Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'CB |
Entity Registrant Name | 'CHUBB CORP |
Entity Central Index Key | '0000020171 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 240,483,744 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Premiums Earned | $3,064 | $2,995 | $6,093 | $5,999 |
Investment Income | 351 | 368 | 709 | 740 |
Other Revenues | 2 | 9 | 5 | 12 |
Realized Investment Gains (Losses), Net | ' | ' | ' | ' |
Total Other-Than-Temporary Impairment Losses on Investments | -5 | -5 | -5 | -7 |
Other Realized Investment Gains, Net | 130 | 184 | 246 | 324 |
Total Realized Investment Gains, Net | 125 | 179 | 241 | 317 |
Total Revenues | 3,542 | 3,551 | 7,048 | 7,068 |
Losses and Expenses | ' | ' | ' | ' |
Losses and Loss Expenses | 1,792 | 1,694 | 3,637 | 3,262 |
Amortization of Deferred Policy Acquisition Costs | 630 | 617 | 1,252 | 1,204 |
Other Insurance Operating Costs and Expenses | 366 | 358 | 722 | 717 |
Investment Expenses | 9 | 13 | 20 | 26 |
Other Expenses | 5 | 11 | 10 | 17 |
Corporate Expenses | 62 | 62 | 126 | 130 |
Total Losses and Expenses | 2,864 | 2,755 | 5,767 | 5,356 |
Income Before Federal and Foreign Income Tax | 678 | 796 | 1,281 | 1,712 |
Federal and Foreign Income Tax | 179 | 217 | 333 | 477 |
Net Income | $499 | $579 | $948 | $1,235 |
Net Income Per Share | ' | ' | ' | ' |
Basic | $2.03 | $2.22 | $3.84 | $4.72 |
Diluted | $2.03 | $2.21 | $3.83 | $4.69 |
Dividends Declared Per Share | $0.50 | $0.44 | $1 | $0.88 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $499 | $579 | $948 | $1,235 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' |
Change in Unrealized Appreciation of Investments | 238 | -700 | 473 | -696 |
Change in Postretirement Benefit Costs Not Yet Recognized in Net Income | 5 | 14 | 11 | 31 |
Foreign Currency Translation Gains (Losses) | 4 | 28 | -15 | -22 |
Total Other Comprehensive Income (Loss) Net of Tax | 247 | -658 | 469 | -687 |
Comprehensive Income (Loss) | $746 | ($79) | $1,417 | $548 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Short Term Investments | $1,845 | $2,114 |
Fixed Maturities (cost $36,313 and $35,959) | 38,062 | 37,091 |
Equity Securities (cost $1,106 and $1,057) | 1,969 | 1,810 |
Other Invested Assets | 1,595 | 1,598 |
TOTAL INVESTED ASSETS | 43,471 | 42,613 |
Cash | 55 | 52 |
Accrued Investment Income | 417 | 418 |
Premiums Receivable | 2,420 | 2,284 |
Reinsurance Recoverable on Unpaid Losses and Loss Expenses | 1,729 | 1,802 |
Prepaid Reinsurance Premiums | 278 | 290 |
Deferred Policy Acquisition Costs | 1,286 | 1,255 |
Deferred Income Tax | ' | 47 |
Goodwill | 467 | 467 |
Other Assets | 1,317 | 1,205 |
TOTAL ASSETS | 51,440 | 50,433 |
Liabilities | ' | ' |
Unpaid Losses and Loss Expenses | 23,127 | 23,146 |
Unearned Premiums | 6,588 | 6,423 |
Long Term Debt | 3,300 | 3,300 |
Dividend Payable to Shareholders | 122 | 110 |
Deferred Income Tax | 259 | ' |
Accrued Expenses and Other Liabilities | 1,546 | 1,357 |
TOTAL LIABILITIES | 34,942 | 34,336 |
Shareholders' Equity | ' | ' |
Common Stock - $1 Par Value; 371,980,460 Shares | 372 | 372 |
Paid-In Surplus | 129 | 171 |
Retained Earnings | 22,604 | 21,902 |
Accumulated Other Comprehensive Income | 1,504 | 1,035 |
Treasury Stock, at Cost - 131,496,716 and 123,673,969 Shares | -8,111 | -7,383 |
TOTAL SHAREHOLDERS' EQUITY | 16,498 | 16,097 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $51,440 | $50,433 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Fixed Maturities, cost | $36,313 | $35,959 |
Equity Securities, cost | $1,106 | $1,057 |
Common Stock, Par Value | $1 | $1 |
Common Stock, Shares Issued | 371,980,460 | 371,980,460 |
Treasury Stock, Shares | 131,496,716 | 123,673,969 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Paid-In-Surplus [Member] | Retained Earnings [Member] | Unrealized Appreciation of Investments Including Unrealized Other-Than-Temporary Impairment Losses [Member] | Postretirement Benefit Costs Not Yet Recognized in Net Income [Member] | Foreign Currency Translation Gains [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock, at Cost [Member] |
In Millions | |||||||||
Balance, Beginning of Year at Dec. 31, 2012 | ' | $372 | $178 | $20,009 | $2,013 | ($717) | $135 | ' | ($6,163) |
Net Income | 1,235 | ' | ' | 1,235 | ' | ' | ' | ' | ' |
Repurchase of Shares | ' | ' | ' | ' | ' | ' | ' | ' | -649 |
Changes Related to Stock-Based Employee Compensation (includes tax benefit of $14 and $27) | ' | ' | -52 | ' | ' | ' | ' | ' | ' |
Change During Period, Net of Tax | -687 | ' | ' | ' | -696 | 31 | -22 | ' | ' |
Dividends Declared (per share $1.00 and $.88) | ' | ' | ' | -229 | ' | ' | ' | ' | ' |
Shares Issued Under Stock-Based Employee Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | 78 |
Balance, End of Period at Jun. 30, 2013 | 15,523 | 372 | 126 | 21,015 | 1,317 | -686 | 113 | 744 | -6,734 |
Balance, Beginning of Year at Dec. 31, 2013 | 16,097 | 372 | 171 | 21,902 | 1,225 | -253 | 63 | ' | -7,383 |
Net Income | 948 | ' | ' | 948 | ' | ' | ' | ' | ' |
Repurchase of Shares | ' | ' | ' | ' | ' | ' | ' | ' | -784 |
Changes Related to Stock-Based Employee Compensation (includes tax benefit of $14 and $27) | ' | ' | -42 | ' | ' | ' | ' | ' | ' |
Change During Period, Net of Tax | 469 | ' | ' | ' | 473 | 11 | -15 | ' | ' |
Dividends Declared (per share $1.00 and $.88) | ' | ' | ' | -246 | ' | ' | ' | ' | ' |
Shares Issued Under Stock-Based Employee Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | 56 |
Balance, End of Period at Jun. 30, 2014 | $16,498 | $372 | $129 | $22,604 | $1,698 | ($242) | $48 | $1,504 | ($8,111) |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Dividends Declared Per Share | $1 | $0.88 |
Paid-In-Surplus [Member] | ' | ' |
Tax Benefit, Stock-Based Employee Compensation | $14 | $27 |
Retained Earnings [Member] | ' | ' |
Dividends Declared Per Share | $1 | $0.88 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net Income | $948 | $1,235 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ' | ' |
Increase (Decrease) in Unpaid Losses and Loss Expenses, Net | 87 | -299 |
Increase in Unearned Premiums, Net | 192 | 158 |
Increase in Premiums Receivable | -136 | -130 |
Amortization of Premiums and Discounts on Fixed Maturities | 93 | 91 |
Depreciation | 27 | 28 |
Realized Investment Gains, Net | -241 | -317 |
Other, Net | -192 | -202 |
Net Cash Provided by Operating Activities | 778 | 564 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from Fixed Maturities - Sales | 2,377 | 1,138 |
Proceeds from Fixed Maturities - Maturities, Calls and Redemptions | 2,067 | 2,353 |
Proceeds from Sales of Equity Securities | 136 | 273 |
Purchases of Fixed Maturities | -4,884 | -4,053 |
Purchases of Equity Securities | -97 | -92 |
Investments in Other Invested Assets, Net | 112 | 280 |
Decrease in Short Term Investments, Net | 259 | 514 |
Change in Receivable or Payable from Security Transactions Not Settled, Net | 278 | 165 |
Purchases of Property and Equipment, Net | -26 | -25 |
Other, Net | -3 | ' |
Net Cash Provided by Investing Activities | 219 | 553 |
Cash Flows from Financing Activities | ' | ' |
Repayment of Long Term Debt | ' | -275 |
Decrease in Funds Held Under Deposit Contracts | -1 | -4 |
Proceeds from Issuance of Common Stock Under Stock-Based Employee Compensation Plans | 15 | 36 |
Repurchase of Shares | -774 | -634 |
Dividends Paid to Shareholders | -234 | -223 |
Net Cash Used in Financing Activities | -994 | -1,100 |
Net Increase in Cash | 3 | 17 |
Cash at Beginning of Year | 52 | 50 |
Cash at End of Period | $55 | $67 |
General
General | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
General | ' |
1) General | |
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and include the accounts of The Chubb Corporation (Chubb) and its subsidiaries (collectively, the Corporation). Significant intercompany transactions have been eliminated in consolidation. | |
The amounts included in this report are unaudited but include those adjustments, consisting of normal recurring items, that management considers necessary for a fair presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Notes to Consolidated Financial Statements included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Invested_Assets
Invested Assets | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Invested Assets | ' | ||||||||||||||||||||||||
2) Invested Assets | |||||||||||||||||||||||||
(a) The amortized cost and fair value of fixed maturities and equity securities were as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Appreciation | Depreciation | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 18,168 | $ | 1,088 | $ | 36 | $ | 19,220 | |||||||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 1,245 | 43 | 2 | 1,286 | |||||||||||||||||||||
Corporate bonds | 8,809 | 405 | 20 | 9,194 | |||||||||||||||||||||
Foreign government and government agency obligations | 6,682 | 236 | 13 | 6,905 | |||||||||||||||||||||
