Claim and Claim Adjustment Expense Reserves (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Summary of Net Liability for Unpaid Claim and Claim Adjustment Expenses

The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets.

December 31	2025
(In millions)
Net liability for unpaid claim and claim adjustment expenses:
Property & Casualty Operations	$	19,725
Other Insurance Operations (a)	892
Total net claim and claim adjustment expenses	20,617
Reinsurance receivables: (b)
Property & Casualty Operations	3,684
Other Insurance Operations (c)	2,298
Total reinsurance receivables	5,982
Total gross liability for unpaid claims and claims adjustment expenses	$	26,599

(a) Other Insurance Operations amounts are related to unfunded structured settlements arising from short duration contracts.

(b) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses.

(c) The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the A&EP loss portfolio transfer (“LPT”).

Summary 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.

Year Ended December 31	2025		2024		2023
(In millions)
Reserves, beginning of year:
Gross	$	24,976	$	23,304	$	22,120
Ceded	5,713		5,141		5,191
Net reserves, beginning of year	19,263		18,163		16,929
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	6,724		6,330		5,667
Increase (decrease) in provision for insured events of prior years	189		42		48
Amortization of discount	39		39		44
Total net incurred (a)	6,952		6,411		5,759
Net payments attributable to:
Current year events	(1,089)		(1,093)		(922)
Prior year events	(4,685)		(4,096)		(3,679)
Total net payments	(5,774)		(5,189)		(4,601)
Foreign currency translation adjustment and other	176		(122)		76
Net reserves, end of year	20,617		19,263		18,163
Ceded reserves, end of year	5,982		5,713		5,141
Gross reserves, end of year	$	26,599	$	24,976	$	23,304

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

Summary of Gross and Net Carried Reserves

The following tables present the gross and net carried reserves:

December 31, 2025	Property and Casualty Operations		Other Insurance Operations		Total
(In millions)
Gross Case Reserves	$	7,311	$	1,752	$	9,063
Gross IBNR Reserves	16,098		1,438		17,536
Total Gross Carried Claim and Claim Adjustment Expense Reserves	$	23,409	$	3,190	$	26,599
Net Case Reserves	$	6,189	$	625	$	6,814
Net IBNR Reserves	13,536		267		13,803
Total Net Carried Claim and Claim Adjustment Expense Reserves	$	19,725	$	892	$	20,617
December 31, 2024
Gross Case Reserves	$	6,589	$	1,813	$	8,402
Gross IBNR Reserves	15,093		1,481		16,574
Total Gross Carried Claim and Claim Adjustment Expense Reserves	$	21,682	$	3,294	$	24,976
Net Case Reserves	$	5,573	$	634	$	6,207
Net IBNR Reserves	12,761		295		13,056
Total Net Carried Claim and Claim Adjustment Expense Reserves	$	18,334	$	929	$	19,263

Summary 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 and Other Insurance Operations:

Year Ended December 31	2025		2024		2023
(In millions)
Medical professional liability			$	(8)	$	5
Other professional liability and management liability	$	69	49		37
Surety	(50)		(68)		(43)
Warranty	10		20		(11)
Commercial auto	74		107		33
General liability	114		75		149
Workers’ compensation	(135)		(202)		(203)
Other property and casualty operations	(31)		(4)		10
Total property & casualty operations	51		(31)		(23)
Other insurance operations	134		79		71
Total pretax unfavorable development	$	185	$	48	$	48

Summary of Net Liability for Unpaid Claims and Claims Adjustment Expenses by Line of Business

The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property & Casualty Operations:

December 31	2025
(In millions)
Medical professional liability	$	1,468
Other professional liability and management liability	4,073
Surety	521
Warranty	58
Commercial auto	1,573
General liability	4,837
Workers’ compensation	3,482
Other property and casualty operations	3,713
Total net liability for unpaid claim and claim adjustment expenses	$	19,725

