v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (CODM) is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are:
•Commercial lines insurance
•Personal lines insurance
•Excess and surplus lines insurance
•Life insurance
•Investments

We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2024 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 176, for a description of revenue, income or loss before income taxes, including its components, and identifiable assets for each of the five segments.
Segment information is summarized in the following table: 
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2025202420252024
Commercial lines insurance    
Commercial lines insurance premiums$1,212 $1,107 $2,391 $2,189 
Fee revenues— 1 2 2 
Total commercial lines insurance revenues1,212 1,108 2,393 2,191 
Loss and loss expenses767 746 1,502 1,465 
Underwriting expenses358 352 707 677 
Total commercial lines income before income taxes87 10 184 49 
Personal lines insurance   
Personal lines insurance premiums804 631 1,502 1,219 
Fee revenues2 1 3 2 
Total personal lines insurance revenues806 632 1,505 1,221 
Loss and loss expenses598 489 1,444 868 
Underwriting expenses222 185 432 358 
Total personal lines loss before income taxes(14)(42)(371)(5)
Excess and surplus lines insurance
Excess and surplus lines insurance premiums174 151 336 290 
Fee revenues1 1 2 2 
Total excess and surplus lines insurance revenues175 152 338 292 
Loss and loss expenses110 102 209 192 
Underwriting expenses49 42 93 80 
Total excess and surplus lines income before income taxes16 8 36 20 
Life insurance
Life insurance premiums83 81 163 160 
Fee revenues2 2 3 3 
Total life insurance revenues85 83 166 163 
Contract holders' benefits incurred7368 154 147 
Investment interest credited to contract holders(31)(31)(63)(62)
Underwriting expenses incurred2424 47 46 
Total life insurance income before income taxes19 22 28 32 
Investments
    Investment income, net of expenses285 242 565 487 
    Investment gains and losses, net473 137 406 749 
Total investment revenue758 379 971 1,236 
Investment interest credited to contract holders31 31 63 62 
Total investment income before income taxes727 348 908 1,174 
Reconciliation to condensed consolidated income before income taxes
Total segment revenues3,036 2,354 5,373 5,103 
Other earned premiums207 186 432 369 
Other revenues5 4 9 7 
Total revenues3,248 2,544 5,814 5,479 
Total segment benefits and expenses2,201 2,008 4,588 3,833 
Other loss and loss expenses112 75 319 157 
Other underwriting expenses56 52 132 110 
Other benefits and expenses24 23 48 40 
Total benefits and expenses2,393 2,158 5,087 4,140 
Total income before income taxes$855 $386 $727 $1,339 
Identifiable assets by segment are summarized in the following table:
(Dollars in millions)June 30,December 31,
20252024
Identifiable assets:
Property casualty insurance$6,999 $5,927 
Life insurance1,716 1,658 
Investments29,057 27,887 
Other1,070 1,029 
Total$38,842 $36,501