Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 23, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CINF | ' |
Entity Registrant Name | 'CINCINNATI FINANCIAL CORP | ' |
Entity Central Index Key | '0000020286 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 163,490,441 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments | ' | ' |
Fixed maturities, at fair value (amortized cost: 2014—$8,924; 2013—$8,638) | $9,522 | $9,121 |
Equity securities, at fair value (cost: 2014—$2,697; 2013—$2,523) | 4,666 | 4,375 |
Other invested assets | 67 | 68 |
Total investments | 14,255 | 13,564 |
Cash and cash equivalents | 412 | 433 |
Investment income receivable | 119 | 121 |
Finance receivable | 77 | 85 |
Premiums receivable | 1,447 | 1,346 |
Reinsurance recoverable | 549 | 547 |
Prepaid reinsurance premiums | 28 | 26 |
Deferred policy acquisition costs | 590 | 565 |
Land, building and equipment, net, for company use (accumulated depreciation: 2014—$439; 2013—$420) | 198 | 210 |
Other assets | 69 | 73 |
Separate accounts | 730 | 692 |
Total assets | 18,474 | 17,662 |
Insurance reserves | ' | ' |
Loss and loss expense reserves | 4,435 | 4,311 |
Life policy and investment contract reserves | 2,484 | 2,390 |
Unearned premiums | 2,128 | 1,976 |
Other liabilities | 666 | 611 |
Deferred income tax | 777 | 673 |
Note payable | 49 | 104 |
Long-term debt and capital lease obligations | 829 | 835 |
Separate accounts | 730 | 692 |
Total liabilities | 12,098 | 11,592 |
Commitments and contingent liabilities (Note 12) | 0 | 0 |
Shareholders' Equity | ' | ' |
Common stock, par value—$2 per share; (authorized: 2014 and 2013—500 million shares; issued: 2014 and 2013—198 million shares) | 397 | 397 |
Paid-in capital | 1,205 | 1,191 |
Retained earnings | 4,409 | 4,268 |
Accumulated other comprehensive income | 1,658 | 1,504 |
Treasury stock at cost (2014 and 2013—35 million shares) | -1,293 | -1,290 |
Total shareholders' equity | 6,376 | 6,070 |
Total liabilities and shareholders' equity | $18,474 | $17,662 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fixed maturities, amortized cost | $8,924 | $8,638 |
Equity securities, cost | 2,697 | 2,523 |
Land, building and equipment, accumulated depreciation | $439 | $420 |
Common stock, par value | $2 | $2 |
Common stock, authorized | 500 | 500 |
Common stock, issued | 198 | 198 |
Common stock, outstanding | 198 | 198 |
Treasury stock, shares | 35 | 35 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues [Abstract] | ' | ' | ' | ' |
Earned premiums | $1,071 | $992 | $3,157 | $2,877 |
Investment income, net of expenses | 138 | 133 | 409 | 392 |
Realized investment gains, net | 65 | 22 | 101 | 77 |
Fee revenues | 3 | 2 | 9 | 6 |
Other revenues | 3 | 3 | 7 | 7 |
Total revenues | 1,280 | 1,152 | 3,683 | 3,359 |
Benefits and Expenses | ' | ' | ' | ' |
Insurance losses and policyholder benefits | 686 | 642 | 2,181 | 1,841 |
Underwriting, acquisition and insurance expenses | 319 | 312 | 967 | 919 |
Interest expense | 13 | 13 | 40 | 40 |
Other operating expenses | 3 | 3 | 10 | 12 |
Total benefits and expenses | 1,021 | 970 | 3,198 | 2,812 |
Income Before Income Taxes | 259 | 182 | 485 | 547 |
Provision for Income Taxes | ' | ' | ' | ' |
Current | 68 | 46 | 106 | 137 |
Deferred | 8 | 5 | 21 | 15 |
Total provision for income taxes | 76 | 51 | 127 | 152 |
Net Income | $183 | $131 | $358 | $395 |
Per Common Share | ' | ' | ' | ' |
Net income-basic (in USD per share) | $1.12 | $0.80 | $2.19 | $2.42 |
Net income-diluted (in USD per share) | $1.11 | $0.79 | $2.17 | $2.39 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income | $183 | $131 | $358 | $395 |
Change in unrealized gains (losses) on investments available-for-sale, net of tax of $(42), $22, $81 and $61, respectively | -78 | 40 | 151 | 113 |
Net change in pension actuarial loss and prior service cost, net of tax of $0, $1, $0 and $3, respectively | 1 | 1 | 0 | 4 |
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $2, $2, $2 and $10, respectively | 3 | 5 | 3 | 21 |
Other comprehensive income (loss), net of tax | -74 | 46 | 154 | 138 |
Comprehensive Income | $109 | $177 | $512 | $533 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($42) | $22 | $81 | $61 |
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax | 0 | 1 | 0 | 3 |
Other Comprehensive Income, Change in Life Deferred Acquisition Costs, Life Policy Reserves and Other, Tax | $2 | $2 | $2 | $10 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
In Millions | ||||||
Balance at Dec. 31, 2012 | $5,453 | $394 | $1,134 | $4,021 | $1,129 | ($1,225) |
Balance (in shares) at Dec. 31, 2012 | ' | 163 | ' | ' | ' | ' |
Net Income | 395 | ' | ' | 395 | ' | ' |
Other comprehensive income, net | 138 | ' | ' | ' | 138 | ' |
Dividends declared | -202 | ' | ' | -202 | ' | ' |
Stock-based awards exercised and vested | ' | 2 | ' | ' | ' | ' |
Purchases | 0 | ' | ' | ' | ' | 0 |
Stockholders' Equity, Other | 32 | ' | 43 | ' | ' | -13 |
Balance at Sep. 30, 2013 | 5,816 | 396 | 1,177 | 4,214 | 1,267 | -1,238 |
Balance (in shares) at Sep. 30, 2013 | ' | 164 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 6,070 | 397 | 1,191 | 4,268 | 1,504 | -1,290 |
Balance (in shares) at Dec. 31, 2013 | 198 | 163 | ' | ' | ' | ' |
Net Income | 358 | ' | ' | 358 | ' | ' |
Other comprehensive income, net | 154 | ' | ' | ' | 154 | ' |
Dividends declared | -217 | ' | ' | -217 | ' | ' |
Stock-based awards exercised and vested | ' | 0 | ' | ' | ' | ' |
Purchases | -21 | ' | ' | ' | ' | -21 |
Stockholders' Equity, Other | 32 | ' | 14 | ' | ' | 18 |
Balance at Sep. 30, 2014 | $6,376 | $397 | $1,205 | $4,409 | $1,658 | ($1,293) |
Balance (in shares) at Sep. 30, 2014 | 198 | 163 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows From Operating Activities | ' | ' |
Net Income | $358 | $395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 38 | 30 |
Realized gains on investments, net | -101 | -77 |
Stock-based compensation | 15 | 14 |
Interest credited to contract holders | 35 | 31 |
Deferred income tax expense | 21 | 15 |
Changes in: | ' | ' |
Investment income receivable | 2 | 0 |
Premiums and reinsurance receivable | -105 | -148 |
Deferred policy acquisition costs | -32 | -60 |
Other assets | 0 | -5 |
Loss and loss expense reserves | 124 | 77 |
Life policy reserves | 104 | 53 |
Unearned premiums | 152 | 234 |
Other liabilities | -30 | 15 |
Current income tax receivable/payable | 52 | -36 |
Net cash provided by operating activities | 633 | 538 |
Cash Flows From Investing Activities | ' | ' |
Sale of fixed maturities | 26 | 28 |
Call or maturity of fixed maturities | 675 | 711 |
Sale of equity securities | 225 | 178 |
Purchase of fixed maturities | -974 | -1,016 |
Purchase of equity securities | -294 | -216 |
Investment in finance receivables | -13 | -26 |
Collection of finance receivables | 23 | 22 |
Investment in buildings and equipment, net | -6 | -5 |
Change in other invested assets, net | 7 | 4 |
Net cash used in investing activities | -331 | -320 |
Cash Flows From Financing Activities | ' | ' |
Payment of cash dividends to shareholders | -208 | -195 |
Purchase of treasury shares | -21 | 0 |
Decrease in notes payable | -55 | 0 |
