YEARS ENDED DECEMBER 31

2023

2022

2021

(in millions)

Operating revenues:

Core Commercial

$

2,216.8

$

2,090.7

$

1,960.7

Specialty

1,351.7

1,256.5

1,099.2

Personal Lines

2,442.1

2,213.7

2,028.5

Other

15.4

14.2

16.4

Total

6,026.0

5,575.1

5,104.8

Net realized and unrealized investment gains (losses)

(32.5

)

(106.5

)

123.0

Total revenues

$

5,993.5

$

5,468.6

$

5,227.8

Operating income (loss) before interest expense and income taxes:

Core Commercial:

Underwriting income (loss)

$

16.6

$

(28.7

)

$

(7.5

)

Net investment income

151.8

136.2

146.5

Other expense

(1.2

)

(0.6

)

(1.0

)

Core Commercial operating income

167.2

106.9

138.0

Specialty:

Underwriting income

172.9

124.7

69.4

Net investment income

71.1

62.1

62.9

Other expense

(0.5

)

(0.8

)

(0.4

)

Specialty operating income

243.5

186.0

131.9

Personal Lines:

Underwriting income (loss)

(411.6

)

(104.2

)

65.1

Net investment income

96.8

86.8

89.4

Other income

10.5

8.6

4.0

Personal Lines operating income (loss)

(304.3

)

(8.8

)

158.5

Other:

Underwriting loss

(2.3

)

(1.2

)

(1.0

)

Net investment income

12.4

11.2

11.9

Other expense

(10.9

)

(9.0

)

(7.0

)

Other operating income (loss)

(0.8

)

1.0

3.9

Operating income before interest expense and income taxes

105.6

285.1

432.3

Interest on debt

(34.1

)

(34.1

)

(34.0

)

Operating income before income taxes

71.5

251.0

398.3

Non-operating income (loss) items:

Net realized and unrealized investment gains (losses)

(32.5

)

(106.5

)

123.0

Other non-operating items

2.1

(0.5

)

—

Income from continuing operations before income taxes

$

41.1

$

144.0

$

521.3