511,000		17,812,851,000	17,416,926,000	17,231,923,000	17,328,596,000	17,392,514,000	16,656,495,000	16,193,308,000
trading account receivable from brokers and clearing organizations		11,669,000				60,327,000				303,614,000				233,863,000								524,727,000				423,543,000				347,228,000				189,280,000				484,593,000				383,115,000				371,034,000				304,936,000				446,873,000				318,240,000							244,905,000	310,042,000	201,639,000	131,977,000	124,977,000	128,883,000	395,391,000	402,399,000	427,705,000	409,926,000	275,914,000	62,797,000	253,683,000	206,505,000	158,275,000	78,736,000	98,229,000	170,670,000	135,313,000	135,540,000	186,479,000	162,936,000	108,529,000	195,152,000		177,309,000
current federal and foreign income taxes		2,732,000				39,382,000				1,318,000				39,123,000				23,570,000				5,893,000				13,398,000				703,000								14,768,000				55,763,000				67,623,000				24,737,000					5,122,000			9,670,000	2,863,000	15,630,000				6,068,000	4,799,000		21,302,000	84,879,000	53,059,000	76,491,000
deferred federal and foreign income taxes		141,496,000				220,217,000				309,623,000				340,647,000				57,425,000				29,055,000								35,490,000				86,764,000				134,365,000				6,811,000								20,120,000				60,255,000	69,968,000	31,665,000	1,701,000			14,957,000	76,167,000		46,246,000	117,228,000	128,659,000	190,450,000	156,249,000	263,178,000	348,342,000	329,417,000	337,362,000	261,442,000	184,872,000	186,669,000	141,353,000	171,390,000	124,252,000	145,357,000	193,309,000	167,224,000	132,059,000	140,436,000	97,977,000	127,255,000	90,810,000				34,933,000	20,585,000
authorized 5,000,000 shares; issued and outstanding — none
authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 377,155,799 and 380,066,070 shares, respectively		158,705,000
total common stockholders’ equity		9,700,818,000				8,395,111,000				7,455,431,000				6,748,332,000				6,653,011,000				6,310,802,000				6,074,939,000				5,437,851,000				5,411,344,000				5,047,208,000				4,600,246,000				4,589,945,000				4,336,035,000				4,306,217,000				4,008,426,000							3,645,984,000	3,596,067,000	3,603,045,000	3,290,272,000	3,074,605,000
see accompanying notes to consolidated financial statements.
authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 379,877,184 and 380,066,070 shares, respectively			158,705,000
authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 379,385,332 and 380,066,070 shares, respectively				158,705,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 379,312,871 and 380,066,070 shares, respectively					158,705,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 380,066,070 and 384,817,136 shares, respectively						158,705,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 381,189,906 and 384,817,136 shares, respectively							158,705,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 380,646,644 and 384,817,136 shares, respectively								158,705,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 256,548,669 and 256,544,757 shares, respectively									105,803,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 256,544,757 and 264,546,100 shares, respectively										105,803,000
preferred stock, par value 0.10 per share:
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 258,043,531 and 264,546,100 shares, respectively											105,803,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 257,516,572 and 264,546,100 shares, respectively												105,803,000
authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 262,536,530 and 264,546,100 shares, respectively													105,803,000
trading account payable to brokers and clearing organizations															820,000		56,652,000	53,636,000																											165,420,000		95,681,000
authorized 1,250,000,000 shares and 750,000,000 shares, respectively, issued and outstanding, net of treasury shares, 264,546,100 and 265,170,882 shares, respectively														105,803,000
authorized 1,250,000,000 shares and 750,000,000 shares, respectively; issued and outstanding, net of treasury shares, 265,801,717 and 265,170,882 shares, respectively															105,803,000
authorized 1,250,000,000 shares and 750,000,000 shares, respectively; issued and outstanding, net of treasury shares, 265,272,980 and 265,170,882 shares, respectively																105,803,000
authorized 750,000,000 shares, issued and outstanding, net of treasury shares, 265,186,251 and 265,170,882 shares, respectively																	105,803,000
authorized 750,000,000 shares, issued and outstanding, net of treasury shares, 176,780,588 and 177,825,150 shares, respectively																		70,535,000
authorized 750,000,000 shares, issued and outstanding, net of treasury shares, 176,638,884 and 177,825,150 shares, respectively																			70,535,000
authorized 750,000,000 shares, issued and outstanding, net of treasury shares, 177,413,970 and 177,825,150 shares, respectively																				70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,372,943 and 177,825,150 shares, respectively																					70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,825,150 and 183,411,907 shares, respectively																						70,535,000
federal and foreign income taxes																							30,069,000	10,921,000	83,677,000						37,196,000	576,000	96,735,000		116,608,000	94,887,000	169,959,000						2,021,000	29,135,000
authorized 750,000,000 shares, issued and outstanding, net of treasury shares, 178,217,537 and 183,411,907 shares, respectively																							70,535,000
authorized 750,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively																								70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 179,836,714 and 183,411,907 shares, respectively																									70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 183,411,907 and 182,993,640 shares, respectively																										70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 183,674,147 and 182,993,640 shares, respectively																											70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 183,168,398 and 182,993,640 shares, respectively																												70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 183,024,006 and 182,993,640 shares, respectively																													70,535,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,995,760 and 121,514,852 shares, respectively																														47,024,000
accumulated other comprehensive income																														-510,470,000	-474,938,000	-395,842,000	-258,982,000	68,541,000	153,759,000	133,302,000	69,491,000	55,568,000		57,282,000	8,124,000	-66,698,000	28,111,000	86,055,000	152,058,000	183,550,000	273,545,000	333,899,000	258,883,000	189,391,000	217,479,000	210,225,000	428,592,000	465,631,000	508,152,000	416,355,000	393,259,000	354,851,000	335,741,000	340,743,000	263,176,000	276,563,000	396,894,000	256,386,000	191,550,000	163,207,000	191,060,000			-228,959,000	-180,766,000	-29,220,000	35,321,000	53,201,000	91,481,000	32,944,000	112,528,000	89,018,000	-33,027,000	-2,921,000	24,903,000	48,051,000	109,502,000	49,724,000	112,055,000	97,251,000	29,189,000	134,983,000	111,316,000	104,603,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 122,117,763 and 121,514,852 shares, respectively																															47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,716,402 and 121,514,852 shares, respectively																																47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,543,951 and 121,514,852 shares, respectively																																	47,024,000
