v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (CODM) is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our five reporting segments are:
•Commercial lines insurance
•Personal lines insurance
•Excess and surplus lines insurance
•Life insurance
•Investments

We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2025 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 172, for a description of revenue, income or loss before income taxes, including its components, and identifiable assets for each of the five segments.
Segment information is summarized in the following table: 
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2026202520262025
Commercial lines insurance    
Commercial lines insurance premiums$1,251 $1,212 $2,492 $2,391 
Fee revenues1 — 2 2 
Total commercial lines insurance revenues1,252 1,212 2,494 2,393 
Loss and loss expenses910 767 1,757 1,502 
Underwriting expenses391 358 768 707 
Total commercial lines income (loss) before income taxes(49)87 (31)184 
Personal lines insurance   
Personal lines insurance premiums880 804 1,753 1,502 
Fee revenues1 2 3 3 
Total personal lines insurance revenues881 806 1,756 1,505 
Loss and loss expenses638 598 1,245 1,444 
Underwriting expenses242 222 480 432 
Total personal lines income (loss) before income taxes1 (14)31 (371)
Excess and surplus lines insurance
Excess and surplus lines insurance premiums189 174 369 336 
Fee revenues1 1 2 2 
Total excess and surplus lines insurance revenues190 175 371 338 
Loss and loss expenses118 110 228 209 
Underwriting expenses53 49 103 93 
Total excess and surplus lines income before income taxes19 16 40 36 
Life insurance
Life insurance premiums87 83 172 163 
Fee revenues2 2 3 3 
Total life insurance revenues89 85 175 166 
Contract holders' benefits incurred7973 163 154 
Investment interest credited to contract holders(33)(31)(65)(63)
Underwriting expenses incurred2524 48 47 
Total life insurance income before income taxes18 19 29 28 
Investments
    Investment income, net of expenses319 285 637 565 
    Investment gains and losses, net1,308 473 1,238 406 
Total investment revenue1,627 758 1,875 971 
Investment interest credited to contract holders33 31 65 63 
Total investment income before income taxes1,594 727 1,810 908 
Reconciliation to condensed consolidated income before
income taxes
Total segment revenues4,039 3,036 6,671 5,373 
Other earned premiums228 207 453 432 
Other revenues7 5 13 9 
Total revenues4,274 3,248 7,137 5,814 
Total segment benefits and expenses2,456 2,201 4,792 4,588 
Other loss and loss expenses142 112 245 319 
Other underwriting expenses75 56 151 132 
Other benefits and expenses25 24 47 48 
Total benefits and expenses2,698 2,393 5,235 5,087 
Total income before income taxes$1,576 $855 $1,902 $727 
Identifiable assets by segment are summarized in the following table:
(Dollars in millions)June 30,December 31,
20262025
Identifiable assets:
Property casualty insurance$7,542 $6,916 
Life insurance1,744 1,695 
Investments32,544 31,199 
Other1,401 1,192 
Total$43,231 $41,002