TRAVELERS COMPANIES, INC., 10-Q filed on 4/16/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 09, 2026
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Mar. 31, 2026  
Document transition report false  
Entity file number 001-10898  
Registrant name Travelers Companies, Inc.  
Entity incorporation, state MN  
Entity tax identification number 41-0518860  
Entity address, address line one 485 Lexington Avenue  
Entity address, city New York  
Entity address, state NY  
Entity address, postal zip code 10017  
City area code 917  
Local phone number 778-6000  
Title of 12(b) security Common stock, without par value  
Trading symbol TRV  
Security exchange name NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Filer category Large Accelerated Filer  
Entity small business false  
Entity emerging growth company false  
Entity shell company false  
Common stock shares outstanding   212,644,693
Central index key 0000086312  
Amendment flag false  
Current fiscal year end date --12-31  
Document fiscal year focus 2026  
Document fiscal period focus Q1  
v3.26.1
Consolidated Statement of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Premiums $ 10,605 $ 10,710
Net investment income 1,008 930
Fee income 121 119
Net realized investment gains (losses) 49 (61)
Other revenues 141 112
Total revenues 11,924 11,810
Claims and expenses    
Claims and claim adjustment expenses 6,382 8,006
Amortization of deferred acquisition costs 1,766 1,778
General and administrative expenses 1,541 1,459
Interest expense 116 99
Total claims and expenses 9,805 11,342
Income before income taxes 2,119 468
Income tax expense 408 73
Net income $ 1,711 $ 395
Net income per share    
Basic (in dollars per share) $ 7.89 $ 1.73
Diluted (in dollars per share) $ 7.78 $ 1.70
Weighted average number of common shares outstanding    
Basic (in shares) 215.2 226.9
Diluted (in shares) 218.4 230.4
Cash dividends declared per common share (in dollars per share) $ 1.10 $ 1.05
v3.26.1
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 1,711 $ 395
Other comprehensive income (loss):    
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income (1,146) 436
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income 0 1
Net changes in benefit plan assets and obligations (8) 0
Net changes in unrealized foreign currency translation 327 61
Other comprehensive income (loss) before income taxes (827) 498
Income tax expense (benefit) (249) 99
Other comprehensive income (loss), net of taxes (578) 399
Comprehensive income $ 1,133 $ 794
v3.26.1
Consolidated Balance Sheet (Unaudited at March 31, 2026) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Fixed maturities, available for sale, at fair value (amortized cost $93,742 and $91,717; allowance for expected credit losses of $3 and $3) $ 90,736 $ 89,833
Equity securities, at fair value (cost $428 and $457) 591 618
Real estate investments 899 900
Short-term securities 6,660 5,716
Other investments 4,092 4,115
Total investments 102,978 101,182
Cash (including restricted cash of $134 and $132) 615 842
Investment income accrued 801 877
Premiums receivable (net of allowance for expected credit losses of $60 and $58) 11,423 10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $130 and $129) 7,988 7,886
Ceded unearned premiums 1,877 1,283
Deferred acquisition costs 3,587 3,518
Deferred taxes 1,101 887
Contractholder receivables (net of allowance for expected credit losses of $14 and $16) 3,051 3,010
Goodwill 4,060 4,066
Other intangible assets 331 336
Other assets 4,497 4,279
Assets held for sale   4,550
Total assets 142,309 143,708
Liabilities    
Claims and claim adjustment expense reserves 66,912 65,737
Unearned premium reserves 22,772 22,431
Contractholder payables 3,065 3,026
Payables for reinsurance premiums 1,123 529
Debt 9,268 9,267
Other liabilities 7,183 7,282
Liabilities held for sale   2,542
Total liabilities 110,323 110,814
Shareholders’ equity    
Common stock (1,750.0 shares authorized; 212.6 and 217.5 shares issued and outstanding) 26,092 25,910
Retained earnings 56,404 54,931
Accumulated other comprehensive loss (3,078) (2,500)
Treasury stock, at cost (582.5 and 575.9 shares) (47,432) (45,447)
Total shareholders’ equity 31,986 32,894
Total liabilities and shareholders’ equity $ 142,309 $ 143,708
v3.26.1
Consolidated Balance Sheet Parentheticals (Unaudited at March 31, 2026) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Fixed maturities, available for sale, amortized cost $ 93,742 $ 91,717
Fixed maturities, available for sale, allowance for expected credit losses 3 3
Equity securities, cost 428 457
Restricted cash 134 132
Premiums receivable, allowance for expected credit losses 60 58
Reinsurance recoverables, allowance for estimated uncollectible reinsurance 130 129
Contractholder receivables, allowance for expected credit losses $ 14 $ 16
Common stock, shares authorized (in shares) 1,750.0 1,750.0
Common stock, shares issued (in shares) 212.6 217.5
Common stock, shares outstanding (in shares) 212.6 217.5
Treasury stock, at cost (in shares) 582.5 575.9
v3.26.1
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common stock [Member]
Retained earnings [Member]
Accumulated other comprehensive loss, net of tax [Member]
Treasury stock, at cost [Member]
Common shares outstanding [Member]
Balance, beginning of period at Dec. 31, 2024   $ 25,452 $ 49,630 $ (4,967) $ (42,251)  
Shareholders' Equity [Roll Forward]            
Employee share-based compensation   49        
Compensation amortization under share-based plans and other changes   83        
Net income $ 395   395      
Dividends     (241)      
Other comprehensive income (loss) 399     399    
Treasury stock acquired — share repurchase authorizations         (250)  
Net shares acquired related to employee share-based compensation plans         (108)  
Balance, end of period at Mar. 31, 2025 28,191 25,584 49,784 (4,568) (42,609)  
Balance, beginning of period (in shares) at Dec. 31, 2024           226.6
Common shares outstanding            
Treasury stock acquired — share repurchase authorizations (in shares)           (1.0)
Net shares issued under employee share-based compensation plans (in shares)           1.0
Balance, end of period (in shares) at Mar. 31, 2025           226.6
Balance, beginning of period at Dec. 31, 2025 32,894 25,910 54,931 (2,500) (45,447)  
Shareholders' Equity [Roll Forward]            
Employee share-based compensation   95        
Compensation amortization under share-based plans and other changes   87        
Net income 1,711   1,711      
Dividends     (238)      
Other comprehensive income (loss) (578)     (578)    
Treasury stock acquired — share repurchase authorizations (1,800)       (1,800)  
Net shares acquired related to employee share-based compensation plans (185)       (185)  
Balance, end of period at Mar. 31, 2026 $ 31,986 $ 26,092 $ 56,404 $ (3,078) $ (47,432)  
Balance, beginning of period (in shares) at Dec. 31, 2025 217.5         217.5
Common shares outstanding            
Treasury stock acquired — share repurchase authorizations (in shares) (6.0)         (6.0)
Net shares issued under employee share-based compensation plans (in shares)           1.1
Balance, end of period (in shares) at Mar. 31, 2026 212.6         212.6
v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 1,711 $ 395
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (49) 61
Depreciation and amortization 193 188
Deferred federal income tax expense 51 31
Amortization of deferred acquisition costs 1,766 1,778
Equity in income from other investments (23) (53)
Premiums receivable (434) (459)
Reinsurance recoverables (108) (97)
Deferred acquisition costs (1,837) (1,822)
Claims and claim adjustment expense reserves 1,211 1,818
Unearned premium reserves 351 419
Other operating activities (634) (899)
Net cash provided by operating activities 2,198 1,360
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 3,014 2,801
Proceeds from sales of investments:    
Fixed maturities 251 253
Equity securities 52 68
Other investments 60 63
Purchases of investments:    
Fixed maturities (5,356) (4,296)
Equity securities (25) (25)
Real estate investments (12) (7)
Other investments (69) (96)
Net (purchases) sales of short-term securities (945) 239
Securities transactions in the course of settlement 430 308
Proceeds from the divestiture of the Canadian business 2,384  
Other investing activities (119) (116)
Net cash used in investing activities (335) (808)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,785) (250)
Treasury stock acquired — net employee share-based compensation (149) (102)
Dividends paid to shareholders (237) (240)
Issuance of common stock — employee share options 86 57
Net cash used in financing activities (2,085) (535)
Effect of exchange rate changes on cash and restricted cash (5) 8
Net increase (decrease) in cash and restricted cash (227) 25
Cash and restricted cash at beginning of year 842 699
Cash and restricted cash at end of period 615 724
Supplemental disclosure of cash flow information    
Income taxes paid 12 24
Interest paid $ 94 $ 61
v3.26.1
Basis of Presentation and Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Accounting Policies BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Basis of Presentation
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited. In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. All material intercompany transactions and balances have been eliminated. The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the Company’s 2025 Annual Report).
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.

On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion. The assets and liabilities of the Canadian personal insurance business and the majority of its Canadian commercial insurance business were classified as held for sale in the consolidated balance sheet as of December 31, 2025. The Company retained its surety business in Canada. The sale closed on January 2, 2026.

The major classes of assets and liabilities classified as held for sale were as follows:
December 31,
2025
Assets
Fixed maturities, available for sale, at fair value$3,243 
Premiums receivable263 
Reinsurance recoverables285 
Goodwill208 
Remaining assets held for sale551 
Total assets held for sale$4,550 
Liabilities 
Claims and claim adjustment expense reserves$1,909 
Unearned premium reserves514 
Remaining liabilities held for sale119 
Total liabilities held for sale$2,542 
Accounting Standards Not Yet Adopted

In September 2025, the Financial Accounting Standards Board (FASB) issued updated guidance on the accounting for internal-use software costs. The updated guidance removes all references to software development project stages so that the guidance is neutral to different software development methods and allows for the application of iterative software development methods such as agile. The updated guidance requires that an entity capitalize software costs when both: 1) management has authorized and committed to the funding of the software project, and 2) it is probable that the project will be completed, and the software will be used to perform its intended function. Additionally, the updated guidance clarifies that internal and external training costs and maintenance costs must be expensed as incurred.
The updated guidance is effective for the quarter ended March 31, 2028, and can be applied on a prospective, modified, or retrospective transition approach. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position, or liquidity.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Nature of Operations
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report.
The following tables summarize the components of the Company’s revenues, income (loss) and total assets by reportable business segments.
(for the three months ended March 31, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2026    
Premiums$5,493 $1,018 $4,094 $10,605 
Net investment income708 113 187 1,008 
Fee income111 — 10 121 
Other revenues104 5 32 141 
Total segment revenues (1)
6,416 1,136 4,323 11,875 
Claims and claim adjustment expenses3,531 441 2,410 6,382 
Amortization of deferred acquisition costs938 194 634 1,766 
General and administrative expenses912 219 397 1,528 
Income tax expense196 28 178 402 
Segment income (1)
$839 $254 $704 $1,797 
2025    
Premiums$5,465 $995 $4,250 $10,710 
Net investment income656 102 172 930 
Fee income108 — 11 119 
Other revenues82 6 24 112 
Total segment revenues (1)
6,311 1,103 4,457 11,871 
Claims and claim adjustment expenses3,705 434 3,867 8,006 
Amortization of deferred acquisition costs917 187 674 1,778 
General and administrative expenses847 205 396 1,448 
Income tax expense (benefit)159 57 (106)110 
Segment income (loss) (1)
$683 $220 $(374)$529 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended March 31, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2026    
Net favorable prior year reserve development$162 $65 $186 $413 
Catastrophe losses$379 $8 $374 $761 
2025
Net favorable prior year reserve development$74 $67 $237 $378 
Catastrophe losses$509 $19 $1,738 $2,266 
The following table presents the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs, which is disclosed separately in the table above with segment income (loss) by reportable business segment).
