Segment Information

3 Months Ended

Mar. 31, 2018

We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our 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 and Cincinnati Re, our reinsurance assumed operations. See our 2017 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 164, for a description of revenue, income or loss before income taxes and identifiable assets for each of the five segments.

Segment information is summarized in the following table:



(Dollars in millions)	Three months ended March 31,
	2018			2017
Revenues:
Commercial lines insurance
Commercial casualty	$	265		$	265
Commercial property	228			223
Commercial auto	161			155
Workers' compensation	80			84
Other commercial	56			54
Commercial lines insurance premiums	790			781
Fee revenues	2			1
Total commercial lines insurance	792			782

Personal lines insurance
Personal auto	151			141
Homeowner	136			125
Other personal	38			34
Personal lines insurance premiums	325			300
Fee revenues	1			2
Total personal lines insurance	326			302

Excess and surplus lines insurance	56			48

Life insurance premiums	60			57
Fee revenues	1			2
Total life insurance	61			59

Investments
Investment income, net of expenses	150			149
Investment gains and losses, net	(191		)	160
Total investment revenue	(41		)	309

Other
Cincinnati Re insurance premiums	29			22
Other	1			1
Total other revenues	30			23
Total revenues	$	1,224		$	1,523

Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance	$	15		$	(2	)
Personal lines insurance	(9		)	(15		)
Excess and surplus lines insurance	18			18
Life insurance	2			—
Investments	(65		)	286
Other	(11		)	(11		)
Total income (loss) before income taxes	$	(50	)	$	276



Identifiable assets:	March 31, 2018		December 31, 2017
Property casualty insurance	$	2,888	$	2,863
Life insurance	1,418		1,409
Investments	16,748		17,112
Other	416		459
Total	$	21,470	$	21,843