XML 76 R53.htm IDEA: XBRL DOCUMENT v3.25.0.1
Insurance Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Liability for unpaid loss and loss adjustment expenses, beginning of year$70,393 $75,167 $79,026 
Reinsurance recoverable(30,289)(32,102)(35,213)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year40,104 43,065 43,813 
Losses and loss adjustment expenses incurred:
Current year14,363 15,100 16,434 
Prior years, excluding discount and amortization of deferred gain254 (392)(530)
Prior years, discount charge (benefit)354 307 (605)
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(404)(81)(252)
Total losses and loss adjustment expenses incurred14,567 14,934 15,047 
Losses and loss adjustment expenses paid:
Current year(3,694)(3,836)(4,011)
Prior years(9,849)(11,868)(11,066)
Total losses and loss adjustment expenses paid(13,543)(15,704)(15,077)
Other changes:
Foreign exchange effect(996)606 (1,463)
Losses and loss adjustment expenses recognized within gain on divestitures— 569 — 
Retroactive reinsurance adjustment (net of discount)(b)
15 158 745 
Dispositions(c)
(5)(3,505)— 
Reclassified to held for sale, net of reinsurance recoverables— (19)— 
Total other changes(986)(2,191)(718)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses40,142 40,104 43,065 
Reinsurance recoverable
29,026 30,289 32,102 
Total$69,168 $70,393 $75,167 
(a)Includes $82 million, $33 million and $63 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2024, 2023 and 2022, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $168 million, $150 million and $(301) million for the years ended December 31, 2024, 2023 and 2022, respectively.
(c)Includes amounts related to the sale of Validus Re through the date of disposition.
Schedule of Components of Loss Reserve Discount
The following table presents the components of the loss reserve discount discussed above:
(in millions)December 31, 2024December 31, 2023
U.S. workers' compensation$2,111 $2,337 
Retroactive reinsurance(936)(1,104)
Total reserve discount(a)(b)
$1,175 $1,233 
(a)Excludes $184 million and $196 million of discount related to certain long-tail liabilities in the UK at December 31, 2024 and 2023, respectively.
(b)Includes gross discount of $627 million and $687 million, which was 100 percent ceded to Fortitude Re at December 31, 2024 and 2023, respectively.
Schedule of Loss Reserve Discount
The following table presents the net loss reserve discount benefit (charge):
Years Ended December 31,
(in millions)202420232022
Current accident year$128 $112 $98 
Accretion and other adjustments to prior year discount(303)(264)(239)
Effect of interest rate changes(51)(43)844 
Net reserve discount benefit (charge)(226)(195)703 
Change in discount on loss reserves ceded under retroactive reinsurance168 150 (301)
Net change in total reserve discount*$(58)$(45)$402 
*Excludes $(12) million, $61 million and $19 million of discount related to certain long-tail liabilities in the UK for the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Activity for Future Policy Benefits Liability
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:
Years Ended December 31,
(in millions, except for liability durations)20242023
Present value of expected net premiums
Balance, beginning of year$1,702 $1,929 
Effect of changes in discount rate assumptions (AOCI)339 262 
Beginning balance at original discount rate2,041 2,191 
Effect of changes in cash flow assumptions12 (2)
Effect of actual variances from expected experience(12)(16)
Adjusted beginning of year balance2,041 2,173 
Issuances88 122 
Interest accrual39 43 
Net premium collected(254)(283)
Foreign exchange impact(165)(14)
Ending balance at original discount rate1,749 2,041 
Effect of changes in discount rate assumptions (AOCI)(203)(339)
Balance, end of year$1,546 $1,702 
Present value of expected future policy benefits
Balance, beginning of year$2,149 $2,380 
Effect of changes in discount rate assumptions (AOCI)441 362 
Beginning balance at original discount rate2,590 2,742 
Effect of changes in cash flow assumptions3 (13)
Effect of actual variances from expected experience(12)(18)
Adjusted beginning of year balance2,581 2,711 
Issuances93 130 
Interest accrual48 52 
Benefit payments(262)(276)
Foreign exchange impact(211)(27)
Ending balance at original discount rate2,249 2,590 
Effect of changes in discount rate assumptions (AOCI)(273)(441)
Balance, end of year$1,976 $2,149 
Net liability for future policy benefits, end of year$430 $447 
Deferred profit liability1 1 
Other reconciling items(a)
886 1,019 
Future policy benefits1,317 1,467 
Less: Reinsurance recoverable(726)(823)
Net liability for future policy benefits after reinsurance recoverable$591 $644 
Weighted average liability duration of the liability for future policy benefits(b)
9.19.3
(a)Other reconciling items primarily include Global Accident & Health (short-duration) contracts and certain long-duration contracts that are 100 percent ceded of $691 million and $785 million at December 31, 2024 and 2023, respectively.