(for the three months ended March 31, in millions) 20262025
Business Insurance$114 $113 
Bond & Specialty Insurance27 23 
Personal Insurance50 50 
Total$191 $186 
Business Segment Reconciliations
 Three Months Ended
March 31,
(in millions)20262025
Revenue reconciliation  
Earned premiums  
Business Insurance:  
Domestic:  
Workers’ compensation$831 $823 
Commercial automobile1,024 942 
Commercial property907 937 
General liability890 861 
Commercial multi-peril1,465 1,400 
Other17 19 
Total Domestic5,134 4,982 
International359 483 
Total Business Insurance5,493 5,465 
Bond & Specialty Insurance:  
Domestic:  
Fidelity and surety385 358 
General liability455 452 
Other59 58 
Total Domestic899 868 
International119 127 
Total Bond & Specialty Insurance1,018 995 
Personal Insurance:  
Domestic:  
Automobile1,892 1,964 
Homeowners and Other2,202 2,121 
Total Domestic4,094 4,085 
International— 165 
Total Personal Insurance4,094 4,250 
Total earned premiums10,605 10,710 
Net investment income1,008 930 
Fee income121 119 
Other revenues141 112 
Total segment revenues11,875 11,871 
Net realized investment gains (losses)49 (61)
Total revenues$11,924 $11,810 
Income reconciliation, net of tax  
Total segment income$1,797 $529 
Interest Expense and Other (1)
(101)(86)
Core income1,696 443 
Net realized investment gains (losses)15 (48)
Net income$1,711 $395 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $92 million and $78 million for the three months ended March 31, 2026 and 2025, respectively.
(in millions)March 31,
2026		December 31,
2025
Asset reconciliation  
Business Insurance$106,397 $106,084 
Bond & Specialty Insurance13,790 13,676 
Personal Insurance20,969 22,787 
Total assets by reportable segment141,156 142,547 
Other assets (1)
1,153 1,161 
Total consolidated assets$142,309 $143,708 
 _________________________________________________________
(1)The primary components of other assets as of both March 31, 2026 and December 31, 2025 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturities
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of March 31, 2026, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,475 $— $2 $94 $3,383 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation22,523 — 93 1,394 21,222 
Revenue10,171 — 35 645 9,561 
State general obligation861 — 3 36 828 
Pre-refunded369 — 3 3 369 
Total obligations of U.S. states, municipalities and political subdivisions33,924 — 134 2,078 31,980 
Debt securities issued by foreign governments362 — 1 5 358 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,839 — 165 156 12,848 
Corporate and all other bonds43,142 3 222 1,194 42,167 
Total$93,742 $3 $524 $3,527 $90,736 
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,927 $— $11 $81 $3,857 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation21,724 — 161 1,096 20,789 
Revenue9,810 — 58 543 9,325 
State general obligation871 — 6 29 848 
Pre-refunded414 — 4 2 416 
Total obligations of U.S. states, municipalities and political subdivisions32,819 — 229 1,670 31,378 
Debt securities issued by foreign governments313 — 2 3 312 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,094 — 268 130 13,232 
Corporate and all other bonds41,564 3 458 965 41,054 
Total (1)$91,717 $3 $968 $2,849 $89,833 
_______________________________________________
(1)Excludes fixed maturities classified as held for sale of $3,221 million of amortized cost and $3,243 million of fair value as of December 31, 2025.
Pre-refunded bonds of $369 million and $416 million as of March 31, 2026 and December 31, 2025, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds.
Proceeds from the sales of fixed maturities classified as available for sale were $251 million and $253 million during the three months ended March 31, 2026 and 2025, respectively. Gross gains of $1 million were realized on those sales during both the three months ended March 31, 2026 and 2025. Gross losses of $19 million and $12 million were realized on those sales during the three months ended March 31, 2026 and 2025, respectively. Included in net realized investment gains (losses) for the three months ended March 31, 2026 and 2025 were $0 million and $18 million, respectively, of losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds’ maturity date.
Equity Securities
The cost and fair value of investments in equity securities were as follows:
  
(as of March 31, 2026, in millions)CostGross GainsGross LossesFair Value
Common stock$397 $168 $7 $558 
Non-redeemable preferred stock31 2 — 33 
Total$428 $170 $7 $591 
(as of December 31, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$419 $177 $12 $584 
Non-redeemable preferred stock38 1 5 34 
Total (1)$457 $178 $17 $618 
_______________________________________________
(1)Excludes equity securities classified as held for sale of $69 million of cost and $104 million of fair value as of December 31, 2025.
For the three months ended March 31, 2026 and 2025, the Company recognized $5 million and $22 million of net losses on equity securities still held as of March 31, 2026 and 2025, respectively.
Unrealized Investment Losses
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of March 31, 2026 and December 31, 2025, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of March 31, 2026, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$1,166 $16 $1,401 $78 $2,567 $94 
Obligations of U.S. states, municipalities and political subdivisions10,195 198 13,253 1,880 23,448 2,078 
Debt securities issued by foreign governments
178 3 57 2 235 5 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,654 24 1,319 132 3,973 156 
Corporate and all other bonds11,925 155 15,564 1,039 27,489 1,194 
Total $26,118 $396 $31,594 $3,131 $57,712 $3,527 
Less than 12 months12 months or longerTotal
(as of December 31, 2025, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$611 $5 $1,684  $76 $2,295 $81 
Obligations of U.S. states, municipalities and political subdivisions2,234 28 16,428  1,642 18,662 1,670 
Debt securities issued by foreign governments
34 — 75  3 109 3 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
437 2 1,835  128 2,272 130 
Corporate and all other bonds2,351 13 17,428  952 19,779 965 
Total $5,667 $48 $37,450 $2,801 $43,117 $2,849 
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of March 31, 2026 and December 31, 2025, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost.
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of March 31, 2026, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions399 2 — 382 783 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds2 — — 5 7 
Total$401 $2 $— $387 $790 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2025, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions18 — 10 550 578 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds1 — 4 — 5 
Total$19 $— $14 $550 $583 
Increases in the applicable interest rates resulted in the gross unrealized investment losses disclosed in the tables above; however, the net unrealized loss is considered temporary in nature as the decrease in value is not due to credit impairments and there is no impact on expected contractual cash flows from fixed maturities.
Impairment Charges
The following table presents changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses).
Fixed Maturities
Corporate and All Other Bonds
As of and For the Three Months Ended
(in millions)March 31, 2026 March 31, 2025
Balance, beginning of period$3 $2 
Additions for expected credit losses on securities where no credit losses were previously recognized— 2 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— — 
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$3 $4 
Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income were $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively. Credit losses related to the fixed maturity portfolio for both the three months ended March 31, 2026 and 2025 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.
Other Investments
Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows:
•Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.
•Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.
•Level 3 - Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
Valuation of Investments Reported at Fair Value in Financial Statements
The Company utilized a pricing service to estimate fair value measurements for approximately 99% of its fixed maturities as of both March 31, 2026 and December 31, 2025.
While the vast majority of the Company’s fixed maturities are included in Level 2, the Company holds a number of corporate bonds which are not valued by the pricing service and estimates the fair value of these bonds using either another internal pricing matrix, a present value income approach or a broker quote (collectively, the other methodologies). The other methodologies include some unobservable inputs that are significant to the valuation. Due to the limited amount of observable market information available in the estimation of fair value, the Company includes the fair value estimates for bonds that are valued using the other methodologies in Level 3.
For certain investments in non-public common and preferred equity securities, the fair value estimate is determined either internally or by an external fund manager based on the impact of recent observable transactions on the investment, recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company included the fair value estimate of $30 million and $32 million for these investments as of March 31, 2026 and December 31, 2025, respectively, in the amounts disclosed in Level 3.
For more information regarding the valuation of the Company’s fixed maturities, equity securities and other investments, see note 4 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report.
Fair Value Hierarchy
The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.
(as of March 31, 2026, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,383 $3,383 $— $— 
Obligations of U.S. states, municipalities and political subdivisions31,980 — 31,980 — 
Debt securities issued by foreign governments358 — 358 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,848 — 12,848 — 
Corporate and all other bonds42,167 — 41,907 260 
Total fixed maturities90,736 3,383 87,093 260 
Equity securities    
Common stock558 550 — 8 
Non-redeemable preferred stock33 7 4 22 
Total equity securities591 557 4 30 
Other investments8 8 — — 
Total$91,335 $3,948 $87,097 $290 
(as of December 31, 2025, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,857 $3,857 $— $— 
Obligations of U.S. states, municipalities and political subdivisions31,378 — 31,378 — 
Debt securities issued by foreign governments312 — 312 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,232 — 13,232 — 
Corporate and all other bonds41,054 25 40,698 331 
Total fixed maturities89,833 3,882 85,620 331 
Equity securities    
Common stock584 576 — 8 
Non-redeemable preferred stock34 7 3 24 
Total equity securities618 583 3 32 
Other investments9 9 — — 
Assets held for sale3,347 104 3,243 — 
Total$93,807 $4,578 $88,866 $363 
There was no significant activity in Level 3 of the hierarchy during the three months ended March 31, 2026.
Financial Instruments Disclosed, But Not Carried, At Fair Value
The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.
(as of March 31, 2026, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$6,660 $6,660 $598 $6,011 $51 
Financial liabilities     
Debt$9,168 $8,330 $— $8,330 $— 
Commercial paper100 100 — 100 — 
(as of December 31, 2025, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$5,716 $5,716 $1,398 $4,267 $51 
Financial liabilities     
Debt$9,167 $8,538 $— $8,538 $— 
Commercial paper100 100 — 100 — 
The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the three months ended March 31, 2026 or the year ended December 31, 2025.
v3.26.1
Allowance for Expected Credit Losses
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
Allowance for Expected Credit Losses ALLOWANCE FOR EXPECTED CREDIT LOSSES
Premiums Receivable
The following table presents the balances of premiums receivable, net of the allowance for expected credit losses, as of March 31, 2026 and 2025, and the changes in the allowance for expected credit losses for the three months ended March 31, 2026 and 2025.
As of and For the Three Months Ended March 31, 2026As of and For the Three Months Ended March 31, 2025
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$10,992 $58 $11,110 $58 
Current period change for expected credit losses18 16 
Write-offs of uncollectible premiums receivable16 16 
Balance, end of period$11,423 $60 $11,575 $58 
Reinsurance Recoverables
The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, as of March 31, 2026 and 2025, and the changes in the allowance for estimated uncollectible reinsurance for the three months ended March 31, 2026 and 2025.
As of and For the Three Months Ended March 31, 2026As of and For the Three Months Ended March 31, 2025
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$7,886 $129 $8,000 $119 
Current period change for estimated uncollectible reinsurance1 9 
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$7,988 $130 $8,105 $128 
Of the total reinsurance recoverables as of March 31, 2026, $5.97 billion, or 90%, were rated by A.M. Best Company, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 10% of reinsurance recoverables comprised the following: 5% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 4% were balances from other companies not rated by A.M. Best Company. Certain of the Company’s reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.
Contractholder Receivables
The following table presents the balances of contractholder receivables, net of the allowance for expected credit losses, as of March 31, 2026 and 2025, and the changes in the allowance for expected credit losses for the three months ended March 31, 2026 and 2025.
As of and For the Three Months Ended March 31, 2026As of and For the Three Months Ended March 31, 2025
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,010 $16 $3,171 $18 
Current period change for expected credit losses(2)(1)
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,051 $14 $3,193 $17 
v3.26.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The following table presents the carrying amount of the Company’s goodwill by segment. Business Insurance and Bond & Specialty Insurance include goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates.
(in millions)March 31,
2026		December 31,
2025
Business Insurance$2,551 $2,601 
Bond & Specialty Insurance837 838 
Personal Insurance646 809 
Other26 26 
Less amounts classified as held for sale— 208 
Total$4,060 $4,066 
Other Intangible Assets

The following tables present a summary of the Company’s other intangible assets by major asset class.
