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RESERVE FOR LOSSES AND LAE (Tables)

6 Months Ended

Jun. 30, 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:

			Six Months Ended June 30,
			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			5,307						4,548
Prior years			59						—
Total incurred losses and LAE			5,366						4,548
Paid related to:
Current year			621						1,068
Prior years			3,107						2,145
Total paid losses and LAE			3,728						3,213
Foreign exchange/translation adjustment			655						(139)
Net reserves end of period			29,267						23,702
Plus reinsurance recoverables on unpaid losses			3,209						2,151
Gross reserves end of period			$	32,476					$	25,853

(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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