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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Our Personal Lines segment writes insurance for personal auto and special lines products (e.g., motorcycles, RVs, watercraft, and snowmobiles). Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related general liability and property insurance predominately for small businesses, and workers’ compensation insurance primarily for the transportation industry. Our Property segment writes residential property insurance for homeowners, other property owners, and renters, and umbrella insurance. Our service businesses provide insurance-related services, including serving as an agent for homeowners, general liability, and workers’ compensation insurance, among other products, through programs in our direct Personal Lines and Commercial Lines businesses. All segment revenues are generated from external customers; all intercompany transactions are eliminated in consolidation. Following are the operating results for the respective periods:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
(millions) | Revenues | Pretax Profit (Loss) |  | Revenues | Pretax Profit (Loss) |  | Revenues |  | Pretax Profit (Loss) |  | Revenues |  | Pretax Profit (Loss)
Personal Lines |  |  |  |  |  |  |  |  |  |  |  |  |
Agency | $ | 6,213.4 |  | $ | 788.5 |  |  | $ | 5,207.2 |  | $ | (71.2) |  |  | $ | 12,071.1 |  |  | $ | 1,739.2 |  |  | $ | 10,067.4 |  |  | $ | 91.4 |
Direct | 7,595.5 |  | 782.7 |  |  | 6,180.7 |  | 126.5 |  |  | 14,616.0 |  |  | 1,826.3 |  |  | 11,898.1 |  |  | 104.4 |
Total Personal Lines 1 | 13,808.9 |  | 1,571.2 |  |  | 11,387.9 |  | 55.3 |  |  | 26,687.1 |  |  | 3,565.5 |  |  | 21,965.5 |  |  | 195.8 |
Commercial Lines | 2,664.5 |  | 303.8 |  |  | 2,454.1 |  | 87.2 |  |  | 5,221.9 |  |  | 512.8 |  |  | 4,810.2 |  |  | 124.4 |
Property | 735.9 |  | (487.8) |  |  | 622.3 |  | (206.8) |  |  | 1,448.7 |  |  | (440.9) |  |  | 1,221.0 |  |  | (239.5) |
Other indemnity 2 | 0.2 |  | (0.6) |  |  | 0.1 |  | 0 |  |  | 0.4 |  |  | (0.9) |  |  | 0.8 |  |  | (3.4) |
Total underwriting operations | 17,209.5 |  | 1,386.6 |  |  | 14,464.4 |  | (64.3) |  |  | 33,358.1 |  |  | 3,636.5 |  |  | 27,997.5 |  |  | 77.3 |
Fees and other revenues 3 | 259.8 |  | NA |  | 226.7 |  | NA |  | 496.3 |  |  | NA |  | 432.9 |  |  | NA
Service businesses | 106.3 |  | (8.0) |  |  | 81.0 |  | (9.6) |  |  | 190.5 |  |  | (15.9) |  |  | 153.5 |  |  | (19.4) |
Investments 4 | 558.7 |  | 551.4 |  |  | 581.4 |  | 575.3 |  |  | 1,331.9 |  |  | 1,318.9 |  |  | 1,072.8 |  |  | 1,061.2 |
Interest expense | NA | (69.6) |  |  | NA | (65.7) |  |  | NA |  | (139.2) |  |  | NA |  | (129.0) |
Consolidated total | $ | 18,134.3 |  | $ | 1,860.4 |  |  | $ | 15,353.5 |  | $ | 435.7 |  |  | $ | 35,376.8 |  |  | $ | 4,800.3 |  |  | $ | 29,656.7 |  |  | $ | 990.1 |
NA = Not applicable 1 Personal auto insurance accounted for 95% of the total Personal Lines segment net premiums earned during the three and six months ended June 30, 2024, and 94% for the same periods in 2023; insurance for our special lines products accounted for the balance of the Personal Lines net premiums earned. 2 Includes other underwriting business and run-off operations. 3 Pretax profit (loss) for fees and other revenues is allocated to operating segments based on revenue. 4 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit (loss) is net of investment expenses. Our management uses underwriting margin and combined ratio as primary measures of underwriting profitability. The underwriting margin is the pretax underwriting profit (loss) expressed as a percentage of net premiums earned (i.e., revenues from underwriting operations). Pretax underwriting profit (loss) is calculated as net premiums earned plus fees and other revenues, less: (i) losses and loss adjustment expenses; (ii) policy acquisition costs; and (iii) other underwriting expenses. Combined ratio is the complement of the underwriting margin. Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Under-writing Margin | Combined Ratio |  | Under-writing Margin | Combined Ratio |  | Under-writing Margin | Combined Ratio |  | Under-writing Margin | Combined Ratio
Personal Lines |  |  |  |  |  |  |  |  |  |  |
Agency | 12.7 | % | 87.3 |  |  | (1.4) | % | 101.4 |  |  | 14.4 | % | 85.6 |  |  | 0.9 | % | 99.1 |
Direct | 10.3 |  | 89.7 |  |  | 2.0 |  | 98.0 |  |  | 12.5 |  | 87.5 |  |  | 0.9 |  | 99.1 |
Total Personal Lines | 11.4 |  | 88.6 |  |  | 0.5 |  | 99.5 |  |  | 13.4 |  | 86.6 |  |  | 0.9 |  | 99.1 |
Commercial Lines | 11.4 |  | 88.6 |  |  | 3.6 |  | 96.4 |  |  | 9.8 |  | 90.2 |  |  | 2.6 |  | 97.4 |
Property | (66.3) |  | 166.3 |  |  | (33.2) |  | 133.2 |  |  | (30.4) |  | 130.4 |  |  | (19.6) |  | 119.6 |
Total underwriting operations | 8.1 |  | 91.9 |  |  | (0.4) |  | 100.4 |  |  | 10.9 |  | 89.1 |  |  | 0.3 |  | 99.7 |

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- Definition The entire disclosure for reporting segments including data and tables. 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