(as of March 31, 2026, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$184 $95 $89 
Contract-based201 195 6 
Marketing-related18 7 11 
Total subject to amortization403 297 106 
Not subject to amortization225 — 225 
Total$628 $297 $331 
(as of December 31, 2025, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$186 $93 $93 
Contract-based204 198 6 
Marketing-related18 6 12 
Total subject to amortization408 297 111 
Not subject to amortization226 — 226 
Less amounts classified as held for sale5 4 1 
Total$629 $293 $336 
v3.26.1
Insurance Claim Reserves
 3 Months Ended
Mar. 31, 2026
Insurance Loss Reserves [Abstract]  
Insurance Claim Reserves INSURANCE CLAIM RESERVES
Claims and claim adjustment expense reserves were as follows:
(in millions)March 31,
2026		December 31,
2025
Property-casualty$66,908 $67,643 
Accident and health4 3 
Less amounts classified as held for sale— 1,909 
Total$66,912 $65,737 
The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses.
Three Months Ended March 31,
(in millions)20262025
Claims and claim adjustment expense reserves at beginning of year$67,643 $64,088 
Less reinsurance recoverables on unpaid losses7,797 7,669 
Net reserves at beginning of year59,846 56,419 
Estimated claims and claim adjustment expenses for claims arising in the current year6,739 8,338 
Estimated decrease in claims and claim adjustment expenses for
 claims arising in prior years
(385)(360)
Total increases6,354 7,978 
Claims and claim adjustment expense payments for claims arising in:  
Current year1,174 1,856 
Prior years4,146 4,415 
Total payments5,320 6,271 
Net reserves disposed of related to the divestiture of the Canadian business(1,627)— 
Unrealized foreign exchange (gain) loss(32)59 
Net reserves at end of period59,221 58,185 
Plus reinsurance recoverables on unpaid losses7,687 7,787 
Claims and claim adjustment expense reserves at end of period$66,908 $65,972 
Gross claims and claim adjustment expense reserves as of March 31, 2026 increased by $1.18 billion over December 31, 2025, primarily reflecting the impacts of (i) catastrophe losses in the first three months of 2026 and (ii) loss cost trends for the current accident year, partially offset by (iii) claim payments made during the first three months of 2026 and (iv) net favorable prior year reserve development.
Prior Year Reserve Development
The following disclosures regarding reserve development are on a “net of reinsurance” basis.
For the three months ended March 31, 2026 and 2025, estimated claims and claim adjustment expenses incurred included $385 million and $360 million, respectively, of net favorable development for claims arising in prior years, including $413 million and $378 million, respectively, of net favorable prior year reserve development, and $11 million of accretion of discount in each period.
Business Insurance. Net favorable prior year reserve development in the first quarter of 2026 totaled $162 million, primarily driven by better than expected loss experience in the commercial property and workers’ compensation product lines for multiple accident years. Net favorable prior year reserve development in the first quarter of 2025 totaled $74 million, primarily driven by better than expected loss experience in the workers’ compensation product line for multiple accident years.
Bond & Specialty Insurance. Net favorable prior year reserve development in the first quarter of 2026 totaled $65 million, primarily driven by better than expected loss experience in the fidelity and surety product line for multiple accident years. Net favorable prior year reserve development in the first quarter of 2025 totaled $67 million, primarily driven by better than expected loss experience in the general liability product line for management liability coverages for multiple accident years and in the fidelity and surety product line for recent accident years.
Personal Insurance. Net favorable prior year reserve development in the first quarter of 2026 totaled $186 million, primarily driven by better than expected loss experience in both the automobile and homeowners and other product lines for recent accident years. Net favorable prior year reserve development in the first quarter of 2025 totaled $237 million, primarily driven by better than expected loss experience in both the automobile and homeowners and other product lines for recent accident years.
v3.26.1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]  
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three months ended March 31, 2026.
 Changes in Net Unrealized Gains (Losses) on Investment Securities  
(in millions)Having No Credit
Losses Recognized in
the Consolidated
Statement of Income		Having Credit 
Losses Recognized 
in the Consolidated
Statement of 
Income		Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ 
Equity		Net Unrealized
Foreign Currency
Translation		Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, December 31, 2025$(1,664)$186 $(150)$(872)$(2,500)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax(902)— — (28)(930)
Amounts reclassified from AOCI, net of tax
2 — (6)356 352 
Net OCI, current period(900)— (6)328 (578)
Balance, March 31, 2026$(2,564)$186 $(156)$(544)$(3,078)
The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).
 Three Months Ended
March 31,
(in millions)20262025
Changes in net unrealized gains (losses) on investment securities:  
Having no credit losses recognized in the consolidated statement of income$(1,146)$436 
Income tax expense (benefit)(246)96 
Net of taxes(900)340 
Having credit losses recognized in the consolidated statement of income— 1 
Income tax expense (benefit)— — 
Net of taxes— 1 
Net changes in benefit plan assets and obligations(8)— 
Income tax expense (benefit)(2)— 
Net of taxes(6)— 
Net changes in unrealized foreign currency translation327 61 
Income tax expense (benefit)(1)3 
Net of taxes328 58 
Total other comprehensive income (loss)(827)498 
Total income tax expense (benefit)(249)99 
Total other comprehensive income (loss), net of taxes$(578)$399 
The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.
Three Months Ended
March 31,
(in millions)20262025
Reclassification adjustments related to unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (1) (2)
$7 $31 
Income tax benefit (3)
5 6 
Net of taxes2 25 
Having credit losses recognized in the consolidated statement of income (1)
— — 
Income tax benefit (3)
— — 
Net of taxes— — 
Reclassification adjustment related to benefit plan assets and obligations:
  
Claims and claim adjustment expenses (benefit) (4)
(1)— 
General and administrative expenses (benefit) (4)
(1)— 
Other (2)
(4)— 
Total(6)— 
Income tax expense (3)
— — 
Net of taxes(6)— 
Reclassification adjustment related to foreign currency translation (1) (2)
356 — 
Income tax benefit (3)
— — 
Net of taxes356 — 
Total reclassifications357 31 
Total income tax benefit5 6 
Total reclassifications, net of taxes$352 $25 
_______________________________________________
(1)(Increases) decreases in net realized investment gains (losses) on the consolidated statement of income.
(2)(Increases) decreases in net realized investment gains (losses) on the consolidated statement of income related to accumulated other comprehensive income (loss), net of taxes, includes the following related to the Canadian operations divested by the Company in the first quarter of 2026: a $(16) million reclassification adjustment related to unrealized gains (losses) on investment securities, a $(4) million reclassification adjustment related to benefit plan assets and obligations and a $356 million reclassification adjustment related to foreign currency translation.
(3)(Increases) decreases in income tax expense on the consolidated statement of income.
(4)Increases (decreases) in respective expenses on the consolidated statement of income.
v3.26.1
Common Share Repurchases
 3 Months Ended
Mar. 31, 2026
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]  
Common Share Repurchases COMMON SHARE REPURCHASES
During the three months ended March 31, 2026, the Company repurchased 6.0 million common shares under its share repurchase authorizations for a total cost of $1.80 billion. The average cost per share repurchased was $300.30.  In addition, the Company acquired 0.6 million shares for a total cost of $185 million during the three months ended March 31, 2026 that were not part of the publicly announced share repurchase authorizations. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the exercise price, as well as the related payroll withholding taxes, with respect to certain stock options that were exercised. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% federal excise tax imposed on common share repurchase activity, net of common share issuances, as part of the Inflation Reduction Act of 2022. As of March 31, 2026, the Company had $5.22 billion of capacity remaining under its share repurchase authorizations.
v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share Reconciliation [Abstract]  
Earnings per Share EARNINGS PER SHARE
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented.
 Three Months Ended
March 31,
(in millions, except per share amounts)20262025
Basic and Diluted
Net income, as reported$1,711 $395 
Participating share-based awards — allocated income(12)(3)
Net income available to common shareholders — basic and diluted$1,699 $392 
Common Shares
Basic
Weighted average shares outstanding215.2 226.9 
Diluted
Weighted average shares outstanding215.2 226.9 
Weighted average effects of dilutive securities — stock options and performance shares
3.2 3.5 
Total218.4 230.4 
Net Income per Common Share
Basic$7.89 $1.73 
Diluted$7.78 $1.70 
v3.26.1
Share-Based Incentive Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Incentive Compensation SHARE-BASED INCENTIVE COMPENSATION
The following information relates to fully vested stock option awards as of March 31, 2026.
                                           Stock OptionsNumberWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Life
Remaining		Aggregate
Intrinsic
Value
($ in millions)
Vested at end of period (1)
5,478,656 $174.08 5.6 years$644 
Exercisable at end of period4,219,228 $152.72 4.7 years$586 
_______________________________________________
(1)Represents awards for which the requisite service has been rendered, including those that are retirement eligible.
The total compensation cost for all share-based incentive compensation awards recognized in earnings was $87 million and $83 million for the three months ended March 31, 2026 and 2025, respectively. The related tax benefits recognized in the consolidated statement of income were $13 million for both the three months ended March 31, 2026 and 2025.
The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards as of March 31, 2026 was $425 million, which is expected to be recognized over a weighted-average period of 2.2 years.
v3.26.1
Pension Plans, Retirement Benefits and Savings Plans
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Pension Plans, Retirement Benefits and Savings Plans PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS
The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended March 31, 2026 and 2025.
 Pension PlansPostretirement Benefit Plans
(for the three months ended March 31, in millions)2026202520262025
Net Periodic Benefit Cost (Benefit):    
Service cost$30 $28 $— $— 
Non-service cost (benefit):    
Interest cost on benefit obligation42 44 1 1 
Expected return on plan assets(74)(70)— — 
Amortization of unrecognized:
Prior service benefit— — — (1)
Net actuarial (gain) loss 1 4 (3)(3)
Total non-service cost (benefit)(31)(22)(2)(3)
Net periodic benefit cost (benefit)$(1)$6 $(2)$(3)
The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended March 31, 2026 and 2025.
 Pension PlansPostretirement Benefit Plans
(for the three months ended March 31, in millions)2026202520262025
Service Cost:    
Claims and claim adjustment expenses$11 $11 $— $— 
General and administrative expenses19 17 — — 
Total service cost30 28 — — 
Non-Service Cost (Benefit):    
Claims and claim adjustment expenses(12)(8)(1)(1)
General and administrative expenses(19)(14)(1)(2)
Total non-service cost (benefit)(31)(22)(2)(3)
Net periodic benefit cost (benefit)$(1)$6 $(2)$(3)
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases LEASES
The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease, and a right-of-use asset and lease liability is recognized as part of other assets and other liabilities, respectively, in the consolidated balance sheet.
Most leases include an option to extend or renew the lease term. The exercise of the renewal option is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercising those options. The Company, in determining the present value of lease payments, utilizes either the rate implicit in the lease, if that rate is readily determinable, or the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease.
Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:
Three Months Ended
March 31,
(in millions)20262025
Lease cost
Operating leases$15 $16 
Short-term leases (1)
1 1 
Lease expense16 17 
Less: sublease income (2)
— — 
Net lease cost$16 $17 
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows
$18 $18 
Right-of-use assets obtained in exchange for new lease liabilities$8 $7 
Weighted average discount rate4.13 %3.87 %
Weighted average remaining lease term5.5 years5.6 years
_______________________________________________
(1)Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.
(2)Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.
v3.26.1
Contingencies, Commitments and Guarantees
 3 Months Ended
Mar. 31, 2026
Contingencies, Commitments and Guarantees [Abstract]  
Contingencies, Commitments and Guarantees CONTINGENCIES, COMMITMENTS AND GUARANTEES
Contingencies
The major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or to which any of the Company’s properties is subject are described below.
Asbestos Claims and Litigation
In the ordinary course of its insurance business, the Company has received and continues to receive claims for insurance arising under policies issued by the Company asserting alleged injuries and damages from asbestos-related exposures that are the subject of related coverage litigation. The Company is defending asbestos-related litigation vigorously and believes that it has meritorious defenses; however, the outcomes of these disputes are uncertain. In this regard, the Company employs dedicated specialists and comprehensive resolution strategies to manage asbestos loss exposure, including settling litigation under appropriate circumstances. Currently, it is not possible to predict legal outcomes and their impact on future loss development for claims and litigation relating to asbestos claims. Any such development could be affected by future court decisions and interpretations, as well as future changes, if any, in applicable legislation. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current insurance reserves. In addition, the Company’s estimate of ultimate claims and claim adjustment expenses may change. These additional liabilities or changes in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s results of operations in future periods.
