Claim and Claim Adjustment Expense Reserves (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Schedule of Reconciliation of Claim and Claim Adjustment Expense Reserves

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Three Months Ended March 31	2024		2023
(In millions)
Reserves, beginning of year:
Gross	$	23,304	$	22,120
Ceded	5,141		5,191
Net reserves, beginning of year	18,163		16,929
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	1,502		1,326
Increase (decrease) in provision for insured events of prior years	(6)		13
Amortization of discount	10		11
Total net incurred (a)	1,506		1,350
Net payments attributable to:
Current year events	(113)		(72)
Prior year events	(1,168)		(1,042)
Total net payments	(1,281)		(1,114)
Foreign currency translation adjustment and other	(41)		35
Net reserves, end of period	18,347		17,200
Ceded reserves, end of period	5,241		5,209
Gross reserves, end of period	$	23,588	$	22,409

(a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.

Schedule of Net Prior Year Loss Reserve Development in Property and Casualty Operations

The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations:

Three Months Ended March 31	2024		2023
(In millions)
Medical professional liability			$	9
Surety	$	(18)
Warranty	13		(9)
Workers’ compensation	(2)		(2)
Other property and casualty operations			15
Total pretax (favorable) unfavorable development	$	(7)	$	13