Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

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

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

Year ended December 31, 2023	Specialty		Commercial		International		Life & Group		Corporate & Other
(In millions)											Eliminations		Total
Net written premiums	$	3,329	$	4,880	$	1,237	$	447	$	—	$	(1)	$	9,892
Operating revenues
Net earned premiums	$	3,307	$	4,547	$	1,176	$	451	$	—	$	(1)	$	9,480
Net investment income	558		645		103		896		62		—		2,264
Non-insurance warranty revenue	1,624		—		—		—		—		—		1,624
Other revenues	1		29		—		(1)		11		(10)		30
Total operating revenues	5,490		5,221		1,279		1,346		73		(11)		13,398
Claims, benefits and expenses
Net incurred claims and benefits	1,923		2,995		722		1,317		82		—		7,039
Policyholders’ dividends	8		21		—		—		—		—		29
Amortization of deferred acquisition costs	686		729		229		—		—		—		1,644
Non-insurance warranty expense	1,544		—		—		—		—		—		1,544
Other insurance related expenses	373		620		139		118		2		(1)		1,251
Other expenses	53		30		(4)		1		204		(10)		274
Total claims, benefits and expenses	4,587		4,395		1,086		1,436		288		(11)		11,781
Core income (loss) before income tax	903		826		193		(90)		(215)		—		1,617
Income tax (expense) benefit on core income (loss)	(195)		(174)		(48)		42		42		—		(333)
Core income (loss)	$	708	$	652	$	145	$	(48)	$	(173)	$	—	1,284
Net investment gains (losses)													(99)
Income tax (expense) benefit on net investment gains (losses)													20
Net investment gains (losses), after tax													(79)
Net income (loss)													$	1,205

December 31, 2023
(In millions)
Reinsurance receivables	$	1,281	$	1,218	$	468	$	93	$	2,374	$	—	$	5,434
Insurance receivables	1,053		2,024		388		5		—		—		3,470
Deferred acquisition costs	392		371		133		—		—		—		896
Goodwill	117		—		29		—		—		—		146
Deferred non-insurance warranty acquisition expense	3,661		—		—		—		—		—		3,661
Insurance reserves
Claim and claim adjustment expenses	7,131		10,103		2,709		675		2,686		—		23,304
Unearned premiums	3,227		2,858		749		99		—		—		6,933
Future policy benefits	—		—		—		13,959		—		—		13,959
Deferred non-insurance warranty revenue	4,694		—		—		—		—		—		4,694

Year ended December 31, 2022	Specialty		Commercial		International		Life & Group (1)		Corporate & Other
(In millions)											Eliminations		Total (1)
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		1,469		76		—		6,628
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		1,596		254		(6)		11,065
Core income (loss) before income tax	850		588		125		(320)		(230)		—		1,013
Income tax (expense) benefit on core income (loss)	(182)		(122)		(19)		99		47		—		(177)
Core income (loss)	$	668	$	466	$	106	$	(221)	$	(183)	$	—	836
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)													$	682

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 Consolidated Financial Statements for additional information.

Year ended December 31, 2021	Specialty		Commercial				Life & Group (1)		Corporate & Other
(In millions)					International						Eliminations		Total (1)
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		1,261		109		—		6,349
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		1,374		273		(7)		10,446
Core income (loss) before income tax	900		497		114		83		(252)		—		1,342
Income tax (expense) benefit on core income (loss)	(196)		(103)		(28)		25		48		—		(254)
Core income (loss)	$	704	$	394	$	86	$	108	$	(204)	$	—	1,088
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)													$	1,184

Year ended 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		848		2,817		—		21,268
Unearned premiums	3,001		2,066		585		109		—		—		5,761
Future policy benefits	—		—		—		18,298		—		—		18,298
Deferred non-insurance warranty revenue	4,503		—		—		—		—		—		4,503

(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 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.

Years ended December 31
(In millions)	2023		2022		2021
Specialty
Management & Professional Liability	$	2,931	$	2,771	$	2,776
Surety	731		652		604
Warranty & Alternative Risks	1,828		1,786		1,624
Specialty revenues	5,490		5,209		5,004
Commercial
Middle Market	1,696		1,532		1,508
Construction	1,678		1,421		1,322
Small Business	631		581		558
Other Commercial	1,216		907		811
Commercial revenues	5,221		4,441		4,199
International
Canada	383		366		344
Europe	532		466		473
Hardy	364		302		297
International revenues	1,279		1,134		1,114
Life & Group revenues	1,346		1,276		1,457
Corporate & Other revenues	73		24		21
Eliminations	(11)		(6)		(7)
Total operating revenues	13,398		12,078		11,788
Net investment gains (losses)	(99)		(199)		120
Total revenues	$	13,299	$	11,879	$	11,908