Other Proceedings Not Arising Under Insurance Contracts or Reinsurance Agreements
The Company is involved in other lawsuits, including lawsuits alleging extra-contractual damages relating to insurance contracts or reinsurance agreements, that do not arise under insurance contracts or reinsurance agreements. The legal costs associated with such lawsuits are expensed in the period in which the costs are incurred. Based upon currently available information, the Company does not believe it is reasonably possible that any such lawsuit or related lawsuits would be material to the Company’s results of operations or would have a material adverse effect on the Company’s financial position or liquidity.
Other Commitments and Guarantees
Commitments
Investment Commitments — The Company has unfunded commitments to private equity limited partnerships, real estate partnerships and other investments. These commitments totaled $1.47 billion and $1.41 billion as of March 31, 2026 and December 31, 2025, respectively.
Guarantees
The maximum amount of the Company’s contingent obligation for indemnifications related to the sale of businesses that are quantifiable was $352 million as of March 31, 2026.
The maximum amount of the Company’s obligation related to the guarantee of certain insurance policy obligations of a former insurance subsidiary was $480 million as of March 31, 2026, all of which is indemnified by a third party. For more information regarding the Company’s guarantees, see note 17 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report.
v3.26.1
Noncash Investing and Financing Activities
 3 Months Ended
Mar. 31, 2026
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]  
Noncash Investing and Financing Activities NONCASH INVESTING AND FINANCING ACTIVITIES
The Company issued common stock during the three months ended March 31, 2026 and 2025 in connection with its stock compensation plan which resulted in noncash financing transactions totaling $36 million and $6 million, respectively, from the net share settlement of employee stock options. There were no other material noncash investing or financing activities during the three months ended March 31, 2026 and 2025.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Basis of Presentation and Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation [Policy Text Block]
Basis of Presentation
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited. In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. All material intercompany transactions and balances have been eliminated. The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the Company’s 2025 Annual Report).
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates. To the extent that the Company changes its accounting for, or presentation of, items in the financial statements, the presentation of such amounts in prior periods is changed to conform to the current period presentation, if appropriate, and disclosed, if material.

On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion. The assets and liabilities of the Canadian personal insurance business and the majority of its Canadian commercial insurance business were classified as held for sale in the consolidated balance sheet as of December 31, 2025. The Company retained its surety business in Canada. The sale closed on January 2, 2026.

The major classes of assets and liabilities classified as held for sale were as follows:
December 31,
2025
Assets
Fixed maturities, available for sale, at fair value$3,243 
Premiums receivable263 
Reinsurance recoverables285 
Goodwill208 
Remaining assets held for sale551 
Total assets held for sale$4,550 
Liabilities 
Claims and claim adjustment expense reserves$1,909 
Unearned premium reserves514 
Remaining liabilities held for sale119 
Total liabilities held for sale$2,542 
v3.26.1
Basis of Presentation and Accounting Policies (Table)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Major classes of assets and liabilities classified as held for sale [Table Text Block]
The major classes of assets and liabilities classified as held for sale were as follows:
December 31,
2025
Assets
Fixed maturities, available for sale, at fair value$3,243 
Premiums receivable263 
Reinsurance recoverables285 
Goodwill208 
Remaining assets held for sale551 
Total assets held for sale$4,550 
Liabilities 
Claims and claim adjustment expense reserves$1,909 
Unearned premium reserves514 
Remaining liabilities held for sale119 
Total liabilities held for sale$2,542 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Components of the Company's revenues and income (loss) by reportable business segment [Table Text Block]
(for the three months ended March 31, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2026    
Premiums$5,493 $1,018 $4,094 $10,605 
Net investment income708 113 187 1,008 
Fee income111 — 10 121 
Other revenues104 5 32 141 
Total segment revenues (1)
6,416 1,136 4,323 11,875 
Claims and claim adjustment expenses3,531 441 2,410 6,382 
Amortization of deferred acquisition costs938 194 634 1,766 
General and administrative expenses912 219 397 1,528 
Income tax expense196 28 178 402 
Segment income (1)
$839 $254 $704 $1,797 
2025    
Premiums$5,465 $995 $4,250 $10,710 
Net investment income656 102 172 930 
Fee income108 — 11 119 
Other revenues82 6 24 112 
Total segment revenues (1)
6,311 1,103 4,457 11,871 
Claims and claim adjustment expenses3,705 434 3,867 8,006 
Amortization of deferred acquisition costs917 187 674 1,778 
General and administrative expenses847 205 396 1,448 
Income tax expense (benefit)159 57 (106)110 
Segment income (loss) (1)
$683 $220 $(374)$529 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended March 31, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2026    
Net favorable prior year reserve development$162 $65 $186 $413 
Catastrophe losses$379 $8 $374 $761 
2025
Net favorable prior year reserve development$74 $67 $237 $378 
Catastrophe losses$509 $19 $1,738 $2,266 
The following table presents the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs, which is disclosed separately in the table above with segment income (loss) by reportable business segment).
(for the three months ended March 31, in millions) 20262025
Business Insurance$114 $113 
Bond & Specialty Insurance27 23 
Personal Insurance50 50 
Total$191 $186 
Business segment reconciliations of revenue and income, net of tax [Table Text Block]
Business Segment Reconciliations
 Three Months Ended
March 31,
(in millions)20262025
Revenue reconciliation  
Earned premiums  
Business Insurance:  
Domestic:  
Workers’ compensation$831 $823 
Commercial automobile1,024 942 
Commercial property907 937 
General liability890 861 
Commercial multi-peril1,465 1,400 
Other17 19 
Total Domestic5,134 4,982 
International359 483 
Total Business Insurance5,493 5,465 
Bond & Specialty Insurance:  
Domestic:  
Fidelity and surety385 358 
General liability455 452 
Other59 58 
Total Domestic899 868 
International119 127 
Total Bond & Specialty Insurance1,018 995 
Personal Insurance:  
Domestic:  
Automobile1,892 1,964 
Homeowners and Other2,202 2,121 
Total Domestic4,094 4,085 
International— 165 
Total Personal Insurance4,094 4,250 
Total earned premiums10,605 10,710 
Net investment income1,008 930 
Fee income121 119 
Other revenues141 112 
Total segment revenues11,875 11,871 
Net realized investment gains (losses)49 (61)
Total revenues$11,924 $11,810 
Income reconciliation, net of tax  
Total segment income$1,797 $529 
Interest Expense and Other (1)
(101)(86)
Core income1,696 443 
Net realized investment gains (losses)15 (48)
Net income$1,711 $395 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $92 million and $78 million for the three months ended March 31, 2026 and 2025, respectively.
Asset reconciliation [Table Text Block]
(in millions)March 31,
2026		December 31,
2025
Asset reconciliation  
Business Insurance$106,397 $106,084 
Bond & Specialty Insurance13,790 13,676 
Personal Insurance20,969 22,787 
Total assets by reportable segment141,156 142,547 
Other assets (1)
1,153 1,161 
Total consolidated assets$142,309 $143,708 
 _________________________________________________________
(1)The primary components of other assets as of both March 31, 2026 and December 31, 2025 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Amortized cost and fair value of investments in fixed maturities [Table Text Block]
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of March 31, 2026, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,475 $— $2 $94 $3,383 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation22,523 — 93 1,394 21,222 
Revenue10,171 — 35 645 9,561 
State general obligation861 — 3 36 828 
Pre-refunded369 — 3 3 369 
Total obligations of U.S. states, municipalities and political subdivisions33,924 — 134 2,078 31,980 
Debt securities issued by foreign governments362 — 1 5 358 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,839 — 165 156 12,848 
Corporate and all other bonds43,142 3 222 1,194 42,167 
Total$93,742 $3 $524 $3,527 $90,736 
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(as of December 31, 2025, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,927 $— $11 $81 $3,857 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation21,724 — 161 1,096 20,789 
Revenue9,810 — 58 543 9,325 
State general obligation871 — 6 29 848 
Pre-refunded414 — 4 2 416 
Total obligations of U.S. states, municipalities and political subdivisions32,819 — 229 1,670 31,378 
Debt securities issued by foreign governments313 — 2 3 312 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,094 — 268 130 13,232 
Corporate and all other bonds41,564 3 458 965 41,054 
Total (1)$91,717 $3 $968 $2,849 $89,833 
_______________________________________________
(1)Excludes fixed maturities classified as held for sale of $3,221 million of amortized cost and $3,243 million of fair value as of December 31, 2025.
Cost and fair value of investments in equity securities [Table Text Block]
The cost and fair value of investments in equity securities were as follows:
  
(as of March 31, 2026, in millions)CostGross GainsGross LossesFair Value
Common stock$397 $168 $7 $558 
Non-redeemable preferred stock31 2 — 33 
Total$428 $170 $7 $591 
(as of December 31, 2025, in millions)CostGross GainsGross LossesFair Value
Common stock$419 $177 $12 $584 
Non-redeemable preferred stock38 1 5 34 
Total (1)$457 $178 $17 $618 
_______________________________________________
(1)Excludes equity securities classified as held for sale of $69 million of cost and $104 million of fair value as of December 31, 2025.
Unrealized investment losses [Table Text Block]
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position as of March 31, 2026 and December 31, 2025, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report to determine whether a credit loss impairment exists.
Less than 12 months12 months or longerTotal
(as of March 31, 2026, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$1,166 $16 $1,401 $78 $2,567 $94 
Obligations of U.S. states, municipalities and political subdivisions10,195 198 13,253 1,880 23,448 2,078 
Debt securities issued by foreign governments
178 3 57 2 235 5 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,654 24 1,319 132 3,973 156 
Corporate and all other bonds11,925 155 15,564 1,039 27,489 1,194 
Total $26,118 $396 $31,594 $3,131 $57,712 $3,527 
Less than 12 months12 months or longerTotal
(as of December 31, 2025, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$611 $5 $1,684  $76 $2,295 $81 
Obligations of U.S. states, municipalities and political subdivisions2,234 28 16,428  1,642 18,662 1,670 
Debt securities issued by foreign governments
34 — 75  3 109 3 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
437 2 1,835  128 2,272 130 
Corporate and all other bonds2,351 13 17,428  952 19,779 965 
Total $5,667 $48 $37,450 $2,801 $43,117 $2,849 
Gross unrealized investment losses on securities continuously in an unrealized loss position of greater than 20% of amortized cost by length of time [Table Text Block]
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost as of March 31, 2026 and December 31, 2025, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost.
Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of March 31, 2026, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions399 2 — 382 783 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds2 — — 5 7 
Total$401 $2 $— $387 $790 
 Period For Which Fair Value is Less Than 80% of Amortized Cost
(as of December 31, 2025, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions18 — 10 550 578 
Debt securities issued by foreign governments
— — — — — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
— — — — — 
Corporate and all other bonds1 — 4 — 5 
Total$19 $— $14 $550 $583 
Changes in the allowance for expected credit losses on fixed maturities classified as available for sale [Table Text Block]
The following table presents changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses).
Fixed Maturities
Corporate and All Other Bonds
As of and For the Three Months Ended
(in millions)March 31, 2026 March 31, 2025
Balance, beginning of period$3 $2 
Additions for expected credit losses on securities where no credit losses were previously recognized— 2 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized— — 
Reductions due to sales/defaults of credit-impaired securities— — 
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell— — 
Balance, end of period$3 $4 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured on a recurring basis [Table Text Block]
The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.
