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v3.25.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
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.
Three months ended March 31, 2025 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 830 |  |  | $ | 1,380 |  |  | $ | 310 |  |  | $ | 106 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,626 |
Net investment income | 151 |  |  | 177 |  |  | 34 |  |  | 226 |  |  | 16 |  |  | — |  |  | 604 |
Non-insurance warranty revenue | 397 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 397 |
Other revenues | 1 |  |  | 8 |  |  | — |  |  | — |  |  | 3 |  |  | (3) |  |  | 9 |
Total operating revenues | 1,379 |  |  | 1,565 |  |  | 344 |  |  | 332 |  |  | 19 |  |  | (3) |  |  | 3,636 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 509 |  |  | 1,007 |  |  | 192 |  |  | 300 |  |  | 9 |  |  | — |  |  | 2,017 |
Policyholders’ dividends | 2 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Amortization of deferred acquisition costs | 189 |  |  | 219 |  |  | 63 |  |  | — |  |  | — |  |  | — |  |  | 471 |
Non-insurance warranty expense | 385 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 385 |
Insurance related administrative expenses | 88 |  |  | 163 |  |  | 40 |  |  | 30 |  |  | — |  |  | — |  |  | 321 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | 32 |
Other expenses (1) | 15 |  |  | 10 |  |  | (1) |  |  | — |  |  | 21 |  |  | (3) |  |  | 42 |
Total claims, benefits and expenses | 1,188 |  |  | 1,407 |  |  | 294 |  |  | 330 |  |  | 62 |  |  | (3) |  |  | 3,278 |
Income tax (expense) benefit on core income (loss) | (41) |  |  | (34) |  |  | (13) |  |  | 4 |  |  | 7 |  |  | — |  |  | (77) |
Core income (loss) | $ | 150 |  |  | $ | 124 |  |  | $ | 37 |  |  | $ | 6 |  |  | $ | (36) |  |  | $ | — |  |  | $ | 281 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (9) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 2 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (7) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 274 |
(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.
March 31, 2025 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Reinsurance receivables | $ | 1,624 |  |  | $ | 1,739 |  |  | $ | 558 |  |  | $ | 81 |  |  | $ | 2,286 |  |  | $ | — |  |  | $ | 6,288 |
Insurance receivables | 992 |  |  | 2,306 |  |  | 429 |  |  | 2 |  |  | — |  |  | — |  |  | 3,729 |
Deferred acquisition costs | 441 |  |  | 423 |  |  | 135 |  |  | — |  |  | — |  |  | — |  |  | 999 |
Goodwill | 117 |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | 146 |
Deferred non-insurance warranty acquisition expense | 3,493 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,493 |
Insurance reserves |  |  |  |  |  |  |  |  |  |  |  |  |
Claim and claim adjustment expenses | 7,572 |  |  | 11,708 |  |  | 3,046 |  |  | 616 |  |  | 2,639 |  |  | — |  |  | 25,581 |
Unearned premiums | 3,267 |  |  | 3,366 |  |  | 760 |  |  | 112 |  |  | — |  |  | (1) |  |  | 7,504 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 13,304 |  |  | — |  |  | — |  |  | 13,304 |
Deferred non-insurance warranty revenue | 4,488 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,488 |
Three months ended March 31, 2024 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  | Eliminations |  | Total
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 814 |  |  | $ | 1,202 |  |  | $ | 315 |  |  | $ | 110 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,441 |
Net investment income | 150 |  |  | 176 |  |  | 31 |  |  | 231 |  |  | 21 |  |  | — |  |  | 609 |
Non-insurance warranty revenue | 407 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 407 |
Other revenues | 1 |  |  | 8 |  |  | — |  |  | — |  |  | 3 |  |  | (3) |  |  | 9 |
Total operating revenues | 1,372 |  |  | 1,386 |  |  | 346 |  |  | 341 |  |  | 24 |  |  | (3) |  |  | 3,466 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 477 |  |  | 828 |  |  | 189 |  |  | 312 |  |  | (8) |  |  | — |  |  | 1,798 |
Policyholders’ dividends | 2 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
Amortization of deferred acquisition costs | 178 |  |  | 200 |  |  | 66 |  |  | — |  |  | — |  |  | — |  |  | 444 |
Non-insurance warranty expense | 394 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 394 |
Insurance related administrative expenses | 81 |  |  | 138 |  |  | 39 |  |  | 29 |  |  | — |  |  | — |  |  | 287 |
Interest expense | 1 |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | — |  |  | 35 |
Other expenses (1) | 14 |  |  | 12 |  |  | 2 |  |  | — |  |  | 25 |  |  | (3) |  |  | 50 |
Total claims, benefits and expenses | 1,147 |  |  | 1,185 |  |  | 296 |  |  | 341 |  |  | 51 |  |  | (3) |  |  | 3,017 |
Income tax (expense) benefit on core income (loss) | (48) |  |  | (43) |  |  | (13) |  |  | 5 |  |  | 5 |  |  | — |  |  | (94) |
Core income (loss) | $ | 177 |  |  | $ | 158 |  |  | $ | 37 |  |  | $ | 5 |  |  | $ | (22) |  |  | $ | — |  |  | $ | 355 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (22) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (17) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 338 |
(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, 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 |
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Three months ended March 31 |  |  |
(In millions) | 2025 |  | 2024
Specialty |  |  |
Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 499 |  |  | $ | 482 |
Catastrophe losses | — |  |  | — |
(Favorable) unfavorable development (1) | 10 |  |  | (5) |
Commercial |  |  |
Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 868 |  |  | $ | 746 |
Catastrophe losses | 86 |  |  | 82 |
(Favorable) unfavorable development (1) | 51 |  |  | (2) |
International |  |  |
Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 181 |  |  | $ | 183 |
Catastrophe losses | 11 |  |  | 6 |
(Favorable) unfavorable development (1) | — |  |  | — |
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
Revenues by line of business | The following table presents operating revenues by line of business for each reportable segment.
Three months ended March 31 |  |  |
(In millions) | 2025 |  | 2024
Specialty |  |  |
Management & Professional Liability | $ | 746 |  |  | $ | 729 |
Surety | 188 |  |  | 182 |
Warranty & Alternative Risks | 445 |  |  | 461 |
Specialty revenues | 1,379 |  |  | 1,372 |
Commercial |  |  |
Middle Market | 466 |  |  | 432 |
Construction | 510 |  |  | 455 |
Small Business | 156 |  |  | 154 |
Other Commercial | 433 |  |  | 345 |
Commercial revenues | 1,565 |  |  | 1,386 |
International |  |  |
Canada | 94 |  |  | 98 |
Europe | 144 |  |  | 143 |
Hardy | 106 |  |  | 105 |
International revenues | 344 |  |  | 346 |
Life & Group revenues | 332 |  |  | 341 |
Corporate & Other revenues | 19 |  |  | 24 |
Eliminations | (3) |  |  | (3) |
Total operating revenues | 3,636 |  |  | 3,466 |
Net investment gains (losses) | (9) |  |  | (22) |
Total revenues | $ | 3,627 |  |  | $ | 3,444 |

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