Chubb (CHB) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	CB
Entity Registrant Name	CHUBB CORP
Entity Central Index Key	20,171
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	227,055,872

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Premiums Earned	$ 3,166	$ 3,119	$ 9,404	$ 9,212
Investment Income	328	344	1,001	1,053
Other Revenues	2	1	6	6
Realized Investment Gains (Losses), Net
Total Other-Than-Temporary Impairment Losses on Investments	(26)		(49)	(5)
Other Realized Investment Gains, Net	108	110	162	356
Total Realized Investment Gains, Net	82	110	113	351
Total Revenues	3,578	3,574	10,524	10,622
Losses and Expenses
Losses and Loss Expenses	1,633	1,679	5,260	5,316
Amortization of Deferred Policy Acquisition Costs	663	644	1,941	1,896
Other Insurance Operating Costs and Expenses	349	357	1,049	1,079
Investment Expenses	13	12	36	32
Other Expenses	4	4	10	14
Corporate Expenses	69	60	221	186
Total Losses and Expenses	2,731	2,756	8,517	8,523
Income Before Federal and Foreign Income Tax	847	818	2,007	2,099
Federal and Foreign Income Tax	246	224	537	557
Net Income	$ 601	$ 594	$ 1,470	$ 1,542
Net Income Per Share
Basic	$ 2.62	$ 2.47	$ 6.36	$ 6.30
Diluted	2.60	2.47	6.33	6.28
Dividends Declared Per Share	$ 0.57	$ 0.50	$ 1.71	$ 1.50

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 601	$ 594	$ 1,470	$ 1,542
Other Comprehensive Income (Loss), Net of Tax
Change in Unrealized Appreciation of Investments	(19)	(46)	(285)	427
Change in Postretirement Benefit Costs Not Yet Recognized in Net Income	11	6	35	17
Foreign Currency Translation Losses	(38)	(26)	(199)	(41)
Total Other Comprehensive Income (Loss) Net of Tax	(46)	(66)	(449)	403
Comprehensive Income	$ 555	$ 528	$ 1,021	$ 1,945

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets
Short Term Investments	$ 3,052	$ 1,318
Fixed Maturities (cost $35,469 and $36,958)	37,016	38,780
Equity Securities (cost $1,060 and $1,089)	1,771	1,964
Other Invested Assets	1,422	1,423
TOTAL INVESTED ASSETS	43,261	43,485
Cash	53	47
Accrued Investment Income	403	410
Premiums Receivable	2,480	2,560
Reinsurance Recoverable on Unpaid Losses and Loss Expenses	1,505	1,639
Prepaid Reinsurance Premiums	257	256
Deferred Policy Acquisition Costs	1,302	1,284
Deferred Income Tax	120
Goodwill	467	467
Other Assets	1,344	1,138
TOTAL ASSETS	51,192	51,286
Liabilities
Unpaid Losses and Loss Expenses	22,359	22,678
Unearned Premiums	6,636	6,581
Long Term Debt	3,300	3,300
Dividend Payable to Shareholders	130	117
Deferred Income Tax		15
Accrued Expenses and Other Liabilities	2,396	2,299
TOTAL LIABILITIES	34,821	34,990
Shareholders' Equity
Common Stock - $1 Par Value; 371,980,460 Shares	372	372
Paid-In Surplus	179	171
Retained Earnings	24,596	23,520
Accumulated Other Comprehensive Income	661	1,110
Treasury Stock, at Cost - 144,924,588 and 139,551,071 Shares	(9,437)	(8,877)
TOTAL SHAREHOLDERS' EQUITY	16,371	16,296
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 51,192	$ 51,286

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed Maturities, cost	$ 35,469	$ 36,958
Equity Securities, cost	$ 1,060	$ 1,089
Common Stock, Par Value	$ 1	$ 1
Common Stock, Shares issued	371,980,460	371,980,460
Treasury Stock, Shares	144,924,588	139,551,071

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	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 (Losses) [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock, at Cost [Member]
Balance, Beginning of Year at Dec. 31, 2013			$ 171	$ 21,902	$ 1,225	$ (253)	$ 63		$ (7,383)
Net Income	$ 1,542			1,542
Repurchase of Shares									(1,209)
Changes Related to Stock-Based Employee Compensation (includes tax benefit of $4 and $16)			(20)
Change During Period, Net of Tax	403				427	17	(41)
Dividends Declared (per share $1.71 and $1.50)				(365)
Shares Issued Under Stock-Based Employee Compensation Plans									58
Balance, End of Period at Sep. 30, 2014	16,506	$ 372	151	23,079	1,652	(236)	22	$ 1,438	(8,534)
Balance, Beginning of Year at Dec. 31, 2014	16,296		171	23,520	1,753	(589)	(54)		(8,877)
Net Income	1,470			1,470
Repurchase of Shares									(604)
Changes Related to Stock-Based Employee Compensation (includes tax benefit of $4 and $16)			8
Change During Period, Net of Tax	(449)				(285)	35	(199)
Dividends Declared (per share $1.71 and $1.50)				(394)
Shares Issued Under Stock-Based Employee Compensation Plans									44
Balance, End of Period at Sep. 30, 2015	$ 16,371	$ 372	$ 179	$ 24,596	$ 1,468	$ (554)	$ (253)	$ 661	$ (9,437)

Consolidated Statements of Sha7

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Dividends Declared Per Share	$ 1.71	$ 1.50
Paid-In-Surplus [Member]
Tax benefit, Stock-Based Employee Compensation	$ 4	$ 16
Retained Earnings [Member]
Dividends Declared Per Share	$ 1.71	$ 1.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities
Net Income	$ 1,470	$ 1,542
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Increase in Unpaid Losses and Loss Expenses, Net	176	151
Increase in Unearned Premiums, Net	182	242
Change in Income Tax Payable or Recoverable	(45)	163
Deferred Income Tax	107	66
Amortization of Premiums and Discounts on Fixed Maturities	173	143
Depreciation	39	41
Realized Investment Gains, Net	(113)	(351)
Other, Net	(32)	(78)
Net Cash Provided by Operating Activities	1,957	1,919
Cash Flows from Investing Activities
Proceeds from Fixed Maturities - Sales	3,197	3,243
Proceeds from Fixed Maturities - Maturities, Calls and Redemptions	3,207	3,162
Proceeds from Sales of Equity Securities	94	199
Purchases of Fixed Maturities	(5,683)	(7,517)
Purchases of Equity Securities	(48)	(109)
Investments in Other Invested Assets, Net	74	189
Decrease (Increase) in Short Term Investments, Net	(1,757)	56
Change in Receivable or Payable from Security Transactions Not Settled, Net	14	457
Purchases of Property and Equipment, Net	(54)	(44)
Net Cash Used in Investing Activities	(956)	(364)
Cash Flows from Financing Activities
Decrease in Funds Held Under Deposit Contracts	(3)	(2)
Proceeds from Issuance of Common Stock Under Stock-Based Employee Compensation Plans	13	18
Repurchase of Shares	(624)	(1,210)
Dividends Paid to Shareholders	(381)	(356)
Net Cash Used in Financing Activities	(995)	(1,550)
Net Increase in Cash	6	5
Cash at Beginning of Year	47	52
Cash at End of Period	$ 53	$ 57

