Segment Information

6 Months Ended

Jun. 30, 2013

Segment Information disclosure

Segment Information disclosure [Text Block]

2.             SEGMENT INFORMATION

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

(for the three monthsended June 30,in millions)	BusinessInsurance		Financial, Professional & International Insurance		PersonalInsurance		TotalReportableSegments
2013
Premiums	$	3,018	$	751	$	1,834	$	5,603
Net investment income	502		91		94		687
Fee income	82		—		—		82
Other revenues	114		5		15		134
Total operating revenues (1)	$	3,716	$	847	$	1,943	$	6,506
Operating income (1)	$	579	$	154	$	142	$	875
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

(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).

(for the six monthsended June 30,in millions)	BusinessInsurance		Financial, Professional & International Insurance		PersonalInsurance		TotalReportableSegments
2013
Premiums	$	5,960	$	1,486	$	3,674	$	11,120
Net investment income	989		183		185		1,357
Fee income	179		—		—		179
Other revenues	127		10		33		170
Total operating revenues (1)	$	7,255	$	1,679	$	3,892	$	12,826
Operating income (1)	$	1,169	$	317	$	339	$	1,825
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

(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).

Business Segment Reconciliations

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2013			2012			2013			2012
Revenue reconciliation
Earned premiums
Business Insurance:
Workers’ compensation	$	897		$	754		$	1,744		$	1,537
Commercial automobile	474			488			949			974
Commercial property	418			401			827			793
General liability	444			437			881			869
Commercial multi-peril	776			773			1,541			1,548
Other	9			7			18			15
Total Business Insurance	3,018			2,860			5,960			5,736
Financial, Professional & International Insurance:
Fidelity and surety	228			236			448			459
General liability	221			210			434			417
International	258			278			516			544
Other	44			42			88			83
Total Financial, Professional & International Insurance	751			766			1,486			1,503
Personal Insurance:
Automobile	864			918			1,736			1,846
Homeowners and other	970			985			1,938			1,967
Total Personal Insurance	1,834			1,903			3,674			3,813
Total earned premiums	5,603			5,529			11,120			11,052
Net investment income	687			738			1,357			1,478
Fee income	82			59			179			141
Other revenues	134			29			170			70
Total operating revenues for reportable segments	6,506			6,355			12,826			12,741
Other revenues	1			—			(1		)	(4		)
Net realized investment gains	167			4			177			14
Total consolidated revenues	$	6,674		$	6,359		$	13,002		$	12,751
Income reconciliation, net of tax
Total operating income for reportable segments	$	875		$	561		$	1,825		$	1,430
Interest Expense and Other (1)	(59		)	(66		)	(122		)	(134		)
Total operating income	816			495			1,703			1,296
Net realized investment gains	109			4			118			9
Total consolidated net income	$	925		$	499		$	1,821		$	1,305

(1) The primary component of Interest Expense and Other is after-tax interest expense of $56 million and $63 million in the three months ended June 30, 2013 and 2012, respectively, and $116 million and $125 million in the six months ended June 30, 2013 and 2012, respectively.

(in millions)	June 30,2013		December 31,2012
Asset reconciliation:
Business Insurance	$	75,187	$	76,972
Financial, Professional & International Insurance	13,035		13,452
Personal Insurance	13,160		14,195
Total assets for reportable segments	101,382		104,619
Other assets (1)	518		319
Total consolidated assets	$	101,900	$	104,938

(1) The primary components of other assets at June 30, 2013 were deferred taxes and other intangible assets.  The primary component of other assets at December 31, 2012 was other intangible assets.