(as of March 31, 2026, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,383 $3,383 $— $— 
Obligations of U.S. states, municipalities and political subdivisions31,980 — 31,980 — 
Debt securities issued by foreign governments358 — 358 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
12,848 — 12,848 — 
Corporate and all other bonds42,167 — 41,907 260 
Total fixed maturities90,736 3,383 87,093 260 
Equity securities    
Common stock558 550 — 8 
Non-redeemable preferred stock33 7 4 22 
Total equity securities591 557 4 30 
Other investments8 8 — — 
Total$91,335 $3,948 $87,097 $290 
(as of December 31, 2025, in millions)TotalLevel 1Level 2Level 3
Invested assets:    
Fixed maturities    
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$3,857 $3,857 $— $— 
Obligations of U.S. states, municipalities and political subdivisions31,378 — 31,378 — 
Debt securities issued by foreign governments312 — 312 — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
13,232 — 13,232 — 
Corporate and all other bonds41,054 25 40,698 331 
Total fixed maturities89,833 3,882 85,620 331 
Equity securities    
Common stock584 576 — 8 
Non-redeemable preferred stock34 7 3 24 
Total equity securities618 583 3 32 
Other investments9 9 — — 
Assets held for sale3,347 104 3,243 — 
Total$93,807 $4,578 $88,866 $363 
Carrying value and fair value of the Company's financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized [Table Text Block]
The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.
(as of March 31, 2026, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$6,660 $6,660 $598 $6,011 $51 
Financial liabilities     
Debt$9,168 $8,330 $— $8,330 $— 
Commercial paper100 100 — 100 — 
(as of December 31, 2025, in millions)Carrying
Value		Fair
Value		Level 1Level 2Level 3
Financial assets     
Short-term securities$5,716 $5,716 $1,398 $4,267 $51 
Financial liabilities     
Debt$9,167 $8,538 $— $8,538 $— 
Commercial paper100 100 — 100 — 
v3.26.1
Allowance for Expected Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
Changes in the allowance for expected credit losses on premiums receivable [Table Text Block]
The following table presents the balances of premiums receivable, net of the allowance for expected credit losses, as of March 31, 2026 and 2025, and the changes in the allowance for expected credit losses for the three months ended March 31, 2026 and 2025.
As of and For the Three Months Ended March 31, 2026As of and For the Three Months Ended March 31, 2025
(in millions)Premiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesPremiums Receivable, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$10,992 $58 $11,110 $58 
Current period change for expected credit losses18 16 
Write-offs of uncollectible premiums receivable16 16 
Balance, end of period$11,423 $60 $11,575 $58 
Changes in the allowance for estimated uncollectible reinsurance [Table Text Block]
The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, as of March 31, 2026 and 2025, and the changes in the allowance for estimated uncollectible reinsurance for the three months ended March 31, 2026 and 2025.
As of and For the Three Months Ended March 31, 2026As of and For the Three Months Ended March 31, 2025
(in millions)Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible ReinsuranceReinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period$7,886 $129 $8,000 $119 
Current period change for estimated uncollectible reinsurance1 9 
Write-offs of uncollectible reinsurance recoverables— — 
Balance, end of period$7,988 $130 $8,105 $128 
Changes in the allowance for expected credit losses on contractholder receivables [Table Text Block]
The following table presents the balances of contractholder receivables, net of the allowance for expected credit losses, as of March 31, 2026 and 2025, and the changes in the allowance for expected credit losses for the three months ended March 31, 2026 and 2025.
As of and For the Three Months Ended March 31, 2026As of and For the Three Months Ended March 31, 2025
(in millions)Contractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit LossesContractholder Receivables, Net of Allowance for Expected Credit LossesAllowance for Expected Credit Losses
 
Balance, beginning of period$3,010 $16 $3,171 $18 
Current period change for expected credit losses(2)(1)
Write-offs of uncollectible contractholder receivables— — 
Balance, end of period$3,051 $14 $3,193 $17 
v3.26.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill by segment [Table Text Block]
The following table presents the carrying amount of the Company’s goodwill by segment. Business Insurance and Bond & Specialty Insurance include goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates.
(in millions)March 31,
2026		December 31,
2025
Business Insurance$2,551 $2,601 
Bond & Specialty Insurance837 838 
Personal Insurance646 809 
Other26 26 
Less amounts classified as held for sale— 208 
Total$4,060 $4,066 
Other intangible assets subject to amortization [Table Text Block]
The following tables present a summary of the Company’s other intangible assets by major asset class.
(as of March 31, 2026, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$184 $95 $89 
Contract-based201 195 6 
Marketing-related18 7 11 
Total subject to amortization403 297 106 
Not subject to amortization225 — 225 
Total$628 $297 $331 
(as of December 31, 2025, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$186 $93 $93 
Contract-based204 198 6 
Marketing-related18 6 12 
Total subject to amortization408 297 111 
Not subject to amortization226 — 226 
Less amounts classified as held for sale5 4 1 
Total$629 $293 $336 
Other intangible assets not subject to amortization [Table Text Block]
The following tables present a summary of the Company’s other intangible assets by major asset class.
(as of March 31, 2026, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$184 $95 $89 
Contract-based201 195 6 
Marketing-related18 7 11 
Total subject to amortization403 297 106 
Not subject to amortization225 — 225 
Total$628 $297 $331 
(as of December 31, 2025, in millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Subject to amortization
Customer-related$186 $93 $93 
Contract-based204 198 6 
Marketing-related18 6 12 
Total subject to amortization408 297 111 
Not subject to amortization226 — 226 
Less amounts classified as held for sale5 4 1 
Total$629 $293 $336 
v3.26.1
Insurance Claim Reserves (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance Loss Reserves [Abstract]  
Claims and claim adjustment expense reserves [Table Text Block]
Claims and claim adjustment expense reserves were as follows:
(in millions)March 31,
2026		December 31,
2025
Property-casualty$66,908 $67,643 
Accident and health4 3 
Less amounts classified as held for sale— 1,909 
Total$66,912 $65,737 
Reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses [Table Text Block]
The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses.
Three Months Ended March 31,
(in millions)20262025
Claims and claim adjustment expense reserves at beginning of year$67,643 $64,088 
Less reinsurance recoverables on unpaid losses7,797 7,669 
Net reserves at beginning of year59,846 56,419 
Estimated claims and claim adjustment expenses for claims arising in the current year6,739 8,338 
Estimated decrease in claims and claim adjustment expenses for
 claims arising in prior years
(385)(360)
Total increases6,354 7,978 
Claims and claim adjustment expense payments for claims arising in:  
Current year1,174 1,856 
Prior years4,146 4,415 
Total payments5,320 6,271 
Net reserves disposed of related to the divestiture of the Canadian business(1,627)— 
Unrealized foreign exchange (gain) loss(32)59 
Net reserves at end of period59,221 58,185 
Plus reinsurance recoverables on unpaid losses7,687 7,787 
Claims and claim adjustment expense reserves at end of period$66,908 $65,972 
v3.26.1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]  
Changes in accumulated other comprehensive income (loss) (AOCI) [Table Text Block]
The following table presents the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three months ended March 31, 2026.
 Changes in Net Unrealized Gains (Losses) on Investment Securities  
(in millions)Having No Credit
Losses Recognized in
the Consolidated
Statement of Income		Having Credit 
Losses Recognized 
in the Consolidated
Statement of 
Income		Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ 
Equity		Net Unrealized
Foreign Currency
Translation		Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, December 31, 2025$(1,664)$186 $(150)$(872)$(2,500)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax(902)— — (28)(930)
Amounts reclassified from AOCI, net of tax
2 — (6)356 352 
Net OCI, current period(900)— (6)328 (578)
Balance, March 31, 2026$(2,564)$186 $(156)$(544)$(3,078)
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]
The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).
 Three Months Ended
March 31,
(in millions)20262025
Changes in net unrealized gains (losses) on investment securities:  
Having no credit losses recognized in the consolidated statement of income$(1,146)$436 
Income tax expense (benefit)(246)96 
Net of taxes(900)340 
Having credit losses recognized in the consolidated statement of income— 1 
Income tax expense (benefit)— — 
Net of taxes— 1 
Net changes in benefit plan assets and obligations(8)— 
Income tax expense (benefit)(2)— 
Net of taxes(6)— 
Net changes in unrealized foreign currency translation327 61 
Income tax expense (benefit)(1)3 
Net of taxes328 58 
Total other comprehensive income (loss)(827)498 
Total income tax expense (benefit)(249)99 
Total other comprehensive income (loss), net of taxes$(578)$399 
Pre-tax and related income tax (expense) benefit components of the amounts reclassified from AOCI to the consolidated statement of income [Table Text Block]
The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.
Three Months Ended
March 31,
(in millions)20262025
Reclassification adjustments related to unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (1) (2)
$7 $31 
Income tax benefit (3)
5 6 
Net of taxes2 25 
Having credit losses recognized in the consolidated statement of income (1)
— — 
Income tax benefit (3)
— — 
Net of taxes— — 
Reclassification adjustment related to benefit plan assets and obligations:
  
Claims and claim adjustment expenses (benefit) (4)
(1)— 
General and administrative expenses (benefit) (4)
(1)— 
Other (2)
(4)— 
Total(6)— 
Income tax expense (3)
— — 
Net of taxes(6)— 
Reclassification adjustment related to foreign currency translation (1) (2)
356 — 
Income tax benefit (3)
— — 
Net of taxes356 — 
Total reclassifications357 31 
Total income tax benefit5 6 
Total reclassifications, net of taxes$352 $25 
_______________________________________________
(1)(Increases) decreases in net realized investment gains (losses) on the consolidated statement of income.
(2)(Increases) decreases in net realized investment gains (losses) on the consolidated statement of income related to accumulated other comprehensive income (loss), net of taxes, includes the following related to the Canadian operations divested by the Company in the first quarter of 2026: a $(16) million reclassification adjustment related to unrealized gains (losses) on investment securities, a $(4) million reclassification adjustment related to benefit plan assets and obligations and a $356 million reclassification adjustment related to foreign currency translation.
(3)(Increases) decreases in income tax expense on the consolidated statement of income.
(4)Increases (decreases) in respective expenses on the consolidated statement of income.
v3.26.1
Earnings per Share (Table)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share Reconciliation [Abstract]  
Earnings per share reconciliation [Table Text Block]
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented.
 Three Months Ended
March 31,
(in millions, except per share amounts)20262025
Basic and Diluted
Net income, as reported$1,711 $395 
Participating share-based awards — allocated income(12)(3)
Net income available to common shareholders — basic and diluted$1,699 $392 
Common Shares
Basic
Weighted average shares outstanding215.2 226.9 
Diluted
Weighted average shares outstanding215.2 226.9 
Weighted average effects of dilutive securities — stock options and performance shares
3.2 3.5 
Total218.4 230.4 
Net Income per Common Share
Basic$7.89 $1.73 
Diluted$7.78 $1.70 
v3.26.1
Share-Based Incentive Compensation (Table)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Information for fully vested stock option awards [Table Text Block]
The following information relates to fully vested stock option awards as of March 31, 2026.
                                           Stock OptionsNumberWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Life
Remaining		Aggregate
Intrinsic
Value
($ in millions)
Vested at end of period (1)
5,478,656 $174.08 5.6 years$644 
Exercisable at end of period4,219,228 $152.72 4.7 years$586 
_______________________________________________
(1)Represents awards for which the requisite service has been rendered, including those that are retirement eligible.
v3.26.1
Pension Plans, Retirement Benefits and Savings Plans (Table)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Summary of the components of net periodic benefit cost (benefit) for the Company's pension and postretirement benefit plans recognized in the consolidated statement of income [Table Text Block]
The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended March 31, 2026 and 2025.
 Pension PlansPostretirement Benefit Plans
(for the three months ended March 31, in millions)2026202520262025
Net Periodic Benefit Cost (Benefit):    
Service cost$30 $28 $— $— 
Non-service cost (benefit):    
Interest cost on benefit obligation42 44 1 1 
Expected return on plan assets(74)(70)— — 
Amortization of unrecognized:
Prior service benefit— — — (1)
Net actuarial (gain) loss 1 4 (3)(3)
Total non-service cost (benefit)(31)(22)(2)(3)
Net periodic benefit cost (benefit)$(1)$6 $(2)$(3)
The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended March 31, 2026 and 2025.
