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Insurance Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Rollforward of Activity in Loss Reserves
The following table presents the rollforward of activity in loss reserves:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Liability for unpaid loss and loss adjustment expenses, beginning of period$70,060 $75,793 $70,393 $75,167 
Reinsurance recoverable(30,169)(32,366)(30,289)(32,102)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period39,891 43,427 40,104 43,065 
Losses and loss adjustment expenses incurred:
Current year3,546 3,945 6,911 7,729 
Prior years, excluding discount and amortization of deferred gain(108)(107)(108)(134)
Prior years, discount charge (benefit)62 54 168 148 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(33)(25)(65)(85)
Total losses and loss adjustment expenses incurred3,467 3,867 6,906 7,658 
Losses and loss adjustment expenses paid:
Current year(855)(881)(1,141)(1,170)
Prior years(2,597)(2,994)(5,454)(6,543)
Total losses and loss adjustment expenses paid(3,452)(3,875)(6,595)(7,713)
Other changes:
Foreign exchange effect(158)(25)(654)372 
Retroactive reinsurance adjustment (net of discount)(b)
186 47 178 59 
Reclassified to held for sale, net of reinsurance recoverables(c)
— (3,383)(5)(3,383)
Total other changes28 (3,361)(481)(2,952)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses39,934 40,058 39,934 40,058 
Reinsurance recoverable(d)
29,849 30,226 29,849 30,226 
Total$69,783 $70,284 $69,783 $70,284 
(a)Includes $39 million and $6 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended June 30, 2024 and 2023, respectively, and $44 million and $13 million for the six months ended June 30, 2024 and 2023, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $23 million and $26 million for the three months ended June 30, 2024 and 2023 respectively, and $78 million and $96 million for the six months ended June 30, 2024 and 2023, respectively.
(c)Represents change in loss reserves included in Liabilities held for sale for the six months ended June 30, 2024. For additional information, see Note 4.
(d)Excludes $1.5 billion of Reinsurance recoverable reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets at June 30, 2023.
Schedule of Components of Loss Reserve Discount
The following table presents the components of the loss reserve discount discussed above:
(in millions)June 30, 2024December 31, 2023
U.S. workers' compensation$2,235 $2,337 
Retroactive reinsurance(1,026)(1,104)
Total reserve discount(a)(b)
$1,209 $1,233 
(a)Excludes $196 million and $196 million of discount related to certain long-tail liabilities in the UK at June 30, 2024 and December 31, 2023, respectively.
(b)Includes gross discount of $673 million and $687 million, which was 100 percent ceded to Fortitude Re at June 30, 2024 and December 31, 2023, respectively.
Schedule of Loss Reserve Discount
The following table presents the net loss reserve discount benefit (charge):
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Current accident year$36 $38 $66 $68 
Accretion and other adjustments to prior year discount(62)(54)(168)(148)
Net reserve discount benefit (charge)(26)(16)(102)(80)
Change in discount on loss reserves ceded under retroactive reinsurance23 26 78 96 
Net change in total reserve discount*$(3)$10 $(24)$16 
*Excludes $2 million and $4 million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2024 and 2023, respectively, and excludes $0 million and $8 million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 2024 and 2023, respectively.
Schedule of Activity for Future Policy Benefits Liability
The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:
Six Months Ended June 30,
(in millions, except for liability durations)20242023
Present value of expected net premiums
Balance, beginning of year$1,702 $1,929 
Effect of changes in discount rate assumptions (AOCI)339 262 
Beginning balance at original discount rate2,041 2,191 
Effect of actual variances from expected experience(7)(26)
Adjusted beginning of year balance2,034 2,165 
Issuances54 67 
Interest accrual21 21 
Net premium collected(208)(117)
Foreign exchange impact(155)(88)
Ending balance at original discount rate1,746 2,048 
Effect of changes in discount rate assumptions (AOCI)(246)(330)
Balance, end of period$1,500 $1,718 
Present value of expected future policy benefits
Balance, beginning of year$2,149 $2,380 
Effect of changes in discount rate assumptions (AOCI)441 362 
Beginning balance at original discount rate2,590 2,742 
Effect of actual variances from expected experience(a)
(8)(16)
Adjusted beginning of year balance2,582 2,726 
Issuances56 70 
Interest accrual26 26 
Benefit payments(212)(122)
Foreign exchange impact(203)(121)
Ending balance at original discount rate2,249 2,579 
Effect of changes in discount rate assumptions (AOCI)(329)(423)
Balance, end of period$1,920 $2,156 
Net liability for future policy benefits, end of period$420 $438 
Deferred profit liability1 1 
Other reconciling items(b)
934 963 
Future policy benefits for life and accident and health insurance contracts
1,355 1,402 
Less: Reinsurance recoverable(761)(754)
Net liability for future policy benefits after reinsurance recoverable$594 $648 
Weighted average liability duration of the liability for future policy benefits(c)
9.09.9
(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.
(b)Other reconciling items primarily include Accident and Health (short-duration) contracts and $724 million and $713 million at June 30, 2024 and 2023, respectively, of certain long-duration contracts that are 100 percent ceded.
(c)The weighted average liability durations are calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.
The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:
Six Months Ended June 30,
(in millions)20242023
Undiscounted expected future benefits and expense$2,760 $3,165 
Undiscounted expected future gross premiums3,791 4,383 
Discounted expected future gross premiums (at current discount rate)2,737 3,109 
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:
Six Months Ended June 30,
(in millions)20242023
Gross Premiums$209 $232 
Interest Accretion$4 $4 
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
Six Months Ended June 30,20242023
Weighted-average interest rate, original discount rate1.86 %1.81 %
Weighted-average interest rate, current discount rate3.56 %3.59 %