Insurance Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Rollforward of Activity in Loss Reserves

The following table presents the rollforward of activity in loss reserves:

Years Ended December 31,
(in millions)	2025		2024		2023
Liability for unpaid loss and loss adjustment expenses, beginning of year	$	69,168	$	70,393	$	75,167
Reinsurance recoverable	(29,026)		(30,289)		(32,102)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year	40,142		40,104		43,065
Losses and loss adjustment expenses incurred:
Current year	14,440		14,363		15,100
Prior years, excluding discount and amortization of deferred gain	(216)		254		(392)
Prior years, discount charge (benefit)	168		354		307
Prior years, amortization of deferred gain on retroactive reinsurance(a)	(230)		(404)		(81)
Total losses and loss adjustment expenses incurred	14,162		14,567		14,934
Losses and loss adjustment expenses paid:
Current year	(3,901)		(3,694)		(3,836)
Prior years	(9,975)		(9,849)		(11,868)
Total losses and loss adjustment expenses paid	(13,876)		(13,543)		(15,704)
Other changes:
Foreign exchange effect	1,233		(996)		606
Losses and loss adjustment expenses recognized within gain on divestitures	58		—		569
Retroactive reinsurance adjustment (net of discount)(b)	76		15		158
Dispositions(c)	—		(5)		(3,505)
Reclassified to held for sale, net of reinsurance recoverables	—		—		(19)
Total other changes	1,367		(986)		(2,191)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses	41,795		40,142		40,104
Reinsurance recoverable	28,871		29,026		30,289
Total	$	70,666	$	69,168	$	70,393

(a)Includes $72 million, $82 million and $33 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2025, 2024 and 2023, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $45 million, $168 million and $150 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(c)Includes amounts related to the sale of Validus Re through the date of disposition.

Reconciliation of the Net Liability for Unpaid Losses and Loss Adjustment Expenses to Loss Reserves

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, 2025:

(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)	$	3,445	$	4,633	$	8,078
U.S. Excess Casualty		3,153		2,961		6,114
U.S. Other Casualty		4,651		3,170		7,821
U.S. Financial Lines		5,270		1,516		6,786
U.S. Property and Special Risks		4,142		990		5,132
U.S. Personal Insurance		705		1,986		2,691
UK/Europe Casualty and Financial lines		8,288		2,376		10,664
UK/Europe Property and Special Risks		2,176		2,214		4,390
UK/Europe and Japan Personal Insurance		1,240		733		1,973
Total	$	33,070	$	20,579	$	53,649
Reconciling Items
Discount on workers' compensation lines						(2,063)
Other product lines*						16,351
Unallocated loss adjustment expenses						2,729
Total Loss Reserves					$	70,666

*Reinsurance recoverable for other product lines of $8.4 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $7.9 billion for the year ended December 31, 2025.

Reconciliation of Net Prior Year Development Before the ADC Cessions to the Net Prior Year Development After ADC Cessions and Amortization of Deferred Gain

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, 2025:

(in millions)		Prior Year Development Net of External Reinsurance Before ADC Cessions		Prior Year Development Net of External Reinsurance After ADC Cessions(a)		Reattribution of ADC Recovery and Other(b)		Amortization of Deferred Gain at Inception		Prior Year Development After Amortization and Reattribution
U.S. Workers' Compensation	$	(133)	$	(113)	$	(21)	$	(38)	$	(172)
U.S. Excess Casualty		303		82		33		(30)		85
U.S. Other Casualty		(92)		22		(2)		(28)		(8)
U.S. Financial Lines		(38)		(45)		—		(20)		(65)
U.S. Property and Special Risks		(118)		(150)		26		—		(124)
U.S. Personal Insurance		(11)		(11)		2		(1)		(10)
UK/Europe Casualty and Financial lines		216		216		—		—		216
UK/Europe Property and Special Risks		(18)		(14)		(5)		—		(19)
UK/Europe and Japan Personal Insurance		38		37		—		—		37
Other product lines		(469)		(448)		(33)		(7)		(488)
Subtotal, adjusted pre-tax basis	$	(322)	$	(424)	$	—	$	(124)	$	(548)
Businesses in run-off		106		(3)		—		—		(3)
Subtotal	$	(216)	$	(427)	$	—	$	(124)	$	(551)
Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception										124
Prior year development ceded under the Asbestos LPT										109
Prior year development ceded under the ADC										102
Total, prior years, excluding discount and amortization of deferred gain									$	(216)

(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. Other includes an alignment of global specialty products as reported in International Commercial.

