RESERVES FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Summary of Activity in the Reserve for Losses And LAE

Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated:

	Six Months Ended June 30,
(Dollars in millions)	2023		2022
Gross reserves beginning of period	$	14,977	$	13,121
Less reinsurance recoverables on unpaid losses	(3,684)		(3,651)
Net reserves beginning of period	11,294		9,470
Incurred related to:
Current year	2,720		2,521
Prior years	(1)		9
Total incurred losses and LAE	2,719		2,530
Paid related to:
Current year	937		775
Prior years	1,019		1,063
Total paid losses and LAE	1,956		1,838
Foreign exchange/translation adjustment	15		(17)
Net reserves end of period	12,072		10,145
Plus reinsurance recoverables on unpaid losses	3,440		3,593
Gross reserves end of period	$	15,512	$	13,738

(Some amounts may not reconcile due to rounding.)