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Business Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters. Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle markets and other commercial customers. The International segment underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, the Company's Lloyd's syndicate.
The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. Life & Group primarily includes the results of the long-term care business that is in run-off. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
Approximately 10%, 11% and 10% of the Company's direct written premiums were derived from outside the United States for the years ended December 31, 2024, 2023 and 2022.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
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		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
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 income626 733 131 940 67 — 2,497 
Non-insurance warranty revenue1,609 — — — — — 1,609 
Other revenues2 29 — — 13 (10)34 
Total operating revenues5,598 5,920 1,387 1,377 80 (11)14,351 
Claims, benefits and expenses      
Net incurred claims and benefits2,001 3,525 764 1,308 106 — 7,704 
Policyholders’ dividends9 25 — — — — 34 
Amortization of deferred acquisition costs740 824 234 — — — 1,798 
Non-insurance warranty expense1,547 — — — — — 1,547 
Insurance related administrative expenses362 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, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
Year ended December 31, 2023
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
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 income558 645 103 896 62 — 2,264 
Non-insurance warranty revenue1,624 — — — — — 1,624 
Other revenues1 29 — (1)11 (10)30 
Total operating revenues5,490 5,221 1,279 1,346 73 (11)13,398 
Claims, benefits and expenses    
Net incurred claims and benefits1,923 2,995 722 1,317 82 — 7,039 
Policyholders’ dividends8 21 — — — — 29 
Amortization of deferred acquisition costs686 729 229 — — — 1,644 
Non-insurance warranty expense1,544 — — — — — 1,544 
Insurance related administrative expenses373 620 139 118 2 (1)1,251 
Interest expense1 — — — 126 — 127 
Other expenses (1)
52 30 (4)1 78 (10)147 
Total claims, benefits and expenses4,587 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, 2023SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,281 $1,218 $468 $93 $2,374 $— $5,434 
Insurance receivables1,053 2,024 388 5 — — 3,470 
Deferred acquisition costs392 371 133 — — — 896 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,661 — — — — — 3,661 
Insurance reserves 
Claim and claim adjustment expenses7,131 10,103 2,709 675 2,686 — 23,304 
Unearned premiums3,227 2,858 749 99 — — 6,933 
Future policy benefits— — — 13,959 — — 13,959 
Deferred non-insurance warranty revenue4,694 — — — — — 4,694 
Year ended December 31, 2022
Specialty
Commercial		Life &
Group		Corporate
& Other
(In millions)InternationalEliminationsTotal
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 income431 488 63 804 19 — 1,805 
Non-insurance warranty revenue1,574 — — — — — 1,574 
Other revenues1 30 1 (1)6 (5)32 
Total operating revenues5,209 4,441 1,134 1,276 24 (6)12,078 
Claims, benefits and expenses     
Net incurred claims and benefits1,839 2,607 637 1,469 76 — 6,628 
Policyholders’ dividends6 19 — — — — 25 
Amortization of deferred acquisition costs656 634 200 — — — 1,490 
Non-insurance warranty expense1,471 — — — — — 1,471 
Insurance related administrative expenses336 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 expenses4,359 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, 2022SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,384 $1,062 $414 $101 $2,477 $— $5,438 
Insurance receivables1,082 1,728 369 8 — — 3,187 
Deferred acquisition costs381 321 104 — — — 806 
Goodwill117 — 27 — — — 144 
Deferred non-insurance warranty acquisition expense3,671 — — — — — 3,671 
Insurance reserves 
Claim and claim adjustment expenses6,878 9,395 2,403 695 2,749 — 22,120 
Unearned premiums3,193 2,425 653 103 — — 6,374 
Future policy benefits— — — 13,480 — — 13,480 
Deferred non-insurance warranty revenue4,714 — — — — — 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)202420232022
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 losses318 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 losses40 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.
The following table presents operating revenues by line of business for each reportable segment.
Years ended December 31
(In millions)202420232022
Specialty
Management & Professional Liability$2,998 $2,931 $2,771 
Surety785 731 652 
Warranty & Alternative Risks1,815 1,828 1,786 
Specialty revenues5,598 5,490 5,209 
Commercial
Middle Market1,775 1,696 1,532 
Construction1,991 1,678 1,421 
Small Business637 631 581 
Other Commercial1,517 1,216 907 
Commercial revenues5,920 5,221 4,441 
International
Canada401 383 366 
Europe593 532 466 
Hardy393 364 302 
International revenues1,387 1,279 1,134 
Life & Group revenues1,377 1,346 1,276 
Corporate & Other revenues 80 73 24 
Eliminations(11)(11)(6)
Total operating revenues14,351 13,398 12,078 
Net investment gains (losses)(81)(99)(199)
Total revenues$14,270 $13,299 $11,879