(b)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.
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)202420232022
Undiscounted expected future benefits and expense$2,816 $3,194 $3,325 
Undiscounted expected future gross premiums3,911 4,403 4,558 
*Discounted expected future gross premiums (at current discount rate) for 2024 and 2023 were $2.8 billion and $3.0 billion, respectively.
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,
(in millions)202420232022
Gross premiums$409 $477 $487 
Interest accretion$9 $9 $8 
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
Years Ended December 31,202420232022
Weighted-average interest rate, original discount rate1.83 %1.82 %1.77 %
Weighted-average interest rate, current discount rate3.22 %3.78 %3.21 %
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, 2024:
(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)$3,468$4,852$8,320
U.S. Excess Casualty3,2083,1396,347
U.S. Other Casualty4,3873,4167,803
U.S. Financial Lines5,4221,6147,036
U.S. Property and Special Risks4,2971,2335,530
U.S. Personal Insurance8362,0482,884
UK/Europe Casualty and Financial lines7,2801,9529,232
UK/Europe Property and Special Risks2,3551,7614,116
UK/Europe and Japan Personal Insurance1,2696701,939
Total$32,522$20,685$53,207
Reconciling Items
Discount on workers' compensation lines(2,111)
Other product lines*15,384
Unallocated loss adjustment expenses2,688
Total Loss Reserves$69,168
*Reinsurance recoverable for other product lines of $8.4 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $7.0 billion for the year ended December 31, 2024.
Reconciliation of Net Prior Year Development Before the ADC Cessions to the Net Prior Year Development After ADC Cessions and Amortization of Deferred Gain
The following table presents the reconciliation of net prior year development before the ADC cessions from the tables below to the net prior year development after ADC cessions and amortization of deferred gain for the year ended December 31, 2024:
(in millions)Prior Year
Development
Net of External
Reinsurance
Before ADC
Cessions
Prior Year
Development
Net of External
Reinsurance
After ADC
Cessions(a)
Re-Attribution
of ADC
Recovery(b)
Amortization
of Deferred
Gain at
Inception		Prior Year
Development
After
Amortization
and
Re-attribution
U.S. Workers' Compensation$(273)$(205)$(14)$(42)$(261)
U.S. Excess Casualty545 238 22 (32)228 
U.S. Other Casualty12 44 (38)(31)(25)
U.S. Financial Lines51 (40)20 (23)(43)
U.S. Property and Special Risks(44)4 11 (7)8 
U.S. Personal Insurance(23)(25)(1)(1)(27)
UK/Europe Casualty and Financial lines170 170 — — 170 
UK/Europe Property and Special Risks(35)(35)— — (35)
UK/Europe and Japan Personal Insurance(47)(47)— — (47)
Other Operations1 1 — — 1 
Other product lines(299)(336)— — (336)
Subtotal, adjusted pre-tax basis$58 $(231)$— $(136)$(367)
Businesses in run-off196 111 — — 111 
Subtotal$254 $(120)$— $(136)$(256)
Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception136 
Prior year development ceded under the Asbestos LPT85 
Prior year development ceded under the ADC289 
Total, prior years, excluding discount and amortization of deferred gain$254 
(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.
