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Insurance Liabilities
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Insurance Liabilities
13. Insurance Liabilities
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.
Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.1 billion at both December 31, 2024 and 2023. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured
and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At December 31, 2024 and 2023 we held collateral of approximately $8.6 billion and $8.7 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both December 31, 2024 and 2023.
The following table presents the rollforward of activity in loss reserves:
Years Ended December 31,
(in millions)202420232022
Liability for unpaid loss and loss adjustment expenses, beginning of year$70,393 $75,167 $79,026 
Reinsurance recoverable(30,289)(32,102)(35,213)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year40,104 43,065 43,813 
Losses and loss adjustment expenses incurred:
Current year14,363 15,100 16,434 
Prior years, excluding discount and amortization of deferred gain254 (392)(530)
Prior years, discount charge (benefit)354 307 (605)
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(404)(81)(252)
Total losses and loss adjustment expenses incurred14,567 14,934 15,047 
Losses and loss adjustment expenses paid:
Current year(3,694)(3,836)(4,011)
Prior years(9,849)(11,868)(11,066)
Total losses and loss adjustment expenses paid(13,543)(15,704)(15,077)
Other changes:
Foreign exchange effect(996)606 (1,463)
Losses and loss adjustment expenses recognized within gain on divestitures— 569 — 
Retroactive reinsurance adjustment (net of discount)(b)
15 158 745 
Dispositions(c)
(5)(3,505)— 
Reclassified to held for sale, net of reinsurance recoverables— (19)— 
Total other changes(986)(2,191)(718)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses40,142 40,104 43,065 
Reinsurance recoverable
29,026 30,289 32,102 
Total$69,168 $70,393 $75,167 
(a)Includes $82 million, $33 million and $63 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2024, 2023 and 2022, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $168 million, $150 million and $(301) million for the years ended December 31, 2024, 2023 and 2022, respectively.
(c)Includes amounts related to the sale of Validus Re through the date of disposition.
The following table presents the reconciliation of the net liability for unpaid losses and loss adjustment expenses in the following tables to Loss Reserves in the Consolidated Balance Sheets for the year ended December 31, 2024:
(in millions)Net liability for unpaid
losses and loss adjustment
expenses as presented in the
disaggregated tables below		Reinsurance recoverable on
unpaid losses and loss
adjustment expenses included in
the disaggregated tables below		Gross liability
for unpaid
losses and loss
adjustment expenses
U.S. Workers' Compensation (before discount)$3,468$4,852$8,320
U.S. Excess Casualty3,2083,1396,347
U.S. Other Casualty4,3873,4167,803
U.S. Financial Lines5,4221,6147,036
U.S. Property and Special Risks4,2971,2335,530
U.S. Personal Insurance8362,0482,884
UK/Europe Casualty and Financial lines7,2801,9529,232
UK/Europe Property and Special Risks2,3551,7614,116
UK/Europe and Japan Personal Insurance1,2696701,939
Total$32,522$20,685$53,207
Reconciling Items
Discount on workers' compensation lines(2,111)
Other product lines*15,384
Unallocated loss adjustment expenses2,688
Total Loss Reserves$69,168
*Reinsurance recoverable for other product lines of $8.4 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $7.0 billion for the year ended December 31, 2024.
Prior Year Development
In the sections below, we provide details by coverage group regarding incurred losses, reserve balances and prior year development. The first table below shows prior year development by coverage group, the first two columns of which will again be presented in the coverage group sections that follow. After this table we describe historical drivers of prior year development as well as actuarial methods and relevant terminology. The following coverage group sections present the undiscounted incurred losses and allocated loss adjustment expenses by accident year on a net basis after reinsurance, with separate presentation of the adverse development cover where applicable, excluding related amortization of the deferred gain. Each section also contains a description of the business included in that section. Finally, we show a table of claims payout patterns by coverage.
In 2017, we entered into adverse development reinsurance agreement (ADC) cessions with NICO under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior.
The following table presents the reconciliation of net prior year development before the ADC cessions from the tables below to the net prior year development after ADC cessions and amortization of deferred gain for the year ended December 31, 2024:
(in millions)Prior Year
Development
Net of External
Reinsurance
Before ADC
Cessions
Prior Year
Development
Net of External
Reinsurance
After ADC
Cessions(a)
Re-Attribution
of ADC
Recovery(b)
Amortization
of Deferred
Gain at
Inception		Prior Year
Development
After
Amortization
and
Re-attribution
U.S. Workers' Compensation$(273)$(205)$(14)$(42)$(261)
U.S. Excess Casualty545 238 22 (32)228 
U.S. Other Casualty12 44 (38)(31)(25)
U.S. Financial Lines51 (40)20 (23)(43)
U.S. Property and Special Risks(44)4 11 (7)8 
U.S. Personal Insurance(23)(25)(1)(1)(27)
UK/Europe Casualty and Financial lines170 170 — — 170 
UK/Europe Property and Special Risks(35)(35)— — (35)
UK/Europe and Japan Personal Insurance(47)(47)— — (47)
Other Operations1 1 — — 1 
Other product lines(299)(336)— — (336)
Subtotal, adjusted pre-tax basis$58 $(231)$— $(136)$(367)
Businesses in run-off196 111 — — 111 
Subtotal$254 $(120)$— $(136)$(256)
Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception136 
Prior year development ceded under the Asbestos LPT85 
Prior year development ceded under the ADC289 
Total, prior years, excluding discount and amortization of deferred gain$254 
(a)Change in net ultimate loss and loss adjustment expenses excludes the portion of prior year development we have ceded under the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP.
(b)Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves. ADC recoverables are then reallocated by line based on payments expected to be made.
During 2024, we recognized unfavorable prior year loss reserve development of $254 million excluding discount and amortization of deferred gain. The development was primarily driven by:
•Favorable development on U.S. Workers’ Compensation of $273 million, net of external reinsurance but before ADC cessions reflecting continued favorable loss experience;
•Unfavorable development on U.S. Excess Casualty of $545 million, net of external reinsurance but before ADC cessions, driven by a large settlement of a legacy mass tort claim with the gross loss in accident years covered under the ADC and increased reserves related to claims emergence;
•Unfavorable development on U.S Other Casualty of $12 million, net of external reinsurance but before ADC cessions, reflecting unfavorable development on Commercial Auto and Wholesale Primary General Liability, partially offset by favorability across numerous Casualty reserving classes;
•Unfavorable development in U.S. Financial Lines of $51 million, net of external reinsurance but before ADC cessions, due to unfavorable development in M&A and High Excess classes, offset by favorable experience across most reserving classes;
•Favorable development on U.S Property and Special Risks of $44 million, net of external reinsurance but before ADC cessions, reflecting favorable loss experience in Retail and Wholesale Property, offset by development on prior year catastrophes;
•Favorable development in U.S. Personal Insurance of $23 million driven by favorable development on prior year catastrophes across several events primarily in the 2019-2023 accident years;
•Unfavorable development in UK/Europe Casualty and Financial Lines of $170 million driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016;
•Favorable development on UK/Europe Property and Special Risks of $35 million reflecting favorable development across most segments and geographies;
•Favorable development on UK/Europe and Japan Personal Insurance of $47 million primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA;
•Favorable development of $299 million in total on other product lines, net of external reinsurance but before ADC cessions, primarily driven by Global Specialty which saw favorable development across multiple lines; and
•Unfavorable development on Businesses in run-off of $196 million, net of external reinsurance but before ADC cessions, is primarily attributed to Asbestos development of $85 million, which is entirely ceded under the LPT, and development on the Blackboard insurance portfolio of $112 million due to increased reported loss activity in general liability.
