v3.25.1
Claim and Claim Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Schedule of Reconciliation of Claim and Claim Adjustment Expense Reserves
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Three Months Ended March 31
20252024
(In millions)  
   
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 (a)
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 

(a)Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.
Schedule of Net Prior Year Loss Reserve Development in Property and Casualty Operations
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

Three Months Ended March 31
20252024
(In millions)  
   
Surety$(18)
Warranty$10 13 
Commercial auto50 
Workers’ compensation1 (2)
Other insurance operations22 
Total pretax (favorable) unfavorable development$83 $(7)