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Claim and Claim Adjustment Expense Reserves (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule of Reconciliation of Claim and Claim Adjustment Expense Reserves

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Nine Months Ended September 30			2024						2023
(In millions)
Reserves, beginning of year:
Gross			$	23,304					$	22,120
Ceded			5,141						5,191
Net reserves, beginning of year			18,163						16,929
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year			4,706						4,221
Increase (decrease) in provision for insured events of prior years			26						43
Amortization of discount			30						33
Total net incurred (a)			4,762						4,297
Net payments attributable to:
Current year events			(655)						(588)
Prior year events			(3,189)						(2,953)
Total net payments			(3,844)						(3,541)
Foreign currency translation adjustment and other			35						(30)
Net reserves, end of period			19,116						17,655
Ceded reserves, end of period			5,442						5,181
Gross reserves, end of period			$	24,558					$	22,836

(a) Total net incurred 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, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.

Schedule of 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									Nine Months Ended
			September 30,									September 30,
			2024						2023			2024						2023
(In millions)
Medical professional liability												$	(2)					$	9
Other professional liability and management liability			$	11					$	17		28						16
Surety			(20)						(21)			(46)						(28)
Warranty			7						(2)			20						(11)
Commercial auto			25									46						11
General liability			28									47						70
Workers’ compensation			(57)						(2)			(106)						(100)
Other property and casualty operations			1						1			(11)						22
Other insurance operations			22						20			57						55
Total pretax (favorable) unfavorable development			$	17					$	13		$	33					$	44

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- References

No definition available.

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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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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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

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