Segment Information

9 Months Ended

Sep. 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 September 30,in millions)	BusinessInsurance		Financial, Professional & International Insurance		PersonalInsurance		TotalReportableSegments
2013
Premiums	$	3,046	$	785	$	1,835	$	5,666
Net investment income	479		88		90		657
Fee income	106		1		—		107
Other revenues	8		5		34		47
Total operating revenues (1)	$	3,639	$	879	$	1,959	$	6,477
Operating income (1)	$	526	$	160	$	262	$	948
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

(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 nine monthsended September 30,in millions)	BusinessInsurance		Financial, Professional & International Insurance		PersonalInsurance		TotalReportableSegments
2013
Premiums	$	9,006	$	2,271	$	5,509	$	16,786
Net investment income	1,468		271		275		2,014
Fee income	285		1		—		286
Other revenues	135		15		67		217
Total operating revenues (1)	$	10,894	$	2,558	$	5,851	$	19,303
Operating income (1)	$	1,695	$	477	$	601	$	2,773
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

(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 September 30,						Nine Months Ended September 30,
(in millions)	2013			2012			2013			2012
Revenue reconciliation
Earned premiums
Business Insurance:
Workers’ compensation	$	896		$	841		$	2,640		$	2,378
Commercial automobile	476			488			1,425			1,462
Commercial property	432			414			1,259			1,207
General liability	452			444			1,333			1,313
Commercial multi-peril	779			785			2,320			2,333
Other	11			10			29			25
Total Business Insurance	3,046			2,982			9,006			8,718
Financial, Professional & International Insurance:
Fidelity and surety	235			240			683			699
General liability	227			216			661			633
International	279			274			795			818
Other	44			42			132			125
Total Financial, Professional & International Insurance	785			772			2,271			2,275
Personal Insurance:
Automobile	855			916			2,591			2,762
Homeowners and other	980			996			2,918			2,963
Total Personal Insurance	1,835			1,912			5,509			5,725
Total earned premiums	5,666			5,666			16,786			16,718
Net investment income	657			722			2,014			2,200
Fee income	107			92			286			233
Other revenues	47			34			217			104
Total operating revenues for reportable segments	6,477			6,514			19,303			19,255
Other revenues	(3		)	—			(4		)	(4		)
Net realized investment gains (losses)	(22		)	(2		)	155			12
Total consolidated revenues	$	6,452		$	6,512		$	19,454		$	19,263
Income reconciliation, net of tax
Total operating income for reportable segments	$	948		$	929		$	2,773		$	2,359
Interest Expense and Other (1)	(65		)	(62		)	(187		)	(196		)
Total operating income	883			867			2,586			2,163
Net realized investment gains (losses)	(19		)	(3		)	99			6
Total consolidated net income	$	864		$	864		$	2,685		$	2,169

(1) The primary component of Interest Expense and Other is after-tax interest expense of $59 million and $60 million in the three months ended September 30, 2013 and 2012, respectively, and $175 million and $185 million in the nine months ended September 30, 2013 and 2012, respectively.

(in millions)	September 30,2013		December 31,2012
Asset reconciliation:
Business Insurance	$	74,931	$	76,972
Financial, Professional & International Insurance	14,084		13,452
Personal Insurance	13,173		14,195
Total assets for reportable segments	102,188		104,619
Other assets (1)	497		319
Total consolidated assets	$	102,685	$	104,938

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