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RESERVE FOR LOSSES AND LAE (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Activity in the 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:

			Three Months Ended March 31,
			2025						2024
(Dollars in millions)
Gross reserves beginning of period			$	29,889					$	24,604
Less reinsurance recoverables on unpaid losses			(2,915)						(2,098)
Net reserves beginning of period			26,975						22,506
Incurred related to:
Current year			2,893						2,237
Prior years			—						—
Total incurred losses and LAE			2,893						2,237
Paid related to:
Current year			410						319
Prior years			1,346						1,183
Total paid losses and LAE			1,755						1,502
Foreign exchange/translation adjustment			224						(114)
Net reserves end of period			28,337						23,127
Plus reinsurance recoverables on unpaid losses			3,175						2,084
Gross reserves end of period			$	31,512					$	25,211

(Some amounts may not reconcile due to rounding.)

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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