General

General	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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 Chubb’s Annual Report on Form 10-K for the year ended December 31, 2014.

Merger Agreement with ACE Limit

Merger Agreement with ACE Limited	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Merger Agreement with ACE Limited	2) Merger Agreement with ACE Limited On June 30, 2015, Chubb entered into an Agreement and Plan of Merger (Merger Agreement) with ACE Limited (ACE), a company organized under the laws of Switzerland, and William Investment Holdings Corporation (Merger Sub), a New Jersey corporation and a wholly owned indirect subsidiary of ACE, pursuant to which Merger Sub will merge with and into Chubb, with Chubb surviving as a wholly owned indirect subsidiary of ACE (the Merger). ACE has indicated that shortly after the completion of the Merger, it expects to merge Chubb with and into ACE INA Holdings Inc., a Delaware corporation and indirect subsidiary of ACE, with ACE INA Holdings Inc. continuing as the surviving corporation. At the effective time of the Merger, each share (except for certain shares held by ACE, Chubb or their subsidiaries) of common stock of Chubb, par value $1.00 per share, will be converted into the right to receive 0.6019 of a common share of ACE, par value CHF 24.15 per share, and $62.93 in cash. The Board of Directors of Chubb (the Board) unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Merger. The closing of the Merger is subject to various customary conditions, including receipt of required insurance regulatory and other governmental approvals. Some other closing conditions have already been satisfied, including Chubb shareholder approval of the Merger Agreement, approval by ACE shareholders of certain Merger-related matters and the termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction is expected to close during the first quarter of 2016. The Merger Agreement contains certain termination rights for both Chubb and ACE and further provides that, upon termination under specified circumstances, Chubb would be required to pay to ACE a termination fee of $930 million. No such termination fee has been accrued as of September 30, 2015. Pursuant to the Merger Agreement, until the effective time of the Merger or termination of the Merger Agreement, the Corporation is required to conduct its business in the ordinary course in all material respects and, without the prior written consent of ACE, cannot take certain actions, except in each case as permitted pursuant to the Merger Agreement.

Accounting Pronouncements Not Y

Accounting Pronouncements Not Yet Adopted	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements Not Yet Adopted	3) Accounting Pronouncements Not Yet Adopted In February 2015, the Financial Accounting Standards Board issued updated guidance that amends certain aspects of the current consolidation accounting guidance. In particular, the new guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. The new guidance would be effective for the Corporation for the year beginning January 1, 2016. The Corporation is in the process of assessing the effect, if any, that the implementation of this guidance will have on its financial position and results of operations.

Invested Assets

Invested Assets	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Invested Assets	4) Invested Assets (a) The amortized cost and fair value of fixed maturities and equity securities were as follows: September 30, 2015 Amortized Gross Gross Fair Value (in millions) Fixed maturities Tax exempt $ 18,890 $ 1,012 $ 29 $ 19,873 Taxable U.S. government and government agency and authority obligations 1,259 54 1 1,312 Corporate bonds 8,409 260 45 8,624 Foreign government and government agency obligations 5,858 269 5 6,122 Residential mortgage-backed securities 110 15 1 124 Commercial mortgage-backed securities 943 19 1 961 16,579 617 53 17,143 Total fixed maturities $ 35,469 $ 1,629 $ 82 $ 37,016 Equity securities $ 1,060 $ 742 $ 31 $ 1,771 December 31, 2014 Amortized Gross Gross Fair Value (in millions) Fixed maturities Tax exempt $ 18,614 $ 1,174 $ 16 $ 19,772 Taxable U.S. government and government agency and authority obligations 1,962 46 1 2,007 Corporate bonds 8,741 327 40 9,028 Foreign government and government agency obligations 6,380 295 3 6,672 Residential mortgage-backed securities 192 20 1 211 Commercial mortgage-backed securities 1,069 22 1 1,090 18,344 710 46 19,008 Total fixed maturities $ 36,958 $ 1,884 $ 62 $ 38,780 Equity securities $ 1,089 $ 894 $ 19 $ 1,964 The fair value and amortized cost of fixed maturities at September 30, 2015 by contractual maturity were as follows: Fair Value Amortized (in millions) Due in one year or less $ 2,193 $ 2,174 Due after one year through five years 11,621 11,173 Due after five years through ten years 13,722 13,032 Due after ten years 8,395 8,037 35,931 34,416 Residential mortgage-backed securities 124 110 Commercial mortgage-backed securities 961 943 $ 37,016 $ 35,469 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 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: September 30 December 31 (in millions) Fixed maturities Gross unrealized appreciation $ 1,629 $ 1,884 Gross unrealized depreciation 82 62 1,547 1,822 Equity securities Gross unrealized appreciation 742 894 Gross unrealized depreciation 31 19 711 875 2,258 2,697 Deferred income tax liability 790 944 $ 1,468 $ 1,753 The following table summarizes, for all investment securities in an unrealized loss position at September 30, 2015, 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 (in millions) Fixed maturities Tax exempt $ 1,287 $ 16 $ 249 $ 13 $ 1,536 $ 29 Taxable U.S. government and government agency and authority obligations 52 1 10 — 62 1 Corporate bonds 1,695 30 441 15 2,136 45 Foreign government and government agency obligations 430 3 125 2 555 5 Residential mortgage-backed securities — — 5 1 5 1 Commercial mortgage-backed securities 47 1 32 — 79 1 2,224 35 613 18 2,837 53 Total fixed maturities 3,511 51 862 31 4,373 82 Equity securities 138 27 8 4 146 31 $ 3,649 $ 78 $ 870 $ 35 $ 4,519 $ 113 At September 30, 2015, approximately 1,125 individual fixed maturities and 25 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 September 30, 2015. The following table summarizes, for all investment securities in an unrealized loss position at December 31, 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 Value Gross Depreciation Fair Gross Depreciation Fair Gross (in millions) Fixed maturities Tax exempt $ 422 $ 3 $ 305 $ 13 $ 727 $ 16 Taxable U.S. government and government agency and authority obligations 936 1 36 — 972 1 Corporate bonds 1,327 23 888 17 2,215 40 Foreign government and government agency obligations 318 1 207 2 525 3 Residential mortgage-backed securities — — 7 1 7 1 Commercial mortgage-backed securities 106 — 67 1 173 1 2,687 25 1,205 21 3,892 46 Total fixed maturities 3,109 28 1,510 34 4,619 62 Equity securities 67 11 11 8 78 19 $ 3,176 $ 39 $ 1,521 $ 42 $ 4,697 $ 81 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 September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions) Change in unrealized appreciation of fixed maturities $ 134 $ 2 $ (275 ) $ 619 Change in unrealized appreciation of equity securities (163 ) (73 ) (164 ) 37 (29 ) (71 ) (439 ) 656 Deferred income tax (credit) (10 ) (25 ) (154 ) 229 $ (19 ) $ (46 ) $ (285 ) $ 427 (c) Realized investment gains and losses were as follows: Periods Ended September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions) Fixed maturities Gross realized gains $ 20 $ 27 $ 50 $ 104 Gross realized losses (5 ) (5 ) (23 ) (33 ) Other-than-temporary impairment losses (11 ) — (12 ) (4 ) 4 22 15 67 Equity securities Gross realized gains 42 43 58 132 Other-than-temporary impairment losses (15 ) — (37 ) (1 ) 27 43 21 131 Other invested assets 51 45 77 153 $ 82 $ 110 $ 113 $ 351 (d) As of September 30, 2015 and December 31, 2014, 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 $16 million and $18 million, respectively, recognized in net income.

