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v3.25.2

Insurance | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Insurance | Insurance Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first six months of 2025 and 2024 (in millions):
| Six months ended June 30,
| 2025 |  | 2024
Balance at beginning of year | $ | 14,179 |  |  | $ | 13,087 |
Less reinsurance recoverables, net of allowance | 4,957 |  |  | 4,288 |
Net liability at beginning of year | 9,222 |  |  | 8,799 |
Provision for losses and LAE occurring in the current period | 2,003 |  |  | 1,934 |
Net decrease in the provision for claims of prior years | (31) |  |  | (85) |
Total losses and LAE incurred | 1,972 |  |  | 1,849 |
Payments for losses and LAE of: |  |  |
Current year | (448) |  |  | (425) |
Prior years | (1,450) |  |  | (1,533) |
Total payments | (1,898) |  |  | (1,958) |
Foreign currency translation and other | (10) |  |  | (1) |
Net liability at end of period | 9,286 |  |  | 8,689 |
Add back reinsurance recoverables, net of allowance | 4,548 |  |  | 3,918 |
Gross unpaid losses and LAE included in the balance sheet at end of period | $ | 13,834 |  |  | $ | 12,607 |
The net decrease in the provision for claims of prior years during the first six months of 2025 reflects (i) lower than anticipated losses in the crop business, lower than anticipated claim severity in the aviation and agribusiness operations and lower than expected claim frequency in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the financial institutions business and lower than expected claim severity in the trade credit, surety and fidelity businesses (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the excess and surplus and social services businesses (within the Specialty casualty sub-segment). The net decrease in the provision for claims of prior years during the first six months of 2024 reflects (i) lower than anticipated losses in the crop business and lower than expected claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than expected claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the fidelity and trade credit businesses and lower than expected claim frequency and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the excess and surplus businesses and higher than expected claim frequency and severity in the social services business (within the Specialty casualty sub-segment) and (ii) higher than anticipated claim severity in the innovative markets and surety businesses (within the Specialty financial sub-segment). Recoverables from Reinsurers and Premiums Receivable Progressions of the 2025 and 2024 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):
| Recoverables from Reinsurers |  | Premiums Receivable
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance at March 31 | $ | 10 |  |  | $ | 10 |  |  | $ | 18 |  |  | $ | 15 |
Provision (credit) for expected credit losses | (1) |  |  | — |  |  | 1 |  |  | 4 |
Write-offs charged against the allowance | — |  |  | — |  |  | — |  |  | (1) |
Balance at June 30 | $ | 9 |  |  | $ | 10 |  |  | $ | 19 |  |  | $ | 18 |
Balance at December 31 | $ | 11 |  |  | $ | 10 |  |  | $ | 19 |  |  | $ | 15 |
Provision (credit) for expected credit losses | (2) |  |  | — |  |  | — |  |  | 4 |
Write-offs charged against the allowance | — |  |  | — |  |  | — |  |  | (1) |
Balance at June 30 | $ | 9 |  |  | $ | 10 |  |  | $ | 19 |  |  | $ | 18 |

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