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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Nature of Operations The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report. The following tables summarize the components of the Company’s revenues, income and total assets by reportable business segments:
(for the three months ended September 30, in millions) |  | Business Insurance |  | Bond & Specialty Insurance |  | Personal Insurance |  | Total Reportable Segments
2025 |  |  |  |  |  |  |  |
Premiums |  | $ | 5,700 |  |  | $ | 1,042 |  |  | $ | 4,393 |  |  | $ | 11,135 |
Net investment income |  | 727 |  |  | 116 |  |  | 190 |  |  | 1,033 |
Fee income |  | 114 |  |  | — |  |  | 13 |  |  | 127 |
Other revenues |  | 111 |  |  | 8 |  |  | 29 |  |  | 148 |
Total segment revenues (1) |  | 6,652 |  |  | 1,166 |  |  | 4,625 |  |  | 12,443 |
Claims and claim adjustment expenses |  | 3,667 |  |  | 451 |  |  | 2,476 |  |  | 6,594 |
Amortization of deferred acquisition costs |  | 973 |  |  | 197 |  |  | 679 |  |  | 1,849 |
General and administrative expenses |  | 894 |  |  | 207 |  |  | 458 |  |  | 1,559 |
Income tax expense |  | 211 |  |  | 61 |  |  | 205 |  |  | 477 |
Segment income (1) |  | $ | 907 |  |  | $ | 250 |  |  | $ | 807 |  |  | $ | 1,964 |
2024 |  |  |  |  |  |  |  |
Premiums |  | $ | 5,474 |  |  | $ | 1,009 |  |  | $ | 4,221 |  |  | $ | 10,704 |
Net investment income |  | 642 |  |  | 101 |  |  | 161 |  |  | 904 |
Fee income |  | 109 |  |  | — |  |  | 12 |  |  | 121 |
Other revenues |  | 89 |  |  | 7 |  |  | 24 |  |  | 120 |
Total segment revenues (1) |  | 6,314 |  |  | 1,117 |  |  | 4,418 |  |  | 11,849 |
Claims and claim adjustment expenses |  | 3,698 |  |  | 441 |  |  | 2,857 |  |  | 6,996 |
Amortization of deferred acquisition costs |  | 930 |  |  | 194 |  |  | 666 |  |  | 1,790 |
General and administrative expenses |  | 826 |  |  | 203 |  |  | 420 |  |  | 1,449 |
Income tax expense |  | 162 |  |  | 57 |  |  | 91 |  |  | 310 |
Segment income (1) |  | $ | 698 |  |  | $ | 222 |  |  | $ | 384 |  |  | $ | 1,304 |
________________________________________________________ (1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
(for the nine months ended September 30, in millions) |  | Business Insurance |  | Bond & Specialty Insurance |  | Personal Insurance |  | Total Reportable Segments
2025 |  |  |  |  |  |  |  |
Premiums |  | $ | 16,710 |  |  | $ | 3,058 |  |  | $ | 12,998 |  |  | $ | 32,766 |
Net investment income |  | 2,045 |  |  | 325 |  |  | 535 |  |  | 2,905 |
Fee income |  | 333 |  |  | — |  |  | 37 |  |  | 370 |
Other revenues |  | 288 |  |  | 19 |  |  | 76 |  |  | 383 |
Total segment revenues (1) |  | 19,376 |  |  | 3,402 |  |  | 13,646 |  |  | 36,424 |
Claims and claim adjustment expenses |  | 10,956 |  |  | 1,303 |  |  | 9,130 |  |  | 21,389 |
Amortization of deferred acquisition costs |  | 2,834 |  |  | 579 |  |  | 2,016 |  |  | 5,429 |
General and administrative expenses |  | 2,616 |  |  | 626 |  |  | 1,298 |  |  | 4,540 |
Income tax expense |  | 567 |  |  | 180 |  |  | 235 |  |  | 982 |
Segment income (1) |  | $ | 2,403 |  |  | $ | 714 |  |  | $ | 967 |  |  | $ | 4,084 |
2024 |  |  |  |  |  |  |  |
Premiums |  | $ | 15,802 |  |  | $ | 2,942 |  |  | $ | 12,329 |  |  | $ | 31,073 |
