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Insurance Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
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)2025202420252024
Liability for unpaid loss and loss adjustment expenses, beginning of period$68,896 $70,060 $69,168 $70,393 
Reinsurance recoverable(27,799)(30,169)(29,026)(30,289)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period41,097 39,891 40,142 40,104 
Losses and loss adjustment expenses incurred:
Current year3,523 3,546 7,332 6,911 
Prior years, excluding discount and amortization of deferred gain25 (108)(8)(108)
Prior years, discount charge (benefit)45 62 85 168 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(100)(33)(122)(65)
Total losses and loss adjustment expenses incurred3,493 3,467 7,287 6,906 
Losses and loss adjustment expenses paid:
Current year(1,023)(855)(1,452)(1,141)
Prior years(2,569)(2,597)(5,530)(5,454)
Total losses and loss adjustment expenses paid(3,592)(3,452)(6,982)(6,595)
Other changes:
Foreign exchange effect895 (158)1,379 (654)
Losses and loss adjustment expenses recognized within gain on divestitures15 — 47 — 
Retroactive reinsurance adjustment (net of discount)(b)
(20)186 15 178 
Reclassified to held for sale, net of reinsurance recoverables— — — (5)
Total other changes890 28 1,441 (481)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses41,888 39,934 41,888 39,934 
Reinsurance recoverable
27,866 29,849 27,866 29,849 
Total$69,754 $69,783 $69,754 $69,783 
(a)Includes $7 million and $39 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, 2025 and 2024, respectively, and $12 million and $44 million for the six months ended June 30, 2025 and 2024, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $19 million and $23 million for the three months ended June 30, 2025 and 2024 respectively, and $20 million and $78 million for the six months ended June 30, 2025 and 2024, respectively.
Schedule of Components of Loss Reserve Discount
The following table presents the components of the loss reserve discount discussed above:
(in millions)June 30, 2025December 31, 2024
U.S. workers' compensation$2,082 $2,111 
Retroactive reinsurance(916)(936)
Total reserve discount(a)(b)
$1,166 $1,175 
(a)Excludes $201 million and $184 million of discount related to certain long-tail liabilities in the UK at June 30, 2025 and December 31, 2024, respectively.
(b)Includes gross discount of $730 million and $627 million, which was 100 percent ceded to Fortitude Re at June 30, 2025 and December 31, 2024, 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)2025202420252024
Current accident year$33 $36 $56 $66 
Accretion and other adjustments to prior year discount(45)(62)(85)(168)
Net reserve discount benefit (charge)(12)(26)(29)(102)
Change in discount on loss reserves ceded under retroactive reinsurance19 23 20 78 
Net change in total reserve discount*$7 $(3)$(9)$(24)
*Excludes $11 million and $2 million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2025 and 2024, respectively, and excludes $17 million and $0 million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 2025 and 2024, respectively.