Proceeds from stock options exercised | 14 | 17 |
Contract holders' funds deposited | 66 | 64 |
Contract holders' funds withdrawn | -108 | -78 |
Excess tax benefits on stock-based compensation | 2 | 10 |
Other | -13 | -12 |
Net cash used in financing activities | -323 | -194 |
Net change in cash and cash equivalents | -21 | 24 |
Cash and cash equivalents at beginning of year | 433 | 487 |
Cash and cash equivalents at end of period | 412 | 511 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 27 | 27 |
Income taxes paid | 52 | 169 |
Non-cash activities: | ' | ' |
Conversion of securities | 7 | 59 |
Equipment acquired under capital lease obligations | 10 | 21 |
Cashless exercise of stock options | $11 | $22 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
ACCOUNTING POLICIES | |
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Our December 31, 2013, condensed consolidated balance sheet amounts are derived from the audited financial statements but do not include all disclosures required by GAAP. | |
Our September 30, 2014, condensed consolidated financial statements are unaudited. Certain financial information that is included in annual financial statements prepared in accordance with GAAP is not required for interim reporting and has been condensed or omitted. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2013 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year. | |
Pending Accounting Updates | |
ASU 2014-09 Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Insurance contracts do not fall within the scope of this ASU. The effective date of ASU 2014-09 is for annual reporting periods beginning after December 15, 2016. The ASU has not yet been adopted and will not have a material impact on our company’s financial position, cash flows or results of operations. | |
ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
In June 2014, the FASB Issued ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted and will not have a material impact on our company’s financial position, cash flows or results of operations. |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||
The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our invested assets: | |||||||||||||||||||||||||
(In millions) | Cost or | ||||||||||||||||||||||||
amortized | Gross unrealized | Fair | |||||||||||||||||||||||
At September 30, 2014 | cost | gains | losses | value | |||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 5,134 | $ | 449 | $ | 13 | $ | 5,570 | |||||||||||||||||
States, municipalities and political subdivisions | 3,294 | 173 | 3 | 3,464 | |||||||||||||||||||||
Commercial mortgage-backed | 250 | 5 | 1 | 254 | |||||||||||||||||||||
Government-sponsored enterprises | 222 | — | 12 | 210 | |||||||||||||||||||||
Foreign government | 10 | — | — | 10 | |||||||||||||||||||||
Convertibles and bonds with warrants attached | 7 | — | — | 7 | |||||||||||||||||||||
United States government | 7 | — | — | 7 | |||||||||||||||||||||
Subtotal | 8,924 | 627 | 29 | 9,522 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 2,552 | 1,942 | 6 | 4,488 | |||||||||||||||||||||
Nonredeemable preferred equities | 145 | 34 | 1 | 178 | |||||||||||||||||||||
Subtotal | 2,697 | 1,976 | 7 | 4,666 | |||||||||||||||||||||
Total | $ | 11,621 | $ | 2,603 | $ | 36 | $ | 14,188 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 5,122 | $ | 433 | $ | 22 | $ | 5,533 | |||||||||||||||||
States, municipalities and political subdivisions | 3,107 | 125 | 21 | 3,211 | |||||||||||||||||||||
Government-sponsored enterprises | 227 | — | 27 | 200 | |||||||||||||||||||||
Commercial mortgage-backed | 148 | — | 5 | 143 | |||||||||||||||||||||
Convertibles and bonds with warrants attached | 17 | — | — | 17 | |||||||||||||||||||||
Foreign government | 10 | — | — | 10 | |||||||||||||||||||||
United States government | 7 | — | — | 7 | |||||||||||||||||||||
Subtotal | 8,638 | 558 | 75 | 9,121 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 2,396 | 1,818 | 1 | 4,213 | |||||||||||||||||||||
Nonredeemable preferred equities | 127 | 38 | 3 | 162 | |||||||||||||||||||||
Subtotal | 2,523 | 1,856 | 4 | 4,375 | |||||||||||||||||||||
Total | $ | 11,161 | $ | 2,414 | $ | 79 | $ | 13,496 | |||||||||||||||||
The net unrealized investment gains in our fixed-maturity portfolio are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio. The seven largest unrealized investment gains in our common stock portfolio are from Exxon Mobil Corporation (NYSE:XOM), The Procter & Gamble Company (NYSE:PG), Honeywell International Incorporated (NYSE:HON), Chevron Corporation (NYSE:CVX), Johnson & Johnson (NYSE:JNJ), BlackRock Inc. (NYSE:BLK), and RPM International (NYSE:RPM), which had a combined gross unrealized gain of $579 million. At September 30, 2014, BlackRock Inc. was our largest single common stock holding with a fair value of 3.1 percent of our publicly traded common stock portfolio and 1.0 percent of the total investment portfolio. | |||||||||||||||||||||||||
The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions: | |||||||||||||||||||||||||
(In millions) | Less than 12 months | 12 months or more | Total | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | fair | unrealized | ||||||||||||||||||||
At September 30, 2014 | value | losses | value | losses | value | losses | |||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 224 | $ | 9 | $ | 114 | $ | 4 | $ | 338 | $ | 13 | |||||||||||||
States, municipalities and political subdivisions | 28 | — | 218 | 3 | 246 | 3 | |||||||||||||||||||
Commercial mortgage-backed | 37 | — | 32 | 1 | 69 | 1 | |||||||||||||||||||
Government-sponsored enterprises | 11 | — | 176 | 12 | 187 | 12 | |||||||||||||||||||
Foreign government | — | — | 10 | — | 10 | — | |||||||||||||||||||
United States government | 1 | — | 1 | — | 2 | — | |||||||||||||||||||
Subtotal | 301 | 9 | 551 | 20 | 852 | 29 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 105 | 2 | 80 | 4 | 185 | 6 | |||||||||||||||||||
Nonredeemable preferred equities | 25 | — | 17 | 1 | 42 | 1 | |||||||||||||||||||
Subtotal | 130 | 2 | 97 | 5 | 227 | 7 | |||||||||||||||||||
Total | $ | 431 | $ | 11 | $ | 648 | $ | 25 | $ | 1,079 | $ | 36 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 572 | $ | 20 | $ | 43 | $ | 2 | $ | 615 | $ | 22 | |||||||||||||
States, municipalities and political subdivisions | 490 | 18 | 42 | 3 | 532 | 21 | |||||||||||||||||||
Government-sponsored enterprises | 199 | 27 | 1 | — | 200 | 27 | |||||||||||||||||||
Commercial mortgage-backed | 125 | 5 | — | — | 125 | 5 | |||||||||||||||||||
Foreign government | 10 | — | — | — | 10 | — | |||||||||||||||||||
United States government | 1 | — | — | — | 1 | — | |||||||||||||||||||
Subtotal | 1,397 | 70 | 86 | 5 | 1,483 | 75 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 77 | 1 | — | — | 77 | 1 | |||||||||||||||||||
Nonredeemable preferred equities | 42 | 3 | — | — | 42 | 3 | |||||||||||||||||||
Subtotal | 119 | 4 | — | — | 119 | 4 | |||||||||||||||||||
Total | $ | 1,516 | $ | 74 | $ | 86 | $ | 5 | $ | 1,602 | $ | 79 | |||||||||||||
The following table provides investment income, realized investment gains and losses, the change in unrealized investment gains and losses, and other items: | |||||||||||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Investment income summary: | |||||||||||||||||||||||||
