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Segment information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Operations By Segment | The following tables present the Statement of Operations by segment:
For the Three Months Ended September 30, 2025 (in millions of U.S. dollars) | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Life Insurance |  | Total
Net premiums written | $ | 5,663 |  |  | $ | 1,814 |  |  | $ | 1,458 |  |  | $ | 3,695 |  |  | $ | 304 |  |  | $ | 1,932 |  |  | $ | 14,866 |
Net premiums earned | 5,080 |  |  | 1,741 |  |  | 1,495 |  |  | 3,803 |  |  | 315 |  |  | 1,925 |  |  | 14,359 |
Losses and loss expenses | 3,083 |  |  | 713 |  |  | 1,224 |  |  | 1,707 |  |  | 139 |  |  | 31 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 119 |  |  | — |  |  | 1,303 |  |  |
Policy acquisition costs | 708 |  |  | 339 |  |  | 86 |  |  | 975 |  |  | 96 |  |  | 359 |  |  |
Administrative expenses | 348 |  |  | 82 |  |  | 5 |  |  | 368 |  |  | 9 |  |  | 213 |  |  |
Underwriting income | 941 |  |  | 607 |  |  | 180 |  |  | 634 |  |  | 71 |  |  | NM |  |
Net investment income | 978 |  |  | 123 |  |  | 20 |  |  | 288 |  |  | 100 |  |  | 284 |  |  |
Other (income) expense | 10 |  |  | 1 |  |  | — |  |  | 8 |  |  | — |  |  | (31) |  |  |
Amortization of purchased intangibles | 1 |  |  | 2 |  |  | 6 |  |  | 20 |  |  | — |  |  | 10 |  |  |
Segment income | $ | 1,908 |  |  | $ | 727 |  |  | $ | 194 |  |  | $ | 894 |  |  | $ | 171 |  |  | $ | 324 |  |  | $ | 4,218 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 283 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (142) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 197 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (174) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (18) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | 87 |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 36 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,894 |
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Three Months Ended September 30, 2024 (in millions of U.S. dollars) | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Life Insurance |  | Total
Net premiums written | $ | 5,500 |  |  | $ | 1,679 |  |  | $ | 1,379 |  |  | $ | 3,367 |  |  | $ | 352 |  |  | $ | 1,552 |  |  | $ | 13,829 |
Net premiums earned | 5,110 |  |  | 1,577 |  |  | 1,419 |  |  | 3,421 |  |  | 316 |  |  | 1,530 |  |  | 13,373 |
Losses and loss expenses | 3,391 |  |  | 879 |  |  | 1,193 |  |  | 1,631 |  |  | 200 |  |  | 32 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 120 |  |  | — |  |  | 989 |  |  |
Policy acquisition costs | 689 |  |  | 315 |  |  | 88 |  |  | 852 |  |  | 89 |  |  | 291 |  |  |
Administrative expenses | 338 |  |  | 88 |  |  | 2 |  |  | 340 |  |  | 9 |  |  | 213 |  |  |
Underwriting income | 692 |  |  | 295 |  |  | 136 |  |  | 478 |  |  | 18 |  |  | NM |  |
Net investment income | 931 |  |  | 112 |  |  | 20 |  |  | 286 |  |  | 64 |  |  | 250 |  |  |
Other (income) expense | 6 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | (39) |  |  |
Amortization of purchased intangibles | 2 |  |  | 3 |  |  | 5 |  |  | 21 |  |  | — |  |  | 10 |  |  |
Segment income | $ | 1,615 |  |  | $ | 403 |  |  | $ | 150 |  |  | $ | 738 |  |  | $ | 82 |  |  | $ | 284 |  |  | $ | 3,272 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 198 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (230) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 192 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 7 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (162) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (28) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | (202) |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 40 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | (19) |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,994 |
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Nine Months Ended September 30, 2025 (in millions of U.S. dollars) | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Life Insurance |  | Total
Net premiums written | $ | 16,173 |  |  | $ | 5,304 |  |  | $ | 2,467 |  |  | $ | 11,218 |  |  | $ | 1,092 |  |  | $ | 5,454 |  |  | $ | 41,708 |
Net premiums earned | 15,245 |  |  | 4,996 |  |  | 2,258 |  |  | 10,554 |  |  | 1,021 |  |  | 5,410 |  |  | 39,484 |
Losses and loss expenses | 9,372 |  |  | 3,628 |  |  | 1,799 |  |  | 4,893 |  |  | 513 |  |  | 77 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 361 |  |  | — |  |  | 3,715 |  |  |
Policy acquisition costs | 2,132 |  |  | 1,001 |  |  | 151 |  |  | 2,725 |  |  | 294 |  |  | 988 |  |  |
Administrative expenses | 1,049 |  |  | 251 |  |  | 9 |  |  | 1,067 |  |  | 29 |  |  | 614 |  |  |
Underwriting income | 2,692 |  |  | 116 |  |  | 299 |  |  | 1,508 |  |  | 185 |  |  | NM |  |
Net investment income | 2,845 |  |  | 361 |  |  | 63 |  |  | 847 |  |  | 255 |  |  | 829 |  |  |
Other (income) expense | 26 |  |  | 2 |  |  | 1 |  |  | 19 |  |  | — |  |  | (103) |  |  |
Amortization of purchased intangibles | 4 |  |  | 6 |  |  | 18 |  |  | 58 |  |  | — |  |  | 28 |  |  |
Segment income | $ | 5,507 |  |  | $ | 469 |  |  | $ | 343 |  |  | $ | 2,278 |  |  | $ | 440 |  |  | $ | 920 |  |  | $ | 9,957 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 327 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (251) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 559 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (469) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (74) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | (408) |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 110 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,274 |
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Nine Months Ended September 30, 2024 (in millions of U.S. dollars) | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Life Insurance |  | Total
Net premiums written | $ | 15,690 |  |  | $ | 4,911 |  |  | $ | 2,386 |  |  | $ | 10,536 |  |  | $ | 1,122 |  |  | $ | 4,765 |  |  | $ | 39,410 |
Net premiums earned | 14,890 |  |  | 4,560 |  |  | 2,173 |  |  | 9,966 |  |  | 950 |  |  | 4,709 |  |  | 37,248 |
Losses and loss expenses | 9,640 |  |  | 2,654 |  |  | 1,785 |  |  | 4,728 |  |  | 492 |  |  | 86 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 312 |  |  | — |  |  | 3,090 |  |  |
Policy acquisition costs | 2,037 |  |  | 914 |  |  | 154 |  |  | 2,517 |  |  | 250 |  |  | 885 |  |  |
Administrative expenses | 993 |  |  | 262 |  |  | 7 |  |  | 1,019 |  |  | 29 |  |  | 638 |  |  |
Underwriting income | 2,220 |  |  | 730 |  |  | 227 |  |  | 1,390 |  |  | 179 |  |  | NM |  |
Net investment income | 2,620 |  |  | 322 |  |  | 62 |  |  | 836 |  |  | 179 |  |  | 738 |  |  |
Other (income) expense | 28 |  |  | — |  |  | 1 |  |  | 14 |  |  | — |  |  | (111) |  |  |
Amortization of purchased intangibles | 2 |  |  | 7 |  |  | 18 |  |  | 61 |  |  | — |  |  | 31 |  |  |
Segment income | $ | 4,810 |  |  | $ | 1,045 |  |  | $ | 270 |  |  | $ | 2,151 |  |  | $ | 358 |  |  | $ | 828 |  |  | $ | 9,462 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 201 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (238) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 552 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 21 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (471) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (86) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | (263) |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 122 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | (100) |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,336 |
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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