Comprehensive Income

Comprehensive Income	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Comprehensive Income	5) 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 September 30, 2015 Third Quarter Nine Months Before Income Net of Before Income Net of (in millions) Net unrealized holding gains (losses) arising during the period $ 2 $ 1 $ 1 $ (403 ) $ (141 ) $ (262 ) Reclassification adjustment for net realized gains included in net income 31 11 20 36 13 23 Net unrealized losses recognized in other comprehensive loss (29 ) (10 ) (19 ) (439 ) (154 ) (285 ) Postretirement benefit gain not yet recognized in net income arising during the period 2 — 2 7 2 5 Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income (a) (15 ) (6 ) (9 ) (47 ) (17 ) (30 ) Net change in postretirement benefit costs not yet recognized in net income 17 6 11 54 19 35 Foreign currency translation losses (58 ) (20 ) (38 ) (305 ) (106 ) (199 ) Total other comprehensive loss $ (70 ) $ (24 ) $ (46 ) $ (690 ) $ (241 ) $ (449 ) Periods Ended September 30, 2014 Third Quarter Nine Months Before Income Net of Before Income Net of (in millions) Net unrealized holding gains (losses) arising during the period $ (6 ) $ (3 ) $ (3 ) $ 854 $ 298 $ 556 Reclassification adjustment for net realized gains included in net income 65 22 43 198 69 129 Net unrealized gains (losses) recognized in other comprehensive income or loss (71 ) (25 ) (46 ) 656 229 427 Postretirement benefit gain 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) (9 ) (4 ) (5 ) (26 ) (10 ) (16 ) Net change in postretirement benefit costs not yet recognized in net income 10 4 6 27 10 17 Foreign currency translation losses (40 ) (14 ) (26 ) (62 ) (21 ) (41 ) Total other comprehensive income (loss) $ (101 ) $ (35 ) $ (66 ) $ 621 $ 218 $ 403 (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	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segments Information	6) 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 September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions) Revenues Property and casualty insurance Premiums earned Personal insurance $ 1,114 $ 1,118 $ 3,364 $ 3,296 Commercial insurance 1,390 1,338 4,077 3,943 Specialty insurance 662 663 1,964 1,972 Total insurance 3,166 3,119 9,405 9,211 Reinsurance assumed — — (1 ) 1 3,166 3,119 9,404 9,212 Investment income 322 338 982 1,034 Total property and casualty insurance 3,488 3,457 10,386 10,246 Corporate and other 8 7 25 25 Realized investment gains, net 82 110 113 351 Total revenues $ 3,578 $ 3,574 $ 10,524 $ 10,622 Income (loss) before income tax Property and casualty insurance Underwriting Personal insurance $ 154 $ 141 $ 213 $ 188 Commercial insurance 207 151 446 333 Specialty insurance 161 133 448 355 Total insurance 522 425 1,107 876 Reinsurance assumed 4 — 7 1 526 425 1,114 877 Increase (decrease) in deferred policy acquisition costs (1 ) 14 44 48 Underwriting income 525 439 1,158 925 Investment income 310 327 949 1,004 Other charges (4 ) — (4 ) (4 ) Total property and casualty insurance 831 766 2,103 1,925 Corporate and other (66 ) (58 ) (209 ) (177 ) Realized investment gains, net 82 110 113 351 Total income before income tax $ 847 $ 818 $ 2,007 $ 2,099

