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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Components of the Company's revenues and income by reportable business segment [Table Text Block] |
(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 of revenue and income, net of tax [Table Text Block] | 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.
Asset reconciliation [Table Text Block] |
(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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