Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
Net premiums earned	$	18,384	$	2,583	$	1	$	20,968
Fees and other revenues	276		20		1		297
Total underwriting revenue	18,660		2,603		2		21,265
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	10,219		1,457		1		11,677
Catastrophe losses	263		5		0		268
Loss adjustment expenses	1,593		289		0		1,882
Total losses and loss adjustment expenses	12,075		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 expenses	4,010		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 Lines		Commercial Lines		Other1		Companywide
Three Months Ended March 31, 2025
Net premiums earned	$	16,710	$	2,699	$	0	$	19,409
Fees and other revenues	249		38		0		287
Total underwriting revenue	16,959		2,737		0		19,696
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	9,109		1,559		0		10,668
Catastrophe losses	454		5		0		459
Loss adjustment expenses	1,390		287		0		1,677
Total losses and loss adjustment expenses	10,953		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 expenses	3,623		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.

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 March 31,
		2026			2025
			Underwriting Margin		Combined Ratio	Underwriting Margin		Combined Ratio
Personal Lines			14.0	%	86.0	14.3	%	85.7
Commercial Lines			11.0		89.0	12.5		87.5
Total underwriting operations			13.6		86.4	14.0		86.0