CNA FINANCIAL CORP, 10-K filed on 2/10/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 06, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-5823    
Entity Registrant Name CNA FINANCIAL CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 36-6169860    
Entity Address, Address Line One 151 N. Franklin    
Entity Address, Postal Zip Code 60606    
Entity Address, City or Town Chicago,    
Entity Address, State or Province IL    
City Area Code 312    
Local Phone Number 822-5000    
Title of 12(b) Security Common Stock, Par value $2.50    
Trading Symbol CNA    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Document Financial Statement Error Correction [Flag] false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding (in shares)   270,673,371  
Entity Public Float     $ 998
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the CNA Financial Corporation Proxy Statement prepared for the 2026 annual meeting of shareholders, pursuant to Regulation 14A, are incorporated by reference into Part III of this report.
    
Entity Central Index Key 0000021175    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
New York Stock Exchange      
Entity Information [Line Items]      
Security Exchange Name NYSE    
NYSE Texas      
Entity Information [Line Items]      
Security Exchange Name CHX    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 34
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Net earned premiums $ 10,900 $ 10,211 $ 9,480
Net investment income 2,557 2,497 2,264
Net investment losses (81) (81) (99)
Non-insurance warranty revenue 1,577 1,609 1,624
Other revenues 36 34 30
Total revenues 14,989 14,270 13,299
Claims, Benefits and Expenses      
Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) 8,294 7,738 7,068
Amortization of deferred acquisition costs 1,898 1,798 1,644
Non-insurance warranty expense 1,526 1,547 1,544
Other operating expenses 1,516 1,843 1,398
Interest 135 133 127
Total claims, benefits and expenses 13,369 13,059 11,781
Income before income tax 1,620 1,211 1,518
Income tax expense (342) (252) (313)
Net income $ 1,278 $ 959 $ 1,205
Basic earnings per share      
Basic earnings per share (in usd per share) $ 4.71 $ 3.53 $ 4.44
Diluted earnings per share      
Diluted earnings per share (in usd per share) $ 4.69 $ 3.52 $ 4.43
Weighted Average Outstanding Common Stock and Common Stock Equivalents      
Basic (in shares) 271.2 271.5 271.3
Diluted (in shares) 272.4 272.7 272.2
v3.25.4
Consolidated Statements of Operations - (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ 104 $ 125 $ 88
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 1,278 $ 959 $ 1,205
Other Comprehensive Income, net of tax      
Net unrealized gains and losses on investments 886 (264) 1,120
Impact of changes in discount rates used to measure long-duration contract liabilities (161) 712 (318)
Foreign currency translation adjustment 143 (101) 58
Pension and postretirement benefits 25 334 66
Other comprehensive income, net of tax 893 681 926
Total comprehensive income 2,171 1,640 2,131
Investments      
Other Comprehensive Income, net of tax      
Net unrealized gains and losses on investments (2) (1) (5)
Net unrealized gains and losses on other investments      
Other Comprehensive Income, net of tax      
Net unrealized gains and losses on investments $ 888 $ (263) $ 1,125
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities at fair value (amortized cost of $44,668 and $43,481, less allowance for credit loss of $69 and $45) $ 43,402 $ 41,111
Equity securities at fair value (cost of $728 and $632) 769 659
Limited partnership investments 2,772 2,520
Other invested assets 105 85
Mortgage loans (less allowance for credit loss of $15 and $35) 1,079 1,019
Short-term investments 2,320 2,088
Total investments 50,447 47,482
Cash 425 472
Reinsurance receivables (less allowance for uncollectible receivables of $27 and $21) 6,381 6,051
Insurance receivables (less allowance for uncollectible receivables of $25 and $26) 3,739 3,671
Accrued investment income 480 451
Deferred acquisition costs 986 959
Deferred income taxes 575 850
Property and equipment at cost (less accumulated depreciation of $346 and $314) 282 295
Goodwill 148 145
Deferred non-insurance warranty acquisition expense 3,220 3,525
Other assets 2,760 2,591
Total assets 69,443 66,492
Insurance reserves:    
Claim and claim adjustment expenses 26,599 24,976
Unearned premiums 7,635 7,346
Future policy benefits 13,448 13,158
Long-term debt 2,971 2,973
Deferred non-insurance warranty revenue 4,138 4,530
Other liabilities (includes $54 and $47 due to Loews Corporation) 3,031 2,996
Total liabilities 57,822 55,979
Commitments and contingencies (Notes B and G)  
Stockholders' Equity    
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding) 683 683
Additional paid-in capital 2,229 2,229
Retained earnings 9,915 9,686
Accumulated other comprehensive loss (1,098) (1,991)
Treasury stock (2,368,496 and 2,195,562 shares), at cost (108) (94)
Total stockholders’ equity 11,621 10,513
Total liabilities and stockholders' equity $ 69,443 $ 66,492
v3.25.4
Consolidated Balance Sheets - (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed maturities securities at amortized cost $ 44,668 $ 43,481
Marketable securities fixed maturities allowance for credit loss 69 45
Equity securities at cost 728 632
Mortgage loans on real estate commercial and consumer allowance for credit loss 15 35
Allowance for uncollectible reinsurance 27 21
Allowance for uncollectible insurance receivables 25 26
Accumulated depreciation on property and equipment 346 314
Other liabilities $ 3,031 $ 2,996
Common stock, par value (in usd per share) $ 2.50 $ 2.50
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 273,040,243 273,040,243
Common stock, shares outstanding (in shares) 270,671,747 270,844,681
Treasury stock, shares (in shares) 2,368,496 2,195,562
Related Party    
Other liabilities $ 54 $ 47
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 1,278 $ 959 $ 1,205
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Deferred income tax expense (benefit) 75 (45) 2
Trading portfolio activity 0 0 1
Net investment losses 81 81 99
Equity method investees (34) (101) (8)
Net amortization of investments (208) (200) (191)
Depreciation and amortization 70 67 73
Changes in:      
Receivables, net (323) (898) (245)
Accrued investment income (26) (8) (41)
Deferred acquisition costs (17) (69) (85)
Insurance reserves 1,670 2,365 1,667
Other, net (76) 420 (192)
Net cash flows provided by operating activities 2,490 2,571 2,285
Dispositions:      
Fixed maturity securities - sales 2,946 2,793 4,029
Fixed maturity securities - maturities, calls and redemptions 3,357 2,396 1,334
Equity securities 505 523 317
Limited partnerships 103 97 164
Mortgage loans 122 105 122
Purchases:      
Fixed maturity securities (7,118) (6,404) (6,616)
Equity securities (573) (444) (293)
Limited partnerships (360) (335) (402)
Mortgage loans (186) (89) (127)
Change in other investments (12) (11) (2)
Change in short-term investments (151) 147 (274)
Purchases of property and equipment (86) (95) (90)
Disposals of property and equipment 12 0 0
Other, net (8) 0 (5)
Net cash flows used by investing activities (1,449) (1,317) (1,843)
Cash Flows from Financing Activities      
Dividends paid to common stockholders (1,047) (1,025) (787)
Proceeds from the issuance of debt 495 490 491
Repayment of debt (500) (550) (243)
Purchase of treasury stock (34) (20) (24)
Other, net (18) (12) (14)
Net cash flows used by financing activities (1,104) (1,117) (577)
Effect of foreign exchange rate changes on cash 16 (10) 5
Net change in cash (47) 127 (130)
Cash, beginning of year 472 345 475
Cash, end of year $ 425 $ 472 $ 345
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total stockholder's equity at beginning of period at Dec. 31, 2022   $ 683 $ 2,220 $ 9,336 $ (3,598) $ (93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     1     23
Dividends to common stockholders ($3.84, $3.76, and $2.88 per share)       (786)    
Net income $ 1,205     1,205    
Other comprehensive income 926       926  
Purchase of treasury stock           (24)
Total stockholder's equity at end of period at Dec. 31, 2023 9,893 683 2,221 9,755 (2,672) (94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     8     20
Dividends to common stockholders ($3.84, $3.76, and $2.88 per share)       (1,028)    
Net income 959     959    
Other comprehensive income 681       681  
Purchase of treasury stock (20)         (20)
Total stockholder's equity at end of period at Dec. 31, 2024 10,513 683 2,229 9,686 (1,991) (94)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     0     20
Dividends to common stockholders ($3.84, $3.76, and $2.88 per share)       (1,049)    
Net income 1,278     1,278    
Other comprehensive income 893       893  
Purchase of treasury stock (34)         (34)
Total stockholder's equity at end of period at Dec. 31, 2025 $ 11,621 $ 683 $ 2,229 $ 9,915 $ (1,098) $ (108)
v3.25.4
Consolidated Statements of Stockholders' Equity - (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share (usd per share) $ 3.84 $ 3.76 $ 2.88
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2025.
The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Recently Adopted Accounting Standards Updates (ASU)
ASU 2023-09: In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including disaggregation of the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The Company adopted the guidance retrospectively, with comparative period tax disclosures adjusted to reflect the change in accounting guidance.
Accounting Standards Pending Adoption
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method, or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.
Insurance Operations
Premiums: Insurance premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are primarily earned ratably over the term of the policies. Premiums on long-term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage.
Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes
in the level of exposure to insurance risk. For such contracts, the Company estimates the amount of ultimate premiums that the Company may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. The Company either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date, or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period.
Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for uncollectible receivables. A loss rate methodology is used to determine expected credit losses for premium receivables. This methodology uses the Company’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses.
Claim and claim adjustment expense reserves: Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (A&EP) and workers' compensation lifetime claims, are not discounted and are based on i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; ii) estimates of incurred but not reported (IBNR) losses; iii) estimates of losses on assumed reinsurance; iv) estimates of future expenses to be incurred in the settlement of claims; v) estimates of salvage and subrogation recoveries and vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past Company and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Reinsurance receivables on the Consolidated Balance Sheets.
Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.6 billion and $1.3 billion as of December 31, 2025 and 2024. A significant portion of these amounts are supported by collateral. The Company has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Insurance receivables on the Consolidated Balance Sheets.
Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. The Company's obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average interest rate of 6.5% and 6.6% as of December 31, 2025 and 2024. This interest rate is based on the expected yield of the assets that support the reserves and reinvestment assumptions. As of December 31, 2025 and 2024, the discounted reserves for unfunded structured settlements were $432 million and $444 million, net of discount of $505 million and $535 million. For the years ended December 31, 2025, 2024 and 2023, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $32 million, $33 million and $34 million, respectively. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations, but is excluded from the Company’s disclosure of prior year loss reserve development.
Workers' compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. As of December 31, 2025 and 2024, workers' compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2025 and 2024, the discounted reserves for workers’ compensation lifetime claim reserves were $167 million and $179 million, net of discount of $78 million and $80 million. For the years ended December 31, 2025, 2024 and 2023, the amount of interest
accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $6 million, $6 million and $9 million, respectively. This interest accretion is presented as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations, but is excluded from the Company's disclosure of prior year loss reserve development.
Future policy benefit reserves: Future policy benefit reserves are associated with the Company's run-off long-term care business and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits.
The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021.
The key cash flow assumptions used to estimate the LFPB are morbidity, persistency, premium rate actions and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The Company has not elected the practical expedient that allows locking in the expense assumption. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve.
The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research and current macroeconomic conditions are also considered. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the Company's results of operations within Insurance claims and policyholders' benefits.
Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, the Company uses a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds. The Company uses linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, the Company applies judgment to estimate a normative rate which the Company grades to over 10 years. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss).
Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Statements of Operations.
Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly by the Company, according to issue year. The issue year for assumed contracts is defined according to the date that the Company’s assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed by the Company, issue year is defined as the year in which the reinsurance agreement incepted. For group long-term care business, issue year is defined as the year the
individual insurance certificate was issued. Long-term care is the Company's only long-duration product line, therefore, cohorts are not further disaggregated by product.
Insurance-related assessments: Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the liability balances were $89 million and $86 million.
Reinsurance: Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity.
Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for uncollectible amounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of the Company.
The Company has established an allowance for uncollectible reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, the Company separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. The Company has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on the Company’s historical loss experience and the Company’s assessment of the reinsurance counterparty's risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if the Company becomes aware of significant changes related to a reinsurer. The allowance for uncollectible reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 8% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for uncollectible reinsurance receivables are presented as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company's allowances for expected credit losses.
Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations.
A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings.
Deferred acquisition costs: Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs.
The Company evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations.
Policyholder dividends: Policyholder dividends are paid to participating policyholders within the workers' compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 2% of total net written premiums for each of the years ended December 31, 2025, 2024 and 2023. Dividends to policyholders are accrued according to the Company's best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims & policyholders' benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets.
Investments
The Company classifies its fixed maturity securities as either available-for-sale or trading, and in both cases, they are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value of available-for-sale securities are reported as a component of Other comprehensive income.
The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield.
For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method.
Equity securities are carried at fair value. The Company's non-redeemable preferred stock contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, management does not consider the changes in fair value of non-redeemable preferred stock to be reflective of our primary operations. As such, the changes in the fair value of these securities are recorded through Net investment gains (losses) on the Consolidated Statements of Operations. The Company owns certain common stock with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income.
The Company's carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. The majority of the Company's limited partnerships are reported on a lag, primarily three months or less, as results are not available on a timely basis. Changes in net asset values are accounted for under the equity method and recorded within Net investment income on the Consolidated Statements of Operations.
Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. The Company applies expected credit loss rates by pool to the outstanding
receivable balances. Changes in the allowance for mortgage loans are presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method.
Other invested assets include overseas deposits. Overseas deposits are valued using the net asset value per share (or equivalent) practical expedient. They are primarily short-term government securities, agency securities and corporate bonds held in trusts that are managed by Lloyd's of London. These funds are required of Lloyd's syndicates to protect policyholders in overseas markets and may be denominated in local currency.
Short-term investments are carried at fair value, with the exception of cash accounts earning interest, which are carried at cost and approximate fair value. Changes in fair value are reported as a component of Other comprehensive income.
Purchases and sales of all securities are recorded on the trade date, except for private placement securities, including bank loan participations, which are recorded once funded. Net investment gains and losses are determined on the basis of the cost or amortized cost of the specific securities sold.
In the normal course of investing activities, the Company enters into relationships with variable interest entities (VIEs), as both an investor in limited partnerships and asset-backed securities issued by third-party VIEs. The Company is not the primary beneficiary of these VIEs, and therefore does not consolidate them. The Company determines whether it is the primary beneficiary of a VIE based on a qualitative assessment of the relative power and benefits of the Company and the other participants in the VIE. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying values included in the Company’s Consolidated Balance Sheets and any unfunded commitments.
An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether the Company intends to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that the Company intends to sell are recognized as impairment losses within Net investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Net investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income.
Significant judgment is required in the determination of whether an impairment loss has occurred for a security. The Company follows a consistent and systematic process for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis.
The Company’s assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the Company will recover its amortized cost through the collection of cash flows. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses.
Credit Losses
The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables and insurance receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. Management estimates the allowance using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for any additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Amounts are considered past due when payments have not been received according to contractual terms. The Company also considers current and forecast economic conditions, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to these forecast economic conditions can vary by financial asset class. The Company considers a reasonable and supportable forecast period to be up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. The Company uses collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk, which are considered in the estimate of net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible.
The Company has made a policy election to present accrued interest balances separately from the amortized cost basis of assets and has elected the practical expedient to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. The Company has elected not to estimate an allowance for credit losses on accrued interest receivable. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current and future payments are expected. Interest receivable is presented as a component of accrued investment income on the Consolidated Balance Sheet.
Deferred Non-Insurance Warranty Revenue and Acquisition Expense
Non-insurance warranty revenue is primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners. The warranty contracts generally provide coverage from 1 month to 10 years. For warranty products where the Company acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents and dealers reported as Non-insurance warranty expense.
Non-insurance warranty revenue is reported net of any premiums related to contractual liability coverage issued by the Company's insurance operations. Additionally, the Company provides warranty administration services for dealer and manufacturer obligor warranty products, which include limited warranties and guaranteed asset protection waivers. The Company recognizes Non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for deferred revenue represents the unearned portion of revenue in advance of the Company's performance. The deferred revenue balance includes amounts which are refundable on a pro rata basis upon cancellation.
Dealers, retailers and agents earn commission for assisting the Company in obtaining non-insurance warranty contracts. Additionally, the Company utilizes third-parties to perform warranty administrator services for its consumer goods warranties. These costs, which are deferred and recorded as Deferred non-insurance warranty acquisition expense, are amortized to Non-insurance warranty expense consistent with how the related revenue is recognized. The Company evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations.
Income Taxes
The Company and its eligible subsidiaries (CNA Tax Group) are included in the consolidated federal income tax return of Loews and its eligible subsidiaries. The Company accounts for income taxes under the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes will not be realized. The Company releases tax effects from AOCI utilizing the security-by-security approach for Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments.
Pension and Postretirement Benefits
The Company recognizes the overfunded or underfunded status of its defined benefit plans in Other assets or Other liabilities on the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits, and actuarial gains and losses arising from differences between actual experience and actuarial assumptions, are recognized in the year in which the changes occur through Other comprehensive income. Unrecognized actuarial gains and losses in excess of 10% of the greater of the beginning of the year projected benefit obligation or fair value of plan assets (the corridor) are amortized as a component of net periodic pension cost (benefit) over the average remaining life expectancy of the plan participants.
Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized on the Consolidated Statements of Operations.
The vested benefit obligation for the CNA Retirement Plan is determined based on eligible compensation and accrued service for previously entitled employees. Effective June 30, 2015, future benefit accruals under the CNA Retirement Plan were eliminated and the benefit obligations were frozen.
Stock-Based Compensation
The Company records compensation expense using the fair value method for all awards it grants, modifies or cancels primarily on a straight-line basis over the requisite service period, generally three years.
Foreign Currency
The functional currency of each foreign subsidiary of the Company is determined by the primary economic environment in which the foreign subsidiary operates. Assets and liabilities recorded in currencies other than the functional currency are remeasured to the functional currency at the exchange rates in effect at each reporting date. Foreign currency gains and losses relating to the remeasurement of the fair value of available-for-sale securities are reported within AOCI and those relating to the remeasurement of all other assets and liabilities are reported in net income. The foreign subsidiaries' functional currency balance sheet accounts are translated into the reporting currency at the exchange rates in effect at each reporting date and income statement accounts are translated into the reporting currency at exchange rates that approximate the weighted-average rate in the period. Foreign currency translation gains and losses are reflected in Stockholders' equity as a component of AOCI. Foreign currency transaction gains (losses) of $11 million, $(8) million and $9 million were included in determining Net income for the years ended December 31, 2025, 2024 and 2023, respectively.
Leases
A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use (ROU) assets and lease liabilities are included in Other assets and Other liabilities on the Company's Consolidated Balance Sheets.
ROU assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most operating leases contain renewal options that provide for rent increases based on prevailing market conditions.
Certain leases contain options to terminate before maturity. The lease term used to calculate the ROU asset includes any renewal options or lease termination options that the Company expects to exercise. The discount rate used to determine the commencement date present value of lease payments is typically the Company’s secured borrowing rate, as most of the Company’s leases do not provide an implicit rate. ROU assets include any lease payments required to be made prior to commencement and exclude lease incentives. The Company has elected to account for its lease and non-lease components as a single lease component. The Company’s non-lease components consist of variable lease costs not based on an index or rate and are excluded from the measurement of ROU assets and lease liabilities. Variable lease costs not based on an index or rate are treated as period costs, and represent charges for services provided by the landlord and the Company's reimbursement to the landlord for costs such as real estate taxes and insurance.
The Company occupies office facilities under lease agreements that expire at various dates. The Company's lease agreements do not contain significant residual value guarantees, restrictions or covenants. The Company does not have any significant finance leases.
Property and Equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is determined principally on the straight-line method. Furniture and fixtures are depreciated over seven years. Office equipment is depreciated over five years. The estimated lives for data processing equipment and software generally range from three to five years, but can be as long as ten years. Leasehold improvements are depreciated over the corresponding lease terms not to exceed the underlying asset life.
Cloud Computing Costs
The company capitalizes certain implementation costs incurred in cloud computing arrangements that are service contracts. The capitalized costs are amortized on a straight‑line basis over the term of the hosting arrangement and reported within Other assets on the Consolidated Balance Sheets.
Goodwill
Goodwill represents the excess of purchase price over the fair value of the net assets of acquired entities and businesses. Goodwill in the International segment may change from period to period as a result of foreign currency translation.
Goodwill is tested for impairment annually or when certain triggering events require such tests. As a result of reviews completed for the year ended December 31, 2025, the Company determined that the estimated fair value of the reporting units were in excess of their carrying value including Goodwill. Changes in future periods in assumptions about the level of economic capital, business growth, earnings projections or the weighted average cost of capital could result in goodwill impairment.
Other Intangible Assets
Other intangible assets are reported within Other assets on the Consolidated Balance Sheets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests.
Earnings Per Share Data
Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For each of the years ended December 31, 2025, 2024 and 2023, approximately 1 million potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under
stock-based employee compensation plans that would have been antidilutive during the respective periods.
Supplementary Cash Flow Information
Cash payments made for interest were $129 million, $122 million and $124 million for the years ended December 31, 2025, 2024 and 2023.
The following table presents cash payments made for federal, state and foreign income taxes (net of refunds).
Years ended December 31
(In millions)202520242023
Federal$204 $186 $263 
State11 12 15 
Foreign
Canada18 57 (5)
Other30 26 9 
Total cash payments for income taxes$263 $281 $282 
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investments Investments
The significant components of Net investment income are presented in the following table.
Years ended December 31
(In millions)202520242023
Fixed maturity securities$2,143 $2,051 $1,941 
Equity securities60 82 63 
Limited partnership investments276 271 174 
Mortgage loans64 58 58 
Short-term investments73 87 75 
Trading portfolio5 2 4 
Other27 31 28 
Gross investment income2,648 2,582 2,343 
Investment expense(91)(85)(79)
Net investment income$2,557 $2,497 $2,264 
Net investment income (loss) recognized due to the change in fair value of common stock held as of December 31, 2025, 2024 and 2023
$24 $28 $11 
As of December 31, 2025 the Company held less than $1 million of fixed maturity securities that were non-income producing for the preceding twelve month period. The Company did not hold any fixed maturity securities as of December 31, 2024 that were non-income producing for the preceding twelve month period. As of December 31, 2025 and 2024, no investments in a single issuer exceeded 10% of stockholders' equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises.
Net investment gains (losses) are presented in the following table.
Years ended December 31
(In millions)202520242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$42 $48 $75 
Gross losses(125)(150)(166)
Net investment gains (losses) on fixed maturity securities(83)(102)(91)
Equity securities7 21 4 
Derivatives— — (1)
Mortgage loans(5)— (11)
Net investment gains (losses)$(81)$(81)$(99)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of December 31, 2025, 2024 and 2023
$7 $19 $14 
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Years ended December 31
(In millions)202520242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$25 $34 $33 
Asset-backed8 29 11 
Impairment losses (gains) recognized in earnings$33 $63 $44 
For the years ended December 31, 2025 and 2023, the Company also recognized $5 million and $11 million of impairment losses on mortgage loans due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans for the year ended December 31, 2024.
The net change in unrealized gains (losses) on fixed maturity securities was $1,128 million, $(352) million and $1,431 million for the years ended December 31, 2025, 2024 and 2023.
The following tables present a summary of fixed maturity securities.
December 31, 2025Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,484 $682 $881 $28 $25,257 
States, municipalities and political subdivisions8,870 303 742 — 8,431 
Asset-backed:
Residential mortgage-backed4,011 50 366 — 3,695 
Commercial mortgage-backed1,566 18 80 21 1,483 
Other asset-backed3,729 28 194 20 3,543 
Total asset-backed9,306 96 640 41 8,721 
U.S. Treasury and obligations of government-sponsored enterprises236 1 3 — 234 
Foreign government764 7 20 — 751 
   Redeemable preferred stock8 — — — 8 
Total fixed maturity securities available-for-sale$44,668 $1,089 $2,286 $69 $43,402 
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
Redeemable preferred stock— — — — — 
Total fixed maturity securities available-for-sale$43,481 $715 $3,040 $45 $41,111 
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
December 31, 2025Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$2,776 $56 $8,576 $825 $11,352 $881 
States, municipalities and political subdivisions403 8 3,471 734 3,874 742 
Asset-backed:
Residential mortgage-backed154 1 2,002 365 2,156 366 
Commercial mortgage-backed36 2 887 78 923 80 
Other asset-backed420 9 1,432 185 1,852 194 
Total asset-backed610 12 4,321 628 4,931 640 
U.S. Treasury and obligations of government-sponsored enterprises78 2 18 1 96 3 
Foreign government131 1 260 19 391 20 
Total$3,998 $79 $16,646 $2,207 $20,644 $2,286 
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
   Foreign government118 3 368 27 486 30 
Total$9,019 $267 $18,319 $2,773 $27,338 $3,040 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
December 31, 2025December 31, 2024

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$1,980 $267 $2,567 $373 
AAA1,376 243 1,830 283 
AA 3,827 623 4,257 730 
A5,025 440 6,340 582 
BBB7,758 639 11,548 980 
Non-investment grade678 74 796 92 
Total$20,644 $2,286 $27,338 $3,040 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the December 31, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of December 31, 2025.
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $470 million and $442 million as of December 31, 2025 and 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2025$13 $32 $45 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 3 6 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period14 6 20 
Balance as of December 31, 2025
$28 $41 $69 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded9 18 27 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 12 12 
Balance as of December 31, 2024
$13 $32 $45 
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
December 3120252024
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,392 $1,389 $1,761 $1,753 
Due after one year through five years11,318 11,214 11,678 11,403 
Due after five years through ten years13,491 13,238 13,134 12,415 
Due after ten years18,467 17,561 16,908 15,540 
Total$44,668 $43,402 $43,481 $41,111 
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Limited Partnerships
The carrying value of limited partnerships as of December 31, 2025 and 2024 was $2,772 million and $2,520 million, which includes net undistributed earnings of $379 million and $334 million. Limited partnerships comprising 12% of the total carrying value are reported on a current basis through December 31, 2025 with no reporting lag, 2% are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio.
Limited partnerships comprising 88% and 86% of the carrying value as of December 31, 2025 and 2024 were invested in private debt and equity. Limited partnerships comprising 12% and 14% of the carrying value as of December 31, 2025 and 2024 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, co-investment, private credit, growth capital, distressed investing and real estate. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments.
The ten largest limited partnership positions held totaled $630 million and $648 million as of December 31, 2025 and 2024. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 1% of the aggregate partnership equity as of December 31, 2025 and 2024, and the related income reflected on the Consolidated Statements of Operations represents approximately 1% of the changes in aggregate partnership equity for the years ended December 31, 2025, 2024 and 2023.
There are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies.
The Company’s private debt, private equity and other non-hedge fund limited partnership investments generally do not permit voluntary withdrawals. The Company’s hedge fund limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year or longer. Typically, hedge fund withdrawals require advance written notice of up to 90 days.
Derivative Financial Instruments
The Company may use derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk and foreign currency risk) stemming from various assets and liabilities. The Company's principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment.
The Company may enter into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. The Company may use foreign currency forward contracts to manage foreign currency risk.
Credit exposure associated with non-performance by the counterparties to derivative instruments is generally limited to the uncollateralized fair value of the asset related to the instruments recognized on the Consolidated Balance Sheets. The Company generally requires that all over-the-counter derivative contracts be governed by an International Swaps and Derivatives Association Master Agreement, and exchanges collateral under the terms of these agreements with its derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty. Gross estimated fair values of derivative positions are presented in Other invested assets and Other liabilities on the Consolidated Balance Sheets. The Company does not offset derivative positions against the fair value of collateral provided or positions subject to netting arrangements. There would be no significant difference in the balance included in such accounts if the estimated fair values were presented net as of December 31, 2025 and 2024.
There was no cash collateral provided by the Company or cash collateral received from counterparties as of December 31, 2025 or 2024.
Investment Commitments
As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of December 31, 2025, the Company had commitments to purchase or fund approximately $1,770 million and sell approximately $45 million under the terms of these investments.
Investments on Deposit
Cash and securities with carrying values of approximately $3.4 billion and $3.1 billion were deposited by the Company’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2025 and 2024.
Cash and securities with carrying values of approximately $0.6 billion and $0.7 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2025 and 2024.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
December 31, 2025
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20252024202320222021PriorTotal
DSCR ≥1.6x
LTV less than 55%$38 $— $33 $— $5 $215 $291 
LTV 55% to 65%37 — 12 14 6 12 81
LTV greater than 65%— — — 12 13 — 25
DSCR 1.2x - 1.6x
LTV less than 55%— 68 28 5 2 75 178
LTV 55% to 65%107 33 38 21 19 28 246
LTV greater than 65%7 — — 46 — — 53
DSCR ≤1.2
LTV less than 55%— — 6 — — 21 27
LTV 55% to 65%37 — 17 38 — 15 107
LTV greater than 65%— — — 40 21 25 86
Total$226 $101 $134 $176 $66 $391 $1,094 
Write-offs for the year ended December 31, 2025$— $— $— $(2)$— $(23)$(25)
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
As of December 31, 2025, accrued interest receivable on mortgage loans totaled $5 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.
The following table presents the activity related to the allowance for credit loss on mortgage loans.
(In millions)20252024
Allowance for credit losses:
Balance as of January 1$35 $35 
Current-period provision for expected credit losses5 — 
Write-offs charged against the allowance(25)— 
Balance as of December 31$15 $35 
Mortgage loan write‑offs in 2025 were driven by certain loans that had been substantially reserved for in the allowance in prior years and were determined to be uncollectible.
As of December 31, 2025, the Company held mortgage loans with an amortized cost of $30 million that were on nonaccrual status, past due by more than 180 days and carried no allowance for credit loss as a result of write-offs charged against the allowance during the year. During the year ended December 31, 2025, the Company recognized $1 million of interest income on $15 million of these loans; the remaining $15 million were non‑income producing for the preceding twelve‑month period.

As of December 31, 2024, the Company held mortgage loans with an amortized cost of $48 million and an allowance for credit losses of $14 million that were on nonaccrual status. These loans were all past due by more than 180 days and were non‑income producing for the preceding twelve‑month period.

Recovery of loans on nonaccrual status is expected to be provided through the refinancing, operation, or sale of the commercial real estate collateralizing each loan.
v3.25.4
Fair Value
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.
Level 1 - Quoted prices for identical instruments in active markets.
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable.
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities.
Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
December 31, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$238 $24,529 $1,483 $26,250 
States, municipalities and political subdivisions— 8,386 45 8,431 
Asset-backed— 7,723 998 8,721 
Total fixed maturity securities 238 40,638 2,526 43,402 
Equity securities:
Common stock224 — 13 237 
Non-redeemable preferred stock35 497 — 532 
Total equity securities259 497 13 769 
Short-term and other2,086 51 — 2,137 
Total assets$2,583 $41,186 $2,539 $46,308 
Liabilities
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 

December 31, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions— 6,762 42 6,804 
Asset-backed— 7,590 876 8,466 
Total fixed maturity securities 223 38,692 2,196 41,111 
Equity securities:
Common stock162 — 18 180 
Non-redeemable preferred stock36 441 2 479 
Total equity securities198 441 20 659 
Short-term and other1,852 70 — 1,922 
Total assets$2,273 $39,203 $2,216 $43,692 
Liabilities  
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2025$1,278 $42 $876 $20 $2,216 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)(6)— (2)2 (6)
Reported in Net investment income— — 19 2 21 
Reported in Other comprehensive income (loss)57 3 (3)— 57 
Total realized and unrealized investment gains (losses)51 3 14 4 72 
Purchases197 — 213 — 410 
Sales— — — (7)(7)
Settlements(101)— (105)(4)(210)
Transfers into Level 358 — — — 58 
Transfers out of Level 3— — — — — 
Balance as of December 31, 2025$1,483 $45 $998 $13 $2,539 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2025 recognized in Net income (loss) in the period$— $— $— $2 $2 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2025 recognized in Other comprehensive income (loss) in the period57 3 (1)— 59 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2024$1,045 $44 $901 $24 $2,014 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)(1)— (12)— (13)
Reported in Net investment income— — 21 12 33 
Reported in Other comprehensive income (loss)(15)(2)(12)— (29)
Total realized and unrealized investment gains (losses)(16)(2)(3)12 (9)
Purchases352 — 125 3 480 
Sales(10)— (14)(19)(43)
Settlements(104)— (83)— (187)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (50)— (50)
Balance as of December 31, 2024$1,278 $42 $876 $20 $2,216 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2024 recognized in Net income (loss) in the period$(1)$— $— $8 $7 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2024 recognized in Other comprehensive income (loss) in the period(21)(2)(12)— (35)
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.
Valuation Methodologies and Inputs
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.
Fixed Maturity Securities
Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.
Equity Securities
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.
Short-Term and Other Invested Assets
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.
As of December 31, 2025 and December 31, 2024, there were $99 million and $79 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
December 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,927 Discounted cash flowCredit spread
1% - 11% (2%)
December 31, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1% - 6% (2%)
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables.
December 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,079 $— $— $1,072 $1,072 
Liabilities
Long-term debt$2,971 $— $2,967 $— $2,967 
December 31, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,019 $— $— $987 $987 
Liabilities
Long-term debt$2,973 $— $2,885 $— $2,885 
The carrying amounts reported on the Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short-term nature of these items. These assets and liabilities are not listed in the tables above.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The CNA Tax Group is included in the consolidated federal income tax return of Loews and its eligible subsidiaries. Loews and the Company have agreed that for each taxable year, the Company will 1) be paid by Loews the amount, if any, by which the Loews consolidated federal income tax liability is reduced by virtue of the inclusion of the CNA Tax Group in the Loews consolidated federal income tax return, or 2) pay to Loews an amount, if any, equal to the federal income tax that would have been payable by the CNA Tax Group filing a separate consolidated tax return. In the event that Loews should have a net operating loss in the future computed on the basis of filing a separate consolidated tax return without the CNA Tax Group, the Company may be required to repay tax recoveries previously received from Loews. This agreement may be canceled by either party upon 30 days written notice.
For the years ended December 31, 2025, 2024 and 2023, the Company paid $204 million, $186 million and $263 million to Loews related to federal income taxes.
For 2023 through 2025, Loews and the Company participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. For 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance did not support use of IRS resources. The Company believes that participation in CAP should reduce tax-related uncertainties, if any.
As of December 31, 2025 and 2024, there were no unrecognized tax benefits.
The Company recognizes interest accrued related to unrecognized tax benefits and tax refund claims in Income tax (expense) benefit on the Consolidated Statements of Operations. The Company recognizes penalties (if any) in Income tax (expense) benefit on the Consolidated Statements of Operations. During 2025, 2024 and 2023 the Company recognized no interest and no penalties. There were no amounts accrued for interest or penalties as of December 31, 2025 or 2024.
The following table presents the Company's U.S. and foreign income before income tax.
Years ended December 31
(In millions)202520242023
Income before income tax:
U.S.$1,336 $1,009 $1,320 
Foreign284 202 198 
Total income before income tax$1,620 $1,211 $1,518 
The following table presents the Company's federal, foreign and state and local income tax expense.
Years ended December 31
(In millions)202520242023
Income tax expense:
Federal$(260)$(174)$(245)
Foreign(69)(63)(52)
State and local(13)(15)(16)
Total income tax expense$(342)$(252)$(313)
The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense.
Years ended December 31
202520242023
(In millions, except percentages)AmountPercentAmountPercentAmountPercent
Income tax expense at statutory rates$(340)21.0 %$(254)21.0 %$(319)21.0 %
State and local income taxes, net of federal income tax effect (1)
(10)0.6 %(12)1.0 %(13)0.8 %
Foreign tax effects
Canada(22)1.4 %(32)2.6 %(23)1.5 %
Other foreign jurisdictions(9)0.5 %(7)0.6 %(7)0.4 %
Effect of cross-border tax laws(6)0.3 %— — %(1)— %
Tax credits
Foreign tax credits25 (1.5)%36 (3.0)%26 (1.7)%
Nontaxable or nondeductible items
Tax exempt income30 (1.8)%26 (2.1)%31 (2.0)%
Other nontaxable or nondeductible items(10)0.6 %(9)0.8 %(7)0.5 %
Income tax expense$(342)21.1 %$(252)20.9 %$(313)20.5 %
(1) State taxes in Illinois and Florida made up the majority (greater than 50%) of the tax effect in this category for the years ended December 31, 2025, 2024 and 2023.
