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Insurance Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Rollforward of Activity in Loss Reserves | The following table presents the rollforward of activity in loss reserves:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Liability for unpaid loss and loss adjustment expenses, beginning of period |  | $ | 68,896 |  |  | $ | 70,060 |  |  |  | $ | 69,168 |  |  | $ | 70,393 |  |  |
Reinsurance recoverable |  | (27,799) |  |  | (30,169) |  |  |  | (29,026) |  |  | (30,289) |  |  |
Net Liability for unpaid loss and loss adjustment expenses, beginning of period |  | 41,097 |  |  | 39,891 |  |  |  | 40,142 |  |  | 40,104 |  |  |
Losses and loss adjustment expenses incurred: |  |  |  |  |  |  |  |  |  |  |
Current year |  | 3,523 |  |  | 3,546 |  |  |  | 7,332 |  |  | 6,911 |  |  |
Prior years, excluding discount and amortization of deferred gain |  | 25 |  |  | (108) |  |  |  | (8) |  |  | (108) |  |  |
Prior years, discount charge (benefit) |  | 45 |  |  | 62 |  |  |  | 85 |  |  | 168 |  |  |
Prior years, amortization of deferred gain on retroactive reinsurance(a) |  | (100) |  |  | (33) |  |  |  | (122) |  |  | (65) |  |  |
Total losses and loss adjustment expenses incurred |  | 3,493 |  |  | 3,467 |  |  |  | 7,287 |  |  | 6,906 |  |  |
Losses and loss adjustment expenses paid: |  |  |  |  |  |  |  |  |  |  |
Current year |  | (1,023) |  |  | (855) |  |  |  | (1,452) |  |  | (1,141) |  |  |
Prior years |  | (2,569) |  |  | (2,597) |  |  |  | (5,530) |  |  | (5,454) |  |  |
Total losses and loss adjustment expenses paid |  | (3,592) |  |  | (3,452) |  |  |  | (6,982) |  |  | (6,595) |  |  |
Other changes: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange effect |  | 895 |  |  | (158) |  |  |  | 1,379 |  |  | (654) |  |  |
Losses and loss adjustment expenses recognized within gain on divestitures |  | 15 |  |  | — |  |  |  | 47 |  |  | — |  |  |
Retroactive reinsurance adjustment (net of discount)(b) |  | (20) |  |  | 186 |  |  |  | 15 |  |  | 178 |  |  |
Reclassified to held for sale, net of reinsurance recoverables |  | — |  |  | — |  |  |  | — |  |  | (5) |  |  |
Total other changes |  | 890 |  |  | 28 |  |  |  | 1,441 |  |  | (481) |  |  |
Liability for unpaid loss and loss adjustment expenses, end of period: |  |  |  |  |  |  |  |  |  |  |
Net liability for unpaid losses and loss adjustment expenses |  | 41,888 |  |  | 39,934 |  |  |  | 41,888 |  |  | 39,934 |  |  |
Reinsurance recoverable |  | 27,866 |  |  | 29,849 |  |  |  | 27,866 |  |  | 29,849 |  |  |
Total |  | $ | 69,754 |  |  | $ | 69,783 |  |  |  | $ | 69,754 |  |  | $ | 69,783 |  |  |
(a)Includes $7 million and $39 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 June 30, 2025 and 2024, respectively, and $12 million and $44 million for the six months ended June 30, 2025 and 2024, respectively. (b)Includes benefit (charge) from change in discount on retroactive reinsurance of $19 million and $23 million for the three months ended June 30, 2025 and 2024 respectively, and $20 million and $78 million for the six months ended June 30, 2025 and 2024, respectively.
Schedule of Components of Loss Reserve Discount | The following table presents the components of the loss reserve discount discussed above:
(in millions) |  | June 30, 2025 |  | December 31, 2024
U.S. workers' compensation | $ | 2,082 |  | $ | 2,111 |
Retroactive reinsurance |  | (916) |  |  | (936) |
Total reserve discount(a)(b) | $ | 1,166 |  | $ | 1,175 |
(a)Excludes $201 million and $184 million of discount related to certain long-tail liabilities in the UK at June 30, 2025 and December 31, 2024, respectively. (b)Includes gross discount of $730 million and $627 million, which was 100 percent ceded to Fortitude Re at June 30, 2025 and December 31, 2024, respectively.
Schedule of Loss Reserve Discount | The following table presents the net loss reserve discount benefit (charge):
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Current accident year | $ | 33 |  | $ | 36 |  |  | $ | 56 |  | $ | 66 |  |  |
Accretion and other adjustments to prior year discount |  | (45) |  |  | (62) |  |  |  | (85) |  |  | (168) |  |  |
Net reserve discount benefit (charge) |  | (12) |  |  | (26) |  |  |  | (29) |  |  | (102) |  |  |
Change in discount on loss reserves ceded under retroactive reinsurance |  | 19 |  |  | 23 |  |  |  | 20 |  |  | 78 |  |  |
Net change in total reserve discount* | $ | 7 |  | $ | (3) |  |  | $ | (9) |  | $ | (24) |  |  |
*Excludes $11 million and $2 million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2025 and 2024, respectively, and excludes $17 million and $0 million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 2025 and 2024, respectively.

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + 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 + Details
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