Schedule of Undiscounted, Incurred and Paid Losses and Allocated Loss Adjustment Expenses by Accident Year, on a Net Basis After Reinsurance

The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance:

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	1,299	$	1,346	$	1,318	$	1,140	$	1,090	$	1,075	$	1,036	$	1,025	$	986	$	957	$	137	32,431
2017			789		850		776		763		731		712		705		673		664		158		28,371
2018					998		1,021		961		911		896		875		786		769		167		22,736
2019							887		873		812		801		788		730		684		141		17,596
2020									597		573		521		477		434		421		86		14,305
2021											597		570		545		514		533		197		11,490
2022													523		493		464		496		202		10,079
2023															500		465		476		222		9,332
2024																	567		540		280		7,683
2025																			535		484		5,476
Total																			$	6,075

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	147	$	378	$	521	$	584	$	630	$	662	$	686	$	694	$	708	$	715
2017			93		224		294		333		367		389		395		402		407
2018					85		215		296		359		388		409		448		459
2019							93		219		301		347		389		417		431
2020									64		159		205		245		259		279
2021											60		128		171		211		241
2022													45		102		143		189
2023															38		103		144
2024																	35		104
2025																			35
Total																			$	3,004

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	374
Accident Years 2016-2025 from tables above	3,071
All Accident Years	$	3,445

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	10
Accident Years 2016-2025 from tables above	(79)
All Accident Years	(69)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	(44)
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	$	(113)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	898	$	1,146	$	1,162	$	1,171	$	1,274	$	1,250	$	1,263	$	1,276	$	1,317	$	1,305	$	226	3,064
2017			856		1,002		1,097		1,153		1,157		1,200		1,182		1,228		1,270		257		2,358
2018					648		646		721		769		769		779		779		762		110		1,764
2019							577		583		597		612		600		604		584		225		1,588
2020									406		413		410		420		404		395		166		1,570
2021											278		277		274		358		383		113		1,196
2022													305		305		333		369		104		824
2023															345		348		373		179		740
2024																	315		315		214		446
2025																			459		451		185
Total																			$	6,215

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	28	$	80	$	204	$	388	$	502	$	566	$	670	$	798	$	851	$	986
2017			1		45		156		505		585		676		781		860		898
2018					1		125		227		315		414		494		527		579
2019							7		43		79		157		216		253		282
2020									4		15		33		128		188		209
2021											4		43		62		161		207
2022													14		51		96		177
2023															1		89		115
2024																	—		59
2025																			5
Total																			$	3,517

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	455
Accident Years 2016-2025 from tables above	2,698
All Accident Years	$	3,153

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	(2)
Accident Years 2016-2025 from tables above	70
All Accident Years	68
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	14
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	$	82

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	1,339	$	1,343	$	1,321	$	1,391	$	1,340	$	1,323	$	1,293	$	1,297	$	1,264	$	1,241	$	35	29,467
2017			602		629		738		674		668		643		654		662		654		21		21,436
2018					802		845		837		870		824		810		841		852		115		17,192
2019							1,059		1,058		1,053		1,062		1,039		1,024		1,009		432		21,479
2020									524		576		538		540		519		499		166		11,792
2021											795		793		790		818		845		461		11,552
2022													793		819		827		861		495		14,193
2023															933		955		983		698		14,983
2024																	840		871		709		11,999
2025																			876		734		7,487
Total																			$	8,691

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	77	$	298	$	489	$	703	$	846	$	938	$	1,018	$	1,074	$	1,144	$	1,173
2017			51		111		216		314		455		527		592		613		615
2018					43		122		227		360		470		565		636		685
2019							53		138		226		321		410		474		510
2020									26		73		139		198		252		301
2021											32		87		169		265		351
2022													38		112		195		299
2023															36		102		205
2024																	37		128
2025																			62
Total																			$	4,329

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	289
Accident Years 2016-2025 from tables above	4,362
All Accident Years	$	4,651

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	(62)
Accident Years 2016-2025 from tables above	65
All Accident Years	3
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	19
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	$	22

