v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 2024
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 2023 Annual Report.
The following tables summarize the components of the Company’s revenues, income (loss) 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
2024    
Premiums$5,168 $977 $4,098 $10,243 
Net investment income632 94 159 885 
Fee income105 — 10 115 
Other revenues77 6 22 105 
Total segment revenues (1)
$5,982 $1,077 $4,289 $11,348 
Segment income (loss) (1)
$656 $170 $(153)$673 
2023    
Premiums$4,644 $911 $3,661 $9,216 
Net investment income509 78 125 712 
Fee income98 — 8 106 
Other revenues67 7 25 99 
Total segment revenues (1)
$5,318 $996 $3,819 $10,133 
Segment income (loss) (1)
$402 $230 $(538)$94 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) 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
2024
Premiums$10,328 $1,933 $8,108 $20,369 
Net investment income1,241 184 306 1,731 
Fee income206 — 18 224 
Other revenues154 15 48 217 
Total segment revenues (1)
$11,929 $2,132 $8,480 $22,541 
Segment income (1)
$1,420 $365 $67 $1,852 
2023
Premiums$9,121 $1,786 $7,163 $18,070 
Net investment income982 151 242 1,375 
Fee income197 — 15 212 
Other revenues114 12 48 174 
Total segment revenues (1)
$10,414 $1,949 $7,468 $19,831 
Segment income (loss) (1)
$1,158 $437 $(455)$1,140 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
Business Segment Reconciliations
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$864 $858 $1,744 $1,708 
Commercial automobile874 798 1,734 1,559 
Commercial property894 760 1,767 1,469 
General liability845 748 1,692 1,508 
Commercial multi-peril1,246 1,145 2,516 2,245 
Other13 16 30 34 
Total Domestic4,736 4,325 9,483 8,523 
International432 319 845 598 
Total Business Insurance5,168 4,644 10,328 9,121 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety350 325 690 631 
General liability437 406 863 804 
Other58 57 114 111 
Total Domestic845 788 1,667 1,546 
International132 123 266 240 
Total Bond & Specialty Insurance977 911 1,933 1,786 
Personal Insurance:    
Domestic:    
Automobile1,919 1,688 3,793 3,312 
Homeowners and Other2,014 1,814 3,986 3,538 
Total Domestic3,933 3,502 7,779 6,850 
International165 159 329 313 
Total Personal Insurance4,098 3,661 8,108 7,163 
Total earned premiums10,243 9,216 20,369 18,070 
Net investment income885 712 1,731 1,375 
Fee income115 106 224 212 
Other revenues105 99 217 174 
Total segment revenues11,348 10,133 22,541 19,831 
Net realized investment losses(65)(35)(30)(29)
Total revenues$11,283 $10,098 $22,511 $19,802 
Income reconciliation, net of tax    
Total segment income$673 $94 $1,852 $1,140 
Interest Expense and Other (1)
(88)(79)(171)(155)
Core income585 15 1,681 985 
Net realized investment losses(51)(29)(24)(24)
Net income (loss)$534 $(14)$1,657 $961 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $78 million and $72 million for the three months ended June 30, 2024 and 2023, respectively, and $155 million and $142 million for the six months ended June 30, 2024 and 2023, respectively.
(in millions)June 30,
2024		December 31,
2023
Asset reconciliation  
Business Insurance$95,686 $93,565 
Bond & Specialty Insurance12,243 11,478 
Personal Insurance20,404 20,072 
Total assets by reportable segment128,333 125,115 
Other assets (1)
982 863 
Total consolidated assets$129,315 $125,978 
 _________________________________________________________
(1)The primary components of other assets at both June 30, 2024 and December 31, 2023 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.