XML 54 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables)
12 Months Ended
Dec. 31, 2022
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract]  
Summary Of Activity In The Reserve For Losses And LAE
Years Ended December 31,
(Dollars in millions)
2022
2021
2020
Gross reserves beginning of period
$
19,009
$
16,322
$
13,531
 
Less reinsurance recoverables on unpaid losses
(1,946)
(1,844)
(1,641)
 
Net reserves beginning of period
17,063
14,478
11,891
Incurred related to:
 
Current year
8,102
7,400
6,149
 
Prior years
(2)
(9)
401
 
Total incurred losses and LAE
8,100
7,391
6,551
Paid related to:
 
Current year
 
1,220
2,491
2,046
 
Prior years
3,740
2,226
2,078
 
Total paid losses and LAE
4,960
4,717
4,124
Foreign exchange/translation adjustment
(243)
(89)
161
Net reserves end of period
19,960
17,063
14,478
 
Plus reinsurance recoverables on unpaid losses
2,105
1,946
1,844
 
Gross reserves end of period
$
22,065
$
19,009
$
16,322
(Some amounts may not reconcile due
 
to rounding.)
Ultimate Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance
Reinsurance – Casualty Business
At December 31, 2022
Total of
IBNR Liabilities
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance
Plus Expected
Cumulative
Years Ended December 31,
Development
Number of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
on Reported
Reported
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Claims
Claims
(Dollars in millions)
2013
$
710
$
801
$
788
$
779
$
748
$
719
$
699
$
699
$
694
$
684
$
11
N/A
2014
762
800
807
783
741
719
732
730
720
13
N/A
2015
777
818
814
811
795
832
832
829
47
N/A
2016
790
865
862
857
933
935
965
91
N/A
2017
870
830
837
918
926
982
132
N/A
2018
1,311
1,309
1,386
1,416
1,485
354
N/A
2019
1,683
1,748
1,751
1,775
727
N/A
2020
1,896
1,867
1,846
1,178
N/A
2021
2,454
2,449
1,829
N/A
2022
2,818
2,133
N/A
$
14,554
(Some amounts may not reconcile due to rounding.)
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(Dollars in millions)
2013
$
48
$
121
$
211
$
310
$
383
$
489
$
540
$
565
$
593
$
603
2014
57
122
212
301
426
501
545
585
607
2015
57
157
263
408
497
565
611
647
2016
88
187
320
426
539
614
690
2017
80
185
316
455
575
677
2018
154
284
456
616
803
2019
208
338
511
718
2020
190
300
489
2021
214
318
2022
200
$
5,754
All outstanding liabilities prior to 2013, net of reinsurance
916
Liabilities for claims and claim adjustment expenses, net of reinsurance
$
9,715
(Some amounts may not reconcile due to rounding.)
Reinsurance – Property Business
At December 31, 2022
Total of
IBNR Liabilities
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance
Plus Expected
Cumulative
Years Ended December 31,
Development
Number of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
on Reported
Reported
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Claims
Claims
(Dollars in millions)
2013
$
1,275
$
930
$
819
$
763
$
757
$
753
$
760
$
758
$
758
$
757
$
2
N/A
2014
1,343
1,181
1,030
937
933
937
930
930
928
3
N/A
2015
1,386
1,053
976
950
952
945
946
943
2
N/A
2016
1,695
1,518
1,554
1,548
1,526
1,527
1,523
10
N/A
2017
2,784
3,407
3,518
3,647
3,692
3,703
3
N/A
2018
2,611
2,486
2,488
2,426
2,379
24
N/A
2019
2,038
2,070
2,015
1,899
29
N/A
2020
2,408
2,481
2,425
240
N/A
2021
2,754
2,780
476
N/A
2022
3,257
1,898
N/A
$
20,594
(Some amounts may not reconcile due to rounding.)
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(Dollars in millions)
2013
$
375
$
510
$
638
$
693
$
713
$
723
$
732
$
733
$
733
$
735
2014
366
641
769
842
874
884
891
892
893
2015
377
607
759
842
869
891
900
905
2016
469
961
1,249
1,367
1,421
1,441
1,454
2017
819
2,180
2,744
3,130
3,332
3,426
2018
545
1,525
1,878
2,065
2,136
2019
730
1,185
1,505
1,667
2020
584
1,321
1,733
2021
684
1,534
2022
652
$
15,134
All outstanding liabilities prior to 2013, net of reinsurance
103
Liabilities for claims and claim adjustment expenses, net of reinsurance
$
5,562
(Some amounts may not reconcile due to rounding.)
Insurance – Casualty Business
At December 31, 2022
Total of
IBNR Liabilities
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance
Plus Expected
Cumulative
Years Ended December 31,
Development
Number of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
on Reported
Reported
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Claims
Claims
(Dollars in millions)
2013
$
393
$
393
$
393
$
393
$
351
$
344
$
351
$
350
$
350
$
347
$
25
$
22,031
2014
431
457
454
460
396
397
398
397
398
32
26,449
2015
519
527
535
541
467
471
471
477
40
29,020
2016
552
550
579
612
549
538
540
53
34,164
2017
610
600
620
652
628
629
85
38,344
2018
701
705
742
755
769
154
39,029
2019
848
844
876
885
204
42,006
2020
993
1,049
1,043
416
39,545
2021
1,189
1,246
732
44,274
2022
1,367
865
37,739
$
7,703
(Some amounts may not reconcile due to rounding.)
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(Dollars in millions)
2013
$
33
$
117
$
176
$
225
$
260
$
286
$
304
$
311
$
317
$
321
2014
41
125
202
257
297
325
339
350
360
2015
44
135
219
292
353
382
413
435
2016
55
164
268
341
400
443
481
2017
54
172
280
378
453
529
2018
63
207
317
443
594
2019
72
234
397
551
2020
66
236
388
2021
109
261
2022
85
$
4,003
All outstanding liabilities prior to 2013, net of reinsurance
127
Liabilities for claims and claim adjustment expenses, net of reinsurance
$
3,828
(Some amounts may not reconcile due to rounding.)
Insurance – Property Business
At December 31, 2022
Total of
IBNR Liabilities
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance
Plus Expected
Cumulative
Years Ended December 31,
Development
Number of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
on Reported
Reported
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Claims
Claims
(Dollars in millions)
2013
$
112
$
98
$
91
$
92
$
92
$
92
$
92
$
92
$
92
$
92
$
-
N/A
2014
132
123
120
119
119
119
119
119
120
1
N/A
2015
173
153
144
146
144
146
146
150
1
N/A
2016
288
274
279
289
292
294
294
-
N/A
2017
494
499
492
495
489
504
-
N/A
2018
405
400
394
407
422
1
N/A
2019
347
347
351
363
1
N/A
2020
599
507
498
27
N/A
2021
646
579
66
N/A
2022
767
273
N/A
$
3,789
(Some amounts may not reconcile due to rounding.)
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Accident Year
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(Dollars in millions)
2013
$
69
$
93
$
92
$
92
$
92
$
92
$
92
$
92
$
92
$
92
2014
82
116
118
118
118
119
119
119
119
2015
102
141
142
145
146
146
147
147
2016
162
249
271
287
290
293
293
2017
179
423
457
479
496
499
2018
245
357
376
404
418
2019
227
315
339
357
2020
293
416
453
2021
328
473
2022
372
$
3,223
All outstanding liabilities prior to 2013, net of reinsurance
-
Liabilities for claims and claim adjustment expenses, net of reinsurance
566
(Some amounts may not reconcile due to rounding.)
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance
Reinsurance – Casualty Business
Average Annual Percentage
 