As of December 31, 2025, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax.
The following table presents the current and deferred components of the Company's income tax expense.
Years ended December 31
(In millions)202520242023
Current tax expense$(267)$(297)$(311)
Deferred tax (expense) benefit(75)45 (2)
Total income tax expense$(342)$(252)$(313)
The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table.
December 31
(In millions)20252024
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves$276 $234 
Unearned premium reserves227 225 
Deferred non-insurance warranty revenue53 59 
Employee benefits7 13 
Deferred retroactive reinsurance benefit99 89 
Net unrealized losses258 494 
Other assets101 107 
Gross deferred tax assets1,021 1,221 
Deferred Tax Liabilities:
Investment valuation differences168 130 
Deferred acquisition costs143 140 
Policyholder reserves25 48 
Software and hardware57 17 
Other liabilities53 36 
Gross deferred tax liabilities446 371 
Net deferred tax asset$575 $850 
As of December 31, 2025, the CNA Tax Group had no loss carryforwards and a tax credit carryforward of $6 million which expires in 2034. The foreign operations had loss carryforwards of $83 million, which have no expiration. The foreign operations had a tax credit carryforward of $13 million, which has no expiration.
Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized net deferred tax asset will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As a result, no valuation allowance was recorded as of December 31, 2025 or 2024.
v3.25.4
Claim and Claim Adjustment Expense Reserves
 12 Months Ended
Dec. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Claim and Claim Adjustment Expense Reserves Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.
Liability for Unpaid Claim and Claim Adjustment Expenses
The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets.
As of December 31
(In millions)2025
Net liability for unpaid claim and claim adjustment expenses:
Specialty$6,188 
Commercial10,696 
International2,841 
Life & Group (1)
535 
Corporate & Other357 
Total net claim and claim adjustment expenses20,617 
Reinsurance receivables: (2)
Specialty1,596 
Commercial1,553 
International535 
Life & Group56 
Corporate & Other (3)
2,242 
Total reinsurance receivables5,982 
Total gross liability for unpaid claim and claim adjustment expenses$26,599 
(1) The Life & Group segment amounts are related to unfunded structured settlements arising from short-duration contracts.
(2) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses.
(3) The Corporate & Other Reinsurance receivables are primarily related to A&EP claims covered under the A&EP Loss Portfolio Transfer (LPT).
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
As of or for the years ended December 31
(In millions)202520242023
Reserves, beginning of year:
Gross$24,976 $23,304 $22,120 
Ceded5,713 5,141 5,191 
Net reserves, beginning of year19,263 18,163 16,929 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year6,724 6,330 5,667 
Increase (decrease) in provision for insured events of prior years189 42 48 
Amortization of discount39 39 44 
Total net incurred (1)
6,952 6,411 5,759 
Net payments attributable to:
Current year events(1,089)(1,093)(922)
Prior year events(4,685)(4,096)(3,679)
Total net payments(5,774)(5,189)(4,601)
Foreign currency translation adjustment and other176 (122)76 
Net reserves, end of year20,617 19,263 18,163 
Ceded reserves, end of year5,982 5,713 5,141 
Gross reserves, end of year$26,599 $24,976 $23,304 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Reserving Methodology
In developing claim and claim adjustment expense reserve estimates, the Company's actuaries perform detailed reserve analyses that are staggered throughout the year. The data is organized at a reserve group level. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in the Company's pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, geopolitical, social and economic trends. In addition to the detailed analyses, the Company reviews actual loss emergence for all products each quarter.
In developing the loss reserve estimates for property and casualty contracts, the Company generally projects ultimate losses using several common actuarial methods as listed below. The Company reviews the indications from the various methods and applies judgment to select an actuarial point estimate. The carried reserve may differ from the actuarial point estimate as a result of the Company's consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis. The indicated required reserve is the difference between the selected ultimate loss and the inception-to-date paid losses. The difference between the selected ultimate loss and the case incurred or reported loss is IBNR. IBNR includes a provision for development on known cases as well as a provision for late reported incurred claims.
The most frequently utilized methods to project ultimate losses include the following:
•Paid development: The paid development method estimates ultimate losses by reviewing paid loss patterns and applying them to accident years with further expected changes in paid loss.
•Incurred development: The incurred development method is similar to the paid development method, but it uses case incurred losses instead of paid losses.
•Loss ratio: The loss ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year.
•Bornhuetter-Ferguson paid loss: The Bornhuetter-Ferguson paid loss method is a combination of the paid development approach and the loss ratio approach. This method normally determines expected loss ratios similar to the approach used to estimate the expected loss ratio for the loss ratio method.
•Bornhuetter-Ferguson incurred loss: The Bornhuetter-Ferguson incurred loss method is similar to the Bornhuetter-Ferguson using premiums and paid loss method except that it uses case incurred losses.
•Frequency times severity: The frequency times severity method multiplies a projected number of ultimate claims by an estimated ultimate average loss for each accident year to produce ultimate loss estimates.
•Stochastic modeling: The stochastic modeling method produces a range of possible outcomes based on varying assumptions related to the particular product being modeled.
For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, the Company's actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of the Company's products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, the Company may not assign much, if any weight to the paid and incurred development methods. The Company may use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner, primarily because the Company's history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, the Company may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-
tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, the Company uses additional methods tailored to the characteristics of the specific situation.
The Company's reserving methodologies for mass tort and A&EP are similar as both are based on detailed reviews of large accounts with estimates of ultimate payments based on the facts in each case and the Company's view of applicable law and coverage litigation.
Gross and Net Carried Reserves
The following tables present the gross and net carried reserves.
December 31, 2025 Specialty CommercialInternationalLife & GroupCorporate & OtherTotal
(In millions)
Gross Case Reserves$2,166 $4,093 $1,052 $556 $1,196 $9,063 
Gross IBNR Reserves5,618 8,156 2,324 35 1,403 17,536 
Total Gross Carried Claim and Claim Adjustment Expense Reserves$7,784 $12,249 $3,376 $591 $2,599 $26,599 
Net Case Reserves$1,801 $3,508 $880 $506 $119 $6,814 
Net IBNR Reserves4,387 7,188 1,961 29 238 13,803 
Total Net Carried Claim and Claim Adjustment Expense Reserves$6,188 $10,696 $2,841 $535 $357 $20,617 
December 31, 2024 Specialty CommercialInternationalLife & GroupCorporate & OtherTotal
(In millions)
Gross Case Reserves$2,023 $3,690 $876 $572 $1,241 $8,402 
Gross IBNR Reserves5,403 7,646 2,044 50 1,431 16,574 
Total Gross Carried Claim and Claim Adjustment Expense Reserves$7,426 $11,336 $2,920 $622 $2,672 $24,976 
Net Case Reserves$1,697 $3,135 $741 $514 $120 $6,207 
Net IBNR Reserves4,282 6,804 1,675 27 268 13,056 
Total Net Carried Claim and Claim Adjustment Expense Reserves$5,979 $9,939 $2,416 $541 $388 $19,263 
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Specialty$37 $(9)$(14)
Commercial39 (16)(22)
International(25)(6)13 
Corporate & Other134 7971 
Total pretax (favorable) unfavorable development$185 $48 $48 
Unfavorable development of $134 million was recorded within the Corporate & Other segment for the year ended December 31, 2025, largely associated with legacy mass tort abuse claim activity, the on-going effects of social inflation and an agreement with the Diocese of Rochester. Unfavorable development of $79 million and $71 million was recorded within the Corporate & Other segment for the years ended December 31, 2024 and 2023 largely associated with legacy mass tort abuse reserves.
Segment Development Tables
For the Specialty, Commercial and International segments, the following tables present further detail and commentary on the development reflected in the financial statements for each of the periods presented. Also presented are loss reserve development tables that illustrate the change over time of reserves established for claim and allocated claim adjustment expenses arising from short-duration insurance contracts for certain lines of business within each of these segments. Not all lines of business or segments are presented based on their context to the Company's overall loss reserves, calendar year reserve development, or calendar year net earned premiums. Insurance contracts are considered to be short-duration contracts when the contracts are not expected to remain in force for an extended period of time.
The Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative net incurred claim and allocated claim adjustment expenses relating to each accident year at the end of the stated calendar year. Changes in the cumulative amount across time are the result of the Company's expanded awareness of additional facts and circumstances that pertain to the unsettled claims. The Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative amount paid for claims for each accident year as of the end of the stated calendar year. The Net Strengthening or (Releases) of Prior Accident Year Reserves tables, reading across, show the net increase or decrease in the cumulative net incurred accident year claim and allocated claim adjustment expenses during each stated calendar year and indicates whether the reserves for that accident year were strengthened or released.
The information in the tables is reported on a net basis after reinsurance and does not include the effects of discounting. The information contained in calendar years 2024 and prior is unaudited. Information contained in the tables pertaining to the Company's International segment has been presented at the year-end 2025 foreign currency exchange rates for all periods presented to remove the effects of foreign currency exchange rate changes between calendar years. To the extent the Company enters into a commutation, the transaction is reported on a prospective basis. To the extent that the Company enters into a disposition, the effects of the disposition are reported on a retrospective basis by removing the balances associated with the disposed of business.
The amounts reported for the cumulative number of reported claims include direct and assumed open and closed claims by accident year at the claimant level. The number excludes claim counts for claims within a policy deductible where the insured is responsible for payment of losses in the deductible layer. Claim count data for certain assumed reinsurance contracts is unavailable.
IBNR includes reserves for incurred but not reported losses and expected development on case reserves. The Company does not establish case reserves for allocated loss adjusted expenses (ALAE), therefore ALAE reserves are also included in the estimate of IBNR.
Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $(8)$5 
Other Professional Liability and Management Liability69 49 37 
Surety(50)(68)(43)
Warranty10 20 (11)
Other8 (2)(2)
Total pretax (favorable) unfavorable development$37 $(9)$(14)
2025
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional errors and omissions (E&O) business.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O and cyber businesses.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
2023
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s professional E&O businesses in multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.
Specialty - Line of Business Composition
The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Specialty segment.
As of December 31
(In millions)2025
Net liability for unpaid claim and claim adjustment expenses:
Medical Professional Liability$1,468 
Other Professional Liability and Management Liability4,073 
Surety521 
Warranty58 
Other68 
Total net liability for unpaid claim and claim adjustment expenses$6,188 
Specialty - Medical Professional Liability
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$427 $487 $485 $499 $508 $510 $508 $514 $513 $509 $12 16,205 
2017412 449 458 460 455 460 456 463 458 11 15,400 
2018404 429 431 448 470 495 499 507 34 15,358 
2019430 445 458 471 469 481 478 17 14,572 
2020477 476 455 447 419 400 57 11,381 
2021377 376 374 349 318 57 10,085 
2022329 329 333 323 87 10,353 
2023340 350 382 129 11,129 
2024343 376 199 11,002 
2025390 317 9,107 
Total$4,141 $920 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$18 $121 $246 $339 $401 $436 $460 $483 $489 $491 
201719 107 235 308 355 388 417 427 438 
201821 115 211 290 349 418 453 463 
201917 91 183 280 349 395 425 
202011 61 139 201 258 303 
202111 49 118 170 223 
202210 57 122 171 
202314 86 160 
202413 82 
202515 
Total$2,771 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$1,370 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 201647 
Liability for unallocated claim adjustment expenses for accident years presented51 
Total net liability for unpaid claim and claim adjustment expenses$1,468 
            
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$60 $(2)$14 $9 $2 $(2)$6 $(1)$(4)$82 
201737 9 2 (5)5 (4)7 (5)46 
201825 2 17 22 25 4 8 103 
201915 13 13 (2)12 (3)48 
2020(1)(21)(8)(28)(19)(77)
2021(1)(2)(25)(31)(59)
2022— 4 (10)(6)
202310 32 42 
202433 33 
Total net development for the accident years presented above15 (17)1 
Total net development for accident years prior to 2016(10)9 1 
Total unallocated claim adjustment expense development— — (2)
Total$5 $(8)$— 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Specialty - Other Professional Liability and Management Liability
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$901 $900 $900 $904 $907 $891 $888 $906 $912 $910 $28 17,993 
2017847 845 813 791 775 758 746 752 744 25 18,223 
2018850 864 869 906 923 941 987 1,003 44 20,083 
2019837 845 856 876 939 970 984 79 19,577 
2020930 944 951 945 945 936 106 19,558 
20211,037 1,038 1,009 965 956 190 18,444 
20221,120 1,112 1,084 1,049 265 18,534 
20231,149 1,166 1,239 365 19,902 
20241,150 1,200 609 20,579 
20251,208 978 19,311 
Total$10,229 $2,689 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$64 $248 $466 $625 $701 $736 $784 $826 $856 $862 
201757 222 394 498 557 596 630 672 699 
201854 282 473 599 706 779 847 886 
201964 263 422 567 699 801 864 
202067 248 400 523 660 751 
202158 217 356 502 634 
202264 225 453 638 
202364 302 594 
202477 315 
202581 
Total$6,324 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$3,905 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016101 
Liability for unallocated claim adjustment expenses for accident years presented67 
Total net liability for unpaid claim and claim adjustment expenses$4,073 
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$(1)$— $4 $3 $(16)$(3)$18 $6 $(2)$9 
2017(2)(32)(22)(16)(17)(12)6 (8)(103)
201814 5 37 17 18 46 16 153 
20198 11 20 63 31 14 147 
202014 7 (6)— (9)6 
20211 (29)(44)(9)(81)
2022(8)(28)(35)(71)
202317 73 90 
202450 50 
Total net development for the accident years presented above44 34 90 
Total net development for accident years prior to 2016(7)10 (18)
Total unallocated claim adjustment expense development— 5 (3)
Total$37 $49 $69 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Specialty - Surety
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$124 $124 $109 $84 $67 $64 $58 $43 $43 $43 $3 5,590 
2017120 115 103 84 71 66 67 67 66 3 5,928 
2018114 108 91 62 56 51 49 58 2 6,322 
2019119 112 98 87 82 82 81 6 6,286 
2020128 119 81 67 57 67 6 4,918 
2021137 129 110 91 74 12 5,003 
2022155 158 132 118 53 5,131 
2023175 169 147 92 4,889 
2024171 167 124 4,397 
2025163 155 3,143 
Total$984 $456 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$5 $37 $45 $45 $43 $43 $41 $40 $40 $40 
201723 37 41 46 49 62 62 63 63 
20185 25 34 39 40 41 41 46 
201912 34 44 59 70 74 75 
20204 20 28 33 44 57 
20215 20 35 42 59 
202212 35 52 59 
20238 27 52 
202420 37 
20254 
Total$492 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$492 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 201613 
Liability for unallocated claim adjustment expenses for accident years presented16 
Total net liability for unpaid claim and claim adjustment expenses$521 
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$— $(15)$(25)$(17)$(3)$(6)$(15)$— $— $(81)
2017(5)(12)(19)(13)(5)1 — (1)(54)
2018(6)(17)(29)(6)(5)(2)9 (56)
2019(7)(14)(11)(5)— (1)(38)
2020(9)(38)(14)(10)10 (61)
2021(8)(19)(19)(17)(63)
20223 (26)(14)(37)
2023(6)(22)(28)
2024(4)(4)
Total net development for the accident years presented above(54)(63)(40)
Total net development for accident years prior to 201611 (5)(7)
Total unallocated claim adjustment expense development— — (3)
Total$(43)$(68)$(50)
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Commercial Auto$74 $107 $33 
General Liability114 75 149 
Workers' Compensation(135)(202)(203)
Property and Other(14)4 (1)
Total pretax (favorable) unfavorable development$39 $(16)$(22)
2025
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in property and other was due to favorable emergence in multiple accident years.
2024
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2015.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
2023
Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s construction business in a recent accident year.
Unfavorable development in general liability was due to higher than expected claim severity in the Company’s construction and middle market businesses across multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Commercial - Line of Business Composition
The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Commercial segment.
As of December 31
(In millions)2025
Net Claim and claim adjustment expenses:
Commercial Auto$1,573 
General Liability4,837 
Workers' Compensation3,482 
Property and Other804 
Total net liability for claim and claim adjustment expenses$10,696 
Commercial - Commercial Auto
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$198 $186 $186 $186 $190 $195 $200 $197 $195 $194 $— 30,459 
2017199 198 200 221 232 239 241 241 237 — 30,948 
2018229 227 227 245 254 255 260 259 1 34,333 
2019257 266 289 323 325 327 323 — 37,281 
2020310 303 304 298 303 299 7 29,192 
2021397 388 390 393 377 16 33,063 
2022437 465 496 506 55 37,327 
2023554 620 635 120 42,921 
2024726 799 270 49,670 
2025886 616 41,075 
Total$4,515 $1,085 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$52 $93 $126 $154 $175 $185 $190 $192 $193 $193 
201758 107 150 178 203 225 232 235 237 
201866 128 175 212 238 249 256 257 
201977 147 203 257 295 312 319 
202071 134 197 246 276 287 
202183 168 240 305 347 
2022112 236 334 411 
2023127 270 414 
2024153 345 
2025163 
Total$2,973 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$1,542 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 20165 
Liability for unallocated claim adjustment expenses for accident years presented26 
Total net liability for unpaid claim and claim adjustment expenses$1,573 
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$(12)$— $— $4 $5 $5 $(3)$(2)$(1)$(4)
2017(1)2 21 11 7 2 — (4)38 
2018(2)— 18 9 1 5 (1)30 
20199 23 34 2 2 (4)66 
2020(7)1 (6)5 (4)(11)
2021(9)2 3 (16)(20)
202228 31 10 69 
202366 15 81 
202473 73 
Total net development for the accident years presented above26 110 68 
Total net development for accident years prior to 20164 (3)3 
Total unallocated claim adjustment expense development3 — 3 
Total$33 $107 $74 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Commercial - General Liability
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$623 $659 $667 $671 $673 $683 $684 $704 $712 $723 $23 24,982 
2017632 632 632 634 630 652 690 713 749 15 22,611 
2018653 644 646 639 650 679 665 663 63 20,631 
2019680 682 682 691 720 727 747 98 20,091 
2020723 722 726 736 702 662 139 15,152 
2021782 784 793 814 833 189 16,349 
2022929 928 930 952 316 18,494 
20231,071 1,106 1,146 516 18,905 
20241,271 1,295 833 20,250 
20251,381 1,218 15,771 
Total$9,151 $3,410 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$32 $163 $279 $407 $481 $524 $582 $620 $652 $681 
201723 118 250 399 471 553 606 657 705 
201833 107 228 307 428 491 546 573 
201925 98 181 322 455 532 607 
202023 99 192 280 367 450 
202126 140 262 391 542 
202229 123 260 439 
202333 153 356 
202434 180 
202543 
Total$4,576 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$4,575 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016179 
Liability for unallocated claim adjustment expenses for accident years presented83 
Total net liability for unpaid claim and claim adjustment expenses$4,837 
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$36 $8 $4 $2 $10 $1 $20 $8 $11 $100 
2017— — 2 (4)22 38 23 36 117 
2018(9)2 (7)11 29 (14)(2)10 
20192 — 9 29 7 20 67 
2020(1)4 10 (34)(40)(61)
20212 9 21 19 51 
2022(1)2 22 23 
202335 40 75 
202424 24 
Total net development for the accident years presented above134 48 130 
Total net development for accident years prior to 201615 27 (30)
Total unallocated claim adjustment expense development— — 14 
Total$149 $75 $114 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Commercial - Workers' Compensation
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$426 $405 $396 $382 $366 $355 $331 $308 $293 $287 $40 32,007 
2017440 432 421 400 402 399 398 383 364 44 33,164 
2018450 440 428 415 415 404 399 393 57 34,930 
2019452 449 437 436 419 416 410 57 34,398 
2020477 466 446 414 393 363 74 29,506 
2021468 454 432 421 412 97 30,150 
2022497 489 478 467 108 33,488 
2023555 551 541 161 37,037 
2024574 586 196 38,866 
2025646 348 36,112 
Total$4,469 $1,182 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$53 $129 $169 $198 $219 $227 $234 $235 $238 $238 
201763 151 207 243 265 279 287 293 295 
201868 163 229 259 280 298 307 313 
201971 169 223 262 291 310 320 
202065 147 200 228 246 257 
202167 164 222 256 273 
202279 192 258 299 
202387 209 286 
2024111 264 
2025127 
Total$2,672 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$1,797 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 20161,648 
Other (2)
(23)
Liability for unallocated claim adjustment expenses for accident years presented60 
Total net liability for unpaid claim and claim adjustment expenses$3,482 
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$(21)$(9)$(14)$(16)$(11)$(24)$(23)$(15)$(6)$(139)
2017(8)(11)(21)2 (3)(1)(15)(19)(76)
2018(10)(12)(13)— (11)(5)(6)(57)
2019(3)(12)(1)(17)(3)(6)(42)
2020(11)(20)(32)(21)(30)(114)
2021(14)(22)(11)(9)(56)
2022(8)(11)(11)(30)
2023(4)(10)(14)
202412 12 
Total net development for the accident years presented above(114)(85)(85)
Adjustment for development on a discounted basis(2)(2)2 
Total net development for accident years prior to 2016(93)(115)(52)
Total unallocated claim adjustment expense development6 — — 
Total$(203)$(202)$(135)
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
(2) Other includes the effect of discounting lifetime claim reserves.
International
The following table presents further detail of the development recorded for the International segment.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Commercial$(26)$(12)$(18)
Specialty5 6 35 
Other(4)— (4)
Total pretax (favorable) unfavorable development $(25)$(6)$13 

2025
Favorable development in commercial was due to lower than expected loss emergence across multiple accident years in the Company's marine and property businesses.
2024
Favorable development in commercial was due to lower than expected loss emergence across multiple accident years in the Company's marine and property businesses.
2023
Favorable development in commercial was due to lower than expected loss emergence across multiple accident years.
Unfavorable development in specialty was due to higher than expected large loss emergence in the Company’s medical treatment and professional liability businesses in multiple accident years.
International
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$519 $556 $530 $516 $508 $518 $520 $543 $540 $550 $41 26,135 
2017551 626 636 630 632 620 644 665 668 29 27,478 
2018646 693 701 706 719 747 746 745 34 34,444 
2019572 588 580 595 594 600 605 59 31,242 
2020602 584 570 552 549 537 103 23,395 
2021595 574 538 520 516 139 20,159 
2022628 635 633 608 211 16,985 
2023691 679 658 318 15,977 
2024743 780 436 14,380 
2025759 544 9,708 
Total$6,426 $1,914 
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$129 $278 $332 $365 $390 $424 $437 $452 $468 $475 
2017118 298 372 424 455 494 560 576 594 
2018144 337 415 477 520 585 634 655 
2019117 269 344 386 420 455 476 
202087 208 269 301 339 372 
202169 170 223 262 300 
202269 197 279 308 
202363 180 254 
202476 209 
202576 
Total$3,719 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$2,707 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 201683 
Liability for unallocated claim adjustment expenses for accident years presented51 
Total net liability for unpaid claim and claim adjustment expenses$2,841 
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Total (2)
Accident Year
2016$37 $(26)$(14)$(8)$10 $2 $23 $(3)$10 $31 
201775 10 (6)2 (12)24 21 3 117 
201847 8 5 13 28 (1)(1)99 
201916 (8)15 (1)6 5 33 
2020(18)(14)(18)(3)(12)(65)
2021(21)(36)(18)(4)(79)
20227 (2)(25)(20)
2023(12)(21)(33)
202437 37 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
(2) The amounts included in the loss reserve development tables above are presented at the year-end 2025 foreign currency exchange rates for all periods presented to remove the effects of foreign currency exchange rate fluctuations between calendar years.
The table below presents information about average historical claims duration as of December 31, 2025 and is presented as required supplementary information, which is unaudited.
Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year:
12345678910
Specialty
Medical Professional Liability3.6 %16.6 %21.4 %16.7 %13.2 %9.7 %6.1 %2.9 %1.8 %0.4 %
Other Professional Liability and Management Liability6.4 %19.5 %19.8 %15.0 %11.5 %7.3 %5.8 %4.7 %3.5 %0.7 %
Surety (1)
15.2 %36.2 %12.9 %8.4 %6.3 %9.2 %(0.9)%2.6 %— %— %
Commercial
Commercial Auto22.6 %22.5 %19.1 %15.2 %10.7 %5.5 %2.6 %0.9 %0.7 %— %
General Liability3.4 %12.1 %15.5 %16.6 %14.5 %9.8 %8.4 %5.4 %5.4 %4.0 %
Workers' Compensation17.6 %24.2 %14.5 %8.8 %5.8 %3.8 %2.3 %1.2 %0.8 %— %
International15.0 %22.6 %11.3 %6.8 %5.8 %6.5 %5.6 %2.6 %2.8 %1.3 %
(1) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables.
A&EP Reserves
In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a LPT. At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion.
In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Consolidated Statements of Operations.
The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations.
Years ended December 31
(In millions)202520242023
Additional amounts ceded under LPT$185 $103 $86 
Retroactive reinsurance benefit recognized(140)(95)(94)
Pretax impact of deferred retroactive reinsurance$45 $8 $(8)
Additional amounts ceded under the LPT of $185 million, $103 million and $86 million for the years ended December 31, 2025, 2024 and 2023 were primarily driven by unfavorable development in each year as a result of higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts.
As of December 31, 2025 and 2024, the cumulative amounts ceded under the LPT were $3.9 billion and $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $470 million and $425 million as of December 31, 2025 and 2024 and is included within Other liabilities on the Consolidated Balance Sheets.
NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $2.4 billion as of December 31, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims.
Excess Workers' Compensation LPT
On February 5, 2021, CCC completed a transaction with Cavello Bay Reinsurance Limited (Cavello), a subsidiary of Enstar Group Limited, under which certain legacy excess workers' compensation (EWC) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, the Company ceded approximately $690 million of net EWC claim and allocated claim adjustment expense reserves to Cavello under an LPT with an aggregate limit of $1 billion. The Company paid Cavello a reinsurance premium of $697 million.
Net favorable prior year development of $75 million was recognized before consideration of cessions to the EWC LPT for the year ended December 31, 2025 primarily driven by lower than expected severity in older accident years. This favorable development was entirely offset by ceded retroactive reserve development under the EWC LPT.
As of December 31, 2025, the cumulative amount ceded under the EWC LPT was $615 million.
Cavello established a collateral trust as security for its obligations to the Company. The fair value of the collateral trust was $247 million as of December 31, 2025.
v3.25.4
Future Policy Benefit Reserves
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Future Policy Benefit Reserves Future Policy Benefits Reserves
Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the LFPB which is reflected as Insurance reserves: Future policy benefits on the Consolidated Balance Sheets.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations.
Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.
The cash flow assumption updates completed in the third quarter of 2025 resulted in a $7 million pretax increase in the LFPB. Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions.
The cash flow assumption updates completed in the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.
The following table summarizes balances and changes in the LFPB.
(In millions)
202520242023
Present value of future net premiums
Balance, January 1$3,425 $3,710 $3,991 
     Effect of changes in discount rate(7)(125)(74)
Balance, January 1, at original locked in discount rate3,418 3,585 3,917 
     Effect of changes in cash flow assumptions (1)
114 111 28 
     Effect of actual variances from expected experience (1)
(10)(41)(126)
Adjusted balance, January 13,522 3,655 3,819 
Interest accrual176 183 202 
     Net premiums: earned during period(406)(420)(436)
Balance, end of period at original locked in discount rate3,292 3,418 3,585 
     Effect of changes in discount rate71 7 125 
Balance, December 31$3,363 $3,425 $3,710 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 $17,471 
     Effect of changes in discount rate440 (578)(125)
Balance, January 1, at original locked in discount rate17,023 17,091 17,346 
     Effect of changes in cash flow assumptions (1)
121 126 36 
     Effect of actual variances from expected experience (1)
87 69 (46)
Adjusted balance, January 117,231 17,286 17,336 
Interest accrual918 924 962 
     Benefit & expense payments(1,165)(1,187)(1,207)
Balance, end of period at original locked in discount rate16,984 17,023 17,091 
     Effect of changes in discount rate(173)(440)578 
Balance, December 31$16,811 $16,583 $17,669 
Net LFPB$13,448 $13,158 $13,959 
(1) As of December 31, 2025, 2024 and 2023 the re-measurement gain (loss) of $(104) million, $(125) million and $(88) million presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Consolidated Statement of Operations.
Years ended December 31
(In millions)
202520242023
Earned premiums$423 $437 $451 
Interest accretion742 741 760 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of December 31
(In millions)
20252024
Expected future benefit and expense payments$31,323 $31,712 
Expected future gross premiums4,930 5,183 
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,507 million and $3,573 million as of December 31, 2025 and 2024.
The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of December 31, 2025 and 2024.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of December 31
20252024
Original locked in discount rate5.16 %5.20 %
Upper-medium grade fixed income instrument discount rate5.32 5.51 
For the years ended December 31, 2025 and 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $135 million and $159 million. For the years ended December 31, 2025 and 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $58 million and $29 million.
v3.25.4
Legal Proceedings, Contingencies and Guarantees
 12 Months Ended
Dec. 31, 2025
Legal Proceedings, Commitments and Contingencies, and Guarantees [Abstract]  
Legal Proceedings, Contingencies and Guarantees Legal Proceedings, Contingencies and Guarantees
The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position.
Guarantees
The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of December 31, 2025, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.9 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
v3.25.4
Reinsurance
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
The Company cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of the Company. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectibility exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and the Company's retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers' compensation. Corporate catastrophe reinsurance is also purchased for property and workers' compensation exposure. The Company also utilizes facultative reinsurance in certain lines. In addition, the Company assumes reinsurance primarily through Hardy and as a member of various reinsurance pools and associations.
The following table presents the amounts receivable from reinsurers.
December 31
(In millions)20252024
Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses$5,982 $5,713 
Reinsurance receivables related to paid losses426 359 
Reinsurance receivables6,408 6,072 
Allowance for uncollectible reinsurance(27)(21)
Reinsurance receivables, net of allowance for uncollectible reinsurance$6,381 $6,051 
The Company has established an allowance for uncollectible voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating.
(In millions)December 31, 2025
A- to A++$4,864 
B- to B++967 
Insolvent9 
Total voluntary reinsurance outstanding balance (1)
$5,840 
(1)    Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. Refer to Note E to the Consolidated Financial Statements for information regarding the LPT. The Company has also excluded receivables from involuntary pools.
The Company attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, the Company may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. Receivables from captive reinsurers are backed by collateral arrangements and comprise the majority of the voluntary reinsurance receivables within the B- to B++ rating distribution in the table above. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral, limited by the balance of open recoverables, was approximately $3.8 billion and $3.4 billion as of December 31, 2025 and 2024.
The Company's largest recoverables from a single reinsurer as of December 31, 2025, including ceded unearned premium reserves, were approximately $1.9 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $466 million from Cavello Bay Reinsurance Limited and $390 million from the Swiss Reinsurance Group. These amounts are substantially collateralized or otherwise secured. The recoverable from subsidiaries of the Berkshire Hathaway Insurance Group includes amounts related to third-party reinsurance for which NICO has assumed the credit risk under the terms of the LPT as discussed in Note E to the Consolidated Financial Statements.
The effects of reinsurance on earned premiums and written premiums are presented in the following tables.
(In millions)DirectAssumedCededNetAssumed/
Net %
2025 Earned Premiums
Property and casualty$14,974 $253 $4,750 $10,477 2.4 %
Long-term care383 40 — 423 9.5 %
Total earned premiums$15,357 $293 $4,750 $10,900 2.7 %
2024 Earned Premiums
Property and casualty$14,629 $252 $5,107 $9,774 2.6 %
Long-term care396 41 — 437 9.4 %
Total earned premiums$15,025 $293 $5,107 $10,211 2.9 %
2023 Earned Premiums
Property and casualty$13,908 $223 $5,102 $9,029 2.5 %
Long-term care407 44 — 451 9.8 %
Total earned premiums$14,315 $267 $5,102 $9,480 2.8 %
(In millions)DirectAssumedCededNetAssumed/
Net %
2025 Written Premiums
Property and casualty$15,303 $247 $4,868 $10,682 2.3 %
Long-term care379 40 — 419 9.5 %
Total written premiums$15,682 $287 $4,868 $11,101 2.6 %
2024 Written Premiums
Property and casualty$15,120 $257 $5,202 $10,175 2.5 %
Long-term care389 41 — 430 9.5 %
Total written premiums$15,509 $298 $5,202 $10,605 2.8 %
2023 Written Premiums
Property and casualty$14,498 $219 $5,272 $9,445 2.3 %
Long-term care404 43 — 447 9.6 %
Total written premiums$14,902 $262 $5,272 $9,892 2.6 %
Included in the direct and ceded earned premiums for the years ended December 31, 2025, 2024 and 2023 are $2,265 million, $2,653 million and $2,907 million related to insurance policies supporting service contracts associated with portable electronic devices, which are 100% reinsured under a significant third-party warranty captive program. The third-party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure the risk. The Company receives and retains a ceding commission.
Insurance claims and policyholders' benefits reported on the Consolidated Statements of Operations are net of estimated reinsurance recoveries of     $2,894 million, $3,450 million and $2,772 million for the years ended December 31, 2025, 2024 and 2023, including $1,277 million, $1,730 million and $1,512 million, respectively, related to the significant third-party captive program discussed above.
Long-term care premiums are from long-duration contracts; property and casualty premiums are from short-duration contracts.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt is composed of the following long-term obligations.
December 31
(In millions)20252024
Long-term debt:
Senior notes of CNAF:
4.500%, face amount of $500, due March 1, 2026
$—$500
3.450%, face amount of $500, due August 15, 2027
499 498 
3.900%, face amount of $500, due May 1, 2029
498 498 
2.050%, face amount of $500, due August 15, 2030
497 497 
5.500%, face amount of $500, due June 15, 2033
492 491 
5.125%, face amount of $500, due February 15, 2034
491 489 
5.200%, face amount of $500, due August 15, 2035
494 — 
Total debt$2,971 $2,973 
CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2025 giving it immediate access to approximately $108 million of additional liquidity. As of December 31, 2025 and 2024, CCC had no outstanding borrowings from the FHLBC.
During 2023, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which would adjust in the event of a change in the Company's ratio of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the agreement. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2025, was $8.7 billion.  The calculation of minimum consolidated net worth excludes AOCI. As of December 31, 2025 and 2024, the Company had no outstanding borrowings under the credit agreement.
The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2025 and 2024.
The combined aggregate maturities for debt as of December 31, 2025 are presented in the following table.
(In millions)
2026$— 
2027500 
2028— 
2029500 
2030500 
Thereafter1,500 
Less: discount(29)
Total$2,971 
v3.25.4
Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Pension and Postretirement Health Care Benefit Plans
CNA sponsors noncontributory defined benefit pension plans, primarily through the CNA Retirement Plan, covering certain eligible employees. These plans are closed to new entrants. CNA's funding policy for defined benefit pension plans is to make contributions in accordance with applicable governmental regulatory requirements with consideration of the funded status of the plans.
Effective January 1, 2000, the CNA Retirement Plan was closed to new participants. Existing participants at that time were given a choice to either continue to accrue benefits under the CNA Retirement Plan or to cease accruals effective December 31, 1999. Employees who chose to continue to accrue benefits under the plan received benefits in accordance with plan provisions through June 30, 2015 as discussed further below. Participants who elected to cease accruals at December 31, 1999 received the present value of their accrued benefit in an accrued pension account that is credited with interest based on the annual rate of interest on 30-year Treasury securities. These employees also receive certain enhanced employer contributions in the CNA 401k Plan.
Effective June 30, 2015, the Company eliminated future benefit accruals associated with the CNA Retirement Plan. Participants who were continuing to accrue benefits under the CNA Retirement Plan up until that date are entitled to an accrued benefit payable based on their eligible compensation and accrued service through June 30, 2015. These affected participants now also receive enhanced employer contributions in the CNA 401k Plan similar to participants who elected to cease accruals effective December 31, 1999. Employees who elected to cease accruals effective December 31, 1999 were not affected by this curtailment.
