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Insurance Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Rollforward of Activity in Loss Reserves

The following table presents the rollforward of activity in loss reserves:


Years Ended December 31,
(in millions)		2023		2022		2021
Liability for unpaid loss and loss adjustment expenses, beginning of year	$	75,167	$	79,026	$	77,720
Reinsurance recoverable		(32,102)		(35,213)		(34,431)

Net Liability for unpaid loss and loss adjustment expenses, beginning of year		43,065		43,813		43,289
Losses and loss adjustment expenses incurred:
Current year		15,100		16,434		16,434
Prior years, excluding discount and amortization of deferred gain		(392)		(530)		(171)
Prior years, discount charge (benefit)		307		(605)		(131)
Prior years, amortization of deferred gain on retroactive reinsurance(a)		(81)		(252)		(190)
Total losses and loss adjustment expenses incurred		14,934		15,047		15,942
Losses and loss adjustment expenses paid:
Current year		(3,836)		(4,011)		(3,868)
Prior years		(11,868)		(11,066)		(11,503)
Total losses and loss adjustment expenses paid		(15,704)		(15,077)		(15,371)
Other changes:
Foreign exchange effect		606		(1,463)		(593)

Losses and loss adjustment expenses recognized within gain on divestitures		569		—		—
Retroactive reinsurance adjustment (net of discount)(b)		158		745		546
Dispositions(c)		(3,505)		—		—
Reclassified to held for sale, net of reinsurance recoverables		(19)		—		—
Total other changes		(2,191)		(718)		(47)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses		40,104		43,065		43,813
Reinsurance recoverable		30,289		32,102		35,213
Total	$	70,393	$	75,167	$	79,026

(a)Includes $33 million, $63 million and $53 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2023, 2022 and 2021, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $150 million, $(301) million and $(42) million for the years ended December 31, 2023, 2022 and 2021, respectively.

(c)Includes amounts related to the sale of Validus Re through the date of disposition.

Schedule of historical average annual percentage claims payout on an accident year basis

The following table presents the historical average annual percentage claims payout on an accident year basis at the same level of disaggregation as presented in the claims development table.


Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Workers' compensation	11.9	%	17.2	%	11.0	%	7.2	%	4.8	%	3.2	%	2.0	%	1.7	%	1.5	%	1.2	%
U.S. Excess casualty	1.2		8.5		9.2		18.1		10.5		7.9		7.4		6.6		2.7		1.9
U.S. Other casualty	5.8		11.3		14.2		14.4		13.7		9.4		6.7		4.0		2.8		0.5
U.S. Financial Lines	3.7		14.6		18.2		15.6		12.5		8.1		6.1		5.8		3.9		1.4
U.S. Property and Special Risks	35.2		32.2		11.8		8.1		4.9		3.1		1.8		1.3		1.5		2.3
U.S. Personal Insurance	61.6		23.8		5.2		0.8		2.4		0.9		0.5		0.3		0.3		0.3
UK/Europe Casualty and Financial Lines	5.6		14.3		12.2		11.3		9.3		10.3		6.1		4.9		3.7		2.1
UK/Europe Property and Special Risks	21.1		38.7		16.7		7.7		2.7		2.1		0.8		0.2		0.3		0.3
UK/Europe and Japan Personal Insurance	57.9		26.2		7.2		3.6		1.8		1.3		0.5		0.4		0.3		0.2

Schedule of Components of Loss Reserve Discount

The following table presents the components of the loss reserve discount discussed above:


(in millions)		December 31, 2023		December 31, 2022
U.S. workers' compensation	$	2,337	$	2,532
Retroactive reinsurance		(1,104)		(1,254)
Total reserve discount(a)(b)	$	1,233	$	1,278

(a)Excludes $196 million and $135 million of discount related to certain long-tail liabilities in the UK at December 31, 2023 and 2022, respectively.

(b)Includes gross discount of $687 million and $763 million, which was 100 percent ceded to Fortitude Re at December 31, 2023 and 2022, respectively.

Schedule of Loss Reserve Discount

The following table presents the net loss reserve discount benefit (charge):


Years Ended December 31,

(in millions)		2023		2022		2021
Current accident year	$	112	$	98	$	62
Accretion and other adjustments to prior year discount		(264)		(239)		(88)
Effect of interest rate changes		(43)		844		219
Net reserve discount benefit (charge)		(195)		703		193
Change in discount on loss reserves ceded under retroactive reinsurance		150		(301)		(42)
Net change in total reserve discount*	$	(45)	$	402	$	151

*Excludes $61 million, $19 million and $(35) million of discount related to certain long-tail liabilities in the UK for the years ended December 31, 2023, 2022 and 2021, respectively.

Liability for Future Policy Benefit, Activity

The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts(a):


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(b)		Total
(in millions)
Pre-adoption December 31, 2020 liability for future policy benefits balance	$	1,309	$	282	$	11,129	$	11,029	$	22,206	$	45,955
Adjustments for the reclassification to the deferred profit liability	(65)		(8)		—		(766)		(859)		(1,698)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums	(14)		2		15		4		55		62
Effect of the remeasurement of the liability at a current single A rate	156		63		2,977		1,655		7,611		12,462
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities	(64)		(60)		4		(292)		—		(412)
Post-adoption January 1, 2021 liability for future policy benefits balance	$	1,322	$	279	$	14,125	$	11,630	$	29,013	$	56,369

(a)Excludes future policy benefits for participating contracts, DPL, additional liabilities, Accident and Health, Group Benefits and Other Operations representing $11.0 billion of liability for future policy benefits. See transition tables below for DPL and additional liabilities.

(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets:


Year Ended December 31, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(f)		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	1,929	$	—	$	—	$	11,654	$	—	$	991	$	14,574
Effect of changes in discount rate assumptions (AOCI)	262		—		—		1,872		—		66		2,200
Beginning balance at original discount rate	2,191		—		—		13,526		—		1,057		16,774
Effect of changes in cash flow assumptions	(2)		—		—		34		—		21		53
Effect of actual variances from expected experience	(16)		—		—		62		—		20		66
Adjusted beginning of year balance	2,173		—		—		13,622		—		1,098		16,893
Issuances	122		—		—		1,277		—		—		1,399
Interest accrual	43		—		—		437		—		46		526
Net premium collected	(283)		—		—		(1,464)		—		(118)		(1,865)
Foreign exchange impact	(14)		—		—		265		—		—		251
Other	—		—		—		11		—		(9)		2
Ending balance at original discount rate	2,041		—		—		14,148		—		1,017		17,206
Effect of changes in discount rate assumptions (AOCI)	(339)		—		—		(1,482)		—		(44)		(1,865)
Reclassified to Liabilities held for sale	—		—		—		(4,287)		—		—		(4,287)
Balance, end of year	$	1,702	$	—	$	—	$	8,379	$	—	$	973	$	11,054