equity securities available for sale																																		576,647,000	614,025,000	612,807,000	611,378,000	669,200,000	158,975,000	286,652,000		150,866,000				170,991,000				283,338,000				376,022,000	425,322,000	561,785,000	489,220,000	443,439,000	438,465,000	511,052,000	510,130,000		461,791,000	357,229,000	412,305,000	401,367,000	398,295,000	299,460,000	327,263,000	383,750,000	469,719,000	728,526,000	749,441,000	767,809,000	955,340,000	852,794,000	951,230,000	650,349,000	552,260,000	499,474,000	435,699,000	440,436,000	414,889,000	485,977,000	413,263,000	429,749,000	354,231,000	316,640,000	323,988,000	205,372,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,514,852 and 121,193,599 shares, respectively																																		47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,769,109 and 121,193,599 shares, respectively																																			47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,271,028 and 121,193,599 shares, respectively																																				47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,218,479 and 121,193,599 shares, respectively																																					47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,193,599 and 123,307,837 shares, respectively																																						47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,684,506 and 123,307,837 shares, respectively																																							47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 122,641,527 and 123,307,837 shares, respectively																																								47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 122,599,552 and 123,307,837 shares, respectively																																									47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 123,307,837 and 126,748,836 shares, respectively																																										47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 123,267,846 and 126,748,836 shares, respectively																																											47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 122,481,580 and 126,748,836 shares, respectively																																												47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 124,933,275 and 126,748,836 shares, respectively																																													47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 126,748,836 and 132,233,167 shares, respectively																																														47,024,000
junior subordinated debentures																																															339,995,000	339,930,000	339,865,000	339,800,000	339,772,000	339,614,000	243,258,000	243,206,000	243,154,000	243,102,000	243,050,000	242,997,000	242,945,000	242,893,000	242,841,000	242,784,000	242,733,000	242,682,000	242,631,000	249,793,000	249,742,000	249,691,000	249,640,000	249,584,000	249,533,000	249,482,000	249,431,000	249,375,000	242,107,000	242,056,000	242,005,000	451,659,000	451,317,000	450,975,000	450,634,000	450,301,000	208,308,000	208,296,000	208,286,000	208,274,000	208,263,000	208,252,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 126,907,538 and 132,233,167 shares, respectively																																															47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 127,613,325 and 132,233,167 shares, respectively																																																47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 127,580,268 and 132,233,167 shares, respectively																																																	47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 132,233,167 and 136,017,732 shares, respectively																																																		47,024,000
real estate, furniture and equipment																																																			336,515,000	291,831,000	271,012,000		258,368,000	264,413,000	268,229,000		263,689,000	254,792,000	256,973,000		251,612,000	245,003,000	245,282,000	246,605,000	244,503,000	250,063,000	253,366,000	260,522,000	218,608,000	219,376,000	201,775,000	204,252,000	200,432,000	192,800,000	191,676,000	180,614,000	183,463,000	186,297,000	169,472,000	172,023,000	165,802,000	163,989,000	162,941,000					135,488,000
federal and foreign income taxes - current and deferred																																																			63,630,000	67,666,000	104,810,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 135,138,372 and 136,017,732 shares, respectively																																																			47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 135,308,430 and 136,017,732 shares, respectively																																																				47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 136,028,287 and 136,017,732 shares, respectively																																																					47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 136,017,732 and 137,520,019 shares, respectively																																																						47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 135,956,622 and 137,520,019 shares, respectively																																																							47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 137,167,115 and 137,520,019 shares, respectively																																																								47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 138,274,272 and 137,520,019 shares, respectively																																																									47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 137,520,019 and 141,009,834 shares, respectively																																																										47,024,000
investment in arbitrage funds																																																											56,606,000	59,728,000	62,541,000		60,127,000	58,564,000	84,084,000	83,420,000	82,225,000	82,011,000	80,040,000	73,435,000	212,218,000	218,677,000	212,435,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 137,082,096 and 141,009,834 shares																																																											47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 140,911,472 and 141,009,834 shares																																																												47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 141,599,454 and 141,009,834 shares																																																													47,024,000
assets:
fixed maturity securities available for sale at fair value																																																														246,275,000
equity securities available for sale, at fair value																																																														109,748,000
investment in subsidiaries																																																														5,261,686,000
deferred federal income taxes																																																														80,861,000
current federal income taxes																																																														19,163,000
real estate, furniture and equipment at cost, less accumulated depreciation																																																														6,431,000
liabilities and stockholders’ equity
due to subsidiaries																																																														189,499,000
senior notes																																																														1,464,784,000
stockholders’ equity:
preferred stock
total liabilities and stockholders’ equity																																																														5,761,609,000								16,121,158,000	16,417,710,000	16,547,507,000	16,834,811,000	16,832,170,000	16,695,839,000	16,626,837,000	16,538,194,000	15,444,238,000	14,691,916,000	14,524,134,000	13,896,287,000	13,671,523,000	12,841,736,000	12,159,460,000	11,451,033,000	11,059,645,000	10,321,445,000	10,072,309,000		7,031,323,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 145,203,276 and 156,552,355 shares																																																															47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 148,421,425 and 156,552,355 shares																																																																47,024,000
due from broker																																																																	6,542,000				71,764,000	138,411,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 153,188,227 and 156,552,355 shares																																																																	47,024,000
current, federal and foreign income taxes
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 156,552,355 and 161,467,131 shares																																																																		47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 160,734,463 and 161,467,131 shares																																																																			47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 160,036,950 and 161,467,131 shares																																																																				47,024,000
noncontrolling interest																																																																				5,427,000	5,352,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 159,968,092 and 161,467,131 shares																																																																					47,024,000
minority interest																																																																						5,361,000	5,248,000	5,178,000	5,170,000	35,496,000	34,384,000	31,924,000	31,043,000	27,382,000	25,188,000	22,015,000	21,314,000	21,023,000	26,601,000	46,870,000	46,151,000	39,584,000	36,768,000	37,494,000	37,444,000	18,649,000
authorized 5,000,000 shares, issued and outstanding – none
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 161,467,131 and 180,320,775 shares																																																																						47,024,000