In 2024, the CNA Retirement Plan paid $1,034 million to purchase a nonparticipating single premium group annuity contract from Metropolitan Life Insurance Company (the Insurer) under which the CNA Retirement Plan transferred $1,045 million of its defined benefit pension obligations. The group annuity contract covers approximately 7,600 CNA Retirement Plan participants and beneficiaries (the Transferred Participants), representing approximately 60% of the CNA Retirement Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the CNA Retirement Plan and required no cash or asset contributions by the Company. As a result of the transaction, the Company recognized a one-time, non-cash, pretax pension settlement charge of $367 million ($290 million after-tax).
Additionally in 2024, a subsidiary of CNAF, as a sponsor of the CNA Canada Employee Pension Plan (the Canada Plan), purchased a nonparticipating single premium group annuity contract, under which the defined benefit pension obligation of the Canada Plan was transferred in full to an insurance company counterparty. As a result of the transaction, the Company recognized a one-time, non-cash, pretax pension settlement charge of $4 million ($3 million after-tax).
The 2024 charges were largely driven by the accelerated recognition of the Company’s actuarial pension loss from accumulated other comprehensive income into net income, which does not impact stockholder’s equity. These charges did not impact the Company's core income or cash flow.
Effective December 31, 2025, the Company amended the CNA Health and Group Benefits Program to discontinue postretirement health care benefits that had been provided to eligible retired employees, their covered dependents and their beneficiaries through the program. These postretirement benefits had already largely been eliminated for active employees.
The following table presents a reconciliation of benefit obligations and plan assets.
Pension BenefitsPostretirement Benefits
(In millions)2025202420252024
Benefit obligation as of January 1$681 $1,807 $4 $5 
Changes in benefit obligation:
Interest cost36 87 — — 
Participants' contributions— — 1 1 
Actuarial (gain) loss8 (24)1 — 
Benefits paid(51)(144)(2)(2)
Foreign currency translation and other4 (1)— — 
Plan amendments— — (2)— 
Effect of pension settlement transactions5 (1,044)— — 
Benefit obligation as of December 31683 681 2 4 
Fair value of plan assets as of January 1915 1,984 — — 
Change in plan assets:
Actual return on plan assets84 115 — — 
Company contributions5 5 1 1 
Participants' contributions— — 1 1 
Benefits paid(51)(144)(2)(2)
Foreign currency translation and other6 (1)— — 
Effect of pension settlement transactions4 (1,044)— — 
Fair value of plan assets as of December 31963 915 — — 
Funded status$280 $234 $(2)$(4)
Amounts recognized on the Consolidated Balance Sheets as of December 31:
Other assets$318 $275 $— $— 
Other liabilities(38)(41)(2)(4)
Net amount recognized$280 $234 $(2)$(4)
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):
Net actuarial (gain) loss$208 $236 $(1)$2 
Net amount recognized$208 $236 $(1)$2 
The accumulated benefit obligation for all defined benefit pension plans was $683 million and $681 million as of December 31, 2025 and 2024. Changes for the year ended December 31, 2025 include an actuarial loss of $8 million primarily driven by changes in the discount rate used to determine the defined benefit pension obligations. Changes for the year ended December 31, 2024 include the impact of pension settlement transactions discussed above and an actuarial gain of $24 million primarily driven by changes in the discount rate used to determine the defined benefit pension obligations.
For pension plans with a benefit obligation in excess of plan assets, the benefit obligation was $38 million and $41 million and the aggregate plan assets were $0 at December 31, 2025 and 2024.
The components of net periodic pension cost (benefit) are presented in the following table.
Years ended December 31
(In millions)202520242023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$36 $87 $98 
Expected return on plan assets(54)(116)(119)
Amortization of net actuarial loss (gain) 7 29 33 
Pension settlement transaction loss— 371 — 
Total net periodic pension cost (benefit)$(11)$371 $12 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Consolidated Statements of Operations.
Years ended December 31
(In millions)202520242023
Non-Service Cost (benefit):
Insurance claims and policyholder's benefits$(3)$— $3 
Other operating expenses(8)371 9 
Total net periodic pension cost (benefit)$(11)$371 $12 
The amounts recognized in Other comprehensive income are presented in the following table.
Years ended December 31
(In millions)202520242023
Pension and postretirement benefits
Amounts arising during the period$22 $22 $50 
Postretirement termination loss3 — — 
Pension settlement transaction loss— 371 — 
Reclassification adjustment relating to prior service credit(2)— — 
Reclassification adjustment relating to actuarial loss8 30 34 
Total increase (decrease) in Other comprehensive income$31 $423 $84 
    
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are presented in the following table. The interest crediting rate is the weighted average interest rate applied to the individual pension balances for employees who elected to cease accruals effective December 31, 1999.
December 3120252024
Pension benefits
Discount rate5.200 %5.500 %
Interest crediting rate4.500 4.500 
Postretirement benefits
Discount rate5.100 %5.400 %
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are presented in the following table.
Years ended December 31202520242023
Pension benefits
Discount rate5.500 %5.100 %5.350 %
Expected long-term rate of return6.250 6.250 6.250 
Interest crediting rate4.500 4.500 3.500 
Postretirement benefits
Discount rate5.400 %5.100 %5.250 %
To determine the discount rate assumption as of the year-end measurement date for the CNA Retirement Plan and CNA Health and Group Benefits Program, the Company considered the estimated timing of plan benefit payments and available yields on high quality fixed income debt securities. For this purpose, high quality is considered a rating of Aa or better by Moody's Investors Service, Inc. (Moody's) or a rating of AA or better from Standard & Poor's (S&P). The Company reviewed several yield curves constructed using the cash flow characteristics of the plans as well as bond indices as of the measurement date. The trend of those data points was also considered.
In determining the expected long-term rate of return on plan assets assumption for the CNA Retirement Plan, CNA considered the historical performance of the benefit plan investment portfolio as well as long-term market return expectations based on the investment mix of the portfolio and the expected investment horizon.
The CNA Health and Group Benefits Program has limited its share of the health care trend rate to a cost-of-living adjustment of 4% per year. For all participants, the employer subsidy on health care costs will not increase by more than 4% per year. As a result, the assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the CNA Health and Group Benefits Program was 4% per year in 2025, 2024 and 2023.
CNA employs a total return approach whereby a mix of equity, limited partnerships and fixed maturity securities are used to maximize the long-term return of retirement plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 0% to 40% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long-term returns while improving portfolio diversification. The intent of this strategy is to minimize the Company's expense related to funding the plan by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions.
As of December 31, 2025, the Plan had committed approximately $85 million to future capital calls from various third-party limited partnership investments in exchange for an ownership interest in the related partnerships. Derivatives may be used to gain market exposure in an efficient and timely manner. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews.
Pension plan assets measured at fair value on a recurring basis are presented in the following tables.
December 31, 2025
(In millions)Level 1Level 2Level 3Total
Assets
Fixed maturity securities:
Corporate bonds and other$— $473 $4 $477 
States, municipalities and political subdivisions— 11 — 11 
Asset-backed— 103 8 111 
Total fixed maturity securities— 587 12 599 
Equity securities— 36 — 36 
Short-term investments33 — — 33 
Other assets— 7 — 7 
Cash2 — — 2 
Total assets measured at fair value$35 $630 $12 677 
Total limited partnerships measured at net asset value (1)
286 
Total$963 
December 31, 2024
(In millions)Level 1Level 2Level 3Total
Assets
Fixed maturity securities:
Corporate bonds and other$— $408 $5 $413 
States, municipalities and political subdivisions— 6 — 6 
Asset-backed— 113 8 121 
Total fixed maturity securities— 527 13 540 
Equity securities8 15 — 23 
Short-term investments47 — — 47 
Other assets— 6 — 6 
Cash2 — — 2 
Total assets measured at fair value$57 $548 $13 618 
Total limited partnerships measured at net asset value (1)
297 
Total$915 
(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position.
The limited partnership investments held within the plan are recorded at fair value, which represents the plan's share of net asset value of each partnership, as determined by each limited partnership's general partner. Limited partnerships comprising more than 99% of the carrying value as of December 31, 2025 and 2024 were invested in private debt and equity. Limited partnerships comprising less than 1% of the carrying value as of December 31, 2025 and 2024 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, private credit, growth capital and distressed investing. Hedge fund strategies include both long and short positions in fixed income, equity and derivative investments.
For a discussion of the fair value levels and the valuation methodologies used to measure fixed maturity securities, equities, derivatives and short-term investments, see Note C to the Consolidated Financial Statements.
The table below presents the estimated future minimum benefit payments to participants as of December 31, 2025.
(In millions)Pension Benefits
2026$58 
202758 
202858
202958 
203057
2031-2035258 
In 2026, CNA expects to contribute $5 million to its pension plans.
Savings Plans
CNA sponsors savings plans, which are generally contributory plans that allow eligible employees to contribute a maximum of 50% of their eligible compensation, subject to certain limitations prescribed by the IRS. The Company contributes matching amounts to participants amounting to 100% of the first 6% of annual eligible compensation contributed by the employee. In addition, eligible employees also receive a Company contribution of 5% of their annual eligible compensation, referred to as a basic contribution. Company contributions vest ratably over participants first five years of service.
Benefit expense for the Company's savings plans was $95 million, $88 million and $82 million for the years ended December 31, 2025, 2024 and 2023.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The CNAF Incentive Compensation Plan (the Plan) authorizes the grant of stock-based compensation to certain management personnel for up to 16 million shares of CNAF common stock. The Plan provides for awards of stock options, stock appreciation rights (SARs), restricted shares, restricted stock units (RSUs), performance-based RSUs and performance share units. Grants to employees are not designed to be spring-loaded. The number of remaining shares available for the granting of stock-based compensation under the Plan as of December 31, 2025 was approximately 2.0 million.
Substantially all of the Company's stock-based compensation is awarded under the Annual Performance Share Plan (PSP). The PSP provides officers with an opportunity to earn an award based upon attainment of specific performance goals achieved over a one-year performance period. Awards are granted in the form of performance share units at the beginning of each performance year and are generally subject to a two-year cliff vesting period after the Company’s annual performance has been determined. The performance share units become payable within a range of 0% to 200% of the number of performance share units initially granted.
Additionally, the Company may grant RSUs under the Plan in certain circumstances. These awards generally vest over a one to three-year service period following the grant date.
Stock-based compensation that is not fully vested prior to termination is generally forfeited upon termination, except in cases of retirement, death or disability, and as otherwise provided by contractual obligations. The fair value of stock-based compensation awards is based on the market value of the Company's common stock as of the date of grant, except for awards made to foreign participants, which is based on the current market value of the Company’s common stock. Payments made under the PSP are made entirely in shares of common stock granted under the Plan, except for awards made to foreign participants, which are paid in cash.
The Company recorded stock-based compensation expense related to the Plan of $41 million, $42 million and $38 million for the years ended December 31, 2025, 2024 and 2023. The related income tax benefit recognized was $9 million, $9 million and $8 million for the years ended December 31, 2025, 2024 and 2023. The compensation cost not yet recognized was $46 million, and the weighted average period over which it is expected to be recognized is 1.8 years as of December 31, 2025.
The total fair value of RSUs and performance share units that vested during the years ended December 31, 2025, 2024 and 2023 was $45 million, $33 million and $34 million, respectively.
The weighted average grant date fair value for RSUs and performance share units granted during the years ended December 31, 2025, 2024 and 2023 was $48.52, $44.28 and $37.06, respectively.
The following table presents activity for non-vested RSUs and performance share units under the Plan in 2025.
Number of AwardsWeighted Average Grant Date Fair Value
Balance as of January 1, 20252,708,789 $42.26 
Awards granted1,079,668 48.52 
Awards vested(971,657)45.34 
Awards forfeited, canceled or expired(279,084)43.02 
Performance-based adjustment32,095 48.52 
Balance as of December 31, 20252,569,811 43.72 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Total lease expense was $46 million, $49 million and $55 million for the years ended December 31, 2025, 2024 and 2023. Total lease expense includes operating lease expense of $29 million, $29 million and $34 million and variable lease expense of $17 million, $20 million and $21 million for the years ended December 31, 2025, 2024 and 2023. Cash paid for amounts included in operating lease liabilities was $33 million, $55 million and $38 million for the years ended December 31, 2025, 2024 and 2023. Operating lease ROU assets obtained in exchange for lease obligations was $12 million, $54 million and $28 million for the years ended December 31, 2025, 2024 and 2023.
The following table presents operating lease ROU assets and lease liabilities.
(In millions)December 31, 2025December 31, 2024
Operating lease ROU assets$148 $158 
Operating lease liabilities218 239 
The following table presents the maturities of operating lease liabilities.
(In millions)December 31, 2025
2026$34 
202735 
202831
202931 
203026
Thereafter104 
Total lease payments261 
Less: Discount(43)
Total operating lease liabilities$218 
The following table presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease ROU assets.
December 31, 2025December 31, 2024
Weighted average remaining lease term8.6 years8.8 years
Weighted average discount rate4.0 %3.9 %
v3.25.4
Stockholders' Equity and Statutory Accounting Practices
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity and Statutory Accounting Practices [Abstract]  
Stockholders' Equity And Statutory Accounting Practices Stockholders’ Equity and Statutory Accounting Practices
Common Stock Dividends
There are no restrictions on the retained earnings or net income of CNAF with regard to payment of dividends to its stockholders. However, given the holding company nature of CNAF, its ability to pay a dividend is dependent on the receipt of dividends from its subsidiaries, particularly CCC, which directly or indirectly owns the vast majority of all significant subsidiaries. See the Statutory Accounting Practices section below for a discussion of the regulatory restrictions on CCC's availability to pay dividends.
CNAF's ability to pay dividends may be indirectly limited by the minimum consolidated net worth covenant in the Company's line of credit agreement. See Note I to the Consolidated Financial Statements for further discussion of the Company's debt obligations.
Common Stock Repurchases
The Company's Board of Directors has approved an authorization to purchase, in the open market or through privately negotiated transactions, our outstanding common stock, as our management deems appropriate. The Company repurchased 700,000 and 450,000 shares of CNAF common stock at an aggregate cost of $34 million and $20 million during the years ended December 31, 2025 and 2024.
Stock-Based Compensation
The Company issued 527,066 and 413,224 shares of CNAF common stock to settle employee stock-based compensation awards under the CNAF Incentive Compensation Plan during the years ended December 31, 2025 and 2024.
Accumulated Other Comprehensive Income (Loss)
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2025$(13)$(1,876)$(191)$353 $(264)$(1,991)
Other comprehensive income (loss) before reclassifications(22)842 17 (161)143 819 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $5, $12, $1, $—, $— and $18
(20)(46)(8)— — (74)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(238), $(6), $43, $— and $(201)
(2)888 25 (161)143 893 
Balance as of December 31, 2025$(15)$(988)$(166)$192 $(121)$(1,098)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Other comprehensive income (loss) before reclassifications(34)(310)17 712 (101)284 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $9, $13, $84, $—, $— and $106
(33)(47)(317)— — (397)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $68, $(89), $(189), $— and $(210)
(1)(263)334 712 (101)681 
Balance as of December 31, 2024$(13)$(1,876)$(191)$353 $(264)$(1,991)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2023$(7)$(2,738)$(591)$(41)$(221)$(3,598)
Other comprehensive income (loss) before reclassifications(24)1,072 39 (318)58 827 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $5, $14, $7, $—, $— and $26
(19)(53)(27)— — (99)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(304), $(17), $85, $— and $(235)
(5)1,125 66 (318)58 926 
Balance as of December 31, 2023$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:
Component of AOCIConsolidated Statements of Operations Line Item Affected by Reclassifications
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsNet investment gains (losses)
Pension and postretirement benefitsOther operating expenses and Insurance claims and policyholders' benefits
Statutory Accounting Practices
CNAF's insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions' insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (NAIC) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in stockholders' equity relating to certain fixed maturity securities.
The Company has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62, Property and Casualty Reinsurance, paragraphs 87 and 88 in conjunction with the 2010 LPT with NICO which is further discussed in Note E to the Consolidated Financial Statements. The prescribed practice allows the Company to aggregate all third-party A&EP reinsurance balances administered by NICO in Schedule F and to utilize the LPT as collateral for the underlying third-party reinsurance balances for purposes of calculating the statutory reinsurance penalty.
This prescribed practice increased statutory capital and surplus by $45 million and $55 million at December 31, 2025 and 2024.
The payment of dividends by CNAF's insurance subsidiaries without prior approval of the insurance department of each subsidiary's domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator.
Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the Department), are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2025, CCC is in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2026 that would not be subject to the Department's prior approval is $1,266 million, less dividends paid during the preceding twelve months measured at that point in time. CCC paid dividends of $1,115 million in 2025. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.
Combined statutory capital and surplus and statutory net income (loss) for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities.
Statutory Capital and SurplusStatutory Net Income (Loss)
December 31Years ended December 31
(In millions)
2025(1)
2024
2025(1)
2024(2)
2023
Combined Continental Casualty Companies$11,578 1$11,165 $1,258 $713 $1,172 
(1) Information derived from the statutory-basis financial statements to be filed with insurance regulators.
(2) Includes a $293 million after-tax loss from pension settlement transactions. Pension settlement transactions are further discussed in Note J to the Consolidated Financial Statements included under Item 8.
CNAF's domestic insurance subsidiaries are subject to risk-based capital (RBC) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company's actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action.
The statutory capital and surplus presented above for CCC as of December 31, 2025 and 2024 was significantly above the level at which any RBC regulatory action would occur. The statutory capital and surplus of the Company's foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements.
v3.25.4
Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters. Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers. The International segment underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, the Company's Lloyd's syndicate.
The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. Life & Group primarily includes the results of the long-term care business that is in run-off. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
Approximately 9%, 10% and 11% of the Company's direct written premiums were derived from outside the United States for the years ended December 31, 2025, 2024 and 2023.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Year ended December 31, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Net written premiums$3,515 $5,821 $1,347 $419 $— $(1)$11,101 
Operating revenues 
Net earned premiums$3,472 $5,695 $1,311 $423 $— $(1)$10,900 
Net investment income650 775 156 914 62 — 2,557 
Non-insurance warranty revenue1,577 — — — — — 1,577 
Other revenues2 32 — — 12 (10)36 
Total operating revenues5,701 6,502 1,467 1,337 74 (11)15,070 
Claims, benefits and expenses      
Net incurred claims and benefits2,134 3,867 765 1,291 201 — 8,258 
Policyholders’ dividends9 27 — — — — 36 
Amortization of deferred acquisition costs785 853 260 — — — 1,898 
Non-insurance warranty expense1,526 — — — — — 1,526 
Insurance related administrative expenses380 676 171 121 2 (1)1,349 
Interest expense— — — — 135 — 135 
Other segment items (1)
57 44 (13)3 86 (10)167 
Total claims, benefits and expenses4,891 5,467 1,183 1,415 424 (11)13,369 
Income tax (expense) benefit on core income (loss)(173)(215)(77)34 72 — (359)
Core income (loss) $637 $820 $207 $(44)$(278)$— $1,342 
Net investment gains (losses)(81)
Income tax (expense) benefit on net investment gains (losses)17 
Net investment gains (losses), after tax(64)
Net income (loss)$1,278 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,716 $1,762 $577 $56 $2,297 $— $6,408 
Insurance receivables1,008 2,315 438 2 1 — 3,764 
Deferred acquisition costs447 391 148 — — — 986 
Goodwill117 — 31 — — — 148 
Deferred non-insurance warranty acquisition expense3,220 — — — — — 3,220 
Insurance reserves 
Claim and claim adjustment expenses7,784 12,249 3,376 591 2,599 — 26,599 
Unearned premiums3,317 3,411 819 88 — — 7,635 
Future policy benefits— — — 13,448 — — 13,448 
Deferred non-insurance warranty revenue4,138 — — — — — 4,138 
Year ended December 31, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Net written premiums$3,445 $5,469 $1,262 $430 $— $(1)$10,605 
Operating revenues 
Net earned premiums$3,361 $5,158 $1,256 $437 $— $(1)$10,211 
Net investment income626 733 131 940 67 — 2,497 
Non-insurance warranty revenue1,609 — — — — — 1,609 
Other revenues2 29 — — 13 (10)34 
Total operating revenues5,598 5,920 1,387 1,377 80 (11)14,351 
Claims, benefits and expenses    
Net incurred claims and benefits2,001 3,525 764 1,308 106 — 7,704 
Policyholders’ dividends9 25 — — — — 34 
Amortization of deferred acquisition costs740 824 234 — — — 1,798 
Non-insurance warranty expense1,547 — — — — — 1,547 
Insurance related administrative expenses362 613 182 119 — (1)1,275 
Interest expense— — — — 133 — 133 
Other segment items (1)
55 43 10 2 97 (10)197 
Total claims, benefits and expenses (2)
4,714 5,030 1,190 1,429 336 (11)12,688 
Income tax (expense) benefit on core income (loss)(190)(188)(44)29 46 — (347)
Core income (loss)$694 $702 $153 $(23)$(210)$— $1,316 
Net investment gains (losses)(81)
Income tax (expense) benefit on net investment gains (losses)17 
Net investment gains (losses), after tax(64)
Pension settlement transaction gains (losses)(371)
Income tax (expense) benefit on pension settlement transaction gains (losses)78 
Pension settlement transaction gains (losses), after tax(293)
Net income (loss)$959 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note J to the Consolidated Financial Statements for additional information.
December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
Year ended December 31, 2023
Specialty
Commercial		Life &
Group		Corporate
& Other
(In millions)InternationalEliminationsTotal
Net written premiums$3,329 $4,880 $1,237 $447 $— $(1)$9,892 
Operating revenues 
Net earned premiums$3,307 $4,547 $1,176 $451 $— $(1)$9,480 
Net investment income558 645 103 896 62 — 2,264 
Non-insurance warranty revenue1,624 — — — — — 1,624 
Other revenues1 29 — (1)11 (10)30 
Total operating revenues5,490 5,221 1,279 1,346 73 (11)13,398 
Claims, benefits and expenses     
Net incurred claims and benefits1,923 2,995 722 1,317 82 — 7,039 
Policyholders’ dividends8 21 — — — — 29 
Amortization of deferred acquisition costs686 729 229 — — — 1,644 
Non-insurance warranty expense1,544 — — — — — 1,544 
Insurance related administrative expenses373 620 139 118 2 (1)1,251 
Interest expense1 — — — 126 — 127 
Other segment items (1)
52 30 (4)1 78 (10)147 
Total claims, benefits and expenses4,587 4,395 1,086 1,436 288 (11)11,781 
Income tax (expense) benefit on core income (loss)(195)(174)(48)42 42 — (333)
Core income (loss)$708 $652 $145 $(48)$(173)$— $1,284 
Net investment gains (losses)(99)
Income tax (expense) benefit on net investment gains (losses)20 
Net investment gains (losses), after tax(79)
Net income (loss)$1,205 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2023SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,281 $1,218 $468 $93 $2,374 $— $5,434 
Insurance receivables1,053 2,024 388 5 — — 3,470 
Deferred acquisition costs392 371 133 — — — 896 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,661 — — — — — 3,661 
Insurance reserves 
Claim and claim adjustment expenses7,131 10,103 2,709 675 2,686 — 23,304 
Unearned premiums3,227 2,858 749 99 — — 6,933 
Future policy benefits— — — 13,959 — — 13,959 
Deferred non-insurance warranty revenue4,694 — — — — — 4,694 
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Years ended December 31
(In millions)202520242023
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$2,097 $2,010 $1,937 
Catastrophe losses— — — 
(Favorable) unfavorable development (1)
37 (9)(14)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$3,605 $3,217 $2,801 
Catastrophe losses217 318 207 
(Favorable) unfavorable development (1)
39 (16)(22)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$767 $730 $680 
Catastrophe losses23 40 29 
(Favorable) unfavorable development (1)
(25)(6)13 
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
The following table presents operating revenues by line of business for each reportable segment.
Years ended December 31
(In millions)202520242023
Specialty
Management & Professional Liability$3,102 $2,998 $2,931 
Surety835 785 731 
Warranty & Alternative Risks1,764 1,815 1,828 
Specialty revenues5,701 5,598 5,490 
Commercial
Middle Market1,925 1,775 1,696 
Construction2,088 1,991 1,678 
Small Business639 637 631 
Other Commercial1,850 1,517 1,216 
Commercial revenues6,502 5,920 5,221 
International
Canada422 401 383 
Europe627 593 532 
Hardy418 393 364 
International revenues1,467 1,387 1,279 
Life & Group revenues1,337 1,377 1,346 
Corporate & Other revenues 74 80 73 
Eliminations(11)(11)(11)
Total operating revenues15,070 14,351 13,398 
Net investment gains (losses)(81)(81)(99)
Total revenues$14,989 $14,270 $13,299 
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company reimburses Loews for, or pays directly, fees and expenses of investment facilities and services provided to the Company. Additionally, the Company provides investment-related processing services to Loews and charges Loews for these services. The net amounts incurred by the Company for these fees, expenses and services were $64 million, $60 million and $55 million for the years ended December 31, 2025, 2024 and 2023. Net amounts due to Loews related to these services, included in Other liabilities and payable in the first quarter of the subsequent year, were $33 million and $30 million as of December 31, 2025 and 2024. In addition, the Company reimbursed Loews for general corporate services and related travel expenses of $1 million for the years ended December 31, 2025 and 2024. The CNA Tax Group is included in the consolidated federal income tax return of Loews and its eligible subsidiaries. The related payables due to Loews, included in Other liabilities, were $20 million and $17 million for the years ended December 31, 2025 and 2024. For a detailed description of the income tax agreement with Loews see Note D to the Consolidated Financial Statements.
In 2024, the Company invested in a commercial mortgage-backed securitization whose underlying mortgage loan is an obligation of an affiliate of Loews that matures in September of 2034. The Company purchased $50 million of par at issuance across three separate investment grade tranches of the $305 million securitization. The Company's position in this commercial mortgage-backed securitization is included in the Fixed maturity securities at fair value line on the Consolidated Balance Sheets and was $51 million and $50 million as of December 31, 2025 and 2024. The Company recognized $3 million and $1 million of income in Net investment income related to this investment during the years ended December 31, 2025 and 2024.
The Company writes, at standard rates, a limited amount of insurance for Loews and its subsidiaries. The earned premiums for each of the years ended December 31, 2025, 2024 and 2023 were $3 million, $2 million, and $2 million.
v3.25.4
Non-Insurance Revenues from Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Non-Insurance Revenues from Contracts with Customers Non-Insurance Revenues from Contracts with Customers
Non-Insurance revenue is recognized when obligations under the terms of a contract with a customer are satisfied; generally this occurs over time as obligations are fulfilled. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services.
Deferred Non-Insurance Warranty Revenue
The Company had deferred non-insurance warranty revenue balances of $4.1 billion and $4.5 billion reported in Deferred non-insurance warranty revenue as of December 31, 2025 and 2024. The decrease in the deferred revenue balance for the year ended December 31, 2025 was primarily driven by recognized revenue from prior periods outpacing new growth in the business. For the year ended December 31, 2025, the Company recognized $1.4 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the year ended December 31, 2024, the Company recognized $1.4 billion of revenues that were included in the deferred revenue balance as of January 1, 2024. For the years ended December 31, 2025 and 2024, Non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $1.3 billion of the deferred revenue in 2026, $1.0 billion in 2027, $0.7 billion in 2028 and $1.1 billion thereafter.
Cost to Obtain and Fulfill Non-Insurance Warranty Contracts with Customers
For the years ended December 31, 2025 and 2024, capitalized commission costs were $3.2 billion and $3.5 billion and capitalized administrator service costs were $61 million and $68 million. For the years ended December 31, 2025 and 2024, the amount of amortization of capitalized costs was $1.2 billion and there were no impairment losses related to the costs capitalized. There were no adjustments to deferred costs recorded for the years ended December 31, 2025 and 2024.
v3.25.4
Schedule I. Summary of Investments - Other Than Investments in Related Parties
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I. Summary of Investments - Other than Investments in Related Parties
SCHEDULE I. SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
Incorporated herein by reference to Note B to the Consolidated Financial Statements included under Item 8.
v3.25.4
Schedule II. Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II. Condensed Financial Information of Registrant (Parent Company)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
CNA Financial Corporation
Statements of Operations and Comprehensive Income
Years ended December 31
(In millions)202520242023
Revenues
Net investment income$36 $42 $41 
Total revenues36 42 41 
Expenses
Administrative and general2 2 2 
Interest135 132 126 
Total expenses137 134 128 
Loss from operations before income taxes and equity in net income of subsidiaries(101)(92)(87)
Income tax benefit3 7 4 
Loss before equity in net income of subsidiaries(98)(85)(83)
Equity in net income of subsidiaries1,376 1,044 1,288 
Net income1,278 959 1,205 
Equity in other comprehensive income of subsidiaries893 681 926 
Total comprehensive income$2,171 $1,640 $2,131 
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
CNA Financial Corporation
Balance Sheets
December 31
(In millions, except share data)20252024
Assets
Investment in subsidiaries$13,845 $12,684 
Cash1 1 
Short-term investments796 846 
Amounts due from affiliates3 4 
Other assets1 1 
Total assets$14,646 $13,536 
Liabilities
Long-term debt$2,971 $2,973 
Other liabilities54 50 
Total liabilities3,025 3,023 
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding)
683 683 
Additional paid-in capital2,229 2,229 
Retained earnings9,915 9,686 
Accumulated other comprehensive loss(1,098)(1,991)
Treasury stock (2,368,496 and 2,195,562 shares), at cost
(108)(94)
Total stockholders' equity11,621 10,513 
Total liabilities and stockholders' equity$14,646 $13,536 
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
CNA Financial Corporation
Statements of Cash Flows
Years ended December 31
(In millions)202520242023
Cash Flows from Operating Activities
Net income$1,278 $959 $1,205 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(1,376)(1,044)(1,288)
Dividends received from subsidiaries1,115 995 1,055 
Other, net10 9 2 
Net cash flows provided by operating activities1,027 919 974 
Cash Flows from Investing Activities
Change in short-term investments84 204 (395)
Capital contributions to subsidiaries(7)(6)(3)
Net cash flows provided (used) by investing activities77 198 (398)
Cash Flows from Financing Activities
Dividends paid to common stockholders(1,047)(1,025)(787)
Proceeds from the issuance of debt495 490 491 
Repayment of debt(500)(550)(243)
Purchase of treasury stock(34)(20)(24)
Other, net(18)(12)(14)
Net cash flows used by financing activities(1,104)(1,117)(577)
Net change in cash— — (1)
Cash, beginning of year1 1 2 
Cash, end of year$1 $1 $1 

See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
Notes to Condensed Financial Information
A. Summary of Significant Accounting Policies
Basis of Presentation
The condensed financial information of CNA Financial Corporation (CNAF or the Parent Company) should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Form 10-K. CNAF’s subsidiaries are accounted for using the equity method of accounting. Equity in net income of these subsidiaries is presented on the Condensed Statements of Operations as Equity in net income of subsidiaries. Loews owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2025.
v3.25.4
Schedule III. Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Schedule III. Supplementary Insurance Information
SCHEDULE III. SUPPLEMENTARY INSURANCE INFORMATION
Incorporated herein by reference to Note N to the Consolidated Financial Statements included under Item 8.
v3.25.4
Schedule IV. Reinsurance
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Schedule IV. Reinsurance
SCHEDULE IV. REINSURANCE
Incorporated herein by reference to Note H to the Consolidated Financial Statements included under Item 8.
v3.25.4
Schedule V. Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule V. Valuation and Qualifying Accounts
SCHEDULE V. VALUATION AND QUALIFYING ACCOUNTS
(In millions)Balance at Beginning of PeriodCharged to Costs and ExpensesCharged to Other AccountsDeductionsBalance at End of Period
Year ended December 31, 2025
Allowance for uncollectible:
Insurance and reinsurance receivables$47 $22 $1 $(18)$52 
Allowance for credit losses:
Mortgage loans
$35 $— $5 $(25)$15 
Fixed maturity securities
$45 $— $31 $(7)$69 
Year ended December 31, 2024
Allowance for uncollectible:
Insurance and reinsurance receivables$50 $7 $— $(10)$47 
Allowance for credit losses:
Mortgage loans
$35 $— $— $— $35 
Fixed maturity securities
$16 $— $43 $(14)$45 
Year ended December 31, 2023
Allowance for uncollectible:
Insurance and reinsurance receivables$51 $11 $— $(12)$50 
Allowance for credit losses:
Mortgage loans
$24 $— $11 $— $35 
Fixed maturity securities
$1 $— $44 $(29)$16 
Effects of foreign currency translation, changes in the estimate of the allowance for credit losses on mortgage loan receivables, increases in the estimate of the allowance for credit losses on fixed maturity securities and allowances established with respect to assets purchased with credit deterioration are presented within the Charged to Other Accounts column in the table above. Write-offs of uncollectible amounts and reductions to the allowance for credit losses due to securities sold during the period or the reversal for securities that had an allowance recorded in a previous period are presented within the Deductions column in the table above.
v3.25.4
Schedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
Schedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations
SCHEDULE VI. SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS
As of and for the years ended December 31Consolidated Property and Casualty Operations
(In millions)202520242023
Balance Sheet Data
Deferred acquisition costs$986 $959 $896 
Reserves for unpaid claim and claim adjustment expenses26,599 24,976 23,304 
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.5%)
583 615 647 
Unearned premiums7,635 7,346 6,933 
Statement of Operations Data
Net written premiums$11,101 $10,605 $9,892 
Net earned premiums10,900 10,211 9,480 
Net investment income2,467 2,396 2,163 
Incurred claim and claim adjustment expenses related to current year6,724 6,330 5,667 
Incurred claim and claim adjustment expenses related to prior years189 42 48 
Amortization of deferred acquisition costs1,898 1,798 1,644 
Paid claim and claim adjustment expenses5,774 5,189 4,601 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
CNA’s information security and data privacy programs are designed to protect the confidentiality of nonpublic, sensitive personal and business information and the integrity and security of our information systems. These programs include processes that provide guidance for information security decision-making and risk management, and include standards to promote understanding and compliance with applicable laws and regulations. Administrative and technical safeguards that seek to mitigate cybersecurity threats and secure the Company’s information assets are also addressed on a risk-based basis. We have designed our enterprise-wide information security programs consistent with industry standards using the National Institute of Standards and Technology Cybersecurity Framework. These programs include processes implemented within our third-party risk management unit designed to identify, mitigate and monitor cybersecurity risk relating to vendors, suppliers and external partners who have access to our confidential information or our information systems. CNA engages both internal auditors and third-party information security experts in connection with reviewing the foregoing processes.
CNA monitors information security metrics globally. To elevate this information within the organization, our Chief Risk & Reinsurance Officer (CRRO) and Chief Compliance Officer (CCO) present cybersecurity reports and metrics to the Audit Committee of our Board of Directors every quarter. Reports address security events, third-party risk and vulnerabilities, including material risks from cybersecurity threats, and any significant unauthorized occurrences. These discussions are part of our overall enterprise risk management and also take place on at least an annual basis with the full Board of Directors, which is responsible for overseeing material risks, including cybersecurity risk, on an enterprise-wide basis.
At the senior management level, our Global Chief Security Officer (CSO) oversees CNA’s information security and data privacy programs and is responsible for establishing and implementing the security strategy alongside the Chief Information Officer (CIO), to whom the CSO reports directly. The CIO serves on the Enterprise Risk Committee, which is chaired by the CRRO.
