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Liability For Unpaid Claims And Claim Adjustment Expenses | 12 Months Ended
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Dec. 31, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Liability For Unpaid Claims And Claim Adjustment Expenses | 17. Future Policy Benefits The reconciliation of the balances described in the table below to the “Future policy benefits” in the Consolidated Statements of Financial Position is as follows.
| December 31,
| 2024 |  | 2023
| (Dollars in millions)
Future policy benefits: |  |  |
Annuities | $ | 5,532 |  |  | $ | 2,213 |
Life Insurance | 1,816 |  |  | 1,895 |
Deferred profit liability: |  |  |
Annuities | 81 |  |  | 64 |
Life Insurance | 76 |  |  | 66 |
Other contracts and VOBA liability | 1,665 |  |  | 1,870 |
Total future policy benefits | $ | 9,170 |  |  | $ | 6,108 |
Future Policy Benefits The balances and changes in the liability for future policy benefits are as follows:
|  | Year Ended December 31, 2024
Successor |  | Annuities |  | Life Insurance |  | Total
|  | (Dollars in millions)
Present Value of Expected Net Premiums: |  |  |  |  |  |
Balance, beginning of period |  | $ | — |  |  | $ | 3,145 |  |  | $ | 3,145 |
Beginning balance at original discount rate |  | — |  |  | 3,254 |  |  | 3,254 |
Effect of changes in cash flow assumptions (1) |  | — |  |  | (245) |  |  | (245) |
Effect of actual variances from expected experience |  | 11 |  |  | (343) |  |  | (332) |
Adjusted beginning of period balance |  | 11 |  |  | 2,666 |  |  | 2,677 |
Acquisition from business combination |  | — |  |  | — |  |  | — |
Issuances |  | 1,970 |  |  | 48 |  |  | 2,018 |
Interest accrual |  | 11 |  |  | 112 |  |  | 123 |
Net premiums collected |  | (1,992) |  |  | (320) |  |  | (2,312) |
Derecognitions (lapses and withdrawals) |  | — |  |  | 1 |  |  | 1 |
Ending balance at original discount rate |  | — |  |  | 2,507 |  |  | 2,507 |
Effect of changes in discount rate assumptions |  | — |  |  | (154) |  |  | (154) |
Balance, end of period |  | $ | — |  |  | $ | 2,353 |  |  | $ | 2,353 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,213 |  |  | $ | 5,040 |  |  | $ | 7,253 |
Beginning balance at original discount rate |  | 2,217 |  |  | 5,277 |  |  | 7,494 |
Effect of changes in cash flow assumptions |  | 1 |  |  | (236) |  |  | (235) |
Effect of actual variances from expected experience |  | (5) |  |  | (369) |  |  | (374) |
Adjusted beginning of period balance |  | 2,213 |  |  | 4,672 |  |  | 6,885 |
Acquisition of business combination |  | 311 |  |  | — |  |  | 311 |
Issuances |  | 3,289 |  |  | 49 |  |  | 3,338 |
Interest accrual |  | 168 |  |  | 190 |  |  | 358 |
Benefit payments |  | (336) |  |  | (311) |  |  | (647) |
Derecognitions (lapses and withdrawals) |  | 23 |  |  | 1 |  |  | 24 |
Foreign currency translation |  | — |  |  | — |  |  | — |
Ending balance at original discount rate |  | 5,668 |  |  | 4,601 |  |  | 10,269 |
Effect of changes in discount rate assumptions |  | (136) |  |  | (432) |  |  | (568) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 5,532 |  |  | $ | 4,169 |  |  | $ | 9,701 |
Liability for future policy benefits |  | $ | 5,532 |  |  | $ | 1,816 |  |  | $ | 7,348 |
Less: Reinsurance recoverables |  | (2) |  |  | (1,298) |  |  | (1,300) |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 5,530 |  |  | $ | 518 |  |  | $ | 6,048 |
Weighted-average liability duration of future policy benefits (years) |  | 9 years |  | 15 years |  |
Weighted average interest accretion rate |  | 5.23 | % |  | 4.75 | % |  |
Weighted average current discount rate |  | 5.53 | % |  | 5.83 | % |  |
|  | Year Ended December 31, 2023
Successor |  | Annuities |  | Life Insurance |  | Total
|  | (Dollars in millions)
Present Value of Expected Net Premiums: |  |  |  |  |  |
Balance, beginning of period |  | $ | — |  |  | $ | 3,520 |  |  | $ | 3,520 |
Beginning balance at original discount rate |  | — |  |  | 3,826 |  |  | 3,826 |
Effect of changes in cash flow assumptions (1) |  | — |  |  | (353) |  |  | (353) |
Effect of actual variances from expected experience |  | 2 |  |  | (59) |  |  | (57) |
