XML 59 R46.htm IDEA: XBRL DOCUMENT
v3.22.4

Business Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Significant components of the Company's continuing operations and selected balance sheet items | The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Year ended December 31, 2022 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Net written premiums | $ | 3,306 |  |  | $ | 4,193 |  |  | $ | 1,164 |  |  | $ | 467 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | 9,128 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 3,203 |  |  | $ | 3,923 |  |  | $ | 1,070 |  |  | $ | 473 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | 8,667 |
Net investment income | 431 |  |  | 488 |  |  | 63 |  |  | 804 |  |  | 19 |  |  | — |  |  | 1,805 |
Non-insurance warranty revenue | 1,574 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,574 |
Other revenues | 1 |  |  | 30 |  |  | 1 |  |  | (1) |  |  | 6 |  |  | (5) |  |  | 32 |
Total operating revenues | 5,209 |  |  | 4,441 |  |  | 1,134 |  |  | 1,276 |  |  | 24 |  |  | (6) |  |  | 12,078 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 1,839 |  |  | 2,607 |  |  | 637 |  |  | 1,202 |  |  | 76 |  |  | — |  |  | 6,361 |
Policyholders’ dividends | 6 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Amortization of deferred acquisition costs | 656 |  |  | 634 |  |  | 200 |  |  | — |  |  | — |  |  | — |  |  | 1,490 |
Non-insurance warranty expense | 1,471 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,471 |
Other insurance related expenses | 336 |  |  | 557 |  |  | 146 |  |  | 118 |  |  | 4 |  |  | (1) |  |  | 1,160 |
Other expenses | 51 |  |  | 36 |  |  | 26 |  |  | 9 |  |  | 174 |  |  | (5) |  |  | 291 |
Total claims, benefits and expenses | 4,359 |  |  | 3,853 |  |  | 1,009 |  |  | 1,329 |  |  | 254 |  |  | (6) |  |  | 10,798 |
Core income (loss) before income tax | 850 |  |  | 588 |  |  | 125 |  |  | (53) |  |  | (230) |  |  | — |  |  | 1,280 |
Income tax (expense) benefit on core income (loss) | (182) |  |  | (122) |  |  | (19) |  |  | 44 |  |  | 47 |  |  | — |  |  | (232) |
Core income (loss) | $ | 668 |  |  | $ | 466 |  |  | $ | 106 |  |  | $ | (9) |  |  | $ | (183) |  |  | $ | — |  |  | 1,048 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (199) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 45 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (154) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 894 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurance receivables | $ | 1,384 |  |  | $ | 1,062 |  |  | $ | 414 |  |  | $ | 101 |  |  | $ | 2,477 |  |  | $ | — |  |  | $ | 5,438 |
Insurance receivables | 1,082 |  |  | 1,728 |  |  | 369 |  |  | 8 |  |  | — |  |  | — |  |  | 3,187 |
Deferred acquisition costs | 381 |  |  | 321 |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | 806 |
Goodwill | 117 |  |  | — |  |  | 27 |  |  | — |  |  | — |  |  | — |  |  | 144 |
Deferred non-insurance warranty acquisition expense | 3,671 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,671 |
Insurance reserves |  |  |  |  |  |  |  |  |  |  |  |  |
Claim and claim adjustment expenses | 6,878 |  |  | 9,395 |  |  | 2,403 |  |  | 3,674 |  |  | 2,749 |  |  | — |  |  | 25,099 |
Unearned premiums | 3,193 |  |  | 2,425 |  |  | 653 |  |  | 103 |  |  | — |  |  | — |  |  | 6,374 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 10,151 |  |  | — |  |  | — |  |  | 10,151 |
Deferred non-insurance warranty revenue | 4,714 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,714 |
Year ended December 31, 2021 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  | Eliminations |  | Total
Net written premiums | $ | 3,225 |  |  | $ | 3,595 |  |  | $ | 1,101 |  |  | $ | 485 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 8,405 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 3,076 |  |  | $ | 3,552 |  |  | $ | 1,057 |  |  | $ | 491 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 8,175 |
Net investment income | 497 |  |  | 624 |  |  | 57 |  |  | 966 |  |  | 15 |  |  | — |  |  | 2,159 |
Non-insurance warranty revenue | 1,430 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,430 |
Other revenues | 1 |  |  | 23 |  |  | — |  |  | — |  |  | 6 |  |  | (6) |  |  | 24 |
Total operating revenues | 5,004 |  |  | 4,199 |  |  | 1,114 |  |  | 1,457 |  |  | 21 |  |  | (7) |  |  | 11,788 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 1,787 |  |  | 2,540 |  |  | 652 |  |  | 1,239 |  |  | 109 |  |  | — |  |  | 6,327 |
Policyholders’ dividends | 3 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |
Amortization of deferred acquisition costs | 643 |  |  | 594 |  |  | 206 |  |  | — |  |  | — |  |  | — |  |  | 1,443 |
Non-insurance warranty expense | 1,328 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,328 |
Other insurance related expenses | 296 |  |  | 511 |  |  | 144 |  |  | 103 |  |  | 9 |  |  | (1) |  |  | 1,062 |
Other expenses | 47 |  |  | 38 |  |  | (2) |  |  | 10 |  |  | 155 |  |  | (6) |  |  | 242 |
Total claims, benefits and expenses | 4,104 |  |  | 3,702 |  |  | 1,000 |  |  | 1,352 |  |  | 273 |  |  | (7) |  |  | 10,424 |
Core income (loss) before income tax | 900 |  |  | 497 |  |  | 114 |  |  | 105 |  |  | (252) |  |  | — |  |  | 1,364 |