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	7) 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: September 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (in millions) Assets Invested assets Short term investments $ 3,052 $ 3,052 $ 1,318 $ 1,318 Fixed maturities 37,016 37,016 38,780 38,780 Equity securities 1,771 1,771 1,964 1,964 Liabilities Long term debt 3,300 3,788 3,300 4,013 At September 30, 2015 and December 31, 2014, 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 September 30, 2015 and December 31, 2014, 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: September 30, 2015 Level 1 Level 2 Level 3 Total (in millions) Assets Short term investments $ 277 $ 2,775 $ — $ 3,052 Fixed maturities Tax exempt — 19,871 2 19,873 Taxable U.S. government and government agency and authority obligations — 1,312 — 1,312 Corporate bonds — 8,431 193 8,624 Foreign government and government agency obligations — 6,122 — 6,122 Residential mortgage-backed securities — 122 2 124 Commercial mortgage-backed securities — 961 — 961 — 16,948 195 17,143 Total fixed maturities — 36,819 197 37,016 Equity securities 1,765 — 6 1,771 $ 2,042 $ 39,594 $ 203 $ 41,839 Liabilities Long term debt $ — $ 3,788 $ — $ 3,788 December 31, 2014 Level 1 Level 2 Level 3 Total (in millions) Assets Short term investments $ 206 $ 1,112 $ — $ 1,318 Fixed maturities Tax exempt — 19,769 3 19,772 Taxable U.S. government and government agency and authority obligations — 2,007 — 2,007 Corporate bonds — 8,912 116 9,028 Foreign government and government agency obligations — 6,663 9 6,672 Residential mortgage-backed securities — 210 1 211 Commercial mortgage-backed securities — 1,090 — 1,090 — 18,882 126 19,008 Total fixed maturities — 38,651 129 38,780 Equity securities 1,958 — 6 1,964 $ 2,164 $ 39,763 $ 135 $ 42,062 Liabilities Long term debt $ — $ 4,013 $ — $ 4,013

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	8) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Periods Ended September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions, except for per share amounts) Basic earnings per share: Net income $ 601 $ 594 $ 1,470 $ 1,542 Weighted average shares outstanding 229.4 240.2 231.2 244.8 Basic earnings per share $ 2.62 $ 2.47 $ 6.36 $ 6.30 Diluted earnings per share: Net income $ 601 $ 594 $ 1,470 $ 1,542 Weighted average shares outstanding 229.4 240.2 231.2 244.8 Additional shares from assumed issuance of shares under stock-based compensation awards 1.7 .4 .9 .6 Weighted average shares and potential shares assumed outstanding for computing diluted earnings per share 231.1 240.6 232.1 245.4 Diluted earnings per share $ 2.60 $ 2.47 $ 6.33 $ 6.28

Accounting Pronouncements Not17

Accounting Pronouncements Not Yet Adopted (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements Not Yet Adopted	In February 2015, the Financial Accounting Standards Board issued updated guidance that amends certain aspects of the current consolidation accounting guidance. In particular, the new guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. The new guidance would be effective for the Corporation for the year beginning January 1, 2016. The Corporation is in the process of assessing the effect, if any, that the implementation of this guidance will have on its financial position and results of operations.

Invested Assets (Tables)

Invested Assets (Tables)	9 Months Ended
	Sep. 30, 2015
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: September 30, 2015 Amortized Gross Gross Fair Value (in millions) Fixed maturities Tax exempt $ 18,890 $ 1,012 $ 29 $ 19,873 Taxable U.S. government and government agency and authority obligations 1,259 54 1 1,312 Corporate bonds 8,409 260 45 8,624 Foreign government and government agency obligations 5,858 269 5 6,122 Residential mortgage-backed securities 110 15 1 124 Commercial mortgage-backed securities 943 19 1 961 16,579 617 53 17,143 Total fixed maturities $ 35,469 $ 1,629 $ 82 $ 37,016 Equity securities $ 1,060 $ 742 $ 31 $ 1,771 December 31, 2014 Amortized Gross Gross Fair Value (in millions) Fixed maturities Tax exempt $ 18,614 $ 1,174 $ 16 $ 19,772 Taxable U.S. government and government agency and authority obligations 1,962 46 1 2,007 Corporate bonds 8,741 327 40 9,028 Foreign government and government agency obligations 6,380 295 3 6,672 Residential mortgage-backed securities 192 20 1 211 Commercial mortgage-backed securities 1,069 22 1 1,090 18,344 710 46 19,008 Total fixed maturities $ 36,958 $ 1,884 $ 62 $ 38,780 Equity securities $ 1,089 $ 894 $ 19 $ 1,964
Fair Value and Amortized Cost of Fixed Maturities by Contractual Maturity	The fair value and amortized cost of fixed maturities at September 30, 2015 by contractual maturity were as follows: Fair Value Amortized (in millions) Due in one year or less $ 2,193 $ 2,174 Due after one year through five years 11,621 11,173 Due after five years through ten years 13,722 13,032 Due after ten years 8,395 8,037 35,931 34,416 Residential mortgage-backed securities 124 110 Commercial mortgage-backed securities 961 943 $ 37,016 $ 35,469
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: September 30 December 31 (in millions) Fixed maturities Gross unrealized appreciation $ 1,629 $ 1,884 Gross unrealized depreciation 82 62 1,547 1,822 Equity securities Gross unrealized appreciation 742 894 Gross unrealized depreciation 31 19 711 875 2,258 2,697 Deferred income tax liability 790 944 $ 1,468 $ 1,753
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 September 30, 2015, 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 (in millions) Fixed maturities Tax exempt $ 1,287 $ 16 $ 249 $ 13 $ 1,536 $ 29 Taxable U.S. government and government agency and authority obligations 52 1 10 — 62 1 Corporate bonds 1,695 30 441 15 2,136 45 Foreign government and government agency obligations 430 3 125 2 555 5 Residential mortgage-backed securities — — 5 1 5 1 Commercial mortgage-backed securities 47 1 32 — 79 1 2,224 35 613 18 2,837 53 Total fixed maturities 3,511 51 862 31 4,373 82 Equity securities 138 27 8 4 146 31 $ 3,649 $ 78 $ 870 $ 35 $ 4,519 $ 113 At September 30, 2015, approximately 1,125 individual fixed maturities and 25 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 September 30, 2015. The following table summarizes, for all investment securities in an unrealized loss position at December 31, 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 Value Gross Depreciation Fair Gross Depreciation Fair Gross (in millions) Fixed maturities Tax exempt $ 422 $ 3 $ 305 $ 13 $ 727 $ 16 Taxable U.S. government and government agency and authority obligations 936 1 36 — 972 1 Corporate bonds 1,327 23 888 17 2,215 40 Foreign government and government agency obligations 318 1 207 2 525 3 Residential mortgage-backed securities — — 7 1 7 1 Commercial mortgage-backed securities 106 — 67 1 173 1 2,687 25 1,205 21 3,892 46 Total fixed maturities 3,109 28 1,510 34 4,619 62 Equity securities 67 11 11 8 78 19 $ 3,176 $ 39 $ 1,521 $ 42 $ 4,697 $ 81
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 September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions) Change in unrealized appreciation of fixed maturities $ 134 $ 2 $ (275 ) $ 619 Change in unrealized appreciation of equity securities (163 ) (73 ) (164 ) 37 (29 ) (71 ) (439 ) 656 Deferred income tax (credit) (10 ) (25 ) (154 ) 229 $ (19 ) $ (46 ) $ (285 ) $ 427
Realized Investment Gains and Losses	(c) Realized investment gains and losses were as follows: Periods Ended September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions) Fixed maturities Gross realized gains $ 20 $ 27 $ 50 $ 104 Gross realized losses (5 ) (5 ) (23 ) (33 ) Other-than-temporary impairment losses (11 ) — (12 ) (4 ) 4 22 15 67 Equity securities Gross realized gains 42 43 58 132 Other-than-temporary impairment losses (15 ) — (37 ) (1 ) 27 43 21 131 Other invested assets 51 45 77 153 $ 82 $ 110 $ 113 $ 351