Summary of Incurred Claims Development

Medical Professional Liability

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2025
December 31	2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024 (a)		2025		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016	$	427	$	487	$	485	$	499	$	508	$	510	$	508	$	514	$	513	$	509	$	12	16,205
2017			412		449		458		460		455		460		456		463		458		11		15,400
2018					404		429		431		448		470		495		499		507		34		15,358
2019							430		445		458		471		469		481		478		17		14,572
2020									477		476		455		447		419		400		57		11,381
2021											377		376		374		349		318		57		10,085
2022													329		329		333		323		87		10,353
2023															340		350		382		129		11,129
2024																	343		376		199		11,002
2025																			390		317		9,107
																	Total		$	4,141	$	920
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016	$	18	$	121	$	246	$	339	$	401	$	436	$	460	$	483	$	489	$	491
2017			19		107		235		308		355		388		417		427		438
2018					21		115		211		290		349		418		453		463
2019							17		91		183		280		349		395		425
2020									11		61		139		201		258		303
2021											11		49		118		170		223
2022													10		57		122		171
2023															14		86		160
2024																	13		82
2025																			15
																	Total		$	2,771
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,370
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																			47
Liability for unallocated claim adjustment expenses for accident years presented																			51
Total net liability for unpaid claim and claim adjustment expenses																			$	1,468
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																					Total
Accident Year
2016			$	60	$	(2)	$	14	$	9	$	2	$	(2)	$	6	$	(1)	$	(4)	$	82
2017					37		9		2		(5)		5		(4)		7		(5)		46
2018							25		2		17		22		25		4		8		103
2019									15		13		13		(2)		12		(3)		48
2020											(1)		(21)		(8)		(28)		(19)		(77)
2021													(1)		(2)		(25)		(31)		(59)
2022															—		4		(10)		(6)
2023																	10		32		42
2024																			33		33
Total net development for the accident years presented above															15		(17)		1
Total net development for accident years prior to 2016															(10)		9		1
Total unallocated claim adjustment expense development															—		—		(2)
Total															$	5	$	(8)	$	—

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

Other Professional Liability and Management Liability

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2025
December 31	2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024 (a)		2025		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016	$	901	$	900	$	900	$	904	$	907	$	891	$	888	$	906	$	912	$	910	$	28	17,993
2017			847		845		813		791		775		758		746		752		744		25		18,223
2018					850		864		869		906		923		941		987		1,003		44		20,083
2019							837		845		856		876		939		970		984		79		19,577
2020									930		944		951		945		945		936		106		19,558
2021											1,037		1,038		1,009		965		956		190		18,444
2022													1,120		1,112		1,084		1,049		265		18,534
2023															1,149		1,166		1,239		365		19,902
2024																	1,150		1,200		609		20,579
2025																			1,208		978		19,311
																	Total		$	10,229	$	2,689
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016	$	64	$	248	$	466	$	625	$	701	$	736	$	784	$	826	$	856	$	862
2017			57		222		394		498		557		596		630		672		699
2018					54		282		473		599		706		779		847		886
2019							64		263		422		567		699		801		864
2020									67		248		400		523		660		751
2021											58		217		356		502		634
2022													64		225		453		638
2023															64		302		594
2024																	77		315
2025																			81
																	Total		$	6,324
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	3,905
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																			101
Liability for unallocated claim adjustment expenses for accident years presented																			67
Total net liability for unpaid claim and claim adjustment expenses																			$	4,073
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																					Total
Accident Year
2016			$	(1)	$	—	$	4	$	3	$	(16)	$	(3)	$	18	$	6	$	(2)	$	9
2017					(2)		(32)		(22)		(16)		(17)		(12)		6		(8)		(103)
2018							14		5		37		17		18		46		16		153
2019									8		11		20		63		31		14		147
2020											14		7		(6)		—		(9)		6
2021													1		(29)		(44)		(9)		(81)
2022															(8)		(28)		(35)		(71)
2023																	17		73		90
2024																			50		50
Total net development for the accident years presented above															44		34		90
Total net development for accident years prior to 2016															(7)		10		(18)
Total unallocated claim adjustment expense development															—		5		(3)
Total															$	37	$	49	$	69

