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RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE
 3 Months Ended
Mar. 31, 2023
Insurance [Abstract]  
RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE
Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated:
Three Months Ended
March 31,
20232022
(Dollars in millions)
Gross reserves beginning of period$22,065 $19,009 
Less reinsurance recoverables on unpaid losses(2,105)(1,946)
Net reserves beginning of period19,960 17,063 
Incurred related to:
Current year1,966 1,791 
Prior years— (1)
Total incurred losses and LAE1,966 1,790 
Paid related to:
Current year684 308 
Prior years641 919 
Total paid losses and LAE1,325 1,226 
Foreign exchange/translation adjustment152 (122)
Net reserves end of period20,753 17,505 
Plus reinsurance recoverables on unpaid losses2,125 1,991 
Gross reserves end of period$22,878 $19,496 
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $2.0 billion and $1.8 billion for the three months ended March 31, 2023 and 2022, respectively. Gross and net reserves increased for the three months ended March 31, 2023, reflecting an increase in underlying exposure due to earned premium growth, year over year, and an increase of $175 million in 2023 current year attritional losses compared to 2022.