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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 862 |  |  | $ | 1,402 |  |  | $ | 324 |  |  | $ | 106 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,694 |
Net investment income | 170 |  |  | 206 |  |  | 38 |  |  | 235 |  |  | 13 |  |  | — |  |  | 662 |
Non-insurance warranty revenue | 398 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 398 |
Other revenues | (1) |  |  | 10 |  |  | — |  |  | — |  |  | 3 |  |  | (3) |  |  | 9 |
Total operating revenues | 1,429 |  |  | 1,618 |  |  | 362 |  |  | 341 |  |  | 16 |  |  | (3) |  |  | 3,763 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 519 |  |  | 940 |  |  | 195 |  |  | 313 |  |  | 108 |  |  | — |  |  | 2,075 |
Policyholders’ dividends | 3 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Amortization of deferred acquisition costs | 195 |  |  | 211 |  |  | 63 |  |  | — |  |  | — |  |  | — |  |  | 469 |
Non-insurance warranty expense | 384 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 384 |
Insurance related administrative expenses | 92 |  |  | 170 |  |  | 43 |  |  | 31 |  |  | 1 |  |  | — |  |  | 337 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 31 |
Other expenses (1) | 10 |  |  | 15 |  |  | (10) |  |  | 1 |  |  | 18 |  |  | (3) |  |  | 31 |
Total claims, benefits and expenses | 1,203 |  |  | 1,343 |  |  | 291 |  |  | 345 |  |  | 158 |  |  | (3) |  |  | 3,337 |
Income tax (expense) benefit on core income (loss) | (49) |  |  | (57) |  |  | (18) |  |  | 5 |  |  | 28 |  |  | — |  |  | (91) |
Core income (loss) | $ | 177 |  |  | $ | 218 |  |  | $ | 53 |  |  | $ | 1 |  |  | $ | (114) |  |  | $ | — |  |  | $ | 335 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (46) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 10 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (36) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 299 |
(1) Other expenses for the Company's property and casualty 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.
Three months ended June 30, 2024 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 831 |  |  | $ | 1,247 |  |  | $ | 311 |  |  | $ | 109 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,498 |
Net investment income | 154 |  |  | 175 |  |  | 32 |  |  | 239 |  |  | 18 |  |  | — |  |  | 618 |
Non-insurance warranty revenue | 404 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 404 |
Other revenues | (1) |  |  | 10 |  |  | — |  |  | — |  |  | 3 |  |  | (3) |  |  | 9 |
Total operating revenues | 1,388 |  |  | 1,432 |  |  | 343 |  |  | 348 |  |  | 21 |  |  | (3) |  |  | 3,529 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 492 |  |  | 846 |  |  | 184 |  |  | 325 |  |  | 27 |  |  | — |  |  | 1,874 |
Policyholders’ dividends | 3 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
Amortization of deferred acquisition costs | 180 |  |  | 199 |  |  | 56 |  |  | — |  |  | — |  |  | — |  |  | 435 |
Non-insurance warranty expense | 388 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 388 |
Insurance related administrative expenses | 96 |  |  | 158 |  |  | 46 |  |  | 29 |  |  | — |  |  | — |  |  | 329 |
Interest expense | (1) |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | 34 |
Other expenses (1) | 14 |  |  | 13 |  |  | 1 |  |  | 1 |  |  | 23 |  |  | (3) |  |  | 49 |
Total claims, benefits and expenses | 1,172 |  |  | 1,221 |  |  | 287 |  |  | 355 |  |  | 85 |  |  | (3) |  |  | 3,117 |
Income tax (expense) benefit on core income (loss) | (47) |  |  | (44) |  |  | (12) |  |  | 6 |  |  | 11 |  |  | — |  |  | (86) |
Core income (loss) | $ | 169 |  |  | $ | 167 |  |  | $ | 44 |  |  | $ | (1) |  |  | $ | (53) |  |  | $ | — |  |  | $ | 326 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (10) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (9) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 317 |
(1) Other expenses for the Company's property and casualty 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.
Six months ended June 30, 2025 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 1,692 |  |  | $ | 2,782 |  |  | $ | 634 |  |  | $ | 212 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,320 |
Net investment income | 321 |  |  | 383 |  |  | 72 |  |  | 461 |  |  | 29 |  |  | — |  |  | 1,266 |
Non-insurance warranty revenue | 795 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 795 |
Other revenues | — |  |  | 18 |  |  | — |  |  | — |  |  | 6 |  |  | (6) |  |  | 18 |
Total operating revenues | 2,808 |  |  | 3,183 |  |  | 706 |  |  | 673 |  |  | 35 |  |  | (6) |  |  | 7,399 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 1,028 |  |  | 1,947 |  |  | 387 |  |  | 613 |  |  | 117 |  |  | — |  |  | 4,092 |
Policyholders’ dividends | 5 |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |
Amortization of deferred acquisition costs | 384 |  |  | 430 |  |  | 126 |  |  | — |  |  | — |  |  | — |  |  | 940 |
Non-insurance warranty expense | 769 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 769 |
Insurance related administrative expenses | 180 |  |  | 333 |  |  | 83 |  |  | 61 |  |  | 1 |  |  | — |  |  | 658 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  | — |  |  | 63 |
Other expenses (1) | 25 |  |  | 25 |  |  | (11) |  |  | 1 |  |  | 39 |  |  | (6) |  |  | 73 |
Total claims, benefits and expenses | 2,391 |  |  | 2,750 |  |  | 585 |  |  | 675 |  |  | 220 |  |  | (6) |  |  | 6,615 |
Income tax (expense) benefit on core income (loss) | (90) |  |  | (91) |  |  | (31) |  |  | 9 |  |  | 35 |  |  | — |  |  | (168) |
Core income (loss) | $ | 327 |  |  | $ | 342 |  |  | $ | 90 |  |  | $ | 7 |  |  | $ | (150) |  |  | $ | — |  |  | $ | 616 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (55) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 12 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (43) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 573 |
(1) Other expenses for the Company's property and casualty 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.
June 30, 2025 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  |  | Eliminations |  | Total
Reinsurance receivables | $ | 1,777 |  |  | $ | 1,740 |  |  | $ | 550 |  |  | $ | 79 |  |  | $ | 2,293 |  |  | $ | — |  |  | $ | 6,439 |
Insurance receivables | 1,028 |  |  | 2,556 |  |  | 503 |  |  | 1 |  |  | 1 |  |  | — |  |  | 4,089 |
Deferred acquisition costs | 447 |  |  | 420 |  |  | 154 |  |  | — |  |  | — |  |  | — |  |  | 1,021 |
Goodwill | 117 |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | 148 |
Deferred non-insurance warranty acquisition expense | 3,441 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,441 |
Insurance reserves |  |  |  |  |  |  |  |  |  |  |  |  |
Claim and claim adjustment expenses | 7,704 |  |  | 11,888 |  |  | 3,256 |  |  | 611 |  |  | 2,744 |  |  | — |  |  | 26,203 |
Unearned premiums | 3,283 |  |  | 3,635 |  |  | 871 |  |  | 101 |  |  | — |  |  | — |  |  | 7,890 |
Future policy benefits | — |  |  | — |  |  | — |  |  | 13,329 |  |  | — |  |  | — |  |  | 13,329 |
Deferred non-insurance warranty revenue | 4,421 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,421 |
Six months ended June 30, 2024 | Specialty |  | Commercial |  | International |  | Life & Group |  | Corporate & Other |  |  |  |
(In millions) |  |  |  |  | Eliminations |  | Total
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums | $ | 1,645 |  |  | $ | 2,449 |  |  | $ | 626 |  |  | $ | 219 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,939 |
Net investment income | 304 |  |  | 351 |  |  | 63 |  |  | 470 |  |  | 39 |  |  | — |  |  | 1,227 |
Non-insurance warranty revenue | 811 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 811 |
Other revenues | — |  |  | 18 |  |  | — |  |  | — |  |  | 6 |  |  | (6) |  |  | 18 |
Total operating revenues | 2,760 |  |  | 2,818 |  |  | 689 |  |  | 689 |  |  | 45 |  |  | (6) |  |  | 6,995 |
Claims, benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net incurred claims and benefits | 969 |  |  | 1,674 |  |  | 373 |  |  | 637 |  |  | 19 |  |  | — |  |  | 3,672 |
Policyholders’ dividends | 5 |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |
Amortization of deferred acquisition costs | 358 |  |  | 399 |  |  | 122 |  |  | — |  |  | — |  |  | — |  |  | 879 |
Non-insurance warranty expense | 782 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 782 |
Insurance related administrative expenses | 177 |  |  | 296 |  |  | 85 |  |  | 58 |  |  | — |  |  | — |  |  | 616 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 69 |  |  | — |  |  | 69 |
Other expenses (1) | 28 |  |  | 25 |  |  | 3 |  |  | 1 |  |  | 48 |  |  | (6) |  |  | 99 |
Total claims, benefits and expenses | 2,319 |  |  | 2,406 |  |  | 583 |  |  | 696 |  |  | 136 |  |  | (6) |  |  | 6,134 |
Income tax (expense) benefit on core income (loss) | (95) |  |  | (87) |  |  | (25) |  |  | 11 |  |  | 16 |  |  | — |  |  | (180) |
Core income (loss) | $ | 346 |  |  | $ | 325 |  |  | $ | 81 |  |  | $ | 4 |  |  | $ | (75) |  |  | $ | — |  |  | $ | 681 |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (32) |
Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 6 |
Net investment gains (losses), after tax |  |  |  |  |  |  |  |  |  |  |  |  | (26) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 655 |
(1) Other expenses for the Company's property and casualty 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.