Residential mortgage-backed securities | 229 | 22 | 1 | 250 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,180 | 28 | 1 | 1,207 | |||||||||||||||||||||
18,145 | 734 | 37 | 18,842 | ||||||||||||||||||||||
Total fixed maturities | $ | 36,313 | $ | 1,822 | $ | 73 | $ | 38,062 | |||||||||||||||||
Equity securities | $ | 1,106 | $ | 878 | $ | 15 | $ | 1,969 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Appreciation | Depreciation | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 17,808 | $ | 802 | $ | 189 | $ | 18,421 | |||||||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 784 | 27 | 9 | 802 | |||||||||||||||||||||
Corporate bonds | 9,032 | 370 | 88 | 9,314 | |||||||||||||||||||||
Foreign government and government agency obligations | 6,719 | 206 | 35 | 6,890 | |||||||||||||||||||||
Residential mortgage-backed securities | 277 | 23 | 1 | 299 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,339 | 29 | 3 | 1,365 | |||||||||||||||||||||
18,151 | 655 | 136 | 18,670 | ||||||||||||||||||||||
Total fixed maturities | $ | 35,959 | $ | 1,457 | $ | 325 | $ | 37,091 | |||||||||||||||||
Equity securities | $ | 1,057 | $ | 756 | $ | 3 | $ | 1,810 | |||||||||||||||||
The fair value and amortized cost of fixed maturities at June 30, 2014 by contractual maturity were as follows: | |||||||||||||||||||||||||
Fair | Amortized | ||||||||||||||||||||||||
Value | Cost | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 1,967 | $ | 1,946 | |||||||||||||||||||||
Due after one year through five years | 14,182 | 13,577 | |||||||||||||||||||||||
Due after five years through ten years | 12,348 | 11,661 | |||||||||||||||||||||||
Due after ten years | 8,108 | 7,720 | |||||||||||||||||||||||
36,605 | 34,904 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 250 | 229 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 1,207 | 1,180 | |||||||||||||||||||||||
$ | 38,062 | $ | 36,313 | ||||||||||||||||||||||
Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations. | |||||||||||||||||||||||||
The Corporation’s equity securities comprise a diversified portfolio of primarily U.S. publicly-traded common stocks. | |||||||||||||||||||||||||
The Corporation is involved in the normal course of business with variable interest entities (VIEs) primarily as a passive investor in residential mortgage-backed securities, commercial mortgage-backed securities and private equity limited partnerships issued by third party VIEs. The Corporation is not the primary beneficiary of these VIEs. The Corporation’s maximum exposure to loss with respect to these investments is limited to the investment carrying values included in the Corporation’s consolidated balance sheet and any unfunded partnership commitments. | |||||||||||||||||||||||||
(b) The components of unrealized appreciation or depreciation, including unrealized other-than-temporary impairment losses, of investments carried at fair value were as follows: | |||||||||||||||||||||||||
June 30 | December 31 | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Gross unrealized appreciation | $ | 1,822 | $ | 1,457 | |||||||||||||||||||||
Gross unrealized depreciation | 73 | 325 | |||||||||||||||||||||||
1,749 | 1,132 | ||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Gross unrealized appreciation | 878 | 756 | |||||||||||||||||||||||
Gross unrealized depreciation | 15 | 3 | |||||||||||||||||||||||
863 | 753 | ||||||||||||||||||||||||
2,612 | 1,885 | ||||||||||||||||||||||||
Deferred income tax liability | 914 | 660 | |||||||||||||||||||||||
$ | 1,698 | $ | 1,225 | ||||||||||||||||||||||
The following table summarizes, for all investment securities in an unrealized loss position at June 30, 2014, the aggregate fair value and gross unrealized depreciation, including unrealized other-than-temporary impairment losses, by investment category and length of time that individual securities have continuously been in an unrealized loss position. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Depreciation | Depreciation | Depreciation | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 441 | $ | 5 | $ | 1,069 | $ | 31 | $ | 1,510 | $ | 36 | |||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 510 | — | 36 | 2 | 546 | 2 | |||||||||||||||||||
Corporate bonds | 502 | 2 | 1,097 | 18 | 1,599 | 20 | |||||||||||||||||||
Foreign government and government agency obligations | 465 | 2 | 500 | 11 | 965 | 13 | |||||||||||||||||||
Residential mortgage-backed securities | 2 | — | 6 | 1 | 8 | 1 | |||||||||||||||||||
Commercial mortgage-backed securities | 55 | — | 40 | 1 | 95 | 1 | |||||||||||||||||||
1,534 | 4 | 1,679 | 33 | 3,213 | 37 | ||||||||||||||||||||
Total fixed maturities | 1,975 | 9 | 2,748 | 64 | 4,723 | 73 | |||||||||||||||||||
Equity securities | 62 | 15 | — | — | 62 | 15 | |||||||||||||||||||
$ | 2,037 | $ | 24 | $ | 2,748 | $ | 64 | $ | 4,785 | $ | 88 | ||||||||||||||
At June 30, 2014, approximately 570 individual fixed maturities and 10 individual equity securities were in an unrealized loss position. The Corporation does not have the intent to sell and it is not more likely than not that the Corporation will be required to sell these fixed maturities before the securities recover to their amortized cost value. In addition, the Corporation believes that none of the declines in the fair values of these fixed maturities relate to credit losses. The Corporation has the intent and ability to hold the equity securities in an unrealized loss position for a period of time sufficient to allow for the recovery of cost. The Corporation believes that none of the declines in the fair value of these fixed maturities and equity securities were other than temporary at June 30, 2014. | |||||||||||||||||||||||||
The following table summarizes, for all investment securities in an unrealized loss position at December 31, 2013, the aggregate fair value and gross unrealized depreciation, including unrealized other-than-temporary impairment losses, by investment category and length of time that individual securities have continuously been in an unrealized loss position. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Depreciation | Depreciation | Depreciation | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 3,417 | $ | 144 | $ | 307 | $ | 45 | $ | 3,724 | $ | 189 | |||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 213 | 6 | 35 | 3 | 248 | 9 | |||||||||||||||||||
Corporate bonds | 2,526 | 76 | 222 | 12 | 2,748 | 88 | |||||||||||||||||||
Foreign government and government agency obligations | 1,735 | 32 | 75 | 3 | 1,810 | 35 | |||||||||||||||||||
Residential mortgage-backed securities | 4 | — | 14 | 1 | 18 | 1 | |||||||||||||||||||
Commercial mortgage-backed securities | 153 | 1 | 39 | 2 | 192 | 3 | |||||||||||||||||||
4,631 | 115 | 385 | 21 | 5,016 | 136 | ||||||||||||||||||||
Total fixed maturities | 8,048 | 259 | 692 | 66 | 8,740 | 325 | |||||||||||||||||||
Equity securities | 41 | 3 | — | — | 41 | 3 | |||||||||||||||||||
$ | 8,089 | $ | 262 | $ | 692 | $ | 66 | $ | 8,781 | $ | 328 | ||||||||||||||
The change in unrealized appreciation or depreciation of investments carried at fair value, including the change in unrealized other-than-temporary impairment losses, was as follows: | |||||||||||||||||||||||||
Periods Ended June 30 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Change in unrealized appreciation of fixed maturities | $ | 255 | $ (1,019 | ) | $ | 617 | $ | (1,215 | ) | ||||||||||||||||
Change in unrealized appreciation of equity securities | 111 | (57 | ) | 110 | 145 | ||||||||||||||||||||
366 | (1,076 | ) | 727 | (1,070 | ) | ||||||||||||||||||||
Deferred income tax (credit) | 128 | (376 | ) | 254 | (374 | ) | |||||||||||||||||||
$ | 238 | $ | (700 | ) | $ | 473 | $ | (696 | ) | ||||||||||||||||
(c) Realized investment gains and losses were as follows: | |||||||||||||||||||||||||
Periods Ended June 30 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Gross realized gains | $ | 69 | $ | 14 | $ | 77 | $ | 27 | |||||||||||||||||
Gross realized losses | (17 | ) | (8 | ) | (28 | ) | (10 | ) | |||||||||||||||||
Other-than-temporary impairment losses | (4 | ) | — | (4 | ) | — | |||||||||||||||||||
48 | 6 | 45 | 17 | ||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Gross realized gains | 23 | 119 | 89 | 174 | |||||||||||||||||||||
Other-than-temporary impairment losses | (1 | ) | (5 | ) | (1 | ) | (7 | ) | |||||||||||||||||
22 | 114 | 88 | 167 | ||||||||||||||||||||||
Other invested assets | 55 | 59 | 108 | 133 | |||||||||||||||||||||
$ | 125 | $ | 179 | $ | 241 | $ | 317 | ||||||||||||||||||
(d) As of June 30, 2014 and December 31, 2013, fixed maturities still held by the Corporation for which a portion of their other-than-temporary impairment losses were recognized in other comprehensive income had cumulative credit-related losses of $19 million and $20 million, respectively, recognized in net income. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||||||
