Reserves for Insurance Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.

($ in millions)	2023		2022
Total gross reserves for insurance losses and loss adjustment expenses at January 1,	$	119	$	122
Less: Reinsurance recoverable	72		81
Net reserves for insurance losses and loss adjustment expenses at January 1,	47		41
Net insurance losses and loss adjustment expenses incurred related to:
Current year	87		61
Prior years (a)	1		(3)
Total net insurance losses and loss adjustment expenses incurred	88		58
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year	(49)		(36)
Prior years	(28)		(20)
Total net insurance losses and loss adjustment expenses paid or payable	(77)		(56)
Net reserves for insurance losses and loss adjustment expenses at March 31,	58		43
Plus: Reinsurance recoverable	75		80
Total gross reserves for insurance losses and loss adjustment expenses at March 31,	$	133	$	123

(a)There have been no material adverse changes to the reserve for prior years.