Adjusted beginning of period balance |  | 2 |  |  | 3,414 |  |  | 3,416 |
Acquisition from business combination |  | — |  |  | — |  |  | — |
Issuances |  | 984 |  |  | 90 |  |  | 1,074 |
Interest accrual |  | 8 |  |  | 121 |  |  | 129 |
Net premiums collected |  | (995) |  |  | (373) |  |  | (1,368) |
Derecognitions (lapses and withdrawals) |  | 1 |  |  | 2 |  |  | 3 |
Foreign currency translation |  | — |  |  | — |  |  | — |
Ending balance at original discount rate |  | — |  |  | 3,254 |  |  | 3,254 |
Effect of changes in discount rate assumptions |  | — |  |  | (109) |  |  | (109) |
Balance, end of period |  | $ | — |  |  | $ | 3,145 |  |  | $ | 3,145 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,288 |  |  | $ | 5,330 |  |  | $ | 6,618 |
Beginning balance at original discount rate |  | 1,368 |  |  | 5,875 |  |  | 7,243 |
Effect of changes in cash flow assumptions |  | (1) |  |  | (362) |  |  | (363) |
Effect of actual variances from expected experience |  | (25) |  |  | (59) |  |  | (84) |
Adjusted beginning of period balance |  | 1,342 |  |  | 5,454 |  |  | 6,796 |
Acquisition of business combination |  | — |  |  | — |  |  | — |
Issuances |  | 988 |  |  | 89 |  |  | 1,077 |
Interest accrual |  | 73 |  |  | 188 |  |  | 261 |
Benefit payments |  | (189) |  |  | (456) |  |  | (645) |
Derecognitions (lapses and withdrawals) |  | 3 |  |  | 2 |  |  | 5 |
Foreign currency translation |  | — |  |  | — |  |  | — |
Ending balance at original discount rate |  | 2,217 |  |  | 5,277 |  |  | 7,494 |
Effect of changes in discount rate assumptions |  | (4) |  |  | (237) |  |  | (241) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 2,213 |  |  | $ | 5,040 |  |  | $ | 7,253 |
Liability for future policy benefits |  | $ | 2,213 |  |  | $ | 1,895 |  |  | $ | 4,108 |
Less: Reinsurance recoverables |  | — |  |  | (45) |  |  | (45) |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 2,213 |  |  | $ | 1,850 |  |  | $ | 4,063 |
Weighted-average liability duration of future policy benefits (years) |  | 8 years |  | 16 years |  |
Weighted average interest accretion rate |  | 4.94 | % |  | 4.60 | % |  |
Weighted average current discount rate |  | 4.88 | % |  | 5.03 | % |  |
|  | Period From May 25, 2022 to December 31, 2022
Successor |  | Annuities |  | Life Insurance |  | Total
|  | (Dollars in millions)
Present Value of Expected Net Premiums: |  |  |  |  |  |
Balance, beginning of period |  | $ | — |  |  | $ | 3,844 |  |  | $ | 3,844 |
Beginning balance at original discount rate |  | — |  |  | 3,844 |  |  | 3,844 |
Effect of changes in cash flow assumptions (1) |  | — |  |  | (4) |  |  | (4) |
Effect of actual variances from expected experience |  | 3 |  |  | (15) |  |  | (12) |
Adjusted beginning of period balance |  | 3 |  |  | 3,825 |  |  | 3,828 |
Acquisition from business combination |  | — |  |  | — |  |  | — |
Issuances |  | 13 |  |  | 155 |  |  | 168 |
Interest accrual |  | — |  |  | 53 |  |  | 53 |
Net premiums collected |  | (16) |  |  | (207) |  |  | (223) |
Derecognitions (lapses and withdrawals) |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | — |  |  | — |
Ending balance at original discount rate |  | — |  |  | 3,826 |  |  | 3,826 |
Effect of changes in discount rate assumptions |  | — |  |  | (306) |  |  | (306) |
Balance, end of period |  | $ | — |  |  | $ | 3,520 |  |  | $ | 3,520 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,432 |  |  | $ | 5,846 |  |  | $ | 7,278 |
Beginning balance at original discount rate |  | 1,432 |  |  | 5,846 |  |  | 7,278 |
Effect of changes in cash flow assumptions |  | — |  |  | (4) |  |  | (4) |
Effect of actual variances from expected experience |  | (1) |  |  | (15) |  |  | (16) |
Adjusted beginning of period balance |  | 1,431 |  |  | 5,827 |  |  | 7,258 |
Acquisition of business combination |  | — |  |  | — |  |  | — |
Issuances |  | 13 |  |  | 155 |  |  | 168 |
Interest accrual |  | 19 |  |  | 80 |  |  | 99 |
Benefit payments |  | (95) |  |  | (187) |  |  | (282) |
Derecognitions (lapses and withdrawals) |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | — |  |  | — |
Ending balance at original discount rate |  | 1,368 |  |  | 5,875 |  |  | 7,243 |
