Segment Information (tables)

12 Months Ended

Dec. 31, 2011

Segment Information disclosure

Company's revenues and operating income by segment [Table Text Block]

(for the year ended December 31, in millions)	Business Insurance		Financial, Professional & International Insurance		Personal Insurance			Total Reportable Segments
2011
Premiums	$	11,327	$	3,174	$	7,589		$	22,090
Net investment income		2,041		414		424			2,879
Fee income		295		1		—			296
Other revenues		31		26		70			127
Total operating revenues(1)	$	13,694	$	3,615	$	8,083		$	25,392
Amortization and depreciation	$	2,313	$	740	$	1,615		$	4,668
Income tax expense (benefit)		134		230		(293	)		71
Operating income (loss)(1)		1,354		647		(332	)		1,669
2010
Premiums	$	10,766	$	3,317	$	7,349		$	21,432
Net investment income		2,156		439		464			3,059
Fee income		285		2		—			287
Other revenues		28		27		75			130
Total operating revenues(1)	$	13,235	$	3,785	$	7,888		$	24,908
Amortization and depreciation	$	2,253	$	754	$	1,601		$	4,608
Income tax expense		777		245		134			1,156
Operating income(1)		2,301		620		440			3,361
2009
Premiums	$	10,968	$	3,333	$	7,117		$	21,418
Net investment income		1,902		452		422			2,776
Fee income		306		—		—			306
Other revenues		42		27		84			153
Total operating revenues(1)	$	13,218	$	3,812	$	7,623		$	24,653
Amortization and depreciation	$	2,279	$	763	$	1,567		$	4,609
Income tax expense		850		222		198			1,270
Operating income(1)		2,590		642		601			3,833

(1)

Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses).

Net written premiums by market [Table Text Block]

(for the year ended December 31, in millions)	2011		2010		2009
Business Insurance:
Select Accounts	$	2,784	$	2,718	$	2,756
Commercial Accounts		2,890		2,576		2,493
National Accounts		782		806		902
Industry-Focused Underwriting		2,407		2,299		2,279
Target Risk Underwriting		1,587		1,573		1,568
Specialized Distribution		880		872		889
Total Business Insurance Core		11,330		10,844		10,887
Business Insurance Other		10		13		15
Total Business Insurance		11,340		10,857		10,902
Financial, Professional & International Insurance:
Bond & Financial Products		1,953		1,981		2,040
International		1,149		1,230		1,245
Total Financial, Professional & International Insurance		3,102		3,211		3,285
Personal Insurance:
Automobile		3,788		3,772		3,629
Homeowners and Other		3,957		3,795		3,520
Total Personal Insurance		7,745		7,567		7,149
Total consolidated net written premiums	$	22,187	$	21,635	$	21,336

Business segment reconciliations of revenue and income, net of tax [Table Text Block]

(for the year ended December 31, in millions)	2011			2010			2009
Revenue reconciliation
Earned premiums
Business Insurance:
Workers' compensation	$	2,899		$	2,489		$	2,457
Commercial automobile		1,940			1,912			1,956
Property		1,607			1,669			1,761
General liability		1,738			1,739			1,899
Commercial multi-peril		3,126			2,958			2,894
Other		17			(1	)		1
Total Business Insurance		11,327			10,766			10,968
Financial, Professional & International Insurance:
Fidelity and surety		970			1,020			1,012
General liability		832			866			908
International		1,218			1,276			1,255
Other		154			155			158
Total Financial, Professional & International Insurance		3,174			3,317			3,333
Personal Insurance:
Automobile		3,720			3,693			3,696
Homeowners and Other		3,869			3,656			3,421
Total Personal Insurance		7,589			7,349			7,117
Total earned premiums		22,090			21,432			21,418
Net investment income		2,879			3,059			2,776
Fee income		296			287			306
Other revenues		127			130			153
Total operating revenues for reportable segments		25,392			24,908			24,653
Other revenues		(1	)		(60	)		10
Net realized investment gains		55			264			17
Total consolidated revenues	$	25,446		$	25,112		$	24,680
Income reconciliation, net of tax
Total operating income for reportable segments	$	1,669		$	3,361		$	3,833
Interest Expense and Other(1)		(279	)		(318	)		(233	)
Total operating income		1,390			3,043			3,600
Net realized investment gains		36			173			22
Total consolidated net income	$	1,426		$	3,216		$	3,622

(1)

The primary component of Interest Expense and Other is after-tax interest expense of $251 million, $252 million and $248 million in 2011, 2010 and 2009, respectively. Interest Expense and Other in 2010 included $39 million of after-tax expenses related to the Company's purchase and retirement of a significant portion of its 6.25% fixed-to-floating rate junior subordinated debentures. Interest Expense and Other in 2009 included a benefit of $28 million from the favorable resolution of various prior year tax matters.

Asset reconciliation [Table Text Block]

(at December 31, in millions)	2011		2010
Asset reconciliation:
Business Insurance	$	76,870	$	78,165
Financial, Professional & International Insurance		13,355		13,461
Personal Insurance		13,614		13,423
Total assets for reportable segments		103,839		105,049
Other assets(1)		763		607
Total consolidated assets	$	104,602	$	105,656

(1)

The major components of other assets at December 31, 2011 and 2010 were other intangible assets and deferred taxes.

Revenues of the Company's operations based on location [Table Text Block]

(for the year ended December 31, in millions)	2011		2010		2009
U.S.	$	24,408	$	24,049	$	23,674
Non-U.S.		1,038		1,063		1,006
Total revenues	$	25,446	$	25,112	$	24,680