3) Comprehensive Income | |||||||||||||||||||||||||
Comprehensive income is defined as all changes in shareholders’ equity, except those arising from transactions with shareholders. Comprehensive income includes net income and other comprehensive income or loss, which for the Corporation consists of changes in unrealized appreciation or depreciation of investments carried at fair value, changes in unrealized other-than-temporary impairment losses of fixed maturities, changes in postretirement benefit costs not yet recognized in net income and changes in foreign currency translation gains or losses. | |||||||||||||||||||||||||
The components of other comprehensive income or loss were as follows: | |||||||||||||||||||||||||
Periods Ended June 30, 2014 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Net unrealized holding gains arising during the period | $ | 436 | $ | 153 | $ | 283 | $ | 860 | $ | 301 | $ | 559 | |||||||||||||
Reclassification adjustment for net realized gains included in net income | 70 | 25 | 45 | 133 | 47 | 86 | |||||||||||||||||||
Net unrealized gains recognized in other comprehensive income | 366 | 128 | 238 | 727 | 254 | 473 | |||||||||||||||||||
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income (a) | (8 | ) | (3 | ) | (5 | ) | (17 | ) | (6 | ) | (11 | ) | |||||||||||||
Net change in postretirement benefit costs not yet recognized in net income | 8 | 3 | 5 | 17 | 6 | 11 | |||||||||||||||||||
Foreign currency translation gains (losses) | 6 | 2 | 4 | (22 | ) | (7 | ) | (15 | ) | ||||||||||||||||
Total other comprehensive income | $ | 380 | $ | 133 | $ | 247 | $ | 722 | $ | 253 | $ | 469 | |||||||||||||
(a) Postretirement benefit costs recognized in net income during the period are included among several of the loss and expense components presented in the consolidated statements of income. | |||||||||||||||||||||||||
Periods Ended June 30, 2013 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Net unrealized holding losses arising during the period | $ | (956 | ) | $ | (334 | ) | $ | (622 | ) | $ | (886 | ) | $ | (310 | ) | $ | (576 | ) | |||||||
Reclassification adjustment for net realized gains included in net income | 120 | 42 | 78 | 184 | 64 | 120 | |||||||||||||||||||
Net unrealized losses recognized in other comprehensive loss | (1,076 | ) | (376 | ) | (700 | ) | (1,070 | ) | (374 | ) | (696 | ) | |||||||||||||
Postretirement benefit gain (loss) not yet recognized in net income arising during the period | (1 | ) | (1 | ) | — | 1 | — | 1 | |||||||||||||||||
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income (a) | (23 | ) | (9 | ) | (14 | ) | (47 | ) | (17 | ) | (30 | ) | |||||||||||||
Net change in postretirement benefit costs not yet recognized in net income | 22 | 8 | 14 | 48 | 17 | 31 | |||||||||||||||||||
Foreign currency translation gains (losses) | 42 | 14 | 28 | (35 | ) | (13 | ) | (22 | ) | ||||||||||||||||
Total other comprehensive loss | $ | (1,012 | ) | $ | (354 | ) | $ | (658 | ) | $ | (1,057 | ) | $ | (370 | ) | $ | (687 | ) | |||||||
(a) Postretirement benefit costs recognized in net income during the period are included among several of the loss and expense components presented in the consolidated statements of income. |
Segments_Information
Segments Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segments Information | ' | ||||||||||||||||
4) Segments Information | |||||||||||||||||
The principal business of the Corporation is the sale of property and casualty insurance. The profitability of the property and casualty insurance business depends on the results of both underwriting operations and investments, which are viewed as two distinct operations. The underwriting operations are managed and evaluated separately from the investment function. | |||||||||||||||||
The property and casualty insurance subsidiaries underwrite most lines of property and casualty insurance. Underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. The personal segment targets the personal insurance market. The personal classes include automobile, homeowners and other personal coverages. The commercial segment includes those classes of business that are generally available in broad markets and are of a more commodity nature. Commercial classes include multiple peril, casualty, workers’ compensation and property and marine. The specialty segment includes those classes of business that are available in more limited markets since they require specialized underwriting and claim settlement. Specialty classes include professional liability coverages and surety. The reinsurance assumed business has been in runoff since the transfer of the ongoing reinsurance assumed business to a reinsurance company in 2005. | |||||||||||||||||
Corporate and other includes investment income earned on corporate invested assets, corporate expenses and the results of the Corporation’s non-insurance subsidiaries. | |||||||||||||||||
Revenues and income before income tax of each operating segment were as follows: | |||||||||||||||||
Periods Ended June 30 | |||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Property and casualty insurance | |||||||||||||||||
Premiums earned | |||||||||||||||||
Personal insurance | $ | 1,102 | $ | 1,050 | $ | 2,178 | $ | 2,081 | |||||||||
Commercial insurance | 1,305 | 1,299 | 2,605 | 2,607 | |||||||||||||
Specialty insurance | 656 | 645 | 1,309 | 1,311 | |||||||||||||
Total insurance | 3,063 | 2,994 | 6,092 | 5,999 | |||||||||||||
Reinsurance assumed | 1 | 1 | 1 | — | |||||||||||||
3,064 | 2,995 | 6,093 | 5,999 | ||||||||||||||
Investment income | 345 | 361 | 696 | 724 | |||||||||||||
Total property and casualty insurance | 3,409 | 3,356 | 6,789 | 6,723 | |||||||||||||
Corporate and other | 8 | 16 | 18 | 28 | |||||||||||||
Realized investment gains, net | 125 | 179 | 241 | 317 | |||||||||||||
Total revenues | $ | 3,542 | $ | 3,551 | $ | 7,048 | $ | 7,068 | |||||||||
Income (loss) before income tax | |||||||||||||||||
Property and casualty insurance | |||||||||||||||||
Underwriting | |||||||||||||||||
Personal insurance | $ | 45 | $ | 75 | $ | 47 | $ | 225 | |||||||||
Commercial insurance | 71 | 124 | 182 | 319 | |||||||||||||
Specialty insurance | 140 | 96 | 222 | 191 | |||||||||||||
Total insurance | 256 | 295 | 451 | 735 | |||||||||||||
Reinsurance assumed | 1 | 6 | 1 | 10 | |||||||||||||
257 | 301 | 452 | 745 | ||||||||||||||
Increase in deferred policy acquisition costs | 21 | 16 | 34 | 57 | |||||||||||||
Underwriting income | 278 | 317 | 486 | 802 | |||||||||||||
Investment income | 336 | 349 | 677 | 700 | |||||||||||||
Other income (charges) | (2 | ) | 9 | (4 | ) | 14 | |||||||||||
Total property and casualty insurance | 612 | 675 | 1,159 | 1,516 | |||||||||||||
Corporate and other | (59 | ) | (58 | ) | (119 | ) | (121 | ) | |||||||||
Realized investment gains, net | 125 | 179 | 241 | 317 | |||||||||||||
Total income before income tax | $ | 678 | $ | 796 | $ | 1,281 | $ | 1,712 | |||||||||
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||
5) Fair Values of Financial Instruments | |||||||||||||||||
Fair values of financial instruments are determined by management using valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Fair values are generally measured using quoted prices in active markets for identical assets or liabilities or other inputs, such as quoted prices for similar assets or liabilities, that are observable either directly or indirectly. In those instances where observable inputs are not available, fair values are measured using unobservable inputs for the asset or liability. Unobservable inputs reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value estimates derived from unobservable inputs are affected by the assumptions used, including the discount rates and the estimated amounts and timing of future cash flows. The derived fair value estimates cannot be substantiated by comparison to independent markets and are not necessarily indicative of the amounts that would be realized in a current market exchange. Certain financial instruments, particularly insurance contracts, are excluded from fair value disclosure requirements. | |||||||||||||||||
The methods and assumptions used to estimate the fair values of financial instruments are as follows: | |||||||||||||||||
(i) | The carrying value of short term investments approximates fair value due to the short maturities of these investments. | ||||||||||||||||
