Reserves for Insurance Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2024

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


($ in millions)	2024		2023
Total gross reserves for insurance losses and loss adjustment expenses at January 1,	$	140	$	119
Less: Reinsurance recoverable	66		72
Net reserves for insurance losses and loss adjustment expenses at January 1,	74		47
Net insurance losses and loss adjustment expenses incurred related to:
Current year	103		87
Prior years (a)	9		1
Total net insurance losses and loss adjustment expenses incurred	112		88
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year	(57)		(49)
Prior years	(42)		(28)
Total net insurance losses and loss adjustment expenses paid or payable	(99)		(77)

Net reserves for insurance losses and loss adjustment expenses at March 31,	87		58
Plus: Reinsurance recoverable	77		75
Total gross reserves for insurance losses and loss adjustment expenses at March 31,	$	164	$	133

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