Effect of changes in discount rate assumptions |  | (80) |  |  | (545) |  |  | (625) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 1,288 |  |  | $ | 5,330 |  |  | $ | 6,618 |
Liability for future policy benefits |  | $ | 1,288 |  |  | $ | 1,810 |  |  | $ | 3,098 |
Less: Reinsurance recoverables |  | — |  |  | (54) |  |  | (54) |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 1,288 |  |  | $ | 1,756 |  |  | $ | 3,044 |
Weighted-average liability duration of future policy benefits (years) |  | 8 years |  | 16 years |  |
Weighted average interest accretion rate |  | 4.40 | % |  | 4.50 | % |  |
Weighted average current discount rate |  | 5.20 | % |  | 5.40 | % |  |
(1)For the year ended December 31, 2024, the Company recognized liability remeasurement losses of $66 million, which were included in “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations. The amounts include the effect of the Company’s annual assumption review which was conducted during the third quarter of 2024. The notable changes to cash flow assumptions resulted in (i) a decrease in the liability for future policy benefits related to annuity products driven by favorable mortality. The change in mortality resulted in an offsetting increase to the deferred profit liability; (ii) a decrease in the liability for future policy benefits for term life products primarily driven by favorable mortality and favorable updates to policyholder lapse behavior assumptions; and (iii) an increase in the future policy benefits liability for universal life products driven by unfavorable updates in policyholder lapse assumptions and unfavorable mortality. For the year ended December 31, 2023, the Company recognized liability remeasurement gains of $3 million, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations. For the period from May 25, 2022 to December 31, 2022, the Company recognized liability remeasurement losses of $1 million, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations. The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
| December 31,
| 2024 |  | 2023
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
| (Dollars in millions)
Annuities |  |  |  |  |  |  |
Expected future benefit payments | $ | 9,853 |  |  | $ | 5,505 |  |  | $ | 3,466 |  |  | $ | 2,213 |
Expected future gross premiums | — |  |  | — |  |  | — |  |  | — |
Life Insurance |  |  |  |  |  |  |
Expected future benefit payments | 8,819 |  |  | 4,169 |  |  | 10,353 |  |  | 5,040 |
Expected future gross premiums | 5,669 |  |  | 3,356 |  |  | 7,541 |  |  | 4,328 |
Total |  |  |  |  |  |  |
Expected future benefit payments | 18,672 |  |  | 9,674 |  |  | 13,819 |  |  | 7,253 |
Expected future gross premiums | 5,669 |  |  | 3,356 |  |  | 7,541 |  |  | 4,328 |
The amount of revenue and interest recognized in the Consolidated Statements of Operations follows:
| Gross Premiums or Assessments |  |  |
| Successor |  |  |
| Year Ended December 31, |  | Period From May 25 to December 31, |  |  |
| 2024 |  | 2023 |  | 2022 |  |  |
| (Dollars in millions) |  |  |
Annuities | $ | 3,299 |  |  | $ | 1,027 |  |  | $ | 18 |  |  |  |
Life Insurance | 436 |  |  | 452 |  |  | 265 |  |  |  |
| Interest Expense |  |  |
| Successor |  |  |
| Year Ended December 31, |  | Period From May 25 to December 31, |  |  |
| 2024 |  | 2023 |  | 2022 |  |  |
| (Dollars in millions) |  |  |
Annuities | $ | 157 |  |  | $ | 83 |  |  | $ | 19 |  |  |  |
Life Insurance | 78 |  |  | 95 |  |  | 27 |  |  |  |
20. Liability For Unpaid Claims and Claim Adjustment Expenses The liability for unpaid claims and claim adjustment expenses (“unpaid claims”) for property and casualty insurance is included in “Policy and contract claims” in the Consolidated S tatements of Financial Position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled (“case reserves”), as well as associated claim adjustment expenses. Information regarding the liability for unpaid claims is shown below:
| Successor |  |  | Predecessor
| Year Ended December 31, |  | Period From May 25 to December 31, |  |  | Period From January 1 to May 24,
| 2024 |  | 2023 |  | 2022 |  |  | 2022
| (Dollars in millions)
