v3.25.4
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)202520242023
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 year40,142 40,104 43,065 
Losses and loss adjustment expenses incurred:
Current year14,440 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 incurred14,162 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 effect1,233 (996)606 
Losses and loss adjustment expenses recognized within gain on divestitures58 — 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 changes1,367 (986)(2,191)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses41,795 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 Casualty3,1532,9616,114
U.S. Other Casualty4,6513,1707,821
U.S. Financial Lines5,2701,5166,786
U.S. Property and Special Risks4,1429905,132
U.S. Personal Insurance7051,9862,691
UK/Europe Casualty and Financial lines8,2882,37610,664
UK/Europe Property and Special Risks2,1762,2144,390
UK/Europe and Japan Personal Insurance1,2407331,973
Total$33,070$20,579$53,649
Reconciling Items
Discount on workers' compensation lines(2,063)
Other product lines*16,351
Unallocated loss adjustment expenses2,729
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 Casualty303 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 lines216 216 — — 216 
UK/Europe Property and Special Risks(18)(14)(5)— (19)
UK/Europe and Japan Personal Insurance38 37 — — 37 
Other product lines(469)(448)(33)(7)(488)
Subtotal, adjusted pre-tax basis$(322)$(424)$— $(124)$(548)
Businesses in run-off106 (3)— — (3)
Subtotal$(216)$(427)$— $(124)$(551)
Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception124 
Prior year development ceded under the Asbestos LPT109 
Prior year development ceded under the ADC102 
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 Year2016201720182019202020212022202320242025Total 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 
2017789 850 776 763 731 712 705 673 664 158 28,371 
2018998 1,021 961 911 896 875 786 769 167 22,736 
2019887 873 812 801 788 730 684 141 17,596 
2020597 573 521 477 434 421 86 14,305 
2021597 570 545 514 533 197 11,490 
2022523 493 464 496 202 10,079 
2023500 465 476 222 9,332 
2024567 540 280 7,683 
2025535 484 5,476 
Total$6,075 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$147 $378 $521 $584 $630 $662 $686 $694 $708 $715 
201793 224 294 333 367 389 395 402 407 
201885 215 296 359 388 409 448 459 
201993 219 301 347 389 417 431 
202064 159 205 245 259 279 
202160 128 171 211 241 
202245 102 143 189 
202338 103 144 
202435 104 
202535 
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 above3,071 
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 Year2016201720182019202020212022202320242025Total 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 
2017856 1,002 1,097 1,153 1,157 1,200 1,182 1,228 1,270 257 2,358 
2018648 646 721 769 769 779 779 762 110 1,764 
2019577 583 597 612 600 604 584 225 1,588 
2020406 413 410 420 404 395 166 1,570 
2021278 277 274 358 383 113 1,196 
2022305 305 333 369 104 824 
2023345 348 373 179 740 
2024315 315 214 446 
2025459 451 185 
Total$6,215 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$28 $80 $204 $388 $502 $566 $670 $798 $851 $986 
20171 45 156 505 585 676 781 860 898 
20181 125 227 315 414 494 527 579 
20197 43 79 157 216 253 282 
20204 15 33 128 188 209 
20214 43 62 161 207 
202214 51 96 177 
20231 89 115 
2024— 59 
20255 
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 above2,698 
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 above70 
All Accident Years68 
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years14 
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 Year2016201720182019202020212022202320242025Total 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 
2017602 629 738 674 668 643 654 662 654 21 21,436 
2018802 845 837 870 824 810 841 852 115 17,192 
20191,059 1,058 1,053 1,062 1,039 1,024 1,009 432 21,479 
2020524 576 538 540 519 499 166 11,792 
2021795 793 790 818 845 461 11,552 
2022793 819 827 861 495 14,193 
2023933 955 983 698 14,983 
2024840 871 709 11,999 
2025876 734 7,487 
Total$8,691 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$77 $298 $489 $703 $846 $938 $1,018 $1,074 $1,144 $1,173 
201751 111 216 314 455 527 592 613 615 
201843 122 227 360 470 565 636 685 
201953 138 226 321 410 474 510 
202026 73 139 198 252 301 
