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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our CODM regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are: •Commercial lines insurance •Personal lines insurance •Excess and surplus lines insurance •Life insurance •Investments We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. Revenues come primarily from unaffiliated customers: •All four insurance segments record revenues from insurance premiums earned. •Fee revenues for the commercial, personal and excess and surplus insurance segments primarily represent installment fees. Fee revenues for the life insurance segment represent separate account investment management fees. •Our investments’ revenues consist of pretax net investment income and investment gains and losses. •Other revenues are primarily finance income and earned premiums of Cincinnati Re and Cincinnati Global. Income or loss before income taxes for each segment is reported based on the nature of that business area’s operations: •Income before income taxes for the insurance segments is defined as underwriting profit or loss. ◦For commercial lines, personal lines and excess and surplus lines insurance segments, we calculate underwriting profit or loss as premiums earned and fee revenue minus loss and loss expenses and underwriting expenses incurred. ◦For the life insurance segment, we calculate underwriting profit or loss as premiums earned and fee revenue, minus contract holders’ benefits and expenses incurred, plus investment interest credited to contract holders. •Income before income taxes for the investments segment is net investment income plus investment gains and losses for investments of the entire company, minus investment interest credited to contract holders of the life insurance segment. •Income before income taxes for the Other category is primarily due to interest expense from debt of the parent company, operating expenses of our headquarters and premiums earned minus loss and loss expenses and underwriting expenses of Cincinnati Re and Cincinnati Global. We do not separately report the identifiable assets of property casualty insurance for the commercial, personal and excess and surplus lines segments or for Cincinnati Re because we do not use that measure to analyze performance. We include all investment portfolio assets, regardless of ownership, in the investments segment. Segment information is summarized in the following table:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |
Commercial lines insurance |  |  |  |  |  |
Commercial casualty |  | $ | 1,481 |  |  | $ | 1,416 |  |  | $ | 1,270 |
Commercial property |  | 1,264 |  |  | 1,136 |  |  | 1,043 |
Commercial auto |  | 862 |  |  | 842 |  |  | 794 |
Workers' compensation |  | 277 |  |  | 284 |  |  | 268 |
Other commercial |  | 380 |  |  | 346 |  |  | 299 |
Commercial lines insurance premiums |  | 4,264 |  |  | 4,024 |  |  | 3,674 |
Fee revenues |  | 4 |  |  | 4 |  |  | 4 |
Total commercial lines insurance |  | 4,268 |  |  | 4,028 |  |  | 3,678 |
Personal lines insurance |  |  |  |  |  |
Personal auto |  | 721 |  |  | 626 |  |  | 609 |
Homeowner |  | 1,044 |  |  | 829 |  |  | 726 |
Other personal |  | 279 |  |  | 234 |  |  | 207 |
Personal lines insurance premiums |  | 2,044 |  |  | 1,689 |  |  | 1,542 |
Fee revenues |  | 4 |  |  | 4 |  |  | 4 |
Total personal lines insurance |  | 2,048 |  |  | 1,693 |  |  | 1,546 |
Excess and surplus lines insurance |  | 542 |  |  | 485 |  |  | 398 |
Fee revenues |  | 3 |  |  | 2 |  |  | 2 |
Total excess and surplus lines insurance |  | 545 |  |  | 487 |  |  | 400 |
Life insurance premiums |  | 313 |  |  | 301 |  |  | 294 |
Fee revenues |  | 10 |  |  | 4 |  |  | 5 |
Total life insurance |  | 323 |  |  | 305 |  |  | 299 |
Investments |  |  |  |  |  |
Investment income, net of expenses |  | 894 |  |  | 781 |  |  | 714 |
Investment gains and losses, net |  | 1,127 |  |  | (1,467) |  |  | 2,409 |
Total investment revenue |  | 2,021 |  |  | (686) |  |  | 3,123 |
Other |  |  |  |  |  |
Premiums |  | 795 |  |  | 726 |  |  | 570 |
Other |  | 13 |  |  | 10 |  |  | 10 |
Total other revenue |  | 808 |  |  | 736 |  |  | 580 |
Total revenues |  | $ | 10,013 |  |  | $ | 6,563 |  |  | $ | 9,626 |
Income (loss) before income taxes: |  |  |  |  |  |
Insurance underwriting results |  |  |  |  |  |
Commercial lines insurance |  | $ | 168 |  |  | $ | 38 |  |  | $ | 598 |
Personal lines insurance |  | (4) |  |  | 18 |  |  | 97 |
Excess and surplus lines insurance |  | 54 |  |  | 48 |  |  | 44 |
Life insurance |  | 41 |  |  | 27 |  |  | 12 |
Investments |  | 1,900 |  |  | (795) |  |  | 3,018 |
Other |  | 117 |  |  | (30) |  |  | (71) |
Total income (loss) before income taxes |  | $ | 2,276 |  |  | $ | (694) |  |  | $ | 3,698 |
|  | December 31, |  | December 31, |  |
Identifiable assets: |  | 2023 |  | 2022 |  |
Property casualty insurance |  | $ | 5,294 |  |  | $ | 5,178 |  |  |
Life insurance |  | 1,562 |  |  | 1,518 |  |  |
Investments |  | 24,999 |  |  | 22,133 |  |  |
Other |  | 914 |  |  | 903 |  |  |
Total |  | $ | 32,769 |  |  | $ | 29,732 |  |  |

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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