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, 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, 2024
Accident
Year		20152016201720182019202020212022202320242024
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		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,708 $1,864 $1,866 $1,814 $1,722 $1,675 $1,634 $1,612 $1,592 $1,464 $(128)$179 37,763 $(317)$(144)$1,147 $35 
20161,299 1,346 1,318 1,140 1,090 1,075 1,036 1,025 986 (39)178 32,178 — — 986 178 
2017789 850 776 763 731 712 705 673 (32)176 28,057 — — 673 176 
2018998 1,021 961 911 896 875 786 (89)200 22,484 — — 786 200 
2019887 873 812 801 788 730 (58)218 17,292 — — 730 218 
2020597 573 521 477 434 (43)104 14,124 — — 434 104 
2021597 570 545 514 (31)212 11,293 — — 514 212 
2022523 493 464 (29)209 9,829 — — 464 209 
2023500 465 (35)273 8,954 — — 465 273 
2024567 455 6,285 — — 567 455 
Total$7,083 $(484)$(317)$6,766 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(3,806)— 71 (3,735)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance4,145 (187)(3,708)437 
Unallocated loss adjustment expense prior year development398 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$7,422 $(273)$(3,954)$3,468 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,279$1,279$1,318$1,134$1,105$1,041$1,092$1,154$1,147 $(7)
20161,2991,3461,3181,1401,0901,0751,0361,025986 (39)
2017789850776763731712705673 (32)
20189981,021961911896875786 (89)
2019887873812801788730 (58)
2020597573521477434 (43)
2021597570545514 (31)
2022523493464 (29)
2023500465 (35)
2024567 
Total$2,578 $3,414 $4,484 $4,958 $5,389 $5,740 $6,151 $6,562 $6,766 $(363)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(3,735)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance437 (26)
Unallocated loss adjustment expense prior year adjustment184 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$3,468 $(205)
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(585)$(587)$(496)$(588)$(570)$(593)$(520)$(438)$(317)$121 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(585)$(587)$(496)$(588)$(570)$(593)$(520)$(438)$(317)$121 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below71 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(3,708)161 
Unallocated loss adjustment expense prior year development(214)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(3,954)$68 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$234 $524 $725 $854 $925 $979 $1,013 $1,038 $1,058 $1,080 $(71)
2016147 378 521 584 630 662 686 694 708 — 
201793 224 294 333 367 389 395 402 — 
201885 215 296 359 388 409 448 — 
201993 219 301 347 389 417 — 
202064 159 205 245 259 — 
202160 128 171 211 — 
202245 102 143 — 
202338 103 — 
202435 — 
Total$3,806 $(71)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
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		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$989 $1,463 $1,440 $1,603 $1,656 $1,694 $1,721 $1,686 $1,658 $1,723 $65 $258 3,269 $(534)$(131)$1,189 $127 
2016898 1,146 1,162 1,171 1,274 1,250 1,263 1,276 1,317 41 343 2,970 — — 1,317 343 
2017856 1,002 1,097 1,153 1,157 1,200 1,182 1,228 46 227 2,252 — — 1,228 227 
2018648 646 721 769 769 779 779 — 149 1,613 — — 779 149 
2019577 583 597 612 600 604 4 279 1,469 — — 604 279 
2020406 413 410 420 404 (16)194 1,438 — — 404 194 
2021278 277 274 358 84 154 1,039 — — 358 154 
2022305 305 333 28 156 690 — — 333 156 
2023345 348 3 210 567 — — 348 210 
2024315 302 235 — — 315 302 
Total$7,409 $255 $(534)$6,875 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(4,350)— 197 (4,153)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance2,104 217 (1,618)486 