partnerships and affiliates																																																																							550,292,000	500,351,000	480,772,000	545,937,000	525,549,000		476,086,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 162,149,253 and 180,320,775 shares																																																																							47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 163,869,101 and 180,320,775 shares																																																																								47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 170,472,075 and 180,320,775 shares																																																																									47,024,000
equity securities trading account																																																																										512,526,000	714,017,000		756,913,000	787,460,000	711,481,000	930,202,000	567,760,000	496,613,000	528,481,000	441,564,000	280,340,000	400,736,000	415,486,000	462,587,000	230,843,000	165,642,000
policyholders’ account balances																																																																														100,028,000	90,239,000	90,533,000	83,893,000	75,917,000	73,112,000	71,383,000	65,982,000	62,199,000	59,017,000	55,517,000	50,548,000
authorized 5,000,000 shares, issued and outstanding — none
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 180,320,775 and 192,771,889 shares																																																																										47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 183,274,658 and 192,771,889 shares																																																																											47,024,000
investments in partnerships and affiliates																																																																												465,672,000		401,784,000	385,411,000	409,198,000	321,662,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 192,875,696 and 192,771,889 shares																																																																												47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 194,011,729 and 192,771,889 shares																																																																													47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 191,571,222 and 191,264,346 shares																																																																														47,024,000
authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 191,282,355 and 191,264,346 shares																																																																															47,024,000
liabilities and stockholders’ equity liabilities:
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 192,297,977 and 191,264,346 shares																																																																																47,024,000
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 127,509,564 and 126,409,313 shares																																																																																	31,351,000
investments in affiliates																																																																																		296,952,000	264,049,000	248,924,000	240,865,000	223,051,000	172,721,000	160,921,000
due to broker																																																																																		150,417,000	116,667,000	131,909,000
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 127,422,615 and 126,409,313 shares																																																																																		31,351,000
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 126,987,179 and 126,409,313 shares																																																																																			31,351,000
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 126,769,677 and 126,409,313 shares																																																																																				31,351,000
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 84,272,875 and 83,537,740 shares																																																																																					20,901,000
real estate, furniture & equipment at cost, less accumulated depreciation																																																																																						156,876,000	149,394,000	147,119,000	141,198,000
deferred income taxes																																																																																						84,076,000	111,540,000	41,081,000
trading securities sold but not yet purchased																																																																																						171,522,000	158,036,000	243,835,000
authorized 5,000,000 shares; issued and outstanding – none
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 84,128,636 and 83,537,740 shares																																																																																						20,901,000
authorized 300,000,000 shares, issued and outstanding, net of treasury shares, 84,043,852 and 83,537,740 shares																																																																																							20,901,000
authorized 150,000,000 shares, issued and outstanding, net of treasury shares, 83,802,421 and 83,537,740 shares																																																																																								20,901,000
other investments																																																																																									103,909,000	45,187,000
account receivable from brokers and clearing organizations																																																																																									163,727,000
securities sold but not yet purchased																																																																																									80,028,000
debt																																																																																									658,933,000	362,985,000
trust preferred securities																																																																																									193,325,000	198,251,000
due from reinsurers, net of funds withheld																																																																																										734,687,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-06-30	2015-03-31	2014-12-31	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31	2007-12-31	2007-06-30	2007-03-31	2006-12-31	2006-06-30	2006-03-31	2005-12-31	2005-06-30	2005-03-31	2004-12-31	2004-06-30	2004-03-31

cash from operating activities:
net income to common stockholders	515,216,000	449,511,000	511,032,000	401,289,000	417,571,000	576,101,000	365,634,000	371,909,000	442,471,000	397,339,000	333,586,000	356,308,000	294,126,000	382,223,000	228,879,000	179,322,000	590,638,000	294,430,000	261,297,000	237,238,000	229,525,000	312,150,000	151,678,000	71,260,000	-4,418,000	119,306,000	165,207,000	216,709,000	180,722,000	132,357,000	161,920,000	180,076,000	166,396,000	154,589,000	232,451,000	123,447,000	152,789,000	228,477,000	119,511,000	109,745,000	241,342,000	118,307,000	110,711,000	169,673,000	130,379,000	136,974,000	115,957,000	116,615,000	165,489,000	100,947,000	108,838,000	135,318,000	117,926,000	116,487,000		93,619,000	110,207,000	118,610,000
adjustments to reconcile net income to net cash from operating activities:
net investment losses	15,775,000		-78,960,000				8,085,000												-19,501,000	-24,064,000	-34,839,000		-38,978,000	-77,885,000	177,174,000																															-5,204,000	-11,534,000	-5,912,000
depreciation and amortization	-15,466,000	-15,302,000	-9,069,000	-13,969,000	-9,786,000	-13,645,000	-11,931,000	-64,278,000	-80,784,000	-24,155,000	-3,606,000	-2,837,000	9,737,000	9,835,000	8,799,000	12,607,000	24,631,000	28,352,000	30,733,000	37,054,000	33,543,000	38,870,000	32,130,000	39,002,000	25,063,000	71,380,000	-9,282,000	23,865,000	27,424,000	54,567,000	20,169,000	27,345,000	29,027,000	34,819,000	44,679,000	18,133,000	16,898,000	46,873,000	30,245,000	19,755,000	42,267,000	19,203,000	25,421,000	25,236,000	23,041,000	29,432,000	29,707,000	20,910,000	38,330,000	17,942,000	24,935,000	22,212,000	30,680,000	22,079,000	-60,100,000	21,595,000	21,940,000	20,528,000	22,708,000	47,827,000	23,259,000	-57,871,000	41,474,000	37,065,000	-59,524,000	41,782,000	20,766,000	-51,004,196	33,962,000	18,220,000	23,606,000	30,832,000	15,034,000	19,898,000	29,110,000	13,946,000
noncontrolling interests	359,000	5,240,000	938,000	-580,000	-222,000	-758,000	-320,000	-24,000	-436,000	1,624,000	-156,000	-584,000	1,603,000	-239,000	1,595,000	144,000	2,392,000	-127,000	6,021,000	440,000	2,191,000	340,000	687,000	396,000	892,000	487,000	-56,000	718,000	892,000	3,915,000	2,523,000	702,000	1,177,000	1,683,000	1,796,000	1,227,000	880,000	676,000	737,000	133,000	151,000	137,000	240,000	11,000	5,009,000	1,214,000	-830,000	-17,000	10,000	61,000	66,000	-86,000	28,000	5,000		50,000	17,000	171,000	-150,000