Net investment income |  | 1,883 |  |  | 285 |  |  | 467 |  |  | 2,635 |
Fee income |  | 315 |  |  | — |  |  | 30 |  |  | 345 |
Other revenues |  | 243 |  |  | 22 |  |  | 72 |  |  | 337 |
Total segment revenues (1) |  | 18,243 |  |  | 3,249 |  |  | 12,898 |  |  | 34,390 |
Claims and claim adjustment expenses |  | 10,500 |  |  | 1,342 |  |  | 9,183 |  |  | 21,025 |
Amortization of deferred acquisition costs |  | 2,655 |  |  | 559 |  |  | 1,952 |  |  | 5,166 |
General and administrative expenses |  | 2,479 |  |  | 615 |  |  | 1,219 |  |  | 4,313 |
Income tax expense |  | 491 |  |  | 146 |  |  | 93 |  |  | 730 |
Segment income (1) |  | $ | 2,118 |  |  | $ | 587 |  |  | $ | 451 |  |  | $ | 3,156 |
________________________________________________________ (1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.” Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended September 30, in millions) |  | Business Insurance |  | Bond & Specialty Insurance |  | Personal Insurance |  | Total Reportable Segments
2025 |  |  |  |  |  |  |  |
Net favorable (unfavorable) prior year reserve development |  | $ | (125) |  |  | $ | 43 |  |  | $ | 104 |  |  | $ | 22 |
Catastrophe losses |  | $ | 139 |  |  | $ | — |  |  | $ | 263 |  |  | $ | 402 |
2024 |  |  |  |  |  |  |  |
Net favorable (unfavorable) prior year reserve development |  | $ | (91) |  |  | $ | 36 |  |  | $ | 181 |  |  | $ | 126 |
Catastrophe losses |  | $ | 340 |  |  | $ | 4 |  |  | $ | 595 |  |  | $ | 939 |
(for the nine months ended September 30, in millions) |  | Business Insurance |  | Bond & Specialty Insurance |  | Personal Insurance |  | Total Reportable Segments
2025 |  |  |  |  |  |  |  |
Net favorable prior year reserve development |  | $ | 28 |  |  | $ | 191 |  |  | $ | 496 |  |  | $ | 715 |
Catastrophe losses |  | $ | 1,016 |  |  | $ | 24 |  |  | $ | 2,555 |  |  | $ | 3,595 |
2024 |  |  |  |  |  |  |  |
Net favorable (unfavorable) prior year reserve development |  | $ | (57) |  |  | $ | 84 |  |  | $ | 420 |  |  | $ | 447 |
Catastrophe losses |  | $ | 938 |  |  | $ | 49 |  |  | $ | 2,173 |  |  | $ | 3,160 |
The following tables present the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs which is disclosed separately in the table above with segment income by reportable business segment):
(for the three months ended September 30, in millions) |  | 2025 |  | 2024
Business Insurance |  | $ | 99 |  |  | $ | 102 |
Bond & Specialty Insurance |  | 21 |  |  | 21 |
Personal Insurance |  | 44 |  |  | 50 |
Total |  | $ | 164 |  |  | $ | 173 |
(for the nine months ended September 30, in millions) |  | 2025 |  | 2024
Business Insurance |  | $ | 312 |  |  | $ | 330 |
Bond & Specialty Insurance |  | 62 |  |  | 66 |
Personal Insurance |  | 139 |  |  | 151 |
Total |  | $ | 513 |  |  | $ | 547 |
Business Segment Reconciliations
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue reconciliation |  |  |  |  |  |  |  |
Earned premiums |  |  |  |  |  |  |  |
Business Insurance: |  |  |  |  |  |  |  |
Domestic: |  |  |  |  |  |  |  |
Workers’ compensation |  | $ | 842 |  |  | $ | 858 |  |  | $ | 2,506 |  |  | $ | 2,602 |
Commercial automobile |  | 1,011 |  |  | 915 |  |  | 2,921 |  |  | 2,649 |
Commercial property |  | 942 |  |  | 915 |  |  | 2,839 |  |  | 2,682 |
General liability |  | 907 |  |  | 871 |  |  | 2,630 |  |  | 2,563 |
