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Insurance Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Rollforward of Activity in Loss Reserves
The following table presents the rollforward of activity in loss reserves:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2025202420252024
Liability for unpaid loss and loss adjustment expenses, beginning of period$69,754 $69,783 $69,168 $70,393 
Reinsurance recoverable(27,866)(29,849)(29,026)(30,289)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period41,888 39,934 40,142 40,104 
Losses and loss adjustment expenses incurred:
Current year3,572 3,749 10,904 10,660 
Prior years, excluding discount and amortization of deferred gain(161)187 (169)79 
Prior years, discount charge (benefit)34 49 119 217 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(54)(212)(176)(277)
Total losses and loss adjustment expenses incurred3,391 3,773 10,678 10,679 
Losses and loss adjustment expenses paid:
Current year(1,262)(1,169)(2,714)(2,310)
Prior years(2,371)(2,285)(7,901)(7,739)
Total losses and loss adjustment expenses paid(3,633)(3,454)(10,615)(10,049)
Other changes:
Foreign exchange effect(102)891 1,277 237 
Losses and loss adjustment expenses recognized within gain on divestitures13 — 60 — 
Retroactive reinsurance adjustment (net of discount)(b)
77 (107)92 71 
Dispositions— (5)— (5)
Reclassified to held for sale, net of reinsurance recoverables— 5 — — 
Total other changes(12)784 1,429 303 
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses41,634 41,037 41,634 41,037 
Reinsurance recoverable
28,248 30,029 28,248 30,029 
Total$69,882 $71,066 $69,882 $71,066 
(a)Includes $14 million and $3 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 September 30, 2025 and 2024, respectively, and $26 million and $47 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $7 million and $22 million for the three months ended September 30, 2025 and 2024 respectively, and $27 million and $100 million for the nine months ended September 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)September 30, 2025December 31, 2024
U.S. workers' compensation$2,084 $2,111 
Retroactive reinsurance(909)(936)
Total reserve discount(a)(b)
$1,175 $1,175 
(a)Excludes $166 million and $184 million of discount related to certain long-tail liabilities in the UK at September 30, 2025 and December 31, 2024, respectively.
(b)Includes gross discount of $725 million and $627 million, which was 100 percent ceded to Fortitude Re at September 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
September 30,		Nine Months Ended
September 30,
(in millions)2025202420252024
Current accident year$36 $20 $92 $86 
Accretion and other adjustments to prior year discount(34)(49)(119)(217)
Net reserve discount benefit (charge)2 (29)(27)(131)
Change in discount on loss reserves ceded under retroactive reinsurance7 22 27 100 
Net change in total reserve discount*$9 $(7)$— $(31)
*Excludes $(35) million and $1 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2025 and 2024, respectively, and excludes $(18) million and $1 million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2025 and 2024, respectively.