 Pension PlansPostretirement Benefit Plans
(for the three months ended March 31, in millions)2026202520262025
Service Cost:    
Claims and claim adjustment expenses$11 $11 $— $— 
General and administrative expenses19 17 — — 
Total service cost30 28 — — 
Non-Service Cost (Benefit):    
Claims and claim adjustment expenses(12)(8)(1)(1)
General and administrative expenses(19)(14)(1)(2)
Total non-service cost (benefit)(31)(22)(2)(3)
Net periodic benefit cost (benefit)$(1)$6 $(2)$(3)
v3.26.1
Leases (Table)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Additional information regarding real estate operating leases [Table Text Block]
Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:
Three Months Ended
March 31,
(in millions)20262025
Lease cost
Operating leases$15 $16 
Short-term leases (1)
1 1 
Lease expense16 17 
Less: sublease income (2)
— — 
Net lease cost$16 $17 
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows
$18 $18 
Right-of-use assets obtained in exchange for new lease liabilities$8 $7 
Weighted average discount rate4.13 %3.87 %
Weighted average remaining lease term5.5 years5.6 years
_______________________________________________
(1)Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.
(2)Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.
v3.26.1
Basis of Presentation and Accounting Policies (Details)
$ in Billions
Jan. 02, 2026
USD ($)
Canadian insurance business excluding surety business [Member] | Disposal group, disposed of by sale, not discontinued operations [Member]  
Disposal group disclosure  
Sales price on sale of business $ 2.4
v3.26.1
Basis of Presentation and Accounting Policies (Details) - Held For Sale
$ in Millions
Dec. 31, 2025
USD ($)
Assets  
Total assets held for sale $ 4,550
Liabilities  
Total liabilities held for sale 2,542
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Canadian insurance business excluding surety business [Member]  
Assets  
Fixed maturities, available for sale, at fair value 3,243
Premiums receivable 263
Reinsurance recoverables 285
Goodwill 208
Remaining assets held for sale 551
Total assets held for sale 4,550
Liabilities  
Claims and claim adjustment expense reserves 1,909
Unearned premium reserves 514
Remaining liabilities held for sale 119
Total liabilities held for sale $ 2,542
v3.26.1
Segment Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Segment reporting information    
Number of reportable business segments | segment 3  
Premiums $ 10,605 $ 10,710
Net investment income 1,008 930
Fee income 121 119
Other revenues 141 112
Claims and claim adjustment expenses 6,382 8,006
Amortization of deferred acquisition costs 1,766 1,778
General and administrative expenses 1,541 1,459
Income tax expense (benefit) 408 73
Net realized investment gains (losses) 49 (61)
Total revenues 11,924 11,810
Core income (loss) 1,696 443
Net realized investment gains (losses), net of tax 15 (48)
Net income 1,711 395
Reportable Segments [Member]    
Segment reporting information    
Premiums 10,605 10,710
Net investment income 1,008 930
Fee income 121 119
Other revenues 141 112
Total segment revenues 11,875 11,871
Claims and claim adjustment expenses 6,382 8,006
Amortization of deferred acquisition costs 1,766 1,778
General and administrative expenses 1,528 1,448
Income tax expense (benefit) 402 110
Core income (loss) 1,797 529
Reportable Segments [Member] | Business Insurance [Member]    
Segment reporting information    
Premiums 5,493 5,465
Net investment income 708 656
Fee income 111 108
Other revenues 104 82
Total segment revenues 6,416 6,311
Claims and claim adjustment expenses 3,531 3,705
Amortization of deferred acquisition costs 938 917
General and administrative expenses 912 847
Income tax expense (benefit) 196 159
Core income (loss) 839 683
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member]    
Segment reporting information    
Premiums 5,134 4,982
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Workers' compensation [Member]    
Segment reporting information    
Premiums 831 823
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Automobile [Member]    
Segment reporting information    
Premiums 1,024 942
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial property [Member]    
Segment reporting information    
Premiums 907 937
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | General liability [Member]    
Segment reporting information    
Premiums 890 861
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]    
Segment reporting information    
Premiums 1,465 1,400
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Other [Member]    
Segment reporting information    
Premiums 17 19
Reportable Segments [Member] | Business Insurance [Member] | International [Member]    
Segment reporting information    
Premiums 359 483
Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Segment reporting information    
Premiums 1,018 995
Net investment income 113 102
Fee income 0 0
Other revenues 5 6
Total segment revenues 1,136 1,103
Claims and claim adjustment expenses 441 434
Amortization of deferred acquisition costs 194 187
General and administrative expenses 219 205
Income tax expense (benefit) 28 57
Core income (loss) 254 220
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member]    
Segment reporting information    
Premiums 899 868
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | General liability [Member]    
Segment reporting information    
Premiums 455 452
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Fidelity and surety [Member]    
Segment reporting information    
Premiums 385 358
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Other [Member]    
Segment reporting information    
Premiums 59 58
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | International [Member]    
Segment reporting information    
Premiums 119 127
Reportable Segments [Member] | Personal Insurance [Member]    
Segment reporting information    
Premiums 4,094 4,250
Net investment income 187 172
Fee income 10 11
Other revenues 32 24
Total segment revenues 4,323 4,457
Claims and claim adjustment expenses 2,410 3,867
Amortization of deferred acquisition costs 634 674
General and administrative expenses 397 396
Income tax expense (benefit) 178 (106)
Core income (loss) 704 (374)
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member]    
Segment reporting information    
Premiums 4,094 4,085
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Automobile [Member]    
Segment reporting information    
Premiums 1,892 1,964
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Homeowners and Other [Member]    
Segment reporting information    
Premiums 2,202 2,121
Reportable Segments [Member] | Personal Insurance [Member] | International [Member]    
Segment reporting information    
Premiums 0 165
Other [Member]    
Segment reporting information    
Core income (loss) (101) (86)
After-tax interest expense $ 92 $ 78
v3.26.1
Segment Information (Details) - Prior Year Development and Catastrophes - Reportable Segments [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment reporting information    
Net favorable prior year reserve development $ 413 $ 378
Catastrophe losses 761 2,266
Business Insurance [Member]    
Segment reporting information    
Net favorable prior year reserve development 162 74
Catastrophe losses 379 509
Bond & Specialty Insurance [Member]    
Segment reporting information    
Net favorable prior year reserve development 65 67
Catastrophe losses 8 19
Personal Insurance [Member]    
Segment reporting information    
Net favorable prior year reserve development 186 237
Catastrophe losses $ 374 $ 1,738
v3.26.1
Segment Information (Details) - Amortization and Depreciation - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment reporting information    
Amortization and depreciation $ 193 $ 188
Reportable Segments [Member]    
Segment reporting information    
Amortization and depreciation 191 186
Reportable Segments [Member] | Business Insurance [Member]    
Segment reporting information    
Amortization and depreciation 114 113
Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Segment reporting information    
Amortization and depreciation 27 23
Reportable Segments [Member] | Personal Insurance [Member]    
Segment reporting information    
Amortization and depreciation $ 50 $ 50
v3.26.1
Segment Information (Details) - Assets by Segment - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets by segment    
Total assets $ 142,309 $ 143,708
Reportable Segments [Member]    
Assets by segment    
Total assets 141,156 142,547
Reportable Segments [Member] | Business Insurance [Member]    
Assets by segment    
Total assets 106,397 106,084
Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Assets by segment    
Total assets 13,790 13,676
Reportable Segments [Member] | Personal Insurance [Member]    
Assets by segment    
Total assets 20,969 22,787
Other assets [Member]    
Assets by segment    
Total assets $ 1,153 $ 1,161
v3.26.1
Investments (Details) - Investment Information, Debt Securities - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Investment disclosure details        
Fixed maturities, amortized cost $ 93,742   $ 91,717  
Allowance for expected credit losses 3   3  
Gross unrealized gains 524   968  
Gross unrealized losses 3,527   2,849  
Fixed maturities, at fair value 90,736   89,833  
Proceeds from sales of fixed maturities classified as available for sale 251 $ 253    
Gross realized gains 1 1    
Gross realized losses on sales of fixed maturities 19 12    
Realized losses resulting from the early redemption of fixed maturities by the issuer prior to the bonds' maturity date 0 18    
Amounts classified as held for sale [Member]        
Investment disclosure details        
Fixed maturities, amortized cost     3,221  
Fixed maturities, at fair value     3,243  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 3,475   3,927  
Allowance for expected credit losses 0   0  
Gross unrealized gains 2   11  
Gross unrealized losses 94   81  
Fixed maturities, at fair value 3,383   3,857  
Obligations of U.S. states, municipalities and political subdivisions [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 33,924   32,819  
Allowance for expected credit losses 0   0  
Gross unrealized gains 134   229  
Gross unrealized losses 2,078   1,670  
Fixed maturities, at fair value 31,980   31,378  
Obligations of U.S. states, municipalities and political subdivisions, local general obligation [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 22,523   21,724  
Allowance for expected credit losses 0   0  
Gross unrealized gains 93   161  
Gross unrealized losses 1,394   1,096  
Fixed maturities, at fair value 21,222   20,789  
Obligations of U.S. states, municipalities and political subdivisions, revenue [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 10,171   9,810  
Allowance for expected credit losses 0   0  
Gross unrealized gains 35   58  
Gross unrealized losses 645   543  
Fixed maturities, at fair value 9,561   9,325  
Obligations of U.S. states, municipalities and political subdivisions, state general obligation [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 861   871  
Allowance for expected credit losses 0   0  
Gross unrealized gains 3   6  
Gross unrealized losses 36   29  
Fixed maturities, at fair value 828   848  
Obligations of U.S. states, municipalities and political subdivisions, pre-refunded [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 369   414  
Allowance for expected credit losses 0   0  
Gross unrealized gains 3   4  
Gross unrealized losses 3   2  
Fixed maturities, at fair value 369   416  
Debt securities issued by foreign governments [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 362   313  
Allowance for expected credit losses 0   0  
Gross unrealized gains 1   2  
Gross unrealized losses 5   3  
Fixed maturities, at fair value 358   312  
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 12,839   13,094  
Allowance for expected credit losses 0   0  
Gross unrealized gains 165   268  
Gross unrealized losses 156   130  
Fixed maturities, at fair value 12,848   13,232  
Corporate and all other bonds [Member]        
Investment disclosure details        
Fixed maturities, amortized cost 43,142   41,564  
Allowance for expected credit losses 3 $ 4 3 $ 2
Gross unrealized gains 222   458  
Gross unrealized losses 1,194   965  
Fixed maturities, at fair value $ 42,167   $ 41,054  
v3.26.1
Investments (Details) - Investment Information, Equity Securities - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Investment disclosure details      
Equity securities, cost $ 428   $ 457
Gross gains 170   178
Gross losses 7   17
Equity securities, at fair value 591   618
Net recognized losses on equity securities still held 5 $ 22  
Amounts classified as held for sale [Member]      
Investment disclosure details      
Equity securities, cost     69
Equity securities, at fair value     104
Common stock [Member]      
Investment disclosure details      
Equity securities, cost 397   419
Gross gains 168   177
Gross losses 7   12
Equity securities, at fair value 558   584
Non-redeemable preferred stock [Member]      
Investment disclosure details      
Equity securities, cost 31   38
Gross gains 2   1
Gross losses 0   5
Equity securities, at fair value $ 33   $ 34
v3.26.1
Investments (Details) - Investment Information, Losses - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value $ 26,118 $ 5,667
Continuous unrealized loss position, less than 12 months, gross unrealized losses 396 48
Continuous unrealized loss position, 12 months or longer, fair value 31,594 37,450
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 3,131 2,801
Continuous unrealized loss position, total, fair value 57,712 43,117
Continuous unrealized loss position, total, gross unrealized losses 3,527 2,849
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 401 19
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 2 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 14
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 387 550
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 790 583
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 1,166 611
Continuous unrealized loss position, less than 12 months, gross unrealized losses 16 5
Continuous unrealized loss position, 12 months or longer, fair value 1,401 1,684
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 78 76
Continuous unrealized loss position, total, fair value 2,567 2,295
Continuous unrealized loss position, total, gross unrealized losses 94 81
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 0 0
Obligations of U.S. states, municipalities and political subdivisions [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 10,195 2,234
Continuous unrealized loss position, less than 12 months, gross unrealized losses 198 28
Continuous unrealized loss position, 12 months or longer, fair value 13,253 16,428
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 1,880 1,642
Continuous unrealized loss position, total, fair value 23,448 18,662
Continuous unrealized loss position, total, gross unrealized losses 2,078 1,670
