v3.24.2
Allowance for Expected Credit Losses
 6 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
Allowance for Expected Credit Losses ALLOWANCE FOR EXPECTED CREDIT LOSSES
Premiums Receivable
The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, at June 30, 2024 and 2023, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023.
At and For the Three Months Ended June 30, 2024At and For the Three Months Ended June 30, 2023
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$10,829 $68 $9,483 $77 
Current period change for expected credit losses13 7 
Write-offs of uncollectible premiums receivable12 12 
Balance, end of period$11,491 $69 $10,327 $72 
At and For the Six Months Ended June 30, 2024At and For the Six Months Ended June 30, 2023
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$10,282 $69 $8,922 $77 
Current period change for expected credit losses25 17 
Write-offs of uncollectible premiums receivable25 22 
Balance, end of period$11,491 $69 $10,327 $72 
Reinsurance Recoverables
The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at June 30, 2024 and 2023, and the changes in the allowance for estimated uncollectible reinsurance for the three and six months ended June 30, 2024 and 2023.
At and For the Three Months Ended June 30, 2024At and For the Three Months Ended June 30, 2023
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$8,100 $117 $8,091 $131 
Current period change for estimated uncollectible reinsurance— (10)
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$8,132 $117 $8,121 $121 
At and For the Six Months Ended June 30, 2024At and For the Six Months Ended June 30, 2023
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$8,143 $118 $8,063 $132 
Current period change for estimated uncollectible reinsurance(1)(11)
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$8,132 $117 $8,121 $121 
Of the total reinsurance recoverables at June 30, 2024, $5.78 billion, or 87%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance.  The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 13% of reinsurance recoverables comprised the following: 6% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 6% were balances from other companies not rated by A.M. Best Company.  Certain of the Company’s reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.
Contractholder Receivables
The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, at June 30, 2024 and 2023, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023.
At and For the Three Months Ended June 30, 2024At and For the Three Months Ended June 30, 2023
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,266 $19 $3,598 $19 
Current period change for expected credit losses(1)1 
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,274 $18 $3,449 $20 
At and For the Six Months Ended June 30, 2024At and For the Six Months Ended June 30, 2023
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,249 $20 $3,579 $17 
Current period change for expected credit losses(2)3 
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,274 $18 $3,449 $20