v3.26.1
Unpaid losses and loss adjustment expenses (Tables)
3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in unpaid losses and loss adjustment expenses (“LAE”) liabilities (“claim liabilities”), excluding liabilities under retroactive reinsurance contracts (see Note 14), follow (in millions).

 

2026

 

 

2025

 

Balance at the beginning of the year:

 

 

 

 

 

Gross liabilities

$

120,713

 

 

$

115,151

 

Reinsurance recoverable on unpaid losses

 

(4,456

)

 

 

(4,593

)

Net liabilities

 

116,257

 

 

 

110,558

 

Losses and LAE incurred:

 

 

 

 

 

Current accident year

 

14,452

 

 

 

14,638

 

Prior accident years

 

(499

)

 

 

(163

)

Total

 

13,953

 

 

 

14,475

 

Losses and LAE paid:

 

 

 

 

 

Current accident year

 

(3,673

)

 

 

(3,788

)

Prior accident years

 

(9,271

)

 

 

(9,105

)

Total

 

(12,944

)

 

 

(12,893

)

Foreign currency effect

 

11

 

 

 

198

 

Balance at March 31:

 

 

 

 

 

Net liabilities

 

117,277

 

 

 

112,338

 

Reinsurance recoverable on unpaid losses

 

4,284

 

 

 

4,785

 

Gross liabilities

$

121,561

 

 

$

117,123