Present value of expected future policy benefits
Balance, beginning of year	$	2,380	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	57,886
Effect of changes in discount rate assumptions (AOCI)	362		167		2		3,424		2,634		1,083		7,672
Beginning balance at original discount rate	2,742		1,390		213		24,603		15,098		21,512		65,558
Effect of changes in cash flow assumptions(a)	(13)		—		—		62		—		76		125
Effect of actual variances from expected experience(a)	(18)		(5)		(2)		122		15		—		112
Adjusted beginning of year balance	2,711		1,385		211		24,787		15,113		21,588		65,795
Issuances	130		173		18		1,266		5,339		4		6,930
Interest accrual	52		55		11		908		664		1,026		2,716
Benefit payments	(276)		(128)		(26)		(1,921)		(1,087)		(1,503)		(4,941)
Foreign exchange impact	(27)		—		—		345		359		—		677
Other	—		—		—		10		—		(24)		(14)
Ending balance at original discount rate	2,590		1,485		214		25,395		20,388		21,091		71,163
Effect of changes in discount rate assumptions (AOCI)	(441)		(132)		3		(2,745)		(1,906)		(437)		(5,658)
Reclassified to Liabilities held for sale	—		—		—		(5,119)		—		—		(5,119)
Balance, end of year	$	2,149	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	60,386
Net liability for future policy benefits, end of year	$	447	$	1,353	$	217	$	9,152	$	18,482	$	19,681	$	49,332
Liability for future policy benefits for certain participating contracts													1,313
Liability for universal life policies with secondary guarantees and similar features(b)													3,786
Deferred profit liability													2,512
Other reconciling items(c)													1,633
Future policy benefits for life and accident and health insurance contracts													58,576
Less: Reinsurance recoverable													(23,571)
Net liability for future policy benefits after reinsurance recoverable													$	35,005

Weighted average liability duration of the liability for future policy benefits(d)(e)	9.3		7.8		6.8		12.8		12.1		11.5


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(f)		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	14,369	$	—	$	1,274	$	15,643
Effect of changes in discount rate assumptions (AOCI)	—		—		(706)		—		(150)		(856)
Beginning balance at original discount rate	—		—		13,663		—		1,124		14,787
Effect of changes in cash flow assumptions	—		—		123		—		—		123
Effect of actual variances from expected experience	—		—		(79)		—		7		(72)
Adjusted beginning of year balance	—		—		13,707		—		1,131		14,838
Issuances	—		—		1,358		—		—		1,358
Interest accrual	—		—		397		—		48		445
Net premium collected	—		—		(1,418)		—		(123)		(1,541)
Foreign exchange impact	—		—		(517)		—		—		(517)
Other	—		—		(1)		—		1		—
Ending balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,872)		—		(66)		(1,938)
Balance, end of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645

Present value of expected future policy benefits
Balance, beginning of year	$	1,373	$	264	$	27,442	$	13,890	$	27,674	$	70,643
Effect of changes in discount rate assumptions (AOCI)	(95)		(46)		(2,717)		(870)		(5,673)		(9,401)
Beginning balance at original discount rate	1,278		218		24,725		13,020		22,001		61,242
Effect of changes in cash flow assumptions(a)	—		—		140		(6)		—		134
Effect of actual variances from expected experience(a)	(30)		(2)		(94)		3		1		(122)
Adjusted beginning of year balance	1,248		216		24,771		13,017		22,002		61,254
Issuances	216		12		1,374		2,782		9		4,393
Interest accrual	42		10		876		459		1,233		2,620
Benefit payments	(116)		(26)		(1,757)		(821)		(1,483)		(4,203)
Foreign exchange impact	—		—		(657)		(339)		—		(996)
Other	—		1		(4)		—		(249)		(252)
Ending balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of changes in discount rate assumptions (AOCI)	(167)		(2)		(3,424)		(2,634)		(1,083)		(7,310)
Balance, end of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Net liability for future policy benefits, end of year	$	1,223	$	211	$	9,525	$	12,464	$	19,438	$	42,861
Liability for future policy benefits for certain participating contracts											1,352
Liability for universal life policies with secondary guarantees and similar features(b)											3,355
Deferred profit liability											2,303
Other reconciling items(c)											2,043
Future policy benefits for life and accident and health insurance contracts											51,914
Less: Reinsurance recoverable											(24,078)
Net liability for future policy benefits after reinsurance recoverable											$	27,836

Weighted average liability duration of the liability for future policy benefits(d)	7.6		6.9		12.2		10.8		11.4


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(f)		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	13,793	$	—	$	1,506	$	15,299
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,374)		—		(249)		(1,623)
Beginning balance at original discount rate	—		—		12,419		—		1,257		13,676
Effect of changes in cash flow assumptions	—		—		164		—		(72)		92
Effect of actual variances from expected experience	—		—		371		—		14		385
Adjusted beginning of year balance	—		—		12,954		—		1,199		14,153
Issuances	—		—		1,727		—		—		1,727
Interest accrual	—		—		392		—		54		446
Net premium collected	—		—		(1,364)		—		(129)		(1,493)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		13,663		—		1,124		14,787
Effect of changes in discount rate assumptions (AOCI)	—		—		706		—		150		856
Balance, end of year	$	—	$	—	$	14,369	$	—	$	1,274	$	15,643

Present value of expected future policy benefits
Balance, beginning of year	$	1,322	$	279	$	27,918	$	11,630	$	30,519	$	71,668
Effect of changes in discount rate assumptions (AOCI)	(156)		(63)		(4,351)		(1,654)		(7,862)		(14,086)
Beginning balance at original discount rate	1,166		216		23,567		9,976		22,657		57,582
Effect of changes in cash flow assumptions(a)	—		—		193		—		(83)		110
Effect of actual variances from expected experience(a)	1		(1)		413		(3)		(121)		289
Adjusted beginning of year balance	1,167		215		24,173		9,973		22,453		57,981
Issuances	172		21		1,713		3,366		15		5,287
Interest accrual	41		11		876		380		1,085		2,393
Benefit payments	(101)		(28)		(1,981)		(696)		(1,530)		(4,336)
Foreign exchange impact	—		—		(60)		(3)		—		(63)
Other	(1)		(1)		4		—		(22)		(20)
Ending balance at original discount rate	1,278		218		24,725		13,020		22,001		61,242
Effect of changes in discount rate assumptions (AOCI)	95		46		2,717		870		5,673		9,401
Balance, end of year	$	1,373	$	264	$	27,442	$	13,890	$	27,674	$	70,643
Net liability for future policy benefits, end of year	$	1,373	$	264	$	13,073	$	13,890	$	26,400	$	55,000
Liability for future policy benefits for certain participating contracts											1,397
Liability for universal life policies with secondary guarantees and similar features(b)											5,007
Deferred profit liability											2,236
Other reconciling items(c)											2,759
Future policy benefits for life and accident and health insurance contracts											66,399
Less: Reinsurance recoverable											(32,586)
Net liability for future policy benefits after reinsurance recoverable											$	33,813

Weighted average liability duration of the liability for future policy benefits(d)	8.6		7.8		14.4		13.0		13.7

(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

(e)Includes balances that were reclassified to Liabilities held for sale in the Consolidated Balance sheets. For additional information, see Note 4.

(f)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

For the years ended December 31, 2023, 2022 and 2021 in the traditional and term life insurance block, capping of net premium ratios at 100 percent caused a (credit)/charge to net income of $(1) million, $26 million and $15 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:


Years Ended December 31,
(in millions)		2023		2022		2021
General Insurance(a)	Undiscounted expected future benefits and expense	$	3,194	$	3,325	$	3,677
	Undiscounted expected future gross premiums	4,403		4,558		4,899
Individual Retirement	Undiscounted expected future benefits and expense	$	2,131	$	1,959	$	1,747
	Undiscounted expected future gross premiums	—		—		—
Group Retirement	Undiscounted expected future benefits and expense	$	313	$	321	$	328
	Undiscounted expected future gross premiums	—		—		—
Life Insurance(b)	Undiscounted expected future benefits and expense	$	40,489	$	38,909	$	38,869
	Undiscounted expected future gross premiums	30,458		29,035		29,272
Institutional Markets	Undiscounted expected future benefits and expense	$	38,253	$	25,066	$	20,839
	Undiscounted expected future gross premiums	—		—		—
Other(c)	Undiscounted expected future benefits and expense	$	43,071	$	44,530	$	46,038
	Undiscounted expected future gross premiums	2,146		2,262		2,437

(a)General Insurance discounted expected future gross premiums (at current discount rate) for 2023 were $3.0 billion.

