v3.26.3
Insurance Liabilities (Tables)
 9 Months Ended
Sep. 30, 2026
Insurance [Abstract]  
Rollforward of Activity in Loss Reserves
The following table presents the rollforward of activity in loss reserves:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Liability for unpaid loss and loss adjustment expenses, beginning of period$69,852 $69,754 $70,666 $69,168 
Reinsurance recoverable(27,858)(27,866)(28,871)(29,026)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period41,994 41,888 41,795 40,142 
Losses and loss adjustment expenses incurred:
Current year4,018 3,572 11,458 10,904 
Prior years, excluding discount and amortization of deferred gain(70)(161)(442)(169)
Prior years, discount charge (benefit)113 34 131 119 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(38)(54)(65)(176)
Total losses and loss adjustment expenses incurred4,023 3,391 11,082 10,678 
Losses and loss adjustment expenses paid:
Current year(1,020)(1,262)(2,385)(2,714)
Prior years(2,108)(2,371)(7,357)(7,901)
Total losses and loss adjustment expenses paid(3,128)(3,633)(9,742)(10,615)
Other changes:
Foreign exchange effect29 (102)(191)1,277 
Losses and loss adjustment expenses recognized within net (gain) loss on divestitures
(2)13 (3)60 
Retroactive reinsurance adjustment (net of discount)(b)
(9)77 107 92 
Other, net of reinsurance recoverables(c)
8 — (133)— 
Total other changes26 (12)(220)1,429 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses42,915 41,634 42,915 41,634 
Reinsurance recoverable
27,267 28,248 27,267 28,248 
Total$70,182 $69,882 $70,182 $69,882 
(a)Includes $8 million and $14 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended September 30, 2026 and 2025, respectively, and $31 million and $26 million for the nine months ended September 30, 2026 and 2025, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $54 million and $7 million for the three months ended September 30, 2026 and 2025 respectively, and $126 million and $27 million for the nine months ended September 30, 2026 and 2025, respectively.
(c)Represents held for sale businesses reclassified to Other liabilities.
Schedule of Components of Loss Reserve Discount
The following table presents the components of the loss reserve discount discussed above:
(in millions)September 30, 2026December 31, 2025
U.S. workers' compensation$1,992 $2,063 
Retroactive reinsurance(765)(891)
Total reserve discount(a)(b)
$1,227 $1,172 
(a)Excludes $141 million and $166 million of discount related to certain long-tail liabilities in the UK at September 30, 2026 and December 31, 2025, respectively.
(b)Includes gross discount of $676 million and $693 million, which was 100 percent ceded to Fortitude Re at September 30, 2026 and December 31, 2025, respectively.
Schedule of Loss Reserve Discount
The following table presents the net loss reserve discount benefit (charge):
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Current accident year$22 $36 $60 $92 
Accretion and other adjustments to prior year discount(113)(34)(131)(119)
Net reserve discount benefit (charge)(91)2 (71)(27)
Change in discount on loss reserves ceded under retroactive reinsurance54 7 126 27 
Net change in total reserve discount*$(37)$9 $55 $— 
*Excludes $(22) million and $(35) million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2026 and 2025, respectively, and excludes $(25) million and $(18) million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2026 and 2025, respectively.