Unallocated loss adjustment expense prior year development73 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,163 $545 $(1,955)$3,208 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,027$1,015$1,139$1,163$1,211$1,231$1,174$1,196$1,189 $(7)
20168981,1461,1621,1711,2741,2501,2631,2761,317 41 
20178561,0021,0971,1531,1571,2001,1821,228 46 
2018648646721769769779779 — 
2019577583597612600604 4 
2020406413410420404 (16)
2021278277274358 84 
2022305305333 28 
2023345348 3 
2024315 
Total$1,925 $3,017 $3,951 $4,654 $5,348 $5,695 $6,010 $6,377 $6,875 $183 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(4,153)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance486 39 
Unallocated loss adjustment expense prior year adjustment16 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$3,208 $238 
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(436)$(425)$(464)$(493)$(483)$(490)$(512)$(462)$(534)$(72)
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(436)$(425)$(464)$(493)$(483)$(490)$(512)$(462)$(534)$(72)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below197 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(1,618)(178)
Unallocated loss adjustment expense prior year development(57)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(1,955)$(307)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$9 $210 $391 $718 $935 $1,061 $1,124 $1,253 $1,291 $1,325 $(197)
201628 80 204 388 502 566 670 798 851 — 
20171 45 156 505 585 676 781 860 — 
20181 125 227 315 414 494 527 — 
20197 43 79 157 216 253 — 
20204 15 33 128 188 — 
20214 43 62 161 — 
202214 51 96 — 
20231 89 — 
2024— — 
Total$4,350 $(197)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
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		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,329 $1,762 $1,829 $1,736 $1,794 $1,834 $1,824 $1,815 $1,796 $1,770 $(26)$6 35,881 $(273)$(3)$1,497 $3 
20161,339 1,343 1,321 1,391 1,340 1,323 1,293 1,297 1,264 (33)69 29,391 — — 1,264 69 
2017602 629 738 674 668 643 654 662 8 14 21,382 — — 662 14 
2018802 845 837 870 824 810 841 31 154 17,096 — — 841 154 
20191,059 1,058 1,053 1,062 1,039 1,024 (15)469 21,383 — — 1,024 469 
2020524 576 538 540 519 (21)223 11,622 — — 519 223 
2021795 793 790 818 28 470 11,249 — — 818 470 
2022793 819 827 8 530 13,636 — — 827 530 
2023933 955 22 781 13,687 — — 955 781 
2024840 754 9,070 — — 840 754 
Total$9,520 $2 $(273)$9,247 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(5,435)— 194 (5,241)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance1,300 (14)(919)381 
Unallocated loss adjustment expense prior year development24 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,385 $12 $(998)$4,387 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,361$1,373$1,423$1,493$1,553$1,562$1,563$1,514$1,497 $(17)
20161,3391,3431,3211,3911,3401,3231,2931,2971,264 (33)
2017602629738674668643654662 8 
2018802845837870824810841 31 
20191,0591,0581,0531,0621,0391,024 (15)
2020524576538540519 (21)
2021795793790818 28 
2022793819827 8 
2023933955 22 
2024840 
Total$2,700 $3,318 $4,175 $5,526 $5,986 $6,847 $7,509 $8,396 $9,247 $11 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(5,241)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance381 37 
Unallocated loss adjustment expense prior year adjustment(4)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$4,387 $44 
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(401)$(456)$(313)$(301)$(281)$(262)$(252)$(282)$(273)$9 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(401)$(456)$(313)$(301)$(281)$(262)$(252)$(282)$(273)$9 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below194 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(919)51 