Interest on fixed maturities | $ | 105 | $ | 104 | $ | 312 | $ | 309 | |||||||||||||||||
Dividends on equity securities | 35 | 30 | 101 | 87 | |||||||||||||||||||||
Other investment income | — | 1 | 2 | 2 | |||||||||||||||||||||
Total | 140 | 135 | 415 | 398 | |||||||||||||||||||||
Less investment expenses | 2 | 2 | 6 | 6 | |||||||||||||||||||||
Total | $ | 138 | $ | 133 | $ | 409 | $ | 392 | |||||||||||||||||
Realized investment gains and losses summary: | |||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||
Gross realized gains | $ | 6 | $ | 5 | $ | 12 | $ | 10 | |||||||||||||||||
Gross realized losses | — | — | (4 | ) | — | ||||||||||||||||||||
Other-than-temporary impairments | — | — | — | (2 | ) | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Gross realized gains | 59 | 15 | 93 | 64 | |||||||||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||||
Other-than-temporary impairments | — | — | (1 | ) | — | ||||||||||||||||||||
Other | — | 2 | 1 | 5 | |||||||||||||||||||||
Total | $ | 65 | $ | 22 | $ | 101 | $ | 77 | |||||||||||||||||
Change in unrealized gains and losses summary: | |||||||||||||||||||||||||
Fixed maturities | $ | (66 | ) | $ | (28 | ) | $ | 115 | $ | (335 | ) | ||||||||||||||
Equity securities | (54 | ) | 90 | 117 | 509 | ||||||||||||||||||||
Net change in pension actuarial loss and prior | 1 | 2 | — | 7 | |||||||||||||||||||||
service cost | |||||||||||||||||||||||||
Adjustment to deferred acquisition costs and life | 4 | 9 | (4 | ) | 38 | ||||||||||||||||||||
policy reserves | |||||||||||||||||||||||||
Other | 1 | (2 | ) | 9 | (7 | ) | |||||||||||||||||||
Income taxes on above | 40 | (25 | ) | (83 | ) | (74 | ) | ||||||||||||||||||
Total | $ | (74 | ) | $ | 46 | $ | 154 | $ | 138 | ||||||||||||||||
During the three months ended September 30, 2014, there were no equity securities and no fixed-maturity securities other-than-temporarily impaired. During the nine months ended September 30, 2014, there were three equity securities and one fixed-maturity security other-than-temporarily impaired. There were no credit losses on fixed-maturity securities for which a portion of other-than-temporary impairment (OTTI) has been recognized in other comprehensive income for the three and nine months ended September 30, 2014 and 2013. At September 30, 2014, 212 fixed-maturity investments with a total unrealized loss of $20 million had been in an unrealized loss position for 12 months or more. Of that total, no fixed-maturity investments had fair values below | |||||||||||||||||||||||||
70 percent of amortized cost. Four equity investments with a total unrealized loss of $5 million had been in an unrealized loss position for 12 months or more as of September 30, 2014. Of that total, no equity investments were trading below 70 percent of cost. | |||||||||||||||||||||||||
During 2013, we other-than-temporarily impaired seven fixed-maturity securities. At December 31, 2013, 40 fixed-maturity investments with a total unrealized loss of $5 million had been in an unrealized loss position for 12 months or more. Of that total, no fixed-maturity investments had fair values below 70 percent of amortized cost. There were no equity investments in an unrealized loss position for 12 months or more as of December 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2013, and ultimately management determines fair value. See our 2013 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 121, for information on characteristics and valuation techniques used in determining fair value. | ||||||||||||||||||||||
Fair Value Disclosures for Assets | ||||||||||||||||||||||
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 2014, and December 31, 2013. We do not have any material liabilities carried at fair value. There were no transfers between Level 1 and Level 2. | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Fixed maturities, available for sale: | ||||||||||||||||||||||
Corporate | $ | — | $ | 5,542 | $ | 28 | $ | 5,570 | ||||||||||||||
States, municipalities and political subdivisions | — | 3,464 | — | 3,464 | ||||||||||||||||||
Commercial mortgage-backed | — | 254 | — | 254 | ||||||||||||||||||
Government-sponsored enterprises | — | 210 | — | 210 | ||||||||||||||||||
Foreign government | — | 10 | — | 10 | ||||||||||||||||||
Convertibles and bonds with warrants attached | — | 7 | — | 7 | ||||||||||||||||||
United States government | 7 | — | — | 7 | ||||||||||||||||||
Subtotal | 7 | 9,487 | 28 | 9,522 | ||||||||||||||||||
Common equities, available for sale | 4,488 | — | — | 4,488 | ||||||||||||||||||
Nonredeemable preferred equities, available for sale | — | 176 | 2 | 178 | ||||||||||||||||||
Separate accounts taxable fixed maturities | — | 694 | — | 694 | ||||||||||||||||||
Top Hat Savings Plan mutual funds and common | 17 | — | — | 17 | ||||||||||||||||||
equity (included in Other assets) | ||||||||||||||||||||||
Total | $ | 4,512 | $ | 10,357 | $ | 30 | $ | 14,899 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Fixed maturities, available for sale: | ||||||||||||||||||||||
Corporate | $ | — | $ | 5,531 | $ | 2 | $ | 5,533 | ||||||||||||||
States, municipalities and political subdivisions | — | 3,211 | — | 3,211 | ||||||||||||||||||
Government-sponsored enterprises | — | 200 | — | 200 | ||||||||||||||||||
Commercial mortgage-backed | — | 143 | — | 143 | ||||||||||||||||||
Convertibles and bonds with warrants attached | — | 17 | — | 17 | ||||||||||||||||||
Foreign government | — | 10 | — | 10 | ||||||||||||||||||
United States government | 7 | — | — | 7 | ||||||||||||||||||
Subtotal | 7 | 9,112 | 2 | 9,121 | ||||||||||||||||||
Common equities, available for sale | 4,213 | — | — | 4,213 | ||||||||||||||||||
Nonredeemable preferred equities, available for sale | — | 160 | 2 | 162 | ||||||||||||||||||
Separate accounts taxable fixed-maturities | — | 682 | — | 682 | ||||||||||||||||||
Top Hat Savings Plan mutual funds and common | 14 | — | — | 14 | ||||||||||||||||||
equity (included in Other assets) | ||||||||||||||||||||||
Total | $ | 4,234 | $ | 9,954 | $ | 4 | $ | 14,192 | ||||||||||||||
Each financial instrument that was deemed to have significant unobservable inputs when determining valuation is identified in the following tables by security type with a summary of changes in fair value as of September 30, 2014. Total Level 3 assets continue to be less than 1 percent of financial assets measured at fair value in the condensed consolidated balance sheets. Assets presented in the table below were valued based primarily on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to us. | ||||||||||||||||||||||
The following tables provide the change in Level 3 assets for the three months ended September 30: | ||||||||||||||||||||||
(In millions) | Asset fair value measurements using significant unobservable inputs (Level 3) | |||||||||||||||||||||
Corporate | Commercial | States, | Nonredeemable preferred | Total | ||||||||||||||||||
fixed | mortgage- | municipalities | equities | |||||||||||||||||||
maturities | backed fixed maturities | and political | ||||||||||||||||||||
subdivisions | ||||||||||||||||||||||
fixed maturities | ||||||||||||||||||||||
Beginning balance, June 30, 2014 | $ | 9 | $ | — | $ | — | $ | 2 | $ | 11 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||||
Transfers into Level 3 | 19 | — | — | — | 19 | |||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||||
Ending balance, September 30, 2014 | $ | 28 | $ | — | $ | — | $ | 2 | $ | 30 | ||||||||||||
Beginning balance, June 30, 2013 | $ | 3 | $ | — | $ | 1 | $ | 2 | $ | 6 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||||
Sales | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 3 | $ | — | $ | — | $ | 2 | $ | 5 | ||||||||||||
The following tables provide the change in Level 3 assets for the nine months ended September 30: | ||||||||||||||||||||||
(In millions) | Asset fair value measurements using significant unobservable inputs (Level 3) | |||||||||||||||||||||
Corporate | Commercial | States, | Nonredeemable preferred | Total | ||||||||||||||||||
fixed | mortgage- | municipalities | equities | |||||||||||||||||||
maturities | backed fixed maturities | and political | ||||||||||||||||||||
subdivisions | ||||||||||||||||||||||
fixed maturities | ||||||||||||||||||||||
Beginning balance, January 1, 2014 | $ | 2 | $ | — | $ | — | $ | 2 | $ | 4 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||||
Transfers into Level 3 | 26 | 5 | — | — | 31 | |||||||||||||||||
Transfers out of Level 3 | — | (5 | ) | — | — | (5 | ) | |||||||||||||||
Ending balance, September 30, 2014 | $ | 28 | $ | — | $ | — | $ | 2 | $ | 30 | ||||||||||||
Beginning balance, January 1, 2013 | $ | 3 | $ | — | $ | 1 | $ | 1 | $ | 5 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | 1 | 1 | |||||||||||||||||
Sales | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 3 | $ | — | $ | — | $ | 2 | $ | 5 | ||||||||||||
Additional disclosures for the Level 3 category are not material. | ||||||||||||||||||||||
Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value | ||||||||||||||||||||||
The disclosures below are presented to provide timely information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements. | ||||||||||||||||||||||
This table summarizes the book value and principal amounts of our long-term debt: | ||||||||||||||||||||||
(In millions) | Book value | Principal amount | ||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | |||||||||||||||||||
Interest rate | Year of issue | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
6.9 | % | 1998 | Senior debentures, due 2028 | $ | 28 | $ | 28 | $ | 28 | $ | 28 | |||||||||||
6.92 | % | 2005 | Senior debentures, due 2028 | 391 | 391 | 391 | 391 | |||||||||||||||
6.125 | % | 2004 | Senior notes, due 2034 | 371 | 371 | 374 | 374 | |||||||||||||||
Total | $ | 790 | $ | 790 | $ | 793 | $ | 793 | ||||||||||||||
The following table shows fair values of our note payable and long-term debt: | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Note payable | $ | — | $ | 49 | $ | — | $ | 49 | ||||||||||||||
6.900% senior debentures, due 2028 | — | 33 | — | 33 | ||||||||||||||||||
6.920% senior debentures, due 2028 | — | 482 | — | 482 | ||||||||||||||||||
6.125% senior notes, due 2034 | — | 438 | — | 438 | ||||||||||||||||||
Total | $ | — | $ | 1,002 | $ | — | $ | 1,002 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Note payable | $ | — | $ | 104 | $ | — | $ | 104 | ||||||||||||||
6.900% senior debentures, due 2028 | — | 30 | — | 30 | ||||||||||||||||||
6.920% senior debentures, due 2028 | — | 458 | — | 458 | ||||||||||||||||||
6.125% senior notes, due 2034 | — | 399 | — | 399 | ||||||||||||||||||
Total | $ | — | $ | 991 | $ | — | $ | 991 | ||||||||||||||
During the second quarter of 2014, we repaid $55 million on our revolving short-term line of credit as part of routine cash management. | ||||||||||||||||||||||
The following table shows the fair value of our life policy loans, included in other invested assets: | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Life policy loans | $ | — | $ | — | $ | 39 | $ | 39 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Life policy loans | $ | — | $ | — | $ | 45 | $ | 45 | ||||||||||||||
Outstanding principal and interest for these life policy loans was $30 million and $36 million at September 30, 2014, and December 31, 2013, respectively. | ||||||||||||||||||||||
The following table shows fair values of our deferred annuities and structured settlements, included in life policy and investment contract reserves: | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Deferred annuities | $ | — | $ | — | $ | 904 | $ | 904 | ||||||||||||||
Structured settlements | — | 220 | — | 220 | ||||||||||||||||||
Total | $ | — | $ | 220 | $ | 904 | $ | 1,124 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Deferred annuities | $ | — | $ | — | $ | 911 | $ | 911 | ||||||||||||||
Structured settlements | — | 219 | — | 219 | ||||||||||||||||||
Total | $ | — | $ | 219 | $ | 911 | $ | 1,130 | ||||||||||||||
Recorded reserves for the deferred annuities were $864 million and $862 million at September 30, 2014, and December 31, 2013, respectively. Recorded reserves for the structured settlements were $184 million and | ||||||||||||||||||||||
$189 million at September 30, 2014, and December 31, 2013, respectively. |
Property_Casualty_Loss_and_Los
Property Casualty Loss and Loss Expenses | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Premiums Written, Net [Abstract] | ' | ||||||||||||||||
Property Casualty Loss And Loss Expenses | ' | ||||||||||||||||
PROPERTY CASUALTY LOSS AND LOSS EXPENSES | |||||||||||||||||
This table summarizes activity for our consolidated property casualty loss and loss expense reserves: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gross loss and loss expense reserves, beginning | $ | 4,408 | $ | 4,219 | $ | 4,241 | $ | 4,169 | |||||||||
of period | |||||||||||||||||
Less reinsurance receivable | 282 | 333 | 299 | 356 | |||||||||||||
Net loss and loss expense reserves, beginning of | 4,126 | 3,886 | 3,942 | 3,813 | |||||||||||||
period | |||||||||||||||||
Net incurred loss and loss expenses related to: | |||||||||||||||||
Current accident year | 647 | 631 | 2,125 | 1,840 | |||||||||||||
Prior accident years | (25 | ) | (38 | ) | (120 | ) | (140 | ) | |||||||||
Total incurred | 622 | 593 | 2,005 | 1,700 | |||||||||||||
Net paid loss and loss expenses related to: | |||||||||||||||||
Current accident year | 353 | 329 | 859 | 699 | |||||||||||||
Prior accident years | 286 | 233 | 979 | 897 | |||||||||||||
Total paid | 639 | 562 | 1,838 | 1,596 | |||||||||||||
Net loss and loss expense reserves, end of period | 4,109 | 3,917 | 4,109 | 3,917 | |||||||||||||
Plus reinsurance receivable | 284 | 321 | 284 | 321 | |||||||||||||
Gross loss and loss expense reserves, end of | $ | 4,393 | $ | 4,238 | $ | 4,393 | $ | 4,238 | |||||||||
period | |||||||||||||||||
We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an | |||||||||||||||||
inter-departmental committee that includes actuarial management that is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $42 million at September 30, 2014, and $69 million at September 30, 2013, for certain life and health loss and loss expense reserves. | |||||||||||||||||
For the three months ended September 30, 2014, we experienced $25 million of favorable development on prior accident years, including $24 million of favorable development in commercial lines, $5 million of adverse development in personal lines and $6 million favorable development in excess and surplus lines. This included | |||||||||||||||||
$5 million from favorable development of catastrophe losses for the three months ended September 30, 2014, compared with $9 million of favorable development of catastrophe losses for the three months ended September 30, 2013. We recognized favorable reserve development during the three months ended | |||||||||||||||||
September 30, 2014, of $15 million for the workers' compensation line, $8 million for each the commercial property line and the commercial casualty line and $12 million of adverse development for the commercial auto line, due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. | |||||||||||||||||
For the nine months ended September 30, 2014, we experienced $120 million of favorable development on prior accident years, including $84 million of favorable development in commercial lines, $13 million of favorable development in personal lines and $23 million favorable development in excess and surplus lines. This included | |||||||||||||||||
$19 million from favorable development of catastrophe losses for the nine months ended September 30, 2014, compared with $24 million of favorable development of catastrophe losses for the nine months ended September 30, 2013. We recognized favorable reserve development during the nine months ended | |||||||||||||||||
September 30, 2014, of $45 million for the workers' compensation line, $33 million for the commercial property line, $25 million for the commercial casualty line and $24 million of adverse development in the commercial auto line, due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. |
Life_Policy_and_Investment_Con
Life Policy and Investment Contract Reserves | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Liability for Future Policy Benefits [Abstract] | ' | ||||||||
Life Policy And Investment Contract Reserves | ' | ||||||||
LIFE POLICY AND INVESTMENT CONTRACT RESERVES | |||||||||
We establish the reserves for traditional life insurance policies based on expected expenses, mortality, morbidity, withdrawal rates, timing of claim presentation and investment yields, including a provision for uncertainty. Once these assumptions are established, they generally are maintained throughout the lives of the contracts. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our assumptions for expected mortality, morbidity and withdrawal rates as well as for expected expenses. We base our assumptions for expected investment income on our own experience adjusted for current economic conditions. | |||||||||
We establish reserves for the company’s universal life, deferred annuity and structured settlement policies equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments. | |||||||||
This table summarizes our life policy and investment contract reserves: | |||||||||
(In millions) | September 30, | December 31, 2013 | |||||||
2014 | |||||||||
Ordinary/traditional life | $ | 863 | $ | 815 | |||||
Universal life | 527 | 508 | |||||||
Deferred annuities | 864 | 862 | |||||||
Structured settlements | 184 | 189 | |||||||
Other | 46 | 16 | |||||||
Total life policy and investment contract reserves | $ | 2,484 | $ | 2,390 | |||||
Deferred_Acquisition_Costs
Deferred Acquisition Costs | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Deferred Costs [Abstract] | ' | |||||||||||||||
Deferred Acquisition Costs | ' | |||||||||||||||
DEFERRED ACQUISITION COSTS | ||||||||||||||||
Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation. | ||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Deferred policy acquisition costs asset, beginning | $ | 571 | $ | 546 | $ | 565 | $ | 470 | ||||||||
of period | ||||||||||||||||
Capitalized deferred policy acquisition costs | 208 | 211 | 630 | 612 | ||||||||||||
Amortized deferred policy acquisition costs | (195 | ) | (190 | ) | (598 | ) | (552 | ) | ||||||||
Amortized shadow deferred policy acquisition costs | 6 | 9 | (7 | ) | 46 | |||||||||||
Deferred policy acquisition costs asset, end of | $ | 590 | $ | 576 | $ | 590 | $ | 576 | ||||||||
period | ||||||||||||||||
No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss adjustment expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||
Comprehensive Income (Loss) Note | ' | |||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||||
Accumulated other comprehensive income includes changes in unrealized gains and losses on investments available for sale and other invested assets, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows: | ||||||||||||||||||||||||||
(In millions) | Three months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Before tax | Income tax | Net | Before tax | Income tax | Net | |||||||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,687 | $ | 931 | $ | 1,756 | $ | 1,987 | $ | 686 | $ | 1,301 | ||||||||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | (55 | ) | (20 | ) | (35 | ) | 82 | 29 | 53 | |||||||||||||||||
Reclassification adjustment for realized investment gains, net, | (65 | ) | (22 | ) | (43 | ) | (20 | ) | (7 | ) | (13 | ) | ||||||||||||||
included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | (120 | ) | (42 | ) | (78 | ) | 62 | 22 | 40 | |||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,567 | $ | 889 | $ | 1,678 | $ | 2,049 | $ | 708 | $ | 1,341 | ||||||||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (19 | ) | $ | (6 | ) | $ | (13 | ) | $ | (96 | ) | $ | (33 | ) | $ | (63 | ) | ||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | — | — | — | — | — | — | ||||||||||||||||||||
Reclassification adjustment for amortization of actuarial loss and prior | 1 | — | 1 | 2 | 1 | 1 | ||||||||||||||||||||
service cost, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 1 | — | 1 | 2 | 1 | 1 | ||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (18 | ) | $ | (6 | ) | $ | (12 | ) | $ | (94 | ) | $ | (32 | ) | $ | (62 | ) | ||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (16 | ) | $ | (5 | ) | $ | (11 | ) | $ | (26 | ) | $ | (9 | ) | $ | (17 | ) | ||||||||
life policy reserves and other, beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | 5 | 2 | 3 | 9 | 2 | 7 | ||||||||||||||||||||
Reclassification adjustment for life deferred acquisition costs, | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||
life policy reserves and other, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 5 | 2 | 3 | 7 | 2 | 5 | ||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (11 | ) | $ | (3 | ) | $ | (8 | ) | $ | (19 | ) | $ | (7 | ) | $ | (12 | ) | ||||||||
life policy reserves and other, end of period | ||||||||||||||||||||||||||
Accumulated other comprehensive income, beginning of period | $ | 2,652 | $ | 920 | $ | 1,732 | $ | 1,865 | $ | 644 | $ | 1,221 | ||||||||||||||
Change in unrealized gains, net, on investments available for sale | (120 | ) | (42 | ) | (78 | ) | 62 | 22 | 40 | |||||||||||||||||
Change in pension obligations | 1 | — | 1 | 2 | 1 | 1 | ||||||||||||||||||||
Change in life deferred acquisition costs, life policy reserves | 5 | 2 | 3 | 7 | 2 | 5 | ||||||||||||||||||||
and other | ||||||||||||||||||||||||||
Effect on other comprehensive income | (114 | ) | (40 | ) | (74 | ) | 71 | 25 | 46 | |||||||||||||||||
Accumulated other comprehensive income, end of period | $ | 2,538 | $ | 880 | $ | 1,658 | $ | 1,936 | $ | 669 | $ | 1,267 | ||||||||||||||
(In millions) | Nine months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Before tax | Income tax | Net | Before tax | Income tax | Net | |||||||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,335 | $ | 808 | $ | 1,527 | $ | 1,875 | $ | 647 | $ | 1,228 | ||||||||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | 332 | 115 | 217 | 246 | 85 | 161 | ||||||||||||||||||||
Reclassification adjustment for realized investment gains, net, | (100 | ) | (34 | ) | (66 | ) | (72 | ) | (24 | ) | (48 | ) | ||||||||||||||
included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 232 | 81 | 151 | 174 | 61 | 113 | ||||||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,567 | $ | 889 | $ | 1,678 | $ | 2,049 | $ | 708 | $ | 1,341 | ||||||||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (18 | ) | $ | (6 | ) | $ | (12 | ) | $ | (101 | ) | $ | (35 | ) | $ | (66 | ) | ||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | — | — | — | — | — | — | ||||||||||||||||||||
Reclassification adjustment for amortization of actuarial loss and prior | — | — | — | 7 | 3 | 4 | ||||||||||||||||||||
service cost, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | — | — | — | 7 | 3 | 4 | ||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (18 | ) | $ | (6 | ) | $ | (12 | ) | $ | (94 | ) | $ | (32 | ) | $ | (62 | ) | ||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (16 | ) | $ | (5 | ) | $ | (11 | ) | $ | (50 | ) | $ | (17 | ) | $ | (33 | ) | ||||||||
life policy reserves and other, beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | 6 | 3 | 3 | 36 | 12 | 24 | ||||||||||||||||||||
Reclassification adjustment for life deferred acquisition costs, | (1 | ) | (1 | ) | — | (5 | ) | (2 | ) | (3 | ) | |||||||||||||||
life policy reserves and other, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 5 | 2 | 3 | 31 | 10 | 21 | ||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (11 | ) | $ | (3 | ) | $ | (8 | ) | $ | (19 | ) | $ | (7 | ) | $ | (12 | ) | ||||||||
life policy reserves and other, end of period | ||||||||||||||||||||||||||
Accumulated other comprehensive income, beginning of period | $ | 2,301 | $ | 797 | $ | 1,504 | $ | 1,724 | $ | 595 | $ | 1,129 | ||||||||||||||
Change in unrealized gains, net, on investments available for sale | 232 | 81 | 151 | 174 | 61 | 113 | ||||||||||||||||||||
Change in pension obligations | — | — | — | 7 | 3 | 4 | ||||||||||||||||||||
Change in life deferred acquisition costs, life policy reserves | 5 | 2 | 3 | 31 | 10 | 21 | ||||||||||||||||||||
and other | ||||||||||||||||||||||||||
Effect on other comprehensive income | 237 | 83 | 154 | 212 | 74 | 138 | ||||||||||||||||||||
Accumulated other comprehensive income, end of period | $ | 2,538 | $ | 880 | $ | 1,658 | $ | 1,936 | $ | 669 | $ | 1,267 | ||||||||||||||
The reclassification adjustment for realized gains on investments available for sale and life deferred acquisition costs, life policy reserves and other is recorded in the line item for total realized investment gains, net, on the condensed consolidated statements of income. |
Reinsurance
Reinsurance | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Reinsurance Disclosures [Abstract] | ' | ||||||||||||||||
Reinsurance | ' | ||||||||||||||||
REINSURANCE | |||||||||||||||||
Reinsurance mitigates the risk of highly uncertain exposures and reduces the maximum net loss that can arise from large risks or risks concentrated in areas of exposure. Management's decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions. | |||||||||||||||||
Primary components of our property casualty reinsurance program include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and catastrophe bonds. | |||||||||||||||||
Our condensed consolidated statements of income include earned consolidated property casualty insurance premiums on assumed and ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct earned premiums | $ | 1,067 | $ | 1,002 | $ | 3,134 | $ | 2,895 | |||||||||
Assumed earned premiums | 3 | 3 | 8 | 8 | |||||||||||||
Ceded earned premiums | (45 | ) | (51 | ) | (132 | ) | (150 | ) | |||||||||
Net earned premiums | $ | 1,025 | $ | 954 | $ | 3,010 | $ | 2,753 | |||||||||
Our condensed consolidated statements of income include incurred consolidated property casualty insurance loss and loss expenses on assumed and ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct incurred loss and loss expenses | $ | 633 | $ | 597 | $ | 2,026 | $ | 1,725 | |||||||||
Assumed incurred loss and loss expenses | 1 | 1 | 5 | 8 | |||||||||||||
Ceded incurred loss and loss expenses | (12 | ) | (5 | ) | (26 | ) | (33 | ) | |||||||||
Net incurred loss and loss expenses | $ | 622 | $ | 593 | $ | 2,005 | $ | 1,700 | |||||||||
Our life insurance company purchases reinsurance for protection of a portion of the risk that is written. Primary components of our life reinsurance program include individual mortality coverage and aggregate catastrophe and accidental death coverage in excess of certain deductibles. | |||||||||||||||||
Our condensed consolidated statements of income include earned life insurance premiums on ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct earned premiums | $ | 61 | $ | 52 | $ | 191 | $ | 166 | |||||||||
Ceded earned premiums | (15 | ) | (14 | ) | (44 | ) | (42 | ) | |||||||||
Net earned premiums | $ | 46 | $ | 38 | $ | 147 | $ | 124 | |||||||||
Our condensed consolidated statements of income include life insurance contract holders' benefits incurred on ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct contract holders' benefits incurred | $ | 80 | $ | 64 | $ | 228 | $ | 190 | |||||||||
Ceded contract holders' benefits incurred | (16 | ) | (15 | ) | (52 | ) | (49 | ) | |||||||||
Net contract holders' benefits incurred | $ | 64 | $ | 49 | $ | 176 | $ | 141 | |||||||||
The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was sold. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||||||||||
As of September 30, 2014, and December 31, 2013, we had no liability for unrecognized tax benefits. | |||||||||||||||||||||||||||||
The differences between the 35 percent statutory income tax rate and our effective income tax rate were as follows: | |||||||||||||||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Tax at statutory rate | $ | 91 | 35 | % | $ | 64 | 35 | % | $ | 170 | 35 | % | $ | 191 | 35 | % | |||||||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||||||||||
Tax-exempt income from municipal bonds | (9 | ) | (3.5 | ) | (8 | ) | (4.4 | ) | (25 | ) | (5.2 | ) | (24 | ) | (4.4 | ) | |||||||||||||
Dividend received exclusion | (7 | ) | (2.7 | ) | (6 | ) | (3.3 | ) | (21 | ) | (4.3 | ) | (18 | ) | (3.3 | ) | |||||||||||||
