Segment Information

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Revenues:
Commercial lines insurance
Commercial casualty	$	323	$	290	$	938	$	868
Commercial property	264		252		776		755
Commercial auto	200		189		591		563
Workers' compensation	66		64		201		207
Other commercial	77		70		221		205
Commercial lines insurance premiums	930		865		2,727		2,598
Fee revenues	1		1		3		3
Total commercial lines insurance	931		866		2,730		2,601
Personal lines insurance
Personal auto	153		154		457		462
Homeowner	184		165		536		487
Other personal	51		48		153		141
Personal lines insurance premiums	388		367		1,146		1,090
Fee revenues	1		1		3		3
Total personal lines insurance	389		368		1,149		1,093
Excess and surplus lines insurance	105		82		289		238
Fee revenues	1		—		2		1
Total excess and surplus lines insurance	106		82		291		239
Life insurance premiums	73		72		221		218
Fee revenues	1		—		3		1
Total life insurance	74		72		224		219
Investments
Investment income, net of expenses	179		167		528		498
Investment gains and losses, net	(70)		533		954		(132)
Total investment revenue	109		700		1,482		366
Other
Premiums	173		136		423		316
Other	3		3		8		8
Total other revenues	176		139		431		324
Total revenues	$	1,785	$	2,227	$	6,307	$	4,842
Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance	$	182	$	(20)	$	457	$	(32)
Personal lines insurance	(10)		(2)		16		(24)
Excess and surplus lines insurance	7		11		25		19
Life insurance	(5)		6		(9)		9
Investments	83		674		1,403		289
Other	(73)		(55)		(68)		(78)
Total income before income taxes	$	184	$	614	$	1,824	$	183

Identifiable assets:	September 30, 2021		December 31, 2020
Property casualty insurance	$	4,400	$	3,838
Life insurance	1,631		1,661
Investments	22,940		21,332
Other	936		711
Total	$	29,907	$	27,542