Segment Information

9 Months Ended

Sep. 30, 2023

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 2022 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 173, 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,
	2023		2022		2023		2022
Revenues:
Commercial lines insurance
Commercial casualty	$	365	$	360	$	1,115	$	1,046
Commercial property	321		292		933		846
Commercial auto	216		213		644		627
Workers' compensation	66		73		212		209
Other commercial	94		90		280		256
Commercial lines insurance premiums	1,062		1,028		3,184		2,984
Fee revenues	1		1		3		3
Total commercial lines insurance	1,063		1,029		3,187		2,987
Personal lines insurance
Personal auto	185		158		524		465
Homeowner	271		213		755		609
Other personal	71		60		205		172
Personal lines insurance premiums	527		431		1,484		1,246
Fee revenues	1		1		3		3
Total personal lines insurance	528		432		1,487		1,249
Excess and surplus lines insurance	135		125		394		361
Fee revenues	1		1		2		2
Total excess and surplus lines insurance	136		126		396		363
Life insurance premiums	76		75		233		226
Fee revenues	3		2		8		4
Total life insurance	79		77		241		230
Investments
Investment income, net of expenses	225		193		655		573
Investment gains and losses, net	(456)		(674)		84		(2,494)
Total investment revenue	(231)		(481)		739		(1,921)
Other
Premiums	233		225		599		533
Other	3		2		8		7
Total other revenues	236		227		607		540
Total revenues	$	1,811	$	1,410	$	6,657	$	3,448
Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance	$	52	$	11	$	83	$	25
Personal lines insurance	1		(18)		(92)		(2)
Excess and surplus lines insurance	14		9		38		44
Life insurance	17		13		38		21
Investments	(262)		(508)		648		(2,003)
Other	30		(84)		71		(66)
Total income (loss) before income taxes	$	(148)	$	(577)	$	786	$	(1,981)

Identifiable assets:	September 30, 2023		December 31, 2022
Property casualty insurance	$	5,302	$	5,178
Life insurance	1,556		1,518
Investments	23,063		22,133
Other	994		903
Total	$	30,915	$	29,732