202132 87 169 265 351 
202238 112 195 299 
202336 102 205 
202437 128 
202562 
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 above4,362 
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 above65 
All Accident Years3 
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years19 
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 Year2016201720182019202020212022202320242025Total 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 
20171,564 1,675 1,756 1,846 1,898 1,987 1,957 1,969 1,966 108 15,293 
20181,640 1,766 1,882 2,063 2,225 2,322 2,282 2,260 291 14,867 
20191,503 1,536 1,627 1,926 1,912 1,945 1,961 266 13,406 
20201,213 1,252 1,408 1,457 1,470 1,480 162 10,495 
20211,430 1,408 1,388 1,316 1,244 514 7,280 
20221,130 1,108 1,105 1,057 695 5,985 
20231,043 1,041 1,075 574 7,100 
2024942 955 636 7,791 
2025999 927 8,079 
Total$15,342 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$73 $499 $1,002 $1,358 $1,659 $1,826 $1,903 $2,039 $2,115 $2,169 
201764 391 761 1,118 1,396 1,515 1,653 1,777 1,805 
201886 486 835 1,126 1,415 1,601 1,776 1,879 
201994 367 642 953 1,204 1,423 1,575 
202084 356 648 915 1,063 1,171 
202143 151 315 468 628 
202230 109 177 293 
202346 150 324 
202444 216 
202540 
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 above5,242 
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 Year2016201720182019202020212022202320242025Total 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 
20174,569 4,239 4,127 4,153 4,173 4,212 4,175 4,187 4,178 6 79,982 
20182,978 2,993 2,992 3,229 3,201 3,210 3,204 3,203 10 70,274 
20192,177 2,146 2,211 2,222 2,177 2,198 2,215 24 79,150 
20203,391 3,320 3,280 3,238 3,269 3,289 464 69,329 
20212,339 2,213 2,160 2,190 2,180 92 82,535 
20223,171 3,281 3,240 3,234 249 87,066 
20232,528 2,440 2,367 326 100,257 
20241,844 1,714 426 31,463 
20252,097 739 22,479 
Total$27,208 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$821 $1,747 $2,076 $2,296 $2,464 $2,539 $2,616 $2,647 $2,679 $2,688 
20171,137 2,625 3,281 3,638 3,897 3,999 4,055 4,129 4,151 
2018977 2,162 2,509 2,715 2,863 2,994 3,094 3,144 
20191,039 1,673 1,906 2,037 2,083 2,124 2,176 
2020844 1,613 1,874 2,190 2,414 2,657 
2021878 1,743 1,983 2,004 2,061 
20221,208 2,207 2,437 2,769 
20231,173 1,692 1,878 
2024667 1,012 
2025784 
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 above3,888 
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$34 
Accident Years 2016-2025 from tables above(188)
All Accident Years(154)
Prior Year Development for Unallocated Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years4 
Prior Year Development for Loss and Loss Adjustment Expense, Undiscounted and Net of Reinsurance including ADC, All Accident Years$(150)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2025
Accident Year2016201720182019202020212022202320242025Total 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 
20171,878 2,137 2,011 2,057 1,924 1,916 1,896 1,899 1,898 12 220,439 
20182,188 2,193 2,154 1,937 1,936 1,920 1,927 1,924 24 102,585 
20191,593 1,664 1,646 1,596 1,578 1,569 1,565 45 94,184 
2020954 906 913 894 890 888 37 56,199 
2021748 765 762 752 747 53 57,895 
2022517 529 525 523 51 56,476 
2023677 668 688 53 50,195 
2024604 594 67 41,541 
2025429 216 23,548 
Total$10,796 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$857 $1,344 $1,422 $1,460 $1,501 $1,512 $1,518 $1,521 $1,521 $1,522 
2017941 1,672 1,896 1,789 1,826 1,852 1,861 1,878 1,884 
20181,227 1,939 1,973 1,789 1,832 1,849 1,881 1,900 
2019884 1,295 1,379 1,416 1,491 1,516 1,517 
2020667 679 725 824 846 850 
2021488 650 658 662 676 
2022372 401 406 464 
2023400 522 579 
2024273 516 
2025142 
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 above746 
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 Year2016201720182019202020212022202320242025Total 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 
20171,423 1,349 1,310 1,418 1,449 1,434 1,473 1,520 1,533 162 150,034 
20181,413 1,465 1,569 1,600 1,696 1,742 1,831 1,849 263 151,989 
20191,297 1,554 1,404 1,420 1,407 1,417 1,480 243 143,228 
20201,319 1,338 1,278 1,266 1,215 1,180 252 86,594 
20211,443 1,404 1,398 1,357 1,304 458 78,019 
20221,370 1,320 1,279 1,293 621 75,486 
20231,361 1,337 1,364 741 71,761 
20241,389 1,428 919 73,433 
20251,350 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 Year2016201720182019202020212022202320242025