(b)Includes balances reclassified to Liabilities held for sale at December 31, 2023. Life Insurance discounted expected future gross premiums (at current discount rate) for 2023 were $20.2 billion.

(c)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other discounted expected future gross premiums (at current discount rate) for 2023 were $1.4 billion.

The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:


Years Ended December 31,	Gross Premiums			Interest Accretion

(in millions)		2023		2022		2021		2023		2022		2021
General Insurance		$	477	$	487	$	547	$	9	$	8	$	7
Individual Retirement		202		224		186		55		42		41
Group Retirement		19		19		21		11		10		11
Life Insurance		2,393		2,342		2,319		471		479		484
Institutional Markets		5,638		2,940		3,818		664		459		380
Other*		215		224		236		980		1,185		1,031
Total		$	8,944	$	6,236	$	7,127	$	2,190	$	2,183	$	1,954

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:


Year Ended December 31, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(b)

Weighted-average interest rate, original discount rate(a)	1.82	%	3.75	%	5.15	%	4.10	%	4.14	%	4.86	%
Weighted-average interest rate, current discount rate(a)	3.78	%	5.04	%	5.02	%	5.04	%	4.96	%	5.08	%

Year Ended December 31, 2022
Weighted-average interest rate, original discount rate	1.77	%	3.58	%	5.17	%	4.08	%	3.56	%	4.88	%
Weighted-average interest rate, current discount rate	3.21	%	5.32	%	5.30	%	5.33	%	5.30	%	5.36	%

Year Ended December 31, 2021
Weighted-average interest rate, original discount rate	1.61	%	3.23	%	4.96	%	4.11	%	3.22	%	4.83	%
Weighted-average interest rate, current discount rate	3.27	%	2.75	%	2.68	%	2.85	%	2.71	%	3.08	%

(a)Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale at December 31, 2023.

(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the transition rollforward for deferred profit liability for long-duration contracts*:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other*		Total
(in millions)
Pre-adoption December 31, 2020 deferred profit liability balance	$	2	$	—	$	5	$	64	$	—	$	71
Adjustments for the reclassification from/(to) the liability for the future policy benefits	65		8		—		766		859		1,698
Post-adoption January 1, 2021 deferred profit liability balance	$	67	$	8	$	5	$	830	$	859	$	1,769

The following table presents the transition rollforward of the additional liabilities:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(c)		Total
(in millions)
Pre-adoption December 31, 2020 additional liabilities	$	1,423	$	221	$	5,117	$	—	$	55	$	6,816
Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a)	(907)		(132)		—		—		—		(1,039)
Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b)	(516)		(89)		—		—		—		(605)
Post-adoption January 1, 2021 additional liabilities	$	—	$	—	$	5,117	$	—	$	55	$	5,172

(a)Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 15.

(b)Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above.

(c)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:


Years Ended December 31,	2023				2022				2021
(in millions, except duration of liability)	Life Insurance		Other(b)		Total		Life Insurance		Other(b)		Total		Life Insurance		Other(b)		Total
Balance, beginning of year	$	3,300	$	55	$	3,355	$	4,952	$	55	$	5,007	$	5,117	$	55	$	5,172
Effect of changes in assumptions	(41)		—		(41)		(24)		—		(24)		(116)		—		(116)
Effect of changes in experience	319		(4)		315		303		(4)		299		331		(4)		327
Adjusted beginning balance	3,578		51		3,629		5,231		51		5,282		5,332		51		5,383

Assessments	671		2		673		687		2		689		669		2		671
Excess benefits paid	(943)		—		(943)		(909)		—		(909)		(859)		—		(859)
Interest accrual	132		2		134		126		2		128		136		2		138
Other	(9)		—		(9)		(11)		—		(11)		24		—		24
Changes related to unrealized appreciation (depreciation) of investments	302		—		302		(1,824)		—		(1,824)		(350)		—		(350)
Balance, end of year	3,731		55		3,786		3,300		55		3,355		4,952		55		5,007
Less: Reinsurance recoverable	(164)		—		(164)		(191)		—		(191)		(200)		—		(200)
Balance, end of year, net of Reinsurance recoverable	$	3,567	$	55	$	3,622	$	3,109	$	55	$	3,164	$	4,752	$	55	$	4,807

Weighted average duration of liability(a)	25.4		9.2				26.3		9.5				27.1		9.8

(a)The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:


Years Ended December 31,	Gross Assessments						Interest Accretion

(in millions)	2023		2022		2021		2023		2022		2021
Life Insurance	$	1,109	$	1,193	$	1,187	$	132	$	126	$	136
Other*	37		39		39		2		2		2
Total	$	1,146	$	1,232	$	1,226	$	134	$	128	$	138

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:


Years Ended December 31,	2023				2022				2021
	Life Insurance		Other*		Life Insurance		Other*		Life Insurance		Other*
Weighted-average interest rate	3.92	%	4.20	%	3.76	%	4.24	%	3.74	%	4.21	%

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the transition rollforward of URR:


	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Pre-adoption December 31, 2020 URR balance	$	1,413	$	2	$	132	$	1,547
Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)	248		—		—		248
Post-adoption January 1, 2021 URR balance	$	1,661	$	2	$	132	$	1,795

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other policyholder funds, excluding URR, totaled $2.0 billion.

The following table presents a rollforward of URR:


	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Year Ended December 31, 2023
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	153		—		—		153


Amortization	(110)		(1)		(11)		(122)

Balance, end of year	$	1,770	$	1	$	94	$	1,865
Year Ended December 31, 2022
Balance, beginning of year	$	1,693	$	2	$	116	$	1,811
Revenue deferred	143		—		—		143


Amortization	(109)		—		(11)		(120)

Balance, end of year	$	1,727	$	2	$	105	$	1,834
Year Ended December 31, 2021
Balance, beginning of year	$	1,661	$	2	$	132	$	1,795
Revenue deferred	140		—		—		140

Amortization	(108)		—		(15)		(123)
Other, including foreign exchange	—		—		(1)		(1)
Balance, end of year	$	1,693	$	2	$	116	$	1,811

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. At December 31, 2023, 2022 and 2021, Other policyholder funds, excluding URR, totaled $1.5 billion, $1.6 billion and $1.7 billion, respectively.

Schedule of Details Concerning Universal life Policies with Secondary Guarantees

The following table presents details concerning our universal life policies with secondary guarantees and similar features:


Years Ended December 31,
(dollars in millions)		2023		2022
Account value	$	3,721	$	3,514
Net amount at risk	$	72,422	$	69,335
Average attained age of contract holders		53		53

Policyholder Account Balance

The following table presents the transition rollforward of Policyholder contract deposits account balances(a):


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(b)		Total
(in millions)
Pre-adoption December 31, 2020 Policyholder contract deposits	$	84,874	$	43,805	$	10,286	$	11,559	$	4,145	$	154,669
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s)	(5,671)		(576)		—		—		—		(6,247)

Post-adoption January 1, 2021 Policyholder contract deposits	$	79,203	$	43,229	$	10,286	$	11,559	$	4,145	$	148,422

(a)Excludes Other Operations of $(199) million.

