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Allowance for Expected Credit Losses | 9 Months Ended
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Sep. 30, 2025
Credit Loss [Abstract] |
Allowance for Expected Credit Losses | ALLOWANCE FOR EXPECTED CREDIT LOSSES Premiums Receivable The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, as of September 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024.
|  | As of and For the Three Months Ended September 30, 2025 |  | As of and For the Three Months Ended September 30, 2024 |  |
(in millions) |  | Premiums Receivable, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  | Premiums Receivable, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  |  |  |
Balance, beginning of period |  | $ | 12,042 |  |  | $ | 61 |  |  | $ | 11,491 |  |  | $ | 69 |  |  |  |  |
Current period change for expected credit losses |  |  |  | 13 |  |  |  |  | 16 |  |  |  |  |
Write-offs of uncollectible premiums receivable |  |  |  | 16 |  |  |  |  | 15 |  |  |  |  |
Balance, end of period |  | $ | 11,621 |  |  | $ | 58 |  |  | $ | 11,271 |  |  | $ | 70 |  |  |  |  |
|  | As of and For the Nine Months Ended September 30, 2025 |  | As of and For the Nine Months Ended September 30, 2024 |  |
(in millions) |  | Premiums Receivable, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  | Premiums Receivable, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  |  |  |
Balance, beginning of period |  | $ | 11,110 |  |  | $ | 58 |  |  | $ | 10,282 |  |  | $ | 69 |  |  |  |  |
Current period change for expected credit losses |  |  |  | 48 |  |  |  |  | 41 |  |  |  |  |
Write-offs of uncollectible premiums receivable |  |  |  | 48 |  |  |  |  | 40 |  |  |  |  |
Balance, end of period |  | $ | 11,621 |  |  | $ | 58 |  |  | $ | 11,271 |  |  | $ | 70 |  |  |  |  |
Reinsurance Recoverables The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, as of September 30, 2025 and 2024, and the changes in the allowance for estimated uncollectible reinsurance for the three and nine months ended September 30, 2025 and 2024.
|  | As of and For the Three Months Ended September 30, 2025 |  | As of and For the Three Months Ended September 30, 2024 |  |
(in millions) |  | Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance |  | Allowance for Estimated Uncollectible Reinsurance |  | Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance |  | Allowance for Estimated Uncollectible Reinsurance |  |  |  |
Balance, beginning of period |  | $ | 8,059 |  |  | $ | 127 |  |  | $ | 8,132 |  |  | $ | 117 |  |  |  |  |
Current period change for estimated uncollectible reinsurance |  |  |  | 14 |  |  |  |  | 3 |  |  |  |  |
Write-offs of uncollectible reinsurance recoverables |  |  |  | — |  |  |  |  | — |  |  |  |  |
Balance, end of period |  | $ | 8,298 |  |  | $ | 141 |  |  | $ | 8,075 |  |  | $ | 120 |  |  |  |  |
|  | As of and For the Nine Months Ended September 30, 2025 |  | As of and For the Nine Months Ended September 30, 2024 |  |
(in millions) |  | Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance |  | Allowance for Estimated Uncollectible Reinsurance |  | Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance |  | Allowance for Estimated Uncollectible Reinsurance |  |  |  |
Balance, beginning of period |  | $ | 8,000 |  |  | $ | 119 |  |  | $ | 8,143 |  |  | $ | 118 |  |  |  |  |
Current period change for estimated uncollectible reinsurance |  |  |  | 22 |  |  |  |  | 2 |  |  |  |  |
Write-offs of uncollectible reinsurance recoverables |  |  |  | — |  |  |  |  | — |  |  |  |  |
Balance, end of period |  | $ | 8,298 |  |  | $ | 141 |  |  | $ | 8,075 |  |  | $ | 120 |  |  |  |  |
Of the total reinsurance recoverables as of September 30, 2025, $6.19 billion, or 88%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 95% were rated A- or better. The remaining 12% of reinsurance recoverables comprised the following: 6% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 5% were balances from other companies not rated by A.M. Best Company. Certain of the Company’s reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements. Contractholder Receivables The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, as of September 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024.
|  | As of and For the Three Months Ended September 30, 2025 |  | As of and For the Three Months Ended September 30, 2024 |  |
(in millions) |  | Contractholder Receivables, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  | Contractholder Receivables, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  |  |  |
Balance, beginning of period |  | $ | 3,095 |  |  | $ | 17 |  |  | $ | 3,274 |  |  | $ | 18 |  |  |  |  |
Current period change for expected credit losses |  |  |  | — |  |  |  |  | — |  |  |  |  |
Write-offs of uncollectible contractholder receivables |  |  |  | — |  |  |  |  | — |  |  |  |  |
Balance, end of period |  | $ | 3,098 |  |  | $ | 17 |  |  | $ | 3,292 |  |  | $ | 18 |  |  |  |  |
|  | As of and For the Nine Months Ended September 30, 2025 |  | As of and For the Nine Months Ended September 30, 2024 |  |
(in millions) |  | Contractholder Receivables, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  | Contractholder Receivables, Net of Allowance for Expected Credit Losses |  | Allowance for Expected Credit Losses |  |  |  |
Balance, beginning of period |  | $ | 3,171 |  |  | $ | 18 |  |  | $ | 3,249 |  |  | $ | 20 |  |  |  |  |
Current period change for expected credit losses |  |  |  | (1) |  |  |  |  | (2) |  |  |  |  |
Write-offs of uncollectible contractholder receivables |  |  |  | — |  |  |  |  | — |  |  |  |  |
Balance, end of period |  | $ | 3,098 |  |  | $ | 17 |  |  | $ | 3,292 |  |  | $ | 18 |  |  |  |  |

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