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Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Our Personal Lines segment writes insurance for personal autos, special lines products (e.g., recreational vehicles, such as motorcycles, RVs, and watercraft), personal residential property insurance for homeowners and renters, umbrella insurance, and flood insurance through the “Write Your Own” program for the National Flood Insurance Program.
Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related
general liability and commercial property insurance predominately for small businesses, and workers’ compensation insurance primarily for the transportation industry.
Our service businesses primarily provide insurance-related services, including serving as an agent for homeowners, general liability, and workers’ compensation insurance, among other products, through programs in our direct Personal Lines and Commercial Lines businesses.
All segment revenues are generated from external customers; all intercompany transactions are eliminated in consolidation.
Following are the operating results for the respective periods:
(millions)Personal LinesCommercial Lines
Other1
Companywide
Three Months Ended March 31, 2026
Net premiums earned$18,384 $2,583 $1 $20,968 
Fees and other revenues276 20 1 297 
Total underwriting revenue18,660 2,603 2 21,265 
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)10,219 1,457 1 11,677 
Catastrophe losses263 5 0 268 
Loss adjustment expenses1,593 289 0 1,882 
Total losses and loss adjustment expenses12,075 1,751 1 13,827 
Underwriting expenses:
Distribution expenses2
2,664 300 2 2,966 
Other underwriting expenses3
1,346 268 6 1,620 
Total underwriting expenses4,010 568 8 4,586 
Pretax underwriting profit (loss)$2,575 $284 $(7)2,852 
Investment profit (loss)4
789 
Service businesses profit (loss)(5)
Interest expense(70)
Total pretax profit (loss)$3,566 

(millions)Personal LinesCommercial Lines
Other1
Companywide
Three Months Ended March 31, 2025
Net premiums earned$16,710 $2,699 $0 $19,409 
Fees and other revenues249 38 0 287 
Total underwriting revenue16,959 2,737 0 19,696 
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)9,109 1,559 0 10,668 
Catastrophe losses454 5 0 459 
Loss adjustment expenses1,390 287 0 1,677 
Total losses and loss adjustment expenses10,953 1,851 0 12,804 
Underwriting expenses:
Distribution expenses2
2,348 286 0 2,634 
Other underwriting expenses3
1,275 262 4 1,541 
Total underwriting expenses3,623 548 4 4,175 
Pretax underwriting profit (loss)$2,383 $338 $(4)2,717 
Investment profit (loss)4
595 
Service businesses profit (loss)(6)
Interest expense(70)
Total pretax profit (loss)$3,236 
1 Includes other underwriting business 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.
Our management uses underwriting margin and combined ratio as primary measures of underwriting profitability. The underwriting margin is the pretax underwriting profit (loss) expressed as a percentage of net premiums earned. Pretax underwriting profit (loss) is calculated as net premiums earned plus fees and other revenues, less: (i) losses and loss adjustment expenses; (ii) policy acquisition costs; and (iii) other underwriting expenses. Fees and other revenues are netted against either loss adjustment expenses or underwriting expenses in the ratio calculations, based on the underlying activity that generated the revenue. Combined ratio is the complement of the underwriting margin. Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
Three Months Ended March 31,
 20262025
Underwriting
Margin		Combined
Ratio		Underwriting
Margin		Combined
Ratio
Personal Lines14.0 %86.0 14.3 %85.7 
Commercial Lines11.0 89.0 12.5 87.5 
Total underwriting operations13.6 86.4 14.0 86.0