v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Components of the Company's revenues and income by reportable business segment [Table Text Block]
(for the three months ended September 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2026
Premiums$5,862 $1,103 $4,138 $11,103 
Net investment income766 127 205 1,098 
Fee income118 — 5 123 
Other revenues94 6 22 122 
Total segment revenues (1)
6,840 1,236 4,370 12,446 
Claims and claim adjustment expenses3,643 425 2,419 6,487 
Amortization of deferred acquisition costs1,001 215 640 1,856 
General and administrative expenses919 218 432 1,569 
Income tax expense241 69 173 483 
Segment income (1)
$1,036 $309 $706 $2,051 
2025
Premiums$5,700 $1,042 $4,393 $11,135 
Net investment income727 116 190 1,033 
Fee income114 — 13 127 
Other revenues111 8 29 148 
Total segment revenues (1)
6,652 1,166 4,625 12,443 
Claims and claim adjustment expenses3,667 451 2,476 6,594 
Amortization of deferred acquisition costs973 197 679 1,849 
General and administrative expenses894 207 458 1,559 
Income tax expense211 61 205 477 
Segment income (1)
$907 $250 $807 $1,964 
________________________________________________________
(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 nine months ended September 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2026
Premiums$16,906 $3,177 $12,378 $32,461 
Net investment income2,236 353 587 3,176 
Fee income346 — 24 370 
Other revenues311 17 79 407 
Total segment revenues (1)
19,799 3,547 13,068 36,414 
Claims and claim adjustment expenses10,362 1,324 7,105 18,791 
Amortization of deferred acquisition costs2,884 613 1,911 5,408 
General and administrative expenses2,743 655 1,251 4,649 
Income tax expense737 158 564 1,459 
Segment income (1)
$3,073 $797 $2,237 $6,107 
2025
Premiums$16,710 $3,058 $12,998 $32,766 
Net investment income2,045 325 535 2,905 
Fee income333 — 37 370 
Other revenues288 19 76 383 
Total segment revenues (1)
19,376 3,402 13,646 36,424 
Claims and claim adjustment expenses10,956 1,303 9,130 21,389 
Amortization of deferred acquisition costs2,834 579 2,016 5,429 
General and administrative expenses2,616 626 1,298 4,540 
Income tax expense567 180 235 982 
Segment income (1)
$2,403 $714 $967 $4,084 
________________________________________________________
(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 September 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2026
Net favorable prior year reserve development$41 $95 $98 $234 
Catastrophe losses$157 $1 $380 $538 
2025
Net favorable (unfavorable) prior year reserve development$(125)$43 $104 $22 
Catastrophe losses$139 $— $263 $402 
(for the nine months ended September 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable Segments
2026
Net favorable prior year reserve development$522 $235 $468 $1,225 
Catastrophe losses$774 $13 $1,030 $1,817 
2025
Net favorable prior year reserve development$28 $191 $496 $715 
Catastrophe losses$1,016 $24 $2,555 $3,595 
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 September 30, in millions) 20262025
Business Insurance$103 $99 
Bond & Specialty Insurance24 21 
Personal Insurance45 44 
Total$172 $164 
(for the nine months ended September 30, in millions) 20262025
Business Insurance$318 $312 
Bond & Specialty Insurance75 62 
Personal Insurance138 139 
Total$531 $513 
Business segment reconciliations of revenue and income, net of tax [Table Text Block]
Business Segment Reconciliations
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation$871 $842 $2,548 $2,506 
Commercial automobile1,092 1,011 3,169 2,921 
Commercial property909 942 2,726 2,839 
General liability978 907 2,754 2,630 
Commercial multi-peril1,519 1,474 4,480 4,309 
Other22 20 56 56 
Total Domestic5,391 5,196 15,733 15,261 
International471 504 1,173 1,449 
Total Business Insurance5,862 5,700 16,906 16,710 
Bond & Specialty Insurance:
Domestic:
Fidelity and surety435 378 1,226 1,103 
General liability473 463 1,391 1,374 
Other61 61 180 178 
Total Domestic969 902 2,797 2,655 
International134 140 380 403 
Total Bond & Specialty Insurance1,103 1,042 3,177 3,058 
Personal Insurance:
Domestic:
Automobile1,874 1,987 5,663 5,931 
Homeowners and Other2,264 2,239 6,715 6,563 
Total Domestic4,138 4,226 12,378 12,494 
International— 167 — 504 
Total Personal Insurance4,138 4,393 12,378 12,998 
Total earned premiums11,103 11,135 32,461 32,766 
Net investment income1,098 1,033 3,176 2,905 
Fee income123 127 370 370 
Other revenues122 148 407 383 
Total segment revenues12,446 12,443 36,414 36,424 
Net realized investment gains (losses)(34)27 75 (28)
Total revenues$12,412 $12,470 $36,489 $36,396 
Income reconciliation, net of tax
Total segment income$2,051 $1,964 $6,107 $4,084 
Interest Expense and Other (1)
(104)(97)(304)(270)
Core income1,947 1,867 5,803 3,814 
Net realized investment gains (losses)(30)21 33 (22)
Net income$1,917 $1,888 $5,836 $3,792 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $93 million and $88 million for the three months ended September 30, 2026 and 2025, respectively, and $274 million and $244 million for the nine months ended September 30, 2026 and 2025, respectively.
Asset reconciliation [Table Text Block]
(in millions)September 30,
2026		December 31,
2025
Asset reconciliation
Business Insurance$105,291 $106,084 
Bond & Specialty Insurance14,523 13,676 
Personal Insurance21,092 22,787 
Total assets by reportable segment140,906 142,547 
Other assets (1)
1,183 1,161 
Total consolidated assets$142,089 $143,708 
 _________________________________________________________
(1)The primary components of other assets as of both September 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.