The CSO leads the Information Security group within Information Technology, which manages the controls designed to identify, detect, protect against, respond to and recover from cybersecurity threats and cybersecurity incidents. This group includes a cyber defense team that is responsible for information technology security monitoring and incident response activities, including the response coordination to cyber-attacks. The Company engages in a continuous risk monitoring process that seeks to identify the likelihood and impact of internal and external threats to our information security systems and data, and assesses the sufficiency of the controls in place to mitigate these threats to acceptable levels on a risk-based basis. The CSO and CIO together lead efforts to design, implement and operate controls deemed necessary, commensurate with the materiality and criticality of identified risks and the sensitivity of the information assets and systems used throughout the organization. Our current CSO has a bachelor’s degree in Computer Information Systems and a master’s degree in Cybersecurity, and has over 20 years of experience building and executing information and cybersecurity strategies. Prior to joining CNA, our CIO served in a variety of roles at another major U.S. insurance company, both in business and technology, and has over 20 years of experience working with major U.S. Property & Casualty insurers.
Threats of security incidents and the impact of actual security incidents are initially assessed and managed by the CSO and CIO. CNA has further implemented response plans that provide the basis for appropriate response to an unauthorized occurrence from a technical perspective, as well as from disclosure and regulatory perspectives.
These response plans also set forth the processes for internal reporting of a substantive unauthorized occurrence. The CSO reports such matters to the CIO and CCO, who is responsible for convening a team of cross-enterprise leaders to ensure comprehensive responsiveness to an occurrence. This group also analyzes unauthorized occurrences affecting CNA's or third parties’ IT systems or sensitive information, and directs the activities of CNA in responding to such incidents.
In addition, the group, under the leadership of the CCO, undertakes the appropriate internal notifications of any such occurrence, and responsive activities, to the General Counsel, Chief Executive Officer, Chief Financial Officer and Board of Directors, with executive management involvement in the same to the extent appropriate in the context of the nature of such occurrence.
To date, no risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the Company. Please refer to “Any significant interruption in the operation of our business functions, facilities or systems or our vendors' facilities or systems could result in a materially adverse effect on our operations“ and “Any significant breach in our data security infrastructure or our vendors’ facilities or systems could disrupt business, cause financial losses and damage our reputation, and insurance coverage may not be available for claims related to a breach” under Item 1A Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] CNA’s information security and data privacy programs are designed to protect the confidentiality of nonpublic, sensitive personal and business information and the integrity and security of our information systems. These programs include processes that provide guidance for information security decision-making and risk management, and include standards to promote understanding and compliance with applicable laws and regulations.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] To elevate this information within the organization, our Chief Risk & Reinsurance Officer (CRRO) and Chief Compliance Officer (CCO) present cybersecurity reports and metrics to the Audit Committee of our Board of Directors every quarter. Reports address security events, third-party risk and vulnerabilities, including material risks from cybersecurity threats, and any significant unauthorized occurrences. These discussions are part of our overall enterprise risk management and also take place on at least an annual basis with the full Board of Directors, which is responsible for overseeing material risks, including cybersecurity risk, on an enterprise-wide basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
CNA monitors information security metrics globally. To elevate this information within the organization, our Chief Risk & Reinsurance Officer (CRRO) and Chief Compliance Officer (CCO) present cybersecurity reports and metrics to the Audit Committee of our Board of Directors every quarter. Reports address security events, third-party risk and vulnerabilities, including material risks from cybersecurity threats, and any significant unauthorized occurrences. These discussions are part of our overall enterprise risk management and also take place on at least an annual basis with the full Board of Directors, which is responsible for overseeing material risks, including cybersecurity risk, on an enterprise-wide basis.
At the senior management level, our Global Chief Security Officer (CSO) oversees CNA’s information security and data privacy programs and is responsible for establishing and implementing the security strategy alongside the Chief Information Officer (CIO), to whom the CSO reports directly. The CIO serves on the Enterprise Risk Committee, which is chaired by the CRRO.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] To elevate this information within the organization, our Chief Risk & Reinsurance Officer (CRRO) and Chief Compliance Officer (CCO) present cybersecurity reports and metrics to the Audit Committee of our Board of Directors every quarter. Reports address security events, third-party risk and vulnerabilities, including material risks from cybersecurity threats, and any significant unauthorized occurrences. These discussions are part of our overall enterprise risk management and also take place on at least an annual basis with the full Board of Directors, which is responsible for overseeing material risks, including cybersecurity risk, on an enterprise-wide basis.
Cybersecurity Risk Role of Management [Text Block]
CNA monitors information security metrics globally. To elevate this information within the organization, our Chief Risk & Reinsurance Officer (CRRO) and Chief Compliance Officer (CCO) present cybersecurity reports and metrics to the Audit Committee of our Board of Directors every quarter. Reports address security events, third-party risk and vulnerabilities, including material risks from cybersecurity threats, and any significant unauthorized occurrences. These discussions are part of our overall enterprise risk management and also take place on at least an annual basis with the full Board of Directors, which is responsible for overseeing material risks, including cybersecurity risk, on an enterprise-wide basis.
At the senior management level, our Global Chief Security Officer (CSO) oversees CNA’s information security and data privacy programs and is responsible for establishing and implementing the security strategy alongside the Chief Information Officer (CIO), to whom the CSO reports directly. The CIO serves on the Enterprise Risk Committee, which is chaired by the CRRO.
The CSO leads the Information Security group within Information Technology, which manages the controls designed to identify, detect, protect against, respond to and recover from cybersecurity threats and cybersecurity incidents. This group includes a cyber defense team that is responsible for information technology security monitoring and incident response activities, including the response coordination to cyber-attacks. The Company engages in a continuous risk monitoring process that seeks to identify the likelihood and impact of internal and external threats to our information security systems and data, and assesses the sufficiency of the controls in place to mitigate these threats to acceptable levels on a risk-based basis. The CSO and CIO together lead efforts to design, implement and operate controls deemed necessary, commensurate with the materiality and criticality of identified risks and the sensitivity of the information assets and systems used throughout the organization. Our current CSO has a bachelor’s degree in Computer Information Systems and a master’s degree in Cybersecurity, and has over 20 years of experience building and executing information and cybersecurity strategies. Prior to joining CNA, our CIO served in a variety of roles at another major U.S. insurance company, both in business and technology, and has over 20 years of experience working with major U.S. Property & Casualty insurers.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
At the senior management level, our Global Chief Security Officer (CSO) oversees CNA’s information security and data privacy programs and is responsible for establishing and implementing the security strategy alongside the Chief Information Officer (CIO), to whom the CSO reports directly. The CIO serves on the Enterprise Risk Committee, which is chaired by the CRRO.
The CSO leads the Information Security group within Information Technology, which manages the controls designed to identify, detect, protect against, respond to and recover from cybersecurity threats and cybersecurity incidents. This group includes a cyber defense team that is responsible for information technology security monitoring and incident response activities, including the response coordination to cyber-attacks. The Company engages in a continuous risk monitoring process that seeks to identify the likelihood and impact of internal and external threats to our information security systems and data, and assesses the sufficiency of the controls in place to mitigate these threats to acceptable levels on a risk-based basis. The CSO and CIO together lead efforts to design, implement and operate controls deemed necessary, commensurate with the materiality and criticality of identified risks and the sensitivity of the information assets and systems used throughout the organization. Our current CSO has a bachelor’s degree in Computer Information Systems and a master’s degree in Cybersecurity, and has over 20 years of experience building and executing information and cybersecurity strategies. Prior to joining CNA, our CIO served in a variety of roles at another major U.S. insurance company, both in business and technology, and has over 20 years of experience working with major U.S. Property & Casualty insurers.
Threats of security incidents and the impact of actual security incidents are initially assessed and managed by the CSO and CIO. CNA has further implemented response plans that provide the basis for appropriate response to an unauthorized occurrence from a technical perspective, as well as from disclosure and regulatory perspectives.
These response plans also set forth the processes for internal reporting of a substantive unauthorized occurrence. The CSO reports such matters to the CIO and CCO, who is responsible for convening a team of cross-enterprise leaders to ensure comprehensive responsiveness to an occurrence. This group also analyzes unauthorized occurrences affecting CNA's or third parties’ IT systems or sensitive information, and directs the activities of CNA in responding to such incidents.
In addition, the group, under the leadership of the CCO, undertakes the appropriate internal notifications of any such occurrence, and responsive activities, to the General Counsel, Chief Executive Officer, Chief Financial Officer and Board of Directors, with executive management involvement in the same to the extent appropriate in the context of the nature of such occurrence.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our current CSO has a bachelor’s degree in Computer Information Systems and a master’s degree in Cybersecurity, and has over 20 years of experience building and executing information and cybersecurity strategies. Prior to joining CNA, our CIO served in a variety of roles at another major U.S. insurance company, both in business and technology, and has over 20 years of experience working with major U.S. Property & Casualty insurers.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
CNA monitors information security metrics globally. To elevate this information within the organization, our Chief Risk & Reinsurance Officer (CRRO) and Chief Compliance Officer (CCO) present cybersecurity reports and metrics to the Audit Committee of our Board of Directors every quarter. Reports address security events, third-party risk and vulnerabilities, including material risks from cybersecurity threats, and any significant unauthorized occurrences. These discussions are part of our overall enterprise risk management and also take place on at least an annual basis with the full Board of Directors, which is responsible for overseeing material risks, including cybersecurity risk, on an enterprise-wide basis.
At the senior management level, our Global Chief Security Officer (CSO) oversees CNA’s information security and data privacy programs and is responsible for establishing and implementing the security strategy alongside the Chief Information Officer (CIO), to whom the CSO reports directly. The CIO serves on the Enterprise Risk Committee, which is chaired by the CRRO.
The CSO leads the Information Security group within Information Technology, which manages the controls designed to identify, detect, protect against, respond to and recover from cybersecurity threats and cybersecurity incidents. This group includes a cyber defense team that is responsible for information technology security monitoring and incident response activities, including the response coordination to cyber-attacks. The Company engages in a continuous risk monitoring process that seeks to identify the likelihood and impact of internal and external threats to our information security systems and data, and assesses the sufficiency of the controls in place to mitigate these threats to acceptable levels on a risk-based basis. The CSO and CIO together lead efforts to design, implement and operate controls deemed necessary, commensurate with the materiality and criticality of identified risks and the sensitivity of the information assets and systems used throughout the organization. Our current CSO has a bachelor’s degree in Computer Information Systems and a master’s degree in Cybersecurity, and has over 20 years of experience building and executing information and cybersecurity strategies. Prior to joining CNA, our CIO served in a variety of roles at another major U.S. insurance company, both in business and technology, and has over 20 years of experience working with major U.S. Property & Casualty insurers.
Threats of security incidents and the impact of actual security incidents are initially assessed and managed by the CSO and CIO. CNA has further implemented response plans that provide the basis for appropriate response to an unauthorized occurrence from a technical perspective, as well as from disclosure and regulatory perspectives.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
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Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2025.
The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated.
Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Recently Adopted Accounting Standards Updates and Accounting Standards Pending Adoption
ASU 2023-09: In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including disaggregation of the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The Company adopted the guidance retrospectively, with comparative period tax disclosures adjusted to reflect the change in accounting guidance.
Accounting Standards Pending Adoption
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method, or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.
Premiums Insurance premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are primarily earned ratably over the term of the policies. Premiums on long-term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage.
Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes
in the level of exposure to insurance risk. For such contracts, the Company estimates the amount of ultimate premiums that the Company may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. The Company either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date, or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period.
Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for uncollectible receivables. A loss rate methodology is used to determine expected credit losses for premium receivables. This methodology uses the Company’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses.
Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (A&EP) and workers' compensation lifetime claims, are not discounted and are based on i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; ii) estimates of incurred but not reported (IBNR) losses; iii) estimates of losses on assumed reinsurance; iv) estimates of future expenses to be incurred in the settlement of claims; v) estimates of salvage and subrogation recoveries and vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past Company and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Reinsurance receivables on the Consolidated Balance Sheets.
Future policy benefits reserves Future policy benefit reserves are associated with the Company's run-off long-term care business and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits.
The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the Company’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021.
The key cash flow assumptions used to estimate the LFPB are morbidity, persistency, premium rate actions and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The Company has not elected the practical expedient that allows locking in the expense assumption. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve.
The Company has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research and current macroeconomic conditions are also considered. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the Company's results of operations within Insurance claims and policyholders' benefits.
Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, the Company uses a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds. The Company uses linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, the Company applies judgment to estimate a normative rate which the Company grades to over 10 years. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss).
Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Statements of Operations.
Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly by the Company, according to issue year. The issue year for assumed contracts is defined according to the date that the Company’s assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed by the Company, issue year is defined as the year in which the reinsurance agreement incepted. For group long-term care business, issue year is defined as the year the
individual insurance certificate was issued. Long-term care is the Company's only long-duration product line, therefore, cohorts are not further disaggregated by product.
Insurance-relate assessments Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets.
Reinsurance Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity.
Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for uncollectible amounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of the Company.
The Company has established an allowance for uncollectible reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, the Company separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. The Company has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on the Company’s historical loss experience and the Company’s assessment of the reinsurance counterparty's risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if the Company becomes aware of significant changes related to a reinsurer. The allowance for uncollectible reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 8% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for uncollectible reinsurance receivables are presented as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company's allowances for expected credit losses.
Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders' benefits on the Consolidated Statements of Operations.
A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings.
Deferred acquisition costs Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs.The Company evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations.
Policyholder dividends Policyholder dividends are paid to participating policyholders within the workers' compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 2% of total net written premiums for each of the years ended December 31, 2025, 2024 and 2023. Dividends to policyholders are accrued according to the Company's best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims & policyholders' benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets.
Investments
The Company classifies its fixed maturity securities as either available-for-sale or trading, and in both cases, they are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value of available-for-sale securities are reported as a component of Other comprehensive income.
The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield.
For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method.
Equity securities are carried at fair value. The Company's non-redeemable preferred stock contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, management does not consider the changes in fair value of non-redeemable preferred stock to be reflective of our primary operations. As such, the changes in the fair value of these securities are recorded through Net investment gains (losses) on the Consolidated Statements of Operations. The Company owns certain common stock with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income.
The Company's carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. The majority of the Company's limited partnerships are reported on a lag, primarily three months or less, as results are not available on a timely basis. Changes in net asset values are accounted for under the equity method and recorded within Net investment income on the Consolidated Statements of Operations.
Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. The Company applies expected credit loss rates by pool to the outstanding
receivable balances. Changes in the allowance for mortgage loans are presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method.
Other invested assets include overseas deposits. Overseas deposits are valued using the net asset value per share (or equivalent) practical expedient. They are primarily short-term government securities, agency securities and corporate bonds held in trusts that are managed by Lloyd's of London. These funds are required of Lloyd's syndicates to protect policyholders in overseas markets and may be denominated in local currency.
Short-term investments are carried at fair value, with the exception of cash accounts earning interest, which are carried at cost and approximate fair value. Changes in fair value are reported as a component of Other comprehensive income.
Purchases and sales of all securities are recorded on the trade date, except for private placement securities, including bank loan participations, which are recorded once funded. Net investment gains and losses are determined on the basis of the cost or amortized cost of the specific securities sold.
Variable interest entities
In the normal course of investing activities, the Company enters into relationships with variable interest entities (VIEs), as both an investor in limited partnerships and asset-backed securities issued by third-party VIEs. The Company is not the primary beneficiary of these VIEs, and therefore does not consolidate them. The Company determines whether it is the primary beneficiary of a VIE based on a qualitative assessment of the relative power and benefits of the Company and the other participants in the VIE. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying values included in the Company’s Consolidated Balance Sheets and any unfunded commitments.
An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether the Company intends to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that the Company intends to sell are recognized as impairment losses within Net investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Net investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income.
Impairments, other than temporary
Significant judgment is required in the determination of whether an impairment loss has occurred for a security. The Company follows a consistent and systematic process for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis.
The Company’s assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the Company will recover its amortized cost through the collection of cash flows. See the Credit Losses section of this note for additional information on the Company’s allowances for expected credit losses.
Credit Losses
The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables and insurance receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. Management estimates the allowance using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for any additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Amounts are considered past due when payments have not been received according to contractual terms. The Company also considers current and forecast economic conditions, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to these forecast economic conditions can vary by financial asset class. The Company considers a reasonable and supportable forecast period to be up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. The Company uses collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk, which are considered in the estimate of net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible.
The Company has made a policy election to present accrued interest balances separately from the amortized cost basis of assets and has elected the practical expedient to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. The Company has elected not to estimate an allowance for credit losses on accrued interest receivable. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current and future payments are expected. Interest receivable is presented as a component of accrued investment income on the Consolidated Balance Sheet.
Deferred Non-Insurance Warranty Revenue and Acquisition Expense
Non-insurance warranty revenue is primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners. The warranty contracts generally provide coverage from 1 month to 10 years. For warranty products where the Company acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents and dealers reported as Non-insurance warranty expense.
Non-insurance warranty revenue is reported net of any premiums related to contractual liability coverage issued by the Company's insurance operations. Additionally, the Company provides warranty administration services for dealer and manufacturer obligor warranty products, which include limited warranties and guaranteed asset protection waivers. The Company recognizes Non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for deferred revenue represents the unearned portion of revenue in advance of the Company's performance. The deferred revenue balance includes amounts which are refundable on a pro rata basis upon cancellation.
Dealers, retailers and agents earn commission for assisting the Company in obtaining non-insurance warranty contracts. Additionally, the Company utilizes third-parties to perform warranty administrator services for its consumer goods warranties. These costs, which are deferred and recorded as Deferred non-insurance warranty acquisition expense, are amortized to Non-insurance warranty expense consistent with how the related revenue is recognized. The Company evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations.
Income Taxes The Company and its eligible subsidiaries (CNA Tax Group) are included in the consolidated federal income tax return of Loews and its eligible subsidiaries. The Company accounts for income taxes under the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes will not be realized. The Company releases tax effects from AOCI utilizing the security-by-security approach for Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments.
Pension and Postretirement Benefits
The Company recognizes the overfunded or underfunded status of its defined benefit plans in Other assets or Other liabilities on the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits, and actuarial gains and losses arising from differences between actual experience and actuarial assumptions, are recognized in the year in which the changes occur through Other comprehensive income. Unrecognized actuarial gains and losses in excess of 10% of the greater of the beginning of the year projected benefit obligation or fair value of plan assets (the corridor) are amortized as a component of net periodic pension cost (benefit) over the average remaining life expectancy of the plan participants.
Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized on the Consolidated Statements of Operations.
The vested benefit obligation for the CNA Retirement Plan is determined based on eligible compensation and accrued service for previously entitled employees. Effective June 30, 2015, future benefit accruals under the CNA Retirement Plan were eliminated and the benefit obligations were frozen.
Stock-Based Compensation
The Company records compensation expense using the fair value method for all awards it grants, modifies or cancels primarily on a straight-line basis over the requisite service period, generally three years.
Leases
A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use (ROU) assets and lease liabilities are included in Other assets and Other liabilities on the Company's Consolidated Balance Sheets.
ROU assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most operating leases contain renewal options that provide for rent increases based on prevailing market conditions.
Certain leases contain options to terminate before maturity. The lease term used to calculate the ROU asset includes any renewal options or lease termination options that the Company expects to exercise. The discount rate used to determine the commencement date present value of lease payments is typically the Company’s secured borrowing rate, as most of the Company’s leases do not provide an implicit rate. ROU assets include any lease payments required to be made prior to commencement and exclude lease incentives. The Company has elected to account for its lease and non-lease components as a single lease component. The Company’s non-lease components consist of variable lease costs not based on an index or rate and are excluded from the measurement of ROU assets and lease liabilities. Variable lease costs not based on an index or rate are treated as period costs, and represent charges for services provided by the landlord and the Company's reimbursement to the landlord for costs such as real estate taxes and insurance.
The Company occupies office facilities under lease agreements that expire at various dates. The Company's lease agreements do not contain significant residual value guarantees, restrictions or covenants. The Company does not have any significant finance leases.
Property and Equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is determined principally on the straight-line method. Furniture and fixtures are depreciated over seven years. Office equipment is depreciated over five years. The estimated lives for data processing equipment and software generally range from three to five years, but can be as long as ten years. Leasehold improvements are depreciated over the corresponding lease terms not to exceed the underlying asset life.
Cloud Computing Costs
The company capitalizes certain implementation costs incurred in cloud computing arrangements that are service contracts. The capitalized costs are amortized on a straight‑line basis over the term of the hosting arrangement and reported within Other assets on the Consolidated Balance Sheets.
Goodwill
Goodwill represents the excess of purchase price over the fair value of the net assets of acquired entities and businesses. Goodwill in the International segment may change from period to period as a result of foreign currency translation.
Goodwill is tested for impairment annually or when certain triggering events require such tests. As a result of reviews completed for the year ended December 31, 2025, the Company determined that the estimated fair value of the reporting units were in excess of their carrying value including Goodwill. Changes in future periods in assumptions about the level of economic capital, business growth, earnings projections or the weighted average cost of capital could result in goodwill impairment.
Other Intangible Assets
Other intangible assets are reported within Other assets on the Consolidated Balance Sheets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests.
Earnings (Loss) Per Share Data
Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of income taxes paid, net
The following table presents cash payments made for federal, state and foreign income taxes (net of refunds).
Years ended December 31
(In millions)202520242023
Federal$204 $186 $263 
State11 12 15 
Foreign
Canada18 57 (5)
Other30 26 9 
Total cash payments for income taxes$263 $281 $282 
The following table presents the Company's U.S. and foreign income before income tax.
Years ended December 31
(In millions)202520242023
Income before income tax:
U.S.$1,336 $1,009 $1,320 
Foreign284 202 198 
Total income before income tax$1,620 $1,211 $1,518 
The following table presents the Company's federal, foreign and state and local income tax expense.
Years ended December 31
(In millions)202520242023
Income tax expense:
Federal$(260)$(174)$(245)
Foreign(69)(63)(52)
State and local(13)(15)(16)
Total income tax expense$(342)$(252)$(313)
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Net investment income
The significant components of Net investment income are presented in the following table.
Years ended December 31
(In millions)202520242023
Fixed maturity securities$2,143 $2,051 $1,941 
Equity securities60 82 63 
Limited partnership investments276 271 174 
Mortgage loans64 58 58 
Short-term investments73 87 75 
Trading portfolio5 2 4 
Other27 31 28 
Gross investment income2,648 2,582 2,343 
Investment expense(91)(85)(79)
Net investment income$2,557 $2,497 $2,264 
Net investment income (loss) recognized due to the change in fair value of common stock held as of December 31, 2025, 2024 and 2023
$24 $28 $11 
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Years ended December 31
(In millions)202520242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$42 $48 $75 
Gross losses(125)(150)(166)
Net investment gains (losses) on fixed maturity securities(83)(102)(91)
Equity securities7 21 4 
Derivatives— — (1)
Mortgage loans(5)— (11)
Net investment gains (losses)$(81)$(81)$(99)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of December 31, 2025, 2024 and 2023
$7 $19 $14 
Components of net other than temporary impairment losses recognized in earnings by asset type The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Years ended December 31
(In millions)202520242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$25 $34 $33 
Asset-backed8 29 11 
Impairment losses (gains) recognized in earnings$33 $63 $44 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
December 31, 2025Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,484 $682 $881 $28 $25,257 
States, municipalities and political subdivisions8,870 303 742 — 8,431 
Asset-backed:
Residential mortgage-backed4,011 50 366 — 3,695 
Commercial mortgage-backed1,566 18 80 21 1,483 
Other asset-backed3,729 28 194 20 3,543 
Total asset-backed9,306 96 640 41 8,721 
U.S. Treasury and obligations of government-sponsored enterprises236 1 3 — 234 
Foreign government764 7 20 — 751 
   Redeemable preferred stock8 — — — 8 
Total fixed maturity securities available-for-sale$44,668 $1,089 $2,286 $69 $43,402 
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
Redeemable preferred stock— — — — — 
Total fixed maturity securities available-for-sale$43,481 $715 $3,040 $45 $41,111 
Debt securities, available-for-sale, unrealized loss position, fair value
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
December 31, 2025Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$2,776 $56 $8,576 $825 $11,352 $881 
States, municipalities and political subdivisions403 8 3,471 734 3,874 742 
Asset-backed:
Residential mortgage-backed154 1 2,002 365 2,156 366 
Commercial mortgage-backed36 2 887 78 923 80 
Other asset-backed420 9 1,432 185 1,852 194 
Total asset-backed610 12 4,321 628 4,931 640 
U.S. Treasury and obligations of government-sponsored enterprises78 2 18 1 96 3 
Foreign government131 1 260 19 391 20 
Total$3,998 $79 $16,646 $2,207 $20,644 $2,286 
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
   Foreign government118 3 368 27 486 30 
Total$9,019 $267 $18,319 $2,773 $27,338 $3,040 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
December 31, 2025December 31, 2024

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$1,980 $267 $2,567 $373 
AAA1,376 243 1,830 283 
AA 3,827 623 4,257 730 
A5,025 440 6,340 582 
BBB7,758 639 11,548 980 
Non-investment grade678 74 796 92 
Total$20,644 $2,286 $27,338 $3,040 
Debt securities, available-for-sale, allowance for credit loss Accrued interest receivable on available-for-sale fixed maturity securities totaled $470 million and $442 million as of December 31, 2025 and 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2025$13 $32 $45 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 3 6 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period14 6 20 
Balance as of December 31, 2025
$28 $41 $69 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded9 18 27 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 12 12 
Balance as of December 31, 2024
$13 $32 $45 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
December 3120252024
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,392 $1,389 $1,761 $1,753 
Due after one year through five years11,318 11,214 11,678 11,403 
Due after five years through ten years13,491 13,238 13,134 12,415 
Due after ten years18,467 17,561 16,908 15,540 
Total$44,668 $43,402 $43,481 $41,111 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
December 31, 2025
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20252024202320222021PriorTotal
DSCR ≥1.6x
LTV less than 55%$38 $— $33 $— $5 $215 $291 
LTV 55% to 65%37 — 12 14 6 12 81
LTV greater than 65%— — — 12 13 — 25
DSCR 1.2x - 1.6x
LTV less than 55%— 68 28 5 2 75 178
LTV 55% to 65%107 33 38 21 19 28 246
LTV greater than 65%7 — — 46 — — 53
DSCR ≤1.2
LTV less than 55%— — 6 — — 21 27
LTV 55% to 65%37 — 17 38 — 15 107
LTV greater than 65%— — — 40 21 25 86
Total$226 $101 $134 $176 $66 $391 $1,094 
Write-offs for the year ended December 31, 2025$— $— $— $(2)$— $(23)$(25)
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Financing Receivable, Allowance for Credit Loss
The following table presents the activity related to the allowance for credit loss on mortgage loans.
(In millions)20252024
Allowance for credit losses:
Balance as of January 1$35 $35 
Current-period provision for expected credit losses5 — 
Write-offs charged against the allowance(25)— 
Balance as of December 31$15 $35 
v3.25.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
December 31, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$238 $24,529 $1,483 $26,250 
States, municipalities and political subdivisions— 8,386 45 8,431 
Asset-backed— 7,723 998 8,721 
Total fixed maturity securities 238 40,638 2,526 43,402 
Equity securities:
Common stock224 — 13 237 
Non-redeemable preferred stock35 497 — 532 
Total equity securities259 497 13 769 
Short-term and other2,086 51 — 2,137 
Total assets$2,583 $41,186 $2,539 $46,308 
Liabilities
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 

December 31, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions— 6,762 42 6,804 
Asset-backed— 7,590 876 8,466 
Total fixed maturity securities 223 38,692 2,196 41,111 
Equity securities:
Common stock162 — 18 180 
Non-redeemable preferred stock36 441 2 479 
Total equity securities198 441 20 659 
Short-term and other1,852 70 — 1,922 
Total assets$2,273 $39,203 $2,216 $43,692 
Liabilities  
Other liabilities$— $— $— $— 
Total liabilities$— $— $— $— 
Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2025$1,278 $42 $876 $20 $2,216 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)(6)— (2)2 (6)
Reported in Net investment income— — 19 2 21 
Reported in Other comprehensive income (loss)57 3 (3)— 57 
Total realized and unrealized investment gains (losses)51 3 14 4 72 
Purchases197 — 213 — 410 
Sales— — — (7)(7)
Settlements(101)— (105)(4)(210)
Transfers into Level 358 — — — 58 
Transfers out of Level 3— — — — — 
Balance as of December 31, 2025$1,483 $45 $998 $13 $2,539 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2025 recognized in Net income (loss) in the period$— $— $— $2 $2 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2025 recognized in Other comprehensive income (loss) in the period57 3 (1)— 59 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2024$1,045 $44 $901 $24 $2,014 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)(1)— (12)— (13)
Reported in Net investment income— — 21 12 33 
Reported in Other comprehensive income (loss)(15)(2)(12)— (29)
Total realized and unrealized investment gains (losses)(16)(2)(3)12 (9)
Purchases352 — 125 3 480 
Sales(10)— (14)(19)(43)
Settlements(104)— (83)— (187)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (50)— (50)
Balance as of December 31, 2024$1,278 $42 $876 $20 $2,216 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2024 recognized in Net income (loss) in the period$(1)$— $— $8 $7 
Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2024 recognized in Other comprehensive income (loss) in the period(21)(2)(12)— (35)
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
December 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,927 Discounted cash flowCredit spread
1% - 11% (2%)
December 31, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1% - 6% (2%)
Carrying amount and estimated fair value of financial instrument assets and liabilities not measured at fair value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables.
December 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,079 $— $— $1,072 $1,072 
Liabilities
Long-term debt$2,971 $— $2,967 $— $2,967 
December 31, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,019 $— $— $987 $987 
Liabilities
Long-term debt$2,973 $— $2,885 $— $2,885 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit
The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense.
Years ended December 31
202520242023
(In millions, except percentages)AmountPercentAmountPercentAmountPercent
Income tax expense at statutory rates$(340)21.0 %$(254)21.0 %$(319)21.0 %
State and local income taxes, net of federal income tax effect (1)
(10)0.6 %(12)1.0 %(13)0.8 %
Foreign tax effects
Canada(22)1.4 %(32)2.6 %(23)1.5 %
Other foreign jurisdictions(9)0.5 %(7)0.6 %(7)0.4 %
Effect of cross-border tax laws(6)0.3 %— — %(1)— %
Tax credits
Foreign tax credits25 (1.5)%36 (3.0)%26 (1.7)%
Nontaxable or nondeductible items
Tax exempt income30 (1.8)%26 (2.1)%31 (2.0)%
Other nontaxable or nondeductible items(10)0.6 %(9)0.8 %(7)0.5 %
Income tax expense$(342)21.1 %$(252)20.9 %$(313)20.5 %
(1) State taxes in Illinois and Florida made up the majority (greater than 50%) of the tax effect in this category for the years ended December 31, 2025, 2024 and 2023.
Current and deferred components of the Company's income tax (expense) benefit
The following table presents the current and deferred components of the Company's income tax expense.
Years ended December 31
(In millions)202520242023
Current tax expense$(267)$(297)$(311)
Deferred tax (expense) benefit(75)45 (2)
Total income tax expense$(342)$(252)$(313)
Significant components of the Company's deferred tax assets and liabilities
The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table.
December 31
(In millions)20252024
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves$276 $234 
Unearned premium reserves227 225 
Deferred non-insurance warranty revenue53 59 
Employee benefits7 13 
Deferred retroactive reinsurance benefit99 89 
Net unrealized losses258 494 
Other assets101 107 
Gross deferred tax assets1,021 1,221 
Deferred Tax Liabilities:
Investment valuation differences168 130 
Deferred acquisition costs143 140 
Policyholder reserves25 48 
Software and hardware57 17 
Other liabilities53 36 
Gross deferred tax liabilities446 371 
Net deferred tax asset$575 $850 
Schedule of income taxes paid, net
The following table presents cash payments made for federal, state and foreign income taxes (net of refunds).
Years ended December 31
(In millions)202520242023
Federal$204 $186 $263 
State11 12 15 
Foreign
Canada18 57 (5)
Other30 26 9 
Total cash payments for income taxes$263 $281 $282 
The following table presents the Company's U.S. and foreign income before income tax.
Years ended December 31
(In millions)202520242023
Income before income tax:
U.S.$1,336 $1,009 $1,320 
Foreign284 202 198 
Total income before income tax$1,620 $1,211 $1,518 
The following table presents the Company's federal, foreign and state and local income tax expense.
Years ended December 31
(In millions)202520242023
Income tax expense:
Federal$(260)$(174)$(245)
Foreign(69)(63)(52)
State and local(13)(15)(16)
Total income tax expense$(342)$(252)$(313)
v3.25.4
Claim and Claim Adjustment Expense Reserves (Tables)
 12 Months Ended
Dec. 31, 2025
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration insurance contracts, reconciliation of claims development to liability
The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets.
As of December 31
(In millions)2025
Net liability for unpaid claim and claim adjustment expenses:
Specialty$6,188 
Commercial10,696 
International2,841 
Life & Group (1)
535 
Corporate & Other357 
Total net claim and claim adjustment expenses20,617 
Reinsurance receivables: (2)
Specialty1,596 
Commercial1,553 
International535 
Life & Group56 
Corporate & Other (3)
2,242 
Total reinsurance receivables5,982 
Total gross liability for unpaid claim and claim adjustment expenses$26,599 
(1) The Life & Group segment amounts are related to unfunded structured settlements arising from short-duration contracts.
(2) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses.
(3) The Corporate & Other Reinsurance receivables are primarily related to A&EP claims covered under the A&EP Loss Portfolio Transfer (LPT).
Schedule of liability for unpaid claims and claims adjustment expense
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
As of or for the years ended December 31
(In millions)202520242023
Reserves, beginning of year:
Gross$24,976 $23,304 $22,120 
Ceded5,713 5,141 5,191 
Net reserves, beginning of year19,263 18,163 16,929 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year6,724 6,330 5,667 
Increase (decrease) in provision for insured events of prior years189 42 48 
Amortization of discount39 39 44 
Total net incurred (1)
6,952 6,411 5,759 
Net payments attributable to:
Current year events(1,089)(1,093)(922)
Prior year events(4,685)(4,096)(3,679)
Total net payments(5,774)(5,189)(4,601)
Foreign currency translation adjustment and other176 (122)76 
Net reserves, end of year20,617 19,263 18,163 
Ceded reserves, end of year5,982 5,713 5,141 
Gross reserves, end of year$26,599 $24,976 $23,304 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Gross and net carried claim and claim adjustment expense reserves
The following tables present the gross and net carried reserves.
December 31, 2025 Specialty CommercialInternationalLife & GroupCorporate & OtherTotal
(In millions)
Gross Case Reserves$2,166 $4,093 $1,052 $556 $1,196 $9,063 
Gross IBNR Reserves5,618 8,156 2,324 35 1,403 17,536 
Total Gross Carried Claim and Claim Adjustment Expense Reserves$7,784 $12,249 $3,376 $591 $2,599 $26,599 
Net Case Reserves$1,801 $3,508 $880 $506 $119 $6,814 
Net IBNR Reserves4,387 7,188 1,961 29 238 13,803 
Total Net Carried Claim and Claim Adjustment Expense Reserves$6,188 $10,696 $2,841 $535 $357 $20,617 
December 31, 2024 Specialty CommercialInternationalLife & GroupCorporate & OtherTotal
(In millions)
Gross Case Reserves$2,023 $3,690 $876 $572 $1,241 $8,402 
Gross IBNR Reserves5,403 7,646 2,044 50 1,431 16,574 
Total Gross Carried Claim and Claim Adjustment Expense Reserves$7,426 $11,336 $2,920 $622 $2,672 $24,976 
Net Case Reserves$1,697 $3,135 $741 $514 $120 $6,207 
Net IBNR Reserves4,282 6,804 1,675 27 268 13,056 
Total Net Carried Claim and Claim Adjustment Expense Reserves$5,979 $9,939 $2,416 $541 $388 $19,263 
Net prior year development The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Specialty$37 $(9)$(14)
Commercial39 (16)(22)
International(25)(6)13 
Corporate & Other134 7971 
Total pretax (favorable) unfavorable development$185 $48 $48 
Impact of loss portfolio transfer on the consolidated statement of operations
The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations.
Years ended December 31
(In millions)202520242023
Additional amounts ceded under LPT$185 $103 $86 
Retroactive reinsurance benefit recognized(140)(95)(94)
Pretax impact of deferred retroactive reinsurance$45 $8 $(8)
Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration insurance contracts, reconciliation of claims development to liability
The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Specialty segment.
