v3.25.1
Claim and Claim Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Schedule of liability for unpaid claims and claims adjustment expense
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Three months ended March 31
(In millions)20252024
Reserves, beginning of year:
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,650 1,502 
Increase (decrease) in provision for insured events of prior years80 (6)
Amortization of discount10 10 
Total net incurred (1)
1,740 1,506 
Net payments attributable to:
Current year events(80)(113)
Prior year events(1,212)(1,168)
Total net payments(1,292)(1,281)
Foreign currency translation adjustment and other53 (41)
Net reserves, end of period19,764 18,347 
Ceded reserves, end of period5,817 5,241 
Gross reserves, end of period$25,581 $23,588 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net prior year development The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Specialty$10 $(5)
Commercial51 (2)
International— — 
Corporate & Other22 — 
Total pretax (favorable) unfavorable development$83 $(7)
Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— 
Other Professional Liability and Management Liability— — 
Surety— (18)
Warranty10 13 
Other— — 
Total pretax (favorable) unfavorable development$10 $(5)
Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Commercial segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Commercial Auto$50 $— 
General Liability— — 
Workers' Compensation1 (2)
Property and Other— — 
Total pretax (favorable) unfavorable development$51 $(2)
International  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the International segment.
Three months ended March 31
(In millions)20252024
Pretax (favorable) unfavorable development:
Commercial$— $— 
Specialty— — 
Other— — 
Total pretax (favorable) unfavorable development $— $—