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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Underwriting Results for Operating Segments

The following tables present the underwriting results for the operating segments for the periods indicated:

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
(Dollars in millions)			Reinsurance						Insurance						Total						Reinsurance						Insurance						Total
Gross written premiums			$	2,766					$	1,414					$	4,180					$	5,403					$	2,520					$	7,923
Net written premiums			2,639						1,035						3,674						5,093						1,910						7,003
Premiums earned			$	2,382					$	869					$	3,251					$	4,624					$	1,728					$	6,352
Incurred losses and LAE			1,400						560						1,960						2,811						1,115						3,927
Commission and brokerage			583						103						686						1,143						204						1,347
Other underwriting expenses			62						143						205						125						280						405
Underwriting gain (loss)			$	337					$	64					$	401					$	544					$	129					$	673
Net investment income															357																		617
Net gains (losses) on investments															5																		10
Corporate expenses															(17)																		(36)
Interest, fee and bond issue cost amortization expense															(33)																		(65)
Other income (expense)															38																		(42)
Income (loss) before taxes															$	750																	$	1,157

(Some amounts may not reconcile due to rounding.)

			Three Months Ended June 30, 2022																		Six Months Ended June 30, 2022
(Dollars in millions)			Reinsurance						Insurance						Total						Reinsurance						Insurance						Total
Gross written premiums			$	2,201					$	1,246					$	3,447					$	4,387					$	2,247					$	6,633
Net written premiums			2,122						899						3,021						4,204						1,630						5,833
Premiums earned			$	2,140					$	777					$	2,916					$	4,206					$	1,502					$	5,708
Incurred losses and LAE			1,382						494						1,876						2,707						959						3,666
Commission and brokerage			531						99						630						1,045						190						1,236
Other underwriting expenses			52						117						170						103						228						331
Underwriting gain (loss)			$	175					$	66					$	240					$	351					$	124					$	476
Net investment income															226																		469
Net gains (losses) on investments															(236)																		(390)
Corporate expenses															(15)																		(29)
Interest, fee and bond issue cost amortization expense															(24)																		(48)
Other income (expense)															(71)																		(56)
Income (loss) before taxes															$	119																	$	421

(Some amounts may not reconcile due to rounding.)

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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X

- References

No definition available.

+ Details

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