As of December 31
(In millions)2025
Net liability for unpaid claim and claim adjustment expenses:
Medical Professional Liability$1,468 
Other Professional Liability and Management Liability4,073 
Surety521 
Warranty58 
Other68 
Total net liability for unpaid claim and claim adjustment expenses$6,188 
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Specialty segment.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $(8)$5 
Other Professional Liability and Management Liability69 49 37 
Surety(50)(68)(43)
Warranty10 20 (11)
Other8 (2)(2)
Total pretax (favorable) unfavorable development$37 $(9)$(14)
Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration insurance contracts, reconciliation of claims development to liability
The table below provides the line of business composition of the net liability for unpaid claim and claim adjustment expenses for the Commercial segment.
As of December 31
(In millions)2025
Net Claim and claim adjustment expenses:
Commercial Auto$1,573 
General Liability4,837 
Workers' Compensation3,482 
Property and Other804 
Total net liability for claim and claim adjustment expenses$10,696 
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the Commercial segment.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Commercial Auto$74 $107 $33 
General Liability114 75 149 
Workers' Compensation(135)(202)(203)
Property and Other(14)4 (1)
Total pretax (favorable) unfavorable development$39 $(16)$(22)
International  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Net prior year claim and allocated claim adjustment expense reserve development
The following table presents further detail of the development recorded for the International segment.
Years ended December 31
(In millions)202520242023
Pretax (favorable) unfavorable development:
Commercial$(26)$(12)$(18)
Specialty5 6 35 
Other(4)— (4)
Total pretax (favorable) unfavorable development $(25)$(6)$13 
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$519 $556 $530 $516 $508 $518 $520 $543 $540 $550 $41 26,135 
2017551 626 636 630 632 620 644 665 668 29 27,478 
2018646 693 701 706 719 747 746 745 34 34,444 
2019572 588 580 595 594 600 605 59 31,242 
2020602 584 570 552 549 537 103 23,395 
2021595 574 538 520 516 139 20,159 
2022628 635 633 608 211 16,985 
2023691 679 658 318 15,977 
2024743 780 436 14,380 
2025759 544 9,708 
Total$6,426 $1,914 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$129 $278 $332 $365 $390 $424 $437 $452 $468 $475 
2017118 298 372 424 455 494 560 576 594 
2018144 337 415 477 520 585 634 655 
2019117 269 344 386 420 455 476 
202087 208 269 301 339 372 
202169 170 223 262 300 
202269 197 279 308 
202363 180 254 
202476 209 
202576 
Total$3,719 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$2,707 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 201683 
Liability for unallocated claim adjustment expenses for accident years presented51 
Total net liability for unpaid claim and claim adjustment expenses$2,841 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Total (2)
Accident Year
2016$37 $(26)$(14)$(8)$10 $2 $23 $(3)$10 $31 
201775 10 (6)2 (12)24 21 3 117 
201847 8 5 13 28 (1)(1)99 
201916 (8)15 (1)6 5 33 
2020(18)(14)(18)(3)(12)(65)
2021(21)(36)(18)(4)(79)
20227 (2)(25)(20)
2023(12)(21)(33)
202437 37 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
(2) The amounts included in the loss reserve development tables above are presented at the year-end 2025 foreign currency exchange rates for all periods presented to remove the effects of foreign currency exchange rate fluctuations between calendar years.
CNAF Consolidated  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Schedule of historical claims duration
The table below presents information about average historical claims duration as of December 31, 2025 and is presented as required supplementary information, which is unaudited.
Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year:
12345678910
Specialty
Medical Professional Liability3.6 %16.6 %21.4 %16.7 %13.2 %9.7 %6.1 %2.9 %1.8 %0.4 %
Other Professional Liability and Management Liability6.4 %19.5 %19.8 %15.0 %11.5 %7.3 %5.8 %4.7 %3.5 %0.7 %
Surety (1)
15.2 %36.2 %12.9 %8.4 %6.3 %9.2 %(0.9)%2.6 %— %— %
Commercial
Commercial Auto22.6 %22.5 %19.1 %15.2 %10.7 %5.5 %2.6 %0.9 %0.7 %— %
General Liability3.4 %12.1 %15.5 %16.6 %14.5 %9.8 %8.4 %5.4 %5.4 %4.0 %
Workers' Compensation17.6 %24.2 %14.5 %8.8 %5.8 %3.8 %2.3 %1.2 %0.8 %— %
International15.0 %22.6 %11.3 %6.8 %5.8 %6.5 %5.6 %2.6 %2.8 %1.3 %
(1) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables.
Medical Professional Liability | Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$427 $487 $485 $499 $508 $510 $508 $514 $513 $509 $12 16,205 
2017412 449 458 460 455 460 456 463 458 11 15,400 
2018404 429 431 448 470 495 499 507 34 15,358 
2019430 445 458 471 469 481 478 17 14,572 
2020477 476 455 447 419 400 57 11,381 
2021377 376 374 349 318 57 10,085 
2022329 329 333 323 87 10,353 
2023340 350 382 129 11,129 
2024343 376 199 11,002 
2025390 317 9,107 
Total$4,141 $920 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$18 $121 $246 $339 $401 $436 $460 $483 $489 $491 
201719 107 235 308 355 388 417 427 438 
201821 115 211 290 349 418 453 463 
201917 91 183 280 349 395 425 
202011 61 139 201 258 303 
202111 49 118 170 223 
202210 57 122 171 
202314 86 160 
202413 82 
202515 
Total$2,771 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$1,370 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 201647 
Liability for unallocated claim adjustment expenses for accident years presented51 
Total net liability for unpaid claim and claim adjustment expenses$1,468 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$60 $(2)$14 $9 $2 $(2)$6 $(1)$(4)$82 
201737 9 2 (5)5 (4)7 (5)46 
201825 2 17 22 25 4 8 103 
201915 13 13 (2)12 (3)48 
2020(1)(21)(8)(28)(19)(77)
2021(1)(2)(25)(31)(59)
2022— 4 (10)(6)
202310 32 42 
202433 33 
Total net development for the accident years presented above15 (17)1 
Total net development for accident years prior to 2016(10)9 1 
Total unallocated claim adjustment expense development— — (2)
Total$5 $(8)$— 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Other Professional Liability and Management Liability | Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$901 $900 $900 $904 $907 $891 $888 $906 $912 $910 $28 17,993 
2017847 845 813 791 775 758 746 752 744 25 18,223 
2018850 864 869 906 923 941 987 1,003 44 20,083 
2019837 845 856 876 939 970 984 79 19,577 
2020930 944 951 945 945 936 106 19,558 
20211,037 1,038 1,009 965 956 190 18,444 
20221,120 1,112 1,084 1,049 265 18,534 
20231,149 1,166 1,239 365 19,902 
20241,150 1,200 609 20,579 
20251,208 978 19,311 
Total$10,229 $2,689 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$64 $248 $466 $625 $701 $736 $784 $826 $856 $862 
201757 222 394 498 557 596 630 672 699 
201854 282 473 599 706 779 847 886 
201964 263 422 567 699 801 864 
202067 248 400 523 660 751 
202158 217 356 502 634 
202264 225 453 638 
202364 302 594 
202477 315 
202581 
Total$6,324 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$3,905 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016101 
Liability for unallocated claim adjustment expenses for accident years presented67 
Total net liability for unpaid claim and claim adjustment expenses$4,073 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$(1)$— $4 $3 $(16)$(3)$18 $6 $(2)$9 
2017(2)(32)(22)(16)(17)(12)6 (8)(103)
201814 5 37 17 18 46 16 153 
20198 11 20 63 31 14 147 
202014 7 (6)— (9)6 
20211 (29)(44)(9)(81)
2022(8)(28)(35)(71)
202317 73 90 
202450 50 
Total net development for the accident years presented above44 34 90 
Total net development for accident years prior to 2016(7)10 (18)
Total unallocated claim adjustment expense development— 5 (3)
Total$37 $49 $69 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Surety | Specialty  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$124 $124 $109 $84 $67 $64 $58 $43 $43 $43 $3 5,590 
2017120 115 103 84 71 66 67 67 66 3 5,928 
2018114 108 91 62 56 51 49 58 2 6,322 
2019119 112 98 87 82 82 81 6 6,286 
2020128 119 81 67 57 67 6 4,918 
2021137 129 110 91 74 12 5,003 
2022155 158 132 118 53 5,131 
2023175 169 147 92 4,889 
2024171 167 124 4,397 
2025163 155 3,143 
Total$984 $456 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$5 $37 $45 $45 $43 $43 $41 $40 $40 $40 
201723 37 41 46 49 62 62 63 63 
20185 25 34 39 40 41 41 46 
201912 34 44 59 70 74 75 
20204 20 28 33 44 57 
20215 20 35 42 59 
202212 35 52 59 
20238 27 52 
202420 37 
20254 
Total$492 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$492 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 201613 
Liability for unallocated claim adjustment expenses for accident years presented16 
Total net liability for unpaid claim and claim adjustment expenses$521 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$— $(15)$(25)$(17)$(3)$(6)$(15)$— $— $(81)
2017(5)(12)(19)(13)(5)1 — (1)(54)
2018(6)(17)(29)(6)(5)(2)9 (56)
2019(7)(14)(11)(5)— (1)(38)
2020(9)(38)(14)(10)10 (61)
2021(8)(19)(19)(17)(63)
20223 (26)(14)(37)
2023(6)(22)(28)
2024(4)(4)
Total net development for the accident years presented above(54)(63)(40)
Total net development for accident years prior to 201611 (5)(7)
Total unallocated claim adjustment expense development— — (3)
Total$(43)$(68)$(50)
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Commercial Auto | Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$198 $186 $186 $186 $190 $195 $200 $197 $195 $194 $— 30,459 
2017199 198 200 221 232 239 241 241 237 — 30,948 
2018229 227 227 245 254 255 260 259 1 34,333 
2019257 266 289 323 325 327 323 — 37,281 
2020310 303 304 298 303 299 7 29,192 
2021397 388 390 393 377 16 33,063 
2022437 465 496 506 55 37,327 
2023554 620 635 120 42,921 
2024726 799 270 49,670 
2025886 616 41,075 
Total$4,515 $1,085 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$52 $93 $126 $154 $175 $185 $190 $192 $193 $193 
201758 107 150 178 203 225 232 235 237 
201866 128 175 212 238 249 256 257 
201977 147 203 257 295 312 319 
202071 134 197 246 276 287 
202183 168 240 305 347 
2022112 236 334 411 
2023127 270 414 
2024153 345 
2025163 
Total$2,973 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$1,542 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 20165 
Liability for unallocated claim adjustment expenses for accident years presented26 
Total net liability for unpaid claim and claim adjustment expenses$1,573 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$(12)$— $— $4 $5 $5 $(3)$(2)$(1)$(4)
2017(1)2 21 11 7 2 — (4)38 
2018(2)— 18 9 1 5 (1)30 
20199 23 34 2 2 (4)66 
2020(7)1 (6)5 (4)(11)
2021(9)2 3 (16)(20)
202228 31 10 69 
202366 15 81 
202473 73 
Total net development for the accident years presented above26 110 68 
Total net development for accident years prior to 20164 (3)3 
Total unallocated claim adjustment expense development3 — 3 
Total$33 $107 $74 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
General Liability | Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$623 $659 $667 $671 $673 $683 $684 $704 $712 $723 $23 24,982 
2017632 632 632 634 630 652 690 713 749 15 22,611 
2018653 644 646 639 650 679 665 663 63 20,631 
2019680 682 682 691 720 727 747 98 20,091 
2020723 722 726 736 702 662 139 15,152 
2021782 784 793 814 833 189 16,349 
2022929 928 930 952 316 18,494 
20231,071 1,106 1,146 516 18,905 
20241,271 1,295 833 20,250 
20251,381 1,218 15,771 
Total$9,151 $3,410 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$32 $163 $279 $407 $481 $524 $582 $620 $652 $681 
201723 118 250 399 471 553 606 657 705 
201833 107 228 307 428 491 546 573 
201925 98 181 322 455 532 607 
202023 99 192 280 367 450 
202126 140 262 391 542 
202229 123 260 439 
202333 153 356 
202434 180 
202543 
Total$4,576 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$4,575 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016179 
Liability for unallocated claim adjustment expenses for accident years presented83 
Total net liability for unpaid claim and claim adjustment expenses$4,837 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$36 $8 $4 $2 $10 $1 $20 $8 $11 $100 
2017— — 2 (4)22 38 23 36 117 
2018(9)2 (7)11 29 (14)(2)10 
20192 — 9 29 7 20 67 
2020(1)4 10 (34)(40)(61)
20212 9 21 19 51 
2022(1)2 22 23 
202335 40 75 
202424 24 
Total net development for the accident years presented above134 48 130 
Total net development for accident years prior to 201615 27 (30)
Total unallocated claim adjustment expense development— — 14 
Total$149 $75 $114 
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
Workers' Compensation | Commercial  
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]  
Short-duration contracts net incurred claims and allocated claim adjustment expenses
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar YearAs of December 31, 2025
(In millions, except reported claims data)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025IBNRCumulative Number of Claims
Accident Year
2016$426 $405 $396 $382 $366 $355 $331 $308 $293 $287 $40 32,007 
2017440 432 421 400 402 399 398 383 364 44 33,164 
2018450 440 428 415 415 404 399 393 57 34,930 
2019452 449 437 436 419 416 410 57 34,398 
2020477 466 446 414 393 363 74 29,506 
2021468 454 432 421 412 97 30,150 
2022497 489 478 467 108 33,488 
2023555 551 541 161 37,037 
2024574 586 196 38,866 
2025646 348 36,112 
Total$4,469 $1,182 
Short-duration contracts net cumulative paid claim adjustment expenses reconciliation of total liability for unpaid claim and claim adjustment expense
Cumulative Net Paid Claims and Allocated Claim Adjustment Expenses are presented in the following table.
As of December 31Calendar Year
(In millions)
2016(1)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025
Accident Year
2016$53 $129 $169 $198 $219 $227 $234 $235 $238 $238 
201763 151 207 243 265 279 287 293 295 
201868 163 229 259 280 298 307 313 
201971 169 223 262 291 310 320 
202065 147 200 228 246 257 
202167 164 222 256 273 
202279 192 258 299 
202387 209 286 
2024111 264 
2025127 
Total$2,672 
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented$1,797 
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 20161,648 
Other (2)
(23)
Liability for unallocated claim adjustment expenses for accident years presented60 
Total net liability for unpaid claim and claim adjustment expenses$3,482 
Short-duration contracts reserve development
Net strengthening (releases) of prior accident year reserves is presented in the following table.
For the years ended December 31Calendar Year
(In millions)
2017(1)
2018(1)
2019(1)
2020(1)
2021(1)
2022(1)
2023(1)
2024(1)
2025Total
Accident Year
2016$(21)$(9)$(14)$(16)$(11)$(24)$(23)$(15)$(6)$(139)
2017(8)(11)(21)2 (3)(1)(15)(19)(76)
2018(10)(12)(13)— (11)(5)(6)(57)
2019(3)(12)(1)(17)(3)(6)(42)
2020(11)(20)(32)(21)(30)(114)
2021(14)(22)(11)(9)(56)
2022(8)(11)(11)(30)
2023(4)(10)(14)
202412 12 
Total net development for the accident years presented above(114)(85)(85)
Adjustment for development on a discounted basis(2)(2)2 
Total net development for accident years prior to 2016(93)(115)(52)
Total unallocated claim adjustment expense development6 — — 
Total$(203)$(202)$(135)
(1) Data presented for these calendar years is required supplemental information, which is unaudited.
(2) Other includes the effect of discounting lifetime claim reserves.
v3.25.4
Future Policy Benefit Reserves (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
202520242023
Present value of future net premiums
Balance, January 1$3,425 $3,710 $3,991 
     Effect of changes in discount rate(7)(125)(74)
Balance, January 1, at original locked in discount rate3,418 3,585 3,917 
     Effect of changes in cash flow assumptions (1)
114 111 28 
     Effect of actual variances from expected experience (1)
(10)(41)(126)
Adjusted balance, January 13,522 3,655 3,819 
Interest accrual176 183 202 
     Net premiums: earned during period(406)(420)(436)
Balance, end of period at original locked in discount rate3,292 3,418 3,585 
     Effect of changes in discount rate71 7 125 
Balance, December 31$3,363 $3,425 $3,710 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 $17,471 
     Effect of changes in discount rate440 (578)(125)
Balance, January 1, at original locked in discount rate17,023 17,091 17,346 
     Effect of changes in cash flow assumptions (1)
121 126 36 
     Effect of actual variances from expected experience (1)
87 69 (46)
Adjusted balance, January 117,231 17,286 17,336 
Interest accrual918 924 962 
     Benefit & expense payments(1,165)(1,187)(1,207)
Balance, end of period at original locked in discount rate16,984 17,023 17,091 
     Effect of changes in discount rate(173)(440)578 
Balance, December 31$16,811 $16,583 $17,669 
Net LFPB$13,448 $13,158 $13,959 
(1) As of December 31, 2025, 2024 and 2023 the re-measurement gain (loss) of $(104) million, $(125) million and $(88) million presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Consolidated Statement of Operations.
Years ended December 31
(In millions)
202520242023
Earned premiums$423 $437 $451 
Interest accretion742 741 760 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of December 31
(In millions)
20252024
Expected future benefit and expense payments$31,323 $31,712 
Expected future gross premiums4,930 5,183 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of December 31
20252024
Original locked in discount rate5.16 %5.20 %
Upper-medium grade fixed income instrument discount rate5.32 5.51 
v3.25.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Components of Reinsurance Receivables
The following table presents the amounts receivable from reinsurers.
December 31
(In millions)20252024
Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses$5,982 $5,713 
Reinsurance receivables related to paid losses426 359 
Reinsurance receivables6,408 6,072 
Allowance for uncollectible reinsurance(27)(21)
Reinsurance receivables, net of allowance for uncollectible reinsurance$6,381 $6,051 
Reinsurance Recoverable, Credit Quality Indicator The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating.
(In millions)December 31, 2025
A- to A++$4,864 
B- to B++967 
Insolvent9 
Total voluntary reinsurance outstanding balance (1)
$5,840 
(1)    Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. Refer to Note E to the Consolidated Financial Statements for information regarding the LPT. The Company has also excluded receivables from involuntary pools.
Components of Earned and Written Premiums
The effects of reinsurance on earned premiums and written premiums are presented in the following tables.
(In millions)DirectAssumedCededNetAssumed/
Net %
2025 Earned Premiums
Property and casualty$14,974 $253 $4,750 $10,477 2.4 %
Long-term care383 40 — 423 9.5 %
Total earned premiums$15,357 $293 $4,750 $10,900 2.7 %
2024 Earned Premiums
Property and casualty$14,629 $252 $5,107 $9,774 2.6 %
Long-term care396 41 — 437 9.4 %
Total earned premiums$15,025 $293 $5,107 $10,211 2.9 %
2023 Earned Premiums
Property and casualty$13,908 $223 $5,102 $9,029 2.5 %
Long-term care407 44 — 451 9.8 %
Total earned premiums$14,315 $267 $5,102 $9,480 2.8 %
(In millions)DirectAssumedCededNetAssumed/
Net %
2025 Written Premiums
Property and casualty$15,303 $247 $4,868 $10,682 2.3 %
Long-term care379 40 — 419 9.5 %
Total written premiums$15,682 $287 $4,868 $11,101 2.6 %
2024 Written Premiums
Property and casualty$15,120 $257 $5,202 $10,175 2.5 %
Long-term care389 41 — 430 9.5 %
Total written premiums$15,509 $298 $5,202 $10,605 2.8 %
2023 Written Premiums
Property and casualty$14,498 $219 $5,272 $9,445 2.3 %
Long-term care404 43 — 447 9.6 %
Total written premiums$14,902 $262 $5,272 $9,892 2.6 %
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of debt instruments
Debt is composed of the following long-term obligations.
December 31
(In millions)20252024
Long-term debt:
Senior notes of CNAF:
4.500%, face amount of $500, due March 1, 2026
$—$500
3.450%, face amount of $500, due August 15, 2027
499 498 
3.900%, face amount of $500, due May 1, 2029
498 498 
2.050%, face amount of $500, due August 15, 2030
497 497 
5.500%, face amount of $500, due June 15, 2033
492 491 
5.125%, face amount of $500, due February 15, 2034
491 489 
5.200%, face amount of $500, due August 15, 2035
494 — 
Total debt$2,971 $2,973 
Maturity of debt
The combined aggregate maturities for debt as of December 31, 2025 are presented in the following table.
(In millions)
2026$— 
2027500 
2028— 
2029500 
2030500 
Thereafter1,500 
Less: discount(29)
Total$2,971 
v3.25.4
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Funded status
The following table presents a reconciliation of benefit obligations and plan assets.
Pension BenefitsPostretirement Benefits
(In millions)2025202420252024
Benefit obligation as of January 1$681 $1,807 $4 $5 
Changes in benefit obligation:
Interest cost36 87 — — 
Participants' contributions— — 1 1 
Actuarial (gain) loss8 (24)1 — 
Benefits paid(51)(144)(2)(2)
Foreign currency translation and other4 (1)— — 
Plan amendments— — (2)— 
Effect of pension settlement transactions5 (1,044)— — 
Benefit obligation as of December 31683 681 2 4 
Fair value of plan assets as of January 1915 1,984 — — 
Change in plan assets:
Actual return on plan assets84 115 — — 
Company contributions5 5 1 1 
Participants' contributions— — 1 1 
Benefits paid(51)(144)(2)(2)
Foreign currency translation and other6 (1)— — 
Effect of pension settlement transactions4 (1,044)— — 
Fair value of plan assets as of December 31963 915 — — 
Funded status$280 $234 $(2)$(4)
Amounts recognized on the Consolidated Balance Sheets as of December 31:
Other assets$318 $275 $— $— 
Other liabilities(38)(41)(2)(4)
Net amount recognized$280 $234 $(2)$(4)
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):
Net actuarial (gain) loss$208 $236 $(1)$2 
Net amount recognized$208 $236 $(1)$2 
Components of net periodic cost (benefit)
The components of net periodic pension cost (benefit) are presented in the following table.
Years ended December 31
(In millions)202520242023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$36 $87 $98 
Expected return on plan assets(54)(116)(119)
Amortization of net actuarial loss (gain) 7 29 33 
Pension settlement transaction loss— 371 — 
Total net periodic pension cost (benefit)$(11)$371 $12 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Consolidated Statements of Operations.
Years ended December 31
(In millions)202520242023
Non-Service Cost (benefit):
Insurance claims and policyholder's benefits$(3)$— $3 
Other operating expenses(8)371 9 
Total net periodic pension cost (benefit)$(11)$371 $12 
Schedule of amounts recognized in Other comprehensive income
The amounts recognized in Other comprehensive income are presented in the following table.
Years ended December 31
(In millions)202520242023
Pension and postretirement benefits
Amounts arising during the period$22 $22 $50 
Postretirement termination loss3 — — 
Pension settlement transaction loss— 371 — 
Reclassification adjustment relating to prior service credit(2)— — 
Reclassification adjustment relating to actuarial loss8 30 34 
Total increase (decrease) in Other comprehensive income$31 $423 $84 
Actuarial assumptions for benefit obligations and for net cost or benefit
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are presented in the following table. The interest crediting rate is the weighted average interest rate applied to the individual pension balances for employees who elected to cease accruals effective December 31, 1999.
December 3120252024
Pension benefits
Discount rate5.200 %5.500 %
Interest crediting rate4.500 4.500 
Postretirement benefits
Discount rate5.100 %5.400 %
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are presented in the following table.
Years ended December 31202520242023
Pension benefits
Discount rate5.500 %5.100 %5.350 %
Expected long-term rate of return6.250 6.250 6.250 
Interest crediting rate4.500 4.500 3.500 
Postretirement benefits
Discount rate5.400 %5.100 %5.250 %
Fair value of plan assets measured on a recurring basis
Pension plan assets measured at fair value on a recurring basis are presented in the following tables.
December 31, 2025
(In millions)Level 1Level 2Level 3Total
Assets
Fixed maturity securities:
Corporate bonds and other$— $473 $4 $477 
States, municipalities and political subdivisions— 11 — 11 
Asset-backed— 103 8 111 
Total fixed maturity securities— 587 12 599 
Equity securities— 36 — 36 
Short-term investments33 — — 33 
Other assets— 7 — 7 
Cash2 — — 2 
Total assets measured at fair value$35 $630 $12 677 
Total limited partnerships measured at net asset value (1)
286 
Total$963 
December 31, 2024
(In millions)Level 1Level 2Level 3Total
Assets
Fixed maturity securities:
Corporate bonds and other$— $408 $5 $413 
States, municipalities and political subdivisions— 6 — 6 
Asset-backed— 113 8 121 
Total fixed maturity securities— 527 13 540 
Equity securities8 15 — 23 
Short-term investments47 — — 47 
Other assets— 6 — 6 
Cash2 — — 2 
Total assets measured at fair value$57 $548 $13 618 
Total limited partnerships measured at net asset value (1)
297 
Total$915 
(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position.
Schedule of expected benefit payments
The table below presents the estimated future minimum benefit payments to participants as of December 31, 2025.
(In millions)Pension Benefits
2026$58 
202758 
202858
202958 
203057
2031-2035258 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Restricted shares, performance-based restricted share units and performance share unit activity
The following table presents activity for non-vested RSUs and performance share units under the Plan in 2025.
Number of AwardsWeighted Average Grant Date Fair Value
Balance as of January 1, 20252,708,789 $42.26 
Awards granted1,079,668 48.52 
Awards vested(971,657)45.34 
Awards forfeited, canceled or expired(279,084)43.02 
Performance-based adjustment32,095 48.52 
Balance as of December 31, 20252,569,811 43.72 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Assets and liabilities
The following table presents operating lease ROU assets and lease liabilities.
(In millions)December 31, 2025December 31, 2024
Operating lease ROU assets$148 $158 
Operating lease liabilities218 239 
Operating lease, liability, maturity
The following table presents the maturities of operating lease liabilities.
(In millions)December 31, 2025
2026$34 
202735 
202831
202931 
203026
Thereafter104 
Total lease payments261 
Less: Discount(43)
Total operating lease liabilities$218 
Lease cost
The following table presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease ROU assets.
December 31, 2025December 31, 2024
Weighted average remaining lease term8.6 years8.8 years
Weighted average discount rate4.0 %3.9 %
v3.25.4
Stockholders' Equity and Statutory Accounting Practices (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity and Statutory Accounting Practices [Abstract]  
Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2025$(13)$(1,876)$(191)$353 $(264)$(1,991)
Other comprehensive income (loss) before reclassifications(22)842 17 (161)143 819 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $5, $12, $1, $—, $— and $18
(20)(46)(8)— — (74)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(238), $(6), $43, $— and $(201)
(2)888 25 (161)143 893 
Balance as of December 31, 2025$(15)$(988)$(166)$192 $(121)$(1,098)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Other comprehensive income (loss) before reclassifications(34)(310)17 712 (101)284 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $9, $13, $84, $—, $— and $106
(33)(47)(317)— — (397)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $68, $(89), $(189), $— and $(210)
(1)(263)334 712 (101)681 
Balance as of December 31, 2024$(13)$(1,876)$(191)$353 $(264)$(1,991)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2023$(7)$(2,738)$(591)$(41)$(221)$(3,598)
Other comprehensive income (loss) before reclassifications(24)1,072 39 (318)58 827 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $5, $14, $7, $—, $— and $26
(19)(53)(27)— — (99)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(304), $(17), $85, $— and $(235)
(5)1,125 66 (318)58 926 
Balance as of December 31, 2023$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:
v3.25.4
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Significant components of the Company's continuing operations and selected balance sheet items
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Year ended December 31, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Net written premiums$3,515 $5,821 $1,347 $419 $— $(1)$11,101 
Operating revenues 
Net earned premiums$3,472 $5,695 $1,311 $423 $— $(1)$10,900 
Net investment income650 775 156 914 62 — 2,557 
Non-insurance warranty revenue1,577 — — — — — 1,577 
Other revenues2 32 — — 12 (10)36 
Total operating revenues5,701 6,502 1,467 1,337 74 (11)15,070 
Claims, benefits and expenses      
Net incurred claims and benefits2,134 3,867 765 1,291 201 — 8,258 
Policyholders’ dividends9 27 — — — — 36 
Amortization of deferred acquisition costs785 853 260 — — — 1,898 
Non-insurance warranty expense1,526 — — — — — 1,526 
Insurance related administrative expenses380 676 171 121 2 (1)1,349 
Interest expense— — — — 135 — 135 
Other segment items (1)
57 44 (13)3 86 (10)167 
Total claims, benefits and expenses4,891 5,467 1,183 1,415 424 (11)13,369 
Income tax (expense) benefit on core income (loss)(173)(215)(77)34 72 — (359)
Core income (loss) $637 $820 $207 $(44)$(278)$— $1,342 
Net investment gains (losses)(81)
Income tax (expense) benefit on net investment gains (losses)17 
Net investment gains (losses), after tax(64)
Net income (loss)$1,278 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,716 $1,762 $577 $56 $2,297 $— $6,408 
Insurance receivables1,008 2,315 438 2 1 — 3,764 
Deferred acquisition costs447 391 148 — — — 986 
Goodwill117 — 31 — — — 148 
Deferred non-insurance warranty acquisition expense3,220 — — — — — 3,220 
Insurance reserves 
Claim and claim adjustment expenses7,784 12,249 3,376 591 2,599 — 26,599 
Unearned premiums3,317 3,411 819 88 — — 7,635 
Future policy benefits— — — 13,448 — — 13,448 
Deferred non-insurance warranty revenue4,138 — — — — — 4,138 
Year ended December 31, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Net written premiums$3,445 $5,469 $1,262 $430 $— $(1)$10,605 
Operating revenues 
Net earned premiums$3,361 $5,158 $1,256 $437 $— $(1)$10,211 
Net investment income626 733 131 940 67 — 2,497 
Non-insurance warranty revenue1,609 — — — — — 1,609 
Other revenues2 29 — — 13 (10)34 
Total operating revenues5,598 5,920 1,387 1,377 80 (11)14,351 
Claims, benefits and expenses    
Net incurred claims and benefits2,001 3,525 764 1,308 106 — 7,704 
Policyholders’ dividends9 25 — — — — 34 
Amortization of deferred acquisition costs740 824 234 — — — 1,798 
Non-insurance warranty expense1,547 — — — — — 1,547 
Insurance related administrative expenses362 613 182 119 — (1)1,275 
Interest expense— — — — 133 — 133 
Other segment items (1)
55 43 10 2 97 (10)197 
Total claims, benefits and expenses (2)
4,714 5,030 1,190 1,429 336 (11)12,688 
Income tax (expense) benefit on core income (loss)(190)(188)(44)29 46 — (347)
Core income (loss)$694 $702 $153 $(23)$(210)$— $1,316 
Net investment gains (losses)(81)
Income tax (expense) benefit on net investment gains (losses)17 
Net investment gains (losses), after tax(64)
Pension settlement transaction gains (losses)(371)
Income tax (expense) benefit on pension settlement transaction gains (losses)78 
Pension settlement transaction gains (losses), after tax(293)
Net income (loss)$959 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note J to the Consolidated Financial Statements for additional information.
December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
Year ended December 31, 2023
Specialty
Commercial		Life &
Group		Corporate
& Other
(In millions)InternationalEliminationsTotal
Net written premiums$3,329 $4,880 $1,237 $447 $— $(1)$9,892 
Operating revenues 
Net earned premiums$3,307 $4,547 $1,176 $451 $— $(1)$9,480 
Net investment income558 645 103 896 62 — 2,264 
Non-insurance warranty revenue1,624 — — — — — 1,624 
Other revenues1 29 — (1)11 (10)30 
Total operating revenues5,490 5,221 1,279 1,346 73 (11)13,398 
Claims, benefits and expenses     
Net incurred claims and benefits1,923 2,995 722 1,317 82 — 7,039 
Policyholders’ dividends8 21 — — — — 29 
Amortization of deferred acquisition costs686 729 229 — — — 1,644 
Non-insurance warranty expense1,544 — — — — — 1,544 
Insurance related administrative expenses373 620 139 118 2 (1)1,251 
Interest expense1 — — — 126 — 127 
Other segment items (1)
52 30 (4)1 78 (10)147 
Total claims, benefits and expenses4,587 4,395 1,086 1,436 288 (11)11,781 
Income tax (expense) benefit on core income (loss)(195)(174)(48)42 42 — (333)
Core income (loss)$708 $652 $145 $(48)$(173)$— $1,284 
Net investment gains (losses)(99)
Income tax (expense) benefit on net investment gains (losses)20 
Net investment gains (losses), after tax(79)
Net income (loss)$1,205 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2023SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,281 $1,218 $468 $93 $2,374 $— $5,434 
Insurance receivables1,053 2,024 388 5 — — 3,470 
Deferred acquisition costs392 371 133 — — — 896 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,661 — — — — — 3,661 
Insurance reserves 
Claim and claim adjustment expenses7,131 10,103 2,709 675 2,686 — 23,304 
Unearned premiums3,227 2,858 749 99 — — 6,933 
Future policy benefits— — — 13,959 — — 13,959 
Deferred non-insurance warranty revenue4,694 — — — — — 4,694 
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Years ended December 31
(In millions)202520242023
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$2,097 $2,010 $1,937 
Catastrophe losses— — — 
(Favorable) unfavorable development (1)
37 (9)(14)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$3,605 $3,217 $2,801 
Catastrophe losses217 318 207 
(Favorable) unfavorable development (1)
39 (16)(22)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$767 $730 $680 
Catastrophe losses23 40 29 
(Favorable) unfavorable development (1)
(25)(6)13 
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
Revenues by line of business
The following table presents operating revenues by line of business for each reportable segment.