Unallocated loss adjustment expense prior year development(28)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(998)$32 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$105 $309 $769 $1,087 $1,351 $1,485 $1,603 $1,680 $1,707 $1,717 $(194)
201677 298 489 703 846 938 1,018 1,074 1,144 — 
201751 111 216 314 455 527 592 613 — 
201843 122 227 360 470 565 636 — 
201953 138 226 321 410 474 — 
202026 73 139 198 252 — 
202132 87 169 265 — 
202238 112 195 — 
202336 102 — 
202437 — 
Total$5,435 $(194)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
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		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,737 $1,762 $1,743 $1,788 $1,830 $1,874 $1,959 $2,044 $2,048 $2,039 $(9)$63 16,263 $(485)$(50)$1,554 $13 
20161,605 1,855 1,993 2,064 2,139 2,281 2,325 2,308 2,322 14 112 16,138 — — 2,322 112 
20171,564 1,675 1,756 1,846 1,898 1,987 1,957 1,969 12 121 15,287 — — 1,969 121 
20181,640 1,766 1,882 2,063 2,225 2,322 2,282 (40)354 14,857 — — 2,282 354 
20191,503 1,536 1,627 1,926 1,912 1,945 33 358 13,381 — — 1,945 358 
20201,213 1,252 1,408 1,457 1,470 13 260 10,461 — — 1,470 260 
20211,430 1,408 1,388 1,316 (72)700 7,226 — — 1,316 700 
20221,130 1,108 1,105 (3)857 5,939 — — 1,105 857 
20231,043 1,041 (2)800 6,997 — — 1,041 800 
2024942 851 7,258 — — 942 851 
Total$16,431 $(54)$(485)$15,946 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,922)— 367 (10,555)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance427 92 (396)31 
Unallocated loss adjustment expense prior year development13 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,936 $51 $(514)$5,422 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,429$1,430$1,462$1,552$1,550$1,595$1,605$1,553$1,554 $1 
20161,6051,8551,9932,0642,1392,2812,3252,3082,322 14 
20171,5641,6751,7561,8461,8981,9871,9571,969 12 
20181,6401,7661,8822,0632,2252,3222,282 (40)
20191,5031,5361,6271,9261,9121,945 33 
20201,2131,2521,4081,4571,470 13 
20211,4301,4081,3881,316 (72)
20221,1301,1081,105 (3)
20231,0431,041 (2)
2024942 
Total$3,034 $4,849 $6,770 $8,641 $10,166 $12,146 $14,014 $15,048 $15,946 $(44)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,555)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance31 4 
Unallocated loss adjustment expense prior year adjustment— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$5,422 $(40)
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(333)$(313)$(326)$(278)$(324)$(364)$(439)$(495)$(485)$10 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(333)$(313)$(326)$(278)$(324)$(364)$(439)$(495)$(485)$10 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below367 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(396)(88)
Unallocated loss adjustment expense prior year development(13)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(514)$(91)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$63 $390 $791 $1,055 $1,282 $1,488 $1,686 $1,818 $1,914 $1,929 $(367)
201673 499 1,002 1,358 1,659 1,826 1,903 2,039 2,115 — 
201764 391 761 1,118 1,396 1,515 1,653 1,777 — 
201886 486 835 1,126 1,415 1,601 1,776 — 
201994 367 642 953 1,204 1,423 — 
202084 356 648 915 1,063 — 
202143 151 315 468 — 
202230 109 177 — 
202346 150 — 
202444 — 
Total$10,922 $(367)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
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		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$2,567 $2,506 $2,489 $2,492 $2,466 $2,471 $2,479 $2,490 $2,493 $2,484 $(9)$4 59,598 $(97)$(3)$2,387 $1 
20162,674 2,748 2,690 2,697 2,707 2,694 2,700 2,713 2,727 14 8 54,893 — — 2,727 8 
