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.
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