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

Surety

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2025
December 31	2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024 (a)		2025		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016	$	124	$	124	$	109	$	84	$	67	$	64	$	58	$	43	$	43	$	43	$	3	5,590
2017			120		115		103		84		71		66		67		67		66		3		5,928
2018					114		108		91		62		56		51		49		58		2		6,322
2019							119		112		98		87		82		82		81		6		6,286
2020									128		119		81		67		57		67		6		4,918
2021											137		129		110		91		74		12		5,003
2022													155		158		132		118		53		5,131
2023															175		169		147		92		4,889
2024																	171		167		124		4,397
2025																			163		155		3,143
																	Total		$	984	$	456
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016	$	5	$	37	$	45	$	45	$	43	$	43	$	41	$	40	$	40	$	40
2017			23		37		41		46		49		62		62		63		63
2018					5		25		34		39		40		41		41		46
2019							12		34		44		59		70		74		75
2020									4		20		28		33		44		57
2021											5		20		35		42		59
2022													12		35		52		59
2023															8		27		52
2024																	20		37
2025																			4
																	Total		$	492
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	492
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																			13
Liability for unallocated claim adjustment expenses for accident years presented																			16
Total net liability for unpaid claim and claim adjustment expenses																			$	521
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																					Total
Accident Year
2016			$	—	$	(15)	$	(25)	$	(17)	$	(3)	$	(6)	$	(15)	$	—	$	—	$	(81)
2017					(5)		(12)		(19)		(13)		(5)		1		—		(1)		(54)
2018							(6)		(17)		(29)		(6)		(5)		(2)		9		(56)
2019									(7)		(14)		(11)		(5)		—		(1)		(38)
2020											(9)		(38)		(14)		(10)		10		(61)
2021													(8)		(19)		(19)		(17)		(63)
2022															3		(26)		(14)		(37)
2023																	(6)		(22)		(28)
2024																			(4)		(4)
Total net development for the accident years presented above															(54)		(63)		(40)
Total net development for accident years prior to 2016															11		(5)		(7)
Total unallocated claim adjustment expense development															—		—		(3)
Total															$	(43)	$	(68)	$	(50)

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

Commercial Auto

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2025
December 31	2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024 (a)		2025		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016	$	198	$	186	$	186	$	186	$	190	$	195	$	200	$	197	$	195	$	194	$	—	30,459
2017			199		198		200		221		232		239		241		241		237		—		30,948
2018					229		227		227		245		254		255		260		259		1		34,333
2019							257		266		289		323		325		327		323		—		37,281
2020									310		303		304		298		303		299		7		29,192
2021											397		388		390		393		377		16		33,063
2022													437		465		496		506		55		37,327
2023															554		620		635		120		42,921
2024																	726		799		270		49,670
2025																			886		616		41,075
																	Total		$	4,515	$	1,085
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016	$	52	$	93	$	126	$	154	$	175	$	185	$	190	$	192	$	193	$	193
2017			58		107		150		178		203		225		232		235		237
2018					66		128		175		212		238		249		256		257
2019							77		147		203		257		295		312		319
2020									71		134		197		246		276		287
2021											83		168		240		305		347
2022													112		236		334		411
2023															127		270		414
2024																	153		345
2025																			163
																	Total		$	2,973
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,542
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																			5
Liability for unallocated claim adjustment expenses for accident years presented																			26
Total net liability for unpaid claim and claim adjustment expenses																			$	1,573
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																					Total
Accident Year
2016			$	(12)	$	—	$	—	$	4	$	5	$	5	$	(3)	$	(2)	$	(1)	$	(4)
2017					(1)		2		21		11		7		2		—		(4)		38
2018							(2)		—		18		9		1		5		(1)		30
2019									9		23		34		2		2		(4)		66
2020											(7)		1		(6)		5		(4)		(11)
2021													(9)		2		3		(16)		(20)
2022															28		31		10		69
2023																	66		15		81
2024																			73		73
Total net development for the accident years presented above															26		110		68
Total net development for accident years prior to 2016															4		(3)		3
Total unallocated claim adjustment expense development															3		—		3
Total															$	33	$	107	$	74

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

General Liability

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2025
December 31	2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024 (a)		2025		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016	$	623	$	659	$	667	$	671	$	673	$	683	$	684	$	704	$	712	$	723	$	23	24,982
2017			632		632		632		634		630		652		690		713		749		15		22,611
2018					653		644		646		639		650		679		665		663		63		20,631
2019							680		682		682		691		720		727		747		98		20,091
2020									723		722		726		736		702		662		139		15,152
2021											782		784		793		814		833		189		16,349
2022													929		928		930		952		316		18,494
2023															1,071		1,106		1,146		516		18,905
2024																	1,271		1,295		833		20,250
2025																			1,381		1,218		15,771
																	Total		$	9,151	$	3,410
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016	$	32	$	163	$	279	$	407	$	481	$	524	$	582	$	620	$	652	$	681
2017			23		118		250		399		471		553		606		657		705
2018					33		107		228		307		428		491		546		573
2019							25		98		181		322		455		532		607
2020									23		99		192		280		367		450
2021											26		140		262		391		542
2022													29		123		260		439
2023															33		153		356
2024																	34		180
2025																			43
																	Total		$	4,576
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	4,575
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																			179
Liability for unallocated claim adjustment expenses for accident years presented																			83
Total net liability for unpaid claim and claim adjustment expenses																			$	4,837