Other | 1 | 0.5 | 1 | 0.7 | 3 | 0.7 | 3 | 0.5 | |||||||||||||||||||||
Provision for income taxes | $ | 76 | 29.3 | % | $ | 51 | 28 | % | $ | 127 | 26.2 | % | $ | 152 | 27.8 | % | |||||||||||||
The change in our effective tax rate was primarily due to changes in pretax income from underwriting results and realized investment gains and losses, compared with small changes in the amount of permanent book-tax differences. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
NET INCOME PER COMMON SHARE | |||||||||||||||||
Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: | |||||||||||||||||
(In millions except per share data) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income—basic and diluted | $ | 183 | $ | 131 | $ | 358 | $ | 395 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted-average common shares | 163.5 | 163.7 | 163.5 | 163.5 | |||||||||||||
outstanding | |||||||||||||||||
Effect of stock-based awards: | |||||||||||||||||
Stock options | 0.9 | 1.2 | 0.9 | 1.1 | |||||||||||||
Nonvested shares | 0.6 | 0.7 | 0.6 | 0.7 | |||||||||||||
Adjusted diluted weighted-average shares | 165 | 165.6 | 165 | 165.3 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.12 | $ | 0.8 | $ | 2.19 | $ | 2.42 | |||||||||
Diluted | 1.11 | 0.79 | 2.17 | 2.39 | |||||||||||||
Number of anti-dilutive share-based awards | 0.7 | 0.3 | 0.7 | 0.4 | |||||||||||||
The sources of dilution of our common shares are certain equity-based awards. See our 2013 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 154, for information about | |||||||||||||||||
equity-based awards. The above table shows the number of anti-dilutive share-based awards for the three and | |||||||||||||||||
nine months ended September 30, 2014 and 2013. We did not include these share-based awards in the computation of net income per common share (diluted) because their exercise would have anti-dilutive effects. |
Employee_Retirement_Benefits
Employee Retirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Retirement Benefits | ' | ||||||||||||||||
EMPLOYEE RETIREMENT BENEFITS | |||||||||||||||||
The following summarizes the components of net periodic costs for our qualified and supplemental pension plans: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 3 | $ | 4 | $ | 8 | $ | 10 | |||||||||
Interest cost | 4 | 4 | 11 | 10 | |||||||||||||
Expected return on plan assets | (5 | ) | (5 | ) | (13 | ) | (13 | ) | |||||||||
Amortization of actuarial loss and prior service | 1 | 2 | 2 | 7 | |||||||||||||
cost | |||||||||||||||||
Net periodic benefit cost | $ | 3 | $ | 5 | $ | 8 | $ | 14 | |||||||||
See our 2013 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 148, for information on our retirement benefits. We made matching contributions of $3 million and $2 million to our | |||||||||||||||||
401(k) and Top Hat savings plans during the third quarter of 2014 and 2013 and contributions of $9 million and | |||||||||||||||||
$7 million for the first nine months of 2014 and 2013, respectively. | |||||||||||||||||
We contributed $5 million to our qualified pension plan during the first quarter of 2014. We do not anticipate further contributions to our qualified pension plan during the remainder of 2014. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingent Liabilities | ' |
COMMITMENTS AND CONTINGENT LIABILITIES | |
In the ordinary course of conducting business, the company and its subsidiaries are named as defendants in various legal proceedings. Most of these proceedings are claims litigation involving the company's insurance subsidiaries in which the company is either defending or providing indemnity for third-party claims brought against insureds or litigating first-party coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. We believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, is immaterial to our consolidated financial condition, results of operations and cash flows. | |
The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of a state or national class. Such proceedings have alleged, for example, breach of an alleged duty to search national databases to ascertain unreported deaths of insureds under life insurance policies. The company's insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith handling of insurance claims or writing unauthorized coverage or claims alleging discrimination by former or current associates. | |
On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial condition or results of operations. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company's consolidated results of operations or cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is less than $1 million. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
We operate primarily in two industries, property casualty insurance and life insurance. We regularly review our reporting segments to make decisions about allocating resources and assessing performance: | |||||||||||||||||
• | Commercial lines property casualty insurance | ||||||||||||||||
• | Personal lines property casualty insurance | ||||||||||||||||
• | Excess and surplus lines property casualty insurance | ||||||||||||||||
• | Life insurance | ||||||||||||||||
• | Investments | ||||||||||||||||
We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. See our 2013 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 156, for a description of revenue, income or loss before income taxes and identifiable assets for each of the five segments. | |||||||||||||||||
Segment information is summarized in the following table: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Commercial lines insurance | |||||||||||||||||
Commercial casualty | $ | 237 | $ | 221 | $ | 695 | $ | 636 | |||||||||
Commercial property | 186 | 161 | 537 | 460 | |||||||||||||
Commercial auto | 133 | 124 | 391 | 355 | |||||||||||||
Workers' compensation | 93 | 95 | 280 | 270 | |||||||||||||
Specialty packages | 27 | 38 | 93 | 114 | |||||||||||||
Management liability and surety | 32 | 30 | 94 | 89 | |||||||||||||
Machinery and equipment | 12 | 11 | 36 | 32 | |||||||||||||
Commercial lines insurance premiums | 720 | 680 | 2,126 | 1,956 | |||||||||||||
Fee revenue | 1 | 1 | 3 | 2 | |||||||||||||
Total commercial lines insurance | 721 | 681 | 2,129 | 1,958 | |||||||||||||
Personal lines insurance | |||||||||||||||||
Personal auto | 121 | 112 | 354 | 328 | |||||||||||||
Homeowner | 110 | 103 | 330 | 298 | |||||||||||||
Other personal lines | 32 | 29 | 91 | 86 | |||||||||||||
Personal lines insurance premiums | 263 | 244 | 775 | 712 | |||||||||||||
Fee revenue | 1 | — | 2 | 1 | |||||||||||||
Total personal lines insurance | 264 | 244 | 777 | 713 | |||||||||||||
Excess and surplus lines insurance | 42 | 30 | 109 | 85 | |||||||||||||
Life insurance premiums | 46 | 38 | 147 | 124 | |||||||||||||
Separate account investment management fees | 1 | 1 | 4 | 3 | |||||||||||||
Total life insurance | 47 | 39 | 151 | 127 | |||||||||||||
Investment operations | |||||||||||||||||
Investment income, net of expenses | 138 | 133 | 409 | 392 | |||||||||||||
Realized investment gains, net | 65 | 22 | 101 | 77 | |||||||||||||
Total investments | 203 | 155 | 510 | 469 | |||||||||||||
Other | 3 | 3 | 7 | 7 | |||||||||||||