(ii) | Fair values of fixed maturities are determined by management, utilizing prices obtained from a third party, nationally recognized pricing service or, in the case of securities for which prices are not provided by a pricing service, from third party brokers. For fixed maturities that have quoted prices in active markets, market quotations are provided. For fixed maturities that do not trade on a daily basis, the pricing service and brokers provide fair value estimates using a variety of inputs including, but not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, reference data, prepayment rates and measures of volatility. Management reviews on an ongoing basis the reasonableness of the methodologies used by the relevant pricing service and brokers. In addition, management, using the prices received for the securities from the pricing service and brokers, determines the aggregate portfolio price performance and reviews it against applicable indices. If management believes that significant discrepancies exist, it will discuss these with the relevant pricing service or broker to resolve the discrepancies. | ||||||||||||||||
(iii) | Fair values of equity securities are determined by management, utilizing quoted market prices. | ||||||||||||||||
(iv) | Fair values of long term debt issued by Chubb are determined by management, utilizing prices obtained from a third party, nationally recognized pricing service. | ||||||||||||||||
The carrying values and fair values of financial instruments were as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Invested assets | |||||||||||||||||
Short term investments | $ | 1,845 | $ | 1,845 | $ | 2,114 | $ | 2,114 | |||||||||
Fixed maturities | 38,062 | 38,062 | 37,091 | 37,091 | |||||||||||||
Equity securities | 1,969 | 1,969 | 1,810 | 1,810 | |||||||||||||
Liabilities | |||||||||||||||||
Long term debt | 3,300 | 3,989 | 3,300 | 3,806 | |||||||||||||
At June 30, 2014 and December 31, 2013, a pricing service provided fair value amounts for approximately 99% of the Corporation’s fixed maturities. The prices obtained from a pricing service and brokers generally are non-binding, but are reflective of current market transactions in the applicable financial instruments. | |||||||||||||||||
At June 30, 2014 and December 31, 2013, the Corporation held an insignificant amount of financial instruments in its investment portfolio for which a lack of market liquidity impacted the determination of fair value. | |||||||||||||||||
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: | |||||||||||||||||
Level 1 – Unadjusted quoted prices in active markets for identical financial instruments. | |||||||||||||||||
Level 2 – Other inputs that are observable for the financial instrument, either directly or indirectly. | |||||||||||||||||
Level 3 – Significant unobservable inputs. | |||||||||||||||||
The fair value of financial instruments categorized based upon the lowest level of input that was significant to the fair value measurement was as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Short term investments | $ | 284 | $ | 1,561 | $ | — | $ | 1,845 | |||||||||
Fixed maturities | |||||||||||||||||
Tax exempt | — | 19,216 | 4 | 19,220 | |||||||||||||
Taxable | |||||||||||||||||
U.S. government and government agency and authority obligations | — | 1,286 | — | 1,286 | |||||||||||||
Corporate bonds | — | 9,066 | 128 | 9,194 | |||||||||||||
Foreign government and government agency obligations | — | 6,896 | 9 | 6,905 | |||||||||||||
Residential mortgage-backed securities | — | 246 | 4 | 250 | |||||||||||||
Commercial mortgage-backed securities | — | 1,196 | 11 | 1,207 | |||||||||||||
— | 18,690 | 152 | 18,842 | ||||||||||||||
Total fixed maturities | — | 37,906 | 156 | 38,062 | |||||||||||||
Equity securities | 1,963 | — | 6 | 1,969 | |||||||||||||
$ | 2,247 | $ | 39,467 | $ | 162 | $ | 41,876 | ||||||||||
Liabilities | |||||||||||||||||
Long term debt | $ | — | $ | 3,989 | $ | — | $ | 3,989 | |||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Short term investments | $ | 399 | $ | 1,715 | $ | — | $ | 2,114 | |||||||||
Fixed maturities | |||||||||||||||||
Tax exempt | — | 18,416 | 5 | 18,421 | |||||||||||||
Taxable | |||||||||||||||||
U.S. government and government agency and authority obligations | — | 802 | — | 802 | |||||||||||||
Corporate bonds | — | 9,179 | 135 | 9,314 | |||||||||||||
Foreign government and government agency obligations | — | 6,881 | 9 | 6,890 | |||||||||||||
Residential mortgage-backed securities | — | 293 | 6 | 299 | |||||||||||||
Commercial mortgage-backed securities | — | 1,345 | 20 | 1,365 | |||||||||||||
— | 18,500 | 170 | 18,670 | ||||||||||||||
Total fixed maturities | — | 36,916 | 175 | 37,091 | |||||||||||||
Equity securities | 1,803 | — | 7 | 1,810 | |||||||||||||
$ | 2,202 | $ | 38,631 | $ | 182 | $ | 41,015 | ||||||||||
Liabilities | |||||||||||||||||
Long term debt | $ | — | $ | 3,806 | $ | — | $ | 3,806 | |||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
6) Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Periods Ended June 30 | |||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions, except for | |||||||||||||||||
per share amounts) | |||||||||||||||||
Basic earnings per share: | |||||||||||||||||
Net income | $ | 499 | $ | 579 | $ | 948 | $ | 1,235 | |||||||||
Weighted average shares outstanding | 245.7 | 260.5 | 247.1 | 261.9 | |||||||||||||
Basic earnings per share | $ | 2.03 | $ | 2.22 | $ | 3.84 | $ | 4.72 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Net income | $ | 499 | $ | 579 | $ | 948 | $ | 1,235 | |||||||||
Weighted average shares outstanding | 245.7 | 260.5 | 247.1 | 261.9 | |||||||||||||
Additional shares from assumed issuance of shares under stock-based compensation awards | 0.5 | 1 | 0.6 | 1.3 | |||||||||||||
Weighted average shares and potential shares assumed outstanding for computing diluted earnings per share | 246.2 | 261.5 | 247.7 | 263.2 | |||||||||||||
Diluted earnings per share | $ | 2.03 | $ | 2.21 | $ | 3.83 | $ | 4.69 | |||||||||
Invested_Assets_Tables
Invested Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Fair Value of Fixed Maturities and Equity Securities | ' | ||||||||||||||||||||||||
(a) The amortized cost and fair value of fixed maturities and equity securities were as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Appreciation | Depreciation | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 18,168 | $ | 1,088 | $ | 36 | $ | 19,220 | |||||||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 1,245 | 43 | 2 | 1,286 | |||||||||||||||||||||
Corporate bonds | 8,809 | 405 | 20 | 9,194 | |||||||||||||||||||||
Foreign government and government agency obligations | 6,682 | 236 | 13 | 6,905 | |||||||||||||||||||||
Residential mortgage-backed securities | 229 | 22 | 1 | 250 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,180 | 28 | 1 | 1,207 | |||||||||||||||||||||
18,145 | 734 | 37 | 18,842 | ||||||||||||||||||||||
Total fixed maturities | $ | 36,313 | $ | 1,822 | $ | 73 | $ | 38,062 | |||||||||||||||||
Equity securities | $ | 1,106 | $ | 878 | $ | 15 | $ | 1,969 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Appreciation | Depreciation | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 17,808 | $ | 802 | $ | 189 | $ | 18,421 | |||||||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 784 | 27 | 9 | 802 | |||||||||||||||||||||
Corporate bonds | 9,032 | 370 | 88 | 9,314 | |||||||||||||||||||||
Foreign government and government agency obligations | 6,719 | 206 | 35 | 6,890 | |||||||||||||||||||||
Residential mortgage-backed securities | 277 | 23 | 1 | 299 | |||||||||||||||||||||
Commercial mortgage-backed securities | 1,339 | 29 | 3 | 1,365 | |||||||||||||||||||||
18,151 | 655 | 136 | 18,670 | ||||||||||||||||||||||
Total fixed maturities | $ | 35,959 | $ | 1,457 | $ | 325 | $ | 37,091 | |||||||||||||||||
Equity securities | $ | 1,057 | $ | 756 | $ | 3 | $ | 1,810 | |||||||||||||||||
Fair Value and Amortized Cost of Fixed Maturities by Contractual Maturity | ' | ||||||||||||||||||||||||
The fair value and amortized cost of fixed maturities at June 30, 2014 by contractual maturity were as follows: | |||||||||||||||||||||||||
Fair | Amortized | ||||||||||||||||||||||||
Value | Cost | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 1,967 | $ | 1,946 | |||||||||||||||||||||
Due after one year through five years | 14,182 | 13,577 | |||||||||||||||||||||||
Due after five years through ten years | 12,348 | 11,661 | |||||||||||||||||||||||
Due after ten years | 8,108 | 7,720 | |||||||||||||||||||||||
36,605 | 34,904 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 250 | 229 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 1,207 | 1,180 | |||||||||||||||||||||||
$ | 38,062 | $ | 36,313 | ||||||||||||||||||||||
Components of Unrealized Appreciation or Depreciation of Investments | ' | ||||||||||||||||||||||||
(b) The components of unrealized appreciation or depreciation, including unrealized other-than-temporary impairment losses, of investments carried at fair value were as follows: | |||||||||||||||||||||||||
June 30 | December 31 | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Gross unrealized appreciation | $ | 1,822 | $ | 1,457 | |||||||||||||||||||||
