Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

Segment Information

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. We also report as Other the underwriting results of Cincinnati Re, our reinsurance assumed operation, and MSP, our London-based global specialty underwriter, which was acquired on February 28, 2019. See our 2018 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 176, 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,
	2019			2018
Revenues:
Commercial lines insurance
Commercial casualty	$	268		$	265
Commercial property	234			228
Commercial auto	170			161
Workers' compensation	77			80
Other commercial	61			56
Commercial lines insurance premiums	810			790
Fee revenues	1			2
Total commercial lines insurance	811			792
Personal lines insurance
Personal auto	155			151
Homeowner	147			136
Other personal	42			38
Personal lines insurance premiums	344			325
Fee revenues	1			1
Total personal lines insurance	345			326
Excess and surplus lines insurance	63			56
Fee revenues	1			—
Total excess and surplus lines insurance	64			56
Life insurance premiums	66			60
Fee revenues	1			1
Total life insurance	67			61
Investments
Investment income, net of expenses	157			150
Investment gains and losses, net	663			(191		)
Total investment revenue	820			(41		)
Other
Earned premiums	50			29
Other	2			1
Total other revenues	52			30
Total revenues	$	2,159		$	1,224
Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance	$	76		$	15
Personal lines insurance	(4		)	(9		)
Excess and surplus lines insurance	11			18
Life insurance	(1		)	2
Investments	796			(65		)
Other	(11		)	(11		)
	$	867		$	(50	)

Identifiable assets:	March 31, 2019		December 31, 2018
Property casualty insurance	$	3,308	$	3,285
Life insurance	1,472		1,424
Investments	17,738		16,741
Other	834		485
Total	$	23,352	$	21,935