20174,569 4,239 4,127 4,153 4,173 4,212 4,175 4,187 12 12 79,846 — — 4,187 12 
20182,978 2,993 2,992 3,229 3,201 3,210 3,204 (6)49 70,122 — — 3,204 49 
20192,177 2,146 2,211 2,222 2,177 2,198 21 34 78,995 — — 2,198 34 
20203,391 3,320 3,280 3,238 3,269 31 645 68,891 — — 3,269 645 
20212,339 2,213 2,160 2,190 30 122 82,226 — — 2,190 122 
20223,171 3,281 3,240 (41)504 86,499 — — 3,240 504 
20232,528 2,440 (88)431 99,114 — — 2,440 431 
20241,844 537 25,410 — — 1,844 537 
Total$27,783 $(36)$(97)$27,686 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(23,702)— 70 (23,632)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance395 (8)(152)243 
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$4,476 $(44)$(179)$4,297 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$2,365$2,391$2,405$2,372$2,372$2,372$2,375$2,393$2,387 $(6)
20162,6742,7482,6902,6972,7072,6942,7002,7132,727 14 
20174,5694,2394,1274,1534,1734,2124,1754,187 12 
20182,9782,9932,9923,2293,2013,2103,204 (6)
20192,1772,1462,2112,2222,1772,198 21 
20203,3913,3203,2803,2383,269 31 
20212,3392,2132,1602,190 30 
20223,1713,2813,240 (41)
20232,5282,440 (88)
20241,844 
Total$5,039 $9,708 $12,312 $14,366 $17,761 $20,338 $23,374 $25,875 $27,686 $(33)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(23,632)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance243 38 
Unallocated loss adjustment expense prior year adjustment(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$4,297 $4 
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(141)$(98)$(87)$(94)$(99)$(107)$(115)$(100)$(97)$3 
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(141)$(98)$(87)$(94)$(99)$(107)$(115)$(100)$(97)$3 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below70 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(152)46 
Unallocated loss adjustment expense prior year development(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$(179)$48 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$844 $1,572 $1,878 $2,121 $2,240 $2,308 $2,344 $2,391 $2,457 $2,462 $(70)
2016821 1,747 2,076 2,296 2,464 2,539 2,616 2,647 2,679 — 
20171,137 2,625 3,281 3,638 3,897 3,999 4,055 4,129 — 
2018977 2,162 2,509 2,715 2,863 2,994 3,094 — 
20191,039 1,673 1,906 2,037 2,083 2,124 — 
2020844 1,613 1,874 2,190 2,414 — 
2021878 1,743 1,983 2,004 — 
20221,208 2,207 2,437 — 
20231,173 1,692 — 
2024667 — 
Total$23,702 $(70)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance
Years Ended December 31, (in millions)
December 31, 2024
Accident
Year		20152016201720182019202020212022202320242024
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		2024
(Net of
Impact
of ADC)		Total of
IBNR
Liabilities
Net of
Impact
of ADC
Unaudited
2015$1,511 $1,498 $1,494 $1,483 $1,482 $1,485 $1,487 $1,488 $1,487 $1,488 $1 $12 261,309 $(9)$— $1,479 $12 
20161,536 1,533 1,533 1,540 1,542 1,544 1,544 1,541 1,541 — 16 247,696 — — 1,541 16 
20171,878 2,137 2,011 2,057 1,924 1,916 1,896 1,899 3 15 220,270 — — 1,899 15 
20182,188 2,193 2,154 1,937 1,936 1,920 1,927 7 37 102,483 — — 1,927 37 
20191,593 1,664 1,646 1,596 1,578 1,569 (9)44 93,909 — — 1,569 44 
2020954 906 913 894 890 (4)33 55,713 — — 890 33 
2021748 765 762 752 (10)73 57,288 — — 752 73 
2022517 529 525 (4)100 55,394 — — 525 100 
2023677 668 (9)122 47,201 — — 668 122 
2024604 294 29,007 — — 604 294 
Total$11,863 $(25)$(9)$11,854 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,979)— 9 (10,970)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance(48)3 — (48)
Unallocated loss adjustment expense prior year development(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$836 $(23)$— $836 
Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$1,476$1,475$1,472$1,476$1,480$1,482$1,481$1,479$1,479 $— 