investment funds	-39,529,000	32,131,000	-5,422,000	-27,268,000	-27,023,000	12,359,000	-4,741,000	-25,476,000	29,349,000	-11,299,000	-4,451,000	1,187,000	-2,180,000	-23,180,000	-36,045,000	-33,862,000	-52,012,000	-50,477,000	-69,292,000	-61,311,000	-38,935,000	-52,993,000	-18,235,000	57,551,000	-40,576,000	8,090,000	-19,033,000	-46,840,000	-11,411,000	-15,274,000	-41,005,000	-12,716,000	-40,354,000	-17,426,000	-35,544,000	-26,649,000	-38,914,000	-35,092,000	-16,636,000	-11,390,000	-27,912,000	-6,061,000	18,853,000	-58,906,000	-19,413,000	-15,242,000	-22,123,000	-10,934,000	-26,891,000	13,119,000	-35,619,000	-27,624,000	17,041,000	-13,931,000
stock incentive plans	13,234,000	13,902,000	13,135,000	15,064,000	12,423,000	14,062,000	13,463,000	13,877,000	12,979,000	13,204,000	12,711,000	13,292,000	11,793,000	13,164,000	12,089,000	12,720,000	11,438,000	10,194,000	13,364,000	11,305,000	11,817,000	11,816,000	12,111,000	14,048,000	11,683,000	10,834,000	11,100,000	12,512,000	14,828,000	8,063,000	8,806,000	10,288,000	9,434,000	8,607,000	22,508,000	10,780,000	10,141,000	17,876,000	8,766,000	8,071,000	14,973,000	8,171,000	6,519,000	6,187,000	5,621,000	5,768,000	7,406,000	4,989,000	5,693,000	5,243,000	8,380,000	7,447,000	7,448,000	6,468,000	5,961,000	7,990,000	6,988,000	5,379,000	5,756,000	12,664,000	6,144,000	5,801,000	13,396,000	5,567,000	5,415,000	10,140,000	4,753,000	-12,913,139	8,689,000	3,985,000	2,491,000	4,314,000	2,092,000		1,667,000	687,000
change in:
arbitrage trading account	-7,041,000	-17,362,000	-6,587,000	-19,445,000	-13,525,000	86,024,000	-14,299,000	65,806,000	-14,793,000	-12,814,000	-11,068,000	-15,452,000	-14,879,000	-13,902,000	-12,318,000	-19,856,000	-7,215,000	-44,036,000	-85,093,000	-123,412,000	-16,108,000	-27,456,000	-14,329,000	-28,613,000	2,455,000	-6,131,000	-5,625,000	-7,044,000	-7,753,000	-4,298,000	-6,924,000	-8,368,000	497,000	-2,061,000	-2,440,000	2,350,000	-5,856,000	-2,303,000	383,000	-3,016,000	-702,000	7,692,000	-52,598,000	42,000	-10,075,000	-1,839,000	-2,895,000	4,485,000	931,000	-820,000	1,411,000	-2,946,000								-425,327,000			48,805,000	-4,458,000		-377,708,000
premiums and fees receivable	-48,652,000	117,919,000	114,822,000	-318,483,000	-43,844,000	127,396,000	20,813,000	-264,507,000	-68,133,000	5,878,000	-67,207,000	-239,389,000	-33,460,000	-20,389,000	36,310,000	-214,388,000	-69,704,000	697,000	-43,374,000	-225,428,000	-96,290,000	2,018,000	28,567,000	-107,034,000	-97,169,000	17,716,000	16,904,000	-67,321,000	-156,450,000	63,534,000	45,485,000	-78,340,000	-74,492,000	44,668,000	-159,827,000	-59,244,000	31,969,000	-174,811,000	-79,531,000	38,599,000	-133,227,000	-71,181,000	21,145,000	-99,306,000	23,633,000	1,193,000	-86,585,000	-76,268,000	-35,953,000	-53,620,000	-42,106,000	-97,077,000	-11,057,000	-88,106,000		47,469,000	-33,051,000	-35,977,000	34,539,000	-53,417,000	-74,900,000		-42,801,000	-77,742,000		-101,538,000	-64,250,000		-162,013,000	-82,029,000	-35,277,000	-84,247,000	-52,598,000	-24,289,000	-91,407,000	-66,234,000
reinsurance accounts	15,249,000	-77,536,000	96,743,000	-90,815,000	-42,956,000	-116,964,000	3,471,000	71,000	81,684,000	-111,407,000	47,766,000	-157,630,000	-84,746,000	-78,854,000	-76,103,000	-108,707,000	-2,643,000	-178,518,000	-76,684,000	-72,853,000	-105,589,000	-109,129,000	-85,547,000	-75,745,000	-43,104,000	-49,539,000	-3,678,000	-92,409,000	-20,272,000	-50,989,000	-37,158,000	23,239,000	-100,379,000	-24,223,000	34,985,000	67,205,000	-80,516,000	-100,545,000	-26,319,000	30,342,000	-60,595,000	-46,260,000	-46,412,000	-49,583,000	-2,400,000	-101,416,000	-33,408,000	-34,039,000	-126,381,000	-44,405,000	-29,325,000	-16,857,000
deferred policy acquisition costs	-10,377,000	30,037,000	-13,326,000	-38,748,000	-26,822,000	3,243,000	-16,621,000	-49,489,000	-28,283,000	-6,117,000	-24,856,000	-44,687,000	-23,727,000	3,880,000	-15,163,000	-38,341,000	-39,220,000	-13,532,000	-36,006,000	-33,548,000	-38,577,000	5,264,000	-12,477,000	-5,339,000	-26,139,000	10,480,000	-6,905,000	-5,900,000	-17,732,000	15,254,000	3,686,000	-4,301,000	-6,851,000	25,860,000	-2,236,000	-6,126,000	25,883,000	-50,578,000	-33,466,000	10,356,000	-34,245,000	-21,314,000	1,298,000	-24,066,000	-495,000	-17,590,000	-10,431,000	-23,608,000	-3,813,000	-13,206,000	-10,154,000	-11,483,000	1,793,000	-22,631,000		-1,026,000	-6,681,000	-13,112,000	19,063,000	-4,717,000	-1,747,000		2,188,000	-6,617,000			-15,882,000			-24,731,000
income taxes	77,266,000		43,471,000	-106,462,000	134,962,000		-10,874,000	-92,353,000	120,052,000		55,425,000	-82,636,000	76,933,000		-54,506,000	-180,488,000	123,763,000		-10,369,000	-118,577,000	47,372,000		-66,342,000	21,887,000	-12,500,000		-19,208,000	-33,421,000	36,180,000		-60,876,000	-89,574,000	50,505,000		-42,626,000	50,595,000		8,269,000	46,780,000		48,929,000	44,618,000		70,070,000		21,246,000	-69,113,000	22,471,000
reserves for losses and loss expenses	390,620,000	445,070,000	254,194,000	523,414,000	544,204,000	305,099,000	550,100,000	459,347,000	393,176,000	426,101,000	374,806,000	490,020,000	424,149,000	458,575,000	437,468,000	472,146,000	316,065,000	471,180,000	459,140,000	402,149,000	303,305,000	296,772,000	353,492,000	325,491,000	200,294,000	168,800,000	92,473,000	231,201,000	119,780,000	108,903,000	106,530,000	3,519,000	120,063,000	15,873,000	101,781,000	10,424,000	131,710,000	239,621,000	108,057,000	34,831,000	285,204,000	152,925,000	99,075,000	148,204,000	30,736,000	119,741,000	136,956,000	84,569,000	190,770,000	64,018,000	104,532,000	47,443,000	75,365,000	143,704,000		1,623,000	39,349,000	-33,601,000	-46,276,000	53,958,000	49,985,000		227,737,000	156,196,000		418,641,000	218,417,000		564,622,000	291,483,000	237,930,000	596,079,000	285,812,000	286,482,000	630,484,000	274,022,000
unearned premiums	47,872,000	-188,909,000	88,120,000	309,464,000	113,060,000	-83,928,000	147,007,000	337,457,000	84,952,000	9,235,000	209,737,000	310,572,000	87,991,000	-85,304,000	142,444,000	241,928,000	167,522,000	78,969,000	234,263,000	253,475,000	219,920,000	8,729,000	147,990,000	95,444,000	163,793,000	-35,309,000	82,654,000	118,826,000	135,184,000	-92,594,000	5,268,000	54,841,000	116,627,000	-117,423,000	140,399,000	113,483,000	-119,604,000	276,815,000	171,553,000	-55,835,000	174,108,000	117,403,000	-67,695,000	198,933,000	-40,194,000	93,423,000	95,702,000	174,229,000	-4,922,000	96,006,000	73,468,000	115,434,000	-26,182,000	152,731,000		19,531,000	16,099,000	36,950,000	-114,429,000	37,547,000	52,321,000		-36,861,000	55,978,000		93,114,000	110,373,000		185,068,000	148,618,000	-66,316,000	207,835,000	176,479,000	25,633,000	157,074,000	152,129,000
other	-286,669,000	204,992,000	130,769,000	101,319,000	-297,870,000	9,610,000	190,983,000	70,477,000	-200,219,000	42,252,000	111,981,000	139,236,000	-279,007,000	181,605,000	26,790,000	33,191,000	-221,708,000	29,375,000	164,086,000	102,351,000	-206,345,000	84,752,000	66,347,000	96,818,000	-204,878,000	-1,402,000	89,312,000	46,993,000	-154,409,000	55,062,000	37,072,000	102,317,000	-243,221,000	98,740,000	-18,267,000	-177,805,000	111,460,000	-109,302,000	-181,969,000	84,096,000	-170,809,000	-243,584,000	85,391,000	-190,577,000	-9,768,000	83,728,000	71,535,000	-148,321,000	121,873,000	-26,170,000	1,779,000	10,446,000	9,711,000	215,000		-4,000				-90,000	-5,000		434,000	152,000			-27,000		9,703,000	198,000	1,788,000	-7,343,000	-4,775,000	5,032,000	-12,514,000	-355,000
net cash from operating activities	667,857,000	995,132,000	1,139,860,000	703,807,000	743,817,000	810,033,000	1,240,770,000	881,330,000	746,235,000	698,076,000	1,077,093,000	708,746,000	445,323,000	795,301,000	767,650,000	527,971,000	477,682,000	659,593,000	828,585,000	384,819,000	310,990,000	479,741,000	557,094,000	427,281,000	152,570,000	348,749,000	392,398,000	324,316,000	78,330,000	277,675,000	223,162,000			189,025,000	224,858,000	75,472,000	121,866,000	332,318,000	140,768,000	260,969,000	332,883,000	61,012,000	160,061,000	143,164,000	193,103,000	312,763,000	198,820,000	115,112,000	222,109,000	140,938,000	238,649,000	73,762,000	185,036,000	55,443,000	-149,475,000	204,047,000	129,511,000	57,159,000	150,757,000		21,560,000	-258,510,000	405,327,000	213,947,000
capital expenditures	0	0	-16,943,000	-20,593,000	-16,201,000	0	-13,202,000	-24,133,000	-54,335,000	0	-16,407,000	-14,188,000	-11,532,000	0	-13,242,000	-12,914,000	-9,114,000	0	-5,285,000	-37,401,000	-10,872,000	0	-8,041,000	-8,369,000	-14,637,000	0	0	0	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0	0