Gross unrealized depreciation | 73 | 325 | |||||||||||||||||||||||
1,749 | 1,132 | ||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Gross unrealized appreciation | 878 | 756 | |||||||||||||||||||||||
Gross unrealized depreciation | 15 | 3 | |||||||||||||||||||||||
863 | 753 | ||||||||||||||||||||||||
2,612 | 1,885 | ||||||||||||||||||||||||
Deferred income tax liability | 914 | 660 | |||||||||||||||||||||||
$ | 1,698 | $ | 1,225 | ||||||||||||||||||||||
Fair Value and Gross Unrealized Depreciation of Investments in Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table summarizes, for all investment securities in an unrealized loss position at June 30, 2014, the aggregate fair value and gross unrealized depreciation, including unrealized other-than-temporary impairment losses, by investment category and length of time that individual securities have continuously been in an unrealized loss position. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Depreciation | Depreciation | Depreciation | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 441 | $ | 5 | $ | 1,069 | $ | 31 | $ | 1,510 | $ | 36 | |||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 510 | — | 36 | 2 | 546 | 2 | |||||||||||||||||||
Corporate bonds | 502 | 2 | 1,097 | 18 | 1,599 | 20 | |||||||||||||||||||
Foreign government and government agency obligations | 465 | 2 | 500 | 11 | 965 | 13 | |||||||||||||||||||
Residential mortgage-backed securities | 2 | — | 6 | 1 | 8 | 1 | |||||||||||||||||||
Commercial mortgage-backed securities | 55 | — | 40 | 1 | 95 | 1 | |||||||||||||||||||
1,534 | 4 | 1,679 | 33 | 3,213 | 37 | ||||||||||||||||||||
Total fixed maturities | 1,975 | 9 | 2,748 | 64 | 4,723 | 73 | |||||||||||||||||||
Equity securities | 62 | 15 | — | — | 62 | 15 | |||||||||||||||||||
$ | 2,037 | $ | 24 | $ | 2,748 | $ | 64 | $ | 4,785 | $ | 88 | ||||||||||||||
At June 30, 2014, approximately 570 individual fixed maturities and 10 individual equity securities were in an unrealized loss position. The Corporation does not have the intent to sell and it is not more likely than not that the Corporation will be required to sell these fixed maturities before the securities recover to their amortized cost value. In addition, the Corporation believes that none of the declines in the fair values of these fixed maturities relate to credit losses. The Corporation has the intent and ability to hold the equity securities in an unrealized loss position for a period of time sufficient to allow for the recovery of cost. The Corporation believes that none of the declines in the fair value of these fixed maturities and equity securities were other than temporary at June 30, 2014. | |||||||||||||||||||||||||
The following table summarizes, for all investment securities in an unrealized loss position at December 31, 2013, the aggregate fair value and gross unrealized depreciation, including unrealized other-than-temporary impairment losses, by investment category and length of time that individual securities have continuously been in an unrealized loss position. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Depreciation | Depreciation | Depreciation | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Tax exempt | $ | 3,417 | $ | 144 | $ | 307 | $ | 45 | $ | 3,724 | $ | 189 | |||||||||||||
Taxable | |||||||||||||||||||||||||
U.S. government and government agency and authority obligations | 213 | 6 | 35 | 3 | 248 | 9 | |||||||||||||||||||
Corporate bonds | 2,526 | 76 | 222 | 12 | 2,748 | 88 | |||||||||||||||||||
Foreign government and government agency obligations | 1,735 | 32 | 75 | 3 | 1,810 | 35 | |||||||||||||||||||
Residential mortgage-backed securities | 4 | — | 14 | 1 | 18 | 1 | |||||||||||||||||||
Commercial mortgage-backed securities | 153 | 1 | 39 | 2 | 192 | 3 | |||||||||||||||||||
4,631 | 115 | 385 | 21 | 5,016 | 136 | ||||||||||||||||||||
Total fixed maturities | 8,048 | 259 | 692 | 66 | 8,740 | 325 | |||||||||||||||||||
Equity securities | 41 | 3 | — | — | 41 | 3 | |||||||||||||||||||
$ | 8,089 | $ | 262 | $ | 692 | $ | 66 | $ | 8,781 | $ | 328 | ||||||||||||||
Change in Unrealized Appreciation or Depreciation of Investments Carried at Fair Value | ' | ||||||||||||||||||||||||
The change in unrealized appreciation or depreciation of investments carried at fair value, including the change in unrealized other-than-temporary impairment losses, was as follows: | |||||||||||||||||||||||||
Periods Ended June 30 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Change in unrealized appreciation of fixed maturities | $ | 255 | $ (1,019 | ) | $ | 617 | $ | (1,215 | ) | ||||||||||||||||
Change in unrealized appreciation of equity securities | 111 | (57 | ) | 110 | 145 | ||||||||||||||||||||
366 | (1,076 | ) | 727 | (1,070 | ) | ||||||||||||||||||||
Deferred income tax (credit) | 128 | (376 | ) | 254 | (374 | ) | |||||||||||||||||||
$ | 238 | $ | (700 | ) | $ | 473 | $ | (696 | ) | ||||||||||||||||
Realized Investment Gains and Losses | ' | ||||||||||||||||||||||||
(c) Realized investment gains and losses were as follows: | |||||||||||||||||||||||||
Periods Ended June 30 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||||
Gross realized gains | $ | 69 | $ | 14 | $ | 77 | $ | 27 | |||||||||||||||||
Gross realized losses | (17 | ) | (8 | ) | (28 | ) | (10 | ) | |||||||||||||||||
Other-than-temporary impairment losses | (4 | ) | — | (4 | ) | — | |||||||||||||||||||
48 | 6 | 45 | 17 | ||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Gross realized gains | 23 | 119 | 89 | 174 | |||||||||||||||||||||
Other-than-temporary impairment losses | (1 | ) | (5 | ) | (1 | ) | (7 | ) | |||||||||||||||||
22 | 114 | 88 | 167 | ||||||||||||||||||||||
Other invested assets | 55 | 59 | 108 | 133 | |||||||||||||||||||||
$ | 125 | $ | 179 | $ | 241 | $ | 317 | ||||||||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Components of Other Comprehensive Income or Loss | ' | ||||||||||||||||||||||||
The components of other comprehensive income or loss were as follows: | |||||||||||||||||||||||||
Periods Ended June 30, 2014 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Net unrealized holding gains arising during the period | $ | 436 | $ | 153 | $ | 283 | $ | 860 | $ | 301 | $ | 559 | |||||||||||||
Reclassification adjustment for net realized gains included in net income | 70 | 25 | 45 | 133 | 47 | 86 | |||||||||||||||||||
Net unrealized gains recognized in other comprehensive income | 366 | 128 | 238 | 727 | 254 | 473 | |||||||||||||||||||
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income (a) | (8 | ) | (3 | ) | (5 | ) | (17 | ) | (6 | ) | (11 | ) | |||||||||||||
Net change in postretirement benefit costs not yet recognized in net income | 8 | 3 | 5 | 17 | 6 | 11 | |||||||||||||||||||
Foreign currency translation gains (losses) | 6 | 2 | 4 | (22 | ) | (7 | ) | (15 | ) | ||||||||||||||||
Total other comprehensive income | $ | 380 | $ | 133 | $ | 247 | $ | 722 | $ | 253 | $ | 469 | |||||||||||||
(a) Postretirement benefit costs recognized in net income during the period are included among several of the loss and expense components presented in the consolidated statements of income. | |||||||||||||||||||||||||
Periods Ended June 30, 2013 | |||||||||||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Net unrealized holding losses arising during the period | $ | (956 | ) | $ | (334 | ) | $ | (622 | ) | $ | (886 | ) | $ | (310 | ) | $ | (576 | ) | |||||||
Reclassification adjustment for net realized gains included in net income | 120 | 42 | 78 | 184 | 64 | 120 | |||||||||||||||||||
Net unrealized losses recognized in other comprehensive loss | (1,076 | ) | (376 | ) | (700 | ) | (1,070 | ) | (374 | ) | (696 | ) | |||||||||||||
Postretirement benefit gain (loss) not yet recognized in net income arising during the period | (1 | ) | (1 | ) | — | 1 | — | 1 | |||||||||||||||||
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income (a) | (23 | ) | (9 | ) | (14 | ) | (47 | ) | (17 | ) | (30 | ) | |||||||||||||
Net change in postretirement benefit costs not yet recognized in net income | 22 | 8 | 14 | 48 | 17 | 31 | |||||||||||||||||||
Foreign currency translation gains (losses) | 42 | 14 | 28 | (35 | ) | (13 | ) | (22 | ) | ||||||||||||||||
Total other comprehensive loss | $ | (1,012 | ) | $ | (354 | ) | $ | (658 | ) | $ | (1,057 | ) | $ | (370 | ) | $ | (687 | ) | |||||||
(a) Postretirement benefit costs recognized in net income during the period are included among several of the loss and expense components presented in the consolidated statements of income. |
Segments_Information_Tables
Segments Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenues and Income Before Income Tax of Each Operating Segment | ' | ||||||||||||||||
Revenues and income before income tax of each operating segment were as follows: | |||||||||||||||||
Periods Ended June 30 | |||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Property and casualty insurance | |||||||||||||||||
