Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026
Net premiums earned	$	18,880	$	2,691	$	2	$	21,573
Fees and other revenues	288		18		(1)		305
Total underwriting revenue	19,168		2,709		1		21,878
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	10,501		1,390		6		11,897
Catastrophe losses	759		14		0		773
Loss adjustment expenses	1,600		302		0		1,902
Total losses and loss adjustment expenses	12,860		1,706		6		14,572
Underwriting expenses:
Distribution expenses2	2,536		316		3		2,855
Other underwriting expenses3	1,426		290		5		1,721
Total underwriting expenses	3,962		606		8		4,576
Pretax underwriting profit (loss)	$	2,346	$	397	$	(13)	2,730
Investment profit (loss)4							1,573
Service businesses profit (loss)							(6)
Interest expense							(88)
Total pretax profit (loss)							$	4,209



(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Three Months Ended June 30, 2025
Net premiums earned	$	17,544	$	2,765	$	1	$	20,310
Fees and other revenues	263		40		0		303
Total underwriting revenue	17,807		2,805		1		20,613
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	9,574		1,561		(1)		11,134
Catastrophe losses	688		19		0		707
Loss adjustment expenses	1,471		292		1		1,764
Total losses and loss adjustment expenses	11,733		1,872		0		13,605
Underwriting expenses:
Distribution expenses2	2,328		308		1		2,637
Other underwriting expenses3	1,298		261		4		1,563
Total underwriting expenses	3,626		569		5		4,200
Pretax underwriting profit (loss)	$	2,448	$	364	$	(4)	2,808
Investment profit (loss)4							1,249
Service businesses profit (loss)							(6)
Interest expense							(69)
Total pretax profit (loss)							$	3,982


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Six Months Ended June 30, 2026
Net premiums earned	$	37,264	$	5,274	$	3	$	42,541
Fees and other revenues	564		38		0		602
Total underwriting revenue	37,828		5,312		3		43,143
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	20,720		2,847		7		23,574
Catastrophe losses	1,022		19		0		1,041
Loss adjustment expenses	3,193		591		0		3,784
Total losses and loss adjustment expenses	24,935		3,457		7		28,399
Underwriting expenses:
Distribution expenses2	5,200		616		5		5,821
Other underwriting expenses3	2,772		558		11		3,341
Total underwriting expenses	7,972		1,174		16		9,162
Pretax underwriting profit (loss)	$	4,921	$	681	$	(20)	5,582
Investment profit (loss)4							2,362
Service businesses profit (loss)							(11)
Interest expense							(158)
Total pretax profit (loss)							$	7,775


(millions)	Personal Lines		Commercial Lines		Other1		Companywide
Six Months Ended June 30, 2025
Net premiums earned	$	34,254	$	5,464	$	1	$	39,719
Fees and other revenues	512		78		0		590
Total underwriting revenue	34,766		5,542		1		40,309
Losses and loss adjustment expenses:
Losses (excluding catastrophe losses)	18,683		3,120		(1)		21,802
Catastrophe losses	1,142		24		0		1,166
Loss adjustment expenses	2,861		579		1		3,441
Total losses and loss adjustment expenses	22,686		3,723		0		26,409
Underwriting expenses:
Distribution expenses2	4,676		594		1		5,271
Other underwriting expenses3	2,573		523		8		3,104
Total underwriting expenses	7,249		1,117		9		8,375
Pretax underwriting profit (loss)	$	4,831	$	702	$	(8)	5,525
Investment profit (loss)4							1,844
Service businesses profit (loss)							(12)
Interest expense							(139)
Total pretax profit (loss)							$	7,218

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 June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio	Under- writing Margin		Combined Ratio
Personal Lines	12.4	%	87.6	14.0	%	86.0	13.2	%	86.8	14.1	%	85.9
Commercial Lines	14.7		85.3	13.2		86.8	12.9		87.1	12.9		87.1
Total underwriting operations	12.7		87.3	13.8		86.2	13.1		86.9	13.9		86.1