free cash flows	667,857,000	995,132,000	1,122,917,000	683,214,000	727,616,000	810,033,000	1,227,568,000	857,197,000	691,900,000	698,076,000	1,060,686,000	694,558,000	433,791,000	795,301,000	754,408,000	515,057,000	468,568,000	659,593,000	823,300,000	347,418,000	300,118,000	479,741,000	549,053,000	418,912,000	137,933,000	348,749,000	392,398,000	324,316,000	78,330,000	277,675,000	223,162,000			189,025,000	224,858,000	75,472,000	121,866,000	332,318,000	140,768,000	260,969,000	332,883,000	61,012,000	160,061,000	143,164,000	193,103,000	312,763,000	198,820,000	115,112,000	222,109,000	140,938,000	238,649,000	73,762,000	185,036,000	55,443,000	-149,475,000	204,047,000	129,511,000	57,159,000	150,757,000		21,560,000	-258,510,000	405,327,000	213,947,000
cash from investing activities:
proceeds from sale of fixed maturity securities	271,595,000	274,187,000	345,903,000	238,598,000	290,625,000	622,123,000	599,440,000	663,099,000	426,084,000	134,176,000	253,133,000	194,486,000	429,400,000	-840,101,000	728,754,000	501,074,000	408,221,000	210,290,000	157,795,000	358,940,000	1,115,114,000	306,629,000	331,593,000	1,620,101,000	1,574,232,000	751,583,000	21,609,000	346,453,000	973,626,000	683,507,000	68,088,000	769,546,000	2,004,008,000	953,543,000	2,069,718,000	719,969,000	1,365,680,000	716,674,000	381,732,000	622,916,000	794,106,000	466,276,000	86,489,000	328,371,000	453,350,000	335,663,000	92,306,000	463,388,000	288,700,000	178,974,000	75,768,000	295,134,000
proceeds from sale of equity securities	4,573,000	127,130,000	160,348,000	10,264,000	132,663,000	42,925,000	34,868,000	169,511,000	83,987,000	157,382,000	63,554,000	87,983,000	9,933,000	62,262,000	215,000	10,615,000	9,227,000	26,614,000	1,601,000	41,308,000	57,457,000	47,913,000	-272,000	61,811,000	5,311,000	39,254,000	1,606,000	1,341,000	37,762,000	48,601,000	165,184,000	131,255,000	152,949,000	58,208,000	89,340,000	51,854,000	19,855,000	14,558,000	1,880,000	-7,945,000	23,547,000	9,785,000	3,323,000	6,457,000	45,158,000	155,427,000	28,721,000	38,248,000	176,371,000	162,965,000	37,699,000	32,575,000
(contributions to) distributions from investment funds	-4,030,000														69,876,000														-13,874,000		1,491,000					-11,290,000
proceeds from maturities and prepayments of fixed maturity securities	1,360,093,000	1,291,914,000	1,542,283,000	1,279,148,000	1,198,698,000	1,407,246,000	1,349,551,000	1,165,445,000	968,330,000	852,763,000	829,321,000	868,511,000	956,308,000	974,848,000	1,260,542,000	1,215,332,000	1,440,457,000	1,394,668,000	1,515,701,000	1,533,504,000	1,623,357,000	987,685,000	1,017,250,000	803,670,000	1,055,722,000	655,716,000	787,492,000	803,977,000	686,795,000	718,731,000	651,919,000	1,207,894,000	97,911,000	696,066,000	888,423,000	888,423,000	0	1,191,548,000	455,463,000	271,704,000	1,534,982,000	655,349,000	718,587,000	546,838,000	473,491,000	683,429,000	893,525,000	667,711,000	631,354,000	736,790,000	514,314,000	408,647,000	506,393,000	407,780,000		293,555,000	316,087,000	312,811,000	281,212,000	640,685,000	323,879,000		810,372,000	415,456,000
purchase of fixed maturity securities	-2,217,950,000	-1,584,263,000	-2,615,839,000	-1,742,621,000	-2,486,160,000	-2,191,324,000	-2,973,839,000	-1,937,453,000	-2,266,087,000	-1,572,897,000	-2,258,399,000	-1,147,360,000	-1,686,107,000	-342,017,000	-2,833,672,000	-2,660,777,000	-2,200,214,000	-2,274,488,000	-2,175,326,000	-2,148,773,000	-4,118,161,000	-1,477,162,000	-1,884,765,000	-1,591,588,000	-2,598,076,000	-1,499,778,000	-1,219,857,000	-1,104,984,000	-1,528,267,000	-1,490,252,000	-1,124,600,000	-1,977,218,000	-2,085,683,000	-1,410,491,000	-3,164,892,000	-1,767,208,000	-1,260,745,000	-2,238,683,000	-1,032,129,000	-1,067,575,000	-2,168,400,000	-1,094,439,000	-1,193,688,000	-1,131,612,000	-999,931,000	-984,003,000	-1,317,823,000	-896,378,000	-1,106,680,000	-851,904,000	-785,830,000	-872,588,000
purchase of equity securities	-120,517,000	-79,912,000	-217,077,000	-64,887,000	-56,564,000	-21,075,000	-6,032,000	-74,751,000	-105,599,000	-16,639,000	-1,330,000	-2,956,000	-59,529,000	-324,000	-68,862,000	-170,940,000	-100,356,000	-124,221,000	-196,588,000	-74,655,000	-69,181,000	-175,191,000	-42,249,000	-331,000	-35,260,000	-106,673,000	-24,456,000	-6,535,000	-35,314,000	1,449,000	0	-42,840,000	-44,219,000	-10,473,000	-787,000	-103,000	-75,433,000	-126,414,000	-1,108,000	8,228,000	-8,543,000	-8,882,000	-2,601,000	-19,274,000	28,272,000	-73,289,000	-76,054,000	-35,486,000	-66,501,000	-33,739,000	-116,099,000	-68,652,000
real estate purchased	-37,431,000		3,635,000	-1,165,000	-14,785,000	181,000	-22,210,000																-12,227,000	-5,929,000	-24,249,000	29,786,000	-58,765,000	-64,872,000	-52,901,000	-59,654,000	-35,389,000	-82,420,000	-336,601,000	-77,033,000	-109,846,000	-48,710,000	-91,294,000	-114,434,000	-53,781,000					-35,613,000	-60,073,000	-33,889,000	-3,089,000	-10,301,000	-185,038,000	-55,873,000	-9,864,000	-5,611,000
change in loans receivable	-30,581,000	-89,946,000	-6,638,000	112,973,000	-3,694,000	-37,268,000	-25,307,000	-120,091,000	-28,150,000	-42,515,000	-971,000	13,155,000	612,000	-85,278,000	866,000	868,000	332,000	343,000	746,000	-37,766,000	9,256,000	265,000	239,000	-1,914,000	2,877,000	325,000	3,016,000	866,000	-726,000	1,141,000	1,965,000	-18,368,000	2,058,000	-5,439,000	10,734,000	3,147,000	7,199,000	130,267,000	123,737,000	13,170,000	62,601,000	41,244,000	21,288,000	-29,568,000	68,382,000	-52,502,000	6,551,000	-53,405,000	-18,055,000	-44,835,000	32,048,000	-93,934,000	20,373,000	4,809,000		16,090,000	3,781,000	2,380,000	631,000	-6,589,000	-3,968,000
net proceeds from sale (purchases) of property, furniture and equipment	27,670,000
change in balances due to security brokers	157,986,000		114,221,000	-69,056,000	14,705,000		-42,911,000	95,310,000	70,120,000		-91,752,000	113,574,000	-13,598,000		107,656,000	-28,257,000	98,058,000		45,001,000	-86,025,000	151,776,000		60,943,000	9,996,000	-34,378,000		35,524,000	41,107,000	-22,011,000		-41,040,000	-11,859,000	58,500,000		104,463,000	-22,034,000		51,918,000	69,642,000		18,298,000	-2,652,000		51,557,000				43,325,000		40,644,000	22,554,000	16,146,000		74,986,000		683,000
net cash from investing activities	-588,592,000	-243,080,000	-627,624,000	-234,213,000	-924,418,000	-87,064,000	-1,105,120,000	-87,196,000	-905,109,000	-565,428,000	-1,235,345,000				-760,506,000	-1,308,472,000	518,563,000						-520,848,000	855,486,000	30,822,000	-232,921,000	-254,567,000	20,826,000	41,791,000	-187,781,000	-310,039,000	-84,940,000	-131,484,000	100,613,000	-224,314,000	-269,755,000	7,383,000	-429,371,000	-105,550,000	-341,837,000	277,442,000	5,476,000	-589,450,000	-133,995,000		-4,342,000	-515,095,000	143,432,000	-361,785,000	101,696,000	-236,385,000	-278,594,000	-120,801,000	-75,028,000	-194,906,000	-133,988,000	365,593,000	-10,124,000	-262,261,000	-358,159,000	-291,469,000	216,490,000	-161,331,000	-136,742,000
cash from financing activities:
net proceeds from issuance of debt	1,105,000			-1,209,000	1,638,000			400,000	20,000	-2,074,000	940,000	1,028,000	-868,000	-5,490,000	1,989,000	-994,000	1,186,000	1,703,000	345,511,000	-4,320,000	691,213,000	-5,762,000	448,952,000	294,188,000	4,259,000					95,657,000	-1,933,000	19,046,000	181,792,000				1,921,000	388,901,000	110,093,000	7,165,000	3,749,000		-77,397,000		-2,601,000	-22,500,000			-6,350,000	11,597,000	9,729,000	354,315,000							12,418,000
cash dividends to common stockholders	-33,704,000	-411,904,000	-34,190,000	-223,837,000	-30,338,000	-220,439,000	-125,793,000	-157,501,000	-28,220,000	-314,535,000	0	-28,329,000	-158,592,000	-53,045,000	-159,164,000	0	-22,983,000	-199,629,000	-134,822,000	0	-21,285,000	-21,325,000	-21,402,000	-21,351,000	-20,069,000	-178,156,000	-111,733,000			-158,820,000	-18,258,000	-60,857,000	-17,016,000	-94,828,000	-15,758,000		-153,345,000	-30,655,000	-14,711,000	-14,795,000	-28,447,000	-13,749,000	-140,705,000	-12,775,000	-13,381,000	-27,093,000			-148,217,000	-24,688,000			-10,981,000	-9,911,000	-18,401,000	-1,751,000	-10,449,000	-18,747,000	0	-19,200,000	-9,598,000		-17,647,000	-17,611,000
purchase of common treasury shares	-302,432,000	-196,392,000	-24,627,000	0	-49,202,000	-67,412,000	-12,480,000			-106,627,000	-2,917,000	-292,467,000	-135,152,000	-87,570,000				0	-92,743,000	0	-29,683,000	-34,498,000	-12,957,000	-96,281,000	-202,621,000					-17,951,000	0	0	-6,799,000	-19,429,000			-32,522,000	-37,424,000	-37,424,000	0	-218,132,000	-91,213,000	-2,230,000	-192,668,000	-127,103,000	-8,008,000			-6,301,000	-73,016,000			-9,515,000	-23,303,000	-151,714,000	-87,589,000	-135,965,000	-95,739,000			-31,842,000
