Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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


(for the three months ended March 31, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2026
Premiums	$	5,493	$	1,018	$	4,094	$	10,605
Net investment income	708		113		187		1,008
Fee income	111		—		10		121
Other revenues	104		5		32		141
Total segment revenues (1)	6,416		1,136		4,323		11,875
Claims and claim adjustment expenses	3,531		441		2,410		6,382
Amortization of deferred acquisition costs	938		194		634		1,766
General and administrative expenses	912		219		397		1,528
Income tax expense	196		28		178		402
Segment income (1)	$	839	$	254	$	704	$	1,797

2025
Premiums	$	5,465	$	995	$	4,250	$	10,710
Net investment income	656		102		172		930
Fee income	108		—		11		119
Other revenues	82		6		24		112
Total segment revenues (1)	6,311		1,103		4,457		11,871
Claims and claim adjustment expenses	3,705		434		3,867		8,006
Amortization of deferred acquisition costs	917		187		674		1,778
General and administrative expenses	847		205		396		1,448
Income tax expense (benefit)	159		57		(106)		110
Segment income (loss) (1)	$	683	$	220	$	(374)	$	529

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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 (loss) 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 March 31, in millions)	Business Insurance		Bond & Specialty Insurance		Personal Insurance		Total Reportable Segments
2026
Net favorable prior year reserve development	$	162	$	65	$	186	$	413
Catastrophe losses	$	379	$	8	$	374	$	761
2025
Net favorable prior year reserve development	$	74	$	67	$	237	$	378
Catastrophe losses	$	509	$	19	$	1,738	$	2,266

The following table presents 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 March 31, in millions)	2026		2025
Business Insurance	$	114	$	113
Bond & Specialty Insurance	27		23
Personal Insurance	50		50
Total	$	191	$	186

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

Business Segment Reconciliations


	Three Months Ended March 31,
(in millions)	2026		2025
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation	$	831	$	823
Commercial automobile	1,024		942
Commercial property	907		937
General liability	890		861
Commercial multi-peril	1,465		1,400
Other	17		19
Total Domestic	5,134		4,982
International	359		483
Total Business Insurance	5,493		5,465
Bond & Specialty Insurance:
Domestic:
Fidelity and surety	385		358
General liability	455		452
Other	59		58
Total Domestic	899		868
International	119		127
Total Bond & Specialty Insurance	1,018		995
Personal Insurance:
Domestic:
Automobile	1,892		1,964
Homeowners and Other	2,202		2,121
Total Domestic	4,094		4,085
International	—		165
Total Personal Insurance	4,094		4,250
Total earned premiums	10,605		10,710
Net investment income	1,008		930
Fee income	121		119
Other revenues	141		112
Total segment revenues	11,875		11,871

Net realized investment gains (losses)	49		(61)
Total revenues	$	11,924	$	11,810
Income reconciliation, net of tax
Total segment income	$	1,797	$	529
Interest Expense and Other (1)	(101)		(86)
Core income	1,696		443
Net realized investment gains (losses)	15		(48)

Net income	$	1,711	$	395

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(1)The primary component of Interest Expense and Other was after-tax interest expense of $92 million and $78 million for the three months ended March 31, 2026 and 2025, respectively.

Asset reconciliation [Table Text Block]


(in millions)	March 31, 2026		December 31, 2025
Asset reconciliation
Business Insurance	$	106,397	$	106,084
Bond & Specialty Insurance	13,790		13,676
Personal Insurance	20,969		22,787
Total assets by reportable segment	141,156		142,547
Other assets (1)	1,153		1,161
Total consolidated assets	$	142,309	$	143,708

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(1)The primary components of other assets as of both March 31, 2026 and December 31, 2025 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.