During 2023, we recognized favorable prior year loss reserve development of $392 million excluding discount and amortization of deferred gain. The development was primarily driven by:
•Favorable development on U.S. Workers’ Compensation of $267 million, net of external reinsurance but before ADC cessions due to a continuation of favorable loss cost trends in guaranteed cost and excess segments across most accident years;
•Favorable development on U.S. Excess Casualty of $32 million, net of external reinsurance but before ADC cessions, driven by favorable development on the Excess Construction Runoff Portfolio;
•Favorable development on U.S Other Casualty of $133 million, net of external reinsurance but before ADC cessions, largely driven by favorable experience in construction defect and construction wraps as well as guaranteed cost auto and general liability;
•Unfavorable development in U.S. Financial Lines of $94 million, net of external reinsurance but before ADC cessions, due to unfavorable development on High Attaching Excess Directors and Officers (D&O), M&A, Primary National D&O, Cyber data privacy claims, and Architects & Engineers, partially offset by favorable development on Primary Private Not for Profit D&O and Financial Institutions D&O;
•Favorable development on U.S Property and Special Risks of $10 million, net of external reinsurance but before ADC cessions, reflecting favorable development on prior year catastrophes in the 2017-2021 accident years, offset by adverse development on prior year catastrophes in the 2022 accident year;
•Favorable development in U.S. Personal Insurance of $64 million driven by favorable development on prior year catastrophes across several events primarily in the 2017-2020 accident years;
•Unfavorable development in UK/Europe Casualty and Financial Lines of $165 million due to unfavorable development in auto liability in Europe and UK and in UK D&O and Commercial Professional Indemnity business, partially offset by favorable development in Financial Institutions Professional Indemnity and D&O in Europe and UK and Cyber and Commercial Professional Indemnity in Europe;
•Unfavorable development on UK/Europe Property and Special Risks of $81 million driven by unfavorable development on prior year catastrophes;
•Favorable development on UK/Europe and Japan Personal Insurance of $57 million driven by favorable development in Japan personal auto and A&H business; and
•Favorable development of $162 million in total on other product lines, net of external reinsurance but before ADC cessions, driven by favorable development in global specialty and financial lines in Canada and other International regions.
During 2022, we recognized favorable prior year loss reserve development of $530 million excluding discount and amortization of deferred gain. The development was primarily driven by:
•Favorable development on U.S. Workers’ Compensation of $644 million, net of external reinsurance but before ADC cessions due to continued favorable frequency and severity trends across most accident years particularly for excess and guaranteed cost US Workers Compensation segments;
•Favorable development on U.S. Excess Casualty of $116 million, net of external reinsurance but before ADC cessions, driven by lead and mid-excess Retail Excess Casualty;
•Favorable development on U.S Other Casualty of $149 million, net of external reinsurance but before ADC cessions, largely driven by favorable experience in Commercial Auto, General Liability and Construction Wraps;
•Unfavorable development in U.S. Financial Lines of $939 million, net of external reinsurance but before ADC cessions, due to higher severity trends particularly in Excess & Primary D&O and Excess & Financial Institutions Errors and Omissions (E&O). This was partially offset by favorable development in Employment Practices Liability Insurance (EPLI);
•Favorable development in U.S. Property and Special Risks of $81 million driven by more favorable crop experience than anticipated;
•Unfavorable development in UK/Europe Casualty and Financial Lines of $82 million due to unfavorable experience in UK Financial Lines in M&A, Commercial PI and Commercial D&O as well as unfavorable Casualty experience due to large loss activity in the UK, European Excess Casualty, and French Auto experience;
•Favorable development on UK/Europe Property and Special Risks of $153 million driven by Global Specialty, primarily from accident years 2020 and 2021. This favorable experience was seen in each product line and in every region;
•Favorable development on UK/Europe and Japan Personal Insurance of $111 million driven by Japan Auto and A&H business with additional favorable experience in UK and Europe; and
•Favorable development of $264 million in total on other product lines, net of external reinsurance but before ADC cessions, driven by runoff construction business and favorable results from our Canadian business across most products.
Our analyses and conclusions about prior year reserves also help inform our judgments about the current accident year loss and loss adjustment expense ratios we selected.
Loss Development Information
The following is information about incurred and paid loss developments as of December 31, 2024, net of reinsurance. The cumulative number of reported claims, the total of IBNR liabilities and expected development on reported loss included within the net incurred loss amounts are presented in the following section.
Reserving Methodology
We use a combination of methods to project ultimate losses for both long-tail and short-tail exposures, which include:
•Paid Development method: The Paid Development method estimates ultimate losses by reviewing paid loss patterns and selecting paid ultimate loss development factors. These factors are then applied to paid losses by applying them to accident years, with further expected changes in paid loss. Since the method does not rely on case reserves, it is not directly influenced by changes in the adequacy of case reserves.
•Incurred Development method: The Incurred Development method is similar to the Paid Development method, but it uses case incurred losses instead of paid losses. Since this method uses more data (case reserves in addition to paid losses) than the Paid Development method, the incurred development patterns may be less variable than paid development patterns.
•Expected Loss Ratio method: The Expected Loss Ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year. This method may be useful if loss development patterns are inconsistent, losses emerge very slowly, or there is relatively little loss history from which to estimate future losses. Expected loss ratio methods for business written in excess of a deductible may be given significant weight in the most recent five accident years. The expected loss ratios used for recent accident years are based on the projected ultimate loss ratios for older years adjusted for rate changes, loss trend including inflation, and where appropriate, changing market conditions.
•Bornhuetter-Ferguson method: The Bornhuetter-Ferguson method using premiums and paid losses is a combination of the Paid Development method and the Expected Loss Ratio method where the weight given to each method is the reciprocal of the loss development factor. This method normally determines expected loss ratios similar to the method used for the Expected Loss Ratio method. The Bornhuetter-Ferguson method using premiums and incurred losses is similar to the Bornhuetter-Ferguson method using premiums and paid losses except that it uses case-incurred losses.
•Cape Cod method: The Cape Cod method is mechanically similar to the Bornhuetter-Ferguson method with the difference being that the Expected Loss Ratio estimates are determined based on a weighting of the loss estimates that come from the Paid/Incurred Development Methods. This method may be more responsive to recent loss trends than the Bornhuetter-Ferguson method.