net cash from financing activities	-339,110,000	-618,061,000	-95,262,000	-231,714,000	-81,410,000	-290,546,000	-153,820,000	-378,416,000	-29,705,000		-22,846,000	-320,284,000	-295,726,000					-216,185,000	98,046,000	-404,247,000	528,217,000	-449,643,000	98,975,000	174,781,000	-221,956,000					-99,117,000	-22,666,000	-43,030,000	157,410,000				-191,313,000	281,469,000	27,395,000	-7,769,000	-518,709,000	-109,389,000		-203,891,000	-144,720,000	-34,887,000	47,987,000	-198,642,000	-145,823,000	-85,917,000	-37,573,000	366,505,000	-16,175,000	12,957,000			-149,122,000	-116,749,000	-106,087,000	-37,709,000	-32,589,000	-37,042,000			-110,862,000
net impact on cash due to change in foreign exchange rates	841,000	1,928,000	2,516,000	26,440,000	7,473,000	-30,914,000	11,138,000	-4,501,000	-5,563,000	8,111,000	3,615,000	-5,500,000	2,844,000	1,380,000	-8,844,000	-18,373,000	1,083,000	4,979,000	-8,870,000	1,127,000	-1,431,000	16,585,000	5,400,000	8,266,000	-20,134,000	9,331,000	-8,111,000	-1,522,000	681,000	7,459,000	17,707,000	-56,828,000	241,000	-5,450,000	11,018,000	10,147,000	-15,715,000	663,000	11,271,000	-27,666,000	-9,689,000	-16,845,000	-15,674,000	-1,441,000	-5,612,000	33,953,000	-18,365,000	-20,080,000	1,605,000	20,627,000	-34,878,000	8,992,000	-2,448,000	-6,173,000		9,735,000	-5,566,000	-4,669,000
net change in cash and cash equivalents	-259,004,000		419,490,000	264,320,000	-254,538,000		-7,032,000	411,217,000	-194,142,000		-177,484,000	581,201,000	-206,989,000		-185,853,000	-798,238,000	545,998,000		278,830,000	-224,712,000	-357,455,000		140,621,000	1,465,814,000	-58,698,000		-445,624,000	320,746,000	119,826,000		-91,836,000	-45,401,000	6,132,000		-6,931,000	-186,892,000					81,927,000	-59,746,000		-196,163,000		307,487,000	-286,653,000	39,822,000		177,344,000	-70,187,000	170,665,000
cash and cash equivalents at beginning of period	2,539,938,000		0	0	1,974,747,000		0	0	1,363,195,000		0	0	1,449,346,000		0	0	1,568,843,000
cash and cash equivalents at end of period	2,280,934,000		419,490,000	264,320,000	1,720,209,000		-7,032,000	411,217,000	1,169,053,000		-177,484,000	581,201,000	1,242,357,000		-185,853,000	-798,238,000	2,114,841,000		278,830,000	-224,712,000	2,014,911,000		140,621,000	1,465,814,000	965,012,000		-445,624,000	320,746,000	937,428,000		-91,836,000	-45,401,000	956,603,000		788,354,000	608,393,000		948,710,000	837,515,000		756,368,000	614,695,000		643,575,000		307,487,000	-286,653,000	945,492,000		177,344,000	-70,187,000	1,082,407,000		630,151,000		140,735,000	340,416,000	441,047,000		771,511,000	826,067,000		614,700,000	718,073,000		801,993,000	713,489,000		783,402,000	636,849,000		707,955,000	707,617,000
net investment gains					-16,355,000				-25,780,000	-7,803,000	42,425,000	-58,654,000	-23,010,000	-75,098,000	67,411,000	171,555,000	-366,265,000																	-59,098,000	-92,801,000	-52,348,000	-77,611,000	-13,658,000	-7,343,000	8,181,000	-46,601,000	-19,044,000	-20,672,000	-52,754,000	-24,648,000	-43,869,000	-33,058,000	-19,969,000		-22,226,000	-24,286,000	-47,491,000		-29,284,000
current income taxes
deferred income taxes																																																	13,435,000	4,049,000	9,356,000	-13,600,000	17,808,000	392,000		5,460,000	-25,707,000	39,902,000	-16,563,000	-25,901,000	-66,755,000		-27,332,000	11,135,000		6,724,000	13,985,000		-26,549,000	-18,447,000	20,519,000	-9,452,000	-3,900,000	-11,086,000	-26,358,000	-11,956,000
cash flows from investing activities:
distributions from (contributions to) investment funds											-4,578,000	5,445,000	7,518,000											-31,960,000	99,194,000								33,695,000									-9,363,000	-215,914,000	158,808,000	-178,768,000	2,188,000	-37,928,000	-22,072,000	84,223,000	-29,383,000	-1,654,000	24,744,000
real estate disposed
net additions to property, furniture and equipment																										-58,655,000	9,002,000	-7,505,000	-3,299,000	-14,278,000	-5,878,000	-15,602,000	-14,102,000	-41,451,000	-89,715,000	-12,457,000	-12,934,000	-21,224,000	-12,461,000	-23,300,000	-23,504,000	-7,680,000	-11,161,000	-9,862,000
change in balances due from security brokers
cash received in connection with business disposition										2,491,000	0			0	0	0	906,789,000													0							0
payment for business purchased, net of cash acquired																																											2,000	-97,000	-18,322,000	0	0	-38,556,000					-253,413,000	-11,060,000					0	-33,162,000			-46,330,000	-33,980,000		-20,173,000	-20,173,000
cash flows from financing activities:
repayment of senior notes and other debt		-339,000									0			0	0	0	-426,503,000		1,316,000	-395,230,000	-110,000,000		-301,293,000			-7,951,000				-4,501,000	0	0	-23,000	1,768,000	-1,475,000	-1,475,000	-4,920,000	-38,427,000	-33,721,000	-1,882,000	-275,788,000	-3,240,000	-1,871,000	-125,000	-1,789,000	22,697,000	-280,017,000	-206,280,000
net increase in cash and cash equivalents																																						185,079,000	73,884,000																	140,735,000						-52,387,000	-337,163,000			47,746,000		13,904,760	110,461,000
cash and cash equivalents at beginning of year																				0	2,372,366,000	0	0	0	1,023,710,000	0	0	0	817,602,000	0	0	0	950,471,000	0	795,285,000	795,285,000	0	763,631,000	763,631,000	0	674,441,000	674,441,000	0	839,738,000	0	0	0	905,670,000	0	0	0	911,742,000	0	642,952,000	-397,782,000	0	0	515,430,000	0	1,134,835,000	1,134,835,000	-820,065,000	951,863,000	951,863,000	-670,059,000	754,247,000	754,247,000	-672,730,572	672,941,000	672,941,000	0	932,079,000	932,079,000
cash and cash equivalents at end of year
distributions from investment funds			62,483,000	23,126,000	16,295,000		-5,478,000	-10,227,000	31,238,000										36,529,000	52,127,000	36,236,000													-17,967,000	49,594,000		136,971,000	7,632,000	15,788,000		129,181,000																28,867,000	8,368,000			1,686,000
net purchases of property, furniture and equipment			-16,943,000	-20,593,000	-16,201,000		-13,202,000	-24,133,000	-54,335,000		-16,407,000	-14,188,000	-11,532,000		-13,242,000	-12,914,000	-9,114,000		-5,285,000	-37,401,000	-10,872,000		-8,041,000	-8,369,000	-14,637,000
real estate (purchased) sold									-30,697,000					-27,250,000	-12,696,000
cash flows (used in) from financing activities:
net cash (used in) from financing activities														-137,145,000	-184,153,000	636,000	-451,330,000										-575,344,000	-22,874,000	-976,000						-18,493,000	-2,756,000																											-583,431,000	-314,342,000
net decrease in cash and cash equivalents																																																						-12,801,000				-74,383,000		-363,324,000	-308,768,000			-233,790,000			-40,758,000			-36,092,000		-224,124,000	-224,462,000
real estate additions											-8,109,000
payment for business purchased net of cash acquired															0	0	-49,572,000														0
cash (used in) from investing activities:
real estate sold													7,472,000				28,141,000	-16,112,000	-19,117,000	192,328,000	9,787,000
net cash (used in) from investing activities													-359,430,000					-948,573,000	-638,931,000	-206,411,000	-1,195,231,000
net payments for stock options exercised													-806,000				-327,000				-525,000				-3,321,000
cash flows (used in) from investing activities:
cash (used in) from financing activities:
(contributions) distributions from investment funds																	-13,423,000
cash flows from (used in) financing activities:
repayment and redemption of debt
cash flows from (used) in investing activities:
net cash from (used) in investing activities
net realized and unrealized gains on investments																										22,988,000	-1,465,000	-73,573,000	-68,653,000	-14,059,000	-22,334,000	-69,631,000	-48,464,000
distributions (contributions) from investment funds
contributions to investment funds																																																						-100,011,000		15,524,000	-41,785,000	-18,890,000			-16,030,000
cash flows used in investing activities:
cash flows used in financing activities:
cash (used in) from operating activities:
net cash (used in) from operating activities																																	-20,035,000																											-9,232,000
payment for business purchased net of cash aquired																																			-71,346,000	-71,346,000		-41,213,000	-54,313,000
proceeds from sale of real estate																																											0
cash distributed in connection with business
net proceeds from stock options exercised																																													2,000	0			-1,007,000	3,891,000	1,348,000	3,428,000	8,206,000	34,140,000	13,010,000	899,000	1,317,000	2,504,000	2,786,000	1,446,000	971,000	2,177,000	11,292,000	4,515,000	1,974,000	22,884,000		-11,219,595	9,016,000	6,605,000	1,000,000	5,260,000	3,390,000	2,300,000	7,466,000	3,677,000
