Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Reconciliation of Revenue and operating Income from Segments to Consolidated

Following are the operating results for the respective periods:


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Three Months Ended June 30, 2025
Net premiums earned	$	17,544	$	2,765	$	1	$	20,310
Fees and other revenues	263		40		0		303
Total underwriting revenue	17,807		2,805		1		20,613
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	9,574		1,561		(1)		11,134
Catastrophe losses	688		19		0		707
Loss adjustment expenses	1,471		292		1		1,764
Total losses and loss adjustment expenses	11,733		1,872		0		13,605
Underwriting expenses:
Distribution expenses2	2,328		308		1		2,637
Other underwriting expenses3	1,298		261		4		1,563
Total underwriting expenses	3,626		569		5		4,200
Pretax underwriting profit (loss)	$	2,448	$	364	$	(4)	2,808
Investment profit (loss)4							1,249
Service businesses profit (loss)							(6)
Interest expense							(69)
Total pretax profit (loss)							$	3,982


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Three Months Ended June 30, 2024
Net premiums earned	$	14,545	$	2,664	$	0	$	17,209
Fees and other revenues	216		44		0		260
Total underwriting revenue	14,761		2,708		0		17,469
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	8,148		1,581		(1)		9,728
Catastrophe losses	1,243		26		0		1,269
Loss adjustment expenses	1,324		274		0		1,598
Total losses and loss adjustment expenses	10,715		1,881		(1)		12,595
Underwriting expenses:
Distribution expenses2	1,828		284		0		2,112
Other underwriting expenses3	1,135		239		2		1,376
Total underwriting expenses	2,963		523		2		3,488
Pretax underwriting profit (loss)	$	1,083	$	304	$	(1)	1,386
Investment profit (loss)4							551
Service businesses profit (loss)							(8)
Interest expense							(69)
Total pretax profit (loss)							$	1,860


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Six Months Ended June 30, 2025
Net premiums earned	$	34,254	$	5,464	$	1	$	39,719
Fees and other revenues	512		78		0		590
Total underwriting revenue	34,766		5,542		1		40,309
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	18,683		3,120		(1)		21,802
Catastrophe losses	1,142		24		0		1,166
Loss adjustment expenses	2,861		579		1		3,441
Total losses and loss adjustment expenses	22,686		3,723		0		26,409
Underwriting expenses:
Distribution expenses2	4,676		594		1		5,271
Other underwriting expenses3	2,573		523		8		3,104
Total underwriting expenses	7,249		1,117		9		8,375
Pretax underwriting profit (loss)	$	4,831	$	702	$	(8)	5,525
Investment profit (loss)4							1,844
Service businesses profit (loss)							(12)
Interest expense							(139)
Total pretax profit (loss)							$	7,218


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Six Months Ended June 30, 2024
Net premiums earned	$	28,136	$	5,222	$	0	$	33,358
Fees and other revenues	412		84		0		496
Total underwriting revenue	28,548		5,306		0		33,854
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	15,711		3,174		(3)		18,882
Catastrophe losses	1,581		35		0		1,616
Loss adjustment expenses	2,521		548		0		3,069
Total losses and loss adjustment expenses	19,813		3,757		(3)		23,567
Underwriting expenses:
Distribution expenses2	3,388		558		0		3,946
Other underwriting expenses3	2,223		478		4		2,705
Total underwriting expenses	5,611		1,036		4		6,651
Pretax underwriting profit (loss)	$	3,124	$	513	$	(1)	3,636
Investment profit (loss)4							1,319
Service businesses profit (loss)							(16)
Interest expense							(139)
Total pretax profit (loss)							$	4,800

1 Includes other underwriting businesses and run-off operations.

2 Includes policy acquisition costs, agents’ contingent commissions, and advertising costs attributable to our operating segments. A portion of our companywide advertising costs are also attributed to our service businesses.

3 Primarily consists of employee compensation and benefit costs, and the increase in the allowance for credit loss exposure on our premiums receivable.

4 Calculated as recurring investment income plus total net realized gains (losses) on securities, less investment expenses.

Underwriting Margins and Combined Ratios for our Underwriting Operations

Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio
Personal Lines	14.0	%	86.0	7.4	%	92.6	14.1	%	85.9	11.1	%	88.9
Commercial Lines	13.2		86.8	11.4		88.6	12.9		87.1	9.8		90.2
Total underwriting operations	13.8		86.2	8.1		91.9	13.9		86.1	10.9		89.1