(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the balances and changes in Policyholder contract deposits account balances(a):


Year Ended December 31, 2023	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Other(d)			Total
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	18,188			5,352			1,632			3,813			44			29,029

Policy charges	(840)			(477)			(1,524)			(67)			(64)			(2,972)
Surrenders and withdrawals	(14,025)			(8,310)			(256)			(722)			(93)			(23,406)
Benefit payments	(3,770)			(2,518)			(281)			(2,405)			(300)			(9,274)
Net transfers from (to) separate account	3,617			2,705			3			792			—			7,117
Interest credited	2,188			1,141			413			507			168			4,417
Other	(16)			11			20			(3)			(9)			3
Policyholder contract deposits account balance, end of year	94,896			41,299			10,231			13,649			3,333			163,408
Other reconciling items(b)	(1,429)			(230)			208			93			(71)			(1,429)

Policyholder contract deposits	$	93,467		$	41,069		$	10,439		$	13,742		$	3,262		$	161,979

Weighted average crediting rate	2.68		%	2.91		%	4.41		%	4.08		%	4.99		%
Cash surrender value(c)	$	88,685		$	40,210		$	9,026		$	2,583		$	1,712		$	142,216


Year Ended December 31, 2022	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Other(d)			Total
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year	$	84,097		$	43,902		$	10,183		$	10,804		$	3,823		$	152,809
Deposits	15,186			4,946			1,674			1,494			48			23,348

Policy charges	(870)			(462)			(1,570)			(69)			(65)			(3,036)
Surrenders and withdrawals	(8,921)			(5,712)			(211)			(134)			(64)			(15,042)
Benefit payments	(3,798)			(2,528)			(216)			(775)			(349)			(7,666)
Net transfers from (to) separate account	2,248			2,149			(5)			144			—			4,536
Interest credited	1,608			1,100			377			301			178			3,564
Other	4			—			(8)			(31)			16			(19)
Policyholder contract deposits account balance, end of year	89,554			43,395			10,224			11,734			3,587			158,494
Other reconciling items(b)	(2,136)			(319)			34			(16)			(73)			(2,510)

Policyholder contract deposits	$	87,418		$	43,076		$	10,258		$	11,718		$	3,514		$	155,984

Weighted average crediting rate	2.43		%	2.77		%	4.29		%	2.71		%	4.91		%
Cash surrender value(c)	$	83,278		$	41,831		$	8,866		$	2,537		$	1,808		$	138,320


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(d)		Total
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year	$	80,012	$	43,406	$	10,012	$	11,351	$	4,143	$	148,924
Deposits	13,774		5,146		1,702		1,272		53		21,947

Policy charges	(781)		(523)		(1,567)		(65)		(69)		(3,005)
Surrenders and withdrawals	(8,863)		(5,795)		(212)		(91)		(76)		(15,037)
Benefit payments	(4,031)		(2,329)		(245)		(1,948)		(374)		(8,927)
Net transfers from (to) separate account	1,531		2,750		(2)		61		—		4,340
Interest credited	2,444		1,249		447		263		191		4,594
Other	11		(2)		48		(39)		(45)		(27)
Policyholder contract deposits account balance, end of year	84,097		43,902		10,183		10,804		3,823		152,809
Other reconciling items(b)	(1,289)		(259)		117		165		(157)		(1,423)

Policyholder contract deposits	$	82,808	$	43,643	$	10,300	$	10,969	$	3,666	$	151,386

Weighted average crediting rate	2.42		2.79		4.28		2.41		4.92
Cash surrender value(c)	$	79,787	$	43,359	$	8,826	$	2,520	$	1,880	$	136,372

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), thus, did not impact the ending balance of policyholder contract deposits.

(b)Includes MRBs that are bifurcated and reported separately, net of embedded derivatives recorded in Policyholder contract deposits. Other also includes amounts related to Other Operations of $(71) million, $(75) million and $(158) million at December 31, 2023, 2022 and 2021, respectively.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs, do not have a cash surrender value).

(d)Primarily represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

For information related to net amount at risk, see Note 14.

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:


December 31, 2023		At Guaranteed Minimum			1 Basis Point - 50 Basis Points Above			More than 50 Basis Points Above Minimum Guarantee			Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	6,498		$	2,078		$	26,873		$	35,449
	> 1% - 2%	3,749			22			1,771			5,542
	> 2% - 3%	8,046			11			972			9,029
	> 3% - 4%	6,610			37			5			6,652
	> 4% - 5%	426			—			4			430
	> 5%	32			—			3			35
	Total	$	25,361		$	2,148		$	29,628		$	57,137
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,185		$	2,344		$	6,830		$	11,359
	> 1% - 2%	3,731			1,242			671			5,644
	> 2% - 3%	12,073			211			110			12,394
	> 3% - 4%	615			—			—			615
	> 4% - 5%	6,635			—			—			6,635
	> 5%	144			—			—			144
	Total	$	25,383		$	3,797		$	7,611		$	36,791
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	—			132			346			478
	> 2% - 3%	9			855			1,082			1,946
	> 3% - 4%	1,170			496			26			1,692
	> 4% - 5%	2,851			—			—			2,851
	> 5%	216			—			—			216
	Total	$	4,246		$	1,483		$	1,454		$	7,183
Total*		$	54,990		$	7,428		$	38,693		$	101,111
Percentage of total		55		%	7		%	38		%	100		%


December 31, 2022		At Guaranteed Minimum			1 Basis Point - 50 Basis Points Above			More than 50 Basis Points Above Minimum Guarantee			Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	8,766		$	2,161		$	21,702		$	32,629
	> 1% - 2%	4,208			24			2,195			6,427
	> 2% - 3%	9,502			—			17			9,519
	> 3% - 4%	7,630			40			6			7,676
	> 4% - 5%	456			—			5			461
	> 5%	33			—			4			37
	Total	$	30,595		$	2,225		$	23,929		$	56,749
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	3,611		$	1,427		$	5,609		$	10,647
	> 1% - 2%	5,628			727			150			6,505
	> 2% - 3%	13,968			3			—			13,971
	> 3% - 4%	666			—			—			666
	> 4% - 5%	6,843			—			—			6,843
	> 5%	154			—			—			154
	Total	$	30,870		$	2,157		$	5,759		$	38,786
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	1			129			352			482
	> 2% - 3%	32			831			1,116			1,979
	> 3% - 4%	1,369			180			195			1,744
	> 4% - 5%	2,974			—			—			2,974
	> 5%	223			—			—			223
	Total	$	4,599		$	1,140		$	1,663		$	7,402
Total*		$	66,064		$	5,522		$	31,351		$	102,937
Percentage of total		65		%	5		%	30		%	100		%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance, with a separate presentation of the ADC excluding the related amortization of the deferred gain:

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2023 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
	Unaudited
2014	$	1,729	$	1,764	$	1,866	$	1,862	$	1,794	$	1,709	$	1,679	$	1,637	$	1,614	$	1,589	$	(25)	$	172	41,529	$	(349)	$	(143)	$	1,240	$	29
2015			1,708		1,864		1,866		1,814		1,722		1,675		1,634		1,612		1,592		(20)		355		37,109	(438)		(228)		1,154		127
2016					1,299		1,346		1,318		1,140		1,090		1,075		1,036		1,025		(11)		224		31,868	—		—		1,025		224
2017							789		850		776		763		731		712		705		(7)		218		27,695	—		—		705		218
2018									998		1,021		961		911		896		875		(21)		385		22,222	—		—		875		385
2019											887		873		812		801		788		(13)		285		17,000	—		—		788		285
2020													597		573		521		477		(44)		106		13,839	—		—		477		106
2021															597		570		545		(25)		274		10,982	—		—		545		274
2022																	523		493		(30)		296		9,339	—		—		493		296
2023																			500				397		7,359	—		—		500		397
Total																			$	8,589	$	(196)				$	(787)			$	7,802
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(4,727)		—					118				(4,609)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			4,327		(65)					(3,632)				695
Unallocated loss adjustment expense prior year development																					(6)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	8,189	$	(267)				$	(4,301)			$	3,888