•Average Loss method: The Average Loss method multiplies a projected number of ultimate claims by an estimated ultimate severity average loss for each accident year to produce ultimate loss estimates. Since projections of the ultimate number of claims are often less variable than projections of ultimate loss, this method can provide more reliable results for reserve categories where loss development patterns are inconsistent or too variable to be relied on exclusively.
In updating our loss reserve estimates, we consider and evaluate inputs from many sources, including actual claims data, the performance of prior reserve estimates, observed industry trends, our internal peer review processes, including challenges and recommendations from our Enterprise Risk Management group, as well as the views of third-party actuarial firms. We use these inputs to improve our evaluation techniques, and to analyze and assess the change in estimated ultimate loss for each accident year by product line. Our analyses produce a range of indications from various methods, from which we select our best estimate.
In determining the actual carried loss reserves, we consider both the internal actuarial best estimate and numerous other internal and external factors, including:
•an assessment of economic conditions, including real GDP growth, inflation, employment rates or unemployment duration, stock market volatility and changes in corporate bond spreads;
•changes in the legal, regulatory, judicial and social environment, including changes in road safety, public health and cleanup standards;
•changes in medical cost trends (inflation, intensity and utilization of medical services) and wage inflation trends;
•underlying policy pricing, terms and conditions including attachment points and policy limits;
•change in claims handling philosophy, operating model, processes, and related ongoing enhancements;
•third-party claims reviews that are periodically performed for key classes of claims such as toxic tort, environmental and other complex casualty claims;
•third-party actuarial reviews that are periodically performed for key classes of business;
•input from underwriters on pricing, terms, and conditions and market trends; and
•changes in our reinsurance program, pricing and commutations.
Where appropriate and identifiable, adjustments have been made to standard projection techniques. Changes in Claims organization management, differing referral and review criteria and other factors may also be expected to alter loss emergence.
The following factors are relevant to the loss development information included in the tables below:
•Table organization: The tables are organized by accident year and include policies written on an occurrence and claims- made basis. We note that for certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us. These reclassifications are shown as development in the respective years in the tables below. Financial Lines business is primarily written on a claims-made basis, while the majority of the workers’ compensation, excess casualty, other casualty, and run-off property and casualty lines of business are written on an occurrence basis. Primarily, all short-tail lines in Property and Special Risks and Personal Insurance are written on an occurrence basis.
•Groupings: We believe our groupings have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends and reflect our reportable segments. The incurred losses and loss adjustment expenses and paid losses in the following tables for the current reporting year are allocated to the line of business and accident years based on how the business is coded by profit center and line of business.
•Reinsurance: Our reinsurance program varies by exposure type. Historically we have leveraged facultative and treaty reinsurance, both on a pro-rata and excess of loss basis. Our reinsurance program may change from year to year, which may affect the comparability of the data presented in our tables.
•Adverse development reinsurance agreement: We have provided the impact of the ADC in an additional table below our Incurred Losses and Allocated Loss Adjustment Expenses tables. The impact of the ADC is shown beginning in 2016 given the retroactive date of the contract and coincides with the effective date of the contract. For the lines of business covered by the agreement (U.S. Workers' Compensation, U.S. Excess Casualty, U.S. Other Casualty, U.S. Financial Lines, U.S. Property and Special Risks and U.S. Personal Insurance or collectively, the Covered Lines), an attribution of the loss recoveries to the line of business by calendar year and accident year is performed based on the underlying distribution of the losses subject to the agreement. Specifically, the future claim payments for all subject incurred losses were projected into future years based on the same actuarial assumptions underlying the related reserves. The additional table presented after discussion of prior year development by line of business reconciles the changes in net ultimates to our overall prior year development and provides the reattribution of loss recoveries for the Covered Lines. The reinsurance terms of the ADC were then used to identify the future claims payments for which 80% will be reimbursed by NICO. At each reporting period, the attribution of the ADC recoveries is performed. The factors that could cause the attribution to lines of business and accident year to change include changes in underlying actuarial assumptions as to timing and amount of future claim payments.
•Incurred but not reported liabilities (IBNR): We include development from past reported losses in IBNR.
•Data excluded from tables: Information with respect to accident years older than ten years is excluded from the development tables. Unallocated loss adjustment expenses are also excluded.
•Foreign exchange: The loss development for operations outside of the U.S. is presented for all accident years using the current exchange rate at December 31, 2024. Although this approach requires restating all prior accident year information, the changes in exchange rates do not impact incurred and paid loss development trends.
•Acquisitions: We include acquisitions from all accident years presented in the tables. For purposes of this disclosure, we have applied the retrospective method for the acquired reserves, including incurred and paid claim development histories throughout the relevant tables. It should be noted that historical reserves for the acquired businesses were established by the acquired companies
using methods, assumptions and procedures then in effect which may differ from our current reserving bases. Accordingly, it may not be appropriate to extrapolate future redundancies or deficiencies based on the aggregated historical results shown in the triangles.
•Dispositions: We exclude dispositions from all accident years presented in the tables.
•Claim counts: We consider a reported claim to be one claim for each claimant or feature for each loss occurrence. Claims relating to losses that are 100 percent reinsured are excluded from the reported claims in the tables below. Reported claims for losses from assumed reinsurance contracts are not available and hence not included in the reported claims.
There are limitations that should be considered on the reported claim count data in the tables below, including:
–Claim counts are presented only on a reported (not an ultimate) basis;
–The tables below include lines of business and geographies at a certain aggregated level which may indicate different frequency and severity trends and characteristics, and may not be as meaningful as the claim count information related to the individual products within those lines of business and geographies;
–Certain lines of business are more likely to be subject to occurrences involving multiple claimants and features, which can distort measures based on the reported claim counts in the table below; and
–Reported claim counts are not adjusted for ceded reinsurance, which may distort the measure of frequency or severity.
Supplemental Information: The information about incurred and paid loss development for all periods preceding the year ended December 31, 2024 and the related historical claims payout percentage disclosure is unaudited and is presented as supplementary information.
The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance, with a separate presentation of the ADC excluding the related amortization of the deferred gain:
U.S. Workers' Compensation
U.S. Workers’ Compensation is an extremely long-tail line of business, with loss emergence extending for decades. We generally use a combination of loss development, frequency/severity and expected loss ratio methods for workers’ compensation.
