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v3.26.1

Insurance | 3 Months Ended
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Mar. 31, 2026
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 three months of 2026 and 2025 (in millions):
| Three months ended March 31,
| 2026 |  | 2025
Balance at beginning of year | $ | 15,094 |  |  | $ | 14,179 |
Less reinsurance recoverables, net of allowance | 5,306 |  |  | 4,957 |
Net liability at beginning of year | 9,788 |  |  | 9,222 |
Provision for losses and LAE occurring in the current period | 976 |  |  | 985 |
Net decrease in the provision for claims of prior years | (70) |  |  | (20) |
Total losses and LAE incurred | 906 |  |  | 965 |
Payments for losses and LAE of: |  |  |
Current year | (92) |  |  | (104) |
Prior years | (796) |  |  | (863) |
Total payments | (888) |  |  | (967) |
Foreign currency translation and other | (2) |  |  | (2) |
Net liability at end of period | 9,804 |  |  | 9,218 |
Add back reinsurance recoverables, net of allowance | 5,110 |  |  | 4,752 |
Gross unpaid losses and LAE included in the balance sheet at end of period | $ | 14,914 |  |  | $ | 13,970 |
The net decrease in the provision for claims of prior years during the first three months of 2026 reflects (i) lower than anticipated losses in the crop business and lower than expected claim severity in the ocean marine and commercial auto businesses (within the Property and transportation sub-segment) and (ii) lower than anticipated claim frequency in the fidelity and crime business and lower than expected claim severity in the surety business (within the Specialty financial sub-segment). In the Specialty casualty sub-segment, lower than anticipated claim severity in the workers’ compensation businesses was offset by higher than anticipated severity in certain social inflation exposed businesses. The net decrease in the provision for claims of prior years during the first three months of 2025 reflects (i) lower than anticipated losses in the crop business and lower than anticipated claim frequency and severity in the trucking 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 and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the excess liability businesses (within the Specialty casualty sub-segment). Recoverables from Reinsurers and Premiums Receivable Progressions of the 2026 and 2025 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):
| Recoverables from Reinsurers |  | Premiums Receivable
| 2026 |  | 2025 |  | 2026 |  | 2025
Balance at December 31 | $ | 10 |  |  | $ | 11 |  |  | $ | 20 |  |  | $ | 19 |
Provision (credit) for expected credit losses | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
Write-offs charged against the allowance | — |  |  | — |  |  | — |  |  | — |
Balance at March 31 | $ | 9 |  |  | $ | 10 |  |  | $ | 19 |  |  | $ | 18 |

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