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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Net written premiums | $ | 3,445 |  |  | $ | 5,469 |  |  | $ | 1,262 |  |  | $ | 430 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 10,605 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 3,361 |  |  | $ | 5,158 |  |  | $ | 1,256 |  |  | $ | 437 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 10,211 |
Net investment income | 626 |  |  | 733 |  |  | 131 |  |  | 940 |  |  | 67 |  |  | — |  |  | 2,497 |
Non-insurance warranty revenue | 1,609 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,609 |
Other revenues | 2 |  |  | 29 |  |  | — |  |  | — |  |  | 13 |  |  | (10) |  |  | 34 |
Total operating revenues | 5,598 |  |  | 5,920 |  |  | 1,387 |  |  | 1,377 |  |  | 80 |  |  | (11) |  |  | 14,351 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 2,001 |  |  | 3,525 |  |  | 764 |  |  | 1,308 |  |  | 106 |  |  | — |  |  | 7,704 |
Policyholders’ dividends | 9 |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |
Amortization of deferred acquisition costs | 740 |  |  | 824 |  |  | 234 |  |  | — |  |  | — |  |  | — |  |  | 1,798 |
Non-insurance warranty expense | 1,547 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,547 |
Insurance related administrative expenses | 362 |  |  | 613 |  |  | 182 |  |  | 119 |  |  | — |  |  | (1) |  |  | 1,275 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 133 |  |  | — |  |  | 133 |
Other expenses (1) | 55 |  |  | 43 |  |  | 10 |  |  | 2 |  |  | 97 |  |  | (10) |  |  | 197 |
Total claims, benefits and expenses (2) | 4,714 |  |  | 5,030 |  |  | 1,190 |  |  | 1,429 |  |  | 336 |  |  | (11) |  |  | 12,688 |
Income tax (expense) benefit on core income (loss) | (190) |  |  | (188) |  |  | (44) |  |  | 29 |  |  | 46 |  |  | — |  |  | (347) |
Core income (loss) | $ | 694 |  |  | $ | 702 |  |  | $ | 153 |  |  | $ | (23) |  |  | $ | (210) |  |  | $ | — |  |  | $ | 1,316 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (81) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 17 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (64) |
Pension settlement transaction gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (371) |
Income tax (expense) benefit on pension settlement transaction gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 78 |
Pension settlement transaction gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (293) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 959 |
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations. (2) Excludes the impact of pension settlement transaction gains (losses). See Note J to the Consolidated Financial Statements for additional information.
December 31, 2024 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Reinsurance receivables | $ | 1,405 |  |  | $ | 1,710 |  |  | $ | 539 |  |  | $ | 82 |  |  | $ | 2,336 |  |  | $ | — |  |  | $ | 6,072 |
Insurance receivables | 1,062 |  |  | 2,219 |  |  | 410 |  |  | 4 |  |  | 2 |  |  | — |  |  | 3,697 |
Deferred acquisition costs | 427 |  |  | 405 |  |  | 127 |  |  | — |  |  | — |  |  | — |  |  | 959 |
Goodwill | 117 |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 145 |
Deferred non-insurance warranty acquisition expense | 3,525 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,525 |
Insurance reserves |  |  |  |  |  |  |  |  |  |  |  |  |
Claim and claim adjustment expenses | 7,426 |  |  | 11,336 |  |  | 2,920 |  |  | 622 |  |  | 2,672 |  |  | — |  |  | 24,976 |
Unearned premiums | 3,275 |  |  | 3,252 |  |  | 727 |  |  | 92 |  |  | — |  |  | — |  |  | 7,346 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 13,158 |  |  | — |  |  | — |  |  | 13,158 |
Deferred non-insurance warranty revenue | 4,530 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,530 |