Payout of Incurred Loss by
 
Age, Net of Reinsurance (unaudited)
Years
1
2
3
4
5
6
7
8
9
10
Casualty
8.9
%
7.8
%
11.7
%
12.7
%
12.5
%
10.2
%
6.8
%
4.5
%
3.6
%
1.5
%
Reinsurance – Property Business
Average Annual Percentage
 
Payout of Incurred Loss by
 
Age, Net of Reinsurance (unaudited)
Years
1
2
3
4
5
6
7
8
9
10
Property
27.2
%
31.8
%
16.1
%
8.8
%
4.0
%
2.0
%
0.9
%
0.3
%
0.1
%
0.1
%
Insurance – Casualty Business
Average Annual Percentage
 
Payout of Incurred Loss by
 
Age, Net of Reinsurance (unaudited)
Years
1
2
3
4
5
6
7
8
9
10
Casualty
8.1
%
17.6
%
16.8
%
15.5
%
13.4
%
8.4
%
5.7
%
3.3
%
2.1
%
1.3
%
Insurance – Property Business
Average Annual Percentage
 
Payout of Incurred Loss by
 
Age, Net of Reinsurance (unaudited)
Years
1
2
3
4
5
6
7
8
9
10
Property
54.3
%
31.5
%
5.7
%
4.5
%
2.3
%
1.0
%
0.6
%
0.1
%
0.1
%
-
%
Reconciliation of the Net Incurred and Paid Claims Development
December 31, 2022
(Dollars in thousands)
Net outstanding liabilities
Reinsurance Casualty
$
9,715
Reinsurance Property
5,562
Insurance Casualty
3,828
Insurance Property
566
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance
19,671
Reinsurance recoverable on unpaid claims
Reinsurance Casualty
150
Reinsurance Property
576
Insurance Casualty
1,220
Insurance Property
160
Total reinsurance recoverable
 
on unpaid claims
2,105
Insurance lines other than short-duration
-
Unallocated claims adjustment expenses
244
Other
45
289
Total gross liability for unpaid claims and claim adjustment expense
$
22,065
(Some amounts may not reconcile due to rounding.)
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis
At December 31,
(Dollars in millions)
2022
2021
2020
Gross basis:
Beginning of period reserves
$
175
$
219
$
258
Incurred losses
144
11
2
Paid losses
(42)
(55)
(40)
End of period reserves
$
278
$
175
$
219
Net basis:
Beginning of period reserves
$
156
$
198
$
229
Incurred losses
138
-
(1)
Paid losses
(37)
(42)
(30)
End of period reserves
$
257
$
156
$
198
(Some amounts may not reconcile due to rounding.)
Summary Of Activity In The Reserve For Future Policy Benefits
At December 31,
(Dollars in thousands)
2022
2021
2020
Balance at beginning of year
$
36
$
38
$
43
Liabilities assumed
-
-
-
Adjustments to reserves
(3)
1
(1)
Benefits paid in the current year
(4)
(3)
(4)
Balance at end of year
$
29
$
36
$
38
(Some amounts may not reconcile due to rounding.)