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	1,311	$	1,310	$	1,309	$	1,329	$	1,223	$	1,171	$	1,243	$	1,240	$	(3)
2015	1,279		1,279		1,318		1,134		1,105		1,041		1,092		1,154		62
2016	1,299		1,346		1,318		1,140		1,090		1,075		1,036		1,025		(11)
2017			789		850		776		763		731		712		705		(7)
2018					998		1,021		961		911		896		875		(21)
2019							887		873		812		801		788		(13)
2020									597		573		521		477		(44)
2021											597		570		545		(25)
2022													523		493		(30)
2023															500
Total	$	3,889	$	4,724	$	5,793	$	6,287	$	6,612	$	6,911	$	7,394	$	7,802	$	(92)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											(4,609)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											695		(48)
Unallocated loss adjustment expense prior year adjustment													26
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	3,888	$	(114)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	(555)	$	(552)	$	(485)	$	(380)	$	(456)	$	(466)	$	(371)	$	(349)	$	22
2015	(585)		(587)		(496)		(588)		(570)		(593)		(520)		(438)		82
2016	—		—		—		—		—		—		—		—		—
2017	—		—		—		—		—		—		—		—		—
2018	—		—		—		—		—		—		—		—		—
2019	—		—		—		—		—		—		—		—		—
2020	—		—		—		—		—		—		—		—		—
2021	—		—		—		—		—		—		—		—		—
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
Total	$	(1,140)	$	(1,139)	$	(981)	$	(968)	$	(1,026)	$	(1,059)	$	(891)	$	(787)	$	104
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											118
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(3,632)		17
Unallocated loss adjustment expense prior year development													32
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	(4,301)	$	153

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance


	Years Ended December 31, (in millions)																				Paid Impact of ADC
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	231	$	558	$	786	$	930	$	1,030	$	1,096	$	1,137	$	1,180	$	1,207	$	1,226	$	(64)
2015			234		524		725		854		925		979		1,013		1,038		1,058		(54)
2016					147		378		521		584		630		662		686		694		—
2017							93		224		294		333		367		389		395		—
2018									85		215		296		359		388		409		—
2019											93		219		301		347		389		—
2020													64		159		205		245		—
2021															60		128		171		—
2022																	45		102		—
2023																			38		—
Total																			$	4,727	$	(118)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2023 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
	Unaudited
2014	$	938	$	1,069	$	1,275	$	1,260	$	1,339	$	1,283	$	1,248	$	1,269	$	1,259	$	1,245	$	(14)	$	277	2,985	$	(384)	$	(144)	$	861	$	133
2015			989		1,463		1,440		1,603		1,656		1,694		1,721		1,686		1,658		(28)		258		3,142	(462)		(116)		1,196		142
2016					898		1,146		1,162		1,171		1,274		1,250		1,263		1,276		13		314		2,813	—		—		1,276		314
2017							856		1,002		1,097		1,153		1,157		1,200		1,182		(18)		264		2,079	—		—		1,182		264
2018									648		646		721		769		769		779		10		155		1,461	—		—		779		155
2019											577		583		597		612		600		(12)		301		1,347	—		—		600		301
2020													406		413		410		420		10		238		1,284	—		—		420		238
2021															278		277		274		(3)		100		855	—		—		274		100
2022																	305		305		—		189		490	—		—		305		189
2023																			345				326		303	—		—		345		326
Total																			$	8,084	$	(42)				$	(846)			$	7,238
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(4,724)		—					251				(4,473)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			2,044		(75)					(1,488)				556
Unallocated loss adjustment expense prior year development																					85
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	5,404	$	(32)				$	(2,083)			$	3,321

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	902	$	905	$	915	$	844	$	912	$	949	$	869	$	861	$	(8)
2015	1,027		1,015		1,139		1,163		1,211		1,231		1,174		1,196		22
2016	898		1,146		1,162		1,171		1,274		1,250		1,263		1,276		13
2017			856		1,002		1,097		1,153		1,157		1,200		1,182		(18)
2018					648		646		721		769		769		779		10
2019							577		583		597		612		600		(12)
2020									406		413		410		420		10
2021											278		277		274		(3)
2022													305		305		—
2023															345
Total	$	2,827	$	3,922	$	4,866	$	5,498	$	6,260	$	6,644	$	6,879	$	7,238	$	14
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											(4,473)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											556		(111)
Unallocated loss adjustment expense prior year adjustment													115
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	3,321	$	18

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	(373)	$	(355)	$	(424)	$	(439)	$	(336)	$	(320)	$	(390)	$	(384)	$	6
2015	(436)		(425)		(464)		(493)		(483)		(490)		(512)		(462)		50
2016	—		—		—		—		—		—		—		—		—
2017	—		—		—		—		—		—		—		—		—
2018	—		—		—		—		—		—		—		—		—
2019	—		—		—		—		—		—		—		—		—
2020	—		—		—		—		—		—		—		—		—
2021	—		—		—		—		—		—		—		—		—
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
Total	$	(809)	$	(780)	$	(888)	$	(932)	$	(819)	$	(810)	$	(902)	$	(846)	$	56
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											251
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(1,488)		(36)
Unallocated loss adjustment expense prior year development													30
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	(2,083)	$	50

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance


	Years Ended December 31, (in millions)																				Paid Impact of ADC
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	3	$	77	$	240	$	444	$	590	$	703	$	815	$	839	$	878	$	902	$	(80)
2015			9		210		391		718		935		1,061		1,124		1,253		1,291		(171)
2016					28		80		204		388		502		566		670		798		—
2017							1		45		156		505		585		676		781		—
2018									1		125		227		315		414		494		—
2019											7		43		79		157		216		—
2020													4		15		33		128		—
2021															4		43		62		—
2022																	14		51		—
2023																			1		—
Total																			$	4,724	$	(251)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2023 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
	Unaudited
2014	$	1,751	$	1,721	$	1,963	$	2,009	$	1,910	$	1,916	$	1,946	$	1,935	$	1,944	$	1,905	$	(39)	$	46	38,546	$	(214)	$	(29)	$	1,691	$	17
2015			1,329		1,762		1,829		1,736		1,794		1,834		1,824		1,815		1,796		(19)		23		35,754	(282)		(8)		1,514		15
2016					1,339		1,343		1,321		1,391		1,340		1,323		1,293		1,297		4		162		29,191	—		—		1,297		162
2017							602		629		738		674		668		643		654		11		21		21,266	—		—		654		21
2018									802		845		837		870		824		810		(14)		148		16,967	—		—		810		148
2019											1,059		1,058		1,053		1,062		1,039		(23)		526		21,036	—		—		1,039		526
2020													524		576		538		540		2		277		11,318	—		—		540		277
2021															795		793		790		(3)		519		10,572	—		—		790		519
2022																	793		819		26		617		12,457	—		—		819		617
2023																			933				848		10,401	—		—		933		848
Total																			$	10,583	$	(55)				$	(496)			$	10,087
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(6,668)		—					298				(6,370)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			1,448		(67)					(1,053)				395
Unallocated loss adjustment expense prior year development																					(11)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	5,363	$	(133)				$	(1,251)			$	4,112

