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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment information is summarized in the following table:
(Dollars in millions) | Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Commercial lines insurance |  |  |  |  |  |  |
Commercial lines insurance premiums | $ | 1,212 |  |  | $ | 1,107 |  |  | $ | 2,391 |  |  | $ | 2,189 |
Fee revenues | — |  |  | 1 |  |  | 2 |  |  | 2 |
Total commercial lines insurance revenues | 1,212 |  |  | 1,108 |  |  | 2,393 |  |  | 2,191 |
Loss and loss expenses | 767 |  |  | 746 |  |  | 1,502 |  |  | 1,465 |
Underwriting expenses | 358 |  |  | 352 |  |  | 707 |  |  | 677 |
Total commercial lines income before income taxes | 87 |  |  | 10 |  |  | 184 |  |  | 49 |
Personal lines insurance |  |  |  |  |  |  |
Personal lines insurance premiums | 804 |  |  | 631 |  |  | 1,502 |  |  | 1,219 |
Fee revenues | 2 |  |  | 1 |  |  | 3 |  |  | 2 |
Total personal lines insurance revenues | 806 |  |  | 632 |  |  | 1,505 |  |  | 1,221 |
Loss and loss expenses | 598 |  |  | 489 |  |  | 1,444 |  |  | 868 |
Underwriting expenses | 222 |  |  | 185 |  |  | 432 |  |  | 358 |
Total personal lines loss before income taxes | (14) |  |  | (42) |  |  | (371) |  |  | (5) |
Excess and surplus lines insurance |  |  |  |  |  |  |
Excess and surplus lines insurance premiums | 174 |  |  | 151 |  |  | 336 |  |  | 290 |
Fee revenues | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Total excess and surplus lines insurance revenues | 175 |  |  | 152 |  |  | 338 |  |  | 292 |
Loss and loss expenses | 110 |  |  | 102 |  |  | 209 |  |  | 192 |
Underwriting expenses | 49 |  |  | 42 |  |  | 93 |  |  | 80 |
Total excess and surplus lines income before income taxes | 16 |  |  | 8 |  |  | 36 |  |  | 20 |
Life insurance |  |  |  |  |  |  |
Life insurance premiums | 83 |  |  | 81 |  |  | 163 |  |  | 160 |
Fee revenues | 2 |  |  | 2 |  |  | 3 |  |  | 3 |
Total life insurance revenues | 85 |  |  | 83 |  |  | 166 |  |  | 163 |
Contract holders' benefits incurred | 73 |  | 68 |  |  | 154 |  |  | 147 |
Investment interest credited to contract holders | (31) |  |  | (31) |  |  | (63) |  |  | (62) |
Underwriting expenses incurred | 24 |  | 24 |  |  | 47 |  |  | 46 |
Total life insurance income before income taxes | 19 |  |  | 22 |  |  | 28 |  |  | 32 |
Investments |  |  |  |  |  |  |
Investment income, net of expenses | 285 |  |  | 242 |  |  | 565 |  |  | 487 |
Investment gains and losses, net | 473 |  |  | 137 |  |  | 406 |  |  | 749 |
Total investment revenue | 758 |  |  | 379 |  |  | 971 |  |  | 1,236 |
Investment interest credited to contract holders | 31 |  |  | 31 |  |  | 63 |  |  | 62 |
Total investment income before income taxes | 727 |  |  | 348 |  |  | 908 |  |  | 1,174 |
Reconciliation to condensed consolidated income before income taxes |  |  |  |  |  |  |
Total segment revenues | 3,036 |  |  | 2,354 |  |  | 5,373 |  |  | 5,103 |
Other earned premiums | 207 |  |  | 186 |  |  | 432 |  |  | 369 |
Other revenues | 5 |  |  | 4 |  |  | 9 |  |  | 7 |
Total revenues | 3,248 |  |  | 2,544 |  |  | 5,814 |  |  | 5,479 |
Total segment benefits and expenses | 2,201 |  |  | 2,008 |  |  | 4,588 |  |  | 3,833 |
Other loss and loss expenses | 112 |  |  | 75 |  |  | 319 |  |  | 157 |
Other underwriting expenses | 56 |  |  | 52 |  |  | 132 |  |  | 110 |
Other benefits and expenses | 24 |  |  | 23 |  |  | 48 |  |  | 40 |
Total benefits and expenses | 2,393 |  |  | 2,158 |  |  | 5,087 |  |  | 4,140 |
Total income before income taxes | $ | 855 |  |  | $ | 386 |  |  | $ | 727 |  |  | $ | 1,339 |
Identifiable assets by segment are summarized in the following table:
(Dollars in millions) |  | June 30, |  | December 31,
|  | 2025 |  | 2024
Identifiable assets: |  |  |  |
Property casualty insurance |  | $ | 6,999 |  |  | $ | 5,927 |
Life insurance |  | 1,716 |  |  | 1,658 |
Investments |  | 29,057 |  |  | 27,887 |
Other |  | 1,070 |  |  | 1,029 |
Total |  | $ | 38,842 |  |  | $ | 36,501 |

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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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