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Components of Other Comprehensive Income or Loss	The components of other comprehensive income or loss were as follows: Periods Ended September 30, 2015 Third Quarter Nine Months Before Income Net of Before Income Net of (in millions) Net unrealized holding gains (losses) arising during the period $ 2 $ 1 $ 1 $ (403 ) $ (141 ) $ (262 ) Reclassification adjustment for net realized gains included in net income 31 11 20 36 13 23 Net unrealized losses recognized in other comprehensive loss (29 ) (10 ) (19 ) (439 ) (154 ) (285 ) Postretirement benefit gain not yet recognized in net income arising during the period 2 — 2 7 2 5 Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income (a) (15 ) (6 ) (9 ) (47 ) (17 ) (30 ) Net change in postretirement benefit costs not yet recognized in net income 17 6 11 54 19 35 Foreign currency translation losses (58 ) (20 ) (38 ) (305 ) (106 ) (199 ) Total other comprehensive loss $ (70 ) $ (24 ) $ (46 ) $ (690 ) $ (241 ) $ (449 ) Periods Ended September 30, 2014 Third Quarter Nine Months Before Income Net of Before Income Net of (in millions) Net unrealized holding gains (losses) arising during the period $ (6 ) $ (3 ) $ (3 ) $ 854 $ 298 $ 556 Reclassification adjustment for net realized gains included in net income 65 22 43 198 69 129 Net unrealized gains (losses) recognized in other comprehensive income or loss (71 ) (25 ) (46 ) 656 229 427 Postretirement benefit gain 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) (9 ) (4 ) (5 ) (26 ) (10 ) (16 ) Net change in postretirement benefit costs not yet recognized in net income 10 4 6 27 10 17 Foreign currency translation losses (40 ) (14 ) (26 ) (62 ) (21 ) (41 ) Total other comprehensive income (loss) $ (101 ) $ (35 ) $ (66 ) $ 621 $ 218 $ 403 (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)	9 Months Ended
	Sep. 30, 2015
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 September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions) Revenues Property and casualty insurance Premiums earned Personal insurance $ 1,114 $ 1,118 $ 3,364 $ 3,296 Commercial insurance 1,390 1,338 4,077 3,943 Specialty insurance 662 663 1,964 1,972 Total insurance 3,166 3,119 9,405 9,211 Reinsurance assumed — — (1 ) 1 3,166 3,119 9,404 9,212 Investment income 322 338 982 1,034 Total property and casualty insurance 3,488 3,457 10,386 10,246 Corporate and other 8 7 25 25 Realized investment gains, net 82 110 113 351 Total revenues $ 3,578 $ 3,574 $ 10,524 $ 10,622 Income (loss) before income tax Property and casualty insurance Underwriting Personal insurance $ 154 $ 141 $ 213 $ 188 Commercial insurance 207 151 446 333 Specialty insurance 161 133 448 355 Total insurance 522 425 1,107 876 Reinsurance assumed 4 — 7 1 526 425 1,114 877 Increase (decrease) in deferred policy acquisition costs (1 ) 14 44 48 Underwriting income 525 439 1,158 925 Investment income 310 327 949 1,004 Other charges (4 ) — (4 ) (4 ) Total property and casualty insurance 831 766 2,103 1,925 Corporate and other (66 ) (58 ) (209 ) (177 ) Realized investment gains, net 82 110 113 351 Total income before income tax $ 847 $ 818 $ 2,007 $ 2,099

Fair Values of Financial Inst21

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Carrying Values and Fair Values of Financial Instruments	The carrying values and fair values of financial instruments were as follows: September 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (in millions) Assets Invested assets Short term investments $ 3,052 $ 3,052 $ 1,318 $ 1,318 Fixed maturities 37,016 37,016 38,780 38,780 Equity securities 1,771 1,771 1,964 1,964 Liabilities Long term debt 3,300 3,788 3,300 4,013
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: September 30, 2015 Level 1 Level 2 Level 3 Total (in millions) Assets Short term investments $ 277 $ 2,775 $ — $ 3,052 Fixed maturities Tax exempt — 19,871 2 19,873 Taxable U.S. government and government agency and authority obligations — 1,312 — 1,312 Corporate bonds — 8,431 193 8,624 Foreign government and government agency obligations — 6,122 — 6,122 Residential mortgage-backed securities — 122 2 124 Commercial mortgage-backed securities — 961 — 961 — 16,948 195 17,143 Total fixed maturities — 36,819 197 37,016 Equity securities 1,765 — 6 1,771 $ 2,042 $ 39,594 $ 203 $ 41,839 Liabilities Long term debt $ — $ 3,788 $ — $ 3,788 December 31, 2014 Level 1 Level 2 Level 3 Total (in millions) Assets Short term investments $ 206 $ 1,112 $ — $ 1,318 Fixed maturities Tax exempt — 19,769 3 19,772 Taxable U.S. government and government agency and authority obligations — 2,007 — 2,007 Corporate bonds — 8,912 116 9,028 Foreign government and government agency obligations — 6,663 9 6,672 Residential mortgage-backed securities — 210 1 211 Commercial mortgage-backed securities — 1,090 — 1,090 — 18,882 126 19,008 Total fixed maturities — 38,651 129 38,780 Equity securities 1,958 — 6 1,964 $ 2,164 $ 39,763 $ 135 $ 42,062 Liabilities Long term debt $ — $ 4,013 $ — $ 4,013

