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Segment Information
 12 Months Ended
Dec. 31, 2023
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 (loss), 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
2023
Premiums$19,144 $3,655 $14,962 $37,761 
Net investment income2,085 328 509 2,922 
Fee income400 — 33 433 
Other revenues232 25 96 353 
Total segment revenues (1)
$21,861 $4,008 $15,600 $41,469 
Amortization and depreciation$3,640 $744 $2,558 $6,942 
Income tax expense (benefit)368 227 (103)492 
Segment income (loss) (1)
2,583 942 (128)3,397 
2022
Premiums$17,095 $3,418 $13,250 $33,763 
Net investment income1,864 258 440 2,562 
Fee income382 — 30 412 
Other revenues248 20 83 351 
Total segment revenues (1)
$19,589 $3,696 $13,803 $37,088 
Amortization and depreciation$3,344 $697 $2,293 $6,334 
Income tax expense (benefit)536 195 (90)641 
Segment income (loss) (1)
2,531 908 (140)3,299 
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 expense 499 165 179 843 
Segment income (1)
2,385 668 760 3,813 
_________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes 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)202320222021
Business Insurance:
Domestic:
Select Accounts$3,477 $3,099 $2,833 
Middle Market11,045 9,923 8,933 
National Accounts1,135 1,085 987 
National Property and Other3,008 2,467 2,265 
Total Domestic18,665 16,574 15,018 
International1,765 1,061 1,074 
Total Business Insurance20,430 17,635 16,092 
Bond & Specialty Insurance:
Domestic:
Management Liability2,156 2,112 1,983 
Surety1,147 1,081 888 
Total Domestic3,303 3,193 2,871 
International539 539 505 
Total Bond & Specialty Insurance3,842 3,732 3,376 
Personal Insurance:
Domestic:
Automobile7,330 6,482 5,827 
Homeowners and Other7,949 6,916 5,980 
Total Domestic15,279 13,398 11,807 
International650 649 684 
Total Personal Insurance15,929 14,047 12,491 
Total consolidated net written premiums$40,201 $35,414 $31,959 
Business Segment Reconciliations
(for the year ended December 31, in millions)202320222021
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation$3,467 $3,425 $3,227 
Commercial automobile3,215 2,976 2,855 
Commercial property3,154 2,611 2,275 
General liability3,146 2,875 2,576 
Commercial multi-peril4,686 4,109 3,667 
Other76 76 65 
Total Domestic17,744 16,072 14,665 
International1,400 1,023 1,069 
Total Business Insurance19,144 17,095 15,734 
Bond & Specialty Insurance:
Domestic:
Fidelity and surety1,290 1,173 1,091 
General liability1,639 1,556 1,415 
Other225 222 220 
Total Domestic3,154 2,951 2,726 
International501 467 412 
Total Bond & Specialty Insurance3,655 3,418 3,138 
Personal Insurance:
Domestic
Automobile6,923 6,170 5,687 
Homeowners and Other7,404 6,426 5,608 
Total Domestic14,327 12,596 11,295 
International635 654 688 
Total Personal Insurance14,962 13,250 11,983 
Total earned premiums37,761 33,763 30,855 
Net investment income2,922 2,562 3,033 
Fee income433 412 402 
Other revenues353 351 355 
Total segment revenues41,469 37,088 34,645 
Net realized investment gains (losses)(105)(204)171 
Total revenues$41,364 $36,884 $34,816 
Income reconciliation, net of tax
Total segment income$3,397 $3,299 $3,813 
Interest Expense and Other (1)
(325)(301)(291)
Core income3,072 2,998 3,522 
Net realized investment gains (losses)(81)(156)132 
Impact of changes in tax laws and/or tax rates (2)
— — 8 
Net income$2,991 $2,842 $3,662 
______________________________________
(1)    The primary component of Interest Expense and Other was after-tax interest expense of $297 million, $277 million and $269 million in 2023, 2022 and 2021, respectively.
(2)    Impact is recognized in the accounting period in which the change is enacted.
(at December 31, in millions)20232022
Asset reconciliation:
Business Insurance$93,565 $86,522 
Bond & Specialty Insurance11,478 10,119 
Personal Insurance20,072 18,275 
Total assets for reportable segments125,115 114,916 
Other assets (1)
863 801 
Total consolidated assets$125,978 $115,717 
___________________________________________
(1)    The primary components of other assets at both December 31, 2023 and 2022, were the 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)202320222021
U.S.$39,086 $34,822 $32,596 
Non-U.S.:
Canada1,281 1,300 1,351 
Other Non-U.S.997 762 869 
Total Non-U.S.2,278 2,062 2,220 
Total revenues$41,364 $36,884 $34,816