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 399 18
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 2 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 10
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 382 550
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 783 578
Debt securities issued by foreign governments [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 178 34
Continuous unrealized loss position, less than 12 months, gross unrealized losses 3 0
Continuous unrealized loss position, 12 months or longer, fair value 57 75
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 2 3
Continuous unrealized loss position, total, fair value 235 109
Continuous unrealized loss position, total, gross unrealized losses 5 3
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 0 0
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 2,654 437
Continuous unrealized loss position, less than 12 months, gross unrealized losses 24 2
Continuous unrealized loss position, 12 months or longer, fair value 1,319 1,835
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 132 128
Continuous unrealized loss position, total, fair value 3,973 2,272
Continuous unrealized loss position, total, gross unrealized losses 156 130
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total 0 0
Corporate and all other bonds [Member]    
Investment disclosure details    
Continuous unrealized loss position, less than 12 months, fair value 11,925 2,351
Continuous unrealized loss position, less than 12 months, gross unrealized losses 155 13
Continuous unrealized loss position, 12 months or longer, fair value 15,564 17,428
Continuous unrealized loss position, 12 months or longer, gross unrealized losses 1,039 952
Continuous unrealized loss position, total, fair value 27,489 19,779
Continuous unrealized loss position, total, gross unrealized losses 1,194 965
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, 3 months or less 2 1
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost greater than 3 months, 6 months or less 0 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 6 months, 12 months or less 0 4
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, greater than 12 months 5 0
Unrealized investment losses on fixed maturity investments for which fair value is less than 80% of amortized cost, total $ 7 $ 5
v3.26.1
Investments (Details) - Allowance for Expected Credit Losses - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Allowance for expected credit losses [Roll Forward]    
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, beginning of period $ 3  
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, end of period 3  
Total net impairment charges, including credit impairments, reported in net realized investment gains (losses) in the consolidated statement of income $ 4 $ 2
Credit losses on fixed maturities recognized in the consolidated statement of income, as a percentage of the fixed maturity portfolio on a pre-tax basis (less than) 1.00% 1.00%
Credit losses on fixed maturities recognized in the consolidated statement of income, as a percentage of shareholders' equity on an after-tax basis (less than) 1.00% 1.00%
Corporate and all other bonds [Member]    
Allowance for expected credit losses [Roll Forward]    
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, beginning of period $ 3 $ 2
Additions for expected credit losses on securities where no credit losses were previously recognized 0 2
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized 0 0
Reductions due to sales/defaults of credit-impaired securities 0 0
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell 0 0
Allowance for expected credit losses on fixed maturities classified as available-for-sale, balance, end of period $ 3 $ 4
v3.26.1
Investments (Details) - Other Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Availability of financial information provided by hedge funds following the date of the reporting 1 month
Availability of financial information provided by private equity and real estate partnerships following the date of the reporting, maximum 3 months
v3.26.1
Fair Value Measurements (Details)
Mar. 31, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Percent of fixed maturities for which a pricing service estimates fair value 99.00% 99.00%
v3.26.1
Fair Value Measurements (Details) - Fair Value Hierarchy - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value $ 90,736 $ 89,833
Equity securities, at fair value 591 618
Other Investments, at fair value 8 9
Held for sale investments, at fair value   3,347
Total invested assets measured on a recurring basis 91,335 93,807
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 3,383 3,857
Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 31,980 31,378
Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 358 312
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 12,848 13,232
Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 42,167 41,054
Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 558 584
Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 33 34
Level 1 [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 3,383 3,882
Equity securities, at fair value 557 583
Other Investments, at fair value 8 9
Held for sale investments, at fair value   104
Total invested assets measured on a recurring basis 3,948 4,578
Level 1 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 3,383 3,857
Level 1 [Member] | Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 1 [Member] | Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 1 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 1 [Member] | Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 25
Level 1 [Member] | Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 550 576
Level 1 [Member] | Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 7 7
Level 2 [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 87,093 85,620
Equity securities, at fair value 4 3
Other Investments, at fair value 0 0
Held for sale investments, at fair value   3,243
Total invested assets measured on a recurring basis 87,097 88,866
Level 2 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 2 [Member] | Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 31,980 31,378
Level 2 [Member] | Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 358 312
Level 2 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 12,848 13,232
Level 2 [Member] | Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 41,907 40,698
Level 2 [Member] | Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 0 0
Level 2 [Member] | Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 4 3
Level 3 [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 260 331
Equity securities, at fair value 30 32
Other Investments, at fair value 0 0
Held for sale investments, at fair value   0
Total invested assets measured on a recurring basis 290 363
Level 3 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 3 [Member] | Obligations of U.S. states, municipalities and political subdivisions [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 3 [Member] | Debt securities issued by foreign governments [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 3 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 0 0
Level 3 [Member] | Corporate and all other bonds [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Fixed maturities, at fair value 260 331
Level 3 [Member] | Common stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 8 8
Level 3 [Member] | Non-redeemable preferred stock [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value 22 24
Level 3 [Member] | Investment in non-public common and preferred equity securities where the fair value estimate is determined either internally or by an external fund manager [Member]    
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured    
Equity securities, at fair value $ 30 $ 32
v3.26.1
Fair Value Measurements (Details) - Financial Instruments - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financial Instruments    
Short-term securities $ 6,660 $ 5,716
Carrying Value [Member]    
Financial Instruments    
Short-term securities 6,660 5,716
Debt 9,168 9,167
Commercial paper 100 100
Fair Value [Member]    
Financial Instruments    
Short-term securities 6,660 5,716
Debt 8,330 8,538
Commercial paper 100 100
Fair Value [Member] | Level 1 [Member]    
Financial Instruments    
Short-term securities 598 1,398
Debt 0 0
Commercial paper 0 0
Fair Value [Member] | Level 2 [Member]    
Financial Instruments    
Short-term securities 6,011 4,267
Debt 8,330 8,538
Commercial paper 100 100
Fair Value [Member] | Level 3 [Member]    
Financial Instruments    
Short-term securities 51 51
Debt 0 0
Commercial paper $ 0 $ 0
v3.26.1
Allowance for Expected Credit Losses (Details) - Changes in the Allowance for Expected Credit Losses on Premiums Receivable - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Credit Loss [Abstract]    
Premiums receivable (net of allowance for expected credit losses), balance, beginning of period $ 10,992 $ 11,110
Premiums receivable (net of allowance for expected credit losses), balance, end of period 11,423 11,575
Premiums receivable, allowance for expected credit losses [Roll Forward]    
Premiums receivable, allowance for expected credit losses, beginning balance 58 58
Current period change for expected credit losses 18 16
Write-offs of uncollectible premiums receivable 16 16
Premiums receivable, allowance for expected credit losses, ending balance $ 60 $ 58
v3.26.1
Allowance for Expected Credit Losses (Details) - Changes in the Allowance for Estimated Uncollectible Reinsurance - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Credit Loss [Abstract]    
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance), balance, beginning of period $ 7,886 $ 8,000
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance), balance, end of period 7,988 8,105
Reinsurance recoverables, allowance for uncollectible reinsurance [Roll Forward]    
Reinsurance recoverables, allowance for uncollectible reinsurance, beginning balance 129 119
Current period change for estimated uncollectible reinsurance 1 9
Write-offs of uncollectible reinsurance recoverables 0 0
Reinsurance recoverables, allowance for uncollectible reinsurance, ending balance $ 130 $ 128
v3.26.1
Allowance for Expected Credit Losses (Details) - Narrative - Reinsurer Concentration Risk [Member]
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Reinsurance Recoverables [Member] | Reinsurer Group Rated by A.M. Best [Member] | A.M. Best, Rating Provided [Member]  
Reinsurance recoverables, credit quality indicator  
Reinsurance recoverables, after deducting mandatory pools and associations and before allowances for expected credit losses $ 5,970
Concentration risk percentage 90.00%
Reinsurance Recoverables [Member] | Reinsurer Group Not Rated by A.M. Best [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 10.00%
Reinsurance Recoverables [Member] | Captive Insurance Companies [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 5.00%
Reinsurance Recoverables [Member] | Voluntary Pools [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 1.00%
Reinsurance Recoverables [Member] | Other Companies [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 4.00%
Reinsurance Recoverables Rated by A.M. Best [Member] | Reinsurer Group Rated by A.M. Best [Member] | A.M. Best, A- Rating Or Better [Member]  
Reinsurance recoverables, credit quality indicator  
Concentration risk percentage 94.00%
v3.26.1
Allowance for Expected Credit Losses (Details) - Changes in the Allowance for Expected Credit Losses on Contractholder Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Credit Loss [Abstract]    
Contractholder receivables (net of the allowance for expected credit losses), balance, beginning of period $ 3,010 $ 3,171
Contractholder receivables (net of the allowance for expected credit losses), balance, end of period 3,051 3,193
Contractholder receivables, allowance for expected credit losses [Roll Forward]    
Contractholder receivables, allowance for expected credit losses, beginning balance 16 18
Current period change for expected credit losses (2) (1)
Write-offs of uncollectible contractholder receivables 0 0
Contractholder receivables, allowance for expected credit losses, ending balance $ 14 $ 17
v3.26.1
Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Goodwill by segment    
Goodwill $ 4,060 $ 4,066
Reportable Segments [Member] | Business Insurance [Member]    
Goodwill by segment    
Goodwill 2,551  
Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Goodwill by segment    
Goodwill 837  
Reportable Segments [Member] | Personal Insurance [Member]    
Goodwill by segment    
Goodwill 646  
Other [Member]    
Goodwill by segment    
Goodwill $ 26  
Before Reclassifications of Held For Sale [Member] | Reportable Segments [Member] | Business Insurance [Member]    
Goodwill by segment    
Goodwill   2,601
Before Reclassifications of Held For Sale [Member] | Reportable Segments [Member] | Bond & Specialty Insurance [Member]    
Goodwill by segment    
Goodwill   838
Before Reclassifications of Held For Sale [Member] | Reportable Segments [Member] | Personal Insurance [Member]    
Goodwill by segment    
Goodwill   809
Before Reclassifications of Held For Sale [Member] | Other [Member]    
Goodwill by segment    
Goodwill   26
Held for Sale Reclassification [Member]    
Goodwill by segment    
Goodwill   $ (208)
v3.26.1
Goodwill and Other Intangible Assets (Details) - Other Intangible Assets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount $ 403  
Intangible assets subject to amortization, accumulated amortization 297 $ 293
Intangible assets subject to amortization, net 106  
Intangible assets not subject to amortization 225  
Total other intangible assets, gross carrying amount 628 629
Total other intangible assets, net 331 336
Before Reclassifications of Held For Sale [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount   408
Intangible assets subject to amortization, accumulated amortization   297
Intangible assets subject to amortization, net   111
Intangible assets not subject to amortization   226
Held for Sale Reclassification [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, accumulated amortization   (4)
Total other intangible assets, gross carrying amount   (5)
Total other intangible assets, net   (1)
Customer-related [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount 184  
Intangible assets subject to amortization, accumulated amortization 95  
Intangible assets subject to amortization, net 89  
Customer-related [Member] | Before Reclassifications of Held For Sale [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount   186
Intangible assets subject to amortization, accumulated amortization   93
Intangible assets subject to amortization, net   93
Contract-based [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount 201  
Intangible assets subject to amortization, accumulated amortization 195  
Intangible assets subject to amortization, net 6  
Contract-based [Member] | Before Reclassifications of Held For Sale [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount   204