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	1,605	$	1,855	$	1,993	$	2,064	$	2,139	$	2,281	$	2,325	$	2,308	$	2,322	$	2,345	$	95	16,143
2017			1,564		1,675		1,756		1,846		1,898		1,987		1,957		1,969		1,966		108		15,293
2018					1,640		1,766		1,882		2,063		2,225		2,322		2,282		2,260		291		14,867
2019							1,503		1,536		1,627		1,926		1,912		1,945		1,961		266		13,406
2020									1,213		1,252		1,408		1,457		1,470		1,480		162		10,495
2021											1,430		1,408		1,388		1,316		1,244		514		7,280
2022													1,130		1,108		1,105		1,057		695		5,985
2023															1,043		1,041		1,075		574		7,100
2024																	942		955		636		7,791
2025																			999		927		8,079
Total																			$	15,342

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	73	$	499	$	1,002	$	1,358	$	1,659	$	1,826	$	1,903	$	2,039	$	2,115	$	2,169
2017			64		391		761		1,118		1,396		1,515		1,653		1,777		1,805
2018					86		486		835		1,126		1,415		1,601		1,776		1,879
2019							94		367		642		953		1,204		1,423		1,575
2020									84		356		648		915		1,063		1,171
2021											43		151		315		468		628
2022													30		109		177		293
2023															46		150		324
2024																	44		216
2025																			40
Total																			$	10,100

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	28
Accident Years 2016-2025 from tables above	5,242
All Accident Years	$	5,270

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	20
Accident Years 2016-2025 from tables above	(49)
All Accident Years	(29)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	(16)
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	$	(45)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	2,674	$	2,748	$	2,690	$	2,697	$	2,707	$	2,694	$	2,700	$	2,713	$	2,727	$	2,731	$	6	54,963
2017			4,569		4,239		4,127		4,153		4,173		4,212		4,175		4,187		4,178		6		79,982
2018					2,978		2,993		2,992		3,229		3,201		3,210		3,204		3,203		10		70,274
2019							2,177		2,146		2,211		2,222		2,177		2,198		2,215		24		79,150
2020									3,391		3,320		3,280		3,238		3,269		3,289		464		69,329
2021											2,339		2,213		2,160		2,190		2,180		92		82,535
2022													3,171		3,281		3,240		3,234		249		87,066
2023															2,528		2,440		2,367		326		100,257
2024																	1,844		1,714		426		31,463
2025																			2,097		739		22,479
Total																			$	27,208

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	821	$	1,747	$	2,076	$	2,296	$	2,464	$	2,539	$	2,616	$	2,647	$	2,679	$	2,688
2017			1,137		2,625		3,281		3,638		3,897		3,999		4,055		4,129		4,151
2018					977		2,162		2,509		2,715		2,863		2,994		3,094		3,144
2019							1,039		1,673		1,906		2,037		2,083		2,124		2,176
2020									844		1,613		1,874		2,190		2,414		2,657
2021											878		1,743		1,983		2,004		2,061
2022													1,208		2,207		2,437		2,769
2023															1,173		1,692		1,878
2024																	667		1,012
2025																			784
Total																			$	23,320

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	254
Accident Years 2016-2025 from tables above	3,888
All Accident Years	$	4,142

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	34
Accident Years 2016-2025 from tables above	(188)
All Accident Years	(154)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	4
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	$	(150)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	1,536	$	1,533	$	1,533	$	1,540	$	1,542	$	1,544	$	1,544	$	1,541	$	1,541	$	1,540	$	16	247,862
2017			1,878		2,137		2,011		2,057		1,924		1,916		1,896		1,899		1,898		12		220,439
2018					2,188		2,193		2,154		1,937		1,936		1,920		1,927		1,924		24		102,585
2019							1,593		1,664		1,646		1,596		1,578		1,569		1,565		45		94,184
2020									954		906		913		894		890		888		37		56,199
2021											748		765		762		752		747		53		57,895
2022													517		529		525		523		51		56,476
2023															677		668		688		53		50,195
2024																	604		594		67		41,541
2025																			429		216		23,548
Total																			$	10,796

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	857	$	1,344	$	1,422	$	1,460	$	1,501	$	1,512	$	1,518	$	1,521	$	1,521	$	1,522
2017			941		1,672		1,896		1,789		1,826		1,852		1,861		1,878		1,884
2018					1,227		1,939		1,973		1,789		1,832		1,849		1,881		1,900
2019							884		1,295		1,379		1,416		1,491		1,516		1,517
2020									667		679		725		824		846		850
2021											488		650		658		662		676
2022													372		401		406		464
2023															400		522		579
2024																	273		516
2025																			142
Total																			$	10,050

