Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment information is summarized in the following table:


(Dollars in millions)			Three months ended June 30,												Six months ended June 30,
			2025						2024						2025						2024

Commercial lines insurance





Commercial lines insurance premiums			$	1,212					$	1,107					$	2,391					$	2,189
Fee revenues			—						1						2						2
Total commercial lines insurance revenues			1,212						1,108						2,393						2,191
Loss and loss expenses			767						746						1,502						1,465
Underwriting expenses			358						352						707						677
Total commercial lines income before income taxes			87						10						184						49

Personal lines insurance



Personal lines insurance premiums			804						631						1,502						1,219
Fee revenues			2						1						3						2
Total personal lines insurance revenues			806						632						1,505						1,221
Loss and loss expenses			598						489						1,444						868
Underwriting expenses			222						185						432						358
Total personal lines loss before income taxes			(14)						(42)						(371)						(5)

Excess and surplus lines insurance
Excess and surplus lines insurance premiums			174						151						336						290
Fee revenues			1						1						2						2
Total excess and surplus lines insurance revenues			175						152						338						292
Loss and loss expenses			110						102						209						192
Underwriting expenses			49						42						93						80
Total excess and surplus lines income before income taxes			16						8						36						20

Life insurance
Life insurance premiums			83						81						163						160
Fee revenues			2						2						3						3
Total life insurance revenues			85						83						166						163
Contract holders' benefits incurred			73						68						154						147
Investment interest credited to contract holders			(31)						(31)						(63)						(62)
Underwriting expenses incurred			24						24						47						46
Total life insurance income before income taxes			19						22						28						32

Investments
Investment income, net of expenses			285						242						565						487
Investment gains and losses, net			473						137						406						749
Total investment revenue			758						379						971						1,236
Investment interest credited to contract holders			31						31						63						62
Total investment income before income taxes			727						348						908						1,174

Reconciliation to condensed consolidated income before income taxes
Total segment revenues			3,036						2,354						5,373						5,103
Other earned premiums			207						186						432						369
Other revenues			5						4						9						7
Total revenues			3,248						2,544						5,814						5,479
Total segment benefits and expenses			2,201						2,008						4,588						3,833
Other loss and loss expenses			112						75						319						157
Other underwriting expenses			56						52						132						110
Other benefits and expenses			24						23						48						40
Total benefits and expenses			2,393						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,
						2025						2024
Identifiable assets:
Property casualty insurance						$	6,999					$	5,927
Life insurance						1,716						1,658
Investments						29,057						27,887
Other						1,070						1,029
Total						$	38,842					$	36,501