Segment Information

9 Months Ended

Sep. 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 September 30,in millions)	BusinessInsurance		Financial,  Professional &  International  Insurance		PersonalInsurance			TotalReportableSegments
2012
Premiums	$	2,982	$	772	$	1,912		$	5,666
Net investment income	524		97		101			722
Fee income	92		—		—			92
Other revenues	9		8		17			34
Total operating revenues (1)	$	3,607	$	877	$	2,030		$	6,514
Operating income (1)	$	543	$	180	$	206		$	929
2011
Premiums	$	2,890	$	799	$	1,916		$	5,605
Net investment income	487		101		102			690
Fee income	78		1		—			79
Other revenues	8		6		17			31
Total operating revenues (1)	$	3,463	$	907	$	2,035		$	6,405
Operating income (loss) (1)	$	294	$	211	$	(108	)	$	397

(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 nine monthsended September 30,in millions)	BusinessInsurance		Financial,  Professional &  International  Insurance		PersonalInsurance			TotalReportableSegments
2012
Premiums	$	8,718	$	2,275	$	5,725		$	16,718
Net investment income	1,592		300		308			2,200
Fee income	232		1		—			233
Other revenues	31		21		52			104
Total operating revenues (1)	$	10,573	$	2,597	$	6,085		$	19,255
Operating income (1)	$	1,517	$	511	$	331		$	2,359
2011
Premiums	$	8,437	$	2,382	$	5,660		$	16,479
Net investment income	1,584		312		331			2,227
Fee income	226		1		—			227
Other revenues	27		19		53			99
Total operating revenues (1)	$	10,274	$	2,714	$	6,044		$	19,032
Operating income (loss) (1)	$	909	$	495	$	(409	)	$	995

(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 September  30,						Nine Months Ended September 30,
(in millions)	2012			2011			2012			2011
Revenue reconciliation
Earned premiums
Business Insurance:
Workers’ compensation	$	841		$	750		$	2,378		$	2,142
Commercial automobile	488			491			1,462			1,444
Property	414			405			1,207			1,207
General liability	444			442			1,313			1,299
Commercial multi-peril	785			796			2,333			2,336
Other	10			6			25			9
Total Business Insurance	2,982			2,890			8,718			8,437
Financial, Professional & International Insurance:
Fidelity and surety	240			241			699			724
General liability	216			208			633			623
International	274			311			818			920
Other	42			39			125			115
Total Financial, Professional & International Insurance	772			799			2,275			2,382
Personal Insurance:
Automobile	916			935			2,762			2,781
Homeowners and other	996			981			2,963			2,879
Total Personal Insurance	1,912			1,916			5,725			5,660
Total earned premiums	5,666			5,605			16,718			16,479
Net investment income	722			690			2,200			2,227
Fee income	92			79			233			227
Other revenues	34			31			104			99
Total operating revenues for reportable segments	6,514			6,405			19,255			19,032
Other revenues	—			—			(4		)	—
Net realized investment gains (losses)	(2		)	2			12			41
Total consolidated revenues	$	6,512		$	6,407		$	19,263		$	19,073
Income reconciliation, net of tax
Total operating income for reportable segments	$	929		$	397		$	2,359		$	995
Interest Expense and Other (1)	(62		)	(65		)	(196		)	(214		)
Total operating income	867			332			2,163			781
Net realized investment gains (losses)	(3		)	1			6			27
Total consolidated net income	$	864		$	333		$	2,169		$	808

(1)The primary component of Interest Expense and Other was after-tax interest expense of $60 million and $63 million for the three months ended September 30, 2012 and 2011, respectively, and $185 million and $189 million for the nine months ended September 30, 2012 and 2011, respectively.

(in millions)	September 30,2012		December 31,2011
Asset reconciliation:
Business Insurance	$	77,634	$	76,909
Financial, Professional & International Insurance	13,620		13,355
Personal Insurance	13,681		13,614
Total assets for reportable segments	104,935		103,878
Other assets (1)	510		697
Total consolidated assets	$	105,445	$	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.