Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information

NOTE 2 – Segment Information

We operate primarily in two industries, property casualty insurance and life insurance. We regularly review our reporting segments to make decisions about allocating resources and assessing performance:

· Commercial lines property casualty insurance

· Personal lines property casualty insurance

· Excess and surplus lines property and casualty insurance

· Life insurance

· Investments

We report as Other the non-investment operations of the parent company and its non-insurer subsidiary, CFC Investment Company. See our 2011 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 136 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:

(In millions)	Three months ended March 31,
	2012			2011
Revenues:
Commercial lines insurance
Commercial casualty	$	181		$	172
Commercial property		131			126
Commercial auto		101			96
Workers' compensation		81			76
Specialty packages		38			37
Surety and executive risk		27			25
Machinery and equipment		9			8
Commercial lines insurance premiums		568			540
Fee revenue		1			1
Total commercial lines insurance		569			541
Personal lines insurance
Personal auto		98			89
Homeowner		84			76
Other personal lines		27			25
Personal lines insurance premiums		209			190
Excess and surplus lines insurance		21			15
Life insurance		41			38
Investment operations		144			143
Other		2			2
Total revenues	$	986		$	929
Income (loss) before income taxes:
Insurance underwriting results:
Commercial lines insurance	$	34		$	(22	)
Personal lines insurance		(22	)		(3	)
Excess and surplus lines insurance		(3	)		(5	)
Life insurance		(3	)		(3	)
Investment operations		123			123
Other		(17	)		(15	)
Total	$	112		$	75

Identifiable assets:	March 31,		December 31,
	2012		2011
Property casualty insurance	$	2,277	$	2,272
Life insurance		1,230		1,237
Investment operations		12,223		11,883
Other		292		243
Total	$	16,022	$	15,635