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Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters. Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers. The International segment underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, the Company's Lloyd's syndicate.
The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. Life & Group primarily includes the results of the long-term care business that is in run-off. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
Approximately 9%, 10% and 11% of the Company's direct written premiums were derived from outside the United States for the years ended December 31, 2025, 2024 and 2023.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Year ended December 31, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Net written premiums$3,515 $5,821 $1,347 $419 $— $(1)$11,101 
Operating revenues 
Net earned premiums$3,472 $5,695 $1,311 $423 $— $(1)$10,900 
Net investment income650 775 156 914 62 — 2,557 
Non-insurance warranty revenue1,577 — — — — — 1,577 
Other revenues2 32 — — 12 (10)36 
Total operating revenues5,701 6,502 1,467 1,337 74 (11)15,070 
Claims, benefits and expenses      
Net incurred claims and benefits2,134 3,867 765 1,291 201 — 8,258 
Policyholders’ dividends9 27 — — — — 36 
Amortization of deferred acquisition costs785 853 260 — — — 1,898 
Non-insurance warranty expense1,526 — — — — — 1,526 
Insurance related administrative expenses380 676 171 121 2 (1)1,349 
Interest expense— — — — 135 — 135 
Other segment items (1)
57 44 (13)3 86 (10)167 
Total claims, benefits and expenses4,891 5,467 1,183 1,415 424 (11)13,369 
Income tax (expense) benefit on core income (loss)(173)(215)(77)34 72 — (359)
Core income (loss) $637 $820 $207 $(44)$(278)$— $1,342 
Net investment gains (losses)(81)
Income tax (expense) benefit on net investment gains (losses)17 
Net investment gains (losses), after tax(64)
Net income (loss)$1,278 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,716 $1,762 $577 $56 $2,297 $— $6,408 
Insurance receivables1,008 2,315 438 2 1 — 3,764 
Deferred acquisition costs447 391 148 — — — 986 
Goodwill117 — 31 — — — 148 
Deferred non-insurance warranty acquisition expense3,220 — — — — — 3,220 
Insurance reserves 
Claim and claim adjustment expenses7,784 12,249 3,376 591 2,599 — 26,599 
Unearned premiums3,317 3,411 819 88 — — 7,635 
Future policy benefits— — — 13,448 — — 13,448 
Deferred non-insurance warranty revenue4,138 — — — — — 4,138 
Year ended December 31, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Net written premiums$3,445 $5,469 $1,262 $430 $— $(1)$10,605 
Operating revenues 
Net earned premiums$3,361 $5,158 $1,256 $437 $— $(1)$10,211 
Net investment income626 733 131 940 67 — 2,497 
Non-insurance warranty revenue1,609 — — — — — 1,609 
Other revenues2 29 — — 13 (10)34 
Total operating revenues5,598 5,920 1,387 1,377 80 (11)14,351 
Claims, benefits and expenses    
Net incurred claims and benefits2,001 3,525 764 1,308 106 — 7,704 
Policyholders’ dividends9 25 — — — — 34 
Amortization of deferred acquisition costs740 824 234 — — — 1,798 
Non-insurance warranty expense1,547 — — — — — 1,547 
Insurance related administrative expenses362 613 182 119 — (1)1,275 
Interest expense— — — — 133 — 133 
Other segment items (1)
55 43 10 2 97 (10)197 
Total claims, benefits and expenses (2)
4,714 5,030 1,190 1,429 336 (11)12,688 
Income tax (expense) benefit on core income (loss)(190)(188)(44)29 46 — (347)
Core income (loss)$694 $702 $153 $(23)$(210)$— $1,316 
Net investment gains (losses)(81)
Income tax (expense) benefit on net investment gains (losses)17 
Net investment gains (losses), after tax(64)
Pension settlement transaction gains (losses)(371)
Income tax (expense) benefit on pension settlement transaction gains (losses)78 
Pension settlement transaction gains (losses), after tax(293)
Net income (loss)$959 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note J to the Consolidated Financial Statements for additional information.
December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
Year ended December 31, 2023
Specialty
Commercial		Life &
Group		Corporate
& Other
(In millions)InternationalEliminationsTotal
Net written premiums$3,329 $4,880 $1,237 $447 $— $(1)$9,892 
Operating revenues 
Net earned premiums$3,307 $4,547 $1,176 $451 $— $(1)$9,480 
Net investment income558 645 103 896 62 — 2,264 
Non-insurance warranty revenue1,624 — — — — — 1,624 
Other revenues1 29 — (1)11 (10)30 
Total operating revenues5,490 5,221 1,279 1,346 73 (11)13,398 
Claims, benefits and expenses     
Net incurred claims and benefits1,923 2,995 722 1,317 82 — 7,039 
Policyholders’ dividends8 21 — — — — 29 
Amortization of deferred acquisition costs686 729 229 — — — 1,644 
Non-insurance warranty expense1,544 — — — — — 1,544 
Insurance related administrative expenses373 620 139 118 2 (1)1,251 
Interest expense1 — — — 126 — 127 
Other segment items (1)
52 30 (4)1 78 (10)147 
Total claims, benefits and expenses4,587 4,395 1,086 1,436 288 (11)11,781 
Income tax (expense) benefit on core income (loss)(195)(174)(48)42 42 — (333)
Core income (loss)$708 $652 $145 $(48)$(173)$— $1,284 
Net investment gains (losses)(99)
Income tax (expense) benefit on net investment gains (losses)20 
Net investment gains (losses), after tax(79)
Net income (loss)$1,205 
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
December 31, 2023SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,281 $1,218 $468 $93 $2,374 $— $5,434 
Insurance receivables1,053 2,024 388 5 — — 3,470 
Deferred acquisition costs392 371 133 — — — 896 
Goodwill117 — 29 — — — 146 
Deferred non-insurance warranty acquisition expense3,661 — — — — — 3,661 
Insurance reserves 
Claim and claim adjustment expenses7,131 10,103 2,709 675 2,686 — 23,304 
Unearned premiums3,227 2,858 749 99 — — 6,933 
Future policy benefits— — — 13,959 — — 13,959 
Deferred non-insurance warranty revenue4,694 — — — — — 4,694 
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Years ended December 31
(In millions)202520242023
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$2,097 $2,010 $1,937 
Catastrophe losses— — — 
(Favorable) unfavorable development (1)
37 (9)(14)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$3,605 $3,217 $2,801 
Catastrophe losses217 318 207 
(Favorable) unfavorable development (1)
39 (16)(22)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$767 $730 $680 
Catastrophe losses23 40 29 
(Favorable) unfavorable development (1)
(25)(6)13 
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
The following table presents operating revenues by line of business for each reportable segment.
Years ended December 31
(In millions)202520242023
Specialty
Management & Professional Liability$3,102 $2,998 $2,931 
Surety835 785 731 
Warranty & Alternative Risks1,764 1,815 1,828 
Specialty revenues5,701 5,598 5,490 
Commercial
Middle Market1,925 1,775 1,696 
Construction2,088 1,991 1,678 
Small Business639 637 631 
Other Commercial1,850 1,517 1,216 
Commercial revenues6,502 5,920 5,221 
International
Canada422 401 383 
Europe627 593 532 
Hardy418 393 364 
International revenues1,467 1,387 1,279 
Life & Group revenues1,337 1,377 1,346 
Corporate & Other revenues 74 80 73 
Eliminations(11)(11)(11)
Total operating revenues15,070 14,351 13,398 
Net investment gains (losses)(81)(81)(99)
Total revenues$14,989 $14,270 $13,299