Year ended December 31, 2023 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  | Eliminations |  | Total
Net written premiums | $ | 3,329 |  |  | $ | 4,880 |  |  | $ | 1,237 |  |  | $ | 447 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 9,892 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 3,307 |  |  | $ | 4,547 |  |  | $ | 1,176 |  |  | $ | 451 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 9,480 |
Net investment income | 558 |  |  | 645 |  |  | 103 |  |  | 896 |  |  | 62 |  |  | — |  |  | 2,264 |
Non-insurance warranty revenue | 1,624 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,624 |
Other revenues | 1 |  |  | 29 |  |  | — |  |  | (1) |  |  | 11 |  |  | (10) |  |  | 30 |
Total operating revenues | 5,490 |  |  | 5,221 |  |  | 1,279 |  |  | 1,346 |  |  | 73 |  |  | (11) |  |  | 13,398 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 1,923 |  |  | 2,995 |  |  | 722 |  |  | 1,317 |  |  | 82 |  |  | — |  |  | 7,039 |
Policyholders’ dividends | 8 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29 |
Amortization of deferred acquisition costs | 686 |  |  | 729 |  |  | 229 |  |  | — |  |  | — |  |  | — |  |  | 1,644 |
Non-insurance warranty expense | 1,544 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,544 |
Insurance related administrative expenses | 373 |  |  | 620 |  |  | 139 |  |  | 118 |  |  | 2 |  |  | (1) |  |  | 1,251 |
Interest expense | 1 |  |  | — |  |  | — |  |  | — |  |  | 126 |  |  | — |  |  | 127 |
Other expenses (1) | 52 |  |  | 30 |  |  | (4) |  |  | 1 |  |  | 78 |  |  | (10) |  |  | 147 |
Total claims, benefits and expenses | 4,587 |  |  | 4,395 |  |  | 1,086 |  |  | 1,436 |  |  | 288 |  |  | (11) |  |  | 11,781 |
Income tax (expense) benefit on core income (loss) | (195) |  |  | (174) |  |  | (48) |  |  | 42 |  |  | 42 |  |  | — |  |  | (333) |
Core income (loss) | $ | 708 |  |  | $ | 652 |  |  | $ | 145 |  |  | $ | (48) |  |  | $ | (173) |  |  | $ | — |  |  | $ | 1,284 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (99) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 20 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (79) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,205 |
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2023 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  | Eliminations |  | Total
Reinsurance receivables | $ | 1,281 |  |  | $ | 1,218 |  |  | $ | 468 |  |  | $ | 93 |  |  | $ | 2,374 |  |  | $ | — |  |  | $ | 5,434 |
Insurance receivables | 1,053 |  |  | 2,024 |  |  | 388 |  |  | 5 |  |  | — |  |  | — |  |  | 3,470 |
Deferred acquisition costs | 392 |  |  | 371 |  |  | 133 |  |  | — |  |  | — |  |  | — |  |  | 896 |
Goodwill | 117 |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | 146 |
Deferred non-insurance warranty acquisition expense | 3,661 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,661 |
Insurance reserves |  |  |  |  |  |  |  |  |  |  |  |  |
Claim and claim adjustment expenses | 7,131 |  |  | 10,103 |  |  | 2,709 |  |  | 675 |  |  | 2,686 |  |  | — |  |  | 23,304 |
Unearned premiums | 3,227 |  |  | 2,858 |  |  | 749 |  |  | 99 |  |  | — |  |  | — |  |  | 6,933 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 13,959 |  |  | — |  |  | — |  |  | 13,959 |
Deferred non-insurance warranty revenue | 4,694 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,694 |
Year ended December 31, 2022 | Specialty |  | Commercial |  |  |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  | International |  |  |  | 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 |  |  | 1,469 |  |  | 76 |  |  | — |  |  | 6,628 |
Policyholders’ dividends | 6 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Amortization of deferred acquisition costs | 656 |  |  | 634 |  |  | 200 |  |  | — |  |  | — |  |  | — |  |  | 1,490 |
