Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Reconciliation of Revenue and operating Income from Segments to Consolidated

Following are the operating results for the respective periods:


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Three Months Ended September 30, 2025
Net premiums earned	$	18,089	$	2,760	$	0	$	20,849
Fees and other revenues	272		34		0		306
Total underwriting revenue	18,361		2,794		0		21,155
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	9,801		1,575		1		11,377
Catastrophe losses	207		12		0		219
Loss adjustment expenses	1,554		296		(1)		1,849
Total losses and loss adjustment expenses	11,562		1,883		0		13,445
Underwriting expenses:
Distribution expenses2	2,507		313		1		2,821
Other underwriting expenses3	2,394		300		5		2,699
Total underwriting expenses	4,901		613		6		5,520
Pretax underwriting profit (loss)	$	1,898	$	298	$	(6)	2,190
Investment profit (loss)4							1,209
Service businesses profit (loss)							(6)
Interest expense							(70)
Total pretax profit (loss)							$	3,323


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Three Months Ended September 30, 2024
Net premiums earned	$	15,570	$	2,727	$	0	$	18,297
Fees and other revenues	235		43		0		278
Total underwriting revenue	15,805		2,770		0		18,575
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	8,514		1,607		(1)		10,120
Catastrophe losses	698		34		0		732
Loss adjustment expenses	1,382		276		0		1,658
Total losses and loss adjustment expenses	10,594		1,917		(1)		12,510
Underwriting expenses:
Distribution expenses2	2,267		297		0		2,564
Other underwriting expenses3	1,245		248		3		1,496
Total underwriting expenses	3,512		545		3		4,060
Pretax underwriting profit (loss)	$	1,699	$	308	$	(2)	2,005
Investment profit (loss)4							1,020
Service businesses profit (loss)							(9)
Interest expense							(70)
Total pretax profit (loss)							$	2,946


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Nine Months Ended September 30, 2025
Net premiums earned	$	52,343	$	8,224	$	1	$	60,568
Fees and other revenues	784		112		0		896
Total underwriting revenue	53,127		8,336		1		61,464
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	28,484		4,695		0		33,179
Catastrophe losses	1,349		36		0		1,385
Loss adjustment expenses	4,415		875		0		5,290
Total losses and loss adjustment expenses	34,248		5,606		0		39,854
Underwriting expenses:
Distribution expenses2	7,183		907		2		8,092
Other underwriting expenses3	4,967		823		13		5,803
Total underwriting expenses	12,150		1,730		15		13,895
Pretax underwriting profit (loss)	$	6,729	$	1,000	$	(14)	7,715
Investment profit (loss)4							3,053
Service businesses profit (loss)							(18)
Interest expense							(209)
Total pretax profit (loss)							$	10,541


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Nine Months Ended September 30, 2024
Net premiums earned	$	43,706	$	7,949	$	0	$	51,655
Fees and other revenues	647		127		0		774
Total underwriting revenue	44,353		8,076		0		52,429
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	24,225		4,781		(4)		29,002
Catastrophe losses	2,279		69		0		2,348
Loss adjustment expenses	3,903		824		0		4,727
Total losses and loss adjustment expenses	30,407		5,674		(4)		36,077
Underwriting expenses:
Distribution expenses2	5,655		855		0		6,510
Other underwriting expenses3	3,468		726		7		4,201
Total underwriting expenses	9,123		1,581		7		10,711
Pretax underwriting profit (loss)	$	4,823	$	821	$	(3)	5,641
Investment profit (loss)4							2,339
Service businesses profit (loss)							(25)
Interest expense							(209)
Total pretax profit (loss)							$	7,746

1 Includes other underwriting business and run-off operations.

2 Includes policy acquisition costs, agents’ contingent commissions, and advertising costs attributable to our operating segments. A portion of our companywide advertising costs are also attributed to our service businesses.

3 Primarily consists of employee compensation and benefit costs, policyholder credits, and the increase in the allowance for credit loss exposure on our premiums receivable.

4 Calculated as recurring investment income plus total net realized gains (losses) on securities, less 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,
	2025			2024			2025			2024
	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio
Personal Lines	10.5	%	89.5	10.9	%	89.1	12.9	%	87.1	11.0	%	89.0
Commercial Lines	10.8		89.2	11.3		88.7	12.2		87.8	10.3		89.7
Total underwriting operations	10.5		89.5	11.0		89.0	12.7		87.3	10.9		89.1