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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The accounting policies used to prepare the segment reporting data for the Company’s three reportable business segments are the same as those described in the Summary of Significant Accounting Policies in note 1.
Except as described below for certain legal entities, the Company allocates its invested assets and the related net investment income to its reportable business segments.  Pre-tax net investment income is allocated based upon an investable funds concept, which takes into account liabilities (net of non-invested assets) and appropriate capital considerations for each segment. For investable funds, a benchmark investment yield is developed that reflects the estimated duration of the loss reserves’ future cash flows, the interest rate environment at the time the losses were incurred and A+ rated corporate debt instrument yields.  For capital, a benchmark investment yield is developed that reflects the average yield on the total investment portfolio.  The benchmark investment yields are applied to each segment’s investable funds and capital, respectively, to produce a total notional investment income by segment.  The Company’s actual net investment income is allocated to each segment in proportion to the respective segment’s notional investment income to total notional investment income.  There are certain legal entities within the Company that are dedicated to specific reportable business segments.  The invested assets and related net investment income from these legal entities are reported in the applicable business segment and are not allocated among the other business segments.
The cost of the Company’s catastrophe treaty program is included in the Company’s ceded premiums and is allocated among reportable business segments based on an estimate of actual market reinsurance pricing using expected losses calculated by the Company’s catastrophe model, adjusted for any experience adjustments.
The following tables summarize the components of the Company’s revenues, income, net written premiums and total assets by reportable business segments.
(for the year ended December 31, in millions)Business
Insurance		Bond &
Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2021
Premiums$15,734 $3,138 $11,983 $30,855 
Net investment income2,265 247 521 3,033 
Fee income375 — 27 402 
Other revenues235 23 97 355 
Total segment revenues (1)
$18,609 $3,408 $12,628 $34,645 
Amortization and depreciation$3,180 $643 $2,084 $5,907 
Income tax expense499 165 179 843 
Segment income (1)
2,385 668 760 3,813 
2020
Premiums$15,294 $2,823 $10,927 $29,044 
Net investment income1,633 213 381 2,227 
Fee income405 — 24 429 
Other revenues176 27 76 279 
Total segment revenues (1)
$17,508 $3,063 $11,408 $31,979 
Amortization and depreciation$3,069 $579 $1,908 $5,556 
Income tax expense213 107 308 628 
Segment income (1)
1,309 473 1,195 2,977 
2019
Premiums$15,300 $2,565 $10,407 $28,272 
Net investment income1,816 233 419 2,468 
Fee income437 — 22 459 
Other revenues155 26 87 268 
Total segment revenues (1)
$17,708 $2,824 $10,935 $31,467 
Amortization and depreciation$3,037 $533 $1,787 $5,357 
Income tax expense 223 151 195 569 
Segment income (1)
1,392 618 824 2,834 
_________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in "interest expense and other." Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses) and income (loss) from "interest expense and other."
Net written premiums by market were as follows:
(for the year ended December 31, in millions)202120202019
Business Insurance:
Domestic:
Select Accounts$2,833 $2,821 $2,911 
Middle Market8,933 8,511 8,630 
National Accounts987 996 1,051 
National Property and Other2,265 2,086 1,965 
Total Domestic15,018 14,414 14,557 
International1,074 1,017 1,072 
Total Business Insurance16,092 15,431 15,629 
Bond & Specialty Insurance:
Domestic:
Management Liability1,983 1,769 1,605 
Surety888 845 866 
Total Domestic2,871 2,614 2,471 
International505 337 268 
Total Bond & Specialty Insurance3,376 2,951 2,739 
Personal Insurance:
Domestic:
Automobile5,827 5,369 5,412 
Homeowners and Other5,980 5,329 4,664 
Total Domestic11,807 10,698 10,076 
International684 652 707 
Total Personal Insurance12,491 11,350 10,783 
Total consolidated net written premiums$31,959 $29,732 $29,151 
Business Segment Reconciliations
(for the year ended December 31, in millions)202120202019
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation$3,227 $3,378 $3,829 
Commercial automobile2,855 2,761 2,632 
Commercial property2,275 2,087 1,937 
General liability2,576 2,401 2,342 
Commercial multi-peril3,667 3,552 3,453 
Other65 54 40 
Total Domestic14,665 14,233 14,233 
International1,069 1,061 1,067 
Total Business Insurance15,734 15,294 15,300 
Bond & Specialty Insurance:
Domestic:
Fidelity and surety1,091 1,075 1,036 
General liability1,415 1,219 1,082 
Other220 237 216 
Total Domestic2,726 2,531 2,334 
International412 292 231 
Total Bond & Specialty Insurance3,138 2,823 2,565 
Personal Insurance:
Domestic
Automobile5,687 5,280 5,311 
Homeowners and Other5,608 4,988 4,393 
Total Domestic11,295 10,268 9,704 
International688 659 703 
Total Personal Insurance11,983 10,927 10,407 
Total earned premiums30,855 29,044 28,272 
Net investment income3,033 2,227 2,468 
Fee income402 429 459 
Other revenues355 279 268 
Total segment revenues34,645 31,979 31,467 
Other revenues— — 1 
Net realized investment gains171 2 113 
Total revenues$34,816 $31,981 $31,581 
Income reconciliation, net of tax
Total segment income$3,813 $2,977 $2,834 
Interest Expense and Other (1)
(291)(291)(297)
Core income3,522 2,686 2,537 
Net realized investment gains132 11 85 
Impact of changes in tax laws and/or tax rates (2)
8 — — 
Net income$3,662 $2,697 $2,622 
______________________________________
(1)    The primary component of Interest Expense and Other was after-tax interest expense of $269 million, $268 million and $272 million in 2021, 2020 and 2019, respectively.
(2)    Impact is recognized in the accounting period in which the change is enacted.
(at December 31, in millions)20212020
Asset reconciliation:
Business Insurance$90,353 $88,422 
Bond & Specialty Insurance10,146 9,420 
Personal Insurance18,983 18,328 
Total assets for reportable segments119,482 116,170 
Other assets (1)
984 594 
Total consolidated assets$120,466 $116,764 
___________________________________________
(1)    The primary components of other assets at both December 31, 2021 and 2020, were accrued over-funded benefit plan assets related to the Company's qualified domestic pension plan and other intangible assets.
Enterprise-Wide Disclosures
The Company does not have revenue from transactions with a single customer amounting to 10 percent or more of its revenues.
The following table presents revenues of the Company’s operations based on location:
(for the year ended December 31, in millions)202120202019
U.S.$32,596 $30,123 $29,638 
Non-U.S.:
Canada1,351 1,278 1,371 
Other Non-U.S.869 580 572 
Total Non-U.S.2,220 1,858 1,943 
Total revenues$34,816 $31,981 $31,581