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	(41)
Accident Years 2016-2025 from tables above	746
All Accident Years	$	705

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance including ADC

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	(1)
Accident Years 2016-2025 from tables above	(8)
All Accident Years	(9)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	(2)
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years	$	(11)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	1,392	$	1,482	$	1,561	$	1,566	$	1,685	$	1,674	$	1,686	$	1,687	$	1,766	$	1,819	$	194	142,980
2017			1,423		1,349		1,310		1,418		1,449		1,434		1,473		1,520		1,533		162		150,034
2018					1,413		1,465		1,569		1,600		1,696		1,742		1,831		1,849		263		151,989
2019							1,297		1,554		1,404		1,420		1,407		1,417		1,480		243		143,228
2020									1,319		1,338		1,278		1,266		1,215		1,180		252		86,594
2021											1,443		1,404		1,398		1,357		1,304		458		78,019
2022													1,370		1,320		1,279		1,293		621		75,486
2023															1,361		1,337		1,364		741		71,761
2024																	1,389		1,428		919		73,433
2025																			1,350		1,132		61,557
Total																			$	14,600

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	125	$	399	$	616	$	812	$	975	$	1,108	$	1,221	$	1,316	$	1,359	$	1,418
2017			102		295		471		631		789		938		1,007		1,115		1,180
2018					120		392		599		778		944		1,179		1,275		1,365
2019							103		325		504		691		797		920		1,023
2020									63		239		385		533		630		720
2021											54		244		361		474		610
2022													60		195		310		404
2023															38		200		335
2024																	63		222
2025																			62
Total																			$	7,339

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	1,027
Accident Years 2016- from tables above	7,261
All Accident Years	$	8,288

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	7
Accident Years 2016- from tables above	139
All Accident Years	146
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance, All Accident Years	70
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance, All Accident Years	$	216

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	1,645	$	1,740	$	1,762	$	1,737	$	1,733	$	1,727	$	1,663	$	1,659	$	1,651	$	1,629	$	17	57,394
2017			1,671		1,674		1,648		1,654		1,639		1,605		1,603		1,604		1,601		(2)		53,611
2018					1,678		1,605		1,580		1,567		1,514		1,514		1,500		1,491		7		44,446
2019							1,172		1,133		1,132		1,122		1,126		1,130		1,112		54		34,054
2020									1,324		1,264		1,224		1,247		1,242		1,224		(2)		26,576
2021											1,048		1,011		962		987		972		69		23,384
2022													1,150		1,308		1,282		1,288		272		25,559
2023															1,090		1,086		1,060		135		24,666
2024																	1,177		1,260		189		24,338
2025																			1,334		585		17,987
Total																			$	12,971

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	472	$	1,154	$	1,412	$	1,550	$	1,596	$	1,625	$	1,643	$	1,618	$	1,621	$	1,616
2017			363		968		1,255		1,399		1,458		1,497		1,512		1,518		1,529
2018					326		1,008		1,199		1,331		1,347		1,382		1,407		1,424
2019							273		672		846		935		981		1,013		1,007
2020									254		683		836		934		1,048		1,131
2021											194		519		711		779		809
2022													198		684		1,145		1,866
2023															161		537		744
2024																	206		554
2025																			205
Total																			$	10,885

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	90
Accident Years 2016- from tables above	2,086
All Accident Years	$	2,176

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	(9)
Accident Years 2016- from tables above	(22)
All Accident Years	(31)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance, All Accident Years	17
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance, All Accident Years	$	(14)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																				December 31, 2025
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2016	$	2,146	$	2,140	$	2,147	$	2,143	$	2,140	$	2,137	$	2,130	$	2,131	$	2,127	$	2,128	$	2	1,794,526
2017			2,064		2,041		2,027		2,022		2,039		2,022		2,032		2,028		2,032		5		1,719,905
2018					2,423		2,329		2,323		2,295		2,317		2,317		2,306		2,305		(1)		1,918,168
2019							1,981		1,936		1,899		1,888		1,879		1,885		1,884		2		1,677,776
2020									1,815		1,683		1,627		1,613		1,603		1,603		2		1,394,864
2021											1,687		1,638		1,613		1,611		1,612		11		1,396,679
2022													1,788		1,809		1,747		1,742		19		2,079,335
2023															1,607		1,578		1,566		36		1,456,046
2024																	1,514		1,511		41		1,422,120
2025																			1,445		217		1,221,216
Total																			$	17,828