Policy and contract claims, beginning | $ | 1,870 |  |  | $ | 1,786 |  |  | $ | 1,496 |  |  |  | $ | 1,455 |
Less: Unpaid claims balance, beginning – long-duration | 213 |  |  | 218 |  |  | — |  |  |  | — |
Gross unpaid claims balance, beginning – short-duration | 1,657 |  |  | 1,568 |  |  | 1,496 |  |  |  | 1,455 |
Less: Reinsurance recoverables, beginning | 302 |  |  | 305 |  |  | 281 |  |  |  | 288 |
Net unpaid claims balance, beginning – short-duration | 1,355 |  |  | 1,263 |  |  | 1,215 |  |  |  | 1,167 |
Acquisition from business combination, net of reinsurance | 1 |  |  | — |  |  | — |  |  |  | — |
Add: incurred related to: |  |  |  |  |  |  |  |
Current accident year | 1,388 |  |  | 1,605 |  |  | 830 |  |  |  | 562 |
Prior accident years | (46) |  |  | (81) |  |  | (31) |  |  |  | (21) |
Total incurred claims | 1,342 |  |  | 1,524 |  |  | 799 |  |  |  | 541 |
Less: paid claims related to: |  |  |  |  |  |  |  |
Current accident year | 787 |  |  | 951 |  |  | 554 |  |  |  | 225 |
Prior accident years | 573 |  |  | 481 |  |  | 197 |  |  |  | 268 |
Total paid claims | 1,360 |  |  | 1,432 |  |  | 751 |  |  |  | 493 |
Net unpaid claims balance, ending – short-duration | 1,338 |  |  | 1,355 |  |  | 1,263 |  |  |  | 1,215 |
Add: Foreign currency translation and other | — |  |  | — |  |  | — |  |  |  | — |
Add: Reinsurance recoverables, ending | 288 |  |  | 302 |  |  | 305 |  |  |  | 281 |
Gross unpaid claims balance, ending – short-duration | 1,626 |  |  | 1,657 |  |  | 1,568 |  |  |  | 1,496 |
Add: Unpaid claims balance, ending – long duration | 241 |  |  | 213 |  |  | 218 |  |  |  | — |
Policy and contract claims, ending | $ | 1,867 |  |  | $ | 1,870 |  |  | $ | 1,786 |  |  |  | $ | 1,496 |
The estimates for ultimate incurred claims attributable to insured events of prior years decreased by $46 million and decreased by $81 million, respectively, for the year ended December 31, 2024 and 2023. For the period from May 25, 2022 to December 31, 2022, and the Predecessor period from January 1, 2022 to May 24, 2022, the estimates for ultimate incurred claims attributable to insured events of prior years decreased by $31 million and decreased by $21 million, respectively. The favorable development in 2024 was a reflection of lower-than-anticipated losses arising from commercial other, business owners, and commercial auto lines of business. The favorable development in 2023 was a reflection of lower-than-anticipated losses arising from agribusiness, business owners, commercial auto, and commercial other lines of business. The favorable development for the period from May 25, 2022 to December 31, 2022 was a reflection of lower-than-anticipated settlement of losses emerging from commercial automotive, agribusiness, commercial business owner, and guaranteed asset protection waiver lines of business. The favorable development for the Predecessor period from January 1, 2022 to May 24, 2022 was a reflection of lower liability claim settlement costs emerging primarily from the liability line of business, including personal and commercial auto, agribusiness and commercial business owner businesses. Claims and Claim Adjustment Expenses The claims development tables as of December 31, 2024 are presented separately for each of the following major property and casualty lines of business: •Liability – includes a broad range of primary and excess casualty products, such as specialty casualty, construction defect, general liability, commercial multi-peril, workers compensation, product liability, environmental liability and auto liability. •Professional – provides both admitted and non-admitted policies for professional liability •Property – offers policies protecting various personal and commercial properties from man-made and natural disasters, including farm and ranch buildings and building contents, as well as auto physical damages. •Specialty – includes niche insurance coverages such as garage and inland marine and offer insurance programs and fronting solutions. The reconciliation of the net incurred and paid claims development tables to the “Policy and contract claims” in the Consolidated Statements of Financial Position follows.
