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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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 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.
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 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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