Unaudited
2016$125 $399 $616 $812 $975 $1,108 $1,221 $1,316 $1,359 $1,418 
2017102 295 471 631 789 938 1,007 1,115 1,180 
2018120 392 599 778 944 1,179 1,275 1,365 
2019103 325 504 691 797 920 1,023 
202063 239 385 533 630 720 
202154 244 361 474 610 
202260 195 310 404 
202338 200 335 
202463 222 
202562 
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 above7,261 
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 above139 
All Accident Years146 
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 Year2016201720182019202020212022202320242025Total 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 
20171,671 1,674 1,648 1,654 1,639 1,605 1,603 1,604 1,601 (2)53,611 
20181,678 1,605 1,580 1,567 1,514 1,514 1,500 1,491 7 44,446 
20191,172 1,133 1,132 1,122 1,126 1,130 1,112 54 34,054 
20201,324 1,264 1,224 1,247 1,242 1,224 (2)26,576 
20211,048 1,011 962 987 972 69 23,384 
20221,150 1,308 1,282 1,288 272 25,559 
20231,090 1,086 1,060 135 24,666 
20241,177 1,260 189 24,338 
20251,334 585 17,987 
Total$12,971 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$472 $1,154 $1,412 $1,550 $1,596 $1,625 $1,643 $1,618 $1,621 $1,616 
2017363 968 1,255 1,399 1,458 1,497 1,512 1,518 1,529 
2018326 1,008 1,199 1,331 1,347 1,382 1,407 1,424 
2019273 672 846 935 981 1,013 1,007 
2020254 683 836 934 1,048 1,131 
2021194 519 711 779 809 
2022198 684 1,145 1,866 
2023161 537 744 
2024206 554 
2025205 
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 above2,086 
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 Year2016201720182019202020212022202320242025Total 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 
20172,064 2,041 2,027 2,022 2,039 2,022 2,032 2,028 2,032 5 1,719,905 
20182,423 2,329 2,323 2,295 2,317 2,317 2,306 2,305 (1)1,918,168 
20191,981 1,936 1,899 1,888 1,879 1,885 1,884 2 1,677,776 
20201,815 1,683 1,627 1,613 1,603 1,603 2 1,394,864 
20211,687 1,638 1,613 1,611 1,612 11 1,396,679 
20221,788 1,809 1,747 1,742 19 2,079,335 
20231,607 1,578 1,566 36 1,456,046 
20241,514 1,511 41 1,422,120 
20251,445 217 1,221,216 
Total$17,828 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Accident Year2016201720182019202020212022202320242025
Unaudited
2016$1,175 $1,760 $1,935 $2,021 $2,066 $2,091 $2,106 $2,111 $2,116 $2,117 
20171,153 1,718 1,871 1,939 1,974 1,995 1,993 2,003 2,010 
20181,448 1,946 2,099 2,178 2,219 2,267 2,286 2,293 
20191,156 1,628 1,746 1,806 1,828 1,849 1,864 
2020969 1,396 1,496 1,533 1,560 1,576 
2021952 1,352 1,457 1,518 1,543 
20221,038 1,485 1,600 1,654 
2023906 1,329 1,437 
2024872 1,278 
2025860 
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 above1,196 
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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Workers' Compensation11.0%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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Excess Casualty1.1%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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Other Casualty5.3%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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Financial Lines4.0%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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Property and Special Risks36.4%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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Personal Insurance57.4%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)
Year1 2 3 4 5 6 7 8 9 10 
UK/Europe Casualty and Financial Lines5.3%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)
Year1 2 3 4 5 6 7 8 9 10 
UK/Europe Property and Special Risks20.1%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)
Year1 2 3 4 5 6 7 8 9 10 
UK/Europe and Japan Personal Insurance59.0%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, 2025December 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)202520242023
Current accident year$120 $128 $112 
Accretion and other adjustments to prior year discount(168)(303)(264)
Effect of interest rate changes— (51)(43)
Net reserve discount benefit (charge)(48)(226)(195)
Change in discount on loss reserves ceded under retroactive reinsurance45 168 150 
Net change in total reserve discount*$(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.