Income tax (expense) benefit on core income (loss) | (196) |  |  | (103) |  |  | (28) |  |  | 21 |  |  | 48 |  |  | — |  |  | (258) |
Core income (loss) | $ | 704 |  |  | $ | 394 |  |  | $ | 86 |  |  | $ | 126 |  |  | $ | (204) |  |  | $ | — |  |  | 1,106 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 120 |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (24) |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | 96 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,202 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurance receivables | $ | 1,200 |  |  | $ | 923 |  |  | $ | 381 |  |  | $ | 401 |  |  | $ | 2,579 |  |  | $ | — |  |  | $ | 5,484 |
Insurance receivables | 1,136 |  |  | 1,488 |  |  | 340 |  |  | 6 |  |  | 4 |  |  | — |  |  | 2,974 |
Deferred acquisition costs | 363 |  |  | 278 |  |  | 96 |  |  | — |  |  | — |  |  | — |  |  | 737 |
Goodwill | 117 |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | 148 |
Deferred non-insurance warranty acquisition expense | 3,476 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,476 |
Insurance reserves |  |  |  |  |  |  |  |  |  |  |  |  |
Claim and claim adjustment expenses | 6,433 |  |  | 8,890 |  |  | 2,280 |  |  | 3,754 |  |  | 2,817 |  |  | — |  |  | 24,174 |
Unearned premiums | 3,001 |  |  | 2,066 |  |  | 585 |  |  | 109 |  |  | — |  |  | — |  |  | 5,761 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 13,236 |  |  | — |  |  | — |  |  | 13,236 |
Deferred non-insurance warranty revenue | 4,503 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,503 |
Year ended December 31, 2020 | Specialty |  | Commercial |  |  |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  | International |  |  |  | Eliminations |  | Total
Net written premiums | $ | 3,040 |  |  | $ | 3,565 |  |  | $ | 961 |  |  | $ | 494 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 8,059 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 2,883 |  |  | $ | 3,323 |  |  | $ | 940 |  |  | $ | 504 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 7,649 |
Net investment income | 449 |  |  | 513 |  |  | 58 |  |  | 851 |  |  | 64 |  |  | — |  |  | 1,935 |
Non-insurance warranty revenue | 1,252 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,252 |
Other revenues | 1 |  |  | 25 |  |  | — |  |  | — |  |  | 5 |  |  | (5) |  |  | 26 |
Total operating revenues | 4,585 |  |  | 3,861 |  |  | 998 |  |  | 1,355 |  |  | 69 |  |  | (6) |  |  | 10,862 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 1,792 |  |  | 2,375 |  |  | 629 |  |  | 1,286 |  |  | 67 |  |  | — |  |  | 6,149 |
Policyholders’ dividends | 3 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |
Amortization of deferred acquisition costs | 621 |  |  | 592 |  |  | 197 |  |  | — |  |  | — |  |  | — |  |  | 1,410 |
Non-insurance warranty expense | 1,159 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,159 |
Other insurance related expenses | 280 |  |  | 506 |  |  | 136 |  |  | 109 |  |  | (2) |  |  | (1) |  |  | 1,028 |
Other expenses | 50 |  |  | 34 |  |  | (7) |  |  | 7 |  |  | 141 |  |  | (5) |  |  | 220 |
Total claims, benefits and expenses | 3,905 |  |  | 3,525 |  |  | 955 |  |  | 1,402 |  |  | 206 |  |  | (6) |  |  | 9,987 |
Core income (loss) before income tax | 680 |  |  | 336 |  |  | 43 |  |  | (47) |  |  | (137) |  |  | — |  |  | 875 |
Income tax (expense) benefit on core income (loss) | (145) |  |  | (69) |  |  | (5) |  |  | 56 |  |  | 23 |  |  | — |  |  | (140) |
Core income (loss) | $ | 535 |  |  | $ | 267 |  |  | $ | 38 |  |  | $ | 9 |  |  | $ | (114) |  |  | $ | — |  |  | 735 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (54) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 9 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (45) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 690 |
Revenues by line of business | The following table presents operating revenues by line of business for each reportable segment.
Years ended December 31 |  |  |  |  |
(In millions) | 2022 |  | 2021 |  | 2020
Specialty |  |  |  |  |
Management & Professional Liability | $ | 2,771 |  |  | $ | 2,776 |  |  | $ | 2,577 |
Surety | 652 |  |  | 604 |  |  | 596 |
Warranty & Alternative Risks | 1,786 |  |  | 1,624 |  |  | 1,412 |
Specialty revenues | 5,209 |  |  | 5,004 |  |  | 4,585 |
Commercial |  |  |  |  |
Middle Market | 1,532 |  |  | 1,508 |  |  | 1,444 |
Construction | 1,421 |  |  | 1,322 |  |  | 1,120 |
Small Business | 581 |  |  | 558 |  |  | 482 |
Other Commercial | 907 |  |  | 811 |  |  | 815 |
Commercial revenues | 4,441 |  |  | 4,199 |  |  | 3,861 |
International |  |  |  |  |
Canada | 366 |  |  | 344 |  |  | 291 |
Europe | 466 |  |  | 473 |  |  | 389 |
Hardy | 302 |  |  | 297 |  |  | 318 |
International revenues | 1,134 |  |  | 1,114 |  |  | 998 |
Life & Group revenues | 1,276 |  |  | 1,457 |  |  | 1,355 |
Corporate & Other revenues | 24 |  |  | 21 |  |  | 69 |
Eliminations | (6) |  |  | (7) |  |  | (6) |
Total operating revenues | 12,078 |  |  | 11,788 |  |  | 10,862 |
Net investment gains (losses) | (199) |  |  | 120 |  |  | (54) |
Total revenues | $ | 11,879 |  |  | $ | 11,908 |  |  | $ | 10,808 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration