v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Nature of Operations
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2024 Annual Report.
The following tables summarize the components of the Company’s revenues, income (loss) and total assets by reportable business segments:
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2025    
Premiums$5,545 $1,021 $4,355 $10,921 
Net investment income662 107 173 942 
Fee income111 — 13 124 
Other revenues95 5 23 123 
Total segment revenues (1)
6,413 1,133 4,564 12,110 
Claims and claim adjustment expenses3,584 418 2,787 6,789 
Amortization of deferred acquisition costs944 195 663 1,802 
General and administrative expenses875 214 444 1,533 
Income tax expense197 62 136 395 
Segment income (1)
$813 $244 $534 $1,591 
2024    
Premiums$5,168 $977 $4,098 $10,243 
Net investment income632 94 159 885 
Fee income105 — 10 115 
Other revenues77 6 22 105 
Total segment revenues (1)
5,982 1,077 4,289 11,348 
Claims and claim adjustment expenses3,471 473 3,429 7,373 
Amortization of deferred acquisition costs861 183 634 1,678 
General and administrative expenses835 207 424 1,466 
Income tax expense (benefit)159 44 (45)158 
Segment income (loss) (1)
$656 $170 $(153)$673 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025
Premiums$11,010 $2,016 $8,605 $21,631 
Net investment income1,318 209 345 1,872 
Fee income219 — 24 243 
Other revenues177 11 47 235 
Total segment revenues (1)
12,724 2,236 9,021 23,981 
Claims and claim adjustment expenses7,289 852 6,654 14,795 
Amortization of deferred acquisition costs1,861 382 1,337 3,580 
General and administrative expenses1,722 419 840 2,981 
Income tax expense356 119 30 505 
Segment income (1)
$1,496 $464 $160 $2,120 
2024
Premiums$10,328 $1,933 $8,108 $20,369 
Net investment income1,241 184 306 1,731 
Fee income206 — 18 224 
Other revenues154 15 48 217 
Total segment revenues (1)
11,929 2,132 8,480 22,541 
Claims and claim adjustment expenses6,802 901 6,326 14,029 
Amortization of deferred acquisition costs1,725 365 1,286 3,376 
General and administrative expenses1,653 412 799 2,864 
Income tax expense329 89 2 420 
Segment income (1)
$1,420 $365 $67 $1,852 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025    
Net favorable prior year reserve development$79 $81 $155 $315 
Catastrophe losses$368 $5 $554 $927 
2024
Net favorable prior year reserve development$34 $24 $172 $230 
Catastrophe losses$389 $40 $1,080 $1,509 
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2025
Net favorable prior year reserve development$153 $148 $392 $693 
Catastrophe losses$877 $24 $2,292 $3,193 
2024
Net favorable prior year reserve development$34 $48 $239 $321 
Catastrophe losses$598 $45 $1,578 $2,221 
The following tables present the Company’s amortization and depreciation expense by reportable business segment (excluding the amortization of deferred acquisition costs which is disclosed separately in the table above with segment income (loss) by reportable business segment):
(for the three months ended June 30, in millions) 20252024
Business Insurance$100 $111 
Bond & Specialty Insurance18 21 
Personal Insurance45 48 
Total$163 $180 
(for the six months ended June 30, in millions) 20252024
Business Insurance$213 $228 
Bond & Specialty Insurance41 45 
Personal Insurance95 101 
Total$349 $374 
Business Segment Reconciliations
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$841 $864 $1,664 $1,744 
Commercial automobile968 874 1,910 1,734 
Commercial property960 894 1,897 1,767 
General liability862 845 1,723 1,692 
Commercial multi-peril1,435 1,246 2,835 2,516 
Other17 13 36 30 
Total Domestic5,083 4,736 10,065 9,483 
International462 432 945 845 
Total Business Insurance5,545 5,168 11,010 10,328 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety367 350 725 690 
General liability459 437 911 863 
Other59 58 117 114 
Total Domestic885 845 1,753 1,667 
International136 132 263 266 
Total Bond & Specialty Insurance1,021 977 2,016 1,933 
Personal Insurance:    
Domestic:    
Automobile1,980 1,919 3,944 3,793 
Homeowners and Other2,203 2,014 4,324 3,986 
Total Domestic4,183 3,933 8,268 7,779 
International172 165 337 329 
Total Personal Insurance4,355 4,098 8,605 8,108 
Total earned premiums10,921 10,243 21,631 20,369 
Net investment income942 885 1,872 1,731 
Fee income124 115 243 224 
Other revenues123 105 235 217 
Total segment revenues12,110 11,348 23,981 22,541 
Net realized investment gains (losses)6 (65)(55)(30)
Total revenues$12,116 $11,283 $23,926 $22,511 
Income reconciliation, net of tax    
Total segment income$1,591 $673 $2,120 $1,852 
Interest Expense and Other (1)
(87)(88)(173)(171)
Core income1,504 585 1,947 1,681 
Net realized investment gains (losses)5 (51)(43)(24)
Net income$1,509 $534 $1,904 $1,657 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $78 million for both the three months ended June 30, 2025 and 2024, and $156 million and $155 million for the six months ended June 30, 2025 and 2024, respectively
(in millions)June 30,
2025		December 31,
2024
Asset reconciliation  
Business Insurance$102,618 $98,311 
Bond & Specialty Insurance13,390 12,628 
Personal Insurance21,755 21,138 
Total assets by reportable segment137,763 132,077 
Other assets (1)
1,110 1,112 
Total consolidated assets$138,873 $133,189 
 _________________________________________________________
(1)The primary components of other assets as of both June 30, 2025 and December 31, 2024 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.