Segment information (Tables)

12 Months Ended

Dec. 31, 2024

The following tables present the Statement of Operations by segment:


For the Year Ended December 31, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	20,589	$	6,532	$	2,703	$	13,972	$	1,346	$	6,326	$	51,468
Net premiums earned	20,008		6,188		2,705		13,400		1,272		6,273		49,846
Losses and loss expenses	12,737		3,584		2,170		6,414		711		112
Policy benefits	—		—		—		408		—		4,101
Policy acquisition costs	2,718		1,239		191		3,410		342		1,202
Administrative expenses	1,337		351		(10)		1,351		39		880
Underwriting income	3,216		1,014		354		1,817		180		NM
Net investment income	3,556		433		84		1,136		253		1,003
Other (income) expense	32		1		1		14		—		(159)
Amortization of purchased intangibles	3		9		25		81		—		42
Segment income	$	6,737	$	1,437	$	412	$	2,858	$	433	$	1,098	$	12,975
Net realized gains (losses)													117
Market risk benefits gains (losses)													(140)
Interest expense													741
Integration expenses													39
Corporate underwriting loss													(731)
Corporate net investment loss													(105)
Corporate other (income) expense													(490)
Corporate amortization of purchased intangibles													163
Other reclassification													(208)
Income before income tax													$	11,455

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Year Ended December 31, 2023 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	19,237	$	5,878	$	3,188	$	12,575	$	1,018	$	5,465	$	47,361
Net premiums earned	18,416		5,536		3,169		12,231		962		5,398		45,712
Losses and loss expenses	11,256		3,511		2,874		5,643		426		114
Policy benefits	—		—		—		457		—		3,216
Policy acquisition costs	2,515		1,128		150		3,113		264		1,089
Administrative expenses	1,250		329		(1)		1,219		37		771
Underwriting income	3,395		568		146		1,799		235		NM
Net investment income	3,017		358		63		895		208		756
Other (income) expense	22		3		1		(25)		(2)		(115)
Amortization of purchased intangibles	—		9		25		70		—		30
Segment income	$	6,390	$	914	$	183	$	2,649	$	445	$	1,049	$	11,630
Net realized gains (losses)													(607)
Market risk benefits gains (losses)													(307)
Interest expense													672
Integration expenses													69
Corporate underwriting loss													(683)
Corporate net investment income													25
Corporate other (income) expense													(380)
Corporate amortization of purchased intangibles													176
Other reclassification													5
Income before income tax													$	9,526

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Year Ended December 31, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	17,889	$	5,313	$	2,907	$	11,060	$	943	$	3,608	$	41,720
Net premiums earned	17,107		5,180		2,838		10,803		922		3,510		40,360
Losses and loss expenses	10,828		3,186		2,557		4,894		670		85
Policy benefits	—		—		—		358		—		1,998
Policy acquisition costs	2,313		1,057		126		2,818		240		785
Administrative expenses	1,113		291		(10)		1,070		36		510
Underwriting income (loss)	2,853		646		165		1,663		(24)		NM
Net investment income	2,247		283		36		626		281		509
Other (income) expense	17		4		1		2		1		(30)
Amortization of purchased intangibles	—		10		26		57		—		10
Segment income	$	5,083	$	915	$	174	$	2,230	$	256	$	661	$	9,319
Net realized gains (losses)													(1,085)
Market risk benefits gains (losses)													80
Interest expense													570
Integration expenses													48
Corporate underwriting loss													(748)

Corporate other (income) expense													292
Corporate amortization of purchased intangibles													182
Other reclassification													11
Income before income tax													$	6,485

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

The following table presents net premiums earned for each segment by line of business:


	For the Year Ended December 31
(in millions of U.S. dollars)	2024		2023		2022
North America Commercial P&C Insurance
Property & other short-tail lines	$	4,756	$	3,985	$	3,383
Casualty & all other	14,560		13,764		13,056
A&H	692		667		668
Total North America Commercial P&C Insurance	20,008		18,416		17,107
North America Personal P&C Insurance
Personal automobile	968		859		811
Personal homeowners	4,293		3,833		3,557
Personal other	927		844		812
Total North America Personal P&C Insurance	6,188		5,536		5,180
North America Agricultural Insurance	2,705		3,169		2,838
Overseas General Insurance
Property & other short-tail lines	4,338		3,831		3,382
Casualty & all other	3,705		3,526		3,232
Personal lines	2,785		2,405		2,020
A&H	2,572		2,469		2,169
Total Overseas General Insurance	13,400		12,231		10,803
Global Reinsurance
Property	490		331		211
Property catastrophe	232		159		208
Casualty & all other	550		472		503
Total Global Reinsurance	1,272		962		922
Life Insurance
Life	3,049		2,301		1,455
A&H	3,224		3,097		2,055
Total Life Insurance	6,273		5,398		3,510
Total net premiums earned	$	49,846	$	45,712	$	40,360

The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:

(1) Europe includes Middle East and Africa regions.

(2) 2023 and 2024 include the consolidated results of Huatai Group effective July 1, 2023.