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
			Unaudited
2014	$	1,667	$	1,678	$	1,634	$	1,694	$	1,701	$	1,722	$	1,718	$	1,691	$	(27)
2015	1,361		1,373		1,423		1,493		1,553		1,562		1,563		1,514		(49)
2016	1,339		1,343		1,321		1,391		1,340		1,323		1,293		1,297		4
2017			602		629		738		674		668		643		654		11
2018					802		845		837		870		824		810		(14)
2019							1,059		1,058		1,053		1,062		1,039		(23)
2020									524		576		538		540		2
2021											795		793		790		(3)
2022													793		819		26
2023															933
Total	$	4,367	$	4,996	$	5,809	$	7,220	$	7,687	$	8,569	$	9,227	$	10,087	$	(73)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											(6,370)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											395		(73)
Unallocated loss adjustment expense prior year adjustment													13
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	4,112	$	(133)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	(296)	$	(331)	$	(276)	$	(222)	$	(245)	$	(213)	$	(226)	$	(214)	$	12
2015	(401)		(456)		(313)		(301)		(281)		(262)		(252)		(282)		(30)
2016	—		—		—		—		—		—		—		—		—
2017	—		—		—		—		—		—		—		—		—
2018	—		—		—		—		—		—		—		—		—
2019	—		—		—		—		—		—		—		—		—
2020	—		—		—		—		—		—		—		—		—
2021	—		—		—		—		—		—		—		—		—
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
Total	$	(697)	$	(787)	$	(589)	$	(523)	$	(526)	$	(475)	$	(478)	$	(496)	$	(18)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											298
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(1,053)		(6)
Unallocated loss adjustment expense prior year development													24
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	(1,251)	$	—

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance


	Years Ended December 31, (in millions)																				Paid Impact of ADC
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	210	$	620	$	868	$	1,150	$	1,392	$	1,572	$	1,653	$	1,719	$	1,795	$	1,805	$	(122)
2015			105		309		769		1,087		1,351		1,485		1,603		1,680		1,707		(176)
2016					77		298		489		703		846		938		1,018		1,074		—
2017							51		111		216		314		455		527		592		—
2018									43		122		227		360		470		565		—
2019											53		138		226		321		410		—
2020													26		73		139		198		—
2021															32		87		169		—
2022																	38		112		—
2023																			36		—
Total																			$	6,668	$	(298)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2023 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
	Unaudited
2014	$	1,812	$	1,777	$	1,892	$	1,927	$	1,960	$	1,981	$	2,000	$	2,057	$	2,014	$	2,017	$	3	$	91	17,650	$	(297)	$	(68)	$	1,720	$	23
2015			1,737		1,762		1,743		1,788		1,830		1,874		1,959		2,044		2,048		4		78		16,253	(495)		(63)		1,553		15
2016					1,605		1,855		1,993		2,064		2,139		2,281		2,325		2,308		(17)		133		16,127	—		—		2,308		133
2017							1,564		1,675		1,756		1,846		1,898		1,987		1,957		(30)		130		15,269	—		—		1,957		130
2018									1,640		1,766		1,882		2,063		2,225		2,322		97		498		14,833	—		—		2,322		498
2019											1,503		1,536		1,627		1,926		1,912		(14)		513		13,319	—		—		1,912		513
2020													1,213		1,252		1,408		1,457		49		331		10,390	—		—		1,457		331
2021															1,430		1,408		1,388		(20)		894		7,117	—		—		1,388		894
2022																	1,130		1,108		(22)		948		5,809	—		—		1,108		948
2023																			1,043				950		6,467	—		—		1,043		950
Total																			$	17,560	$	50				$	(792)			$	16,768
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(11,645)		—					501				(11,144)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			271		27					(223)				48
Unallocated loss adjustment expense prior year development																					17
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	6,186	$	94				$	(514)			$	5,672

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	1,733	$	1,729	$	1,753	$	1,741	$	1,759	$	1,761	$	1,738	$	1,720	$	(18)
2015	1,429		1,430		1,462		1,552		1,550		1,595		1,605		1,553		(52)
2016	1,605		1,855		1,993		2,064		2,139		2,281		2,325		2,308		(17)
2017			1,564		1,675		1,756		1,846		1,898		1,987		1,957		(30)
2018					1,640		1,766		1,882		2,063		2,225		2,322		97
2019							1,503		1,536		1,627		1,926		1,912		(14)
2020									1,213		1,252		1,408		1,457		49
2021											1,430		1,408		1,388		(20)
2022													1,130		1,108		(22)
2023															1,043
Total	$	4,767	$	6,578	$	8,523	$	10,382	$	11,925	$	13,907	$	15,752	$	16,768	$	(27)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											(11,144)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											48		56
Unallocated loss adjustment expense prior year adjustment													21
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	5,672	$	50

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	(159)	$	(198)	$	(207)	$	(240)	$	(241)	$	(296)	$	(276)	$	(297)	$	(21)
2015	(333)		(313)		(326)		(278)		(324)		(364)		(439)		(495)		(56)
2016	—		—		—		—		—		—		—		—		—
2017	—		—		—		—		—		—		—		—		—
2018	—		—		—		—		—		—		—		—		—
2019	—		—		—		—		—		—		—		—		—
2020	—		—		—		—		—		—		—		—		—
2021	—		—		—		—		—		—		—		—		—
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
Total	$	(492)	$	(511)	$	(533)	$	(518)	$	(565)	$	(660)	$	(715)	$	(792)	$	(77)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											501
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(223)		29
Unallocated loss adjustment expense prior year development													4
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	(514)	$	(44)

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance


	Years Ended December 31, (in millions)																				Paid Impact of ADC
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	66	$	366	$	849	$	1,158	$	1,387	$	1,573	$	1,658	$	1,758	$	1,820	$	1,849	$	(147)
2015			63		390		791		1,055		1,282		1,488		1,686		1,818		1,914		(354)
2016					73		499		1,002		1,358		1,659		1,826		1,903		2,039		—
2017							64		391		761		1,118		1,396		1,515		1,653		—
2018									86		486		835		1,126		1,415		1,601		—
2019											94		367		642		953		1,204		—
2020													84		356		648		915		—
2021															43		151		315		—
2022																	30		109		—
2023																			46		—
Total																			$	11,645	$	(501)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2023 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
	Unaudited
2014	$	2,600	$	2,396	$	2,490	$	2,480	$	2,494	$	2,477	$	2,460	$	2,446	$	2,440	$	2,437	$	(3)	$	4	60,766	$	(52)	$	(2)	$	2,385	$	2
2015			2,567		2,506		2,489		2,492		2,466		2,471		2,479		2,490		2,493		3		4		59,513	(100)		(1)		2,393		3
2016					2,674		2,748		2,690		2,697		2,707		2,694		2,700		2,713		13		8		54,821	—		—		2,713		8
2017							4,673		4,239		4,127		4,153		4,173		4,212		4,175		(37)		15		79,764	—		—		4,175		15
2018									2,978		2,993		2,992		3,229		3,201		3,210		9		112		69,922	—		—		3,210		112
2019											2,177		2,146		2,211		2,222		2,177		(45)		25		78,848	—		—		2,177		25
2020													3,391		3,320		3,280		3,238		(42)		761		68,644	—		—		3,238		761
2021															2,339		2,213		2,160		(53)		101		81,795	—		—		2,160		101
2022																	3,171		3,281		110		690		85,477	—		—		3,281		690
2023																			2,528				777		88,129	—		—		2,528		777
Total																			$	28,412	$	(45)				$	(152)			$	28,260
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(24,207)		—					87				(24,120)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			409		39					(146)				263
Unallocated loss adjustment expense prior year development																					(4)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	4,614	$	(10)				$	(211)			$	4,403

