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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (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. See our 2024 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 176, for a description of revenue, income or loss before income taxes, including its components, and identifiable assets for each of the five segments. Segment information is summarized in the following table:
(Dollars in millions) | Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Commercial lines insurance |  |  |  |  |  |  |
Commercial lines insurance premiums | $ | 1,229 |  |  | $ | 1,137 |  |  | $ | 3,620 |  |  | $ | 3,326 |
Fee revenues | 2 |  |  | 1 |  |  | 4 |  |  | 3 |
Total commercial lines insurance revenues | 1,231 |  |  | 1,138 |  |  | 3,624 |  |  | 3,329 |
Loss and loss expenses | 747 |  |  | 706 |  |  | 2,249 |  |  | 2,171 |
Underwriting expenses | 373 |  |  | 351 |  |  | 1,080 |  |  | 1,028 |
Total commercial lines income before income taxes | 111 |  |  | 81 |  |  | 295 |  |  | 130 |
Personal lines insurance |  |  |  |  |  |  |
Personal lines insurance premiums | 838 |  |  | 678 |  |  | 2,340 |  |  | 1,897 |
Fee revenues | 1 |  |  | 2 |  |  | 4 |  |  | 4 |
Total personal lines insurance revenues | 839 |  |  | 680 |  |  | 2,344 |  |  | 1,901 |
Loss and loss expenses | 507 |  |  | 553 |  |  | 1,951 |  |  | 1,421 |
Underwriting expenses | 233 |  |  | 196 |  |  | 665 |  |  | 554 |
Total personal lines income (loss) before income taxes | 99 |  |  | (69) |  |  | (272) |  |  | (74) |
Excess and surplus lines insurance |  |  |  |  |  |  |
Excess and surplus lines insurance premiums | 174 |  |  | 157 |  |  | 510 |  |  | 447 |
Fee revenues | 1 |  |  | — |  |  | 3 |  |  | 2 |
Total excess and surplus lines insurance revenues | 175 |  |  | 157 |  |  | 513 |  |  | 449 |
Loss and loss expenses | 108 |  |  | 107 |  |  | 317 |  |  | 299 |
Underwriting expenses | 48 |  |  | 42 |  |  | 141 |  |  | 122 |
Total excess and surplus lines income before income taxes | 19 |  |  | 8 |  |  | 55 |  |  | 28 |
Life insurance |  |  |  |  |  |  |
Life insurance premiums | 83 |  |  | 80 |  |  | 246 |  |  | 240 |
Fee revenues | 1 |  |  | 1 |  |  | 4 |  |  | 4 |
Total life insurance revenues | 84 |  |  | 81 |  |  | 250 |  |  | 244 |
Contract holders' benefits incurred | 76 |  | 79 |  |  | 230 |  |  | 226 |
Investment interest credited to contract holders | (32) |  |  | (32) |  |  | (95) |  |  | (94) |
Underwriting expenses incurred | 23 |  | 24 |  |  | 70 |  |  | 70 |
Total life insurance income before income taxes | 17 |  |  | 10 |  |  | 45 |  |  | 42 |
Investments |  |  |  |  |  |  |
Investment income, net of expenses | 295 |  |  | 258 |  |  | 860 |  |  | 745 |
Investment gains and losses, net | 853 |  |  | 758 |  |  | 1,259 |  |  | 1,507 |
Total investment revenue | 1,148 |  |  | 1,016 |  |  | 2,119 |  |  | 2,252 |
Investment interest credited to contract holders | 32 |  |  | 32 |  |  | 95 |  |  | 94 |
Total investment income before income taxes | 1,116 |  |  | 984 |  |  | 2,024 |  |  | 2,158 |
Reconciliation to condensed consolidated income before income taxes |  |  |  |  |  |  |
Total segment revenues | 3,477 |  |  | 3,072 |  |  | 8,850 |  |  | 8,175 |
Other earned premiums | 243 |  |  | 245 |  |  | 675 |  |  | 614 |
Other revenues | 6 |  |  | 3 |  |  | 15 |  |  | 10 |
Total revenues | 3,726 |  |  | 3,320 |  |  | 9,540 |  |  | 8,799 |
Total segment benefits and expenses | 2,115 |  |  | 2,058 |  |  | 6,703 |  |  | 5,891 |
Other loss and loss expenses | 102 |  |  | 133 |  |  | 421 |  |  | 290 |
Other underwriting expenses | 77 |  |  | 70 |  |  | 209 |  |  | 180 |
Other benefits and expenses | 19 |  |  | 19 |  |  | 67 |  |  | 59 |
Total benefits and expenses | 2,313 |  |  | 2,280 |  |  | 7,400 |  |  | 6,420 |
Total income before income taxes | $ | 1,413 |  |  | $ | 1,040 |  |  | $ | 2,140 |  |  | $ | 2,379 |
Identifiable assets by segment are summarized in the following table:
(Dollars in millions) |  | September 30, |  | December 31,
|  | 2025 |  | 2024
Identifiable assets: |  |  |  |
Property casualty insurance |  | $ | 7,078 |  |  | $ | 5,927 |
Life insurance |  | 1,689 |  |  | 1,658 |
Investments |  | 30,575 |  |  | 27,887 |
Other |  | 1,225 |  |  | 1,029 |
Total |  | $ | 40,567 |  |  | $ | 36,501 |

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