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Claim and Claim Adjustment Expense Reserves (Tables) | 6 Months Ended
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Jun. 30, 2023
Insurance [Abstract] |
Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Six Months Ended June 30 | 2023 |  | 2022 (a) |  |
(In millions) |  |  |  |  |
Reserves, beginning of year: |  |  |  |  |
Gross | $ | 22,120 |  |  | $ | 21,269 |  |  |
Ceded | 5,191 |  |  | 4,969 |  |  |
Net reserves, beginning of year | 16,929 |  |  | 16,300 |  |  |
Net incurred claim and claim adjustment expenses: |  |  |  |  |
Provision for insured events of current year | 2,746 |  |  | 2,452 |  |  |
Increase (decrease) in provision for insured events of prior years | 37 |  |  | 30 |  |  |
Amortization of discount | 22 |  |  | 22 |  |  |
Total net incurred (b) | 2,805 |  |  | 2,504 |  |  |
Net payments attributable to: |  |  |  |  |
Current year events | (287) |  |  | (233) |  |  |
Prior year events | (2,014) |  |  | (1,882) |  |  |
Total net payments | (2,301) |  |  | (2,115) |  |  |
Foreign currency translation adjustment and other | 57 |  |  | (222) |  |  |
Net reserves, end of period | 17,490 |  |  | 16,467 |  |  |
Ceded reserves, end of period | 5,312 |  |  | 5,156 |  |  |
Gross reserves, end of period | $ | 22,802 |  |  | $ | 21,623 |  |  |
(a) | In conjunction with the adoption of ASU 2018-22, at January 1, 2023, long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. For additional information see Note 1.
(b) | Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible reinsurance, which are not reflected in the table above.
Net Prior Year Loss Reserve Development in Property and Casualty Operations | The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
| Three Months Ended | Six Months Ended |  |
| June 30, | June 30, |  |
| 2023 |  | 2022 | 2023 |  | 2022 |  |
(In millions) |  |  |  |  |  |  |  |
Medical professional liability |  |  |  | $ | 1 |  | $ | 9 |  |  | $ | 9 |  |  |
Other professional liability and management liability | $ | (1) |  |  | 13 |  | (1) |  |  | 13 |  |  |
Surety | (7) |  |  | (19) |  | (7) |  |  | (28) |  |  |
Commercial auto | 11 |  |  | 21 |  | 11 |  |  | 21 |  |  |
General liability | 70 |  |  | 41 |  | 70 |  |  | 41 |  |  |
Workers’ compensation | (96) |  |  | (82) |  | (98) |  |  | (84) |  |  |
Property and other | 6 |  |  | (12) |  | 12 |  |  | (21) |  |  |
Other insurance operations | 35 |  |  | 64 |  | 35 |  |  | 64 |  |  |
Total pretax (favorable) unfavorable development | $ | 18 |  |  | $ | 27 |  | $ | 31 |  |  | $ | 15 |  |  |

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- Definition Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479583/944-40-S99-1 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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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