Non-insurance warranty expense | 1,471 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,471 |
Insurance related administrative expenses | 336 |  |  | 557 |  |  | 146 |  |  | 118 |  |  | 4 |  |  | (1) |  |  | 1,160 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Other expenses (1) | 51 |  |  | 36 |  |  | 26 |  |  | 9 |  |  | 62 |  |  | (5) |  |  | 179 |
Total claims, benefits and expenses | 4,359 |  |  | 3,853 |  |  | 1,009 |  |  | 1,596 |  |  | 254 |  |  | (6) |  |  | 11,065 |
Income tax (expense) benefit on core income (loss) | (182) |  |  | (122) |  |  | (19) |  |  | 99 |  |  | 47 |  |  | — |  |  | (177) |
Core income (loss) | $ | 668 |  |  | $ | 466 |  |  | $ | 106 |  |  | $ | (221) |  |  | $ | (183) |  |  | $ | — |  |  | $ | 836 |
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) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 682 |
(1) Other expenses for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
Year ended December 31, 2022 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  | Eliminations |  | Total
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 |  |  | 695 |  |  | 2,749 |  |  | — |  |  | 22,120 |
Unearned premiums | 3,193 |  |  | 2,425 |  |  | 653 |  |  | 103 |  |  | — |  |  | — |  |  | 6,374 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 13,480 |  |  | — |  |  | — |  |  | 13,480 |
Deferred non-insurance warranty revenue | 4,714 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,714 |
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Years ended December 31 |  |  |  |  |
(In millions) | 2024 |  | 2023 |  | 2022
Specialty |  |  |  |  |
Net incurred claim and claim adjustment expenses related to current year | $ | 2,010 |  |  | $ | 1,937 |  |  | $ | 1,877 |
Catastrophe losses | — |  |  | — |  |  | 2 |
(Favorable) unfavorable development (1) | (9) |  |  | (14) |  |  | (40) |
Commercial |  |  |  |  |
Net incurred claim and claim adjustment expenses related to current year | $ | 3,217 |  |  | $ | 2,801 |  |  | $ | 2,419 |
Catastrophe losses | 318 |  |  | 207 |  |  | 222 |
(Favorable) unfavorable development (1) | (16) |  |  | (22) |  |  | (43) |
International |  |  |  |  |
Net incurred claim and claim adjustment expenses related to current year | $ | 730 |  |  | $ | 680 |  |  | $ | 627 |
Catastrophe losses | 40 |  |  | 29 |  |  | 23 |
(Favorable) unfavorable development (1) | (6) |  |  | 13 |  |  | (13) |
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
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) | 2024 |  | 2023 |  | 2022
Specialty |  |  |  |  |
Management & Professional Liability | $ | 2,998 |  |  | $ | 2,931 |  |  | $ | 2,771 |
Surety | 785 |  |  | 731 |  |  | 652 |
Warranty & Alternative Risks | 1,815 |  |  | 1,828 |  |  | 1,786 |
Specialty revenues | 5,598 |  |  | 5,490 |  |  | 5,209 |
Commercial |  |  |  |  |
Middle Market | 1,775 |  |  | 1,696 |  |  | 1,532 |
Construction | 1,991 |  |  | 1,678 |  |  | 1,421 |
Small Business | 637 |  |  | 631 |  |  | 581 |
Other Commercial | 1,517 |  |  | 1,216 |  |  | 907 |
Commercial revenues | 5,920 |  |  | 5,221 |  |  | 4,441 |
International |  |  |  |  |
Canada | 401 |  |  | 383 |  |  | 366 |
Europe | 593 |  |  | 532 |  |  | 466 |
Hardy | 393 |  |  | 364 |  |  | 302 |
International revenues | 1,387 |  |  | 1,279 |  |  | 1,134 |
Life & Group revenues | 1,377 |  |  | 1,346 |  |  | 1,276 |
Corporate & Other revenues | 80 |  |  | 73 |  |  | 24 |
Eliminations | (11) |  |  | (11) |  |  | (6) |
Total operating revenues | 14,351 |  |  | 13,398 |  |  | 12,078 |
Net investment gains (losses) | (81) |  |  | (99) |  |  | (199) |
Total revenues | $ | 14,270 |  |  | $ | 13,299 |  |  | $ | 11,879 |

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