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30 Third Quarter Nine Months 2015 2014 2015 2014 (in millions, except for per share amounts) Basic earnings per share: Net income $ 601 $ 594 $ 1,470 $ 1,542 Weighted average shares outstanding 229.4 240.2 231.2 244.8 Basic earnings per share $ 2.62 $ 2.47 $ 6.36 $ 6.30 Diluted earnings per share: Net income $ 601 $ 594 $ 1,470 $ 1,542 Weighted average shares outstanding 229.4 240.2 231.2 244.8 Additional shares from assumed issuance of shares under stock-based compensation awards 1.7 .4 .9 .6 Weighted average shares and potential shares assumed outstanding for computing diluted earnings per share 231.1 240.6 232.1 245.4 Diluted earnings per share $ 2.60 $ 2.47 $ 6.33 $ 6.28

Merger Agreement with ACE Lim23

Merger Agreement with ACE Limited - Additional Information (Detail)	Jun. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / shares	Jun. 30, 2015SFr / shares	Jun. 30, 2015$ / shares	Dec. 31, 2014$ / shares
Business Acquisition [Line Items]
Common Stock, Par Value		$ 1			$ 1
ACE Limited [Member]
Business Acquisition [Line Items]
Common Stock, Par Value				$ 1
Amount of common share of ACE converted from common stock of Chubb | shares	0.6019
ACE common stock, par value per share | SFr / shares			SFr 24.15
Cash received per share of Chubb common stock due to conversion to ACE common share	$ 62.93
Termination fee | $	$ 930,000,000
Accrued termination fee | $		$ 0

Invested Assets - Amortized Cos

Invested Assets - Amortized Cost and Fair Value of Fixed Maturities and Equity Securities (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	$ 35,469	$ 36,958
Fixed maturities, Gross Unrealized Appreciation	1,629	1,884
Fixed maturities, Gross Unrealized Depreciation	82	62
Fixed maturities, Fair Value	37,016	38,780
Equity securities, Amortized Cost	1,060	1,089
Equity securities, Gross Unrealized Appreciation	742	894
Equity securities, Gross Unrealized Depreciation	31	19
Equity securities, Fair Value	1,771	1,964
Tax Exempt [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	18,890	18,614
Fixed maturities, Gross Unrealized Appreciation	1,012	1,174
Fixed maturities, Gross Unrealized Depreciation	29	16
Fixed maturities, Fair Value	19,873	19,772
Taxable [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	16,579	18,344
Fixed maturities, Gross Unrealized Appreciation	617	710
Fixed maturities, Gross Unrealized Depreciation	53	46
Fixed maturities, Fair Value	17,143	19,008
Taxable [Member] | Residential Mortgage-backed Securities [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	110	192
Fixed maturities, Gross Unrealized Appreciation	15	20
Fixed maturities, Gross Unrealized Depreciation	1	1
Fixed maturities, Fair Value	124	211
Taxable [Member] | Commercial Mortgage-backed Securities [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	943	1,069
Fixed maturities, Gross Unrealized Appreciation	19	22
Fixed maturities, Gross Unrealized Depreciation	1	1
Fixed maturities, Fair Value	961	1,090
Taxable [Member] | U.S. Government and Government Agency and Authority Obligations [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	1,259	1,962
Fixed maturities, Gross Unrealized Appreciation	54	46
Fixed maturities, Gross Unrealized Depreciation	1	1
Fixed maturities, Fair Value	1,312	2,007
Taxable [Member] | Corporate Bonds [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	8,409	8,741
Fixed maturities, Gross Unrealized Appreciation	260	327
Fixed maturities, Gross Unrealized Depreciation	45	40
Fixed maturities, Fair Value	8,624	9,028
Taxable [Member] | Foreign Government and Government Agency Obligations [Member]
Investment Holdings [Line Items]
Fixed maturities, Amortized Cost	5,858	6,380
Fixed maturities, Gross Unrealized Appreciation	269	295
Fixed maturities, Gross Unrealized Depreciation	5	3
Fixed maturities, Fair Value	$ 6,122	$ 6,672

Invested Assets - Fair Value an

Invested Assets - Fair Value and Amortized Cost of Fixed Maturities by Contractual Maturity (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-For-Sale Securities [Line Items]
Due in one year or less, Fair Value	$ 2,193
Due after one year through five years, Fair Value	11,621
Due after five years through ten years, Fair Value	13,722
Due after ten years, Fair Value	8,395
Subtotal fixed maturities, Fair Value	35,931
Total fixed maturities, Fair Value	37,016	$ 38,780
Due in one year or less, Amortized Cost	2,174
Due after one year through five years, Amortized Cost	11,173
Due after five years through ten years, Amortized Cost	13,032
Due after ten years, Amortized Cost	8,037
Subtotal fixed maturities, Amortized Cost	34,416
Fixed maturities, Amortized Cost	35,469	$ 36,958
Residential Mortgage-backed Securities [Member]
Schedule of Available-For-Sale Securities [Line Items]
Taxable, Fair Value	124
Taxable, Amortized Cost	110
Commercial Mortgage-backed Securities [Member]
Schedule of Available-For-Sale Securities [Line Items]
Taxable, Fair Value	961
Taxable, Amortized Cost	$ 943

Invested Assets - Components of

Invested Assets - Components of Unrealized Appreciation or Depreciation of Investments (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Fixed maturities, Gross Unrealized Appreciation	$ 1,629	$ 1,884
Fixed maturities, Gross Unrealized Depreciation	82	62
Fixed maturities, Unrealized appreciation (depreciation), Net	1,547	1,822
Equity securities, Gross Unrealized Appreciation	742	894
Equity securities, Gross Unrealized Depreciation	31	19
Equity securities, Unrealized appreciation (depreciation), Net	711	875
Total fixed maturities and equity securities, Unrealized appreciation (depreciation), Net	2,258	2,697
Deferred income tax liability	790	944
Total fixed maturities and equity securities, Unrealized appreciation (depreciation), Net of tax	$ 1,468	$ 1,753

