Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Significant components of the Company's continuing operations and selected balance sheet items

Three months ended March 31, 2022	Specialty		Commercial		International		Life & Group (1)		Corporate & Other
(In millions)											Eliminations		Total (1)
Operating revenues
Net earned premiums	$	772	$	904	$	264	$	120	$	(1)	$	—	$	2,059
Net investment income	103		118		14		212		1		—		448
Non-insurance warranty revenue	382		—		—		—		—		—		382
Other revenues	1		8		(1)		(1)		2		(2)		7
Total operating revenues	1,258		1,030		277		331		2		(2)		2,896
Claims, benefits and expenses
Net incurred claims and benefits	445		573		158		304		(8)		—		1,472
Policyholders’ dividends	1		5		—		—		—		—		6
Amortization of deferred acquisition costs	157		148		39		—		—		—		344
Non-insurance warranty expense	354		—		—		—		—		—		354
Other insurance related expenses	81		130		47		31		2		—		291
Other expenses	13		7		1		3		41		(2)		63
Total claims, benefits and expenses	1,051		863		245		338		35		(2)		2,530
Core income (loss) before income tax	207		167		32		(7)		(33)		—		366
Income tax (expense) benefit on core income (loss)	(44)		(35)		(6)		12		5		—		(68)
Core income (loss)	$	163	$	132	$	26	$	5	$	(28)	$	—	298
Net investment gains (losses)													(11)
Income tax (expense) benefit on net investment gains (losses)													8
Net investment gains (losses), after tax													(3)
Net income (loss)													$	295

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		695		2,749		—		22,120
Unearned premiums	3,193		2,425		653		103		—		—		6,374
Future policy benefits	—		—		—		13,480		—		—		13,480
Deferred non-insurance warranty revenue	4,714		—		—		—		—		—		4,714

(1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.

Revenues by line of business

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

Three months ended March 31
(In millions)	2023		2022
Specialty
Management & Professional Liability	$	705	$	673
Surety	168		148
Warranty & Alternative Risks	460		437
Specialty revenues	1,333		1,258
Commercial
Middle Market	398		362
Construction	385		324
Small Business	150		138
Other Commercial	269		206
Commercial revenues	1,202		1,030
International
Canada	93		88
Europe	127		120
Hardy	93		69
International revenues	313		277
Life & Group revenues	329		331
Corporate & Other revenues	13		2
Eliminations	(3)		(2)
Total operating revenues	3,187		2,896
Net investment gains (losses)	(35)		(11)
Total revenues	$	3,152	$	2,885