Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

The Company's results of operations and selected balance sheet items by segment are presented in the following tables.


Year ended December 31, 2022	Specialty		Commercial		International		Life & Group		Corporate & Other
(In millions)											Eliminations		Total
Net written premiums	$	3,306	$	4,193	$	1,164	$	467	$	(1)	$	(1)	$	9,128
Operating revenues
Net earned premiums	$	3,203	$	3,923	$	1,070	$	473	$	(1)	$	(1)	$	8,667
Net investment income	431		488		63		804		19		—		1,805
Non-insurance warranty revenue	1,574		—		—		—		—		—		1,574
Other revenues	1		30		1		(1)		6		(5)		32
Total operating revenues	5,209		4,441		1,134		1,276		24		(6)		12,078
Claims, benefits and expenses
Net incurred claims and benefits	1,839		2,607		637		1,202		76		—		6,361
Policyholders’ dividends	6		19		—		—		—		—		25
Amortization of deferred acquisition costs	656		634		200		—		—		—		1,490
Non-insurance warranty expense	1,471		—		—		—		—		—		1,471
Other insurance related expenses	336		557		146		118		4		(1)		1,160
Other expenses	51		36		26		9		174		(5)		291
Total claims, benefits and expenses	4,359		3,853		1,009		1,329		254		(6)		10,798
Core income (loss) before income tax	850		588		125		(53)		(230)		—		1,280
Income tax (expense) benefit on core income (loss)	(182)		(122)		(19)		44		47		—		(232)
Core income (loss)	$	668	$	466	$	106	$	(9)	$	(183)	$	—	1,048
Net investment gains (losses)													(199)
Income tax (expense) benefit on net investment gains (losses)													45
Net investment gains (losses), after tax													(154)
Net income (loss)													$	894


December 31, 2022
(In millions)
Reinsurance receivables	$	1,384	$	1,062	$	414	$	101	$	2,477	$	—	$	5,438
Insurance receivables	1,082		1,728		369		8		—		—		3,187
Deferred acquisition costs	381		321		104		—		—		—		806
Goodwill	117		—		27		—		—		—		144
Deferred non-insurance warranty acquisition expense	3,671		—		—		—		—		—		3,671
Insurance reserves
Claim and claim adjustment expenses	6,878		9,395		2,403		3,674		2,749		—		25,099
Unearned premiums	3,193		2,425		653		103		—		—		6,374
Future policy benefits	—		—		—		10,151		—		—		10,151
Deferred non-insurance warranty revenue	4,714		—		—		—		—		—		4,714


Year ended December 31, 2021	Specialty		Commercial		International		Life & Group		Corporate & Other
(In millions)											Eliminations		Total
Net written premiums	$	3,225	$	3,595	$	1,101	$	485	$	—	$	(1)	$	8,405
Operating revenues
Net earned premiums	$	3,076	$	3,552	$	1,057	$	491	$	—	$	(1)	$	8,175
Net investment income	497		624		57		966		15		—		2,159
Non-insurance warranty revenue	1,430		—		—		—		—		—		1,430
Other revenues	1		23		—		—		6		(6)		24
Total operating revenues	5,004		4,199		1,114		1,457		21		(7)		11,788
Claims, benefits and expenses
Net incurred claims and benefits	1,787		2,540		652		1,239		109		—		6,327
Policyholders’ dividends	3		19		—		—		—		—		22
Amortization of deferred acquisition costs	643		594		206		—		—		—		1,443
Non-insurance warranty expense	1,328		—		—		—		—		—		1,328
Other insurance related expenses	296		511		144		103		9		(1)		1,062
Other expenses	47		38		(2)		10		155		(6)		242
Total claims, benefits and expenses	4,104		3,702		1,000		1,352		273		(7)		10,424
Core income (loss) before income tax	900		497		114		105		(252)		—		1,364
Income tax (expense) benefit on core income (loss)	(196)		(103)		(28)		21		48		—		(258)
Core income (loss)	$	704	$	394	$	86	$	126	$	(204)	$	—	1,106
Net investment gains (losses)													120
Income tax (expense) benefit on net investment gains (losses)													(24)
Net investment gains (losses), after tax													96
Net income (loss)													$	1,202


December 31, 2021
(In millions)
Reinsurance receivables	$	1,200	$	923	$	381	$	401	$	2,579	$	—	$	5,484
Insurance receivables	1,136		1,488		340		6		4		—		2,974
Deferred acquisition costs	363		278		96		—		—		—		737
Goodwill	117		—		31		—		—		—		148
Deferred non-insurance warranty acquisition expense	3,476		—		—		—		—		—		3,476
Insurance reserves
Claim and claim adjustment expenses	6,433		8,890		2,280		3,754		2,817		—		24,174
Unearned premiums	3,001		2,066		585		109		—		—		5,761
Future policy benefits	—		—		—		13,236		—		—		13,236
Deferred non-insurance warranty revenue	4,503		—		—		—		—		—		4,503


Year ended December 31, 2020	Specialty		Commercial				Life & Group		Corporate & Other
(In millions)					International						Eliminations		Total
Net written premiums	$	3,040	$	3,565	$	961	$	494	$	—	$	(1)	$	8,059
Operating revenues
Net earned premiums	$	2,883	$	3,323	$	940	$	504	$	—	$	(1)	$	7,649
Net investment income	449		513		58		851		64		—		1,935
Non-insurance warranty revenue	1,252		—		—		—		—		—		1,252
Other revenues	1		25		—		—		5		(5)		26
Total operating revenues	4,585		3,861		998		1,355		69		(6)		10,862
Claims, benefits and expenses
Net incurred claims and benefits	1,792		2,375		629		1,286		67		—		6,149
Policyholders’ dividends	3		18		—		—		—		—		21
Amortization of deferred acquisition costs	621		592		197		—		—		—		1,410
Non-insurance warranty expense	1,159		—		—		—		—		—		1,159
Other insurance related expenses	280		506		136		109		(2)		(1)		1,028
Other expenses	50		34		(7)		7		141		(5)		220
Total claims, benefits and expenses	3,905		3,525		955		1,402		206		(6)		9,987
Core income (loss) before income tax	680		336		43		(47)		(137)		—		875
Income tax (expense) benefit on core income (loss)	(145)		(69)		(5)		56		23		—		(140)
Core income (loss)	$	535	$	267	$	38	$	9	$	(114)	$	—	735
Net investment gains (losses)													(54)
Income tax (expense) benefit on net investment gains (losses)													9
Net investment gains (losses), after tax													(45)
Net income (loss)													$	690

The following table presents operating revenues by line of business for each reportable segment.


Years ended December 31
(In millions)	2022		2021		2020
Specialty
Management & Professional Liability	$	2,771	$	2,776	$	2,577
Surety	652		604		596
Warranty & Alternative Risks	1,786		1,624		1,412
Specialty revenues	5,209		5,004		4,585
Commercial
Middle Market	1,532		1,508		1,444
Construction	1,421		1,322		1,120
Small Business	581		558		482
Other Commercial	907		811		815
Commercial revenues	4,441		4,199		3,861
International
Canada	366		344		291
Europe	466		473		389
Hardy	302		297		318
International revenues	1,134		1,114		998
Life & Group revenues	1,276		1,457		1,355
Corporate & Other revenues	24		21		69
Eliminations	(6)		(7)		(6)
Total operating revenues	12,078		11,788		10,862
Net investment gains (losses)	(199)		120		(54)
Total revenues	$	11,879	$	11,908	$	10,808