Many of our workers compensation policies contain risk-sharing features, including high deductibles, self-insured retentions or retrospective rating features, in addition to a traditional insurance component. These risk-sharing programs generally are large and complex, comprising multiple products, years and structures, and are subject to amendment over time. We group guaranteed cost and excess of deductible business separately and then further by state and industry subset to the extent that meaningful differences are determined to exist. We also separately analyze certain subsets of the portfolio that have unique characteristics (e.g., U.S. government sub-contractor accounts and construction wrap-up business). For excess of deductible business, we also segment by size of deductible and whether the claim is handled by AIG or an outside third-party administrator. The proportion of large deductible business has increased over time, which has slowed the reporting pattern of claims.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
Prior Year
Development
Excluding
the Impact
of ADC		Total of IBNR
Liabilities
Plus Expected
Development
on Reported
Losses		Cumulative
Number of
Reported
Claims		Incurred
Impact
of ADC		IBNR
Impact
of ADC		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,708 $1,864 $1,866 $1,814 $1,722 $1,675 $1,634 $1,612 $1,592 $1,464 $(128)$179 37,763 $(317)$(144)$1,147 $35 
20161,299 1,346 1,318 1,140 1,090 1,075 1,036 1,025 986 (39)178 32,178 — — 986 178 
2017789 850 776 763 731 712 705 673 (32)176 28,057 — — 673 176 
2018998 1,021 961 911 896 875 786 (89)200 22,484 — — 786 200 
2019887 873 812 801 788 730 (58)218 17,292 — — 730 218 
2020597 573 521 477 434 (43)104 14,124 — — 434 104 
2021597 570 545 514 (31)212 11,293 — — 514 212 
2022523 493 464 (29)209 9,829 — — 464 209 
2023500 465 (35)273 8,954 — — 465 273 
2024567 455 6,285 — — 567 455 
Total$7,083 $(484)$(317)$6,766 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(3,806)— 71 (3,735)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance4,145 (187)(3,708)437 
Unallocated loss adjustment expense prior year development398 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$7,422 $(273)$(3,954)$3,468 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,279$1,279$1,318$1,134$1,105$1,041$1,092$1,154$1,147 $(7)
20161,2991,3461,3181,1401,0901,0751,0361,025986 (39)
2017789850776763731712705673 (32)
20189981,021961911896875786 (89)
2019887873812801788730 (58)
2020597573521477434 (43)
2021597570545514 (31)
2022523493464 (29)
2023500465 (35)
2024567 
Total$2,578 $3,414 $4,484 $4,958 $5,389 $5,740 $6,151 $6,562 $6,766 $(363)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(3,735)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance437 (26)
Unallocated loss adjustment expense prior year adjustment184 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$3,468 $(205)
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(585)$(587)$(496)$(588)$(570)$(593)$(520)$(438)$(317)$121 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(585)$(587)$(496)$(588)$(570)$(593)$(520)$(438)$(317)$121 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below71 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(3,708)161 
Unallocated loss adjustment expense prior year development(214)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(3,954)$68 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$234 $524 $725 $854 $925 $979 $1,013 $1,038 $1,058 $1,080 $(71)
2016147 378 521 584 630 662 686 694 708 — 
201793 224 294 333 367 389 395 402 — 
201885 215 296 359 388 409 448 — 
201993 219 301 347 389 417 — 
202064 159 205 245 259 — 
202160 128 171 211 — 
202245 102 143 — 
202338 103 — 
202435 — 
Total$3,806 $(71)
U.S. Excess Casualty
U.S. Excess Casualty policies tend to attach at a high layer above underlying policies, which causes the loss development pattern to lag significantly. Many of the claims notified to the excess layers are closed without payment because the claims never reach our layer as a result of high deductibles and other underlying coverages, while the claims that reach our layer can have large case reserves or settlements and be highly variable in terms of reported timing and amount. For a portion of this business, the underlying primary policies are issued by other insurance companies, which can limit our access to relevant information to help inform our judgments as the loss events evolve and mature. Furthermore, this coverage is often significantly impacted by the underwriting cycle and external judicial trends.
Recent accident years reflect a strategy towards having higher attachment points on the portfolio through changing participations in various layers within an insured’s program.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
Prior Year
Development
Excluding
the Impact
of ADC		Total of IBNR
Liabilities
Plus Expected
Development
on Reported
Losses		Cumulative
Number of
Reported
Claims		Incurred
Impact
of ADC		IBNR
Impact
of ADC		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$989 $1,463 $1,440 $1,603 $1,656 $1,694 $1,721 $1,686 $1,658 $1,723 $65 $258 3,269 $(534)$(131)$1,189 $127 
2016898 1,146 1,162 1,171 1,274 1,250 1,263 1,276 1,317 41 343 2,970 — — 1,317 343 
2017856 1,002 1,097 1,153 1,157 1,200 1,182 1,228 46 227 2,252 — — 1,228 227 
2018648 646 721 769 769 779 779 — 149 1,613 — — 779 149 
2019577 583 597 612 600 604 4 279 1,469 — — 604 279 
2020406 413 410 420 404 (16)194 1,438 — — 404 194 
2021278 277 274 358 84 154 1,039 — — 358 154 
2022305 305 333 28 156 690 — — 333 156 
2023345 348 3 210 567 — — 348 210 
2024315 302 235 — — 315 302 
Total$7,409 $255 $(534)$6,875 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(4,350)— 197 (4,153)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance2,104 217 (1,618)486 
Unallocated loss adjustment expense prior year development73 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,163 $545 $(1,955)$3,208 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,027$1,015$1,139$1,163$1,211$1,231$1,174$1,196$1,189 $(7)
20168981,1461,1621,1711,2741,2501,2631,2761,317 41 
20178561,0021,0971,1531,1571,2001,1821,228 46 
2018648646721769769779779 — 
2019577583597612600604 4 
2020406413410420404 (16)
2021278277274358 84 
2022305305333 28 
2023345348 3 
2024315 
Total$1,925 $3,017 $3,951 $4,654 $5,348 $5,695 $6,010 $6,377 $6,875 $183 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(4,153)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance486 39 
Unallocated loss adjustment expense prior year adjustment16 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$3,208 $238 
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(436)$(425)$(464)$(493)$(483)$(490)$(512)$(462)$(534)$(72)
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(436)$(425)$(464)$(493)$(483)$(490)$(512)$(462)$(534)$(72)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below197 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(1,618)(178)
Unallocated loss adjustment expense prior year development(57)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(1,955)$(307)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$9 $210 $391 $718 $935 $1,061 $1,124 $1,253 $1,291 $1,325 $(197)
