v3.25.2
Claim and Claim Adjustment Expense Reserves (Tables)
 6 Months Ended
Jun. 30, 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.
For the six months ended June 30
(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 year3,309 3,039 
Increase (decrease) in provision for insured events of prior years189 19 
Amortization of discount20 20 
Total net incurred (1)
3,518 3,078 
Net payments attributable to:
Current year events(316)(308)
Prior year events(2,391)(2,259)
Total net payments(2,707)(2,567)
Foreign currency translation adjustment and other199 (58)
Net reserves, end of period20,273 18,616 
Ceded reserves, end of period5,930 5,358 
Gross reserves, end of period$26,203 $23,974 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net prior year development The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Periods ended June 30Three MonthsSix Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Specialty$— $(3)$10 $(8)
Commercial(4)(6)47 (8)
International— (3)— (3)
Corporate & Other112 35 134 35 
Total pretax (favorable) unfavorable development$108 $23 $191 $16 
Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Periods ended June 30Three MonthsSix Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $(2)$— $(2)
Other Professional Liability and Management Liability18 17 18 17 
Surety(22)(8)(22)(26)
Warranty— — 10 13 
Other4 (10)4 (10)
Total pretax (favorable) unfavorable development$— $(3)$10 $(8)
Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Commercial segment.
Periods ended June 30Three MonthsSix Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Commercial Auto$— $21 $50 $21 
General Liability62 19 62 19 
Workers' Compensation(66)(47)(65)(49)
Property and Other— 1 — 1 
Total pretax (favorable) unfavorable development$(4)$(6)$47 $(8)
International  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the International segment.
Periods ended June 30Three MonthsSix Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Commercial$(3)$6 $(3)$6 
Specialty4 (9)4 (9)
Other(1)— (1)— 
Total pretax (favorable) unfavorable development $— $(3)$— $(3)