v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
2026202520262025
Commercial lines insurance
Commercial lines insurance premiums$1,270 $1,229 $3,762 $3,620 
Fee revenues2 2 4 4 
Total commercial lines insurance revenues1,272 1,231 3,766 3,624 
Loss and loss expenses782 747 2,539 2,249 
Underwriting expenses398 373 1,166 1,080 
Total commercial lines income before income taxes92 111 61 295 
Personal lines insurance
Personal lines insurance premiums888 838 2,641 2,340 
Fee revenues1 1 4 4 
Total personal lines insurance revenues889 839 2,645 2,344 
Loss and loss expenses564 507 1,809 1,951 
Underwriting expenses237 233 717 665 
Total personal lines income (loss) before income taxes88 99 119 (272)
Excess and surplus lines insurance
Excess and surplus lines insurance premiums187 174 556 510 
Fee revenues1 1 3 3 
Total excess and surplus lines insurance revenues188 175 559 513 
Loss and loss expenses114 108 342 317 
Underwriting expenses53 48 156 141 
Total excess and surplus lines income before income taxes21 19 61 55 
Life insurance
Life insurance premiums85 83 257 246 
Fee revenues2 1 5 4 
Total life insurance revenues87 84 262 250 
Contract holders' benefits incurred8076 243 230 
Investment interest credited to contract holders(32)(32)(97)(95)
Underwriting expenses incurred2523 73 70 
Total life insurance income before income taxes14 17 43 45 
Investments
    Investment income, net of expenses325 295 962 860 
    Investment gains and losses, net20 853 1,258 1,259 
Total investment revenue345 1,148 2,220 2,119 
Investment interest credited to contract holders32 32 97 95 
Total investment income before income taxes313 1,116 2,123 2,024 
Reconciliation to condensed consolidated income before
income taxes
Total segment revenues2,781 3,477 9,452 8,850 
Other earned premiums260 243 713 675 
Other revenues6 6 19 15 
Total revenues3,047 3,726 10,184 9,540 
Total segment benefits and expenses2,253 2,115 7,045 6,703 
Other loss and loss expenses135 102 380 421 
Other underwriting expenses86 77 237 209 
Other benefits and expenses20 19 67 67 
Total benefits and expenses2,494 2,313 7,729 7,400 
Total income before income taxes$553 $1,413 $2,455 $2,140 
Identifiable assets by segment are summarized in the following table:
(Dollars in millions)September 30,December 31,
20262025
Identifiable assets:
Property casualty insurance$6,877 $6,916 
Life insurance1,810 1,695 
Investments32,472 31,199 
Other1,452 1,192 
Total$42,611 $41,002