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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate primarily in two industries, property casualty insurance and life insurance. Our CODM is the chief executive officer who 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 are reported based on the nature of that business area’s operations:
•Income or loss 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 or loss 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 or loss before income taxes for the Other category is primarily due to Cincinnati Re and Cincinnati Global premiums earned minus loss and loss expenses and underwriting expenses incurred. It also includes interest expense from debt of the parent company as well as operating expenses of our headquarters.

For all segments, the CODM uses income or loss before income taxes, and its components, to allocate resources (including associate, financial and capital resources) primarily during the annual budgeting and forecasting process and throughout the year as necessary. For the commercial lines, personal lines, excess and surplus and life segments, the CODM uses this metric to assess performance by analyzing the relationship between premium revenue and loss and loss expenses and underwriting expenses. As part of this analysis, the drivers and components of those revenue and expense items, such as pricing, exposure growth and inflation, are also considered as necessary. For the investments segment, the CODM considers overall investment performance as well as current conditions to invest available cash flow in both fixed-maturity and equity securities in a manner that balances current income needs with longer-term investment growth goals.

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,
202420232022
Commercial lines insurance   
Commercial lines insurance premiums$4,486 $4,264 $4,024 
Fee revenues4 4 4 
Total commercial lines insurance revenues4,490 4,268 4,028 
Loss and loss expenses2,795 2,787 2,761 
Underwriting expenses1,384 1,313 1,229 
Total commercial lines income before income taxes311 168 38 
Personal lines insurance   
Personal lines insurance premiums2,623 2,044 1,689 
Fee revenues5 4 4 
Total personal lines insurance revenues2,628 2,048 1,693 
Loss and loss expenses1,795 1,442 1,166 
Underwriting expenses762 610 509 
Total personal lines income (loss) before income taxes71 (4)18 
Excess and surplus lines insurance
Excess and surplus lines insurance premiums615 542 485 
Fee revenues3 3 2 
Total excess and surplus lines insurance revenues618 545 487 
Loss and loss expenses411 350 315 
Underwriting expenses167 141 124 
Total excess and surplus lines income before income taxes40 54 48 
Life insurance
Life insurance premiums321 313 301 
Fee revenues5 10 4 
Total life insurance revenues326 323 305 
Contract holders' benefits incurred301 316 303 
Investment interest credited to contract holders(125)(121)(109)
Underwriting expenses incurred93 87 84 
Total life insurance income before income taxes57 41 27 
Investments   
Investment income, net of expenses1,025 894 781 
Investment gains and losses, net1,391 1,127 (1,467)
Total investment revenue2,416 2,021 (686)
Investment interest credited to contract holders125 121 109 
Total investment income (loss) before income taxes2,291 1,900 (795)
Reconciliation to consolidated income (loss) before income taxes
Total segment revenues10,478 9,205 5,827 
Other earned premiums844 795 726 
Other revenues15 13 10 
Total revenues11,337 10,013 6,563 
Total segment benefits and expenses7,708 7,046 6,491 
Other loss and loss expenses435 379 474 
Other underwriting expenses251 233 216 
Other benefits and expenses85 79 76 
Total benefits and expenses8,479 7,737 7,257 
Total income (loss) before income taxes$2,858 $2,276 $(694)
 
Identifiable assets by segment are summarized in the following table:
(Dollars in millions)December 31,December 31,
20242023
Identifiable assets:
Property casualty insurance$5,927 $5,294 
Life insurance1,658 1,562 
Investments27,887 24,999 
Other1,029 914 
Total$36,501 $32,769