201628 80 204 388 502 566 670 798 851 — 
20171 45 156 505 585 676 781 860 — 
20181 125 227 315 414 494 527 — 
20197 43 79 157 216 253 — 
20204 15 33 128 188 — 
20214 43 62 161 — 
202214 51 96 — 
20231 89 — 
2024— — 
Total$4,350 $(197)
U.S. Other Casualty
U.S. Other Casualty includes general liability, automobile liability, environmental, medical malpractice, and other casualty lines of business. These lines of business are all long-tail in nature and while somewhat diverse in terms of exposures, these lines are often subject to similar trends. These lines are often significantly impacted by the underwriting cycle and external judicial trends. Many of our policies contain risk-sharing features, including high deductibles, self-insured retentions or retrospective rating features, in addition to a traditional insurance component. These risk-sharing programs generally are large and complex, comprising multiple products, years and structures, and are subject to amendment over time.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
Prior Year
Development
Excluding
the Impact
of ADC		Total of IBNR
Liabilities
Plus Expected
Development
on Reported
Losses		Cumulative
Number of
Reported
Claims		Incurred
Impact
of ADC		IBNR
Impact
of ADC		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,329 $1,762 $1,829 $1,736 $1,794 $1,834 $1,824 $1,815 $1,796 $1,770 $(26)$6 35,881 $(273)$(3)$1,497 $3 
20161,339 1,343 1,321 1,391 1,340 1,323 1,293 1,297 1,264 (33)69 29,391 — — 1,264 69 
2017602 629 738 674 668 643 654 662 8 14 21,382 — — 662 14 
2018802 845 837 870 824 810 841 31 154 17,096 — — 841 154 
20191,059 1,058 1,053 1,062 1,039 1,024 (15)469 21,383 — — 1,024 469 
2020524 576 538 540 519 (21)223 11,622 — — 519 223 
2021795 793 790 818 28 470 11,249 — — 818 470 
2022793 819 827 8 530 13,636 — — 827 530 
2023933 955 22 781 13,687 — — 955 781 
2024840 754 9,070 — — 840 754 
Total$9,520 $2 $(273)$9,247 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(5,435)— 194 (5,241)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance1,300 (14)(919)381 
Unallocated loss adjustment expense prior year development24 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,385 $12 $(998)$4,387 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,361$1,373$1,423$1,493$1,553$1,562$1,563$1,514$1,497 $(17)
20161,3391,3431,3211,3911,3401,3231,2931,2971,264 (33)
2017602629738674668643654662 8 
2018802845837870824810841 31 
20191,0591,0581,0531,0621,0391,024 (15)
2020524576538540519 (21)
2021795793790818 28 
2022793819827 8 
2023933955 22 
2024840 
Total$2,700 $3,318 $4,175 $5,526 $5,986 $6,847 $7,509 $8,396 $9,247 $11 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(5,241)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance381 37 
Unallocated loss adjustment expense prior year adjustment(4)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$4,387 $44 
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(401)$(456)$(313)$(301)$(281)$(262)$(252)$(282)$(273)$9 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(401)$(456)$(313)$(301)$(281)$(262)$(252)$(282)$(273)$9 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below194 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(919)51 
Unallocated loss adjustment expense prior year development(28)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(998)$32 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$105 $309 $769 $1,087 $1,351 $1,485 $1,603 $1,680 $1,707 $1,717 $(194)
201677 298 489 703 846 938 1,018 1,074 1,144 — 
201751 111 216 314 455 527 592 613 — 
201843 122 227 360 470 565 636 — 
201953 138 226 321 410 474 — 
202026 73 139 198 252 — 
202132 87 169 265 — 
202238 112 195 — 
202336 102 — 
202437 — 
Total$5,435 $(194)
U.S. Financial Lines
U.S. Financial Lines business includes D&O, E&O, EPLI policies and various professional liability subsets of business, as well as the fidelity book of business. This includes cyber coverage and mergers and acquisitions coverage, which have been a growing and evolving portion of this portfolio. These product lines are predominantly claims-made in nature, losses are characterized by low frequency and high severity, and results are often significantly impacted by external economic conditions.
Our analysis is segmented by major coverages, such as D&O, E&O, etc. and then further segmented by major industry groups (e.g. corporate accounts, national accounts, financial institutions, private/not-for-profit, etc.). We also separately review primary business from excess business for certain product lines.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
Prior Year
Development
Excluding
the Impact
of ADC		Total of IBNR
Liabilities
Plus Expected
Development
on Reported
Losses		Cumulative
Number of
Reported
Claims		Incurred
Impact
of ADC		IBNR
Impact
of ADC		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,737 $1,762 $1,743 $1,788 $1,830 $1,874 $1,959 $2,044 $2,048 $2,039 $(9)$63 16,263 $(485)$(50)$1,554 $13 
20161,605 1,855 1,993 2,064 2,139 2,281 2,325 2,308 2,322 14 112 16,138 — — 2,322 112 
20171,564 1,675 1,756 1,846 1,898 1,987 1,957 1,969 12 121 15,287 — — 1,969 121 
20181,640 1,766 1,882 2,063 2,225 2,322 2,282 (40)354 14,857 — — 2,282 354 
20191,503 1,536 1,627 1,926 1,912 1,945 33 358 13,381 — — 1,945 358 
20201,213 1,252 1,408 1,457 1,470 13 260 10,461 — — 1,470 260 
20211,430 1,408 1,388 1,316 (72)700 7,226 — — 1,316 700 
20221,130 1,108 1,105 (3)857 5,939 — — 1,105 857 
20231,043 1,041 (2)800 6,997 — — 1,041 800 
2024942 851 7,258 — — 942 851 
Total$16,431 $(54)$(485)$15,946 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,922)— 367 (10,555)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance427 92 (396)31 
Unallocated loss adjustment expense prior year development13 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,936 $51 $(514)$5,422 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,429$1,430$1,462$1,552$1,550$1,595$1,605$1,553$1,554 $1 
20161,6051,8551,9932,0642,1392,2812,3252,3082,322 14 
20171,5641,6751,7561,8461,8981,9871,9571,969 12 
20181,6401,7661,8822,0632,2252,3222,282 (40)
20191,5031,5361,6271,9261,9121,945 33 
20201,2131,2521,4081,4571,470 13 
20211,4301,4081,3881,316 (72)
20221,1301,1081,105 (3)
20231,0431,041 (2)
2024942 
Total$3,034 $4,849 $6,770 $8,641 $10,166 $12,146 $14,014 $15,048 $15,946 $(44)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,555)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance31 4 
Unallocated loss adjustment expense prior year adjustment— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,422 $(40)
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(333)$(313)$(326)$(278)$(324)$(364)$(439)$(495)$(485)$10 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(333)$(313)$(326)$(278)$(324)$(364)$(439)$(495)$(485)$10 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below367 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(396)(88)
Unallocated loss adjustment expense prior year development(13)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(514)$(91)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$63 $390 $791 $1,055 $1,282 $1,488 $1,686 $1,818 $1,914 $1,929 $(367)
