v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Nature of Operations
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2025 Annual Report.
The following tables summarize the components of the Company’s revenues, income and total assets by reportable business segments.
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2026    
Premiums$5,551 $1,056 $4,146 $10,753 
Net investment income762 113 195 1,070 
Fee income117 — 9 126 
Other revenues113 6 25 144 
Total segment revenues (1)
6,543 1,175 4,375 12,093 
Claims and claim adjustment expenses3,188 458 2,276 5,922 
Amortization of deferred acquisition costs945 204 637 1,786 
General and administrative expenses912 218 422 1,552 
Income tax expense300 61 213 574 
Segment income (1)
$1,198 $234 $827 $2,259 
2025    
Premiums$5,545 $1,021 $4,355 $10,921 
Net investment income662 107 173 942 
Fee income111 — 13 124 
Other revenues95 5 23 123 
Total segment revenues (1)
6,413 1,133 4,564 12,110 
Claims and claim adjustment expenses3,584 418 2,787 6,789 
Amortization of deferred acquisition costs944 195 663 1,802 
General and administrative expenses875 214 444 1,533 
Income tax expense197 62 136 395 
Segment income (1)
$813 $244 $534 $1,591 
________________________________________________________
(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 six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2026    
Premiums$11,044 $2,074 $8,240 $21,358 
Net investment income1,470 226 382 2,078 
Fee income228 — 19 247 
Other revenues217 11 57 285 
Total segment revenues (1)
12,959 2,311 8,698 23,968 
Claims and claim adjustment expenses6,719 899 4,686 12,304 
Amortization of deferred acquisition costs1,883 398 1,271 3,552 
General and administrative expenses1,824 437 819 3,080 
Income tax expense496 89 391 976 
Segment income (1)
$2,037 $488 $1,531 $4,056 
2025
Premiums$11,010 $2,016 $8,605 $21,631 
Net investment income1,318 209 345 1,872 
Fee income219 — 24 243 
Other revenues177 11 47 235 
Total segment revenues (1)
12,724 2,236 9,021 23,981 
Claims and claim adjustment expenses7,289 852 6,654 14,795 
Amortization of deferred acquisition costs1,861 382 1,337 3,580 
General and administrative expenses1,722 419 840 2,981 
Income tax expense356 119 30 505 
Segment income (1)
$1,496 $464 $160 $2,120 
________________________________________________________
(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.”
Prior year reserve development and catastrophe losses by reportable business segments were as follows:
(for the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2026    
Net favorable prior year reserve development$319 $75 $184 $578 
Catastrophe losses$238 $4 $276 $518 
2025
Net favorable prior year reserve development$79 $81 $155 $315 
Catastrophe losses$368 $5 $554 $927 
(for the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2026    
Net favorable prior year reserve development$481 $140 $370 $991 
Catastrophe losses$617 $12 $650 $1,279 
2025
Net favorable prior year reserve development$153 $148 $392 $693 
Catastrophe losses$877 $24 $2,292 $3,193 
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 June 30, in millions) 20262025
Business Insurance$101 $100 
Bond & Specialty Insurance24 18 
Personal Insurance43 45 
Total$168 $163 
(for the six months ended June 30, in millions) 20262025
Business Insurance$215 $213 
Bond & Specialty Insurance51 41 
Personal Insurance93 95 
Total$359 $349 
Business Segment Reconciliations
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$846 $841 $1,677 $1,664 
Commercial automobile1,053 968 2,077 1,910 
Commercial property910 960 1,817 1,897 
General liability886 862 1,776 1,723 
Commercial multi-peril1,496 1,435 2,961 2,835 
Other17 17 34 36 
Total Domestic5,208 5,083 10,342 10,065 
International343 462 702 945 
Total Business Insurance5,551 5,545 11,044 11,010 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety406 367 791 725 
General liability463 459 918 911 
Other60 59 119 117 
Total Domestic929 885 1,828 1,753 
International127 136 246 263 
Total Bond & Specialty Insurance1,056 1,021 2,074 2,016 
Personal Insurance:    
Domestic:    
Automobile1,897 1,980 3,789 3,944 
Homeowners and Other2,249 2,203 4,451 4,324 
Total Domestic4,146 4,183 8,240 8,268 
International— 172 — 337 
Total Personal Insurance4,146 4,355 8,240 8,605 
Total earned premiums10,753 10,921 21,358 21,631 
Net investment income1,070 942 2,078 1,872 
Fee income126 124 247 243 
Other revenues144 123 285 235 
Total segment revenues12,093 12,110 23,968 23,981 
Net realized investment gains (losses)60 6 109 (55)
Total revenues$12,153 $12,116 $24,077 $23,926 
Income reconciliation, net of tax    
Total segment income$2,259 $1,591 $4,056 $2,120 
Interest Expense and Other (1)
(99)(87)(200)(173)
Core income2,160 1,504 3,856 1,947 
Net realized investment gains (losses)48 5 63 (43)
Net income$2,208 $1,509 $3,919 $1,904 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $89 million and $78 million for the three months ended June 30, 2026 and 2025, respectively, and $181 million and $156 million for the six months ended June 30, 2026 and 2025, respectively.
(in millions)June 30,
2026		December 31,
2025
Asset reconciliation  
Business Insurance$106,841 $106,084 
Bond & Specialty Insurance14,326 13,676 
Personal Insurance21,244 22,787 
Total assets by reportable segment142,411 142,547 
Other assets (1)
1,169 1,161 
Total consolidated assets$143,580 $143,708 
 _________________________________________________________
(1)The primary components of other assets as of both June 30, 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.