Segment Information

6 Months Ended

Jun. 30, 2021

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 and Cincinnati Global. See our 2020 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 179, 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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues:
Commercial lines insurance
Commercial casualty	$	312	$	289	$	615	$	577
Commercial property	259		254		512		504
Commercial auto	198		189		391		374
Workers' compensation	68		68		135		143
Other commercial	74		70		144		135
Commercial lines insurance premiums	911		870		1,797		1,733
Fee revenues	1		1		2		2
Total commercial lines insurance	912		871		1,799		1,735
Personal lines insurance
Personal auto	152		154		305		308
Homeowner	178		163		352		322
Other personal	52		47		101		93
Personal lines insurance premiums	382		364		758		723
Fee revenues	1		1		2		2
Total personal lines insurance	383		365		760		725
Excess and surplus lines insurance	95		78		184		156
Fee revenues	1		—		1		1
Total excess and surplus lines insurance	96		78		185		157
Life insurance premiums	79		79		148		146
Fee revenues	1		1		2		1
Total life insurance	80		80		150		147
Investments
Investment income, net of expenses	175		166		349		331
Investment gains and losses, net	520		1,060		1,024		(665)
Total investment revenue	695		1,226		1,373		(334)
Other
Premiums	126		91		250		180
Other	3		3		5		5
Total other revenues	129		94		255		185
Total revenues	$	2,295	$	2,714	$	4,522	$	2,615
Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance	$	145	$	8	$	275	$	(12)
Personal lines insurance	29		(43)		26		(22)
Excess and surplus lines insurance	10		(1)		18		8
Life insurance	(2)		1		(4)		3
Investments	668		1,201		1,320		(385)
Other	22		(21)		5		(23)
Total income (loss) before income taxes	$	872	$	1,145	$	1,640	$	(431)

Identifiable assets:	June 30, 2021		December 31, 2020
Property casualty insurance	$	4,376	$	3,838
Life insurance	1,580		1,661
Investments	22,825		21,332
Other	896		711
Total	$	29,677	$	27,542