201673 499 1,002 1,358 1,659 1,826 1,903 2,039 2,115 — 
201764 391 761 1,118 1,396 1,515 1,653 1,777 — 
201886 486 835 1,126 1,415 1,601 1,776 — 
201994 367 642 953 1,204 1,423 — 
202084 356 648 915 1,063 — 
202143 151 315 468 — 
202230 109 177 — 
202346 150 — 
202444 — 
Total$10,922 $(367)
U.S. Property and Special Risks
U.S. Property products include commercial, industrial and energy-related property insurance products and services that cover exposures to manmade and natural disasters, including business interruption. U.S. Special Risk products include aerospace, environmental, political risk, trade credit, surety and marine insurance, and program business for various small and medium sized enterprises insurance lines. The program segments include both property and casualty exposures. Recent years have seen an increasing proportion of non-admitted coverages which has altered the underlying customer profile to be less severe in the aggregate.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
Prior Year
Development
Excluding
the Impact
of ADC		Total of IBNR
Liabilities
Plus Expected
Development
on Reported
Losses		Cumulative
Number of
Reported
Claims		Incurred
Impact
of ADC		IBNR
Impact
of ADC		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$2,567 $2,506 $2,489 $2,492 $2,466 $2,471 $2,479 $2,490 $2,493 $2,484 $(9)$4 59,598 $(97)$(3)$2,387 $1 
20162,674 2,748 2,690 2,697 2,707 2,694 2,700 2,713 2,727 14 8 54,893 — — 2,727 8 
20174,569 4,239 4,127 4,153 4,173 4,212 4,175 4,187 12 12 79,846 — — 4,187 12 
20182,978 2,993 2,992 3,229 3,201 3,210 3,204 (6)49 70,122 — — 3,204 49 
20192,177 2,146 2,211 2,222 2,177 2,198 21 34 78,995 — — 2,198 34 
20203,391 3,320 3,280 3,238 3,269 31 645 68,891 — — 3,269 645 
20212,339 2,213 2,160 2,190 30 122 82,226 — — 2,190 122 
20223,171 3,281 3,240 (41)504 86,499 — — 3,240 504 
20232,528 2,440 (88)431 99,114 — — 2,440 431 
20241,844 537 25,410 — — 1,844 537 
Total$27,783 $(36)$(97)$27,686 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(23,702)— 70 (23,632)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance395 (8)(152)243 
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$4,476 $(44)$(179)$4,297 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$2,365$2,391$2,405$2,372$2,372$2,372$2,375$2,393$2,387 $(6)
20162,6742,7482,6902,6972,7072,6942,7002,7132,727 14 
20174,5694,2394,1274,1534,1734,2124,1754,187 12 
20182,9782,9932,9923,2293,2013,2103,204 (6)
20192,1772,1462,2112,2222,1772,198 21 
20203,3913,3203,2803,2383,269 31 
20212,3392,2132,1602,190 30 
20223,1713,2813,240 (41)
20232,5282,440 (88)
20241,844 
Total$5,039 $9,708 $12,312 $14,366 $17,761 $20,338 $23,374 $25,875 $27,686 $(33)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(23,632)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance243 38 
Unallocated loss adjustment expense prior year adjustment(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$4,297 $4 
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(141)$(98)$(87)$(94)$(99)$(107)$(115)$(100)$(97)$3 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(141)$(98)$(87)$(94)$(99)$(107)$(115)$(100)$(97)$3 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below70 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(152)46 
Unallocated loss adjustment expense prior year development(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(179)$48 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$844 $1,572 $1,878 $2,121 $2,240 $2,308 $2,344 $2,391 $2,457 $2,462 $(70)
2016821 1,747 2,076 2,296 2,464 2,539 2,616 2,647 2,679 — 
20171,137 2,625 3,281 3,638 3,897 3,999 4,055 4,129 — 
2018977 2,162 2,509 2,715 2,863 2,994 3,094 — 
20191,039 1,673 1,906 2,037 2,083 2,124 — 
2020844 1,613 1,874 2,190 2,414 — 
2021878 1,743 1,983 2,004 — 
20221,208 2,207 2,437 — 
20231,173 1,692 — 
2024667 — 
Total$23,702 $(70)
U.S. Personal Insurance
U.S. Personal Insurance consists of accident and health and personal lines. Accident and health products include voluntary and sponsor-paid personal accident and supplemental health products for individuals, employees, associations and other organizations as well as a broad range of travel insurance products and services for leisure and business travelers. Personal lines include automobile and homeowners’ insurance, extended warranty, and consumer specialty products, such as identity theft and credit card protection. Personal lines also provides insurance for high net worth individuals offered through AIG Private Client Group, including auto, homeowners, umbrella, yacht, fine art and collections insurance. Personal lines are generally short-tail in nature and can reflect significant salvage and subrogation recoveries.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
Prior Year
Development
Excluding
the Impact
of ADC		Total of IBNR
Liabilities
Plus Expected
Development
on Reported
Losses		Cumulative
Number of
Reported
Claims		Incurred
Impact
of ADC		IBNR
Impact
of ADC		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,511 $1,498 $1,494 $1,483 $1,482 $1,485 $1,487 $1,488 $1,487 $1,488 $1 $12 261,309 $(9)$— $1,479 $12 
20161,536 1,533 1,533 1,540 1,542 1,544 1,544 1,541 1,541 — 16 247,696 — — 1,541 16 
20171,878 2,137 2,011 2,057 1,924 1,916 1,896 1,899 3 15 220,270 — — 1,899 15 
20182,188 2,193 2,154 1,937 1,936 1,920 1,927 7 37 102,483 — — 1,927 37 
20191,593 1,664 1,646 1,596 1,578 1,569 (9)44 93,909 — — 1,569 44 
2020954 906 913 894 890 (4)33 55,713 — — 890 33 
2021748 765 762 752 (10)73 57,288 — — 752 73 
2022517 529 525 (4)100 55,394 — — 525 100 
2023677 668 (9)122 47,201 — — 668 122 
2024604 294 29,007 — — 604 294 
Total$11,863 $(25)$(9)$11,854 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,979)— 9 (10,970)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance(48)3 — (48)
Unallocated loss adjustment expense prior year development(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$836 $(23)$— $836 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,476$1,475$1,472$1,476$1,480$1,482$1,481$1,479$1,479 $— 
20161,5361,5331,5331,5401,5421,5441,5441,5411,541 — 
20171,8782,1372,0112,0571,9241,9161,8961,899 3 
20182,1882,1932,1541,9371,9361,9201,927 7 
20191,5931,6641,6461,5961,5781,569 (9)
2020954906913894890 (4)
2021748765762752 (10)
2022517529525 (4)
2023677668 (9)
2024604 
Total$3,012 $4,886 $7,330 $8,813 $9,851 $10,187 $10,668 $11,276 $11,854 $(26)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,970)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(48)2 
Unallocated loss adjustment expense prior year adjustment(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$836 $(25)
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(22)$(19)$(11)$(6)$(5)$(5)$(7)$(8)$(9)$(1)
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(22)$(19)$(11)$(6)$(5)$(5)$(7)$(8)$(9)$(1)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below9 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance— (1)
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$— $(2)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$931 $1,320 $1,411 $1,439 $1,455 $1,461 $1,463 $1,468 $1,471 $1,474 $(9)