Years ended December 31
(In millions)202520242023
Specialty
Management & Professional Liability$3,102 $2,998 $2,931 
Surety835 785 731 
Warranty & Alternative Risks1,764 1,815 1,828 
Specialty revenues5,701 5,598 5,490 
Commercial
Middle Market1,925 1,775 1,696 
Construction2,088 1,991 1,678 
Small Business639 637 631 
Other Commercial1,850 1,517 1,216 
Commercial revenues6,502 5,920 5,221 
International
Canada422 401 383 
Europe627 593 532 
Hardy418 393 364 
International revenues1,467 1,387 1,279 
Life & Group revenues1,337 1,377 1,346 
Corporate & Other revenues 74 80 73 
Eliminations(11)(11)(11)
Total operating revenues15,070 14,351 13,398 
Net investment gains (losses)(81)(81)(99)
Total revenues$14,989 $14,270 $13,299 
v3.25.4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Anticipated amounts due from insureds related to losses under deductible policies $ 1,600 $ 1,300  
Structured settlement annuities, interest rate, low end 6.50% 6.60%  
Discounted reserves for unfunded structured settlements $ 432 $ 444  
Discounted reserves for unfunded structure settlements, discount amount 505 535  
Amount of interest recognized on the discounted reserves of unfunded structured settlements $ 32 33 $ 34
Interest rates at which workers' compensation lifetime claim reserves are discounted at 3.50%    
Workers' compensation liability $ 167 179  
Amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves $ 6 6 $ 9
Future policy benefit reserves, cash flows projected to occur beyond tenor with market-observable rates available, grading period 10 years    
Liability balance for guaranty fund $ 89 $ 86  
Percentage of billed receivables compared to total reinsurance receivable 8.00%    
Policyholder dividends, rate on policy earnings 2.00% 2.00% 2.00%
Foreign currency transaction gain (loss), before tax $ 11 $ (8) $ 9
Operating lease, right-of-use asset, statement of financial position [Extensible List] Other assets Other assets  
Operating lease, liability, statement of financial position [Extensible List] Other liabilities Other liabilities  
Weighted average number diluted shares outstanding adjustment (in shares) 1 1 1
Interest paid, net $ 129 $ 122 $ 124
Computer Software, Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 10 years    
Workers' Compensation Insurance      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Short-duration contracts, discounted liabilities, amount $ 78 $ 80  
Furniture and Fixtures      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 7 years    
Office Equipment      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 5 years    
Minimum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Warranty coverage term 1 month    
Requisite service period for stock- based compensation expense 3 years    
Minimum | Computer Software, Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 3 years    
Maximum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Warranty coverage term 10 years    
Maximum | Computer Software, Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 5 years    
CNAF Consolidated | Loews      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Noncontrolling interest, ownership percentage by parent 92.00%    
v3.25.4
Summary of Significant Accounting Policies (Income Taxes Paid) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 204 $ 186 $ 263
State 11 12 15
Total cash payments for income taxes 263 281 282
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 18 57 (5)
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 30 $ 26 $ 9
v3.25.4
Investments (Net investment income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net Investment Income [Line Items]      
Gross investment income $ 2,648 $ 2,582 $ 2,343
Investment expense (91) (85) (79)
Net investment income 2,557 2,497 2,264
Fixed maturity securities      
Net Investment Income [Line Items]      
Gross investment income 2,143 2,051 1,941
Equity securities      
Net Investment Income [Line Items]      
Gross investment income 60 82 63
Limited partnership investments      
Net Investment Income [Line Items]      
Gross investment income 276 271  
Gross investment loss     174
Mortgage loans      
Net Investment Income [Line Items]      
Gross investment income 64 58 58
Short-term investments      
Net Investment Income [Line Items]      
Gross investment income 73 87 75
Trading portfolio      
Net Investment Income [Line Items]      
Gross investment income 5 2 4
Other      
Net Investment Income [Line Items]      
Gross investment income 27 31 28
Common Stock      
Net Investment Income [Line Items]      
Equity securities, FV-NI, gain (loss) 24 28 11
Non-redeemable preferred stock      
Net Investment Income [Line Items]      
Equity securities, FV-NI, gain (loss) $ 7 $ 19 $ 14
v3.25.4
Investments (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Non-income producing fixed maturity securities $ 1,000,000 $ 0  
Investments that exceed ten percent of stockholders' equity 0 0  
Gross gains 42,000,000 48,000,000 $ 75,000,000
Debt securities, available-for-sale, realized loss 125,000,000 150,000,000 166,000,000
Mortgage loan losses due to changes in expected credit losses 5,000,000 0 11,000,000
Limited partnership investments 2,772,000,000 2,520,000,000  
Undistributed earnings of limited partnership investments $ 379,000,000 $ 334,000,000  
Percentage of limited partnerships reported on a current basis 12.00%    
Percentage of limited partnerships reported on a one month lag 2.00%    
Limited partnerships invested in private debt and equity 88.00% 86.00%  
Percentage of limited partnerships employing hedge fund strategies focused on fixed income and equity investments 12.00% 14.00%  
Carrying value of ten largest limited partnerships $ 630,000,000 $ 648,000,000  
Carrying value of limited partnerships as percentage of aggregate partnership equity 1.00% 1.00%  
Income as percentage of change in partnership equity for all limited partnerships 1.00%    
Obligation to return cash $ 0    
Derivative liability, subject to master netting arrangement, collateral, right to reclaim cash offset 0    
Commitments to purchase or fund privately placed debt securities 1,770,000,000    
Commitments to sell various privately placed debt securities 45,000,000    
Carrying value of securities deposited under requirements of regulatory authorities 3,400,000,000 $ 3,100,000,000  
Cash and securities deposited as collateral for letters of credit 600,000,000 700,000,000  
Fixed maturity securities      
Gain (Loss) on Securities [Line Items]      
OCI, debt securities, available-for-sale, gain (loss), after adjustment, before tax 1,128,000,000 (352,000,000) 1,431,000,000
Debt securities, available-for-sale, accrued interest, after allowance for credit loss 470,000,000 442,000,000  
Mortgage loans      
Gain (Loss) on Securities [Line Items]      
Financing receivable, accrued interest, after allowance for credit loss 5,000,000    
Financing receivable, allowance for credit loss 15,000,000 35,000,000 $ 35,000,000
Amortized cost of nonaccrual loans 30,000,000 48,000,000  
Nonaccruing loans, interest income 1,000,000    
Financing receivable, still accruing 15,000,000    
Non-income producing mortgage loans $ 15,000,000    
Allowance for credit loss on non-income producing loans   $ 14,000,000  
v3.25.4
Investments (Net realized investment gains (losses)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fixed maturity securities:      
Gross gains $ 42 $ 48 $ 75
Gross losses (125) (150) (166)
Net investment gains (losses) on fixed maturity securities (83) (102) (91)
Equity securities 7 21 4
Derivatives 0 0 (1)
Mortgage loans (5) 0 (11)
Net investment gains (losses) $ (81) $ (81) $ (99)
v3.25.4
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Impairment losses (gains) recognized in earnings $ 33 $ 63 $ 44
Corporate and other bonds      
Debt Securities, Available-for-sale [Line Items]      
Impairment losses (gains) recognized in earnings 25 34 33
Asset-backed      
Debt Securities, Available-for-sale [Line Items]      
Impairment losses (gains) recognized in earnings $ 8 $ 29 $ 11
v3.25.4
Investments (Summary of fixed maturity and equity securities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost $ 44,668 $ 43,481  
Gross Unrealized Gains 1,089 715  
Gross Unrealized Losses 2,286 3,040  
Allowance for Credit Losses 69 45 $ 16
Estimated Fair Value 43,402 41,111  
Corporate and other bonds      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 25,484 25,839  
Gross Unrealized Gains 682 423  
Gross Unrealized Losses 881 1,305  
Allowance for Credit Losses 28 13 4
Estimated Fair Value 25,257 24,944  
States, municipalities and political subdivisions      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 8,870 7,396  
Gross Unrealized Gains 303 243  
Gross Unrealized Losses 742 835  
Allowance for Credit Losses 0 0  
Estimated Fair Value 8,431 6,804  
Residential mortgage-backed      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 4,011 3,725  
Gross Unrealized Gains 50 7  
Gross Unrealized Losses 366 488  
Allowance for Credit Losses 0 0  
Estimated Fair Value 3,695 3,244  
Commercial mortgage-backed      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 1,566 1,830  
Gross Unrealized Gains 18 11  
Gross Unrealized Losses 80 142  
Allowance for Credit Losses 21 18  
Estimated Fair Value 1,483 1,681  
Other asset-backed      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 3,729 3,770  
Gross Unrealized Gains 28 24  
Gross Unrealized Losses 194 239  
Allowance for Credit Losses 20 14  
Estimated Fair Value 3,543 3,541  
Asset-backed      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 9,306 9,325  
Gross Unrealized Gains 96 42  
Gross Unrealized Losses 640 869  
Allowance for Credit Losses 41 32 $ 12
Estimated Fair Value 8,721 8,466  
U.S. Treasury and obligations of government-sponsored enterprises      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 236 220  
Gross Unrealized Gains 1 1  
Gross Unrealized Losses 3 1  
Allowance for Credit Losses 0 0  
Estimated Fair Value 234 220  
Foreign government      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 764 701  
Gross Unrealized Gains 7 6  
Gross Unrealized Losses 20 30  
Allowance for Credit Losses 0 0  
Estimated Fair Value 751 677  
Redeemable preferred stock      
Fixed maturity securities available-for-sale:      
Cost or Amortized Cost 8 0  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses 0 0  
Allowance for Credit Losses 0 0  
Estimated Fair Value $ 8 $ 0  
v3.25.4
Investments (Securities in a gross unrealized loss position) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months $ 3,998 $ 9,019
Gross Unrealized Losses, Less than 12 Months 79 267
Estimated Fair Value, 12 Months or Longer 16,646 18,319
Gross Unrealized Losses, 12 Months or Longer 2,207 2,773
Estimated Fair Value, Total 20,644 27,338
Gross Unrealized Losses, Total 2,286 3,040
Corporate and other bonds    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 2,776 5,846
Gross Unrealized Losses, Less than 12 Months 56 165
Estimated Fair Value, 12 Months or Longer 8,576 10,388
Gross Unrealized Losses, 12 Months or Longer 825 1,140
Estimated Fair Value, Total 11,352 16,234
Gross Unrealized Losses, Total 881 1,305
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 403 1,247
Gross Unrealized Losses, Less than 12 Months 8 52
Estimated Fair Value, 12 Months or Longer 3,471 2,967
Gross Unrealized Losses, 12 Months or Longer 734 783
Estimated Fair Value, Total 3,874 4,214
Gross Unrealized Losses, Total 742 835
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 154 849
Gross Unrealized Losses, Less than 12 Months 1 22
Estimated Fair Value, 12 Months or Longer 2,002 2,010
Gross Unrealized Losses, 12 Months or Longer 365 466
Estimated Fair Value, Total 2,156 2,859
Gross Unrealized Losses, Total 366 488
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 36 230
Gross Unrealized Losses, Less than 12 Months 2 3
Estimated Fair Value, 12 Months or Longer 887 988
Gross Unrealized Losses, 12 Months or Longer 78 139
Estimated Fair Value, Total 923 1,218
Gross Unrealized Losses, Total 80 142
Other asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 420 680
Gross Unrealized Losses, Less than 12 Months 9 21
Estimated Fair Value, 12 Months or Longer 1,432 1,557
Gross Unrealized Losses, 12 Months or Longer 185 218
Estimated Fair Value, Total 1,852 2,237
Gross Unrealized Losses, Total 194 239
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 610 1,759
Gross Unrealized Losses, Less than 12 Months 12 46
Estimated Fair Value, 12 Months or Longer 4,321 4,555
Gross Unrealized Losses, 12 Months or Longer 628 823
Estimated Fair Value, Total 4,931 6,314
Gross Unrealized Losses, Total 640 869
U.S. Treasury and obligations of government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 78 49
Gross Unrealized Losses, Less than 12 Months 2 1
Estimated Fair Value, 12 Months or Longer 18 41
Gross Unrealized Losses, 12 Months or Longer 1 0
Estimated Fair Value, Total 96 90
Gross Unrealized Losses, Total 3 1
Foreign government    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value, Less than 12 months 131 118
Gross Unrealized Losses, Less than 12 Months 1 3
Estimated Fair Value, 12 Months or Longer 260 368
Gross Unrealized Losses, 12 Months or Longer 19 27
Estimated Fair Value, Total 391 486
Gross Unrealized Losses, Total $ 20 $ 30
v3.25.4
Investments (Securities in a gross unrealized loss position by ratings) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value $ 20,644 $ 27,338
Gross Unrealized Losses 2,286 3,040
U.S. Government, Government agencies and Government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,980 2,567
Gross Unrealized Losses 267 373
AAA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,376 1,830
Gross Unrealized Losses 243 283
AA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 3,827 4,257
Gross Unrealized Losses 623 730
A    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 5,025 6,340
Gross Unrealized Losses 440 582
BBB    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 7,758 11,548
Gross Unrealized Losses 639 980
Non-investment grade    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 678 796
Gross Unrealized Losses $ 74 $ 92
v3.25.4
Investments (Allowance on available-for-sale securities with credit impairments and PCD assets activity) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Allowance for credit losses:    
Balance, beginning of period $ 45 $ 16
Additions to the allowance for credit losses:    
Securities for which credit losses were not previously recorded 6 27
Available-for-sale securities accounted for as PCD assets 4 4
Reductions to the allowance for credit losses:    
Securities disposed during the period (realized) 6 4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 1
Write-offs charged against the allowance 0 9
Recoveries of amounts previously written off 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 20 12
Balance, end of period 69 45
Corporate and other bonds    
Allowance for credit losses:    
Balance, beginning of period 13 4
Additions to the allowance for credit losses:    
Securities for which credit losses were not previously recorded 3 9
Available-for-sale securities accounted for as PCD assets 4 4
Reductions to the allowance for credit losses:    
Securities disposed during the period (realized) 6 3
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 1
Write-offs charged against the allowance 0 0
Recoveries of amounts previously written off 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 14 0
Balance, end of period 28 13
Asset-backed    
Allowance for credit losses:    
Balance, beginning of period 32 12
Additions to the allowance for credit losses:    
Securities for which credit losses were not previously recorded 3 18
Available-for-sale securities accounted for as PCD assets 0 0
Reductions to the allowance for credit losses:    
Securities disposed during the period (realized) 0 1
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 0
Write-offs charged against the allowance 0 9
Recoveries of amounts previously written off 0 0
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 6 12
Balance, end of period $ 41 $ 32
v3.25.4
Investments (Contractual maturity) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments [Abstract]    
Due in one year or less, cost or amortized cost $ 1,392 $ 1,761
Due after one year through five years, cost or amortized cost 11,318 11,678
Due after five years through ten years, cost or amortized cost 13,491 13,134
Due after ten years, cost or amortized cost 18,467 16,908
Cost or Amortized Cost 44,668 43,481
Due in one year or less, estimated fair value 1,389 1,753
Due after one year through five years, estimated fair value 11,214 11,403
Due after five years through ten years, estimated fair value 13,238 12,415
Due after ten years, estimated fair value 17,561 15,540
Estimated Fair Value $ 43,402 $ 41,111
v3.25.4
Investments (Credit quality indicator) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
2025 $ 0  
2024 0  
2022 (2)  
2023 0  
2021 0  
Prior (23)  
Total (25)  
Mortgage loans    
Debt Securities, Available-for-sale [Line Items]    
2025 226  
2024 101  
2023 134  
2022 176  
2021 66  
Prior 391  
Total 1,094  
Total (25) $ 0
Mortgage loans | DSCR ≥1.6x | LTV less than 55%    
Debt Securities, Available-for-sale [Line Items]    
2025 38  
2024 0  
2023 33  
2022 0  
2021 5  
Prior 215  
Total 291  
Mortgage loans | DSCR ≥1.6x | LTV 55% to 65%    
Debt Securities, Available-for-sale [Line Items]    
2025 37  
2024 0  
2023 12  
2022 14  
2021 6  
Prior 12  
Total 81  
Mortgage loans | DSCR ≥1.6x | LTV greater than 65%    
Debt Securities, Available-for-sale [Line Items]    
2025 0  
2024 0  
2023 0  
2022 12  
2021 13  
Prior 0  
Total 25  
Mortgage loans | DSCR 1.2x - 1.6x | LTV less than 55%    
Debt Securities, Available-for-sale [Line Items]    
2025 0  
2024 68  
2023 28  
2022 5  
2021 2  
Prior 75  
Total 178  
Mortgage loans | DSCR 1.2x - 1.6x | LTV 55% to 65%    
Debt Securities, Available-for-sale [Line Items]    
2025 107  
2024 33  
2023 38  
2022 21  
2021 19  
Prior 28  
Total 246  
Mortgage loans | DSCR 1.2x - 1.6x | LTV greater than 65%    
Debt Securities, Available-for-sale [Line Items]    
2025 7  
2024 0  
2023 0  
2022 46  
2021 0  
Prior 0  
Total 53  
Mortgage loans | DSCR ≤1.2 | LTV less than 55%    
Debt Securities, Available-for-sale [Line Items]    
2025 0  
2024 0  
2023 6  
2022 0  
2021 0  
Prior 21  
Total 27  
Mortgage loans | DSCR ≤1.2 | LTV 55% to 65%    
Debt Securities, Available-for-sale [Line Items]    
2025 37  
2024 0  
2023 17  
2022 38  
2021 0  
Prior 15  
Total 107  
Mortgage loans | DSCR ≤1.2 | LTV greater than 65%    
Debt Securities, Available-for-sale [Line Items]    
2025 0  
2024 0  
2023 0  
2022 40  
2021 21  
Prior 25  
Total $ 86  
v3.25.4
Investments (Allowance for credit loss activity) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest [Roll Forward]    
Write-offs charged against the allowance $ (25)  
Mortgage loans    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest [Roll Forward]    
Allowance for credit losses, beginning balance 35 $ 35
Current-period provision for expected credit losses 5 0
Write-offs charged against the allowance (25) 0
Allowance for credit loss, ending balance $ 15 $ 35
v3.25.4
Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed maturity securities:    
Fixed maturity securities $ 43,402 $ 41,111
Equity securities:    
Equity securities 769 659
Short-term and other 2,137 1,922
Total assets 46,308 43,692
Other liabilities 0 0
Total liabilities 0 0
Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 26,250 25,841
States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 8,431 6,804
Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 8,721 8,466
Common Stock    
Equity securities:    
Equity securities 237 180
Non-redeemable preferred stock    
Equity securities:    
Equity securities 532 479
Level 1    
Fixed maturity securities:    
Fixed maturity securities 238 223
Equity securities:    
Equity securities 259 198
Short-term and other 2,086 1,852
Total assets 2,583 2,273
Other liabilities 0 0
Total liabilities 0 0
Level 1 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 238 223
Level 1 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 0 0
Level 1 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 0 0
Level 1 | Common Stock    
Equity securities:    
Equity securities 224 162
Level 1 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 35 36
Level 2    
Fixed maturity securities:    
Fixed maturity securities 40,638 38,692
Equity securities:    
Equity securities 497 441
Short-term and other 51 70
Total assets 41,186 39,203
Other liabilities 0 0
Total liabilities 0 0
Level 2 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 24,529 24,340
Level 2 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 8,386 6,762
Level 2 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 7,723 7,590
Level 2 | Common Stock    
Equity securities:    
Equity securities 0 0
Level 2 | Non-redeemable preferred stock    
Equity securities:    
Equity securities 497 441
Level 3    
Fixed maturity securities:    
Fixed maturity securities 2,526 2,196
Equity securities:    
Equity securities 13 20
Short-term and other 0 0
Total assets 2,539 2,216
Other liabilities 0 0
Total liabilities 0 0
Level 3 | Corporate and other bonds    
Fixed maturity securities:    
Fixed maturity securities 1,483 1,278
Level 3 | States, municipalities and political subdivisions    
Fixed maturity securities:    
Fixed maturity securities 45 42
Level 3 | Asset-backed    
Fixed maturity securities:    
Fixed maturity securities 998 876
Level 3 | Common Stock    
Equity securities:    
Equity securities 13 18
Level 3 | Non-redeemable preferred stock    
Equity securities:    
Equity securities $ 0 $ 2
v3.25.4
Fair Value (Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets $ 2,216 $ 2,014
Reported in Net investment gains (losses) $ (6) $ (13)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment losses Net investment losses
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Other comprehensive income Other comprehensive income
Reported in Other comprehensive income (loss) $ 57 $ (29)
Total realized and unrealized investment gains (losses) 72 (9)
Purchases 410 480
Sales (7) (43)
Settlements (210) (187)
Transfers into Level 3 58 11
Transfers out of Level 3 0 (50)
Balance, Ending, Assets 2,539 2,216
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 2 7
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 59 (35)
Corporate and other bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 1,278 1,045
Reported in Net investment gains (losses) (6) (1)
Reported in Other comprehensive income (loss) 57 (15)
Total realized and unrealized investment gains (losses) 51 (16)
Purchases 197 352
Sales 0 (10)
Settlements (101) (104)
Transfers into Level 3 58 11
Transfers out of Level 3 0 0
Balance, Ending, Assets 1,483 1,278
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 (1)
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 57 (21)
States, municipalities and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 42 44
Reported in Net investment gains (losses) 0 0
Reported in Other comprehensive income (loss) 3 (2)
Total realized and unrealized investment gains (losses) 3 (2)
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, Ending, Assets 45 42
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 3 (2)
Asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 876 901
Reported in Net investment gains (losses) (2) (12)
Reported in Other comprehensive income (loss) (3) (12)
Total realized and unrealized investment gains (losses) 14 (3)
Purchases 213 125
Sales 0 (14)
Settlements (105) (83)
Transfers into Level 3 0 0
Transfers out of Level 3 0 (50)
Balance, Ending, Assets 998 876
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 0 0
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period (1) (12)
Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, Beginning, Assets 20 24
Reported in Net investment gains (losses) 2 0
Reported in Other comprehensive income (loss) 0 0
Total realized and unrealized investment gains (losses) 4 12
Purchases 0 3
Sales (7) (19)
Settlements (4) 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, Ending, Assets 13 20
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Net income (loss) in the period 2 8
Unrealized gains (losses) on Level 3 assets and liabilities recognized in Other comprehensive income (loss) in the period 0 0
Reported in Net investment income    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 21 33
Reported in Net investment income | Corporate and other bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 0 0
Reported in Net investment income | States, municipalities and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 0 0
Reported in Net investment income | Asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income 19 21
Reported in Net investment income | Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Reported in Net investment income $ 2 $ 12
v3.25.4
Fair Value (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Other invested assets overseas deposit $ 99 $ 79
v3.25.4
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) - Discounted cash flow
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fixed maturity securities $ 1,927 $ 1,724
Credit spread | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt securities, available-for-sale, measurement Input 0.01 0.01
Credit spread | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt securities, available-for-sale, measurement Input 0.11 0.06
Credit spread | Weighted Average    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt securities, available-for-sale, measurement Input 0.02 0.02
v3.25.4
Fair Value (Carrying amount and estimated fair value of financial instrument assets and liabilities which are not measured at fair value) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Mortgage loans $ 1,079 $ 1,019
Liabilities    
Long-term debt 2,971 2,973
Carrying Amount    
Assets    
Mortgage loans 1,079 1,019
Liabilities    
Long-term debt 2,971 2,973
Estimated Fair Value    
Assets    
Mortgage loans 1,072 987
Liabilities    
Long-term debt 2,967 2,885
Level 1 | Estimated Fair Value    
Assets    
Mortgage loans 0 0
Liabilities    
Long-term debt 0 0
Level 2 | Estimated Fair Value    
Assets    
Mortgage loans 0 0
Liabilities    
Long-term debt 2,967 2,885
Level 3 | Estimated Fair Value    
Assets    
Mortgage loans 1,072 987
Liabilities    
Long-term debt $ 0 $ 0
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Unrecognized tax benefits $ 0 $ 0  
Interest income (expense) 0 0 $ 0
Income tax penalties expense 0 0 0
Accrued interest and penalties 0 0  
Deferred tax liability on undistributed income related to a foreign subsidiary 0    
Foreign 284,000,000 202,000,000 198,000,000
Operating loss carryforwards 0    
Tax credit carryforward, amount 6,000,000    
Valuation allowance 0 0  
Federal Income Taxes      
Income Tax Contingency [Line Items]      
Related party transaction, amounts of transaction 204,000,000 $ 186,000,000 $ 263,000,000
Foreign      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 83,000,000    
Tax credit carryforward, amount $ 13,000,000    
v3.25.4
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. $ 1,336 $ 1,009 $ 1,320
Foreign 284 202 198
Income before income tax 1,620 1,211 1,518
Income tax expense (342) (252) (313)
Federal      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income tax expense (260) (174) (245)
Foreign      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income tax expense (69) (63) (52)
State and local      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income tax expense $ (13) $ (15) $ (16)
v3.25.4
Income Taxes (Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Income tax expense at statutory rates $ (340) $ (254) $ (319)
State and local income taxes, net of federal income tax effect (10) (12) (13)
Effect of cross-border tax laws (6) 0 (1)
Foreign tax credits 25 36 26
Tax exempt income 30 26 31
Other nontaxable or nondeductible items (10) (9) (7)
Income tax expense $ (342) $ (252) $ (313)
Percent      
Income tax expense at statutory rates 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 0.60% 1.00% 0.80%
Effect of cross-border tax laws 0.30% 0.00% 0.00%
Foreign tax credits (1.50%) (3.00%) (1.70%)
Tax exempt income (1.80%) (2.10%) (2.00%)
Other nontaxable or nondeductible items 0.60% 0.80% 0.50%
Income tax expense 21.10% 20.90% 20.50%
Canada      
Amount      
Foreign tax effects $ (22) $ (32) $ (23)
Percent      
Foreign tax effects 1.40% 2.60% 1.50%
Other      
Amount      
Foreign tax effects $ (9) $ (7) $ (7)
Percent      
Foreign tax effects 0.50% 0.60% 0.40%
v3.25.4
Income Taxes (Current and deferred components of the Company's income tax (expense) benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Current tax expense $ (267) $ (297) $ (311)
Deferred tax (expense) benefit (75) 45 (2)
Income tax expense $ (342) $ (252) $ (313)
v3.25.4
Income Taxes (Significant components of the Company's deferred tax assets and liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets:    
Property and casualty claim and claim adjustment expense reserves $ 276 $ 234
Unearned premium reserves 227 225
Deferred non-insurance warranty revenue 53 59
Employee benefits 7 13
Deferred retroactive reinsurance benefit 99 89
Net unrealized losses 258 494
Other assets 101 107
Gross deferred tax assets 1,021 1,221
Deferred Tax Liabilities:    
Investment valuation differences 168 130
Deferred acquisition costs 143 140
Policyholder reserves 25 48
Software and hardware 57 17
Other liabilities 53 36
Gross deferred tax liabilities 446 371
Net deferred tax asset $ 575 $ 850
v3.25.4
Claim and Claim Adjustment Expense Reserves (Reconciliation of Liability for Unpaid Claim and Claim Adjustment Expense) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]        
Total Net Carried Claim and Claim Adjustment Expense Reserves $ 20,617 $ 19,263 $ 18,163 $ 16,929
Reinsurance receivables 5,982      
Total gross liability for unpaid claim and claim adjustment expenses 26,599 24,976 $ 23,304  
Specialty        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Total Net Carried Claim and Claim Adjustment Expense Reserves 6,188 5,979    
Reinsurance receivables 1,596      
Commercial        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Total Net Carried Claim and Claim Adjustment Expense Reserves 10,696 9,939    
Reinsurance receivables 1,553      
International        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Total Net Carried Claim and Claim Adjustment Expense Reserves 2,841 2,416    
Reinsurance receivables 535      
Life and Group        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Total Net Carried Claim and Claim Adjustment Expense Reserves 535      
Reinsurance receivables 56      
Corporate & Other        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Total Net Carried Claim and Claim Adjustment Expense Reserves 357 $ 388    
Reinsurance receivables $ 2,242      
v3.25.4
Claim and Claim Adjustment Expense Reserves (Reconciliation of Claim and Claim Adjustment Expense Reserves) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reserves, beginning of year:      
Gross $ 24,976 $ 23,304 $ 22,120
Ceded 5,713 5,141 5,191
Net reserves, beginning of year 19,263 18,163 16,929
Net incurred claim and claim adjustment expenses:      
Provision for insured events of current year 6,724 6,330 5,667
Increase (decrease) in provision for insured events of prior years 189 42 48
Amortization of discount 39 39 44
Total net incurred 6,952 6,411 5,759
Net payments attributable to:      
Current year events (1,089) (1,093) (922)
Prior year events (4,685) (4,096) (3,679)
Total net payments (5,774) (5,189) (4,601)
Foreign currency translation adjustment and other 176 (122) 76
Net reserves, end of year 20,617 19,263 18,163
Ceded reserves, end of year 5,982 5,713 5,141
Gross reserves, end of year $ 26,599 $ 24,976 $ 23,304
v3.25.4
Claim and Claim Adjustment Expense Reserves (Gross and Net Carried Claim and Claim Adjustment Expense Reserves) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]        
Gross Case Reserves $ 9,063 $ 8,402    
Gross IBNR Reserves 17,536 16,574    
Total Gross Carried Claim and Claim Adjustment Expense Reserves 26,599 24,976 $ 23,304 $ 22,120
Net Case Reserves 6,814 6,207    
Net IBNR Reserves 13,803 13,056    
Total Net Carried Claim and Claim Adjustment Expense Reserves 20,617 19,263 $ 18,163 $ 16,929
Specialty        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Gross Case Reserves 2,166 2,023    
Gross IBNR Reserves 5,618 5,403    
Total Gross Carried Claim and Claim Adjustment Expense Reserves 7,784 7,426    
Net Case Reserves 1,801 1,697    
Net IBNR Reserves 4,387 4,282    
Total Net Carried Claim and Claim Adjustment Expense Reserves 6,188 5,979    
Commercial        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Gross Case Reserves 4,093 3,690    
Gross IBNR Reserves 8,156 7,646    
Total Gross Carried Claim and Claim Adjustment Expense Reserves 12,249 11,336    
Net Case Reserves 3,508 3,135    
Net IBNR Reserves 7,188 6,804    
Total Net Carried Claim and Claim Adjustment Expense Reserves 10,696 9,939    
International        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Gross Case Reserves 1,052 876    
Gross IBNR Reserves 2,324 2,044    
Total Gross Carried Claim and Claim Adjustment Expense Reserves 3,376 2,920    
Net Case Reserves 880 741    
Net IBNR Reserves 1,961 1,675    
Total Net Carried Claim and Claim Adjustment Expense Reserves 2,841 2,416    
Life & Group        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Gross Case Reserves 556 572    
Gross IBNR Reserves 35 50    
Total Gross Carried Claim and Claim Adjustment Expense Reserves 591 622    
Net Case Reserves 506 514    
Net IBNR Reserves 29 27    
Total Net Carried Claim and Claim Adjustment Expense Reserves 535 541    
Corporate & Other        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Gross Case Reserves 1,196 1,241    
Gross IBNR Reserves 1,403 1,431    
Total Gross Carried Claim and Claim Adjustment Expense Reserves 2,599 2,672    
Net Case Reserves 119 120    
Net IBNR Reserves 238 268    
Total Net Carried Claim and Claim Adjustment Expense Reserves $ 357 $ 388    
v3.25.4
Claim and Claim Adjustment Expense Reserves (Net Prior Year Development) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Pretax (favorable) unfavorable premium development, excluding Life & Group $ 185 $ 48 $ 48
Corporate & Other      
Segment Reporting Information [Line Items]      
Pretax (favorable) unfavorable premium development, excluding Life & Group $ 134 $ 79 $ 71
v3.25.4
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 05, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2013
Dec. 31, 2010
Liability for Claims and Claims Adjustment Expense [Line Items]            
Pretax (favorable) unfavorable premium development, excluding Life & Group   $ 185,000,000 $ 48,000,000 $ 48,000,000    
Net A&EP adverse development before consideration of LPT   185,000,000 103,000,000 86,000,000    
Funds held under reinsurance agreements, liability $ 690,000,000 3,800,000,000 3,400,000,000      
Retroactive reinsurance agreement, maximum 1,000,000,000          
Reinsurance premiums paid $ 697,000,000          
Securities held as collateral, at fair value   247,000,000        
Corporate & Other            
Liability for Claims and Claims Adjustment Expense [Line Items]            
Pretax (favorable) unfavorable premium development, excluding Life & Group   134,000,000 79,000,000 $ 71,000,000    
Asbestos and Environmental Reserves            
Liability for Claims and Claims Adjustment Expense [Line Items]            
Net A&EP claim and allocated claim adjustment expense reserves ceded to NICO           $ 1,600,000,000
Aggregate limit under A&EP Loss Portfolio Transfer           4,000,000,000
A&EP claim and allocated claim adjustment expense reserves ceded under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer           1,200,000,000
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer           2,000,000,000
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer           215,000,000
Total consideration paid to NICO under AEP Loss Portfolio Transfer         $ 2,200,000,000 $ 2,200,000,000
Cumulative amounts ceded under AEP Loss Portfolio Transfer   3,900,000,000 3,700,000,000      
Deferred reinsurance benefit yet to be recognized   470,000,000 $ 425,000,000      
Fair value of collateral trust account established by NICO under A&EP Loss Portfolio Transfer   2,400,000,000        
Excess Workers' Compensation LPT            
Liability for Claims and Claims Adjustment Expense [Line Items]            
Funds held under reinsurance agreements, liability   615,000,000        
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments   $ 75,000,000        
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development) (Details) - Specialty - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]      
Medical Professional Liability $ 0 $ (8) $ 5
Other Professional Liability and Management Liability 69 49 37
Surety (50) (68) (43)
Warranty 10 20 (11)
Other 8 (2) (2)
Total pretax (favorable) unfavorable development $ 37 $ (9) $ (14)
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Line of Business Composition) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929
Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 6,188 $ 5,979    
Medical Professional Liability | Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 1,468      
Other Professional Liability and Management Liability | Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 4,073      
Surety | Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 521      
Warranty | Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 58      
Other | Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses $ 68      
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Medical Professional Liability - Cumulative Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Medical Professional Liability - Specialty
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 4,141                  
IBNR 920                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 509 $ 513 $ 514 $ 508 $ 510 $ 508 $ 499 $ 485 $ 487 $ 427
IBNR $ 12                  
Cumulative Number of Claims | claim 16,205                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 458 463 456 460 455 460 458 449 $ 412  
IBNR $ 11                  
Cumulative Number of Claims | claim 15,400                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 507 499 495 470 448 431 429 $ 404    
IBNR $ 34                  
Cumulative Number of Claims | claim 15,358                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 478 481 469 471 458 445 $ 430      
IBNR $ 17                  
Cumulative Number of Claims | claim 14,572                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 400 419 447 455 476 $ 477        
IBNR $ 57                  
Cumulative Number of Claims | claim 11,381                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 318 349 374 376 $ 377          
IBNR $ 57                  
Cumulative Number of Claims | claim 10,085                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 323 333 329 $ 329            
IBNR $ 87                  
Cumulative Number of Claims | claim 10,353                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 382 350 $ 340              
IBNR $ 129                  
Cumulative Number of Claims | claim 11,129                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 376 $ 343                
IBNR $ 199                  
Cumulative Number of Claims | claim 11,002                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 390                  
IBNR $ 317                  
Cumulative Number of Claims | claim 9,107                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Medical Professional Liability - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses 6,188 5,979                
Medical Professional Liability | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 2,771                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 1,370                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 47                  
Liability for unallocated claim adjustment expenses for accident years presented 51                  
Total net liability for unpaid claim and claim adjustment expenses 1,468                  
Medical Professional Liability | 2016 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 491 489 483 460 $ 436 $ 401 $ 339 $ 246 $ 121 $ 18
Medical Professional Liability | 2017 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 438 427 417 388 355 308 235 107 $ 19  
Medical Professional Liability | 2018 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 463 453 418 349 290 211 115 $ 21    
Medical Professional Liability | 2019 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 425 395 349 280 183 91 $ 17      
Medical Professional Liability | 2020 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 303 258 201 139 61 $ 11        
Medical Professional Liability | 2021 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 223 170 118 49 $ 11          
Medical Professional Liability | 2022 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 171 122 57 $ 10            
Medical Professional Liability | 2023 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 160 86 $ 14              
Medical Professional Liability | 2024 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 82 $ 13                
Medical Professional Liability | 2025 | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 15                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Medical Professional Liability - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Specialty - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Claims Development [Line Items]                                  
Total $ 0 $ (8) $ 5                            
Medical Professional Liability                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 1 (17) 15                            
Total net development for accident years prior to 2016 1 9 (10)                            
Total unallocated claim adjustment expense development (2) 0 0                            
Total 0 (8) 5                            
Medical Professional Liability | 2016                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (4) (1) 6 $ (2) $ 2 $ 9 $ 14 $ (2) $ 60               $ 82
Medical Professional Liability | 2017                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (5) 7 (4) 5 (5) 2 9 $ 37               $ 46  
Medical Professional Liability | 2018                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 8 4 25 22 17 2 $ 25               $ 103    
Medical Professional Liability | 2019                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (3) 12 (2) 13 13 $ 15               $ 48      
Medical Professional Liability | 2020                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (19) (28) (8) (21) $ (1)               $ (77)        
Medical Professional Liability | 2021                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (31) (25) (2) $ (1)               $ (59)          
Medical Professional Liability | 2022                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (10) 4 $ 0               $ (6)            
Medical Professional Liability | 2023                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 32 $ 10               $ 42              
Medical Professional Liability | 2024                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims $ 33                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Other Professional Liability and Management Liability - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Other Professional Liability and Management Liability - Specialty
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 10,229                  
IBNR 2,689                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 910 $ 912 $ 906 $ 888 $ 891 $ 907 $ 904 $ 900 $ 900 $ 901
IBNR $ 28                  
Cumulative Number of Claims | claim 17,993                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 744 752 746 758 775 791 813 845 $ 847  
IBNR $ 25                  
Cumulative Number of Claims | claim 18,223                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,003 987 941 923 906 869 864 $ 850    
IBNR $ 44                  
Cumulative Number of Claims | claim 20,083                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 984 970 939 876 856 845 $ 837      
IBNR $ 79                  
Cumulative Number of Claims | claim 19,577                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 936 945 945 951 944 $ 930        
IBNR $ 106                  
Cumulative Number of Claims | claim 19,558                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 956 965 1,009 1,038 $ 1,037          
IBNR $ 190                  
Cumulative Number of Claims | claim 18,444                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,049 1,084 1,112 $ 1,120            
IBNR $ 265                  
Cumulative Number of Claims | claim 18,534                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,239 1,166 $ 1,149              
IBNR $ 365                  
Cumulative Number of Claims | claim 19,902                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,200 $ 1,150                
IBNR $ 609                  
Cumulative Number of Claims | claim 20,579                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,208                  
IBNR $ 978                  
Cumulative Number of Claims | claim 19,311                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Other Professional Liability and Management Liability - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses 6,188 5,979                