additions to real estate																																									-84,826,000	-44,162,000
cash distributed in connection with business disposition																																														0
net cash from business sold
net proceeds from options exercised																																									1,000			53,000
cash from (from) financing activities:
net cash from (from) financing activities
net cash from businesses sold
cash flows from (used in) investing activities:
net cash used investing activities
net additions to real estate, furniture and equipment																																														-5,979,000	-30,404,000	-13,042,000		-1,943,000	-5,321,000	-15,055,000		-11,884,000		-16,381,000	-9,443,000	-10,864,000	-13,348,000	-11,857,000	-4,236,000		-20,829,000	-6,445,000		-15,282,000	-6,247,000		-28,274,000	-24,491,000	-4,280,000	-15,460,000	-7,238,000	-12,646,000	-16,639,000	-8,928,000
change in balances due to (from) security brokers																																														-31,387,000												-12,154,000
net investment (gains) losses
repayment of debt																																																				-1,684,000		-3,672,000		-154,385,000	-3,203,000	-7,572,000						-12,397,000			-101,000
other liabilities																																																				-36,928,000		-97,246,000	45,892,000	42,211,000	51,680,000	-128,316,000	100,196,000	-56,792,000	-50,573,000	97,582,000	-118,044,000	-60,849,000	27,056,000	-59,195,000	-50,997,000	-12,105,736	-51,477,000	-18,744,000	63,504,000	-52,561,000	-35,447,000	59,670,000	-34,468,000	-4,952,000
securities trading account																																																						-129,010,000		26,159,000	-26,243,000	-6,342,000			-96,685,000
investment in arbitrage funds																																																						-1,881,000		-1,563,000	25,520,000	-664,000	-1,195,000	-8,576,000	-6,605,000		-7,937,000	-1,695,000
trading account receivables from brokers and clearing organizations																																																						52,499,000		-55,831,000
trading account securities sold but not yet purchased																																																						69,979,000		17,040,000	-33,990,000	-61,059,000	28,496,000	133,450,000	21,028,000		-10,694,000	21,092,000		86,766,000			-74,689,000	110,634,000	10,337,000	129,432,000	86,116,000	-100,855,000	38,936,000	124,735,000
due from reinsurers																																																						-102,953,000		-3,329,000	-82,745,000	41,380,000	717,000	-9,104,000	-27,765,000		25,158,000	-8,342,000		16,641,000	-26,747,000		2,334,000	-35,183,000	-11,502,000	-33,136,000	-1,859,000	22,916,000	-68,542,000	-17,631,000
accrued investment income																																																						2,777,000	9,527,000	-7,772,000	-3,557,000	-974,000	-4,779,000	-1,797,000	7,845,000	-17,140,000	-2,390,000	7,248,000	9,169,000	-11,202,000	-3,011,000	13,552,400	-3,286,000	-966,000	-15,404,000	-13,761,000	-1,080,000	-5,422,000	-5,098,000	-4,412,000
prepaid reinsurance premiums																																																						-49,867,000		6,083,000	-9,717,000	20,414,000	8,930,000	-39,186,000	-10,184,000		-12,162,000	-20,893,000		-28,346,000	-10,477,000		-19,171,000	-16,325,000	16,024,000	-19,255,000	-29,450,000	11,627,000	-9,662,000	-15,874,000
other assets																																																						13,259,000	36,146,000	-7,525,000	-3,893,000	-8,298,000	-6,698,000	1,096,000	-834,000	-2,901,000	-7,844,000	-11,306,000	22,771,000	-5,730,000	-1,341,000	8,229,008	-3,406,000	-296,000	-15,026,000	-9,158,000	5,694,000	35,000	-18,774,000	-8,454,000
due to reinsurers																																																						9,972,000		-11,215,000	14,087,000	-242,000	47,125,000	38,571,000	1,313,000		3,993,000	-643,000		-31,531,000	9,826,000		9,034,000	30,734,000	-30,732,000	-14,075,000	-6,335,000	-2,766,000	7,398,000	5,826,000
proceeds from sales, excluding trading account:
fixed maturity securities																																																						395,115,000	-1,178,802,000	247,983,000	596,242,000	420,272,000	528,392,000	1,230,406,000	570,940,000		1,708,012,000	892,344,000		1,134,887,000	545,817,000		773,409,000	527,070,000	51,047,000	940,540,000	679,272,000	-31,301,000	626,122,000	239,421,000
equity securities																																																						63,232,000		14,382,000	61,853,000	3,109,000	64,953,000	119,589,000	15,505,000		61,989,000	8,232,000		251,648,000	54,073,000		77,096,000	46,493,000	20,462,000	162,153,000	30,229,000	32,143,000	74,325,000	69,606,000
return of capital from investment funds																																																						20,601,000
cost of purchases, excluding trading account:
real estate																																																						-58,098,000
bank deposits received																																																						15,988,000		-1,066,000	-618,000	10,333,000	-1,284,000	15,352,000			13,137,000	5,414,000		13,245,000			11,267,000	12,543,000	402,000	7,416,000	3,347,000	-13,960,000	22,587,000
repayments to federal home loan bank																																																						-500,000			0	-7,500,000
cash flows from operating activities:
net income																																																												77,041,000	-20,346,000	40,326,000	268,695,000	188,438,000	184,124,000	379,059,000	188,426,000		327,154,000	161,702,000					224,912,000	115,428,000
equity in undistributed (earnings) losses of subsidiaries
tax payments received from subsidiaries
federal income taxes provided by subsidiaries on a separate return basis
federal income taxes
proceeds from sales of fixed maturity securities
proceeds from maturities and prepayments of
proceeds from sales of equity securities
cost of purchases of fixed maturity securities
investment in funds
investments in and advances to subsidiaries
change in balance due to security broker
net additions to real estate, furniture & equipment
net proceeds from issuance of senior notes																																																																	0	246,295,000					1,000	198,149,000
repayment of senior notes																																																											-7,575,000	-340,000			-102,298,000					99,900,000	-100,000,000	-100,000,000	0	-40,000,000
(repayments to) advances from federal home loan bank
undistributed income and losses from investment funds																																																									19,012,000	3,185,000
trading account receivable from brokers and clearing organizations																																																										65,137,000	-108,403,000	-3,094,000	3,906,000		7,527,000	-17,779,000		249,423,000			-60,046,000	19,493,000	72,441,000	51,166,000	50,939,000	-23,543,000	-6,272,000	-92,895,000
equity in undistributed losses (income) of investment funds
proceeds from sale of business, net of cash divested																																																																		-2,061,000	-2,061,000
advances from federal home loan bank																																																											2,650,000		-2,785,000			500,000												-15,435,000
other net
adjustments to reconcile net income to net cash flows from operating activities:
realized investment losses																																																												62,912,000	96,808,000	-247,566,000								-2,675,000			361,000
equity in undistributed income (losses) of investment funds
distributions from partnerships and affiliates																																																												2,876,000			177,790,000	175,278,000
fixed maturity securities and loans receivable																																																												-2,389,311,000			-2,672,039,000	-1,464,968,000
investments in partnerships and affiliates																																																												-38,355,000			-85,729,000	-56,291,000
change in balances due to/from security brokers																																																												145,065,000			18,139,000	-36,086,000		26,722,000	197,441,000		29,608,000	14,450,000		106,831,000	122,073,000		25,526,000	36,595,000
purchase of common shares																																																												-31,842,000			-489,999,000	-294,915,000
net impact on cash due to foreign exchange rates																																																												41,776,000			2,272,000
supplemental disclosure of cash flow information:
interest paid																																																												39,778,000	29,829,000		44,445,000	30,010,000		36,081,000	21,878,000		47,813,000	25,003,000		34,395,000	20,554,000		30,822,000	16,556,000