| December 31, 2024
| (Dollars in millions)
Net outstanding liabilities: |
Liability | $ | 1,041 |
Professional | 2 |
Property | 198 |
Specialty | 4 |
Other short-duration lines not included in claims development table (1) | 19 |
Total liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,264 |
Reinsurance recoverables: |
Liability | 187 |
Professional | — |
Property | 12 |
Specialty | 70 |
Other short-duration lines not included in claims development table (1) | 19 |
Total reinsurance recoverables | 288 |
Insurance lines other than short-duration | 241 |
Unallocated claim adjustment expenses | 74 |
Policy and contract claims | $ | 1,867 |
(1)Certain lines of business were excluded from claims development tables and other disclosures that are applicable to short-duration contracts due to significantly longer claims development period (e.g., for claim coverages relating to accident years prior to the mid-1990s) or individually insignificant lines of business that do not fall under the Company’s four major property and casualty lines. The amounts of incurred and paid claims are presented net of reinsurance. The tables present claims development and cumulative claim payments by incurred year and are only presented for significant short-duration product liabilities. The information about incurred and paid claims development prior to 2024 is presented as supplementary information. The cumulative number of reported claims is calculated on a per claim basis. Liability Line of Business
|  | Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  | As of December 31, 2024
|  | Years Ended December 31, |  | IBNR & Expected Development on Reported Losses |  | Cumulative Number of Reported Claims
|  | (unaudited) |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions) |  |
2015 |  | $ | 355 |  |  | $ | 351 |  |  | $ | 345 |  |  | $ | 346 |  |  | $ | 340 |  |  | $ | 341 |  |  | $ | 341 |  |  | $ | 340 |  |  | $ | 339 |  |  | $ | 338 |  |  | $ | 2 |  |  | 43,968 |
2016 |  |  |  | 384 |  |  | 373 |  |  | 368 |  |  | 364 |  |  | 359 |  |  | 356 |  |  | 358 |  |  | 357 |  |  | 355 |  |  | 2 |  |  | 46,601 |
2017 |  |  |  |  |  | 415 |  |  | 406 |  |  | 398 |  |  | 394 |  |  | 395 |  |  | 393 |  |  | 391 |  |  | 391 |  |  | 5 |  |  | 53,691 |
2018 |  |  |  |  |  |  |  | 454 |  |  | 436 |  |  | 420 |  |  | 409 |  |  | 403 |  |  | 396 |  |  | 393 |  |  | 6 |  |  | 57,338 |
2019 |  |  |  |  |  |  |  |  |  | 483 |  |  | 469 |  |  | 456 |  |  | 443 |  |  | 435 |  |  | 428 |  |  | 13 |  |  | 52,054 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 436 |  |  | 401 |  |  | 386 |  |  | 374 |  |  | 366 |  |  | 16 |  |  | 40,918 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 498 |  |  | 488 |  |  | 477 |  |  | 467 |  |  | 35 |  |  | 45,025 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 548 |  |  | 530 |  |  | 519 |  |  | 66 |  |  | 42,831 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 603 |  |  | 599 |  |  | 107 |  |  | 52,816 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 569 |  |  | 219 |  |  | 51,650 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 4,425 |  |  |  |  |
|  | Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  |  |  |
|  | Years Ended December 31, |  |  |  |
|  | (unaudited) |  |  |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |  |
|  | (Dollars in millions) |  |  |  |
2015 |  | $ | 101 |  |  | $ | 186 |  |  | $ | 240 |  |  | $ | 280 |  |  | $ | 308 |  |  | $ | 318 |  |  | $ | 324 |  |  | $ | 327 |  |  | $ | 329 |  |  | $ | 332 |  |  |  |  |
2016 |  |  |  | 111 |  |  | 196 |  |  | 253 |  |  | 294 |  |  | 314 |  |  | 330 |  |  | 338 |  |  | 342 |  |  | 346 |  |  |  |  |
2017 |  |  |  |  |  | 116 |  |  | 233 |  |  | 290 |  |  | 322 |  |  | 344 |  |  | 359 |  |  | 366 |  |  | 374 |  |  |  |  |
2018 |  |  |  |  |  |  |  | 127 |  |  | 242 |  |  | 297 |  |  | 329 |  |  | 353 |  |  | 362 |  |  | 374 |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  | 133 |  |  | 256 |  |  | 310 |  |  | 350 |  |  | 378 |  |  | 395 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  | 114 |  |  | 214 |  |  | 264 |  |  | 300 |  |  | 326 |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 140 |  |  | 272 |  |  | 330 |  |  | 375 |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 153 |  |  | 296 |  |  | 370 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 189 |  |  | 351 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 167 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | 3,410 |  |  |  |  |
