XML 59 R41.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SEGMENT REPORTING (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Underwriting Results for Segments | The following tables present segment underwriting results for the periods indicated:
| Year Ended December 31, 2024
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 12,941 |  |  | $ | 5,078 |  |  | $ | 212 |  |  | $ | 18,232 |
Net written premiums | 11,969 |  |  | 3,678 |  |  | 167 |  |  | 15,814 |
Premiums earned | $ | 11,412 |  |  | $ | 3,579 |  |  | $ | 197 |  |  | $ | 15,187 |
Incurred losses and LAE | 7,103 |  |  | 3,622 |  |  | 580 |  |  | 11,305 |
Commission and brokerage | 2,837 |  |  | 439 |  |  | 24 |  |  | 3,300 |
Other underwriting expenses | 290 |  |  | 615 |  |  | 33 |  |  | 938 |
Underwriting gain (loss) | $ | 1,181 |  |  | $ | (1,097) |  |  | $ | (440) |  |  | $ | (356) |
Net investment income |  |  |  |  |  |  | 1,954 |
Net gains (losses) on investments |  |  |  |  |  |  | 19 |
Corporate expenses |  |  |  |  |  |  | (95) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  | (149) |
Other income (expense) |  |  |  |  |  |  | 121 |
Income (loss) before taxes |  |  |  |  |  |  | $ | 1,493 |
| Year Ended December 31, 2023
(Dollars in millions) | Reinsurance |  | Insurance | Other |  | Total
Gross written premiums | $ | 11,460 |  |  | $ | 4,888 |  | $ | 289 |  |  | $ | 16,637 |
Net written premiums | 10,802 |  |  | 3,704 |  | 225 |  |  | 14,730 |
Premiums earned | $ | 9,799 |  |  | $ | 3,420 |  | $ | 225 |  |  | $ | 13,443 |
Incurred losses and LAE | 5,690 |  |  | 2,471 |  | 266 |  |  | 8,427 |
Commission and brokerage | 2,520 |  |  | 410 |  | 22 |  |  | 2,952 |
Other underwriting expenses | 254 |  |  | 556 |  | 35 |  |  | 846 |
Underwriting gain (loss) | $ | 1,334 |  |  | $ | (18) |  | $ | (98) |  |  | $ | 1,219 |
Net investment income |  |  |  |  |  | 1,434 |
Net gains (losses) on investments |  |  |  |  |  | (276) |
Corporate expenses |  |  |  |  |  | (73) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  | (134) |
Other income (expense) |  |  |  |  |  | (14) |
Income (loss) before taxes |  |  |  |  |  | $ | 2,154 |
| Year Ended December 31, 2022
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 9,246 |  |  | $ | 4,426 |  |  | $ | 279 |  |  | $ | 13,952 |
Net written premiums | 8,917 |  |  | 3,223 |  |  | 204 |  |  | 12,344 |
Premiums earned | $ | 8,596 |  |  | $ | 2,998 |  |  | $ | 194 |  |  | $ | 11,787 |
Incurred losses and LAE | 5,962 |  |  | 2,040 |  |  | 98 |  |  | 8,100 |
Commission and brokerage | 2,116 |  |  | 399 |  |  | 14 |  |  | 2,528 |
Other underwriting expenses | 216 |  |  | 438 |  |  | 28 |  |  | 682 |
Underwriting gain (loss) | $ | 302 |  |  | $ | 121 |  |  | $ | 54 |  |  | $ | 477 |
Net investment income |  |  |  |  |  |  | 830 |
Net gains (losses) on investments |  |  |  |  |  |  | (455) |
Corporate expenses |  |  |  |  |  |  | (61) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  | (101) |
Other income (expense) |  |  |  |  |  |  | (102) |
Income (loss) before taxes |  |  |  |  |  |  | $ | 588 |
Schedule of Gross Written Premium by Geographic Region | The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.
| United States |  | Europe |  | All other
2024 | 57 | % |  | 25 | % |  | 18 | %
2023 | 58 | % |  | 24 | % |  | 18 | %
2022 | 63 | % |  | 22 | % |  | 15 | %

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 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration