Segment Information

6 Months Ended

Jun. 30, 2012

Segment Information disclosure

Segment Information disclosure [Text Block]

2.SEGMENT INFORMATION

The following tables summarize the components of the Company’s revenues, operating income (loss) and total assets by reportable business segments:

(for the three monthsended June 30,in millions)	BusinessInsurance		Financial, Professional & International Insurance		PersonalInsurance			TotalReportableSegments
2012
Premiums	$	2,860	$	766	$	1,903		$	5,529
Net investment income	536		99		103			738
Fee income	58		1		—			59
Other revenues	8		5		16			29
Total operating revenues (1)	$	3,462	$	871	$	2,022		$	6,355
Operating income (1)	$	362	$	182	$	17		$	561
2011
Premiums	$	2,802	$	810	$	1,891		$	5,503
Net investment income	541		105		112			758
Fee income	74		—		—			74
Other revenues	10		6		18			34
Total operating revenues (1)	$	3,427	$	921	$	2,021		$	6,369
Operating income (loss) (1)	$	11	$	164	$	(471	)	$	(296	)

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

(for the six monthsended June 30,in millions)	BusinessInsurance		Financial, Professional & International Insurance		PersonalInsurance			TotalReportableSegments
2012
Premiums	$	5,736	$	1,503	$	3,813		$	11,052
Net investment income	1,068		203		207			1,478
Fee income	140		1		—			141
Other revenues	22		13		35			70
Total operating revenues (1)	$	6,966	$	1,720	$	4,055		$	12,741
Operating income (1)	$	974	$	331	$	125		$	1,430
2011
Premiums	$	5,547	$	1,583	$	3,744		$	10,874
Net investment income	1,097		211		229			1,537
Fee income	148		—		—			148
Other revenues	19		13		36			68
Total operating revenues (1)	$	6,811	$	1,807	$	4,009		$	12,627
Operating income (loss) (1)	$	615	$	284	$	(301	)	$	598

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

Business Segment Reconciliations

	Three Months Ended June  30,						Six Months Ended June 30,
(in millions)	2012			2011			2012			2011
Revenue reconciliation
Earned premiums
Business Insurance:
Workers’ compensation	$	754		$	712		$	1,537		$	1,392
Commercial automobile	488			480			974			953
Property	401			401			793			802
General liability	437			429			869			857
Commercial multi-peril	773			778			1,548			1,540
Other	7			2			15			3
Total Business Insurance	2,860			2,802			5,736			5,547
Financial, Professional & International Insurance:
Fidelity and surety	236			249			459			483
General liability	210			211			417			415
International	278			311			544			609
Other	42			39			83			76
Total Financial, Professional & International Insurance	766			810			1,503			1,583
Personal Insurance:
Automobile	918			931			1,846			1,846
Homeowners and other	985			960			1,967			1,898
Total Personal Insurance	1,903			1,891			3,813			3,744
Total earned premiums	5,529			5,503			11,052			10,874
Net investment income	738			758			1,478			1,537
Fee income	59			74			141			148
Other revenues	29			34			70			68
Total operating revenues for reportable segments	6,355			6,369			12,741			12,627
Other revenues	—			—			(4		)	—
Net realized investment gains	4			19			14			39
Total consolidated revenues	$	6,359		$	6,388		$	12,751		$	12,666
Income reconciliation, net of tax
Total operating income (loss) for reportable segments	$	561		$	(296	)	$	1,430		$	598
Interest Expense and Other (1)	(66		)	(81		)	(134		)	(149		)
Total operating income (loss)	495			(377		)	1,296			449
Net realized investment gains	4			13			9			26
Total consolidated net income (loss)	$	499		$	(364	)	$	1,305		$	475

(1)The primary component of Interest Expense and Other is after-tax interest expense of $63 million in each of the three months ended June 30, 2012 and 2011, and $125 million in each of the six months ended June 30, 2012 and 2011.

(in millions)	June 30,2012		December 31,2011
Asset reconciliation:
Business Insurance	$	76,968	$	76,909
Financial, Professional & International Insurance	13,491		13,355
Personal Insurance	13,527		13,614
Total assets for reportable segments	103,986		103,878
Other assets (1)	344		697
Total consolidated assets	$	104,330	$	104,575

(1)The primary components of other assets at both dates were other intangible assets.  The December 31, 2011 total also included deferred taxes.