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RESERVE FOR LOSSES AND LAE (Tables)

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Schedule of Roll Forward of the Company’s Beginning and Ending Reserve for Losses and LAE

The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

			Years Ended December 31,
(Dollars in millions)			2024						2023						2022
Gross reserves beginning of period			$	24,604					$	22,065					$	19,009
Less reinsurance recoverables on unpaid losses			(2,098)						(2,105)						(1,946)
Net reserves beginning of period			22,506						19,960						17,063
Incurred related to:
Current year			9,967						8,432						8,102
Prior years			1,337						(5)						(2)
Total incurred losses and LAE			11,305						8,427						8,100
Paid related to:
Current year			1,258						1,379						1,220
Prior years			5,279						4,731						3,740
Total paid losses and LAE			6,537						6,110						4,960
Foreign exchange/translation adjustment			(298)						229						(243)
Net reserves end of period			26,975						22,506						19,960
Plus reinsurance recoverables on unpaid losses			2,915						2,098						2,105
Gross reserves end of period			$	29,889					$	24,604					$	22,065

(Some amounts may not reconcile due to rounding.)

Schedule of Reconciliation of the Net Incurred and Paid Claims and Ultimate Loss and ALAE and Paid Loss and ALAE, Net of Reinsurance

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows:

			December 31, 2024
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty			$	12,810
Reinsurance Property			6,028
Insurance Casualty			5,891
Insurance Property			762
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)			25,491
Reinsurance recoverable on unpaid claims
Reinsurance Casualty			73
Reinsurance Property			624
Insurance Casualty			1,750
Insurance Property			237
Total reinsurance recoverable on unpaid claims (1)			2,683
Insurance lines other than short-duration			—
Unallocated claims adjustment expenses			316
Other (2)			1,400
			1,716
Total gross liability for unpaid claims and claim adjustment expense			$	29,889

(Some amounts may not reconcile due to rounding.)

(1) Amounts disclosed are for reinsurance and insurance reportable segments.

(2) The other amount is primarily comprised of the new Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The following tables present the ultimate loss and allocated LAE and the paid loss and allocated LAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business.

Reinsurance - Casualty Business

																																																																		At December 31, 2024
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	777					$	821					$	818					$	815					$	799					$	835					$	835					$	833					$	832					$	845					$	45					N/A
2016												792						870						867						862						938						940						970						1,000						1,022						52						N/A
2017																		875						834						841						922						931						986						1,051						1,079						24						N/A
2018																								1,447						1,445						1,522						1,553						1,621						1,718						1,775						246						N/A
2019																														1,761						1,826						1,828						1,853						1,893						1,954						346						N/A
2020																																				1,957						1,928						1,907						1,869						1,911						588						N/A
2021																																										2,491						2,487						2,427						2,518						1,229						N/A
2022																																																2,730						2,688						2,739						1,658						N/A
2023																																																						2,958						3,123						2,315						N/A
2024																																																												3,275						2,756						N/A
																																																												$	20,240

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	56					$	158					$	265					$	410					$	499					$	567					$	613					$	650					$	677					$	702
2016												89						189						323						429						542						618						693						762						826
2017																		80						186						317						458						582						681						790						917
2018																								188						296						497						652						828						1,008						1,214
2019																														239						364						533						735						963						1,234
2020																																				205						307						486						720						987
2021																																										206						319						542						845
2022																																																184						345						646
2023																																																						201						422
2024																																																												256
																																																												$	8,048
All outstanding liabilities prior to 2015, net of reinsurance																																																												617
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	12,810

(Some amounts may not reconcile due to rounding.)

Reinsurance - Property Business

																																																																		At December 31, 2024
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	1,378					$	1,037					$	956					$	930					$	933					$	925					$	927					$	924					$	921					$	911					$	—					N/A
2016												1,681						1,502						1,538						1,532						1,510						1,511						1,507						1,509						1,502						1						N/A
2017																		2,773						3,396						3,507						3,636						3,681						3,692						3,705						3,724						3						N/A
2018																								2,594						2,469						2,471						2,409						2,362						2,347						2,382						3						N/A
2019																														2,005						2,036						1,981						1,866						1,869						1,920						2						N/A
2020																																				2,388						2,461						2,405						2,377						2,379						3						N/A
2021																																										2,745						2,770						2,692						2,582						14						N/A
2022																																																3,202						2,880						2,586						261						N/A
2023																																																						2,788						2,411						662						N/A
2024																																																												3,940						2,214						N/A
																																																												$	24,337

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	369					$	591					$	740					$	823					$	850					$	871					$	879					$	884					$	888					$	889
2016												459						946						1,056						1,080						1,089						1,081						1,082						1,084						1,128
2017																		810						2,170						2,733						3,117						3,313						3,407						3,482						3,590
2018																								534						1,509						1,857						2,047						2,121						2,184						2,307
2019																														714						1,159						1,482						1,645						1,771						1,934
2020																																				571						1,302						1,706						1,989						2,251
2021																																										679						1,523						2,014						2,420
2022																																																619						1,364						1,896
2023																																																						600						1,165
2024																																																												774
																																																												$	18,355
All outstanding liabilities prior to 2015, net of reinsurance																																																												46
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	6,028

(Some amounts may not reconcile due to rounding.)