2016857 1,344 1,422 1,460 1,501 1,512 1,518 1,521 1,521 — 
2017941 1,672 1,896 1,789 1,826 1,852 1,861 1,878 — 
20181,227 1,939 1,973 1,789 1,832 1,849 1,881 — 
2019884 1,295 1,379 1,416 1,491 1,516 — 
2020667 679 725 824 846 — 
2021488 650 658 662 — 
2022372 401 406 — 
2023400 522 — 
2024273 — 
Total$10,979 $(9)
UK/Europe Casualty and Financial Lines
UK/Europe is our largest non-U.S. region for Liability and Financial Lines. UK/Europe Casualty and Financial Lines is composed of third-party coverages including general liability, auto liability, D&O, professional liability and various other coverages throughout both the UK and Continental Europe. These areas are all long-tail in nature and while somewhat diverse in terms of exposures, these lines are often subject to similar trends. These lines are impacted by the underwriting cycle and external judicial trends. The largest share of business is in the UK, but significant business is also written in other European countries such as Germany, France, and Italy.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*
Years Ended December 31, (in millions)
December 31, 2024
Accident Year20152016201720182019202020212022202320242024
Prior Year
Development		Total of IBNR
Liabilities
Plus Expected
Development on
Reported Losses		Cumulative
Number of
Reported
Claims
Unaudited
2015$1,043 $1,177 $1,166 $1,187 $1,265 $1,184 $1,191 $1,210 $1,221 $1,215 $(6)$63 113,532 
20161,251 1,342 1,421 1,426 1,539 1,536 1,548 1,547 1,618 71 143 142,423 
20171,282 1,221 1,151 1,263 1,323 1,311 1,351 1,398 47 171 149,728 
20181,286 1,316 1,416 1,455 1,554 1,596 1,686 90 229 151,718 
20191,189 1,204 1,276 1,291 1,282 1,307 25 210 142,854 
20201,163 1,215 1,161 1,154 1,114 (40)353 86,254 
20211,316 1,275 1,279 1,261 (18)566 77,499 
20221,243 1,203 1,197 (6)681 74,390 
20231,233 1,230 (3)803 69,733 
20241,240 1,052 60,687 
Total$13,266 $160 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(6,843)— 
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance857 10 
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$7,280 $170 
*The losses reported in the table are not covered by the ADC.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*
Years Ended December 31, (in millions)
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$69 $230 $416 $546 $656 $828 $914 $955 $1,004 $1,023 
2016115 363 563 746 896 1,022 1,127 1,214 1,253 
201793 269 428 578 724 862 924 1,025 
2018109 359 549 711 867 1,085 1,172 
201995 297 458 632 728 842 
202057 218 351 484 572 
202149 224 331 434 
202255 177 282 
202335 183 
202457 
Total$6,843 
*The losses reported in the table are not covered by the ADC.
UK/Europe Property and Special Risks
UK/Europe Property products include commercial, industrial and energy-related property insurance products and services that cover exposures to manmade and natural disasters, including business interruption. UK/Europe Special Risk products include aerospace, environmental, political risk, trade credit, surety and marine insurance, and various small and medium sized enterprises insurance lines.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*
Years Ended December 31, (in millions)
December 31, 2024
Accident Year20152016201720182019202020212022202320242024
Prior Year
Development		Total of IBNR
Liabilities
Plus Expected
Development on
Reported Losses		Cumulative
Number of
Reported
Claims
Unaudited
2015$1,516 $1,472 $1,457 $1,431 $1,410 $1,400 $1,388 $1,421 $1,407 $1,399 $(8)$3 54,684 
20161,494 1,636 1,661 1,635 1,632 1,626 1,563 1,558 1,553 (5)17 57,353 
20171,609 1,598 1,576 1,582 1,567 1,533 1,533 1,535 2 15 53,528 
20181,547 1,514 1,493 1,481 1,429 1,427 1,422 (5)25 44,342 
20191,112 1,073 1,076 1,064 1,062 1,065 3 45 33,930 
20201,282 1,223 1,181 1,200 1,190 (10)94 26,280 
2021995 958 914 923 9 85 22,968 
20221,098 1,253 1,238 (15)95 24,972 
20231,034 1,038 4 179 23,267 
20241,081 542 17,451 
Total$12,444 $(25)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,174)— 
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance85 (10)
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$2,355 $(35)
*The losses reported in the table are not covered by the ADC.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*
Years Ended December 31, (in millions)
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$336 $895 $1,163 $1,263 $1,298 $1,321 $1,329 $1,331 $1,373 $1,377 
2016441 1,080 1,327 1,457 1,501 1,528 1,546 1,520 1,522 
2017345 916 1,193 1,333 1,388 1,426 1,439 1,446 
2018308 952 1,131 1,254 1,267 1,301 1,325 
2019258 632 798 884 922 953 
2020245 657 805 896 1,004 
2021185 489 672 748 
2022190 650 1,100 
2023150 504 
2024195 
Total$10,174 
*The losses reported in the table are not covered by the ADC.
UK/Europe and Japan Personal Insurance
UK/Europe and Japan Personal Insurance lines consist of accident and health and personal lines. Accident and health products include voluntary and sponsor-paid personal accident and supplemental health products for individuals, employees, associations and other organizations as well as a broad range of travel insurance products and services for leisure and business travelers. Personal lines include automobile and homeowners’ insurance, extended warranty, and consumer specialty products, such as identity theft and credit card protection. Personal lines are generally short-tail in nature.
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*
Years Ended December 31, (in millions)
December 31, 2024
Accident Year20152016201720182019202020212022202320242024
Prior Year
Development		Total of IBNR
Liabilities
Plus Expected
Development on
Reported Losses		Cumulative
Number of
Reported
Claims
Unaudited
2015$2,153 $2,134 $2,135 $2,127 $2,126 $2,126 $2,126 $2,123 $2,127 $2,128 $1 $2 1,777,959 
20162,113 2,112 2,099 2,094 2,092 2,090 2,082 2,086 2,084 (2)3 1,795,415 
20172,070 1,995 1,982 1,978 1,995 1,960 1,990 1,989 (1)4 1,719,018 
20182,372 2,283 2,279 2,251 2,296 2,274 2,272 (2)1 1,917,173 
20191,915 1,871 1,834 1,853 1,825 1,827 2 (1)1,676,687 
20201,757 1,627 1,580 1,563 1,552 (11)5 1,392,905 
20211,626 1,554 1,555 1,555 — 13 1,394,112 
20221,710 1,752 1,716 (36)67 2,072,754 
20231,557 1,552 (5)101 1,435,789 
20241,416 177 1,260,923 
Total$18,091 $(54)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(16,861)— 
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance39 7 
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$1,269 $(47)
*The losses reported in the table are not covered by the ADC.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*
Years Ended December 31, (in millions)
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$1,155 $1,751 $1,927 $2,020 $2,055 $2,079 $2,096 $2,104 $2,112 $2,117 
20161,154 1,723 1,894 1,976 2,019 2,043 2,057 2,065 2,070 
20171,130 1,682 1,830 1,896 1,930 1,949 1,949 1,960 
20181,426 1,913 2,062 2,139 2,180 2,226 2,250 
20191,120 1,576 1,690 1,746 1,777 1,798 
2020937 1,350 1,446 1,485 1,513 
2021920 1,306 1,408 1,465 
20221,006 1,440 1,550 
2023881 1,290 
2024848 
Total$16,861 
*The losses reported in the table are not covered by the ADC.
