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Segment Information
 12 Months Ended
Dec. 31, 2024
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.
The chief operating decision maker (CODM) is the Company’s Chairman and Chief Executive Officer. The CODM reviews the financial performance of the reportable business segments to assess the efficiency with which capital is employed, the effective management of risk, the achievement of strategic initiatives, and how to allocate resources to reportable business segments based on the segment’s historical and projected financial performance. The significant measures of the reportable business segments’ financial performance include segment revenues, consisting of premiums, net investment income, fee income and other revenues, less segment expenses, consisting of claims and claim adjustment expenses, deferred acquisition costs, and general and administrative expenses.
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
2024
Premiums$21,345 $3,958 $16,638 $41,941 
Net investment income2,560 390 640 3,590 
Fee income430 — 43 473 
Other revenues322 30 97 449 
Total segment revenues (1)
24,657 4,378 17,418 46,453 
Claims and claim adjustment expenses13,679 1,774 11,606 27,059 
Amortization of deferred acquisition costs3,588 756 2,629 6,973 
General and administrative expenses3,303 832 1,640 5,775 
Income tax expense781 201 294 1,276 
Segment income (1)
$3,306 $815 $1,249 $5,370 
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 
Claims and claim adjustment expenses12,696 1,485 12,034 26,215 
Amortization of deferred acquisition costs3,173 673 2,380 6,226 
General and administrative expenses3,041 681 1,417 5,139 
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 
Claims and claim adjustment expenses10,907 1,378 10,569 22,854 
Amortization of deferred acquisition costs2,788 625 2,102 5,515 
General and administrative expenses2,827 590 1,362 4,779 
Income tax expense (benefit)536 195 (90)641 
Segment income (loss) (1)
$2,531 $908 $(140)$3,299 
_________________________________________
(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.”
Prior year reserve development and catastrophe losses included in claims and claim adjustment expenses in the table above by reportable business segments were as follows:
(for the year ended December 31, in millions)Business
Insurance		Bond &
Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2024
Net favorable prior year reserve development$90 $129 $490 $709 
Catastrophe losses$1,032 $51 $2,252 $3,335 
2023
Net favorable (unfavorable) prior year reserve development$(289)$285 $147 $143 
Catastrophe losses$838 $37 $2,116 $2,991 
2022
Net favorable prior year reserve development$381 $222 $46 $649 
Catastrophe losses$654 $25 $1,198 $1,877 
The following table presents the Company’s amortization and depreciation expense by reportable business segment:
(for the year ended December 31, in millions)202420232022
Business Insurance$4,014 $3,640 $3,344 
Bond & Specialty Insurance842 744 697 
Personal Insurance2,826 2,558 2,293 
Total$7,682 $6,942 $6,334 
Net written premiums by market were as follows:
(for the year ended December 31, in millions)202420232022
Business Insurance:
Domestic:
Select Accounts$3,727 $3,477 $3,099 
Middle Market12,023 11,045 9,923 
National Accounts1,259 1,135 1,085 
National Property and Other3,134 3,008 2,467 
Total Domestic20,143 18,665 16,574 
International1,935 1,765 1,061 
Total Business Insurance22,078 20,430 17,635 
Bond & Specialty Insurance:
Domestic:
Management Liability2,309 2,156 2,112 
Surety1,294 1,147 1,081 
Total Domestic3,603 3,303 3,193 
International506 539 539 
Total Bond & Specialty Insurance4,109 3,842 3,732 
Personal Insurance:
Domestic:
Automobile7,925 7,330 6,482 
Homeowners and Other8,550 7,949 6,916 
Total Domestic16,475 15,279 13,398 
International694 650 649 
Total Personal Insurance17,169 15,929 14,047 
Total consolidated net written premiums$43,356 $40,201 $35,414 
Business Segment Reconciliations
(for the year ended December 31, in millions)202420232022
Revenue reconciliation
Earned premiums
Business Insurance:
Domestic:
Workers’ compensation$3,470 $3,467 $3,425 
Commercial automobile3,590 3,215 2,976 
Commercial property3,616 3,154 2,611 
General liability3,464 3,146 2,875 
Commercial multi-peril5,269 4,686 4,109 
Other73 76 76 
Total Domestic19,482 17,744 16,072 
International1,863 1,400 1,023 
Total Business Insurance21,345 19,144 17,095 
Bond & Specialty Insurance:
Domestic:
Fidelity and surety1,416 1,290 1,173 
General liability1,778 1,639 1,556 
Other231 225 222 
Total Domestic3,425 3,154 2,951 
International533 501 467 
Total Bond & Specialty Insurance3,958 3,655 3,418 
Personal Insurance:
Domestic:
Automobile7,767 6,923 6,170 
Homeowners and Other8,208 7,404 6,426 
Total Domestic15,975 14,327 12,596 
International663 635 654 
Total Personal Insurance16,638 14,962 13,250 
Total earned premiums41,941 37,761 33,763 
Net investment income3,590 2,922 2,562 
Fee income473 433 412 
Other revenues449 353 351 
Total segment revenues46,453 41,469 37,088 
Net realized investment losses(30)(105)(204)
Total revenues$46,423 $41,364 $36,884 
Income reconciliation, net of tax
Total segment income$5,370 $3,397 $3,299 
Interest Expense and Other (1)
(345)(325)(301)
Core income5,025 3,072 2,998 
Net realized investment losses(26)(81)(156)
Net income$4,999 $2,991 $2,842 
______________________________________
(1)    The primary component of Interest Expense and Other was after-tax interest expense of $310 million, $297 million and $277 million in 2024, 2023 and 2022, respectively.
(at December 31, in millions)20242023
Asset reconciliation:
Business Insurance$98,311 $93,565 
Bond & Specialty Insurance12,628 11,478 
Personal Insurance21,138 20,072 
Total assets for reportable segments132,077 125,115 
Other assets (1)
1,112 863 
Total consolidated assets$133,189 $125,978 
___________________________________________
(1)    The primary components of other assets at both December 31, 2024 and 2023, 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)202420232022
U.S.$43,924 $39,086 $34,822 
Non-U.S.:
Canada1,359 1,281 1,300 
Other Non-U.S.1,140 997 762 
Total Non-U.S.2,499 2,278 2,062 
Total revenues$46,423 $41,364 $36,884