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
2016	$	1,175	$	1,760	$	1,935	$	2,021	$	2,066	$	2,091	$	2,106	$	2,111	$	2,116	$	2,117
2017			1,153		1,718		1,871		1,939		1,974		1,995		1,993		2,003		2,010
2018					1,448		1,946		2,099		2,178		2,219		2,267		2,286		2,293
2019							1,156		1,628		1,746		1,806		1,828		1,849		1,864
2020									969		1,396		1,496		1,533		1,560		1,576
2021											952		1,352		1,457		1,518		1,543
2022													1,038		1,485		1,600		1,654
2023															906		1,329		1,437
2024																	872		1,278
2025																			860
Total																			$	16,632

Liabilities for Loss and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	44
Accident Years 2016- from tables above	1,196
All Accident Years	$	1,240

(Favorable) Adverse Prior Year Development for Loss and Allocated Loss Adjustment Expenses,

Undiscounted and Net of Reinsurance

(in millions)	Year Ended December 31, 2025
Accident Years prior to 2016	$	—
Accident Years 2016- from tables above	(16)
All Accident Years	(16)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance, All Accident Years	53
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance, All Accident Years	$	37

Schedule of Claim Payout Patterns

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Workers' Compensation	11.0	%	17.0	%	10.5	%	7.7	%	4.8	%	3.6	%	2.6	%	1.1	%	1.1	%	0.8	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Excess Casualty	1.1	%	10.6	%	8.3	%	19.7	%	10.9	%	6.9	%	6.4	%	7.6	%	3.5	%	10.4	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Other Casualty	5.3	%	9.6	%	11.9	%	13.2	%	12.6	%	9.2	%	7.1	%	4.5	%	2.9	%	2.3	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Financial Lines	4.0	%	14.3	%	15.7	%	14.8	%	12.5	%	8.0	%	6.5	%	5.5	%	2.3	%	2.3	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Property and Special Risks	36.4	%	30.1	%	10.4	%	7.1	%	4.7	%	3.7	%	2.4	%	1.5	%	0.9	%	0.3	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Personal Insurance	57.4	%	24.5	%	4.9	%	1.8	%	2.6	%	1.0	%	0.7	%	0.7	%	0.2	%	0.1	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
UK/Europe Casualty and Financial Lines	5.3	%	13.4	%	10.9	%	10.3	%	9.0	%	9.1	%	5.7	%	5.7	%	3.3	%	3.2	%

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
UK/Europe Property and Special Risks	20.1	%	36.7	%	18.7	%	15.0	%	4.0	%	3.2	%	0.8	%	—	%	0.4	%	(0.3	%)

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
UK/Europe and Japan Personal Insurance	59.0	%	25.9	%	6.9	%	3.3	%	1.7	%	1.3	%	0.6	%	0.3	%	0.3	%	—	%

Schedule of Components of Loss Reserve Discount

The following table presents the components of the loss reserve discount discussed above:

(in millions)		December 31, 2025		December 31, 2024
U.S. workers' compensation	$	2,063	$	2,111
Retroactive reinsurance		(891)		(936)
Total reserve discount(a)(b)	$	1,172	$	1,175

(a)Excludes $166 million and $184 million of discount related to certain long-tail liabilities in the UK at December 31, 2025 and 2024, respectively.

(b)Includes gross discount of $693 million and $627 million, which was 100 percent ceded to Fortitude Re at December 31, 2025 and 2024, respectively.

Schedule of Loss Reserve Discount

The following table presents the net loss reserve discount benefit (charge):

	Years Ended December 31,
(in millions)		2025		2024		2023
Current accident year	$	120	$	128	$	112
Accretion and other adjustments to prior year discount		(168)		(303)		(264)
Effect of interest rate changes		—		(51)		(43)
Net reserve discount benefit (charge)		(48)		(226)		(195)
Change in discount on loss reserves ceded under retroactive reinsurance		45		168		150
Net change in total reserve discount*	$	(3)	$	(58)	$	(45)

*Excludes $(18) million, $(12) million and $61 million of discount related to certain long-tail liabilities in the UK for the years ended December 31, 2025, 2024 and 2023, respectively.