federal and foreign income taxes paid																																																													8,934,000
adjustments to reconcile net income to net cash flows (used in) from operating activities:
noncontrolling interest																																																												107,000	62,000
equity in undistributed losses of investment funds																																																												153,506,000	115,283,000
advances from (repayments to) federal home loan bank																																																												-3,035,000			1,650,000			-2,075,000			-9,500,000	-8,000,000		5,525,000	5,900,000		-16,460,000
federal income taxes paid																																																												26,747,000			155,624,000	9,284,000		154,139,000	3,615,000		150,386,000	15,667,000	51,418,000	114,395,000	2,753,000	56,133,000	138,677,000	11,303,000
change in balances due to/(from) security brokers																																																													66,647,000
change in repayment of debt																																																													-167,000
change in bank deposits																																																													10,922,000
impact on cash due to foreign exchange rates																																																													-6,270,000			3,347,000
equity in undistributed losses of subsidiaries
cost of purchases of equity securities
net proceeds from issuance of junior subordinated debentures
retirement of junior subordinated notes
minority interest																																																															185,000	167,000		796,000	382,000		1,291,000	588,000	1,062,000	1,779,000	312,000	1,494,000	766,000	470,000
equity in undistributed earnings of partnerships and affiliates																																																															4,097,000	-4,589,000			-12,065,000			-3,919,000
trading account securities and related accounts																																																																			-17,299,000
trading account receivables from broker and clearing organization
maturities and prepayments of fixed maturity securities
change in balances due to/from brokers
stock repurchases																																																																		-105,155,000			-45,059,000			-170,000			-337,000
net proceeds from issuance of senior notes and other debt
cash dividends																																																																		-17,366,000	-7,669,000		-21,768,000	-6,372,000		-12,686,000			-5,864,000	-5,866,000
proceeds from (purchase of) minority shares
changes in cash due to foreign exchange rates
realized investment gains																																																															28,137,000	-54,026,000		-12,670,000	-7,390,000		-2,002,000		-3,324,000	-5,765,000			-39,767,000
proceeds from issuance of senior notes
equity in undistributed earnings of subsidiaries
investments in affiliate
cash from financing activities
trading account receivables from broker and clearing organizations
policyholders’ account balances																																																																		-238,000	-248,000		-1,790,000	2,486,000	3,536,000	249,000	1,828,000	512,000		2,112,000
net cash flows from operating activities																																																																		637,215,000	357,221,000		562,024,000	238,956,000	364,676,000	741,994,000	423,607,000	486,516,000	669,458,000	279,524,000
maturities and prepayments of fixed maturities securities																																																																		984,504,000	392,593,000		473,700,000	208,681,000		632,442,000	226,471,000		270,829,000	112,974,000
net cash flows from investing activities																																																																		-758,206,000	-652,927,000		-313,358,000	-184,176,000		-1,129,150,000	-659,504,000		-881,251,000	-640,028,000
receipts credited to policyholders’ account balances																																																																		3,489,000			8,327,000	4,248,000	4,556,000	7,256,000	3,712,000	-10,952,000
return of policyholders’ account balances																																																																		-58,000			-191,000	-94,000	-116,000	-375,000	-139,000	14,223,000
change in cash due to foreign exchange rates																																																																		7,508,000	618,000
equity in undistributed earnings of affiliates																																																																		-18,478,000			-12,194,000		7,419,000	-13,781,000	-7,452,000	-590,000	-9,118,000	-4,914,000
deferred policy acquisition cost																																																																		-19,235,000			-30,428,000		9,941,000	-27,760,000	-21,949,000	-1,208,000	-27,904,000	-19,870,000
investment in affiliates																																																																		79,234,000			44,245,000			11,011,000	8,315,000	11,978,000	1,507,000	1,373,000
proceeds from (purchase of) minority interest																																																																		-30,000
net cash flows from financing activities																																																																		161,229,000	254,330,000		-138,205,000	-90,872,000		163,032,000	11,435,000		490,000	3,890,000
cash received from partnerships and affiliates																																																																			4,159,000
partnerships and affiliates																																																																			-17,627,000
proceeds from issuance of debt																																																																			246,657,000
deposits and policyholders’ account balances received																																																																			9,037,000
advances repaid																																																																			-2,000,000
proceeds from stock options exercised																																																																			8,433,000
net income before change in accounting principle																																																																								254,950,000	120,871,000	116,121,000
cumulative effect of change in accounting principle
federal income taxes provided by subsidiaries on a separate return bases
equity securities, trading
cost of purchases fixed maturity securities
equity securities trading account																																																																					-123,079,000			-251,691,000	-161,861,000		-83,519,000	-130,620,000
acquisitions
proceeds from sale of subsidiary
cost of minority interest acquired																																																																								-28,000,000
fixed and equity securities trading account																																																																						-345,672,000
investment in partnerships and affiliates																																																																						1,064,000
net proceeds from issuance of junior subordinated debenture
purchase of junior subordinated debentures
proceeds from (purchase of) minority shareholders
interest paid on debt
common stock purchased
realized investment and foreign currency gains																																																																												-29,907,000
stock incentive plan accruals
other invested securities
net proceeds from stock offerings
proceeds from minority shareholders
net increase in cash and invested cash																																																																											-211,303,000	-356,614,000
cash and invested cash at beginning of year																																																																											1,431,466,000	1,431,466,000
cash and invested cash at end of period																																																																											1,220,163,000	1,074,852,000
increase in policyholders’ account balances																																																																											5,612,000
bank deposits																																																																												19,757,000
repayment and repurchase of debt
adjustments to reconcile net income to cash from operating activities:
purchase of subsidiary
repayment and repurchase of debt and trust preferred securities
proceeds from minority shareholder
net income before minority interest
change in trading account securities
proceeds (cost) of acquired/sold companies, net of acquired cash and invested cash
net proceeds from stock offering
repurchase of long-term debt
net change in short-term debt

W. R. Berkley Corporation(NYSE:WRB)

W. R. Berkley Corporation
(NYSE:WRB)