Other Professional Liability and Management Liability | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 6,324                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 3,905                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 101                  
Liability for unallocated claim adjustment expenses for accident years presented 67                  
Total net liability for unpaid claim and claim adjustment expenses 4,073                  
Other Professional Liability and Management Liability | 2016 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 862 856 826 784 $ 736 $ 701 $ 625 $ 466 $ 248 $ 64
Other Professional Liability and Management Liability | 2017 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 699 672 630 596 557 498 394 222 $ 57  
Other Professional Liability and Management Liability | 2018 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 886 847 779 706 599 473 282 $ 54    
Other Professional Liability and Management Liability | 2019 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 864 801 699 567 422 263 $ 64      
Other Professional Liability and Management Liability | 2020 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 751 660 523 400 248 $ 67        
Other Professional Liability and Management Liability | 2021 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 634 502 356 217 $ 58          
Other Professional Liability and Management Liability | 2022 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 638 453 225 $ 64            
Other Professional Liability and Management Liability | 2023 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 594 302 $ 64              
Other Professional Liability and Management Liability | 2024 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 315 $ 77                
Other Professional Liability and Management Liability | 2025 | Specialty                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 81                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Other Professional Liability and Management Liability - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Specialty - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Claims Development [Line Items]                                  
Total $ 69 $ 49 $ 37                            
Other Professional Liability and Management Liability                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 90 34 44                            
Total net development for accident years prior to 2016 (18) 10 (7)                            
Total unallocated claim adjustment expense development (3) 5 0                            
Total 69 49 37                            
Other Professional Liability and Management Liability | 2016                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (2) 6 18 $ (3) $ (16) $ 3 $ 4 $ 0 $ (1)               $ 9
Other Professional Liability and Management Liability | 2017                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (8) 6 (12) (17) (16) (22) (32) $ (2)               $ (103)  
Other Professional Liability and Management Liability | 2018                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 16 46 18 17 37 5 $ 14               $ 153    
Other Professional Liability and Management Liability | 2019                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 14 31 63 20 11 $ 8               $ 147      
Other Professional Liability and Management Liability | 2020                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (9) 0 (6) 7 $ 14               $ 6        
Other Professional Liability and Management Liability | 2021                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (9) (44) (29) $ 1               $ (81)          
Other Professional Liability and Management Liability | 2022                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims (35) (28) $ (8)               $ (71)            
Other Professional Liability and Management Liability | 2023                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims 73 $ 17               $ 90              
Other Professional Liability and Management Liability | 2024                                  
Claims Development [Line Items]                                  
Cumulative Number of Claims $ 50                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Surety - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Surety - Specialty
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 984                  
IBNR 456                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 43 $ 43 $ 43 $ 58 $ 64 $ 67 $ 84 $ 109 $ 124 $ 124
IBNR $ 3                  
Cumulative Number of Claims | claim 5,590                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 66 67 67 66 71 84 103 115 $ 120  
IBNR $ 3                  
Cumulative Number of Claims | claim 5,928                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 58 49 51 56 62 91 108 $ 114    
IBNR $ 2                  
Cumulative Number of Claims | claim 6,322                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 81 82 82 87 98 112 $ 119      
IBNR $ 6                  
Cumulative Number of Claims | claim 6,286                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 67 57 67 81 119 $ 128        
IBNR $ 6                  
Cumulative Number of Claims | claim 4,918                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 74 91 110 129 $ 137          
IBNR $ 12                  
Cumulative Number of Claims | claim 5,003                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 118 132 158 $ 155            
IBNR $ 53                  
Cumulative Number of Claims | claim 5,131                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 147 169 $ 175              
IBNR $ 92                  
Cumulative Number of Claims | claim 4,889                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 167 $ 171                
IBNR $ 124                  
Cumulative Number of Claims | claim 4,397                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 163                  
IBNR $ 155                  
Cumulative Number of Claims | claim 3,143                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Surety - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses 6,188 5,979                
Surety | Specialty                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 492                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 492                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 13                  
Liability for unallocated claim adjustment expenses for accident years presented 16                  
Total net liability for unpaid claim and claim adjustment expenses 521                  
Surety | Specialty | 2016                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 40 40 40 41 $ 43 $ 43 $ 45 $ 45 $ 37 $ 5
Surety | Specialty | 2017                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 63 63 62 62 49 46 41 37 $ 23  
Surety | Specialty | 2018                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 46 41 41 40 39 34 25 $ 5    
Surety | Specialty | 2019                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 75 74 70 59 44 34 $ 12      
Surety | Specialty | 2020                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 57 44 33 28 20 $ 4        
Surety | Specialty | 2021                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 59 42 35 20 $ 5          
Surety | Specialty | 2022                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 59 52 35 $ 12            
Surety | Specialty | 2023                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 52 27 $ 8              
Surety | Specialty | 2024                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 37 $ 20                
Surety | Specialty | 2025                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 4                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Specialty - Surety - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Specialty - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended 120 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Claims Development [Line Items]                                    
Total $ (50) $ (68) $ (43)                              
Surety                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims (40) (63) (54)                              
Total net development for accident years prior to 2016 (7) (5) 11                              
Total unallocated claim adjustment expense development (3) 0 0                              
Total (50) (68) (43)                              
Surety | 2016                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims 0 0 (15) $ (6) $ (3) $ (17) $ (25) $ (15) $ 0               $ (81)  
Surety | 2017                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims (1) 0 1 (5) (13) (19) (12) $ (5)               $ (54)    
Surety | 2018                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims 9 (2) (5) (6) (29) (17) $ (6)               $ (56)      
Surety | 2019                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims (1) 0 (5) (11) (14) $ (7)               $ (38)        
Surety | 2020                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims 10 (10) (14) (38) $ (9)               $ (61)          
Surety | 2021                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims (17) (19) (19) $ (8)               $ (63)            
Surety | 2022                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims (14) (26) $ 3               $ (37)              
Surety | 2023                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims (22) $ (6)               $ (28)                
Surety | 2024                                    
Claims Development [Line Items]                                    
Cumulative Number of Claims $ (4)                                 $ (4)
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development) (Details) - Commercial - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]      
Commercial $ 74 $ 107 $ 33
General Liability 114 75 149
Workers' Compensation (135) (202) (203)
Property and Other (14) 4 (1)
Total pretax (favorable) unfavorable development $ 39 $ (16) $ (22)
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Short Duration Contracts) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929
Commercial        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 10,696 $ 9,939    
Commercial Auto | Commercial        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 1,573      
General Liability | Commercial        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 4,837      
Workers' Compensation | Commercial        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses 3,482      
Property and Other | Commercial        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses $ 804      
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Commercial Auto - Commercial
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 4,515                  
IBNR 1,085                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 194 $ 195 $ 197 $ 200 $ 195 $ 190 $ 186 $ 186 $ 186 $ 198
IBNR $ 0                  
Cumulative Number of Claims | claim 30,459                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 237 241 241 239 232 221 200 198 $ 199  
IBNR $ 0                  
Cumulative Number of Claims | claim 30,948                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 259 260 255 254 245 227 227 $ 229    
IBNR $ 1                  
Cumulative Number of Claims | claim 34,333                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 323 327 325 323 289 266 $ 257      
IBNR $ 0                  
Cumulative Number of Claims | claim 37,281                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 299 303 298 304 303 $ 310        
IBNR $ 7                  
Cumulative Number of Claims | claim 29,192                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 377 393 390 388 $ 397          
IBNR $ 16                  
Cumulative Number of Claims | claim 33,063                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 506 496 465 $ 437            
IBNR $ 55                  
Cumulative Number of Claims | claim 37,327                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 635 620 $ 554              
IBNR $ 120                  
Cumulative Number of Claims | claim 42,921                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 799 $ 726                
IBNR $ 270                  
Cumulative Number of Claims | claim 49,670                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 886                  
IBNR $ 616                  
Cumulative Number of Claims | claim 41,075                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses 10,696 9,939                
Commercial Auto | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 2,973                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 1,542                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 5                  
Liability for unallocated claim adjustment expenses for accident years presented 26                  
Total net liability for unpaid claim and claim adjustment expenses 1,573                  
Commercial Auto | Commercial | 2016                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 193 193 192 190 $ 185 $ 175 $ 154 $ 126 $ 93 $ 52
Commercial Auto | Commercial | 2017                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 237 235 232 225 203 178 150 107 $ 58  
Commercial Auto | Commercial | 2018                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 257 256 249 238 212 175 128 $ 66    
Commercial Auto | Commercial | 2019                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 319 312 295 257 203 147 $ 77      
Commercial Auto | Commercial | 2020                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 287 276 246 197 134 $ 71        
Commercial Auto | Commercial | 2021                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 347 305 240 168 $ 83          
Commercial Auto | Commercial | 2022                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 411 334 236 $ 112            
Commercial Auto | Commercial | 2023                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 414 270 $ 127              
Commercial Auto | Commercial | 2024                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 345 $ 153                
Commercial Auto | Commercial | 2025                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 163                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Commercial Auto - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Commercial - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Total $ 74 $ 107 $ 33                            
Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 68 110 26                            
Total net development for accident years prior to 2016 3 (3) 4                            
Total unallocated claim adjustment expense development 3 0 3                            
Total 74 107 33                            
2016 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (1) (2) (3) $ 5 $ 5 $ 4 $ 0 $ 0 $ (12)               $ (4)
2017 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (4) 0 2 7 11 21 2 $ (1)               $ 38  
2018 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (1) 5 1 9 18 0 $ (2)               $ 30    
2019 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (4) 2 2 34 23 $ 9               $ 66      
2020 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (4) 5 (6) 1 $ (7)               $ (11)        
2021 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (16) 3 2 $ (9)               $ (20)          
2022 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 10 31 $ 28               $ 69            
2023 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 15 $ 66               $ 81              
2024 | Commercial Auto                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 73                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - General Liability - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - General Liability - Commercial
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 9,151                  
IBNR 3,410                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 723 $ 712 $ 704 $ 684 $ 683 $ 673 $ 671 $ 667 $ 659 $ 623
IBNR $ 23                  
Cumulative Number of Claims | claim 24,982                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 749 713 690 652 630 634 632 632 $ 632  
IBNR $ 15                  
Cumulative Number of Claims | claim 22,611                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 663 665 679 650 639 646 644 $ 653    
IBNR $ 63                  
Cumulative Number of Claims | claim 20,631                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 747 727 720 691 682 682 $ 680      
IBNR $ 98                  
Cumulative Number of Claims | claim 20,091                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 662 702 736 726 722 $ 723        
IBNR $ 139                  
Cumulative Number of Claims | claim 15,152                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 833 814 793 784 $ 782          
IBNR $ 189                  
Cumulative Number of Claims | claim 16,349                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 952 930 928 $ 929            
IBNR $ 316                  
Cumulative Number of Claims | claim 18,494                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,146 1,106 $ 1,071              
IBNR $ 516                  
Cumulative Number of Claims | claim 18,905                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,295 $ 1,271                
IBNR $ 833                  
Cumulative Number of Claims | claim 20,250                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 1,381                  
IBNR $ 1,218                  
Cumulative Number of Claims | claim 15,771                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - General Liability - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses 10,696 9,939                
General Liability | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 4,576                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 4,575                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 179                  
Liability for unallocated claim adjustment expenses for accident years presented 83                  
Total net liability for unpaid claim and claim adjustment expenses 4,837                  
General Liability | Commercial | 2016                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 681 652 620 582 $ 524 $ 481 $ 407 $ 279 $ 163 $ 32
General Liability | Commercial | 2017                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 705 657 606 553 471 399 250 118 $ 23  
General Liability | Commercial | 2018                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 573 546 491 428 307 228 107 $ 33    
General Liability | Commercial | 2019                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 607 532 455 322 181 98 $ 25      
General Liability | Commercial | 2020                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 450 367 280 192 99 $ 23        
General Liability | Commercial | 2021                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 542 391 262 140 $ 26          
General Liability | Commercial | 2022                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 439 260 123 $ 29            
General Liability | Commercial | 2023                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 356 153 $ 33              
General Liability | Commercial | 2024                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 180 $ 34                
General Liability | Commercial | 2025                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 43                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - General Liability - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Commercial - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Total $ 114 $ 75 $ 149                            
General Liability                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 130 48 134                            
Total net development for accident years prior to 2016 (30) 27 15                            
Total unallocated claim adjustment expense development 14 0 0                            
Total 114 75 149                            
General Liability | 2016                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 11 8 20 $ 1 $ 10 $ 2 $ 4 $ 8 $ 36               $ 100
General Liability | 2017                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 36 23 38 22 (4) 2 0 $ 0               $ 117  
General Liability | 2018                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (2) (14) 29 11 (7) 2 $ (9)               $ 10    
General Liability | 2019                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 20 7 29 9 0 $ 2               $ 67      
General Liability | 2020                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (40) (34) 10 4 $ (1)               $ (61)        
General Liability | 2021                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 19 21 9 $ 2               $ 51          
General Liability | 2022                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 22 2 $ (1)               $ 23            
General Liability | 2023                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 40 $ 35               $ 75              
General Liability | 2024                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 24                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Workers' Compensation - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - Workers' Compensation - Commercial
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 4,469                  
IBNR 1,182                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 287 $ 293 $ 308 $ 331 $ 355 $ 366 $ 382 $ 396 $ 405 $ 426
IBNR $ 40                  
Cumulative Number of Claims | claim 32,007                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 364 383 398 399 402 400 421 432 $ 440  
IBNR $ 44                  
Cumulative Number of Claims | claim 33,164                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 393 399 404 415 415 428 440 $ 450    
IBNR $ 57                  
Cumulative Number of Claims | claim 34,930                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 410 416 419 436 437 449 $ 452      
IBNR $ 57                  
Cumulative Number of Claims | claim 34,398                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 363 393 414 446 466 $ 477        
IBNR $ 74                  
Cumulative Number of Claims | claim 29,506                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 412 421 432 454 $ 468          
IBNR $ 97                  
Cumulative Number of Claims | claim 30,150                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 467 478 489 $ 497            
IBNR $ 108                  
Cumulative Number of Claims | claim 33,488                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 541 551 $ 555              
IBNR $ 161                  
Cumulative Number of Claims | claim 37,037                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 586 $ 574                
IBNR $ 196                  
Cumulative Number of Claims | claim 38,866                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 646                  
IBNR $ 348                  
Cumulative Number of Claims | claim 36,112                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Workers' Compensation - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses 10,696 9,939                
Workers' Compensation | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 2,672                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 1,797                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 1,648                  
Other (23)                  
Liability for unallocated claim adjustment expenses for accident years presented 60                  
Total net liability for unpaid claim and claim adjustment expenses 3,482                  
Workers' Compensation | 2016 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 238 238 235 234 $ 227 $ 219 $ 198 $ 169 $ 129 $ 53
Workers' Compensation | 2017 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 295 293 287 279 265 243 207 151 $ 63  
Workers' Compensation | 2018 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 313 307 298 280 259 229 163 $ 68    
Workers' Compensation | 2019 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 320 310 291 262 223 169 $ 71      
Workers' Compensation | 2020 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 257 246 228 200 147 $ 65        
Workers' Compensation | 2021 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 273 256 222 164 $ 67          
Workers' Compensation | 2022 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 299 258 192 $ 79            
Workers' Compensation | 2023 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 286 209 $ 87              
Workers' Compensation | 2024 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 264 $ 111                
Workers' Compensation | 2025 | Commercial                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 127                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (Commercial - Workers' Compensation - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - Commercial - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Total $ (135) $ (202) $ (203)                            
Workers' Compensation                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (85) (85) (114)                            
Adjustment for development on a discounted basis 2 (2) (2)                            
Total net development for accident years prior to 2016 (52) (115) (93)                            
Total unallocated claim adjustment expense development 0 0 6                            
Total (135) (202) (203)                            
Workers' Compensation | 2016                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (6) (15) (23) $ (24) $ (11) $ (16) $ (14) $ (9) $ (21)               $ (139)
Workers' Compensation | 2017                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (19) (15) (1) (3) 2 (21) (11) $ (8)               $ (76)  
Workers' Compensation | 2018                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (6) (5) (11) 0 (13) (12) $ (10)               $ (57)    
Workers' Compensation | 2019                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (6) (3) (17) (1) (12) $ (3)               $ (42)      
Workers' Compensation | 2020                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (30) (21) (32) (20) $ (11)               $ (114)        
Workers' Compensation | 2021                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (9) (11) (22) $ (14)               $ (56)          
Workers' Compensation | 2022                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (11) (11) $ (8)               $ (30)            
Workers' Compensation | 2023                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (10) $ (4)               $ (14)              
Workers' Compensation | 2024                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 12                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Net prior year claim and allocated claim adjustment expense reserve development) (Details) - International - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]      
Commercial $ (26) $ (12) $ (18)
Specialty 5 6 35
Other (4) 0 (4)
Total pretax (favorable) unfavorable development $ (25) $ (6) $ 13
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Short Duration Contracts) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929
International        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total net liability for unpaid claim and claim adjustment expenses $ 2,841 $ 2,416    
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - International
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 6,426                  
IBNR 1,914                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 550 $ 540 $ 543 $ 520 $ 518 $ 508 $ 516 $ 530 $ 556 $ 519
IBNR $ 41                  
Cumulative Number of Claims | claim 26,135                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 668 665 644 620 632 630 636 626 $ 551  
IBNR $ 29                  
Cumulative Number of Claims | claim 27,478                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 745 746 747 719 706 701 693 $ 646    
IBNR $ 34                  
Cumulative Number of Claims | claim 34,444                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 605 600 594 595 580 588 $ 572      
IBNR $ 59                  
Cumulative Number of Claims | claim 31,242                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 537 549 552 570 584 $ 602        
IBNR $ 103                  
Cumulative Number of Claims | claim 23,395                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 516 520 538 574 $ 595          
IBNR $ 139                  
Cumulative Number of Claims | claim 20,159                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 608 633 635 $ 628            
IBNR $ 211                  
Cumulative Number of Claims | claim 16,985                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 658 679 $ 691              
IBNR $ 318                  
Cumulative Number of Claims | claim 15,977                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 780 $ 743                
IBNR $ 436                  
Cumulative Number of Claims | claim 14,380                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 759                  
IBNR $ 544                  
Cumulative Number of Claims | claim 9,708                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 3,719                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 2,707                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 83                  
Liability for unallocated claim adjustment expenses for accident years presented 51                  
Total net liability for unpaid claim and claim adjustment expenses 2,841 2,416                
2016 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 475 468 452 437 $ 424 $ 390 $ 365 $ 332 $ 278 $ 129
2017 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 594 576 560 494 455 424 372 298 $ 118  
2018 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 655 634 585 520 477 415 337 $ 144    
2019 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 476 455 420 386 344 269 $ 117      
2020 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 372 339 301 269 208 $ 87        
2021 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 300 262 223 170 $ 69          
2022 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 308 279 197 $ 69            
2023 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 254 180 $ 63              
2024 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 209 $ 76                
2025 | International                    
Short-Duration Insurance Contracts, Net Cumulative Paid Claim and Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 76                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - International - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
2016                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 10 $ (3) $ 23 $ 2 $ 10 $ (8) $ (14) $ (26) $ 37               $ 31
2017                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 3 21 24 (12) 2 (6) 10 $ 75               $ 117  
2018                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (1) (1) 28 13 5 8 $ 47               $ 99    
2019                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 5 6 (1) 15 (8) $ 16               $ 33      
2020                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (12) (3) (18) (14) $ (18)               $ (65)        
2021                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (4) (18) (36) $ (21)               $ (79)          
2022                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (25) (2) $ 7               $ (20)            
2023                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (21) $ (12)               $ (33)              
2024                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 37                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Hardy - Net Incurred Claims and Allocated Claim Adjustment Expenses) (Details) - International
$ in Millions
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 6,426                  
IBNR 1,914                  
2016                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net 550 $ 540 $ 543 $ 520 $ 518 $ 508 $ 516 $ 530 $ 556 $ 519
IBNR $ 41                  
Cumulative Number of Claims | claim 26,135                  
2017                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 668 665 644 620 632 630 636 626 $ 551  
IBNR $ 29                  
Cumulative Number of Claims | claim 27,478                  
2018                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 745 746 747 719 706 701 693 $ 646    
IBNR $ 34                  
Cumulative Number of Claims | claim 34,444                  
2019                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 605 600 594 595 580 588 $ 572      
IBNR $ 59                  
Cumulative Number of Claims | claim 31,242                  
2020                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 537 549 552 570 584 $ 602        
IBNR $ 103                  
Cumulative Number of Claims | claim 23,395                  
2021                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 516 520 538 574 $ 595          
IBNR $ 139                  
Cumulative Number of Claims | claim 20,159                  
2022                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 608 633 635 $ 628            
IBNR $ 211                  
Cumulative Number of Claims | claim 16,985                  
2023                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 658 679 $ 691              
IBNR $ 318                  
Cumulative Number of Claims | claim 15,977                  
2024                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 780 $ 743                
IBNR $ 436                  
Cumulative Number of Claims | claim 14,380                  
2025                    
Short-duration Insurance Contracts, Net Incurred Claim and Claim Adjustment Expenses [Line Items]                    
Incurred claims and allocated claim adjustment expense, net $ 759                  
IBNR $ 544                  
Cumulative Number of Claims | claim 9,708                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Hardy - Net Cumulative Paid Claim and Claim Adjustment Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Total net liability for unpaid claim and claim adjustment expenses $ 20,617 $ 19,263 $ 18,163 $ 16,929            
International                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 3,719                  
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented 2,707                  
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016 83                  
Liability for unallocated claim adjustment expenses for accident years presented 51                  
Total net liability for unpaid claim and claim adjustment expenses 2,841 2,416                
International | 2016                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 475 468 452 437 $ 424 $ 390 $ 365 $ 332 $ 278 $ 129
International | 2017                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 594 576 560 494 455 424 372 298 $ 118  
International | 2018                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 655 634 585 520 477 415 337 $ 144    
International | 2019                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 476 455 420 386 344 269 $ 117      
International | 2020                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 372 339 301 269 208 $ 87        
International | 2021                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 300 262 223 170 $ 69          
International | 2022                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 308 279 197 $ 69            
International | 2023                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 254 180 $ 63              
International | 2024                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net 209 $ 76                
International | 2025                    
Short Duration Contracts Net Cumulative Paid Claim Adjustment Expenses [Line Items]                    
Cumulative paid claims and allocated claim adjustment expense, net $ 76                  
v3.25.4
Claim and Claim Adjustment Expense Reserves (International - Hardy - Net Strengthening or Releasing of Prior Accident Year Reserves) (Details) - International - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended 72 Months Ended 84 Months Ended 96 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
2016                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 10 $ (3) $ 23 $ 2 $ 10 $ (8) $ (14) $ (26) $ 37               $ 31
2017                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 3 21 24 (12) 2 (6) 10 $ 75               $ 117  
2018                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (1) (1) 28 13 5 8 $ 47               $ 99    
2019                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims 5 6 (1) 15 (8) $ 16               $ 33      
2020                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (12) (3) (18) (14) $ (18)               $ (65)        
2021                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (4) (18) (36) $ (21)               $ (79)          
2022                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (25) (2) $ 7               $ (20)            
2023                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims (21) $ (12)               $ (33)              
2024                                  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                                  
Cumulative Number of Claims $ 37                                
v3.25.4
Claim and Claim Adjustment Expense Reserves (Historical Claims Duration) (Details)
Dec. 31, 2025
International  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 15.00%
Year 2 22.60%
Year 3 11.30%
Year 4 6.80%
Year 5 5.80%
Year 6 6.50%
Year 7 5.60%
Year 8 2.60%
Year 9 2.80%
Year 10 1.30%
Medical Professional Liability | Specialty  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 3.60%
Year 2 16.60%
Year 3 21.40%
Year 4 16.70%
Year 5 13.20%
Year 6 9.70%
Year 7 6.10%
Year 8 2.90%
Year 9 1.80%
Year 10 0.40%
Other Professional Liability and Management Liability | Specialty  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 6.40%
Year 2 19.50%
Year 3 19.80%
Year 4 15.00%
Year 5 11.50%
Year 6 7.30%
Year 7 5.80%
Year 8 4.70%
Year 9 3.50%
Year 10 0.70%
Surety | Specialty  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 15.20%
Year 2 36.20%
Year 3 12.90%
Year 4 8.40%
Year 5 6.30%
Year 6 9.20%
Year 7 (0.90%)
Year 8 2.60%
Year 9 0.00%
Year 10 0.00%
Commercial Auto | Commercial  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 22.60%
Year 2 22.50%
Year 3 19.10%
Year 4 15.20%
Year 5 10.70%
Year 6 5.50%
Year 7 2.60%
Year 8 0.90%
Year 9 0.70%
Year 10 0.00%
General Liability | Commercial  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 3.40%
Year 2 12.10%
Year 3 15.50%
Year 4 16.60%
Year 5 14.50%
Year 6 9.80%
Year 7 8.40%
Year 8 5.40%
Year 9 5.40%
Year 10 4.00%
Workers' Compensation | Commercial  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 17.60%
Year 2 24.20%
Year 3 14.50%
Year 4 8.80%
Year 5 5.80%
Year 6 3.80%
Year 7 2.30%
Year 8 1.20%
Year 9 0.80%
Year 10 0.00%
v3.25.4
Claim and Claim Adjustment Expense Reserves (Impact of Loss Portfolio Transfer on the Consolidated Statement of Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]      
Net A&EP adverse development before consideration of LPT $ 185 $ 103 $ 86
Asbestos and Environmental Reserves      
Liability for Claims and Claims Adjustment Expense [Line Items]      
Additional amounts ceded under LPT 185 103 86
Retroactive reinsurance benefit recognized (140) (95) (94)
Pretax impact of deferred retroactive reinsurance $ 45 $ 8 $ (8)
v3.25.4
Future Policy Benefit Reserves - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]        
Liability for unpaid claims and claims adjustment expense, long term care policies, period increase (decrease) $ 7 $ 15    
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance     $ 3,507 $ 3,573
Liability for future policy benefit, weighted-average duration     11 years 11 years
Liability future policy benefit, losses recognized in current period     $ 135 $ 159
Liability future policy benefit, losses recognized in prior period     $ 58 $ 29
v3.25.4
Future Policy Benefit Reserves - Summary of Balances and Changes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Present value of future net premiums        
Balance, January 1 $ 3,425 $ 3,710 $ 3,991  
Effect of changes in discount rate (71) (7) (125) $ (74)
Balance, January 1, at original locked in discount rate 3,418 3,585 3,917  
Effect of changes in cash flow assumptions   114 111 28
Expect of actual variances from expected experience   (10) (41) (126)
Adjusted balance, January 1   3,522 3,655 3,819
Interest accrual 176 183 202  
Net premiums: earned during period (406) (420) (436)  
Balance, end of period at original locked in discount rate 3,292 3,418 3,585  
Effect of changes in discount rate 71 7 125 74
Balance, December 31 3,363 3,425 3,710  
Present value of future benefits & expenses        
Balance, January 1 16,583 17,669 17,471  
Effect of changes in discount rate 173 440 (578) (125)
Balance, January 1, at original locked in discount rate 17,023 17,091 17,346  
Effect of change in cash flow assumptions   121 126 36
Effect of actual variances from expected experience   87 69 (46)
Adjusted balance, January 1   17,231 17,286 17,336
Interest accrual 918 924 962  
Benefit & expense payments (1,165) (1,187) (1,207)  
Balance, end of period at original locked in discount rate 16,984 17,023 17,091  
Effect of changes in discount rate (173) (440) 578 $ 125
Balance, December 31 16,811 16,583 17,669  
Net LFPB 13,448 13,158 13,959  
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (104) $ (125) $ (88)  
v3.25.4
Future Policy Benefit Reserves - Earned Premiums and Interest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]      
Earned premiums $ 423 $ 437 $ 451
Interest accretion $ 742 $ 741 $ 760
v3.25.4
Future Policy Benefit Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Expected future benefit and expense payments $ 31,323 $ 31,712
Expected future gross premiums $ 4,930 $ 5,183
v3.25.4
Future Policy Benefit Reserves - Weighted Average Interest Rates (Details)
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Original locked in discount rate 5.16% 5.20%
Upper-medium grade fixed income instrument discount rate 5.32% 5.51%
v3.25.4
Legal Proceedings, Contingencies and Guarantees (Narrative) (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Guarantee Obligations  
Legal Proceedings, Commitments and Contingencies, and Guarantees [Line Items]  
Guarantor obligations, maximum exposure, undiscounted $ 1.9
v3.25.4
Reinsurance (Components of Reinsurance Receivables) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance receivables related to insurance reserves        
Ceded claim and claim adjustment expenses $ 5,982 $ 5,713 $ 5,141 $ 5,191
Reinsurance receivables related to paid losses 426 359    
Reinsurance receivables 6,408 6,072 $ 5,434  
Allowance for uncollectible reinsurance (27) (21)    
Reinsurance receivables, net of allowance for uncollectible reinsurance $ 6,381 $ 6,051    
v3.25.4
Reinsurance (Voluntary Reinsurance) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Effects of Reinsurance [Line Items]  
Total voluntary reinsurance outstanding balance $ 5,840
A- to A++  
Effects of Reinsurance [Line Items]  
Total voluntary reinsurance outstanding balance 4,864
B- to B++  
Effects of Reinsurance [Line Items]  
Total voluntary reinsurance outstanding balance 967
Insolvent  
Effects of Reinsurance [Line Items]  
Total voluntary reinsurance outstanding balance $ 9
v3.25.4
Reinsurance (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 05, 2021
Ceded Credit Risk [Line Items]        
Funds held under reinsurance agreements, liability $ 3,800 $ 3,400   $ 690
Largest recoverable from single reinsurer 6,381 6,051    
Reinsurance recoveries reported in insurance claims and policyholders' benefits reported on the Consolidated Statement of Operations 2,894 3,450 $ 2,772  
Subsidiaries of Berkshire Hathaway Group        
Ceded Credit Risk [Line Items]        
Largest recoverable from single reinsurer 1,900      
Cavello Bay Reinsurance Limited        
Ceded Credit Risk [Line Items]        
Largest recoverable from single reinsurer 466      
Swiss Reinsurance Group        
Ceded Credit Risk [Line Items]        
Largest recoverable from single reinsurer 390      
Significant Captive Program        
Ceded Credit Risk [Line Items]        
Direct and ceded earned premiums 2,265 2,653 2,907  
Reinsurance recoveries reported in insurance claims and policyholders' benefits reported on the Consolidated Statement of Operations $ 1,277 $ 1,730 $ 1,512  
v3.25.4
Reinsurance (Components of Earned Premiums) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Premiums Earned, Net [Abstract]      