All outstanding liabilities before 2015, net of reinsurance |  | 26 |  |  |  |  |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  | $ | 1,041 |  |  |  |  |
Professional Line of Business
|  | Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  | As of December 31, 2024
|  | Years Ended December 31, |  | IBNR & Expected Development on Reported Losses |  | Cumulative Number of Reported Claims
|  | (unaudited) |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions) |  |
2015 |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | 71 |
2016 |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 62 |
2017 |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 66 |
2018 |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 57 |
2019 |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 53 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 53 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 46 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 30 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 1 |  |  | — |  |  | 27 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | — |  |  | 27 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 9 |  |  |  |  |
|  | Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  |  |  |
|  | Years Ended December 31, |  |  |  |
|  | (unaudited) |  |  |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |  |
|  | (Dollars in millions) |  |  |  |
2015 |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  |  |  |
2016 |  |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
2017 |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
2018 |  |  |  |  |  |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | 7 |  |  |  |  |
All outstanding liabilities before 2015, net of reinsurance |  | — |  |  |  |  |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  | $ | 2 |  |  |  |  |
Property Line of Business
|  | Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  | As of December 31, 2024
|  | Years Ended December 31, |  | IBNR & Expected Development on Reported Losses |  | Cumulative Number of Reported Claims
|  | (unaudited) |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions) |  |
2015 |  | $ | 328 |  |  | $ | 324 |  |  | $ | 323 |  |  | $ | 323 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | — |  |  | 77,339 |
2016 |  |  |  | 363 |  |  | 361 |  |  | 359 |  |  | 360 |  |  | 360 |  |  | 360 |  |  | 360 |  |  | 360 |  |  | 360 |  |  | — |  |  | 86,839 |
2017 |  |  |  |  |  | 393 |  |  | 399 |  |  | 398 |  |  | 395 |  |  | 394 |  |  | 394 |  |  | 394 |  |  | 394 |  |  | — |  |  | 106,058 |
2018 |  |  |  |  |  |  |  | 423 |  |  | 423 |  |  | 419 |  |  | 420 |  |  | 420 |  |  | 420 |  |  | 420 |  |  | — |  |  | 89,497 |
2019 |  |  |  |  |  |  |  |  |  | 425 |  |  | 418 |  |  | 415 |  |  | 416 |  |  | 416 |  |  | 416 |  |  | — |  |  | 86,169 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 465 |  |  | 458 |  |  | 457 |  |  | 459 |  |  | 461 |  |  | — |  |  | 78,223 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 510 |  |  | 515 |  |  | 514 |  |  | 513 |  |  | 1 |  |  | 78,859 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 590 |  |  | 599 |  |  | 601 |  |  | 4 |  |  | 79,859 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 726 |  |  | 716 |  |  | 13 |  |  | 91,921 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 678 |  |  | 60 |  |  | 78,320 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 4,881 |  |  |  |  |
|  | Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  |  |  |
|  | Years Ended December 31, |  |  |  |
|  | (unaudited) |  |  |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |  |
|  | (Dollars in millions) |  |  |  |
2015 |  | $ | 269 |  |  | $ | 313 |  |  | $ | 318 |  |  | $ | 321 |  |  | $ | 321 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  | $ | 322 |  |  |  |  |
2016 |  |  |  | 298 |  |  | 350 |  |  | 355 |  |  | 358 |  |  | 359 |  |  | 360 |  |  | 360 |  |  | 360 |  |  | 360 |  |  |  |  |
2017 |  |  |  |  |  | 321 |  |  | 384 |  |  | 391 |  |  | 393 |  |  | 393 |  |  | 393 |  |  | 393 |  |  | 394 |  |  |  |  |