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	2,423	$	2,419	$	2,430	$	2,401	$	2,382	$	2,376	$	2,364	$	2,385	$	21
2015	2,365		2,391		2,405		2,372		2,372		2,372		2,375		2,393		18
2016	2,674		2,748		2,690		2,697		2,707		2,694		2,700		2,713		13
2017			4,673		4,239		4,127		4,153		4,173		4,212		4,175		(37)
2018					2,978		2,993		2,992		3,229		3,201		3,210		9
2019							2,177		2,146		2,211		2,222		2,177		(45)
2020									3,391		3,320		3,280		3,238		(42)
2021											2,339		2,213		2,160		(53)
2022													3,171		3,281		110
2023															2,528
Total	$	7,462	$	12,231	$	14,742	$	16,767	$	20,143	$	22,714	$	25,738	$	28,260	$	(6)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											(24,120)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											263		9
Unallocated loss adjustment expense prior year adjustment													(3)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	4,403	$	—

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	(67)	$	(61)	$	(64)	$	(76)	$	(78)	$	(70)	$	(76)	$	(52)	$	24
2015	(141)		(98)		(87)		(94)		(99)		(107)		(115)		(100)		15
2016	—		—		—		—		—		—		—		—		—
2017	—		—		—		—		—		—		—		—		—
2018	—		—		—		—		—		—		—		—		—
2019	—		—		—		—		—		—		—		—		—
2020	—		—		—		—		—		—		—		—		—
2021	—		—		—		—		—		—		—		—		—
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
Total	$	(208)	$	(159)	$	(151)	$	(170)	$	(177)	$	(177)	$	(191)	$	(152)	$	39
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											87
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(146)		(30)
Unallocated loss adjustment expense prior year development													1
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	(211)	$	10

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance


	Years Ended December 31, (in millions)																				Paid Impact of ADC
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	795	$	1,545	$	1,869	$	2,073	$	2,207	$	2,293	$	2,329	$	2,352	$	2,362	$	2,418	$	(20)
2015			844		1,572		1,878		2,121		2,240		2,308		2,344		2,391		2,457		(67)
2016					821		1,747		2,076		2,296		2,464		2,539		2,616		2,647		—
2017							1,137		2,625		3,281		3,638		3,897		3,999		4,055		—
2018									977		2,162		2,509		2,715		2,863		2,994		—
2019											1,039		1,673		1,906		2,037		2,083		—
2020													844		1,613		1,874		2,190		—
2021															878		1,743		1,983		—
2022																	1,208		2,207		—
2023																			1,173		—
Total																			$	24,207	$	(87)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2023 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
	Unaudited
2014	$	1,552	$	1,562	$	1,572	$	1,572	$	1,583	$	1,584	$	1,588	$	1,587	$	1,592	$	1,592	$	—	$	5	275,132	$	(8)	$	—	$	1,584	$	5
2015			1,511		1,498		1,494		1,483		1,482		1,485		1,487		1,488		1,487		(1)		8		261,176	(8)		—		1,479		8
2016					1,536		1,533		1,533		1,540		1,542		1,544		1,544		1,541		(3)		12		247,479	—		—		1,541		12
2017							1,878		2,137		2,011		2,057		1,924		1,916		1,896		(20)		15		220,038	—		—		1,896		15
2018									2,188		2,193		2,154		1,937		1,936		1,920		(16)		33		102,256	—		—		1,920		33
2019											1,593		1,664		1,646		1,596		1,578		(18)		43		93,428	—		—		1,578		43
2020													954		906		913		894		(19)		51		55,101	—		—		894		51
2021															748		765		762		(3)		70		56,234	—		—		762		70
2022																	517		529		12		93		51,983	—		—		529		93
2023																			677				248		32,022	—		—		677		248
Total																			$	12,876	$	(68)				$	(16)			$	12,860
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(12,060)		—					16				(12,044)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			(48)		4					(1)				(49)
Unallocated loss adjustment expense prior year development																					—
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	768	$	(64)				$	(1)			$	767

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	1,564	$	1,564	$	1,571	$	1,580	$	1,584	$	1,582	$	1,584	$	1,584	$	—
2015	1,476		1,475		1,472		1,476		1,480		1,482		1,481		1,479		(2)
2016	1,536		1,533		1,533		1,540		1,542		1,544		1,544		1,541		(3)
2017			1,878		2,137		2,011		2,057		1,924		1,916		1,896		(20)
2018					2,188		2,193		2,154		1,937		1,936		1,920		(16)
2019							1,593		1,664		1,646		1,596		1,578		(18)
2020									954		906		913		894		(19)
2021											748		765		762		(3)
2022													517		529		12
2023															677
Total	$	4,576	$	6,450	$	8,901	$	10,393	$	11,435	$	11,769	$	12,252	$	12,860	$	(69)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											(12,044)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(49)		4
Unallocated loss adjustment expense prior year adjustment													—
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	767	$	(65)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):


	Calendar Years Ended December 31, (in millions)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		Prior Year Development
	Unaudited
2014	$	(8)	$	(8)	$	(12)	$	(4)	$	(4)	$	(5)	$	(8)	$	(8)	$	—
2015	(22)		(19)		(11)		(6)		(5)		(5)		(7)		(8)		(1)
2016	—		—		—		—		—		—		—		—		—
2017	—		—		—		—		—		—		—		—		—
2018	—		—		—		—		—		—		—		—		—
2019	—		—		—		—		—		—		—		—		—
2020	—		—		—		—		—		—		—		—		—
2021	—		—		—		—		—		—		—		—		—
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
Total	$	(30)	$	(27)	$	(23)	$	(10)	$	(9)	$	(10)	$	(15)	$	(16)	$	(1)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below											16
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance											(1)		—
Unallocated loss adjustment expense prior year development													—
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance											$	(1)	$	(1)

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance


	Years Ended December 31, (in millions)																				Paid Impact of ADC
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	959	$	1,380	$	1,463	$	1,507	$	1,536	$	1,555	$	1,568	$	1,572	$	1,579	$	1,584	$	(8)
2015			931		1,320		1,411		1,439		1,455		1,461		1,463		1,468		1,471		(8)
2016					857		1,344		1,422		1,460		1,501		1,512		1,518		1,521		—
2017							941		1,672		1,896		1,789		1,826		1,852		1,861		—
2018									1,227		1,939		1,973		1,789		1,832		1,849		—
2019											884		1,295		1,379		1,416		1,491		—
2020													667		679		725		824		—
2021															488		650		658		—
2022																	372		401		—
2023																			400		—
Total																			$	12,060	$	(16)

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2014	$	1,036	$	1,009	$	1,032	$	1,039	$	1,034	$	1,122	$	1,064	$	1,106	$	1,111	$	1,117	$	6	$	75	102,063
2015			1,092		1,233		1,262		1,170		1,244		1,234		1,238		1,258		1,266		8		74		113,865
2016					1,314		1,453		1,497		1,498		1,601		1,597		1,610		1,613		3		100		142,721
2017							1,343		1,323		1,252		1,321		1,381		1,366		1,408		42		177		149,665
2018									1,343		1,415		1,482		1,521		1,619		1,664		45		245		151,467
2019											1,005		1,262		1,334		1,351		1,345		(6)		292		142,426
2020													1,219		1,271		1,216		1,202		(14)		474		85,762
2021															1,375		1,335		1,347		12		723		76,503
2022																	1,300		1,261		(39)		894		71,630
2023																			1,472				1,100		57,306
Total																			$	13,695	$	57
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(7,109)		—
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			861		108
Unallocated loss adjustment expense prior year development																					—
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	7,447	$	165

*The losses reported in the table are not covered by the ADC.