Claims Payout Patterns
The following table presents the historical average annual percentage claims payout on an accident year basis at the same level of disaggregation as presented in the claims development table.
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Workers' compensation11.9 %17.5 %11.0 %7.5 %4.5 %3.3 %2.7 %1.2 %1.4 %1.5 %
U.S. Excess casualty1.1 10.1 8.9 19.5 10.8 7.2 6.1 7.9 3.1 2.0 
U.S. Other casualty5.2 9.7 13.8 14.0 13.3 8.7 7.8 4.0 3.5 0.6 
U.S. Financial Lines3.9 14.0 16.0 15.0 12.3 8.5 6.9 6.2 4.0 0.7 
U.S. Property and Special Risks35.6 31.1 10.9 7.1 5.1 2.8 2.2 1.6 1.9 0.2 
U.S. Personal Insurance60.3 22.9 4.7 0.5 2.5 1.0 0.7 0.5 0.1 0.2 
UK/Europe Casualty and Financial Lines5.4 13.6 11.5 10.8 8.9 10.7 5.8 5.3 3.2 1.6 
UK/Europe Property and Special Risks20.9 37.5 18.7 8.2 3.7 2.2 1.1 (0.4)1.6 0.3 
UK/Europe and Japan Personal Insurance58.5 25.8 7.0 3.5 1.8 1.3 0.6 0.4 0.3 0.2 
DISCOUNTING OF LOSS RESERVES
At December 31, 2024 and 2023, the loss reserves reflect a net loss reserve discount of $1.2 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:
•The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or historically permitted) for each state.
–For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.
–The Pennsylvania and Delaware regulators have historically approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. Delaware stipulates that the maximum allowable rate is 4.5 percent. We have sought approval to apply a discount rate of 4.5 percent for National Union Fire Insurance Company of Pittsburgh, Pa. and Lexington Insurance Company. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.
•The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our cases reserves (45 percent).
The discount for asbestos reserves has been fully accreted.
At December 31, 2024 and 2023, the discount consists of $107 million and $294 million of tabular discount, respectively, and $1.1 billion and $939 million of non-tabular discount for workers’ compensation, respectively. During the years ended December 31, 2024, 2023 and 2022, the benefit / (charge) from changes in discount of $(226) million, $(195) million and $703 million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Consolidated Statements of Income (Loss).
The following table presents the components of the loss reserve discount discussed above:
(in millions)December 31, 2024December 31, 2023
U.S. workers' compensation$2,111 $2,337 
Retroactive reinsurance(936)(1,104)
Total reserve discount(a)(b)
$1,175 $1,233 
(a)Excludes $184 million and $196 million of discount related to certain long-tail liabilities in the UK at December 31, 2024 and 2023, respectively.
(b)Includes gross discount of $627 million and $687 million, which was 100 percent ceded to Fortitude Re at December 31, 2024 and 2023, respectively.
The following table presents the net loss reserve discount benefit (charge):
Years Ended December 31,
(in millions)202420232022
Current accident year$128 $112 $98 
Accretion and other adjustments to prior year discount(303)(264)(239)
Effect of interest rate changes(51)(43)844 
Net reserve discount benefit (charge)(226)(195)703 
Change in discount on loss reserves ceded under retroactive reinsurance168 150 (301)
Net change in total reserve discount*$(58)$(45)$402 
*Excludes $(12) million, $61 million and $19 million of discount related to certain long-tail liabilities in the UK for the years ended December 31, 2024, 2023 and 2022, respectively.
During 2024, net change in total reserve discount was impacted by updates to future payouts, and despite increases in U.S. Treasury rates, the updated discount rate resulted in a decrease in the total reserve discount due to the implementation of a statutory cap.
During 2023, net change in total reserve discount was impacted by updates to future payouts, along with a decrease in the discount rate due to an increase in U.S. Treasury rates being offset by a decrease in the discount spread.
During 2022, effective interest rates increased due to an increase in the forward yield curve component of the discount rates reflecting an increase in U.S. Treasury rates along with changes in payout pattern assumptions.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $322 million, $48 million and $189 million related to the adverse development reinsurance cover with NICO for the years ended December 31, 2024, 2023 and 2022, respectively.
Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.
FUTURE POLICY BENEFITS
Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio methodology for each annual cohort of business.
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 Consolidated Balance Sheets:
Years Ended December 31,
(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 changes in cash flow assumptions12 (2)
Effect of actual variances from expected experience(12)(16)
Adjusted beginning of year balance2,041 2,173 
Issuances88 122 
Interest accrual39 43 
Net premium collected(254)(283)
Foreign exchange impact(165)(14)
Ending balance at original discount rate1,749 2,041 
Effect of changes in discount rate assumptions (AOCI)(203)(339)
Balance, end of year$1,546 $1,702 
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 changes in cash flow assumptions3 (13)
Effect of actual variances from expected experience(12)(18)
Adjusted beginning of year balance2,581 2,711 
Issuances93 130 
Interest accrual48 52 
Benefit payments(262)(276)
Foreign exchange impact(211)(27)
Ending balance at original discount rate2,249 2,590 
Effect of changes in discount rate assumptions (AOCI)(273)(441)
Balance, end of year$1,976 $2,149 
Net liability for future policy benefits, end of year$430 $447 
Deferred profit liability1 1 
Other reconciling items(a)
886 1,019 
Future policy benefits1,317 1,467 
Less: Reinsurance recoverable(726)(823)
Net liability for future policy benefits after reinsurance recoverable$591 $644 
Weighted average liability duration of the liability for future policy benefits(b)
9.19.3
(a)Other reconciling items primarily include Global Accident & Health (short-duration) contracts and certain long-duration contracts that are 100 percent ceded of $691 million and $785 million at December 31, 2024 and 2023, respectively.
(b)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*:
Years Ended December 31,
(in millions)202420232022
Undiscounted expected future benefits and expense$2,816 $3,194 $3,325 
Undiscounted expected future gross premiums3,911 4,403 4,558 
*Discounted expected future gross premiums (at current discount rate) for 2024 and 2023 were $2.8 billion and $3.0 billion, respectively.
The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:
Years Ended December 31,
(in millions)202420232022
Gross premiums$409 $477 $487 
Interest accretion$9 $9 $8 
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
Years Ended December 31,202420232022
Weighted-average interest rate, original discount rate1.83 %1.82 %1.77 %
Weighted-average interest rate, current discount rate3.22 %3.78 %3.21 %
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.