Premiums earned | |||||||||||||||||
Personal insurance | $ | 1,102 | $ | 1,050 | $ | 2,178 | $ | 2,081 | |||||||||
Commercial insurance | 1,305 | 1,299 | 2,605 | 2,607 | |||||||||||||
Specialty insurance | 656 | 645 | 1,309 | 1,311 | |||||||||||||
Total insurance | 3,063 | 2,994 | 6,092 | 5,999 | |||||||||||||
Reinsurance assumed | 1 | 1 | 1 | — | |||||||||||||
3,064 | 2,995 | 6,093 | 5,999 | ||||||||||||||
Investment income | 345 | 361 | 696 | 724 | |||||||||||||
Total property and casualty insurance | 3,409 | 3,356 | 6,789 | 6,723 | |||||||||||||
Corporate and other | 8 | 16 | 18 | 28 | |||||||||||||
Realized investment gains, net | 125 | 179 | 241 | 317 | |||||||||||||
Total revenues | $ | 3,542 | $ | 3,551 | $ | 7,048 | $ | 7,068 | |||||||||
Income (loss) before income tax | |||||||||||||||||
Property and casualty insurance | |||||||||||||||||
Underwriting | |||||||||||||||||
Personal insurance | $ | 45 | $ | 75 | $ | 47 | $ | 225 | |||||||||
Commercial insurance | 71 | 124 | 182 | 319 | |||||||||||||
Specialty insurance | 140 | 96 | 222 | 191 | |||||||||||||
Total insurance | 256 | 295 | 451 | 735 | |||||||||||||
Reinsurance assumed | 1 | 6 | 1 | 10 | |||||||||||||
257 | 301 | 452 | 745 | ||||||||||||||
Increase in deferred policy acquisition costs | 21 | 16 | 34 | 57 | |||||||||||||
Underwriting income | 278 | 317 | 486 | 802 | |||||||||||||
Investment income | 336 | 349 | 677 | 700 | |||||||||||||
Other income (charges) | (2 | ) | 9 | (4 | ) | 14 | |||||||||||
Total property and casualty insurance | 612 | 675 | 1,159 | 1,516 | |||||||||||||
Corporate and other | (59 | ) | (58 | ) | (119 | ) | (121 | ) | |||||||||
Realized investment gains, net | 125 | 179 | 241 | 317 | |||||||||||||
Total income before income tax | $ | 678 | $ | 796 | $ | 1,281 | $ | 1,712 | |||||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying Values and Fair Values of Financial Instruments | ' | ||||||||||||||||
The carrying values and fair values of financial instruments were as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Invested assets | |||||||||||||||||
Short term investments | $ | 1,845 | $ | 1,845 | $ | 2,114 | $ | 2,114 | |||||||||
Fixed maturities | 38,062 | 38,062 | 37,091 | 37,091 | |||||||||||||
Equity securities | 1,969 | 1,969 | 1,810 | 1,810 | |||||||||||||
Liabilities | |||||||||||||||||
Long term debt | 3,300 | 3,989 | 3,300 | 3,806 | |||||||||||||
Fair Value of Financial Instruments Categorized Based Upon Lowest Level of Input | ' | ||||||||||||||||
The fair value of financial instruments categorized based upon the lowest level of input that was significant to the fair value measurement was as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Short term investments | $ | 284 | $ | 1,561 | $ | — | $ | 1,845 | |||||||||
Fixed maturities | |||||||||||||||||
Tax exempt | — | 19,216 | 4 | 19,220 | |||||||||||||
Taxable | |||||||||||||||||
U.S. government and government agency and authority obligations | — | 1,286 | — | 1,286 | |||||||||||||
Corporate bonds | — | 9,066 | 128 | 9,194 | |||||||||||||
Foreign government and government agency obligations | — | 6,896 | 9 | 6,905 | |||||||||||||
Residential mortgage-backed securities | — | 246 | 4 | 250 | |||||||||||||
Commercial mortgage-backed securities | — | 1,196 | 11 | 1,207 | |||||||||||||
— | 18,690 | 152 | 18,842 | ||||||||||||||
Total fixed maturities | — | 37,906 | 156 | 38,062 | |||||||||||||
Equity securities | 1,963 | — | 6 | 1,969 | |||||||||||||
$ | 2,247 | $ | 39,467 | $ | 162 | $ | 41,876 | ||||||||||
Liabilities | |||||||||||||||||
Long term debt | $ | — | $ | 3,989 | $ | — | $ | 3,989 | |||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Short term investments | $ | 399 | $ | 1,715 | $ | — | $ | 2,114 | |||||||||
Fixed maturities | |||||||||||||||||
Tax exempt | — | 18,416 | 5 | 18,421 | |||||||||||||
Taxable | |||||||||||||||||
U.S. government and government agency and authority obligations | — | 802 | — | 802 | |||||||||||||
Corporate bonds | — | 9,179 | 135 | 9,314 | |||||||||||||
Foreign government and government agency obligations | — | 6,881 | 9 | 6,890 | |||||||||||||
Residential mortgage-backed securities | — | 293 | 6 | 299 | |||||||||||||
Commercial mortgage-backed securities | — | 1,345 | 20 | 1,365 | |||||||||||||
— | 18,500 | 170 | 18,670 | ||||||||||||||
Total fixed maturities | — | 36,916 | 175 | 37,091 | |||||||||||||
Equity securities | 1,803 | — | 7 | 1,810 | |||||||||||||
$ | 2,202 | $ | 38,631 | $ | 182 | $ | 41,015 | ||||||||||
Liabilities | |||||||||||||||||
Long term debt | $ | — | $ | 3,806 | $ | — | $ | 3,806 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Periods Ended June 30 | |||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions, except for | |||||||||||||||||
per share amounts) | |||||||||||||||||
Basic earnings per share: | |||||||||||||||||
Net income | $ | 499 | $ | 579 | $ | 948 | $ | 1,235 | |||||||||
Weighted average shares outstanding | 245.7 | 260.5 | 247.1 | 261.9 | |||||||||||||
Basic earnings per share | $ | 2.03 | $ | 2.22 | $ | 3.84 | $ | 4.72 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Net income | $ | 499 | $ | 579 | $ | 948 | $ | 1,235 | |||||||||
Weighted average shares outstanding | 245.7 | 260.5 | 247.1 | 261.9 | |||||||||||||
Additional shares from assumed issuance of shares under stock-based compensation awards | 0.5 | 1 | 0.6 | 1.3 | |||||||||||||
Weighted average shares and potential shares assumed outstanding for computing diluted earnings per share | 246.2 | 261.5 | 247.7 | 263.2 | |||||||||||||
Diluted earnings per share | $ | 2.03 | $ | 2.21 | $ | 3.83 | $ | 4.69 | |||||||||
Invested_Assets_Amortized_Cost
Invested Assets - Amortized Cost and Fair Value of Fixed Maturities and Equity Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Tax exempt, Amortized Cost | $18,168 | $17,808 |
Taxable, Amortized Cost | 18,145 | 18,151 |
Total fixed maturities, Amortized Cost | 36,313 | 35,959 |
Equity securities, Amortized Cost | 1,106 | 1,057 |
Tax exempt, Gross Unrealized Appreciation | 1,088 | 802 |
Taxable, Gross Unrealized Appreciation | 734 | 655 |
Total fixed maturities, Gross Unrealized Appreciation | 1,822 | 1,457 |
Equity securities, Gross Unrealized Appreciation | 878 | 756 |
Tax exempt, Gross Unrealized Depreciation | 36 | 189 |
Taxable, Gross Unrealized Depreciation | 37 | 136 |
Total fixed maturities, Gross Unrealized Depreciation | 73 | 325 |
Equity securities, Gross Unrealized Depreciation | 15 | 3 |
Tax exempt, Fair Value | 19,220 | 18,421 |
Taxable, Fair Value | 18,842 | 18,670 |
Total fixed maturities, Fair Value | 38,062 | 37,091 |
Equity securities, Fair Value | 1,969 | 1,810 |
U.S. Government and Government Agency and Authority Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Taxable, Amortized Cost | 1,245 | 784 |
Taxable, Gross Unrealized Appreciation | 43 | 27 |
Taxable, Gross Unrealized Depreciation | 2 | 9 |
Taxable, Fair Value | 1,286 | 802 |
Corporate Bonds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Taxable, Amortized Cost | 8,809 | 9,032 |
Taxable, Gross Unrealized Appreciation | 405 | 370 |
Taxable, Gross Unrealized Depreciation | 20 | 88 |
Taxable, Fair Value | 9,194 | 9,314 |
Foreign Government and Government Agency Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Taxable, Amortized Cost | 6,682 | 6,719 |
Taxable, Gross Unrealized Appreciation | 236 | 206 |
Taxable, Gross Unrealized Depreciation | 13 | 35 |
Taxable, Fair Value | 6,905 | 6,890 |
Residential Mortgage-backed Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Taxable, Amortized Cost | 229 | 277 |
Taxable, Gross Unrealized Appreciation | 22 | 23 |
Taxable, Gross Unrealized Depreciation | 1 | 1 |
Taxable, Fair Value | 250 | 299 |
Commercial Mortgage-backed Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Taxable, Amortized Cost | 1,180 | 1,339 |
Taxable, Gross Unrealized Appreciation | 28 | 29 |
Taxable, Gross Unrealized Depreciation | 1 | 3 |
Taxable, Fair Value | $1,207 | $1,365 |
Invested_Assets_Fair_Value_and
Invested Assets - Fair Value and Amortized Cost of Fixed Maturities by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-For-Sale Securities [Line Items] | ' | ' |
Due in one year or less, Fair Value | $1,967 | ' |
Due after one year through five years, Fair Value | 14,182 | ' |
Due after five years through ten years, Fair Value | 12,348 | ' |
Due after ten years, Fair Value | 8,108 | ' |
Subtotal fixed maturities, Fair Value | 36,605 | ' |
Total fixed maturities, Fair Value | 38,062 | 37,091 |
Due in one year or less, Amortized Cost | 1,946 | ' |
Due after one year through five years, Amortized Cost | 13,577 | ' |
Due after five years through ten years, Amortized Cost | 11,661 | ' |
Due after ten years, Amortized Cost | 7,720 | ' |
Subtotal fixed maturities, Amortized Cost | 34,904 | ' |
Total fixed maturities, Amortized Cost | 36,313 | 35,959 |
