| Schedule of Underwriting Results for Segments |
The following tables present segment underwriting results for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | (Dollars in millions) | Reinsurance | | Insurance | | Other | | Total | | Gross written premiums | $ | 12,825 | | | $ | 4,790 | | | $ | 91 | | | $ | 17,706 | | | Net written premiums | 11,791 | | | 3,638 | | | 84 | | | 15,513 | | | | | | | | | | | Premiums earned | $ | 11,732 | | | $ | 3,718 | | | $ | 111 | | | $ | 15,560 | | | Incurred losses and LAE | 7,517 | | | 3,050 | | | 292 | | | 10,859 | | | Commission and brokerage | 2,952 | | | 488 | | | 21 | | | 3,461 | | | Other underwriting expenses | 291 | | | 721 | | | 17 | | | 1,029 | | | Underwriting gain (loss) | $ | 972 | | | $ | (541) | | | $ | (220) | | | $ | 211 | | | | | | | | | | | Net investment income | | | | | | | 2,124 | | | Net gains (losses) on investments | | | | | | | (143) | | | Corporate expenses | | | | | | | (109) | | | Interest, fee and bond issue cost amortization expense | | | | | | | (151) | | | Other income (expense) | | | | | | | (45) | | | Income (loss) before taxes | | | | | | | $ | 1,887 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | (Dollars in millions) | Reinsurance | | Insurance | | Other | | Total | | Gross written premiums | $ | 12,941 | | | $ | 5,078 | | | $ | 212 | | | $ | 18,232 | | | Net written premiums | 11,969 | | | 3,678 | | | 167 | | | 15,814 | | | | | | | | | | | Premiums earned | $ | 11,412 | | | $ | 3,579 | | | $ | 197 | | | $ | 15,187 | | | Incurred losses and LAE | 7,103 | | | 3,622 | | | 580 | | | 11,305 | | | Commission and brokerage | 2,837 | | | 439 | | | 24 | | | 3,300 | | | Other underwriting expenses | 290 | | | 615 | | | 33 | | | 938 | | | Underwriting gain (loss) | $ | 1,181 | | | $ | (1,097) | | | $ | (440) | | | $ | (356) | | | | | | | | | | | Net investment income | | | | | | | 1,954 | | | Net gains (losses) on investments | | | | | | | 19 | | | Corporate expenses | | | | | | | (95) | | | Interest, fee and bond issue cost amortization expense | | | | | | | (149) | | | Other income (expense) | | | | | | | 121 | | | Income (loss) before taxes | | | | | | | $ | 1,493 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | (Dollars in millions) | Reinsurance | | Insurance | | Other | | Total | | Gross written premiums | $ | 11,460 | | | $ | 4,888 | | | $ | 289 | | | $ | 16,637 | | | Net written premiums | 10,802 | | | 3,704 | | | 225 | | | 14,730 | | | | | | | | | | | Premiums earned | $ | 9,799 | | | $ | 3,420 | | | $ | 225 | | | $ | 13,443 | | | Incurred losses and LAE | 5,690 | | | 2,471 | | | 266 | | | 8,427 | | | Commission and brokerage | 2,520 | | | 410 | | | 22 | | | 2,952 | | | Other underwriting expenses | 254 | | | 556 | | | 35 | | | 846 | | | Underwriting gain (loss) | $ | 1,334 | | | $ | (18) | | | $ | (98) | | | $ | 1,219 | | | | | | | | | | | Net investment income | | | | | | | 1,434 | | | Net gains (losses) on investments | | | | | | | (276) | | | Corporate expenses | | | | | | | (73) | | | Interest, fee and bond issue cost amortization expense | | | | | | | (134) | | | Other income (expense) | | | | | | | (14) | | | Income (loss) before taxes | | | | | | | $ | 2,154 | |
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