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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Reconciliation of Revenue and operating Income from Segments to Consolidated | Following are the operating results for the respective periods:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
(millions) | Revenues |  | Pretax Profit (Loss) |  | Revenues |  | Pretax Profit (Loss) |  | Revenues |  | Pretax Profit (Loss) |  | Revenues |  | Pretax Profit (Loss)
Personal Lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency | $ | 5,414.0 |  |  | $ | 335.7 |  |  | $ | 4,441.9 |  |  | $ | (41.3) |  |  | $ | 15,481.4 |  |  | $ | 427.1 |  |  | $ | 13,131.7 |  |  | $ | 507.6 |
Direct | 6,361.8 |  |  | 706.2 |  |  | 5,077.4 |  |  | 40.6 |  |  | 18,259.9 |  |  | 810.6 |  |  | 14,776.9 |  |  | 389.4 |
Total Personal Lines 1 | 11,775.8 |  |  | 1,041.9 |  |  | 9,519.3 |  |  | (0.7) |  |  | 33,741.3 |  |  | 1,237.7 |  |  | 27,908.6 |  |  | 897.0 |
Commercial Lines | 2,486.6 |  |  | 23.0 |  |  | 2,317.9 |  |  | 238.1 |  |  | 7,296.8 |  |  | 147.4 |  |  | 6,749.5 |  |  | 683.5 |
Property 2 | 631.8 |  |  | 74.6 |  |  | 561.0 |  |  | (141.0) |  |  | 1,852.8 |  |  | (164.9) |  |  | 1,689.6 |  |  | (289.6) |
Other indemnity 3 | 0.1 |  |  | (3.3) |  |  | 0.7 |  |  | (2.1) |  |  | 0.9 |  |  | (6.7) |  |  | 2.0 |  |  | (9.3) |
Total underwriting operations | 14,894.3 |  |  | 1,136.2 |  |  | 12,398.9 |  |  | 94.3 |  |  | 42,891.8 |  |  | 1,213.5 |  |  | 36,349.7 |  |  | 1,281.6 |
Fees and other revenues 4 | 223.7 |  |  | NA |  | 181.4 |  |  | NA |  | 656.6 |  |  | NA |  | 531.9 |  |  | NA
Service businesses | 81.4 |  |  | (10.3) |  |  | 82.7 |  |  | (0.1) |  |  | 234.9 |  |  | (29.7) |  |  | 230.5 |  |  | 9.0 |
Investments 5 | 361.2 |  |  | 354.0 |  |  | 117.2 |  |  | 111.4 |  |  | 1,434.0 |  |  | 1,415.2 |  |  | (971.2) |  |  | (988.6) |
Interest expense | NA |  | (69.7) |  |  | NA |  | (63.1) |  |  | NA |  | (198.7) |  |  | NA |  | (180.4) |
Property - Goodwill impairment 2 | NA |  | 0 |  |  | NA |  | 0 |  |  | NA |  | 0 |  |  | NA |  | (224.8) |
Consolidated total | $ | 15,560.6 |  |  | $ | 1,410.2 |  |  | $ | 12,780.2 |  |  | $ | 142.5 |  |  | $ | 45,217.3 |  |  | $ | 2,400.3 |  |  | $ | 36,140.9 |  |  | $ | (103.2) |
NA = Not applicable 1 Personal auto insurance accounted for 94% of the total Personal Lines segment net premiums earned during the three and nine months ended September 30, 2023 and 2022; insurance for our special lines products (e.g., motorcycles, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 For the three and nine months ended September 30, 2023, pretax profit (loss) included $2.9 million and $10.7 million, respectively, of amortization expense associated with intangible assets attributable to our Property segment, and $5.0 million and $24.1 million for the same periods in 2022. For the nine months ended September 30, 2022, the total pretax loss, including goodwill impairment, for the Property segment was $514.4 million. See Note 12 – Goodwill and Intangible Assets for further discussion. 3 Includes other underwriting business and run-off operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments based on revenue. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit (loss) is net of investment expenses.
Underwriting Margins and Combined Ratios for our Underwriting Operations | Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| Under-writing Margin |  | Combined Ratio |  | Under-writing Margin |  | Combined Ratio |  | Under-writing Margin |  | Combined Ratio |  | Under-writing Margin |  | Combined Ratio
Personal Lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency | 6.2 | % |  | 93.8 |  |  | (0.9) | % |  | 100.9 |  |  | 2.8 | % |  | 97.2 |  |  | 3.9 | % |  | 96.1 |
Direct | 11.1 |  |  | 88.9 |  |  | 0.8 |  |  | 99.2 |  |  | 4.4 |  |  | 95.6 |  |  | 2.6 |  |  | 97.4 |
Total Personal Lines | 8.8 |  |  | 91.2 |  |  | 0 |  |  | 100.0 |  |  | 3.7 |  |  | 96.3 |  |  | 3.2 |  |  | 96.8 |
Commercial Lines | 0.9 |  |  | 99.1 |  |  | 10.3 |  |  | 89.7 |  |  | 2.0 |  |  | 98.0 |  |  | 10.1 |  |  | 89.9 |
Property 1 | 11.8 |  |  | 88.2 |  |  | (25.1) |  |  | 125.1 |  |  | (8.9) |  |  | 108.9 |  |  | (17.1) |  |  | 117.1 |
Total underwriting operations | 7.6 |  |  | 92.4 |  |  | 0.8 |  |  | 99.2 |  |  | 2.8 |  |  | 97.2 |  |  | 3.5 |  |  | 96.5 |
1 Included in the three and nine months ended September 30, 2023, is 0.5 points and 0.6 points, respectively, of amortization expense associated with intangible assets and 0.9 points and 1.4 points, respectively, for the three and nine months ended September 30, 2022.

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