Residential Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-For-Sale Securities [Line Items] | ' | ' |
Taxable, Fair Value | 250 | ' |
Taxable, Amortized Cost | 229 | ' |
Commercial Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-For-Sale Securities [Line Items] | ' | ' |
Taxable, Fair Value | 1,207 | ' |
Taxable, Amortized Cost | $1,180 | ' |
Invested_Assets_Components_of_
Invested Assets - Components of Unrealized Appreciation or Depreciation of Investments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Fixed maturities, Gross unrealized appreciation | $1,822 | $1,457 |
Fixed maturities, Gross unrealized depreciation | 73 | 325 |
Fixed maturities, Unrealized appreciation (depreciation), Net | 1,749 | 1,132 |
Equity securities, Gross Unrealized Appreciation | 878 | 756 |
Equity securities, Gross Unrealized Depreciation | 15 | 3 |
Equity securities, Unrealized appreciation (depreciation), Net | 863 | 753 |
Total fixed maturities and equity securities, Unrealized appreciation (depreciation), Net | 2,612 | 1,885 |
Deferred income tax liability | 914 | 660 |
Total fixed maturities and equity securities, Unrealized appreciation (depreciation), Net of tax | $1,698 | $1,225 |
Invested_Assets_Fair_Value_and1
Invested Assets - Fair Value and Gross Unrealized Depreciation of Investments in Unrealized Loss Position (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | $2,037 | $8,089 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 24 | 262 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 2,748 | 692 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 64 | 66 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 4,785 | 8,781 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 88 | 328 |
Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 1,975 | 8,048 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 9 | 259 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 2,748 | 692 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 64 | 66 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 4,723 | 8,740 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 73 | 325 |
Equity Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 62 | 41 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 15 | 3 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 62 | 41 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 15 | 3 |
Tax Exempt [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 441 | 3,417 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 5 | 144 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 1,069 | 307 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 31 | 45 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 1,510 | 3,724 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 36 | 189 |
Taxable [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 1,534 | 4,631 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 4 | 115 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 1,679 | 385 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 33 | 21 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 3,213 | 5,016 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 37 | 136 |
Taxable [Member] | U.S. Government and Government Agency and Authority Obligations [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 510 | 213 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | ' | 6 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 36 | 35 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 2 | 3 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 546 | 248 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 2 | 9 |
Taxable [Member] | Corporate Bonds [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 502 | 2,526 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 2 | 76 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 1,097 | 222 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 18 | 12 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 1,599 | 2,748 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 20 | 88 |
Taxable [Member] | Foreign Government and Government Agency Obligations [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 465 | 1,735 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | 2 | 32 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 500 | 75 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 11 | 3 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 965 | 1,810 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 13 | 35 |
Residential Mortgage-backed Securities [Member] | Taxable [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 2 | 4 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 6 | 14 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 1 | 1 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 8 | 18 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | 1 | 1 |
Commercial Mortgage-backed Securities [Member] | Taxable [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value | 55 | 153 |
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation | ' | 1 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value | 40 | 39 |
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation | 1 | 2 |
Investment securities, Continuous unrealized loss position, Fair Value, Total | 95 | 192 |
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total | $1 | $3 |
Invested_Assets_Additional_Inf
Invested Assets - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Investment | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Approximate number of individual fixed maturities in unrealized loss position | 570 | ' |
Approximate number of individual equity securities in unrealized loss position | 10 | ' |
Cumulative credit-related losses recognized in net income | $19 | $20 |
Invested_Assets_Change_in_Unre
Invested Assets - Change in Unrealized Appreciation or Depreciation of Investments Carried at Fair Value (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Change in unrealized appreciation of fixed maturities | $255 | ($1,019) | $617 | ($1,215) |
Change in unrealized appreciation of equity securities | 111 | -57 | 110 | 145 |
Change in unrealized appreciation of fixed maturities and equity securities | 366 | -1,076 | 727 | -1,070 |
Deferred income tax (credit) | 128 | -376 | 254 | -374 |
Total change in unrealized appreciation (depreciation) of fixed maturities and equity securities, Net of tax | $238 | ($700) | $473 | ($696) |
Invested_Assets_Realized_Inves
Invested Assets - Realized Investment Gains and Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Fixed maturities, Gross realized gains | $69 | $14 | $77 | $27 |
Fixed maturities, Gross realized losses | -17 | -8 | -28 | -10 |
Fixed maturities, Other-than-temporary impairment losses | -4 | ' | -4 | ' |
Total fixed maturities | 48 | 6 | 45 | 17 |
Equity securities, Gross realized gains | 23 | 119 | 89 | 174 |
Equity securities, Other-than-temporary impairment losses | -1 | -5 | -1 | -7 |
Total equity securities | 22 | 114 | 88 | 167 |
Other invested assets | 55 | 59 | 108 | 133 |
Total Realized Investment Gains, Net | $125 | $179 | $241 | $317 |
Comprehensive_Income_Component
Comprehensive Income - Components of Other Comprehensive Income or Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net unrealized holding gains (losses) arising during the period, Before Tax | $436 | ($956) | $860 | ($886) |
Reclassification adjustment for net realized gains included in net income, Before Tax | 70 | 120 | 133 | 184 |
Net unrealized gains (losses) recognized in other comprehensive income, Before Tax | 366 | -1,076 | 727 | -1,070 |
Postretirement benefit costs not yet recognized in net income arising during the period, Before Tax | ' | -1 | ' | 1 |
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income, Before Tax | -8 | -23 | -17 | -47 |
Net change in postretirement benefit costs not yet recognized in net income, Before Tax | 8 | 22 | 17 | 48 |
Foreign currency translation gains (losses), Before Tax | 6 | 42 | -22 | -35 |
Total other comprehensive Income (loss), Before Tax | 380 | -1,012 | 722 | -1,057 |
Net unrealized holding gains (losses) arising during the period, Income Tax | 153 | -334 | 301 | -310 |
Reclassification adjustment for net realized gains included in net income, Income Tax | 25 | 42 | 47 | 64 |
Net unrealized gains (losses) recognized in other comprehensive income, Income Tax | 128 | -376 | 254 | -374 |
Postretirement benefit costs not yet recognized in net income arising during the period, Income Tax | ' | -1 | ' | ' |
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income, Income Tax | -3 | -9 | -6 | -17 |
Net change in postretirement benefit costs not yet recognized in net income, Income Tax | 3 | 8 | 6 | 17 |
Foreign currency translation gains (losses), Income Tax | 2 | 14 | -7 | -13 |
Total other comprehensive Income (loss), Income Tax | 133 | -354 | 253 | -370 |
