Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves (Tables)

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Reconciliation of Claim and Claim Adjustment Expense Reserves

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the Life & Group business.

Nine Months Ended September 30	2022		2021
(In millions)
Reserves, beginning of year:
Gross	$	24,174	$	22,706
Ceded	4,969		4,005
Net reserves, beginning of year	19,205		18,701
Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer			(632)
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	4,638		4,474
Decrease in provision for insured events of prior years	(144)		(130)
Amortization of discount	131		137
Total net incurred (a)	4,625		4,481
Net payments attributable to:
Current year events	(523)		(629)
Prior year events	(3,371)		(2,874)
Total net payments	(3,894)		(3,503)
Foreign currency translation adjustment and other	(383)		(51)
Net reserves, end of period	19,553		18,996
Ceded reserves, end of period	5,147		4,836
Gross reserves, end of period	$	24,700	$	23,832

(a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.

Net Prior Year Loss Reserve Development in Property and Casualty Operations

The following table and discussion presents details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
(In millions)
Medical professional liability	$	8	$	8	$	17	$	16
Other professional liability and management liability	9				22		10
Surety	(20)		(15)		(48)		(53)
Commercial auto					21		30
General liability					41
Workers’ compensation	(2)		2		(86)		(40)
Property and other	(12)		(5)		(33)		1
Other insurance operations					64		40
Total pretax (favorable) unfavorable development	$	(17)	$	(10)	$	(2)	$	4