Schedule V

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V

Valuation and Qualifying Accounts

							Schedule V
For the years ended December 31, 2025, 2024, and 2023
(in millions)	Balance, Beginning of year		Charged to Costs and Expenses		Write Offs		Other Changes(a)		Balance, End of year
2025
Allowance for premiums and insurances balances receivable	$	127	$	17	$	(16)	$	3	$	131
Federal and foreign valuation allowance for deferred tax assets	1,650		(305)		—		(294)		1,051
2024
Allowance for premiums and insurances balances receivable	$	138	$	1	$	(12)	$	—	$	127
Federal and foreign valuation allowance for deferred tax assets	1,745		(31)		—		(64)		1,650
2023
Allowance for premiums and insurances balances receivable	$	168	$	(7)	$	(28)	$	5	$	138
Federal and foreign valuation allowance for deferred tax assets	2,594		(365)		—		(484)		1,745

(a)Includes recoveries of amounts previously charged off and reclassifications to/from other accounts.