Net unrealized holding gains (losses) arising during the period, Net of Tax | 283 | -622 | 559 | -576 |
Reclassification adjustment for net realized gains included in net income, Net of Tax | 45 | 78 | 86 | 120 |
Net unrealized gains (losses) recognized in other comprehensive income or loss, Net of Tax | 238 | -700 | 473 | -696 |
Postretirement benefit gain (loss) not yet recognized in net income arising during the period, Net of Tax | ' | ' | ' | 1 |
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income, Net of Tax | -5 | -14 | -11 | -30 |
Net change in postretirement benefit costs not yet recognized in net income, Net of Tax | 5 | 14 | 11 | 31 |
Foreign currency translation gains (losses), Net of Tax | 4 | 28 | -15 | -22 |
Total Other Comprehensive Income (Loss) Net of Tax | $247 | ($658) | $469 | ($687) |
Segments_Information_Additiona
Segments Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Operations | |
Business_Unit | |
Segment Reporting [Abstract] | ' |
Number of segment operations | 2 |
Number of business units | 4 |
Segments_Information_Revenues_
Segments Information - Revenues and Income Before Income Tax of Each Operating Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Premiums earned related to insurance business | $3,063 | $2,994 | $6,092 | $5,999 |
Investment Income | 351 | 368 | 709 | 740 |
Premiums earned related to reinsurance assumed | 1 | 1 | 1 | ' |
Net Premiums earned | 3,064 | 2,995 | 6,093 | 5,999 |
Corporate and other | 8 | 16 | 18 | 28 |
Realized investment gains, net | 125 | 179 | 241 | 317 |
Total Revenues | 3,542 | 3,551 | 7,048 | 7,068 |
Insurance underwriting income (loss) | 256 | 295 | 451 | 735 |
Reinsurance assumed underwriting income | 1 | 6 | 1 | 10 |
Underwriting income before deferred policy acquisition costs | 257 | 301 | 452 | 745 |
Increase in deferred policy acquisition costs | 21 | 16 | 34 | 57 |
Underwriting income | 278 | 317 | 486 | 802 |
Total property and casualty insurance | 612 | 675 | 1,159 | 1,516 |
Corporate and other | -59 | -58 | -119 | -121 |
Realized investment gains, net | 125 | 179 | 241 | 317 |
Income Before Federal and Foreign Income Tax | 678 | 796 | 1,281 | 1,712 |
Property and Casualty Insurance [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Investment Income | 345 | 361 | 696 | 724 |
Total Revenues | 3,409 | 3,356 | 6,789 | 6,723 |
Investment income | 336 | 349 | 677 | 700 |
Other income (charges) | -2 | 9 | -4 | 14 |
Operating Segments [Member] | Personal Insurance [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Premiums earned related to insurance business | 1,102 | 1,050 | 2,178 | 2,081 |
Insurance underwriting income (loss) | 45 | 75 | 47 | 225 |
Operating Segments [Member] | Commercial Insurance [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Premiums earned related to insurance business | 1,305 | 1,299 | 2,605 | 2,607 |
Insurance underwriting income (loss) | 71 | 124 | 182 | 319 |
Operating Segments [Member] | Specialty Insurance [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Premiums earned related to insurance business | 656 | 645 | 1,309 | 1,311 |
Insurance underwriting income (loss) | $140 | $96 | $222 | $191 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments - Carrying Values and Fair Values of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short Term Investments | $1,845 | $2,114 |
Fixed maturities | 38,062 | 37,091 |
Equity securities | 1,969 | 1,810 |
Long Term Debt | 3,300 | 3,300 |
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short Term Investments | 1,845 | 2,114 |
Fixed maturities | 38,062 | 37,091 |
Equity securities | 1,969 | 1,810 |
Long Term Debt | 3,300 | 3,300 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short Term Investments | 1,845 | 2,114 |
Fixed maturities | 38,062 | 37,091 |
Equity securities | 1,969 | 1,810 |
Long Term Debt | $3,989 | $3,806 |
Fair_Values_of_Financial_Instr3
Fair Values of Financial Instruments - Additional Information (Detail) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Percentage of fair value amounts for fixed maturities provided by a pricing service | 99.00% | 99.00% |
Fair_Values_of_Financial_Instr4
Fair Values of Financial Instruments - Fair Value of Financial Instruments Categorized Based Upon Lowest Level of Input (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Short Term Investments | $1,845 | $2,114 |
Tax exempt, Fair Value | 19,220 | 18,421 |
Taxable, Fair Value | 18,842 | 18,670 |
Total fixed maturities, Fair Value | 38,062 | 37,091 |
Equity securities | 1,969 | 1,810 |
Long Term Debt | 3,300 | 3,300 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 250 | 299 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 1,207 | 1,365 |
U.S. Government and Government Agency and Authority Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 1,286 | 802 |
Corporate Bonds [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 9,194 | 9,314 |
Foreign Government and Government Agency Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 6,905 | 6,890 |
Fair Value [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Short Term Investments | 1,845 | 2,114 |
Tax exempt, Fair Value | 19,220 | 18,421 |
Taxable, Fair Value | 18,842 | 18,670 |
Total fixed maturities, Fair Value | 38,062 | 37,091 |
Equity securities | 1,969 | 1,810 |
Total fixed maturities, equity securities and other invested assets, Fair Value | 41,876 | 41,015 |
Long Term Debt | 3,989 | 3,806 |
Fair Value [Member] | U.S. Government and Government Agency and Authority Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 1,286 | 802 |
Fair Value [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 9,194 | 9,314 |
Fair Value [Member] | Foreign Government and Government Agency Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 6,905 | 6,890 |
Residential Mortgage-backed Securities [Member] | Fair Value [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 250 | 299 |
Commercial Mortgage-backed Securities [Member] | Fair Value [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 1,207 | 1,365 |
Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Short Term Investments | 284 | 399 |
Equity securities | 1,963 | 1,803 |
Total fixed maturities, equity securities and other invested assets, Fair Value | 2,247 | 2,202 |
Long Term Debt | ' | ' |
Level 1 [Member] | U.S. Government and Government Agency and Authority Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Short Term Investments | 1,561 | 1,715 |
Tax exempt, Fair Value | 19,216 | 18,416 |
Taxable, Fair Value | 18,690 | 18,500 |
Total fixed maturities, Fair Value | 37,906 | 36,916 |
Total fixed maturities, equity securities and other invested assets, Fair Value | 39,467 | 38,631 |
Long Term Debt | 3,989 | 3,806 |
Level 2 [Member] | U.S. Government and Government Agency and Authority Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 1,286 | 802 |
Level 2 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 9,066 | 9,179 |
Level 2 [Member] | Foreign Government and Government Agency Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 6,896 | 6,881 |
Level 2 [Member] | Residential Mortgage-backed Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 246 | 293 |
Level 2 [Member] | Commercial Mortgage-backed Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 1,196 | 1,345 |
Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Tax exempt, Fair Value | 4 | 5 |
Taxable, Fair Value | 152 | 170 |
Total fixed maturities, Fair Value | 156 | 175 |
Equity securities | 6 | 7 |
Total fixed maturities, equity securities and other invested assets, Fair Value | 162 | 182 |
Long Term Debt | ' | ' |
Level 3 [Member] | U.S. Government and Government Agency and Authority Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | ' | ' |
Level 3 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 128 | 135 |
Level 3 [Member] | Foreign Government and Government Agency Obligations [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 9 | 9 |
Level 3 [Member] | Residential Mortgage-backed Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | 4 | 6 |
Level 3 [Member] | Commercial Mortgage-backed Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Taxable, Fair Value | $11 | $20 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic earnings per share: | ' | ' | ' | ' |
Net Income | $499 | $579 | $948 | $1,235 |
Weighted average shares outstanding | 245.7 | 260.5 | 247.1 | 261.9 |
Basic earnings per share | $2.03 | $2.22 | $3.84 | $4.72 |
Diluted earnings per share: | ' | ' | ' | ' |
Net Income | $499 | $579 | $948 | $1,235 |
Weighted average shares outstanding | 245.7 | 260.5 | 247.1 | 261.9 |
Additional shares from assumed issuance of shares under stock-based compensation awards | 0.5 | 1 | 0.6 | 1.3 |
Weighted average shares and potential shares assumed outstanding for computing diluted earnings per share | 246.2 | 261.5 | 247.7 | 263.2 |
Diluted earnings per share | $2.03 | $2.21 | $3.83 | $4.69 |