20161,5361,5331,5331,5401,5421,5441,5441,5411,541 — 
20171,8782,1372,0112,0571,9241,9161,8961,899 3 
20182,1882,1932,1541,9371,9361,9201,927 7 
20191,5931,6641,6461,5961,5781,569 (9)
2020954906913894890 (4)
2021748765762752 (10)
2022517529525 (4)
2023677668 (9)
2024604 
Total$3,012 $4,886 $7,330 $8,813 $9,851 $10,187 $10,668 $11,276 $11,854 $(26)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,970)
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance(48)2 
Unallocated loss adjustment expense prior year adjustment(1)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$836 $(25)
The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):
Calendar Years Ended December 31, (in millions)
Accident
Year		201620172018201920202021202220232024Prior Year
Development
Unaudited
2015$(22)$(19)$(11)$(6)$(5)$(5)$(7)$(8)$(9)$(1)
2016— — — — — — — — — — 
2017— — — — — — — — — — 
2018— — — — — — — — — — 
2019— — — — — — — — — — 
2020— — — — — — — — — — 
2021— — — — — — — — — — 
2022— — — — — — — — — — 
2023— — — — — — — — — — 
2024— — — — — — — — — — 
Total$(22)$(19)$(11)$(6)$(5)$(5)$(7)$(8)$(9)$(1)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below9 
Liabilities for losses and allocated loss adjustment expenses and prior year development before 2015, net of reinsurance— (1)
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$— $(2)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Years Ended December 31, (in millions)
Paid Impact
of ADC
Accident Year2015201620172018201920202021202220232024
Unaudited
2015$931 $1,320 $1,411 $1,439 $1,455 $1,461 $1,463 $1,468 $1,471 $1,474 $(9)
2016857 1,344 1,422 1,460 1,501 1,512 1,518 1,521 1,521 — 
2017941 1,672 1,896 1,789 1,826 1,852 1,861 1,878 — 
20181,227 1,939 1,973 1,789 1,832 1,849 1,881 — 
2019884 1,295 1,379 1,416 1,491 1,516 — 
2020667 679 725 824 846 — 
2021488 650 658 662 — 
2022372 401 406 — 
2023400 522 — 
2024273 — 
Total$10,979 $(9)
Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*
Years Ended December 31, (in millions)
December 31, 2024
Accident Year20152016201720182019202020212022202320242024
Prior Year
Development		Total of IBNR
Liabilities
Plus Expected
Development on
Reported Losses		Cumulative
Number of
Reported
Claims
Unaudited
2015$1,043 $1,177 $1,166 $1,187 $1,265 $1,184 $1,191 $1,210 $1,221 $1,215 $(6)$63 113,532 
20161,251 1,342 1,421 1,426 1,539 1,536 1,548 1,547 1,618 71 143 142,423 
20171,282 1,221 1,151 1,263 1,323 1,311 1,351 1,398 47 171 149,728 
20181,286 1,316 1,416 1,455 1,554 1,596 1,686 90 229 151,718 
20191,189 1,204 1,276 1,291 1,282 1,307 25 210 142,854 
20201,163 1,215 1,161 1,154 1,114 (40)353 86,254 
20211,316 1,275 1,279 1,261 (18)566 77,499 
20221,243 1,203 1,197 (6)681 74,390 
20231,233 1,230 (3)803 69,733 
20241,240 1,052 60,687 
Total$13,266 $160 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(6,843)— 
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance857 10 
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$7,280 $170 
*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 Year2015201620172018201920202021202220232024
Unaudited
2015$69 $230 $416 $546 $656 $828 $914 $955 $1,004 $1,023 
2016115 363 563 746 896 1,022 1,127 1,214 1,253 
201793 269 428 578 724 862 924 1,025 
2018109 359 549 711 867 1,085 1,172 
201995 297 458 632 728 842 
202057 218 351 484 572 
202149 224 331 434 
202255 177 282 
202335 183 
202457 
Total$6,843 
*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, 2024
Accident Year20152016201720182019202020212022202320242024
Prior Year
Development		Total of IBNR
Liabilities
Plus Expected
Development on
Reported Losses		Cumulative