Periods ended June 30 | Three Months |  | Six Months
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Specialty |  |  |  |  |  |  |
Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 519 |  |  | $ | 495 |  |  | $ | 1,018 |  |  | $ | 977 |
Catastrophe losses | — |  |  | — |  |  | — |  |  | — |
(Favorable) unfavorable development (1) | — |  |  | (3) |  |  | 10 |  |  | (8) |
Commercial |  |  |  |  |  |  |
Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 886 |  |  | $ | 775 |  |  | $ | 1,754 |  |  | $ | 1,521 |
Catastrophe losses | 57 |  |  | 76 |  |  | 143 |  |  | 158 |
(Favorable) unfavorable development (1) | (4) |  |  | (6) |  |  | 47 |  |  | (8) |
International |  |  |  |  |  |  |
Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 190 |  |  | $ | 181 |  |  | $ | 371 |  |  | $ | 364 |
Catastrophe losses | 5 |  |  | 6 |  |  | 16 |  |  | 12 |
(Favorable) unfavorable development (1) | — |  |  | (3) |  |  | — |  |  | (3) |
(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.
Periods ended June 30 | Three Months |  | Six Months
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Specialty |  |  |  |  |  |  |
Management & Professional Liability | $ | 778 |  |  | $ | 733 |  |  | $ | 1,524 |  |  | $ | 1,462 |
Surety | 205 |  |  | 196 |  |  | 393 |  |  | 378 |
Warranty & Alternative Risks | 446 |  |  | 459 |  |  | 891 |  |  | 920 |
Specialty revenues | 1,429 |  |  | 1,388 |  |  | 2,808 |  |  | 2,760 |
Commercial |  |  |  |  |  |  |
Middle Market | 481 |  |  | 427 |  |  | 947 |  |  | 859 |
Construction | 517 |  |  | 483 |  |  | 1,027 |  |  | 938 |
Small Business | 161 |  |  | 157 |  |  | 317 |  |  | 311 |
Other Commercial | 459 |  |  | 365 |  |  | 892 |  |  | 710 |
Commercial revenues | 1,618 |  |  | 1,432 |  |  | 3,183 |  |  | 2,818 |
International |  |  |  |  |  |  |
Canada | 104 |  |  | 99 |  |  | 198 |  |  | 197 |
Europe | 156 |  |  | 147 |  |  | 300 |  |  | 290 |
Hardy | 102 |  |  | 97 |  |  | 208 |  |  | 202 |
International revenues | 362 |  |  | 343 |  |  | 706 |  |  | 689 |
Life & Group revenues | 341 |  |  | 348 |  |  | 673 |  |  | 689 |
Corporate & Other revenues | 16 |  |  | 21 |  |  | 35 |  |  | 45 |
Eliminations | (3) |  |  | (3) |  |  | (6) |  |  | (6) |
Total operating revenues | 3,763 |  |  | 3,529 |  |  | 7,399 |  |  | 6,995 |
Net investment gains (losses) | (46) |  |  | (10) |  |  | (55) |  |  | (32) |
Total revenues | $ | 3,717 |  |  | $ | 3,519 |  |  | $ | 7,344 |  |  | $ | 6,963 |

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