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																			Total
Accident Year
2016	$	36	$	8	$	4	$	2	$	10	$	1	$	20	$	8	$	11	$	100
2017			—		—		2		(4)		22		38		23		36		117
2018					(9)		2		(7)		11		29		(14)		(2)		10
2019							2		—		9		29		7		20		67
2020									(1)		4		10		(34)		(40)		(61)
2021											2		9		21		19		51
2022													(1)		2		22		23
2023															35		40		75
2024																	24		24
Total net development for the accident years presented above													134		48		130
Total net development for accident years prior to 2016													15		27		(30)
Total unallocated claim adjustment expense development													—		—		14
Total													$	149	$	75	$	114

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

Workers’ Compensation

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2025
December 31	2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024 (a)		2025		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016	$	426	$	405	$	396	$	382	$	366	$	355	$	331	$	308	$	293	$	287	$	40	32,007
2017			440		432		421		400		402		399		398		383		364		44		33,164
2018					450		440		428		415		415		404		399		393		57		34,930
2019							452		449		437		436		419		416		410		57		34,398
2020									477		466		446		414		393		363		74		29,506
2021											468		454		432		421		412		97		30,150
2022													497		489		478		467		108		33,488
2023															555		551		541		161		37,037
2024																	574		586		196		38,866
2025																			646		348		36,112
																	Total		$	4,469	$	1,182

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016	$	53	$	129	$	169	$	198	$	219	$	227	$	234	$	235	$	238	$	238
2017			63		151		207		243		265		279		287		293		295
2018					68		163		229		259		280		298		307		313
2019							71		169		223		262		291		310		320
2020									65		147		200		228		246		257
2021											67		164		222		256		273
2022													79		192		258		299
2023															87		209		286
2024																	111		264
2025																			127
																	Total		$	2,672
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,797
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																			1,648
Other (b)																			(23)
Liability for unallocated claim adjustment expenses for accident years presented																			60
Total net liability for unpaid claim and claim adjustment expenses																			$	3,482

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																			Total
Accident Year
2016	$	(21)	$	(9)	$	(14)	$	(16)	$	(11)	$	(24)	$	(23)	$	(15)	$	(6)	$	(139)
2017			(8)		(11)		(21)		2		(3)		(1)		(15)		(19)		(76)
2018					(10)		(12)		(13)		—		(11)		(5)		(6)		(57)
2019							(3)		(12)		(1)		(17)		(3)		(6)		(42)
2020									(11)		(20)		(32)		(21)		(30)		(114)
2021											(14)		(22)		(11)		(9)		(56)
2022													(8)		(11)		(11)		(30)
2023															(4)		(10)		(14)
2024																	12		12
Total net development for the accident years presented above													(114)		(85)		(85)
Adjustment for development on a discounted basis													(2)		(2)		2
Total net development for accident years prior to 2016													(93)		(115)		(52)
Total unallocated claim adjustment expense development													6		—		—
Total													$	(203)	$	(202)	$	(135)

(a)	Data presented for these calendar years is required supplemental information, which is unaudited.
(b)	Other includes the effect of discounting lifetime claim reserves.

Summary of Supplementary Information about Average Historical Claims Duration

The table below presents information about average historical claims duration as of December 31, 2025 and is presented as required supplementary information, which is unaudited.

Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year:
	1		2		3		4		5		6		7		8		9		10
Medical professional liability	3.6	%	16.6	%	21.4	%	16.7	%	13.2	%	9.7	%	6.1	%	2.9	%	1.8	%	0.4	%
Other professional liability and management liability	6.4		19.5		19.8		15.0		11.5		7.3		5.8		4.7		3.5		0.7
Surety (a)	15.2		36.2		12.9		8.4		6.3		9.2		(0.9)		2.6		—		—
Commercial auto	22.6		22.5		19.1		15.2		10.7		5.5		2.6		0.9		0.7		—
General liability	3.4		12.1		15.5		16.6		14.5		9.8		8.4		5.4		5.4		4.0
Workers’ compensation	17.6		24.2		14.5		8.8		5.8		3.8		2.3		1.2		0.8		—

(a)Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables.

Summary of Impact of Loss Portfolio Transfer

The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations.

Year Ended December 31	2025		2024		2023
(In millions)
Additional amounts ceded under LPT	$	185	$	103	$	86
Retroactive reinsurance benefit recognized	(140)		(95)		(94)
Pretax impact of deferred retroactive reinsurance	$	45	$	8	$	(8)