XML 77 R64.htm IDEA: XBRL DOCUMENT v3.25.1
Liability For Unpaid Claims And Claim Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Schedule of Information on Liability for Unpaid Claims
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,
2024202320222022
(Dollars in millions)
Policy and contract claims, beginning$1,870 $1,786 $1,496 $1,455 
Less: Unpaid claims balance, beginning – long-duration213 218 — — 
Gross unpaid claims balance, beginning – short-duration1,657 1,568 1,496 1,455 
Less: Reinsurance recoverables, beginning302 305 281 288 
Net unpaid claims balance, beginning – short-duration1,355 1,263 1,215 1,167 
Acquisition from business combination, net of reinsurance1 — — — 
Add: incurred related to:
Current accident year1,388 1,605 830 562 
Prior accident years(46)(81)(31)(21)
Total incurred claims1,342 1,524 799 541 
Less: paid claims related to:
Current accident year787 951 554 225 
Prior accident years573 481 197 268 
Total paid claims1,360 1,432 751 493 
Net unpaid claims balance, ending – short-duration1,338 1,355 1,263 1,215 
Add: Foreign currency translation and other— — — — 
Add: Reinsurance recoverables, ending288 302 305 281 
Gross unpaid claims balance, ending – short-duration1,626 1,657 1,568 1,496 
Add: Unpaid claims balance, ending – long duration241 213 218 — 
Policy and contract claims, ending$1,867 $1,870 $1,786 $1,496 
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 
Professional2 
Property198 
Specialty4 
Other short-duration lines not included in claims development table (1)19 
Total liabilities for unpaid claims and claim adjustment expenses, net of reinsurance1,264 
Reinsurance recoverables:
Liability187 
Professional— 
Property12 
Specialty70 
Other short-duration lines not included in claims development table (1)19 
Total reinsurance recoverables288 
Insurance lines other than short-duration241 
Unallocated claim adjustment expenses74 
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.
Schedule of Claims, Adjustments and Payments, Net of Reinsurance
Liability Line of Business
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceAs of December 31, 2024
Years Ended December 31,IBNR & Expected Development on Reported LossesCumulative Number of Reported Claims
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$355 $351 $345 $346 $340 $341 $341 $340 $339 $338 $2 43,968 
2016384 373 368 364 359 356 358 357 355 2 46,601 
2017415 406 398 394 395 393 391 391 5 53,691 
2018454 436 420 409 403 396 393 6 57,338 
2019483 469 456 443 435 428 13 52,054 
2020436 401 386 374 366 16 40,918 
2021498 488 477 467 35 45,025 
2022548 530 519 66 42,831 
2023603 599 107 52,816 
2024569 219 51,650 
Total$4,425 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$101 $186 $240 $280 $308 $318 $324 $327 $329 $332 
2016111 196 253 294 314 330 338 342 346 
2017116 233 290 322 344 359 366 374 
2018127 242 297 329 353 362 374 
2019133 256 310 350 378 395 
2020114 214 264 300 326 
2021140 272 330 375 
2022153 296 370 
2023189 351 
2024167 
Total3,410 
All outstanding liabilities before 2015, net of reinsurance26 
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 ReinsuranceAs of December 31, 2024
Years Ended December 31,IBNR & Expected Development on Reported LossesCumulative Number of Reported Claims
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $— 71 
20161 1 1 1 1 1 1 1 1 — 62 
20171 1 1 1 1 1 1 1 — 66 
20181 1 1 1 1 1 1 — 57 
20191 1 1 1 1 1 — 53 
20201 1 1 1 1 — 53 
20211 — 1 — — 46 
20221 1 1 — 30 
2023— 1 — 27 
20241 — 27 
Total$9 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$— $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 
20191 1 1 1 1 1 
20201 1 1 1 1 
2021— — — — 
20221 1 1 
2023— — 
2024— 
Total7 
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 ReinsuranceAs of December 31, 2024
Years Ended December 31,IBNR & Expected Development on Reported LossesCumulative Number of Reported Claims
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$328 $324 $323 $323 $322 $322 $322 $322 $322 $322 $— 77,339 
2016363 361 359 360 360 360 360 360 360 — 86,839 
2017393 399 398 395 394 394 394 394 — 106,058 
2018423 423 419 420 420 420 420 — 89,497 
2019425 418 415 416 416 416 — 86,169 
2020465 458 457 459 461 — 78,223 
2021510 515 514 513 1 78,859 
2022590 599 601 4 79,859 
2023726 716 13 91,921 
2024678 60 78,320 
Total$4,881 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$269 $313 $318 $321 $321 $322 $322 $322 $322 $322 
2016298 350 355 358 359 360 360 360 360 
2017321 384 391 393 393 393 393 394 
2018340 407 413 416 419 419 420 
2019341 402 409 413 415 416 
2020370 445 452 455 459 
2021411 500 508 510 
2022472 581 590 
2023568 685 
2024527 
Total4,683 
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 ReinsuranceAs of December 31, 2024
Years Ended December 31,IBNR & Expected Development on Reported LossesCumulative Number of Reported Claims
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$47 $46 $46 $46 $46 $46 $46 $46 $46 $46 $— 20,776 
201676 76 76 76 76 76 76 76 76 — 26,657 
201795 95 95 95 95 95 95 95 — 31,886 
201890 90 90 90 90 90 90 — 30,505 
201983 83 83 83 83 83 — 27,523 
202070 69 69 69 69 — 27,183 
202155 47 47 47 — 20,482 
202262 57 56 — 17,889 
2023106 108 1 23,351 
202414 1 19,247 
Total$684 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
(unaudited)
Accident Year2015201620172018201920202021202220232024
(Dollars in millions)
2015$35 $46 $46 $46 $46 $46 $46 $46 $46 $46 
201660 76 76 76 76 76 76 76 76 
201774 95 95 95 95 95 95 95 
201873 90 90 90 90 90 90 
201961 83 83 83 83 83 
202048 68 69 69 69 
202136 46 47 47 
202241 55 56 
202378 105 
202413 
Total680 
All outstanding liabilities before 2015, net of reinsurance— 
Liabilities for claims and claim adjustment expenses, net of reinsurance$4 
Schedule of 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 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Liability30.6 %27.5 %14.2 %9.8 %6.5 %3.5 %2.2 %1.4 %0.9 %3.4 %
Property80.7 %15.9 %1.5 %0.8 %0.4 %0.1 %0.1 %0.1 %— %0.6 %
Professional46.0 %23.8 %9.7 %2.9 %12.4 %1.0 %0.2 %0.5 %2.1 %1.4 %
Specialty76.3 %23.2 %0.2 %— %— %— %— %— %— %0.2 %