Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Components of the Company's revenues and income by reportable business segment [Table Text Block]


(for the three months ended September 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2025
Premiums	$	5,700	$	1,042	$	4,393	$	11,135
Net investment income	727		116		190		1,033
Fee income	114		—		13		127
Other revenues	111		8		29		148
Total segment revenues (1)	6,652		1,166		4,625		12,443
Claims and claim adjustment expenses	3,667		451		2,476		6,594
Amortization of deferred acquisition costs	973		197		679		1,849
General and administrative expenses	894		207		458		1,559
Income tax expense	211		61		205		477
Segment income (1)	$	907	$	250	$	807	$	1,964

2024
Premiums	$	5,474	$	1,009	$	4,221	$	10,704
Net investment income	642		101		161		904
Fee income	109		—		12		121
Other revenues	89		7		24		120
Total segment revenues (1)	6,314		1,117		4,418		11,849
Claims and claim adjustment expenses	3,698		441		2,857		6,996
Amortization of deferred acquisition costs	930		194		666		1,790
General and administrative expenses	826		203		420		1,449
Income tax expense	162		57		91		310
Segment income (1)	$	698	$	222	$	384	$	1,304

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(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.”


(for the nine months ended September 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2025
Premiums	$	16,710	$	3,058	$	12,998	$	32,766
Net investment income	2,045		325		535		2,905
Fee income	333		—		37		370
Other revenues	288		19		76		383
Total segment revenues (1)	19,376		3,402		13,646		36,424
Claims and claim adjustment expenses	10,956		1,303		9,130		21,389
Amortization of deferred acquisition costs	2,834		579		2,016		5,429
General and administrative expenses	2,616		626		1,298		4,540
Income tax expense	567		180		235		982
Segment income (1)	$	2,403	$	714	$	967	$	4,084

2024
Premiums	$	15,802	$	2,942	$	12,329	$	31,073
Net investment income	1,883		285		467		2,635
Fee income	315		—		30		345
Other revenues	243		22		72		337
Total segment revenues (1)	18,243		3,249		12,898		34,390
Claims and claim adjustment expenses	10,500		1,342		9,183		21,025
Amortization of deferred acquisition costs	2,655		559		1,952		5,166
General and administrative expenses	2,479		615		1,219		4,313
Income tax expense	491		146		93		730
Segment income (1)	$	2,118	$	587	$	451	$	3,156

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Prior year reserve development and catastrophe losses by reportable business segments were as follows:


(for the three months ended September 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2025
Net favorable (unfavorable) prior year reserve development	$	(125)	$	43	$	104	$	22
Catastrophe losses	$	139	$	—	$	263	$	402
2024
Net favorable (unfavorable) prior year reserve development	$	(91)	$	36	$	181	$	126
Catastrophe losses	$	340	$	4	$	595	$	939


(for the nine months ended September 30, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2025
Net favorable prior year reserve development	$	28	$	191	$	496	$	715
Catastrophe losses	$	1,016	$	24	$	2,555	$	3,595
2024
Net favorable (unfavorable) prior year reserve development	$	(57)	$	84	$	420	$	447
Catastrophe losses	$	938	$	49	$	2,173	$	3,160

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 by reportable business segment):


(for the three months ended September 30, in millions)	2025		2024
Business Insurance	$	99	$	102
Bond & Specialty Insurance	21		21
Personal Insurance	44		50
Total	$	164	$	173


(for the nine months ended September 30, in millions)	2025		2024
Business Insurance	$	312	$	330
Bond & Specialty Insurance	62		66
Personal Insurance	139		151
Total	$	513	$	547

Business segment reconciliations of revenue and income, net of tax [Table Text Block]

Business Segment Reconciliations


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation	$	842	$	858	$	2,506	$	2,602
Commercial automobile	1,011		915		2,921		2,649
Commercial property	942		915		2,839		2,682
General liability	907		871		2,630		2,563
Commercial multi-peril	1,474		1,374		4,309		3,890
Other	20		21		56		51
Total Domestic	5,196		4,954		15,261		14,437
International	504		520		1,449		1,365
Total Business Insurance	5,700		5,474		16,710		15,802
Bond & Specialty Insurance:
Domestic:
Fidelity and surety	378		359		1,103		1,049
General liability	463		454		1,374		1,317
Other	61		58		178		172
Total Domestic	902		871		2,655		2,538
International	140		138		403		404
Total Bond & Specialty Insurance	1,042		1,009		3,058		2,942
Personal Insurance:
Domestic:
Automobile	1,987		1,973		5,931		5,766
Homeowners and Other	2,239		2,083		6,563		6,069
Total Domestic	4,226		4,056		12,494		11,835
International	167		165		504		494
Total Personal Insurance	4,393		4,221		12,998		12,329
Total earned premiums	11,135		10,704		32,766		31,073
Net investment income	1,033		904		2,905		2,635
Fee income	127		121		370		345
Other revenues	148		120		383		337
Total segment revenues	12,443		11,849		36,424		34,390

Net realized investment gains (losses)	27		55		(28)		25
Total revenues	$	12,470	$	11,904	$	36,396	$	34,415
Income reconciliation, net of tax
Total segment income	$	1,964	$	1,304	$	4,084	$	3,156
Interest Expense and Other (1)	(97)		(86)		(270)		(257)
Core income	1,867		1,218		3,814		2,899
Net realized investment gains (losses)	21		42		(22)		18

Net income	$	1,888	$	1,260	$	3,792	$	2,917

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(1)The primary component of Interest Expense and Other was after-tax interest expense of $88 million and $77 million for the three months ended September 30, 2025 and 2024, respectively, and $244 million and $232 million for the nine months ended September 30, 2025 and 2024, respectively.

Asset reconciliation [Table Text Block]


(in millions)	September 30, 2025		December 31, 2024
Asset reconciliation
Business Insurance	$	106,018	$	98,311
Bond & Specialty Insurance	13,767		12,628
Personal Insurance	22,817		21,138
Total assets by reportable segment	142,602		132,077
Other assets (1)	1,076		1,112
Total consolidated assets	$	143,678	$	133,189

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(1)The primary components of other assets as of both September 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.