Direct $ 15,357 $ 15,025 $ 14,315
Assumed 293 293 267
Ceded 4,750 5,107 5,102
Net 10,900 10,211 9,480
Property and casualty      
Premiums Earned, Net [Abstract]      
Direct 14,974 14,629 13,908
Assumed 253 252 223
Ceded 4,750 5,107 5,102
Net 10,477 9,774 9,029
Long-term care      
Premiums Earned, Net [Abstract]      
Direct 383 396 407
Assumed 40 41 44
Ceded 0 0 0
Net $ 423 $ 437 $ 451
Percentage of assumed premiums earned to net premiums earned      
Premiums Earned, Net [Abstract]      
Assumed/ Net % 2.70% 2.90% 2.80%
Percentage of assumed premiums earned to net premiums earned | Property and casualty      
Premiums Earned, Net [Abstract]      
Assumed/ Net % 2.40% 2.60% 2.50%
Percentage of assumed premiums earned to net premiums earned | Long-term care      
Premiums Earned, Net [Abstract]      
Assumed/ Net % 9.50% 9.40% 9.80%
v3.25.4
Reinsurance (Components of Written Premiums) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Premiums Written, Net [Abstract]      
Direct $ 15,682 $ 15,509 $ 14,902
Assumed 287 298 262
Ceded 4,868 5,202 5,272
Net 11,101 10,605 9,892
Property and casualty      
Premiums Written, Net [Abstract]      
Direct 15,303 15,120 14,498
Assumed 247 257 219
Ceded 4,868 5,202 5,272
Net 10,682 10,175 9,445
Long-term care      
Premiums Written, Net [Abstract]      
Direct 379 389 404
Assumed 40 41 43
Ceded 0 0 0
Net $ 419 $ 430 $ 447
Percentage of assumed premiums written to net premiums written      
Premiums Written, Net [Abstract]      
Assumed/ Net % 2.60% 2.80% 2.60%
Percentage of assumed premiums written to net premiums written | Property and casualty      
Premiums Written, Net [Abstract]      
Assumed/ Net % 2.30% 2.50% 2.30%
Percentage of assumed premiums written to net premiums written | Long-term care      
Premiums Written, Net [Abstract]      
Assumed/ Net % 9.50% 9.50% 9.60%
v3.25.4
Debt (Schedule of debt instruments) (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 2,971,000,000 $ 2,973,000,000
Total debt $ 2,971,000,000 2,973,000,000
Senior Notes, 4.500%, face amount of $500, due March 1, 2026 [Member]    
Debt Instrument [Line Items]    
Stated interest rate 4.50%  
Face amount $ 500,000,000  
Long-term debt $ 0 500,000,000
3.450%, face amount of $500, due August 15, 2027    
Debt Instrument [Line Items]    
Stated interest rate 3.45%  
Face amount $ 500,000,000  
Long-term debt $ 499,000,000 498,000,000
3.900%, face amount of $500, due May 1, 2029    
Debt Instrument [Line Items]    
Stated interest rate 3.90%  
Face amount $ 500,000,000  
Long-term debt $ 498,000,000 498,000,000
2.050%, face amount of $500, due August 15, 2030    
Debt Instrument [Line Items]    
Stated interest rate 2.05%  
Face amount $ 500,000,000  
Long-term debt $ 497,000,000 497,000,000
5.500%, face amount of $500, due June 15, 2033    
Debt Instrument [Line Items]    
Stated interest rate 5.50%  
Face amount $ 500,000,000  
Long-term debt $ 492,000,000 491,000,000
5.125%, face amount of $500, due February 15, 2034    
Debt Instrument [Line Items]    
Stated interest rate 5.125%  
Face amount $ 500,000,000  
Long-term debt $ 491,000,000 489,000,000
5.200%, face amount of $500, due August 15, 2035    
Debt Instrument [Line Items]    
Stated interest rate 5.20%  
Face amount $ 500,000,000  
Long-term debt $ 494,000,000 $ 0
v3.25.4
Debt (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
extensionTerm
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]    
Federal Home Loan Bank stock   $ 5,000,000
Federal Home Loan Bank, advances, general debt obligations, maximum amount available   108,000,000
Federal Home Loan Bank, advances, branch of FHLB Bank, amount of advances $ 0 0
Debt instrument, term 5 years  
Line of credit, current borrowing capacity $ 250,000,000  
Additional borrowing capacity available $ 100,000,000  
Number of extension options | extensionTerm 2  
Extension term 1 year  
Line of credit, minimum net worth required for compliance   8,700,000,000
Line of credit, amount outstanding $ 0 $ 0
v3.25.4
Debt (Maturity of debt) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 0
2027 500
2028 0
2029 500
2030 500
Thereafter 1,500
Less: discount (29)
Total $ 2,971
v3.25.4
Benefit Plans (Funded Status) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in benefit obligation:      
Interest cost $ 36 $ 87 $ 98
Actuarial (gain) loss (8) (24)  
Pension Benefits      
Changes in benefit obligation:      
Balance at beginning of period 681 1,807  
Interest cost 36 87  
Participants' contributions 0 0  
Actuarial (gain) loss 8 (24)  
Benefits paid (51) (144)  
Foreign currency translation and other 4 (1)  
Plan amendments 0 0  
Pension settlement transaction loss (gain) 5 (1,044)  
Balance at end of period 683 681 1,807
Change in plan assets:      
Balance beginning of period 915 1,984  
Actual return on plan assets 84 115  
Company contributions 5 5  
Participants' contributions 0 0  
Benefits paid (51) (144)  
Foreign currency translation and other 6 (1)  
Effect of pension settlement transactions 4 (1,044)  
Balance end of period 963 915 1,984
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]      
Funded status 280 234  
Amounts recognized on the Consolidated Balance Sheets as of December 31:      
Other assets 318 275  
Other liabilities (38) (41)  
Net amount recognized 280 234  
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):      
Net actuarial (gain) loss 208 236  
Net amount recognized 208 236  
Postretirement Benefits      
Changes in benefit obligation:      
Balance at beginning of period 4 5  
Interest cost 0 0  
Participants' contributions 1 1  
Actuarial (gain) loss 1 0  
Benefits paid (2) (2)  
Foreign currency translation and other 0 0  
Plan amendments (2) 0  
Pension settlement transaction loss (gain) 0 0  
Balance at end of period 2 4 5
Change in plan assets:      
Balance beginning of period 0 0  
Actual return on plan assets 0 0  
Company contributions 1 1  
Participants' contributions 1 1  
Benefits paid (2) (2)  
Foreign currency translation and other 0 0  
Effect of pension settlement transactions 0 0  
Balance end of period 0 0 $ 0
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]      
Funded status (2) (4)  
Amounts recognized on the Consolidated Balance Sheets as of December 31:      
Other assets 0 0  
Other liabilities (2) (4)  
Net amount recognized (2) (4)  
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):      
Net actuarial (gain) loss (1) 2  
Net amount recognized $ (1) $ 2  
v3.25.4
Benefit Plans (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
employee
Dec. 31, 2023
USD ($)
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Pension settlement transaction gains (losses) $ 0 $ (371) $ 0
Pension settlement transaction gain (loss), net of tax   293  
Actuarial gain (loss) 8 24  
Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation 38 41  
Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets, plan assets $ 0 $ 0  
Assumptions used in calculating assumed health care cost trend rate 4.00%    
Future capital call commitments for limited partnership investments $ 85    
Percentage of limited partnerships employing hedge fund strategies focused on fixed income and equity investments 12.00% 14.00%  
Defined contribution plan, maximum annual contributions per employee, percent 50.00%    
Defined contribution plan, employer matching contribution, percent of match 100.00%    
Defined contribution plan, employer matching contribution, percent of employees' gross pay 6.00%    
Company contribution of eligible compensation, depending on age, percent 5.00%    
Defined contribution plan, employers matching contribution, vesting period in years 5 years    
Benefit expense for the Company's savings plan $ 95 $ 88 $ 82
Pension Benefits      
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Pension settlement transaction loss (gain) 5 (1,044)  
Defined benefit plan, accumulated benefit obligation 683 681  
Actuarial gain (loss) $ (8) 24  
Percentage of limited partnerships invested in private debt and equity 99.00%    
Percentage of limited partnerships employing hedge fund strategies focused on fixed income and equity investments 1.00%    
Defined benefit plan, expected future employer contributions, next fiscal year $ 5    
Pension Benefits | Canada      
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Pension settlement transaction gains (losses)   (4)  
Pension settlement transaction gain (loss), net of tax   3  
Pension Benefits | UNITED STATES      
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Payment for pension settlement   1,034  
Pension settlement transaction loss (gain)   $ 1,045  
Number of employees covered by settlement | employee   7,600  
Percentage of benefit obligation transferred   60.00%  
Pension settlement transaction gains (losses)   $ (367)  
Pension settlement transaction gain (loss), net of tax   290  
Postretirement Benefits      
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Pension settlement transaction loss (gain) 0 0  
Actuarial gain (loss) $ (1) $ 0  
Defined benefit plan, health care cost trend rate assumed for next fiscal year 4.00% 4.00% 4.00%
Minimum      
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Defined benefit plan, plan assets, target allocation, percentage 0.00%    
Maximum      
Schedule of Defined Benefit and Contribution Plans Disclosure [Line Items]      
Defined benefit plan, plan assets, target allocation, percentage 40.00%    
v3.25.4
Benefit Plans (Components of Net Periodic Cost (Benefit)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on projected benefit obligation $ 36 $ 87 $ 98
Expected return on plan assets (54) (116) (119)
Amortization of net actuarial loss (gain) 7 29 33
Pension settlement transaction loss 0 371 0
Total net periodic pension cost (benefit) $ (11) $ 371 $ 12
Defined benefit plan net periodic benefit cost credit excluding service cost statement of income or comprehensive income extensible list   Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88)  
Defined benefit plan net periodic benefit cost credit expected return loss statement of income or comprehensive income extensible list Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88)
Defined benefit plan net periodic benefit cost credit amortization of gain loss statement of income or comprehensive income extensible list Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88)
Defined benefit plan net periodic benefit cost credit settlement gain loss statement of income or comprehensive income extensible list not disclosed flag Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Other operating expenses, Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88)
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on projected benefit obligation $ 36 $ 87  
v3.25.4
Benefit Plans (Schedule of Non-Service Cost (Benefit) Presented in the Consolidated Statement of Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ (11) $ 371 $ 12
Insurance claims and policyholder's benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ (3) $ 0 $ 3
Defined benefit plan net periodic benefit cost credit excluding service cost statement of income or comprehensive income extensible list Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88) Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125 and $88)
Other operating expenses      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Net periodic defined benefits expense (reversal of expense), excluding service cost component $ (8) $ 371 $ 9
Defined benefit plan net periodic benefit cost credit excluding service cost statement of income or comprehensive income extensible list Other operating expenses Other operating expenses Other operating expenses
v3.25.4
Benefit Plans (Schedule of Amounts Recognized in Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Amounts arising during the period $ 22 $ 22 $ 50
Postretirement termination loss 3 0 0
Pension settlement transaction loss 0 371 0
Reclassification adjustment relating to prior service credit (2) 0 0
Reclassification adjustment relating to actuarial loss 8 30 34
Total increase (decrease) in Other comprehensive income $ 31 $ 423 $ 84
v3.25.4
Benefit Plans (Actuarial Assumptions for Benefit Obligations) (Details)
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.20% 5.50%
Interest crediting rate 4.50% 4.50%
Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.10% 5.40%
v3.25.4
Benefit Plans (Actuarial Assumptions for Net Cost or Benefit) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.50% 5.10% 5.35%
Expected long-term rate of return 6.25% 6.25% 6.25%
Interest crediting rate 4.50% 4.50% 3.50%
Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.40% 5.10% 5.25%
v3.25.4
Benefit Plans (Fair Value of Plan Assets Measured on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 963 $ 915
Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 677 618
Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 35 57
Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 630 548
Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 12 13
Fair Value Measured at Net Asset Value Per Share    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 286 297
Total fixed maturity securities | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 599 540
Total fixed maturity securities | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Total fixed maturity securities | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 587 527
Total fixed maturity securities | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 12 13
Corporate and other bonds | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 477 413
Corporate and other bonds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Corporate and other bonds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 473 408
Corporate and other bonds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 4 5
States, municipalities and political subdivisions | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 11 6
States, municipalities and political subdivisions | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
States, municipalities and political subdivisions | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 11 6
States, municipalities and political subdivisions | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Asset-backed | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 111 121
Asset-backed | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Asset-backed | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 103 113
Asset-backed | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 8 8
Equity securities | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 36 23
Equity securities | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 8
Equity securities | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 36 15
Equity securities | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Short-term investments | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 33 47
Short-term investments | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 33 47
Short-term investments | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Short-term investments | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Other assets | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 7 6
Other assets | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Other assets | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 7 6
Other assets | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Cash | Total    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 2 2
Cash | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 2 2
Cash | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Cash | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 0 $ 0
v3.25.4
Benefit Plans (Estimated Future Minimum Benefit Payments to Participants) (Details) - Pension Benefits
$ in Millions
Dec. 31, 2025
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 58
2027 58
2028 58
2029 58
2030 57
2031-2035 $ 258
v3.25.4
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized (in shares) 16,000,000    
Number of shares available for grant (in shares) 2,000,000.0    
Measurement period of specific annual performance goals, in years 1 year    
Cliff vesting period following date of grant 2 years    
Allocated share-based compensation expense $ 41 $ 42 $ 38
Tax benefit from compensation expense 9 9 8
Compensation cost not yet recognized $ 46    
Compensation cost not yet recognized, period for recognition 1 year 9 months 18 days    
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value $ 45 $ 33 $ 34
Weighted average grant date fair value of awards granted (in usd per share) $ 48.52 $ 44.28 $ 37.06
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 0.00%    
Award vesting period 1 year    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 200.00%    
Award vesting period 3 years    
v3.25.4
Stock-Based Compensation (Restricted shares, performance-based restricted share units and performance share unit activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Awards      
Balance as of beginning of period (in shares) 2,708,789    
Awards granted (in shares) 1,079,668    
Awards vested (in shares) (971,657)    
Awards forfeited, canceled or expired (in shares) (279,084)    
Performance-based adjustment (in shares) 32,095    
Balance as of end of period (in shares) 2,569,811 2,708,789  
Weighted Average Grant Date Fair Value      
Balance at beginning of period (in dollars per share) $ 42.26    
Awards granted (in dollars per share) 48.52 $ 44.28 $ 37.06
Awards vested (in dollars per share) 45.34    
Awards forfeited, canceled or expired (in dollars per share) 43.02    
Performance-based adjustment (in dollars per share) 48.52    
Balance at end of period (in dollars per share) $ 43.72 $ 42.26  
v3.25.4
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Lease expense $ 46 $ 49 $ 55
Operating lease, cost 29 29 34
Variable lease, cost 17 20 21
Operating lease, payments 33 55 38
Right-of-use asset obtained in exchange for operating lease liability $ 12 $ 54 $ 28
v3.25.4
Leases (Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease ROU assets $ 148 $ 158
Operating lease liabilities $ 218 $ 239
v3.25.4
Leases (Maturities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 34  
2027 35  
2028 31  
2029 31  
2030 26  
Thereafter 104  
Total lease payments 261  
Less: Discount (43)  
Total operating lease liabilities $ 218 $ 239
v3.25.4
Leases (Lease Term and Discount Rate) (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted average remaining lease term 8 years 7 months 6 days 8 years 9 months 18 days
Weighted average discount rate 4.00% 3.90%
v3.25.4
Stockholders' Equity and Statutory Accounting Practices (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Stockholders' Equity and Statutory Accounting Practices [Abstract]    
Treasury stock repurchased during the period (in shares) 700,000 450,000
Treasury stock repurchased during the period $ 34 $ 20
Common stock issued to settle awards 527,066 413,224
Increase in statutory capital and surplus due to prescribed practice $ 45 $ 55
Maximum amount of dividend payments without regulatory approval 1,266  
Dividends paid in the preceding twelve months $ 1,115  
v3.25.4
Stockholders' Equity and Statutory Accounting Practices (Combined statutory capital and surplus and net income (loss)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statutory Accounting Practices [Line Items]      
Pension settlement transaction gain (loss), net of tax   $ (293)  
Combined Continental Casualty Companies      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Capital and Surplus, Balance $ 11,578 11,165  
Statutory Accounting Practices, Statutory Net Income Amount $ 1,258 $ 713 $ 1,172
v3.25.4
Stockholders' Equity and Statutory Accounting Practices (Schedule of Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period $ 10,513 $ 9,893  
Other comprehensive income (loss) before reclassifications 819 284 $ 827
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (74) (397) (99)
Other comprehensive income (loss) after tax (expense) benefit 893 681 926
Total stockholder's equity at end of period 11,621 10,513 9,893
Reclassification from AOCI, tax 18 106 26
Tax (expense) benefit on other comprehensive income (loss) (201) (210) (235)
Accumulated other comprehensive income (loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (1,991) (2,672) (3,598)
Total stockholder's equity at end of period (1,098) (1,991) (2,672)
Net unrealized gains (losses) on investments | Net unrealized gains (losses) on investments with an allowance for credit losses      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (13) (12) (7)
Other comprehensive income (loss) before reclassifications (22) (34) (24)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (20) (33) (19)
Other comprehensive income (loss) after tax (expense) benefit (2) (1) (5)
Total stockholder's equity at end of period (15) (13) (12)
Reclassification from AOCI, tax 5 9 5
Tax (expense) benefit on other comprehensive income (loss) 0 0 1
Net unrealized gains (losses) on investments | Net unrealized gains and losses on other investments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (1,876) (1,613) (2,738)
Other comprehensive income (loss) before reclassifications 842 (310) 1,072
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (46) (47) (53)
Other comprehensive income (loss) after tax (expense) benefit 888 (263) 1,125
Total stockholder's equity at end of period (988) (1,876) (1,613)
Reclassification from AOCI, tax 12 13 14
Tax (expense) benefit on other comprehensive income (loss) (238) 68 (304)
Pension and postretirement benefits      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (191) (525) (591)
Other comprehensive income (loss) before reclassifications 17 17 39
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (8) (317) (27)
Other comprehensive income (loss) after tax (expense) benefit 25 334 66
Total stockholder's equity at end of period (166) (191) (525)
Reclassification from AOCI, tax 1 84 7
Tax (expense) benefit on other comprehensive income (loss) (6) (89) (17)
Cumulative impact of changes in discount rates used to measure long duration contracts      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period 353 (359) (41)
Other comprehensive income (loss) before reclassifications (161) 712 (318)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0 0
Other comprehensive income (loss) after tax (expense) benefit (161) 712 (318)
Total stockholder's equity at end of period 192 353 (359)
Reclassification from AOCI, tax 0 0 0
Tax (expense) benefit on other comprehensive income (loss) 43 (189) 85
Cumulative foreign currency translation adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Total stockholder's equity at beginning of period (264) (163) (221)
Other comprehensive income (loss) before reclassifications 143 (101) 58
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0 0
Other comprehensive income (loss) after tax (expense) benefit 143 (101) 58
Total stockholder's equity at end of period (121) (264) (163)
Reclassification from AOCI, tax 0 0 0
Tax (expense) benefit on other comprehensive income (loss) $ 0 $ 0 $ 0
v3.25.4
Business Segments (Narrative) (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Percentage of direct foreign written premiums 9.00% 10.00% 11.00%
Property and Casualty Segments      
Segment Reporting Information [Line Items]      
Number of operating segments 3    
Number of reportable segments 3    
Life and Group and Corporate and Other      
Segment Reporting Information [Line Items]      
Number of operating segments 2    
v3.25.4
Business Segments (Income Statement Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Net written premiums $ 11,101 $ 10,605 $ 9,892
Operating revenues      
Net earned premiums 10,900 10,211 9,480
Net investment income 2,557 2,497 2,264
Non-insurance warranty revenue 1,577 1,609 1,624
Other revenues 36 34 30
Total operating revenues 15,070 14,351 13,398
Claims, Benefits and Expenses      
Net incurred claims and benefits 8,258 7,704 7,039
Policyholders’ dividends 36 34 29
Amortization of deferred acquisition costs 1,898 1,798 1,644
Non-insurance warranty expense 1,526 1,547 1,544
Insurance related administrative expenses 1,349 1,275 1,251
Interest expense 135 133 127
Other expenses 167 197 147
Total claims, benefits and expenses 13,369 12,688 11,781
Income tax (expense) benefit on core income (loss) (359) (347) (333)
Core income (loss)  1,342 1,316 1,284
Net investment gains (losses) (81) (81) (99)
Income tax (expense) benefit on net investment gains (losses) 17 17 20
Net investment gains (losses), after tax (64) (64) (79)
Pension settlement transaction gains (losses) 0 (371) 0
Income tax (expense) benefit on pension settlement transaction gains (losses)   78  
Pension settlement transaction gains (losses), after tax   (293)  
Net income (loss) 1,278 959 1,205
Operating Segments | Specialty      
Segment Reporting Information [Line Items]      
Net written premiums 3,515 3,445 3,329
Operating revenues      
Net earned premiums 3,472 3,361 3,307
Net investment income 650 626 558
Non-insurance warranty revenue 1,577 1,609 1,624
Other revenues 2 2 1
Total operating revenues 5,701 5,598 5,490
Claims, Benefits and Expenses      
Net incurred claims and benefits 2,134 2,001 1,923
Policyholders’ dividends 9 9 8
Amortization of deferred acquisition costs 785 740 686
Non-insurance warranty expense 1,526 1,547 1,544
Insurance related administrative expenses 380 362 373
Interest expense 0 0 1
Other expenses 57 55 52
Total claims, benefits and expenses 4,891 4,714 4,587
Income tax (expense) benefit on core income (loss) (173) (190) (195)
Core income (loss)  637 694 708
Operating Segments | Commercial      
Segment Reporting Information [Line Items]      
Net written premiums 5,821 5,469 4,880
Operating revenues      
Net earned premiums 5,695 5,158 4,547
Net investment income 775 733 645
Non-insurance warranty revenue 0 0 0
Other revenues 32 29 29
Total operating revenues 6,502 5,920 5,221
Claims, Benefits and Expenses      
Net incurred claims and benefits 3,867 3,525 2,995
Policyholders’ dividends 27 25 21
Amortization of deferred acquisition costs 853 824 729
Non-insurance warranty expense 0 0 0
Insurance related administrative expenses 676 613 620
Interest expense 0 0 0
Other expenses 44 43 30
Total claims, benefits and expenses 5,467 5,030 4,395
Income tax (expense) benefit on core income (loss) (215) (188) (174)
Core income (loss)  820 702 652
Operating Segments | International      
Segment Reporting Information [Line Items]      
Net written premiums 1,347 1,262 1,237
Operating revenues      
Net earned premiums 1,311 1,256 1,176
Net investment income 156 131 103
Non-insurance warranty revenue 0 0 0
Other revenues 0 0 0
Total operating revenues 1,467 1,387 1,279
Claims, Benefits and Expenses      
Net incurred claims and benefits 765 764 722
Policyholders’ dividends 0 0 0
Amortization of deferred acquisition costs 260 234 229
Non-insurance warranty expense 0 0 0
Insurance related administrative expenses 171 182 139
Interest expense 0 0 0
Other expenses (13) 10 (4)
Total claims, benefits and expenses 1,183 1,190 1,086
Income tax (expense) benefit on core income (loss) (77) (44) (48)
Core income (loss)  207 153 145
Operating Segments | Life & Group      
Segment Reporting Information [Line Items]      
Net written premiums 419 430 447
Operating revenues      
Net earned premiums 423 437 451
Net investment income 914 940 896
Non-insurance warranty revenue 0 0 0
Other revenues 0 0 (1)
Total operating revenues 1,337 1,377 1,346
Claims, Benefits and Expenses      
Net incurred claims and benefits 1,291 1,308 1,317
Policyholders’ dividends 0 0 0
Amortization of deferred acquisition costs 0 0 0
Non-insurance warranty expense 0 0 0
Insurance related administrative expenses 121 119 118
Interest expense 0 0 0
Other expenses 3 2 1
Total claims, benefits and expenses 1,415 1,429 1,436
Income tax (expense) benefit on core income (loss) 34 29 42
Core income (loss)  (44) (23) (48)
Operating Segments | Corporate & Other      
Segment Reporting Information [Line Items]      
Net written premiums 0 0 0
Operating revenues      
Net earned premiums 0 0 0
Net investment income 62 67 62
Non-insurance warranty revenue 0 0 0
Other revenues 12 13 11
Total operating revenues 74 80 73
Claims, Benefits and Expenses      
Net incurred claims and benefits 201 106 82
Policyholders’ dividends 0 0 0
Amortization of deferred acquisition costs 0 0 0
Non-insurance warranty expense 0 0 0
Insurance related administrative expenses 2 0 2
Interest expense 135 133 126
Other expenses 86 97 78
Total claims, benefits and expenses 424 336 288
Income tax (expense) benefit on core income (loss) 72 46 42
Core income (loss)  (278) (210) (173)
Eliminations      
Segment Reporting Information [Line Items]      
Net written premiums (1) (1) (1)
Operating revenues      
Net earned premiums (1) (1) (1)
Net investment income 0 0 0
Non-insurance warranty revenue 0 0 0
Other revenues (10) (10) (10)
Total operating revenues (11) (11) (11)
Claims, Benefits and Expenses      
Net incurred claims and benefits 0 0 0
Policyholders’ dividends 0 0 0
Amortization of deferred acquisition costs 0 0 0
Non-insurance warranty expense 0 0 0
Insurance related administrative expenses (1) (1) (1)
Interest expense 0 0 0
Other expenses (10) (10) (10)
Total claims, benefits and expenses (11) (11) (11)
Income tax (expense) benefit on core income (loss) 0 0 0
Core income (loss)  $ 0 $ 0 $ 0
v3.25.4
Business Segments (Balance Sheet Information) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Reinsurance receivables $ 6,408 $ 6,072 $ 5,434
Insurance receivables 3,764 3,697 3,470
Deferred acquisition costs 986 959 896
Goodwill 148 145 146
Deferred non-insurance warranty acquisition expense 3,220 3,525 3,661
Insurance reserves      
Claim and claim adjustment expenses 26,599 24,976 23,304
Unearned premiums 7,635 7,346 6,933
Future policy benefits     13,959
Future policy benefits 13,448 13,158 13,959
Deferred non-insurance warranty revenue 4,138 4,530 4,694
Operating Segments | Specialty      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,716 1,405 1,281
Insurance receivables 1,008 1,062 1,053
Deferred acquisition costs 447 427 392
Goodwill 117 117 117
Deferred non-insurance warranty acquisition expense 3,220 3,525 3,661
Insurance reserves      
Claim and claim adjustment expenses 7,784 7,426 7,131
Unearned premiums 3,317 3,275 3,227
Future policy benefits     0
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 4,138 4,530 4,694
Operating Segments | Commercial      
Segment Reporting Information [Line Items]      
Reinsurance receivables 1,762 1,710 1,218
Insurance receivables 2,315 2,219 2,024
Deferred acquisition costs 391 405 371
Goodwill 0 0 0
Deferred non-insurance warranty acquisition expense 0 0 0
Insurance reserves      
Claim and claim adjustment expenses 12,249 11,336 10,103
Unearned premiums 3,411 3,252 2,858
Future policy benefits     0
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0 0
Operating Segments | International      
Segment Reporting Information [Line Items]      
Reinsurance receivables 577 539 468
Insurance receivables 438 410 388
Deferred acquisition costs 148 127 133
Goodwill 31 28 29
Deferred non-insurance warranty acquisition expense 0 0 0
Insurance reserves      
Claim and claim adjustment expenses 3,376 2,920 2,709
Unearned premiums 819 727 749
Future policy benefits     0
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0 0
Operating Segments | Life & Group      
Segment Reporting Information [Line Items]      
Reinsurance receivables 56 82 93
Insurance receivables 2 4 5
Deferred acquisition costs 0 0 0
Goodwill 0 0 0
Deferred non-insurance warranty acquisition expense 0 0 0
Insurance reserves      
Claim and claim adjustment expenses 591 622 675
Unearned premiums 88 92 99
Future policy benefits     13,959
Future policy benefits 13,448 13,158  
Deferred non-insurance warranty revenue 0 0 0
Operating Segments | Corporate & Other      
Segment Reporting Information [Line Items]      
Reinsurance receivables 2,297 2,336 2,374
Insurance receivables 1 2 0
Deferred acquisition costs 0 0 0
Goodwill 0 0 0
Deferred non-insurance warranty acquisition expense 0 0 0
Insurance reserves      
Claim and claim adjustment expenses 2,599 2,672 2,686
Unearned premiums 0 0 0
Future policy benefits     0
Future policy benefits 0 0  
Deferred non-insurance warranty revenue 0 0 0
Eliminations      
Segment Reporting Information [Line Items]      
Reinsurance receivables 0 0 0
Insurance receivables 0 0 0
Deferred acquisition costs 0 0 0
Goodwill 0 0 0
Deferred non-insurance warranty acquisition expense 0 0 0
Insurance reserves      
Claim and claim adjustment expenses 0 0 0
Unearned premiums 0 0 0
Future policy benefits     0
Future policy benefits 0 0  
Deferred non-insurance warranty revenue $ 0 $ 0 $ 0
v3.25.4
Business Segments (Segment Expenses Included Within Incurred Claims and Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Non-catastrophe net incurred claim and claim adjustment expenses related to current year $ 1,089 $ 1,093 $ 922
(Favorable) unfavorable development 185 48 48
Property and Casualty Segments | Specialty      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Non-catastrophe net incurred claim and claim adjustment expenses related to current year 2,097 2,010 1,937
Catastrophe losses 0 0 0
(Favorable) unfavorable development 37 (9) (14)
Property and Casualty Segments | Commercial      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Non-catastrophe net incurred claim and claim adjustment expenses related to current year 3,605 3,217 2,801
Catastrophe losses 217 318 207
(Favorable) unfavorable development 39 (16) (22)
Property and Casualty Segments | International      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Non-catastrophe net incurred claim and claim adjustment expenses related to current year 767 730 680
Catastrophe losses 23 40 29
(Favorable) unfavorable development $ (25) $ (6) $ 13
v3.25.4
Business Segments (Revenues by Line of Business) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues $ 14,989 $ 14,270 $ 13,299
Total operating revenues 15,070 14,351 13,398
Net investment gains (losses) (81) (81) (99)
Operating Segments | Specialty      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 5,701 5,598 5,490
Operating Segments | Commercial      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 6,502 5,920 5,221
Operating Segments | International      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 1,467 1,387 1,279
Operating Segments | Life & Group      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 1,337 1,377 1,346
Operating Segments | Corporate & Other      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 74 80 73
Eliminations      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues (11) (11) (11)
Management & Professional Liability | Operating Segments | Specialty      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 3,102 2,998 2,931
Surety | Operating Segments | Specialty      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 835 785 731
Warranty & Alternative Risks | Operating Segments | Specialty      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 1,764 1,815 1,828
Middle Market | Operating Segments | Commercial      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 1,925 1,775 1,696
Construction | Operating Segments | Commercial      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 2,088 1,991 1,678
Small Business | Operating Segments | Commercial      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 639 637 631
Other Commercial | Operating Segments | Commercial      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 1,850 1,517 1,216
Canada | Operating Segments | International      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 422 401 383
Europe | Operating Segments | International      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 627 593 532
Hardy | Operating Segments | International      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues $ 418 $ 393 $ 364
v3.25.4
Related Party Transactions Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
tranche
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]      
Other assets $ 2,760 $ 2,591  
Fixed maturity securities 43,402 41,111  
Net investment income 2,557 2,497 $ 2,264
Net earned premiums 10,900 10,211 9,480
Commercial mortgage-backed      
Related Party Transaction [Line Items]      
Amount of securitization   305  
Related Party      
Related Party Transaction [Line Items]      
Other liabilities, current 33 30  
Taxes payable 20    
Other assets   17  
Related Party | Fees and expenses of investment facilities and services      
Related Party Transaction [Line Items]      
Related party transaction, amounts of transaction 64 60 55
Related Party | Corporate services and related travel expenses      
Related Party Transaction [Line Items]      
Related party transaction, amounts of transaction 1 1  
Related Party | Loews      
Related Party Transaction [Line Items]      
Net earned premiums 3 2 $ 2
Affiliated Entity      
Related Party Transaction [Line Items]      
Fixed maturity securities 51 50  
Affiliated Entity | Maximum      
Related Party Transaction [Line Items]      
Net investment income $ 3 1  
Affiliated Entity | Commercial mortgage-backed      
Related Party Transaction [Line Items]      
Related party transaction, amounts of transaction   $ 50  
Number of investment tranches | tranche   3  
v3.25.4
Non-Insurance Revenues from Contracts with Customers (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Deferred non-insurance warranty revenue $ 4,138 $ 4,530 $ 4,694
Contract with customer, liability, revenue recognized 1,400 1,400  
Deferred non-insurance warranty acquisition expense 3,220 3,525 $ 3,661
Amortization of deferred sales commissions 1,200 1,200  
Capitalized Commission Costs      
Revenue from External Customer [Line Items]      
Deferred non-insurance warranty acquisition expense 3,200 3,500  
Capitalized Administrator Service Costs      
Revenue from External Customer [Line Items]      
Deferred non-insurance warranty acquisition expense $ 61 $ 68  
v3.25.4
Non-Insurance Revenues from Contracts with Customers (Performance obligation) (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.3
Remaining performance obligation, expected timing of satisfaction, period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.0
Remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 0.7
Remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 1.1
Remaining performance obligation, expected timing of satisfaction, period
v3.25.4
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Schedule of Condensed Financial Information of Registrant, Statements of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Net investment income $ 2,557 $ 2,497 $ 2,264
Total revenues 14,989 14,270 13,299
Expenses      
Income tax benefit (342) (252) (313)
Net income 1,278 959 1,205
Other comprehensive income 893 681 926
Total comprehensive income 2,171 1,640 2,131
Parent Company      
Revenues      
Net investment income 36 42 41
Total revenues 36 42 41
Expenses      
Administrative and general 2 2 2
Interest 135 132 126
Total expenses 137 134 128
Loss from operations before income taxes and equity in net income of subsidiaries (101) (92) (87)
Income tax benefit 3 7 4
Loss before equity in net income of subsidiaries (98) (85) (83)
Equity in net income of subsidiaries 1,376 1,044 1,288
Net income 1,278 959 1,205
Total comprehensive income $ 2,171 $ 1,640 $ 2,131
v3.25.4
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Schedule of Condensed Financial Information of Registrant, Balance Sheets) (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Cash $ 425 $ 472  
Other assets 2,760 2,591  
Total assets 69,443 66,492  
Liabilities      
Long-term debt 2,971 2,973  
Other liabilities 3,031 2,996  
Total liabilities 57,822 55,979  
Stockholders' Equity      
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding) 683 683  
Additional paid-in capital 2,229 2,229  
Retained earnings 9,915 9,686  
Accumulated other comprehensive loss (1,098) (1,991)  
Treasury stock (2,368,496 and 2,195,562 shares), at cost (108) (94)  
Total stockholders’ equity 11,621 10,513 $ 9,893
Total liabilities and stockholders' equity $ 69,443 $ 66,492  
Balance Sheet Parenthetical      
Common stock, par value (in usd per share) $ 2.50 $ 2.50  
Common stock, shares authorized (in shares 500,000,000 500,000,000  
Common stock, shares issued (in shares) 273,040,243 273,040,243  
Common stock, shares outstanding (in shares) 270,671,747 270,844,681  
Treasury stock, shares (in shares) 2,368,496 2,195,562  
Related Party      
Assets      
Other assets   $ 17  
Liabilities      
Other liabilities $ 54 47  
Parent Company      
Assets      
Investment in subsidiaries 13,845 12,684  
Cash 1 1  
Short-term investments 796 846  
Total assets 14,646 13,536  
Liabilities      
Long-term debt 2,971 2,973  
Other liabilities 54 50  
Total liabilities 3,025 3,023  
Stockholders' Equity      
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding) 683 683  
Additional paid-in capital 2,229 2,229  
Retained earnings 9,915 9,686  
Accumulated other comprehensive loss (1,098) (1,991)  
Treasury stock (2,368,496 and 2,195,562 shares), at cost (108) (94)  
Total stockholders’ equity 11,621 10,513  
Total liabilities and stockholders' equity 14,646 13,536  
Parent Company | Related Party      
Assets      
Other assets 3 4  
Parent Company | Nonrelated Party      
Assets      
Other assets $ 1 $ 1  
v3.25.4
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Schedule of Condensed Financial Information of Registrant, Statements of Cash Flows) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 1,278 $ 959 $ 1,205
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Net investment losses 81 81 99
Other, net (76) 420 (192)
Net cash flows provided by operating activities 2,490 2,571 2,285
Cash Flows from Investing Activities      
Change in short-term investments (151) 147 (274)
Other, net (8) 0 (5)
Net cash flows used by investing activities (1,449) (1,317) (1,843)
Cash Flows from Financing Activities      
Dividends paid to common stockholders (1,047) (1,025) (787)
Proceeds from the issuance of debt 495 490 491
Repayment of debt (500) (550) (243)
Purchase of treasury stock (34) (20) (24)
Other, net (18) (12) (14)
Net cash flows used by financing activities (1,104) (1,117) (577)
Net change in cash (47) 127 (130)
Cash, beginning of year 472 345 475
Cash, end of year 425 472 345
Parent Company      
Cash Flows from Operating Activities      
Net income 1,278 959 1,205
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Equity in net income of subsidiaries (1,376) (1,044) (1,288)
Dividends received from subsidiaries 1,115 995 1,055
Other, net 10 9 2
Net cash flows provided by operating activities 1,027 919 974
Cash Flows from Investing Activities      
Change in short-term investments 84 204 (395)
Capital contributions to subsidiaries (7) (6) (3)
Net cash flows used by investing activities 77 198 (398)
Cash Flows from Financing Activities      
Dividends paid to common stockholders (1,047) (1,025) (787)
Proceeds from the issuance of debt 495 490 491
Repayment of debt (500) (550) (243)
Purchase of treasury stock (34) (20) (24)
Other, net (18) (12) (14)
Net cash flows used by financing activities (1,104) (1,117) (577)
Net change in cash 0 0 (1)
Cash, beginning of year 1 1 2
Cash, end of year $ 1 $ 1 $ 1
v3.25.4
Schedule II. Condensed Financial Information of Registrant (Parent Company) (Narrative) (Details)
Dec. 31, 2025
CNAF Consolidated | Loews  
Condensed Financial Statements, Captions [Line Items]  
Noncontrolling interest, ownership percentage by parent 92.00%
v3.25.4
Schedule V. Valuation and Qualifying Accounts (Schedule of valuation and qualifying accounts) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Insurance and reinsurance receivables      
Movement in valuation allowances and reserves [Roll Forward]      
Balance at Beginning of Period $ 47 $ 50 $ 51
Charged to Costs and Expenses 22 7 11
Charged to Other Accounts 1 0 0
Deductions (18) (10) (12)
Balance at End of Period 52 47 50
Mortgage loan receivables      
Movement in valuation allowances and reserves [Roll Forward]      
Balance at Beginning of Period 35 35 24
Charged to Costs and Expenses 0 0 0
Charged to Other Accounts 5 0 11
Deductions (25) 0 0
Balance at End of Period 15 35 35
Fixed maturity securities      
Movement in valuation allowances and reserves [Roll Forward]      
Balance at Beginning of Period 45 16 1
Charged to Costs and Expenses 0 0 0
Charged to Other Accounts 31 43 44
Deductions (7) (14) (29)
Balance at End of Period $ 69 $ 45 $ 16
v3.25.4
Schedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]      
Incurred claim and claim adjustment expenses related to current year $ 6,724 $ 6,330 $ 5,667
Incurred claim and claim adjustment expenses related to prior years 189 42 48
Consolidated Property and Casualty Insurance Entity      
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]      
Deferred acquisition costs   959 896
Reserves for unpaid claim and claim adjustment expenses 26,599 24,976 23,304
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.5%) 583 615 647
Unearned premiums   7,346 6,933
Net written premiums 11,101 10,605 9,892
Net earned premiums   10,211 9,480
Net investment income 2,467 2,396 2,163
Incurred claim and claim adjustment expenses related to current year   6,330 5,667
Incurred claim and claim adjustment expenses related to prior years   42 48
Amortization of deferred acquisition costs 1,898 1,798 1,644
Paid claim and claim adjustment expenses $ 5,774 $ 5,189 $ 4,601
Consolidated Property and Casualty Insurance Entity | Minimum      
Supplemental Information Parenthetical      
SEC Schedule, 12-18, supplemental information, property-casualty insurance underwriters, interest rate at which discount computed 3.50% 3.50% 3.50%
Consolidated Property and Casualty Insurance Entity | Maximum      
Supplemental Information Parenthetical      
SEC Schedule, 12-18, supplemental information, property-casualty insurance underwriters, interest rate at which discount computed 6.50% 6.50% 6.50%