2018 |  |  |  |  |  |  |  | 340 |  |  | 407 |  |  | 413 |  |  | 416 |  |  | 419 |  |  | 419 |  |  | 420 |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  | 341 |  |  | 402 |  |  | 409 |  |  | 413 |  |  | 415 |  |  | 416 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  | 370 |  |  | 445 |  |  | 452 |  |  | 455 |  |  | 459 |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 411 |  |  | 500 |  |  | 508 |  |  | 510 |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 472 |  |  | 581 |  |  | 590 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 568 |  |  | 685 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 527 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | 4,683 |  |  |  |  |
All outstanding liabilities before 2015, net of reinsurance |  | — |  |  |  |  |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  | $ | 198 |  |  |  |  |
Specialty Line of Business
|  | Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  | As of December 31, 2024
|  | Years Ended December 31, |  | IBNR & Expected Development on Reported Losses |  | Cumulative Number of Reported Claims
|  | (unaudited) |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions) |  |
2015 |  | $ | 47 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | — |  |  | 20,776 |
2016 |  |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | — |  |  | 26,657 |
2017 |  |  |  |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | — |  |  | 31,886 |
2018 |  |  |  |  |  |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | — |  |  | 30,505 |
2019 |  |  |  |  |  |  |  |  |  | 83 |  |  | 83 |  |  | 83 |  |  | 83 |  |  | 83 |  |  | 83 |  |  | — |  |  | 27,523 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 70 |  |  | 69 |  |  | 69 |  |  | 69 |  |  | 69 |  |  | — |  |  | 27,183 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 55 |  |  | 47 |  |  | 47 |  |  | 47 |  |  | — |  |  | 20,482 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62 |  |  | 57 |  |  | 56 |  |  | — |  |  | 17,889 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106 |  |  | 108 |  |  | 1 |  |  | 23,351 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14 |  |  | 1 |  |  | 19,247 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 684 |  |  |  |  |
|  | Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  |  |  |
|  | Years Ended December 31, |  |  |  |
|  | (unaudited) |  |  |  |  |  |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |  |
|  | (Dollars in millions) |  |  |  |
2015 |  | $ | 35 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 46 |  |  |  |  |
2016 |  |  |  | 60 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  | 76 |  |  |  |  |
2017 |  |  |  |  |  | 74 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  | 95 |  |  |  |  |
2018 |  |  |  |  |  |  |  | 73 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  | 61 |  |  | 83 |  |  | 83 |  |  | 83 |  |  | 83 |  |  | 83 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  | 48 |  |  | 68 |  |  | 69 |  |  | 69 |  |  | 69 |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 36 |  |  | 46 |  |  | 47 |  |  | 47 |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41 |  |  | 55 |  |  | 56 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78 |  |  | 105 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | 680 |  |  |  |  |
All outstanding liabilities before 2015, net of reinsurance |  | — |  |  |  |  |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  | $ | 4 |  |  |  |  |
For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims as of December 31, 2024 and 2023 were $7 million and $4 million, respectively. Claims Duration The following table provides supplementary information about the 10-year average annual percentage payout of incurred claims as of December 31, 2024:
| Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
As of December 31, 2024: | Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5 |  | Year 6 |  | Year 7 |  | Year 8 |  | Year 9 |  | Year 10
Liability | 30.6 | % |  | 27.5 | % |  | 14.2 | % |  | 9.8 | % |  | 6.5 | % |  | 3.5 | % |  | 2.2 | % |  | 1.4 | % |  | 0.9 | % |  | 3.4 | %
Property | 80.7 | % |  | 15.9 | % |  | 1.5 | % |  | 0.8 | % |  | 0.4 | % |  | 0.1 | % |  | 0.1 | % |  | 0.1 | % |  | — | % |  | 0.6 | %
Professional | 46.0 | % |  | 23.8 | % |  | 9.7 | % |  | 2.9 | % |  | 12.4 | % |  | 1.0 | % |  | 0.2 | % |  | 0.5 | % |  | 2.1 | % |  | 1.4 | %
Specialty | 76.3 | % |  | 23.2 | % |  | 0.2 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | 0.2 | %

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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