Intangible assets subject to amortization, accumulated amortization   198
Intangible assets subject to amortization, net   6
Marketing-related [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount 18  
Intangible assets subject to amortization, accumulated amortization 7  
Intangible assets subject to amortization, net $ 11  
Marketing-related [Member] | Before Reclassifications of Held For Sale [Member]    
Other intangible assets by major asset class    
Intangible assets subject to amortization, gross carrying amount   18
Intangible assets subject to amortization, accumulated amortization   6
Intangible assets subject to amortization, net   $ 12
v3.26.1
Insurance Claim Reserves (Details) - Reserve Detail for Claims and Claim Adjustment Expenses - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year $ 65,737  
Claims and claim adjustment expense reserves at end of period 66,912  
Property-casualty [Member]    
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year   $ 64,088
Reinsurance recoverables on unpaid losses   7,669
Net reserves at beginning of year   56,419
Estimated claims and claim adjustment expenses for claims arising in the current year 6,739 8,338
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (385) (360)
Total increases 6,354 7,978
Claims and claim adjustment expense payments for claims arising in current year 1,174 1,856
Claims and claim adjustment expense payments for claims arising in prior years 4,146 4,415
Total payments 5,320 6,271
Net reserves disposed of related to the divestiture of the Canadian business (1,627)  
Unrealized foreign exchange (gain) loss (32) 59
Net reserves at end of period 59,221 58,185
Reinsurance recoverables on unpaid losses 7,687 7,787
Claims and claim adjustment expense reserves at end of period 66,908 $ 65,972
Amount of increase in gross claims and claim adjustment expense reserves 1,180  
Accident and health [Member]    
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year 3  
Claims and claim adjustment expense reserves at end of period 4  
Before Reclassifications of Held For Sale [Member] | Property-casualty [Member]    
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year 67,643  
Reinsurance recoverables on unpaid losses 7,797  
Net reserves at beginning of year 59,846  
Held for Sale Reclassification [Member]    
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]    
Claims and claim adjustment expense reserves at beginning of year $ (1,909)  
v3.26.1
Insurance Claim Reserves (Details) - Prior Year Reserve Development - Property-casualty [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Liability for claims and claim adjustment expense    
Net favorable development included in estimated claims and claim adjustment expenses incurred for claims arising in prior years $ 385 $ 360
Net favorable prior year reserve development impacting the Company's results of operations 413 378
Accretion expense 11 11
Business Insurance [Member]    
Liability for claims and claim adjustment expense    
Net favorable prior year reserve development impacting the Company's results of operations 162 74
Bond & Specialty Insurance [Member]    
Liability for claims and claim adjustment expense    
Net favorable prior year reserve development impacting the Company's results of operations 65 67
Personal Insurance [Member]    
Liability for claims and claim adjustment expense    
Net favorable prior year reserve development impacting the Company's results of operations $ 186 $ 237
v3.26.1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated other comprehensive income (loss) [Roll Forward]    
Balance, beginning of period $ 32,894  
Other comprehensive income (loss), net of taxes (578) $ 399
Balance, end of period 31,986 28,191
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)    
Other comprehensive income (loss), before income taxes (827) 498
Income tax expense (benefit) (249) 99
Other comprehensive income (loss), net of taxes (578) 399
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated other comprehensive income (loss) [Roll Forward]    
Balance, beginning of period (2,500) (4,967)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax (930)  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 352  
Other comprehensive income (loss), net of taxes (578) 399
Balance, end of period (3,078) (4,568)
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)    
Other comprehensive income (loss), before income taxes (827) 498
Income tax expense (benefit) (249) 99
Other comprehensive income (loss), net of taxes (578) 399
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member]    
Accumulated other comprehensive income (loss) [Roll Forward]    
Balance, beginning of period (1,664)  
Other comprehensive income (loss) (OCI) before reclassifications, net of tax (902)  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 2  
Other comprehensive income (loss), net of taxes (900) 340
Balance, end of period (2,564)  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)    
Other comprehensive income (loss), before income taxes (1,146) 436
Income tax expense (benefit) (246) 96
Other comprehensive income (loss), net of taxes (900) 340
Changes in Net Unrealized Gains (Losses) on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member]    
Accumulated other comprehensive income (loss) [Roll Forward]    
Balance, beginning of period 186  
Other comprehensive income (loss) (OCI) before reclassifications, net of tax 0  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0  
Other comprehensive income (loss), net of taxes 0 1
Balance, end of period 186  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)    
Other comprehensive income (loss), before income taxes 0 1
Income tax expense (benefit) 0 0
Other comprehensive income (loss), net of taxes 0 1
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]    
Accumulated other comprehensive income (loss) [Roll Forward]    
Balance, beginning of period (150)  
Other comprehensive income (loss) (OCI) before reclassifications, net of tax 0  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (6)  
Other comprehensive income (loss), net of taxes (6) 0
Balance, end of period (156)  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)    
Other comprehensive income (loss), before income taxes (8) 0
Income tax expense (benefit) (2) 0
Other comprehensive income (loss), net of taxes (6) 0
Net Unrealized Foreign Currency Translation [Member]    
Accumulated other comprehensive income (loss) [Roll Forward]    
Balance, beginning of period (872)  
Other comprehensive income (loss) (OCI) before reclassifications, net of tax (28)  
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 356  
Other comprehensive income (loss), net of taxes 328 58
Balance, end of period (544)  
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit)    
Other comprehensive income (loss), before income taxes 327 61
Income tax expense (benefit) (1) 3
Other comprehensive income (loss), net of taxes $ 328 $ 58
v3.26.1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - Reclassifications - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income $ (49) $ 61
Reclassification adjustment impacting claims and claim adjustment expenses (benefit) on the consolidated statement of income 6,382 8,006
Reclassification adjustment impacting general and administrative expenses (benefit) on the consolidated statement of income 1,541 1,459
Total reclassifications (2,119) (468)
Income tax (expense) benefit (408) (73)
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1,711) (395)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Total reclassifications 357 31
Income tax (expense) benefit 5 6
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 352 25
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income 7 31
Income tax (expense) benefit 5 6
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 2 25
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Canadian insurance business excluding surety business [Member] | Disposal group, disposed of by sale, not discontinued operations [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income (16)  
Changes in Net Unrealized Gains (Losses) on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income 0 0
Income tax (expense) benefit 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 0 0
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income (4) 0
Reclassification adjustment impacting claims and claim adjustment expenses (benefit) on the consolidated statement of income (1) 0
Reclassification adjustment impacting general and administrative expenses (benefit) on the consolidated statement of income (1) 0
Total reclassifications (6) 0
Income tax (expense) benefit 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (6) 0
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Canadian insurance business excluding surety business [Member] | Disposal group, disposed of by sale, not discontinued operations [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income (4)  
Net Unrealized Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income 356 0
Income tax (expense) benefit 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes 356 $ 0
Net Unrealized Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Canadian insurance business excluding surety business [Member] | Disposal group, disposed of by sale, not discontinued operations [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss)    
Reclassification adjustment impacting net realized investment gains (losses) on the consolidated statement of income $ 356  
v3.26.1
Common Share Repurchases (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]  
Number of shares repurchased under share repurchase authorization (in shares) | shares 6.0
Cost of shares repurchased under share repurchase authorization $ 1,800
Average cost per share repurchased under share repurchase authorization (in dollars per share) | $ / shares $ 300.30
Number of shares acquired to cover tax withholding costs and exercise costs (in shares) | shares 0.6
Cost of shares acquired to cover tax withholding costs and exercise costs $ 185
Remaining capacity under share repurchase authorization $ 5,220
v3.26.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share Reconciliation [Abstract]    
Net income $ 1,711 $ 395
Participating share-based awards — allocated income (12) (3)
Net income available to common shareholders -- basic 1,699 392
Net income available to common shareholders -- diluted $ 1,699 $ 392
Weighted average shares outstanding, basic (in shares) 215.2 226.9
Weighted average effects of dilutive securities - stock options and performance shares (in shares) 3.2 3.5
Weighted average shares outstanding, diluted (in shares) 218.4 230.4
Net income per common share, basic (in dollars per share) $ 7.89 $ 1.73
Net income per common share, diluted (in dollars per share) $ 7.78 $ 1.70
v3.26.1
Share-Based Incentive Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Stock options vested at end of period, number (in shares) 5,478,656  
Stock options vested at end of period, weighted average exercise price (in dollars per share) $ 174.08  
Stock options vested at end of period, weighted average contractual life remaining (in years) 5 years 7 months 6 days  
Stock options vested at end of period, aggregate intrinsic value $ 644  
Stock options exercisable at end of period, number (in shares) 4,219,228  
Stock options exercisable at end of period, weighted average exercise price (in dollars per share) $ 152.72  
Stock options exercisable at end of period, weighted average contractual life remaining (in years) 4 years 8 months 12 days  
Stock options exercisable at end of period, aggregate intrinsic value $ 586  
Total compensation cost recognized in earnings for all share-based incentive compensation awards 87 $ 83
Tax benefit recognized in the consolidated statement of income related to compensation costs 13 $ 13
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards $ 425  
Weighted-average period of recognition for unrecognized compensation cost (in years) 2 years 2 months 12 days  
v3.26.1
Pension Plans, Retirement Benefits and Savings Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension Plans [Member]    
Defined benefit plan disclosure    
Service cost $ 30 $ 28
Interest cost on benefit obligation 42 44
Expected return on plan assets (74) (70)
Net periodic benefit cost (benefit), amortization of unrecognized prior service benefit 0 0
Net periodic benefit cost (benefit), amortization of unrecognized net actuarial (gain) loss 1 4
Total non-service cost (benefit) (31) (22)
Net periodic benefit cost (benefit) (1) 6
Pension Plans [Member] | Claims and claim adjustment expenses [Member]    
Defined benefit plan disclosure    
Service cost 11 11
Total non-service cost (benefit) (12) (8)
Pension Plans [Member] | General and administrative expenses [Member]    
Defined benefit plan disclosure    
Service cost 19 17
Total non-service cost (benefit) (19) (14)
Postretirement Benefit Plans [Member]    
Defined benefit plan disclosure    
Service cost 0 0
Interest cost on benefit obligation 1 1
Expected return on plan assets 0 0
Net periodic benefit cost (benefit), amortization of unrecognized prior service benefit 0 (1)
Net periodic benefit cost (benefit), amortization of unrecognized net actuarial (gain) loss (3) (3)
Total non-service cost (benefit) (2) (3)
Net periodic benefit cost (benefit) (2) (3)
Postretirement Benefit Plans [Member] | Claims and claim adjustment expenses [Member]    
Defined benefit plan disclosure    
Service cost 0 0
Total non-service cost (benefit) (1) (1)
Postretirement Benefit Plans [Member] | General and administrative expenses [Member]    
Defined benefit plan disclosure    
Service cost 0 0
Total non-service cost (benefit) $ (1) $ (2)
v3.26.1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating leases $ 15 $ 16
Short-term leases 1 1
Lease expense 16 17
Less: sublease income 0 0
Net lease cost 16 17
Cash payments to settle a lease liability reported in cash flows 18 18
Right-of-use assets obtained in exchange for new lease liabilities $ 8 $ 7
Weighted average discount rate (percent) 4.13% 3.87%
Weighted average remaining lease term (in years) 5 years 6 months 5 years 7 months 6 days
v3.26.1
Contingencies, Commitments and Guarantees (Details) - Commitments - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Contingencies, Commitments and Guarantees [Abstract]    
Unfunded commitments to private equity limited partnerships, real estate partnerships and other investments $ 1,470 $ 1,410
v3.26.1
Contingencies, Commitments and Guarantees (Details) - Guarantees
$ in Millions
Mar. 31, 2026
USD ($)
Indemnifications related to the sale of businesses [Member]  
Guarantor obligations  
Maximum amount of contingent obligation $ 352
Guarantees of certain insurance policy obligations [Member]  
Guarantor obligations  
Maximum amount of contingent obligation 480
Amount indemnified by a third party $ 480
v3.26.1
Noncash Investing and Financing Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Issuance of common stock — net share settlement of employee options $ 36 $ 6