v3.26.1
Claim and Claim Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2026
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)20262025
Reserves, beginning of year:
Gross$26,599 $24,976 
Ceded5,982 5,713 
Net reserves, beginning of year20,617 19,263 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,763 1,650 
Increase (decrease) in provision for insured events of prior years102 80 
Amortization of discount10 10 
Total net incurred (1)
1,875 1,740 
Net payments attributable to:
Current year events(96)(80)
Prior year events(1,381)(1,212)
Total net payments(1,477)(1,292)
Foreign currency translation adjustment and other(50)53 
Net reserves, end of period20,965 19,764 
Ceded reserves, end of period5,968 5,817 
Gross reserves, end of period$26,933 $25,581 
(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.
Three months ended March 31
(In millions)20262025
Pretax (favorable) unfavorable development:
Specialty$45 $10 
Commercial55 51 
International— — 
Corporate & Other— 22
Total pretax (favorable) unfavorable development$100 $83 
Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Three months ended March 31
(In millions)20262025
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— 
Other Professional Liability and Management Liability45 — 
Surety— — 
Warranty— 10 
Other— — 
Total pretax (favorable) unfavorable development$45 $10 
Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Commercial segment.
Three months ended March 31
(In millions)20262025
Pretax (favorable) unfavorable development:
Commercial Auto$— $50 
General Liability55 — 
Workers' Compensation— 1 
Property and Other— — 
Total pretax (favorable) unfavorable development$55 $51