Segment Information

9 Months Ended

Sep. 30, 2019

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 Cincinnati Global, 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 September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Revenues:
Commercial lines insurance
Commercial casualty	$	277		$	268		$	822		$	805
Commercial property	241			229			709			688
Commercial auto	179			168			524			495
Workers' compensation	73			80			224			245
Other commercial	64			60			188			174
Commercial lines insurance premiums	834			805			2,467			2,407
Fee revenues	1			1			3			3
Total commercial lines insurance	835			806			2,470			2,410

Personal lines insurance
Personal auto	156			155			466			459
Homeowner	154			142			450			417
Other personal	44			41			130			118
Personal lines insurance premiums	354			338			1,046			994
Fee revenues	1			1			3			4
Total personal lines insurance	355			339			1,049			998

Excess and surplus lines insurance	72			60			202			173
Fee revenues	1			—			2			1
Total excess and surplus lines insurance	73			60			204			174

Life insurance premiums	70			61			203			185
Fee revenues	1			1			3			3
Total life insurance	71			62			206			188

Investments
Investment income, net of expenses	161			154			478			458
Investment gains and losses, net	86			458			1,113			372
Total investment revenue	247			612			1,591			830

Other
Premiums	116			34			245			93
Other	3			2			7			4
Total other revenues	119			36			252			97
Total revenues	$	1,700		$	1,915		$	5,772		$	4,697

Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance	$	56		$	34		$	144		$	96
Personal lines insurance	3			(9		)	4			(50		)
Excess and surplus lines insurance	12			17			40			48
Life insurance	5			3			2			13
Investments	222			588			1,517			758
Other	(4		)	(15		)	(16		)	(33		)
Total income before income taxes	$	294		$	618		$	1,691		$	832



Identifiable assets:	September 30, 2019		December 31, 2018
Property casualty insurance	$	3,364	$	3,285
Life insurance	1,536		1,424
Investments	18,906		16,741
Other	936		485
Total	$	24,742	$	21,935