Insurance - Casualty Business

																																																																		At December 31, 2024
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	487					$	492					$	500					$	503					$	427					$	426					$	427					$	434					$	426					$	445					$	11					27,331
2016												504						510						538						557						489						474						478						488						494						17						31,267
2017																		559						557						567						585						559						559						584						580						32						34,793
2018																								643						648						679						685						697						772						811						64						34,838
2019																														774						777						797						804						953						1,089						145						37,837
2020																																				912						989						977						975						1,096						273						39,675
2021																																										1,117						1,159						1,153						1,353						464						44,458
2022																																																1,241						1,239						1,597						739						46,433
2023																																																						1,424						1,740						1,125						44,372
2024																																																												1,788						1,546						33,512
																																																												$	10,993

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	43					$	127					$	208					$	270					$	325					$	351					$	379					$	397					$	409					$	417
2016												51						156						253						314						362						398						430						448						460
2017																		52						165						263						343						404						467						493						527
2018																								61						196						296						407						539						623						678
2019																														69						218						364						498						646						828
2020																																				63						229						372						531						659
2021																																										105						246						428						655
2022																																																79						282						578
2023																																																						93						311
2024																																																												85
																																																												$	5,200
All outstanding liabilities prior to 2015, net of reinsurance																																																												97
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	5,891

(Some amounts may not reconcile due to rounding.)

Insurance - Property Business

																																																																		At December 31, 2024
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	179					$	169					$	159					$	160					$	161					$	162					$	163					$	165					$	164					$	165					$	1					N/A
2016												289						281						284						292						297						299						300						302						301						2						N/A
2017																		486						494						486						494						496						508						509						506						1						N/A
2018																								403						399						401						410						428						436						435						3						N/A
2019																														347						352						350						365						380						375						6						N/A
2020																																				601						508						498						503						492						10						N/A
2021																																										646						585						602						628						37						N/A
2022																																																770						796						698						42						N/A
2023																																																						717						669						94						N/A
2024																																																												597						192						N/A
																																																												$	4,864

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023 (unaudited)						2024
(Dollars in millions)
2015						$	107					$	153					$	155					$	158					$	160					$	161					$	162					$	163					$	163					$	164
2016												167						249						272						290						296						297						299						299						299
2017																		176						416						452						477						493						505						504						505
2018																								240						356						376						407						424						429						431
2019																														226						313						335						355						363						368
2020																																				292						413						450						465						473
2021																																										325						482						544						565
2022																																																377						567						594
2023																																																						400						503
2024																																																												200
																																																												$	4,102
All outstanding liabilities prior to 2015, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												762

(Some amounts may not reconcile due to rounding.)

Schedule of Average Annual Percentage Payout Incurred Loss by Age, Net of Reinsurance

			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			8.4		%				6.7		%				10.4		%				11.6		%				11.6		%				10.4		%				9.2		%				7.9		%				4.9		%				2.9		%

			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			25.2		%				31.2		%				16.2		%				10.0		%				5.4		%				3.2		%				2.4		%				1.9		%				2.0		%				0.2		%

			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			6.4		%				14.3		%				15.3		%				14.2		%				12.7		%				11.5		%				6.1		%				4.6		%				2.6		%				1.9		%

			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			54.0		%				30.4		%				6.3		%				4.6		%				2.5		%				1.4		%				0.3		%				0.1		%				—		%				0.3		%

Schedule of Incurred Losses with Respect to A&E Reserve on both Gross and Net of Reinsurance Basis

The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

			At December 31,
(Dollars in millions)			2024						2023						2022
Gross basis:
Beginning of period reserves			$	247					$	278					$	175
Incurred losses			62						—						144
Paid losses			(49)						(31)						(42)
End of period reserves			$	260					$	247					$	278
Net basis:
Beginning of period reserves			$	232					$	257					$	156
Incurred losses			54						—						138
Paid losses			(43)						(25)						(37)
End of period reserves			$	242					$	232					$	257

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