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*


	Years Ended December 31, (in millions)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	72	$	258	$	409	$	529	$	629	$	695	$	757	$	818	$	859	$	883
2015			71		240		433		568		683		859		949		994		1,041
2016					119		379		586		775		930		1,059		1,168		1,260
2017							96		280		447		602		753		896		964
2018									113		374		572		742		903		1,128
2019											98		310		478		658		760
2020													60		228		367		507
2021															51		233		345
2022																	57		185
2023																			36
Total																			$	7,109

*The losses reported in the table are not covered by the ADC.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2014	$	1,439	$	1,470	$	1,431	$	1,460	$	1,450	$	1,426	$	1,387	$	1,382	$	1,360	$	1,349	$	(11)	$	(2)	48,030
2015			1,552		1,469		1,531		1,463		1,444		1,434		1,421		1,455		1,442		(13)		7		54,639
2016					1,536		1,685		1,678		1,682		1,678		1,674		1,609		1,604		(5)		10		57,287
2017							1,649		1,614		1,609		1,616		1,600		1,566		1,565		(1)		12		53,411
2018									1,505		1,555		1,533		1,520		1,468		1,463		(5)		8		44,183
2019											1,138		1,100		1,101		1,090		1,086		(4)		39		33,637
2020													1,301		1,241		1,200		1,218		18		136		25,822
2021															1,019		982		932		(50)		64		22,306
2022																	1,123		1,288		165		220		23,295
2023																			1,359				539		15,946
Total																			$	13,306	$	94
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(10,479)		—
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			86		(13)
Unallocated loss adjustment expense prior year development																					—
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	2,913	$	81

*The losses reported in the table are not covered by the ADC.

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*


	Years Ended December 31, (in millions)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	311	$	912	$	1,187	$	1,255	$	1,293	$	1,320	$	1,329	$	1,342	$	1,350	$	1,354
2015			346		920		1,193		1,295		1,331		1,354		1,362		1,363		1,362
2016					456		1,114		1,367		1,500		1,545		1,574		1,591		1,585
2017							353		940		1,222		1,364		1,420		1,459		1,472
2018									316		978		1,161		1,289		1,303		1,339
2019											264		649		820		907		944
2020													249		668		819		912
2021															189		504		691
2022																	194		661
2023																			159
Total																			$	10,479

*The losses reported in the table are not covered by the ADC.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*


	Years Ended December 31, (in millions)																						December 31, 2023
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Claims
	Unaudited
2014	$	2,210	$	2,220	$	2,207	$	2,204	$	2,197	$	2,197	$	2,199	$	2,197	$	2,220	$	2,224	$	4	$	2	1,799,271
2015			2,284		2,264		2,265		2,257		2,255		2,255		2,256		2,254		2,257		3		—		1,777,699
2016					2,241		2,240		2,226		2,221		2,219		2,216		2,209		2,212		3		1		1,794,987
2017							2,196		2,118		2,103		2,099		2,115		2,100		2,108		8		—		1,718,502
2018									2,555		2,461		2,458		2,431		2,450		2,448		(2)		4		1,915,683
2019											2,085		2,050		2,015		2,000		2,002		2		3		1,673,976
2020													1,909		1,771		1,713		1,701		(12)		19		1,389,704
2021															1,776		1,719		1,689		(30)		32		1,387,230
2022																	1,889		1,854		(35)		89		2,050,657
2023																			1,698				256		1,275,686
Total																			$	20,193	$	(59)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(18,747)		—
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance																			37		2
Unallocated loss adjustment expense prior year development																					—
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	1,483	$	(57)

*The losses reported in the table are not covered by the ADC.

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*


	Years Ended December 31, (in millions)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
2014	$	1,198	$	1,817	$	1,999	$	2,090	$	2,137	$	2,158	$	2,170	$	2,179	$	2,184	$	2,189
2015			1,228		1,861		2,046		2,146		2,183		2,209		2,226		2,234		2,244
2016					1,225		1,830		2,013		2,102		2,147		2,173		2,187		2,195
2017							1,200		1,791		1,950		2,020		2,056		2,078		2,077
2018									1,520		2,063		2,225		2,309		2,352		2,404
2019											1,219		1,726		1,854		1,916		1,950
2020													1,020		1,470		1,576		1,619
2021															1,003		1,423		1,533
2022																	1,100		1,572
2023																			964
Total																			$	18,747

*The losses reported in the table are not covered by the ADC.

Reconciliation Of Change In Net Ultimate Loss And Loss Adjustment Expense To Prior Year Development

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, 2023:


(in millions)		Prior Year Development Net of External Reinsurance Before ADC Cessions		Prior Year Development Net of External Reinsurance After ADC Cessions(a)		Re-Attribution of ADC Recovery(b)		Amortization of Deferred Gain at Inception		Prior Year Development After Amortization and Re-attribution
U.S. Workers' Compensation	$	(267)	$	(114)	$	(24)	$	(52)	$	(190)
U.S. Excess Casualty		(32)		18		(27)		(39)		(48)
U.S. Other Casualty		(133)		(133)		36		(37)		(134)
U.S. Financial Lines		94		50		13		(26)		37
U.S. Property and Special Risks		(10)		—		2		(9)		(7)
U.S. Personal Insurance		(64)		(65)		—		(1)		(66)
UK/Europe Casualty and Financial lines		165		165		—		—		165
UK/Europe Property and Special Risks		81		81		—		—		81
UK/Europe and Japan Personal Insurance		(57)		(57)		—		—		(57)
Other Operations Run-Off		(7)		(7)		—		—		(7)
Other product lines		(162)		(172)		—		—		(172)
Subtotal, adjusted pre-tax basis	$	(392)	$	(234)	$	—	$	(164)	$	(398)
Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception										164
Prior year development ceded under the Asbestos LPT										—
Prior year development ceded under the ADC										(158)
Total, prior years, excluding discount and amortization of deferred gain									$	(392)

(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 covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded.

Reconciliation of claims development to liability

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, 2023:


(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)	$	3,888	$	5,203	$	9,091
U.S. Excess Casualty		3,321		3,272		6,593
U.S. Other Casualty		4,112		3,676		7,788
U.S. Financial Lines		5,672		1,622		7,294
U.S. Property and Special Risks		4,403		1,494		5,897
U.S. Personal Insurance		767		2,163		2,930
UK/Europe Casualty and Financial lines		7,447		1,951		9,398
UK/Europe Property and Special Risks		2,913		1,665		4,578
UK/Europe and Japan Personal Insurance		1,483		671		2,154
Total	$	34,006	$	21,717	$	55,723
Reconciling Items
Discount on workers' compensation lines						(2,337)
Other product lines*						14,739
Unallocated loss adjustment expenses						2,268
Total Loss Reserves					$	70,393

*Reinsurance recoverable for other product lines of $8.7 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $6.0 billion for the year ended December 31, 2023.

Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank

The following table presents details concerning our funding agreements as of December 31, 2023:


December 31, 2023			Payments due by period
(in millions)	Gross Amounts		2024		2025-2026		2027-2028		Thereafter		Stated Interest rates
FHLB Facility
FHLB of Dallas	$	3,357	$	52	$	254	$	3,051	$	—	DNA Auction* + 22 to 30 bps
FHLB of Dallas	2,027		—		—		1,506		521		3.53% to 4.77%
FHLB of New York	241		94		147		—		—		1.52% to 2.70%
	$	5,625	$	146	$	401	$	4,557	$	521

*Discount Note Advance (DNA) Auction is based on either a 4-Week or 3-Month tenor, depending on contractual terms of each borrowing.