Number of
Reported
Claims
Unaudited
2015$1,516 $1,472 $1,457 $1,431 $1,410 $1,400 $1,388 $1,421 $1,407 $1,399 $(8)$3 54,684 
20161,494 1,636 1,661 1,635 1,632 1,626 1,563 1,558 1,553 (5)17 57,353 
20171,609 1,598 1,576 1,582 1,567 1,533 1,533 1,535 2 15 53,528 
20181,547 1,514 1,493 1,481 1,429 1,427 1,422 (5)25 44,342 
20191,112 1,073 1,076 1,064 1,062 1,065 3 45 33,930 
20201,282 1,223 1,181 1,200 1,190 (10)94 26,280 
2021995 958 914 923 9 85 22,968 
20221,098 1,253 1,238 (15)95 24,972 
20231,034 1,038 4 179 23,267 
20241,081 542 17,451 
Total$12,444 $(25)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(10,174)— 
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance85 (10)
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$2,355 $(35)
*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 Year2015201620172018201920202021202220232024
Unaudited
2015$336 $895 $1,163 $1,263 $1,298 $1,321 $1,329 $1,331 $1,373 $1,377 
2016441 1,080 1,327 1,457 1,501 1,528 1,546 1,520 1,522 
2017345 916 1,193 1,333 1,388 1,426 1,439 1,446 
2018308 952 1,131 1,254 1,267 1,301 1,325 
2019258 632 798 884 922 953 
2020245 657 805 896 1,004 
2021185 489 672 748 
2022190 650 1,100 
2023150 504 
2024195 
Total$10,174 
*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, 2024
Accident Year20152016201720182019202020212022202320242024
Prior Year
Development		Total of IBNR
Liabilities
Plus Expected
Development on
Reported Losses		Cumulative
Number of
Reported
Claims
Unaudited
2015$2,153 $2,134 $2,135 $2,127 $2,126 $2,126 $2,126 $2,123 $2,127 $2,128 $1 $2 1,777,959 
20162,113 2,112 2,099 2,094 2,092 2,090 2,082 2,086 2,084 (2)3 1,795,415 
20172,070 1,995 1,982 1,978 1,995 1,960 1,990 1,989 (1)4 1,719,018 
20182,372 2,283 2,279 2,251 2,296 2,274 2,272 (2)1 1,917,173 
20191,915 1,871 1,834 1,853 1,825 1,827 2 (1)1,676,687 
20201,757 1,627 1,580 1,563 1,552 (11)5 1,392,905 
20211,626 1,554 1,555 1,555 — 13 1,394,112 
20221,710 1,752 1,716 (36)67 2,072,754 
20231,557 1,552 (5)101 1,435,789 
20241,416 177 1,260,923 
Total$18,091 $(54)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below(16,861)— 
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2015, net of reinsurance39 7 
Unallocated loss adjustment expense prior year development— 
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance$1,269 $(47)
*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 Year2015201620172018201920202021202220232024
Unaudited
2015$1,155 $1,751 $1,927 $2,020 $2,055 $2,079 $2,096 $2,104 $2,112 $2,117 
20161,154 1,723 1,894 1,976 2,019 2,043 2,057 2,065 2,070 
20171,130 1,682 1,830 1,896 1,930 1,949 1,949 1,960 
20181,426 1,913 2,062 2,139 2,180 2,226 2,250 
20191,120 1,576 1,690 1,746 1,777 1,798 
2020937 1,350 1,446 1,485 1,513 
2021920 1,306 1,408 1,465 
20221,006 1,440 1,550 
2023881 1,290 
2024848 
Total$16,861 
*The losses reported in the table are not covered by the ADC.
Schedule of Claim Payout Patterns
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)
Year1 2 3 4 5 6 7 8 9 10 
U.S. Workers' compensation11.9 %17.5 %11.0 %7.5 %4.5 %3.3 %2.7 %1.2 %1.4 %1.5 %
U.S. Excess casualty1.1 10.1 8.9 19.5 10.8 7.2 6.1 7.9 3.1 2.0 
U.S. Other casualty5.2 9.7 13.8 14.0 13.3 8.7 7.8 4.0 3.5 0.6 
U.S. Financial Lines3.9 14.0 16.0 15.0 12.3 8.5 6.9 6.2 4.0 0.7 
U.S. Property and Special Risks35.6 31.1 10.9 7.1 5.1 2.8 2.2 1.6 1.9 0.2 
U.S. Personal Insurance60.3 22.9 4.7 0.5 2.5 1.0 0.7 0.5 0.1 0.2 
UK/Europe Casualty and Financial Lines5.4 13.6 11.5 10.8 8.9 10.7 5.8 5.3 3.2 1.6 
UK/Europe Property and Special Risks20.9 37.5 18.7 8.2 3.7 2.2 1.1 (0.4)1.6 0.3 
UK/Europe and Japan Personal Insurance58.5 25.8 7.0 3.5 1.8 1.3 0.6 0.4 0.3 0.2