Invested Assets - Fair Value 27

Invested Assets - Fair Value and Gross Unrealized Depreciation of Investments in Unrealized Loss Position (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value	$ 3,649	$ 3,176
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	78	39
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	870	1,521
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	35	42
Investment securities, Continuous unrealized loss position, Fair Value, Total	4,519	4,697
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	113	81
Fixed Maturities [Member]
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value	3,511	3,109
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	51	28
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	862	1,510
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	31	34
Investment securities, Continuous unrealized loss position, Fair Value, Total	4,373	4,619
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	82	62
Equity Securities [Member]
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value	138	67
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	27	11
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	8	11
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	4	8
Investment securities, Continuous unrealized loss position, Fair Value, Total	146	78
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	31	19
Tax Exempt [Member] | Fixed Maturities [Member]
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value	1,287	422
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	16	3
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	249	305
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	13	13
Investment securities, Continuous unrealized loss position, Fair Value, Total	1,536	727
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	29	16
Taxable [Member] | Fixed Maturities [Member]
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value	2,224	2,687
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	35	25
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	613	1,205
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	18	21
Investment securities, Continuous unrealized loss position, Fair Value, Total	2,837	3,892
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	53	46
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	52	936
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	1	1
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	10	36
Investment securities, Continuous unrealized loss position, Fair Value, Total	62	972
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	1	1
Taxable [Member] | Corporate Bonds [Member] | Fixed Maturities [Member]
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Fair Value	1,695	1,327
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	30	23
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	441	888
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	15	17
Investment securities, Continuous unrealized loss position, Fair Value, Total	2,136	2,215
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	45	40
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	430	318
Investment securities, Continuous unrealized loss position, Less Than 12 Months, Gross Unrealized Depreciation	3	1
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	125	207
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	2	2
Investment securities, Continuous unrealized loss position, Fair Value, Total	555	525
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	5	3
Residential Mortgage-backed Securities [Member] | Taxable [Member] | Fixed Maturities [Member]
Investment Holdings [Line Items]
Investment securities, Continuous unrealized loss position, 12 Months or More, Fair Value	5	7
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation	1	1
Investment securities, Continuous unrealized loss position, Fair Value, Total	5	7
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	47	106
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	32	67
Investment securities, Continuous unrealized loss position, 12 Months or More, Gross Unrealized Depreciation		1
Investment securities, Continuous unrealized loss position, Fair Value, Total	79	173
Investment securities, Continuous unrealized loss position, Gross Unrealized Depreciation, Total	$ 1	$ 1

Invested Assets - Additional In

Invested Assets - Additional Information (Detail) $ in Millions	Sep. 30, 2015USD ($)Investment	Dec. 31, 2014USD ($)
Investments, Debt and Equity Securities [Abstract]
Approximate number of individual fixed maturities in unrealized loss position	1,125
Approximate number of individual equity securities in unrealized loss position	25
Cumulative credit-related losses recognized in net income | $	$ 16	$ 18

Invested Assets - Change in Unr

Invested Assets - Change in Unrealized Appreciation or Depreciation of Investments Carried at Fair Value (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]
Change in unrealized appreciation of fixed maturities	$ 134	$ 2	$ (275)	$ 619
Change in unrealized appreciation of equity securities	(163)	(73)	(164)	37
Net unrealized gains (losses) recognized in other comprehensive income or loss, Before Tax	(29)	(71)	(439)	656
Deferred income tax (credit)	(10)	(25)	(154)	229
Net unrealized gains (losses) recognized in other comprehensive income or loss, Net of Tax	$ (19)	$ (46)	$ (285)	$ 427

Invested Assets - Realized Inve

Invested Assets - Realized Investment Gains and Losses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Investment Income [Line Items]
Other-than-temporary impairment losses	$ (26)		$ (49)	$ (5)
Total fixed maturities	4	$ 22	15	67
Total equity securities	27	43	21	131
Other invested assets	51	45	77	153
Total Realized Investment Gains, Net	82	110	113	351
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross realized gains	20	27	50	104
Gross realized losses	(5)	(5)	(23)	(33)
Other-than-temporary impairment losses	(11)		(12)	(4)
Equity Securities [Member]
Net Investment Income [Line Items]
Gross realized gains	42	$ 43	58	132
Other-than-temporary impairment losses	$ (15)		$ (37)	$ (1)

Comprehensive Income - Componen

Comprehensive Income - Components of Other Comprehensive Income or Loss (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) arising during the period, Before Tax	$ 2	$ (6)	$ (403)	$ 854
Reclassification adjustment for net realized gains included in net income, Before Tax	31	65	36	198
Net unrealized gains (losses) recognized in other comprehensive income or loss, Before Tax	(29)	(71)	(439)	656
Postretirement benefit gain not yet recognized in net income arising during the period, Before Tax	2	1	7	1
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income, Before Tax	(15)	(9)	(47)	(26)
Net change in postretirement benefit costs not yet recognized in net income, Before Tax	17	10	54	27
Foreign currency translation losses, Before Tax	(58)	(40)	(305)	(62)
Total other comprehensive income (loss), Before Tax	(70)	(101)	(690)	621
Net unrealized holding gains (losses) arising during the period, Income Tax	1	(3)	(141)	298
Reclassification adjustment for net realized gains included in net income, Income Tax	11	22	13	69
Net unrealized gains (losses) recognized in other comprehensive income or loss, Income Tax	(10)	(25)	(154)	229
Postretirement benefit gain not yet recognized in net income arising during the period, Income Tax			2
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income, Income Tax	(6)	(4)	(17)	(10)
Net change in postretirement benefit costs not yet recognized in net income, Income Tax	6	4	19	10
Foreign currency translation losses, Income Tax	(20)	(14)	(106)	(21)
Total other comprehensive income (loss), Income Tax	(24)	(35)	(241)	218
Net unrealized holding gains (losses) arising during the period, Net of Tax	1	(3)	(262)	556
Reclassification adjustment for net realized gains included in net income, Net of Tax	20	43	23	129
Net unrealized gains (losses) recognized in other comprehensive income or loss, Net of Tax	(19)	(46)	(285)	427
Postretirement benefit gain not yet recognized in net income arising during the period, Net of Tax	2	1	5	1
Reclassification adjustment for the amortization of net actuarial loss and prior service cost included in net income, Net of Tax	(9)	(5)	(30)	(16)
Net change in postretirement benefit costs not yet recognized in net income, Net of Tax	11	6	35	17
Foreign currency translation losses, Net of Tax	(38)	(26)	(199)	(41)
Total Other Comprehensive Income (Loss) Net of Tax	$ (46)	$ (66)	$ (449)	$ 403