Commercial multi-peril |  | 1,474 |  |  | 1,374 |  |  | 4,309 |  |  | 3,890 |
Other |  | 20 |  |  | 21 |  |  | 56 |  |  | 51 |
Total Domestic |  | 5,196 |  |  | 4,954 |  |  | 15,261 |  |  | 14,437 |
International |  | 504 |  |  | 520 |  |  | 1,449 |  |  | 1,365 |
Total Business Insurance |  | 5,700 |  |  | 5,474 |  |  | 16,710 |  |  | 15,802 |
Bond & Specialty Insurance: |  |  |  |  |  |  |  |
Domestic: |  |  |  |  |  |  |  |
Fidelity and surety |  | 378 |  |  | 359 |  |  | 1,103 |  |  | 1,049 |
General liability |  | 463 |  |  | 454 |  |  | 1,374 |  |  | 1,317 |
Other |  | 61 |  |  | 58 |  |  | 178 |  |  | 172 |
Total Domestic |  | 902 |  |  | 871 |  |  | 2,655 |  |  | 2,538 |
International |  | 140 |  |  | 138 |  |  | 403 |  |  | 404 |
Total Bond & Specialty Insurance |  | 1,042 |  |  | 1,009 |  |  | 3,058 |  |  | 2,942 |
Personal Insurance: |  |  |  |  |  |  |  |
Domestic: |  |  |  |  |  |  |  |
Automobile |  | 1,987 |  |  | 1,973 |  |  | 5,931 |  |  | 5,766 |
Homeowners and Other |  | 2,239 |  |  | 2,083 |  |  | 6,563 |  |  | 6,069 |
Total Domestic |  | 4,226 |  |  | 4,056 |  |  | 12,494 |  |  | 11,835 |
International |  | 167 |  |  | 165 |  |  | 504 |  |  | 494 |
Total Personal Insurance |  | 4,393 |  |  | 4,221 |  |  | 12,998 |  |  | 12,329 |
Total earned premiums |  | 11,135 |  |  | 10,704 |  |  | 32,766 |  |  | 31,073 |
Net investment income |  | 1,033 |  |  | 904 |  |  | 2,905 |  |  | 2,635 |
Fee income |  | 127 |  |  | 121 |  |  | 370 |  |  | 345 |
Other revenues |  | 148 |  |  | 120 |  |  | 383 |  |  | 337 |
Total segment revenues |  | 12,443 |  |  | 11,849 |  |  | 36,424 |  |  | 34,390 |
Net realized investment gains (losses) |  | 27 |  |  | 55 |  |  | (28) |  |  | 25 |
Total revenues |  | $ | 12,470 |  |  | $ | 11,904 |  |  | $ | 36,396 |  |  | $ | 34,415 |
Income reconciliation, net of tax |  |  |  |  |  |  |  |
Total segment income |  | $ | 1,964 |  |  | $ | 1,304 |  |  | $ | 4,084 |  |  | $ | 3,156 |
Interest Expense and Other (1) |  | (97) |  |  | (86) |  |  | (270) |  |  | (257) |
Core income |  | 1,867 |  |  | 1,218 |  |  | 3,814 |  |  | 2,899 |
Net realized investment gains (losses) |  | 21 |  |  | 42 |  |  | (22) |  |  | 18 |
Net income |  | $ | 1,888 |  |  | $ | 1,260 |  |  | $ | 3,792 |  |  | $ | 2,917 |
_________________________________________________________ (1)The primary component of Interest Expense and Other was after-tax interest expense of $88 million and $77 million for the three months ended September 30, 2025 and 2024, respectively, and $244 million and $232 million for the nine months ended September 30, 2025 and 2024, respectively.
(in millions) |  | September 30, 2025 |  | December 31, 2024
Asset reconciliation |  |  |  |
Business Insurance |  | $ | 106,018 |  |  | $ | 98,311 |
Bond & Specialty Insurance |  | 13,767 |  |  | 12,628 |
Personal Insurance |  | 22,817 |  |  | 21,138 |
Total assets by reportable segment |  | 142,602 |  |  | 132,077 |
Other assets (1) |  | 1,076 |  |  | 1,112 |
Total consolidated assets |  | $ | 143,678 |  |  | $ | 133,189 |
_________________________________________________________ (1)The primary components of other assets as of both September 30, 2025 and December 31, 2024 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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