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Insurance Claim Reserves | 9 Months Ended
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Sep. 30, 2025
Insurance Loss Reserves [Abstract] |
Insurance Claim Reserves | INSURANCE CLAIM RESERVES Claims and claim adjustment expense reserves were as follows:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Property-casualty |  | $ | 67,701 |  |  | $ | 64,088 |
Accident and health |  | 4 |  |  | 5 |
Total |  | $ | 67,705 |  |  | $ | 64,093 |
The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses:
|  | Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024
Claims and claim adjustment expense reserves at beginning of year |  | $ | 64,088 |  |  | $ | 61,621 |
Less reinsurance recoverables on unpaid losses |  | 7,669 |  |  | 7,817 |
Net reserves at beginning of year |  | 56,419 |  |  | 53,804 |
Estimated claims and claim adjustment expenses for claims arising in the current year |  | 21,959 |  |  | 21,276 |
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years |  | (648) |  |  | (321) |
Total increases |  | 21,311 |  |  | 20,955 |
Claims and claim adjustment expense payments for claims arising in: |  |  |  |
Current year |  | 7,597 |  |  | 7,255 |
Prior years |  | 10,623 |  |  | 10,545 |
Total payments |  | 18,220 |  |  | 17,800 |
Unrealized foreign exchange loss |  | 204 |  |  | 38 |
Net reserves at end of period |  | 59,714 |  |  | 56,997 |
Plus reinsurance recoverables on unpaid losses |  | 7,987 |  |  | 7,744 |
Claims and claim adjustment expense reserves at end of period |  | $ | 67,701 |  |  | $ | 64,741 |
Gross claims and claim adjustment expense reserves as of September 30, 2025 increased by $3.61 billion from December 31, 2024, primarily reflecting the impacts of (i) catastrophe losses in the first nine months of 2025, (ii) higher volumes of insured exposures and (iii) loss cost trends for the current accident year, partially offset by (iv) claim payments made during the first nine months of 2025 and (v) net favorable prior year reserve development. Prior Year Reserve Development The following disclosures regarding reserve development are on a “net of reinsurance” basis. For the nine months ended September 30, 2025 and 2024, estimated claims and claim adjustment expenses incurred included $648 million and $321 million, respectively, of net favorable development for claims arising in prior years, including $715 million and $447 million, respectively, of net favorable prior year reserve development, and $32 million and $33 million, respectively, of accretion of discount. Business Insurance. Net unfavorable prior year reserve development in the third quarter of 2025 totaled $125 million, primarily driven by an addition to asbestos reserves of $277 million, partially offset by better than expected loss experience in the workers’ compensation product line for multiple accident years. Net unfavorable prior year reserve development in the third quarter of 2024 totaled $91 million, primarily driven by an addition to asbestos reserves of $242 million, partially offset by better than expected loss experience in the workers’ compensation product line for multiple accident years. Net favorable prior year reserve development in the first nine months of 2025 totaled $28 million, primarily driven by better than expected loss experience in the workers’ compensation product line for multiple accident years, partially offset by an addition to reserves related to run-off operations, including an addition to asbestos reserves of $277 million. Net unfavorable prior year reserve development in the first nine months of 2024 totaled $57 million, primarily driven by (i) higher than expected loss experience in the general liability product line (excluding asbestos) for recent accident years, (ii) an addition to asbestos reserves of $242 million and (iii) an addition to reserves related to run-off operations, partially offset by (iv) better than expected loss experience in the workers’ compensation product line for multiple accident years. Bond & Specialty Insurance. Net favorable prior year reserve development in the third quarter and first nine months of 2025 totaled $43 million and $191 million, respectively, primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years. Net favorable prior year reserve development in the third quarter and first nine months of 2024 totaled $36 million and $84 million, respectively, primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years. Personal Insurance. Net favorable prior year reserve development in the third quarter of 2025 totaled $104 million, primarily driven by better than expected loss experience in the automobile product line for recent accident years. Net favorable prior year reserve development in the first nine months of 2025 totaled $496 million, primarily driven by better than expected loss experience in both the automobile and homeowners and other product lines for recent accident years. Net favorable prior year reserve development in the third quarter and first nine months of 2024 totaled $181 million and $420 million, respectively, primarily driven by better than expected loss experience in both the homeowners and other and automobile product lines for recent accident years.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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