Segments Information - Addition

Segments Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Business_UnitOperations
Segment Reporting [Abstract]
Number of segment operations	2
Number of business units | Business_Unit	4

Segments Information - Revenues

Segments Information - Revenues and Income Before Income Tax of Each Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Premiums earned related to insurance business	$ 3,166	$ 3,119	$ 9,405	$ 9,211
Premiums earned related to reinsurance assumed			(1)	1
Net Premiums earned	3,166	3,119	9,404	9,212
Investment Income	328	344	1,001	1,053
Corporate and other	8	7	25	25
Realized investment gains, net	82	110	113	351
Total Revenues	3,578	3,574	10,524	10,622
Insurance underwriting income (loss)	522	425	1,107	876
Reinsurance assumed underwriting income	4		7	1
Underwriting income before deferred policy acquisition costs	526	425	1,114	877
Increase (decrease) in deferred policy acquisition costs	(1)	14	44	48
Underwriting income	525	439	1,158	925
Total property and casualty insurance	831	766	2,103	1,925
Corporate and other	(66)	(58)	(209)	(177)
Realized investment gains, net	82	110	113	351
Income Before Federal and Foreign Income Tax	847	818	2,007	2,099
Personal Insurance [Member]
Revenues
Premiums earned related to insurance business	1,114	1,118	3,364	3,296
Insurance underwriting income (loss)	154	141	213	188
Commercial Insurance [Member]
Revenues
Premiums earned related to insurance business	1,390	1,338	4,077	3,943
Insurance underwriting income (loss)	207	151	446	333
Specialty Insurance [Member]
Revenues
Premiums earned related to insurance business	662	663	1,964	1,972
Insurance underwriting income (loss)	161	133	448	355
Property and Casualty Insurance [Member]
Revenues
Investment Income	322	338	982	1,034
Total Revenues	3,488	3,457	10,386	10,246
Investment income	310	$ 327	949	1,004
Other charges	$ (4)		$ (4)	$ (4)

Fair Values of Financial Inst34

Fair Values of Financial Instruments - Carrying Values and Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	$ 3,052	$ 1,318
Fixed maturities	37,016	38,780
Equity securities	1,771	1,964
Long Term Debt	3,300	3,300
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	3,052	1,318
Fixed maturities	37,016	38,780
Equity securities	1,771	1,964
Long Term Debt	3,300	3,300
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	3,052	1,318
Fixed maturities	37,016	38,780
Equity securities	1,771	1,964
Long Term Debt	$ 3,788	$ 4,013

Fair Values of Financial Inst35

Fair Values of Financial Instruments - Additional Information (Detail)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument Fair Value Carrying Value [Abstract]
Percentage of fair value amounts for fixed maturities provided by a pricing service	99.00%	99.00%

Fair Values of Financial Inst36

Fair Values of Financial Instruments - Fair Value of Financial Instruments Categorized Based Upon Lowest Level of Input (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	$ 3,052	$ 1,318
Fixed maturities, Fair Value	37,016	38,780
Equity securities	1,771	1,964
Long Term Debt	3,300	3,300
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	3,052	1,318
Fixed maturities, Fair Value	37,016	38,780
Equity securities	1,771	1,964
Total fixed maturities, equity securities and other invested assets, Fair Value	41,839	42,062
Long Term Debt	3,788	4,013
Tax Exempt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	19,873	19,772
Tax Exempt [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	19,873	19,772
Taxable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	17,143	19,008
Taxable [Member] | U.S. Government and Government Agency and Authority Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	1,312	2,007
Taxable [Member] | Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	8,624	9,028
Taxable [Member] | Foreign Government and Government Agency Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	6,122	6,672
Taxable [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	17,143	19,008
Taxable [Member] | Fair Value [Member] | U.S. Government and Government Agency and Authority Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	1,312	2,007
Taxable [Member] | Fair Value [Member] | Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	8,624	9,028
Taxable [Member] | Fair Value [Member] | Foreign Government and Government Agency Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	6,122	6,672
Taxable [Member] | Fair Value [Member] | Residential Mortgage-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	124	211
Taxable [Member] | Fair Value [Member] | Commercial Mortgage-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	961	1,090
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	277	206
Equity securities	1,765	1,958
Total fixed maturities, equity securities and other invested assets, Fair Value	2,042	2,164
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short Term Investments	2,775	1,112
Fixed maturities, Fair Value	36,819	38,651
Total fixed maturities, equity securities and other invested assets, Fair Value	39,594	39,763
Long Term Debt	3,788	4,013
Level 2 [Member] | Tax Exempt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	19,871	19,769
Level 2 [Member] | Taxable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	16,948	18,882
Level 2 [Member] | Taxable [Member] | U.S. Government and Government Agency and Authority Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	1,312	2,007
Level 2 [Member] | Taxable [Member] | Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	8,431	8,912
Level 2 [Member] | Taxable [Member] | Foreign Government and Government Agency Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	6,122	6,663
Level 2 [Member] | Taxable [Member] | Residential Mortgage-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	122	210
Level 2 [Member] | Taxable [Member] | Commercial Mortgage-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	961	1,090
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	197	129
Equity securities	6	6
Total fixed maturities, equity securities and other invested assets, Fair Value	203	135
Level 3 [Member] | Tax Exempt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	2	3
Level 3 [Member] | Taxable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	195	126
Level 3 [Member] | Taxable [Member] | Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	193	116
Level 3 [Member] | Taxable [Member] | Foreign Government and Government Agency Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value		9
Level 3 [Member] | Taxable [Member] | Residential Mortgage-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, Fair Value	$ 2	$ 1

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic earnings per share:
Net Income	$ 601	$ 594	$ 1,470	$ 1,542
Weighted average shares outstanding	229.4	240.2	231.2	244.8
Basic earnings per share	$ 2.62	$ 2.47	$ 6.36	$ 6.30
Diluted earnings per share:
Net Income	$ 601	$ 594	$ 1,470	$ 1,542
Weighted average shares outstanding	229.4	240.2	231.2	244.8
Additional shares from assumed issuance of shares under stock-based compensation awards	1.7	0.4	0.9	0.6
Weighted average shares and potential shares assumed outstanding for computing diluted earnings per share	231.1	240.6	232.1	245.4
Diluted earnings per share	$ 2.60	$ 2.47	$ 6.33	$ 6.28