Total revenues | $ | 1,280 | $ | 1,152 | $ | 3,683 | $ | 3,359 | |||||||||
Income (loss) before income taxes: | |||||||||||||||||
Insurance underwriting results | |||||||||||||||||
Commercial lines insurance | $ | 67 | $ | 43 | $ | 97 | $ | 135 | |||||||||
Personal lines insurance | 14 | 14 | (33 | ) | 33 | ||||||||||||
Excess and surplus lines insurance | 13 | 4 | 22 | 5 | |||||||||||||
Life insurance | (4 | ) | — | (5 | ) | 10 | |||||||||||
Investment operations | 182 | 134 | 448 | 409 | |||||||||||||
Other | (13 | ) | (13 | ) | (44 | ) | (45 | ) | |||||||||
Total income before income taxes | $ | 259 | $ | 182 | $ | 485 | $ | 547 | |||||||||
Identifiable assets: | September 30, | December 31, 2013 | |||||||||||||||
2014 | |||||||||||||||||
Property casualty insurance | $ | 2,434 | $ | 2,455 | |||||||||||||
Life insurance | 1,269 | 1,225 | |||||||||||||||
Investment operations | 14,322 | 13,618 | |||||||||||||||
Other | 449 | 364 | |||||||||||||||
Total | $ | 18,474 | $ | 17,662 | |||||||||||||
Accounting_Policies_Pending_Ac
Accounting Policies Pending Accounting Updates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition, Policy [Policy Text Block] | ' |
ASU 2014-09 Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Insurance contracts do not fall within the scope of this ASU. The effective date of ASU 2014-09 is for annual reporting periods beginning after December 15, 2016. The ASU has not yet been adopted and will not have a material impact on our company’s financial position, cash flows or results of operations. | |
Compensation Related Costs, Policy [Policy Text Block] | ' |
ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
In June 2014, the FASB Issued ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted and will not have a material impact on our company’s financial position, cash flows or results of operations. |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value for Investments | ' | ||||||||||||||||||||||||
The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our invested assets: | |||||||||||||||||||||||||
(In millions) | Cost or | ||||||||||||||||||||||||
amortized | Gross unrealized | Fair | |||||||||||||||||||||||
At September 30, 2014 | cost | gains | losses | value | |||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 5,134 | $ | 449 | $ | 13 | $ | 5,570 | |||||||||||||||||
States, municipalities and political subdivisions | 3,294 | 173 | 3 | 3,464 | |||||||||||||||||||||
Commercial mortgage-backed | 250 | 5 | 1 | 254 | |||||||||||||||||||||
Government-sponsored enterprises | 222 | — | 12 | 210 | |||||||||||||||||||||
Foreign government | 10 | — | — | 10 | |||||||||||||||||||||
Convertibles and bonds with warrants attached | 7 | — | — | 7 | |||||||||||||||||||||
United States government | 7 | — | — | 7 | |||||||||||||||||||||
Subtotal | 8,924 | 627 | 29 | 9,522 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 2,552 | 1,942 | 6 | 4,488 | |||||||||||||||||||||
Nonredeemable preferred equities | 145 | 34 | 1 | 178 | |||||||||||||||||||||
Subtotal | 2,697 | 1,976 | 7 | 4,666 | |||||||||||||||||||||
Total | $ | 11,621 | $ | 2,603 | $ | 36 | $ | 14,188 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 5,122 | $ | 433 | $ | 22 | $ | 5,533 | |||||||||||||||||
States, municipalities and political subdivisions | 3,107 | 125 | 21 | 3,211 | |||||||||||||||||||||
Government-sponsored enterprises | 227 | — | 27 | 200 | |||||||||||||||||||||
Commercial mortgage-backed | 148 | — | 5 | 143 | |||||||||||||||||||||
Convertibles and bonds with warrants attached | 17 | — | — | 17 | |||||||||||||||||||||
Foreign government | 10 | — | — | 10 | |||||||||||||||||||||
United States government | 7 | — | — | 7 | |||||||||||||||||||||
Subtotal | 8,638 | 558 | 75 | 9,121 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 2,396 | 1,818 | 1 | 4,213 | |||||||||||||||||||||
Nonredeemable preferred equities | 127 | 38 | 3 | 162 | |||||||||||||||||||||
Subtotal | 2,523 | 1,856 | 4 | 4,375 | |||||||||||||||||||||
Total | $ | 11,161 | $ | 2,414 | $ | 79 | $ | 13,496 | |||||||||||||||||
Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions: | |||||||||||||||||||||||||
(In millions) | Less than 12 months | 12 months or more | Total | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | fair | unrealized | ||||||||||||||||||||
At September 30, 2014 | value | losses | value | losses | value | losses | |||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 224 | $ | 9 | $ | 114 | $ | 4 | $ | 338 | $ | 13 | |||||||||||||
States, municipalities and political subdivisions | 28 | — | 218 | 3 | 246 | 3 | |||||||||||||||||||
Commercial mortgage-backed | 37 | — | 32 | 1 | 69 | 1 | |||||||||||||||||||
Government-sponsored enterprises | 11 | — | 176 | 12 | 187 | 12 | |||||||||||||||||||
Foreign government | — | — | 10 | — | 10 | — | |||||||||||||||||||
United States government | 1 | — | 1 | — | 2 | — | |||||||||||||||||||
Subtotal | 301 | 9 | 551 | 20 | 852 | 29 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 105 | 2 | 80 | 4 | 185 | 6 | |||||||||||||||||||
Nonredeemable preferred equities | 25 | — | 17 | 1 | 42 | 1 | |||||||||||||||||||
Subtotal | 130 | 2 | 97 | 5 | 227 | 7 | |||||||||||||||||||
Total | $ | 431 | $ | 11 | $ | 648 | $ | 25 | $ | 1,079 | $ | 36 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate | $ | 572 | $ | 20 | $ | 43 | $ | 2 | $ | 615 | $ | 22 | |||||||||||||
States, municipalities and political subdivisions | 490 | 18 | 42 | 3 | 532 | 21 | |||||||||||||||||||
Government-sponsored enterprises | 199 | 27 | 1 | — | 200 | 27 | |||||||||||||||||||
Commercial mortgage-backed | 125 | 5 | — | — | 125 | 5 | |||||||||||||||||||
Foreign government | 10 | — | — | — | 10 | — | |||||||||||||||||||
United States government | 1 | — | — | — | 1 | — | |||||||||||||||||||
Subtotal | 1,397 | 70 | 86 | 5 | 1,483 | 75 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common equities | 77 | 1 | — | — | 77 | 1 | |||||||||||||||||||
Nonredeemable preferred equities | 42 | 3 | — | — | 42 | 3 | |||||||||||||||||||
Subtotal | 119 | 4 | — | — | 119 | 4 | |||||||||||||||||||
Total | $ | 1,516 | $ | 74 | $ | 86 | $ | 5 | $ | 1,602 | $ | 79 | |||||||||||||
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses | ' | ||||||||||||||||||||||||
The following table provides investment income, realized investment gains and losses, the change in unrealized investment gains and losses, and other items: | |||||||||||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Investment income summary: | |||||||||||||||||||||||||
Interest on fixed maturities | $ | 105 | $ | 104 | $ | 312 | $ | 309 | |||||||||||||||||
Dividends on equity securities | 35 | 30 | 101 | 87 | |||||||||||||||||||||
Other investment income | — | 1 | 2 | 2 | |||||||||||||||||||||
Total | 140 | 135 | 415 | 398 | |||||||||||||||||||||
Less investment expenses | 2 | 2 | 6 | 6 | |||||||||||||||||||||
Total | $ | 138 | $ | 133 | $ | 409 | $ | 392 | |||||||||||||||||
Realized investment gains and losses summary: | |||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||
Gross realized gains | $ | 6 | $ | 5 | $ | 12 | $ | 10 | |||||||||||||||||
Gross realized losses | — | — | (4 | ) | — | ||||||||||||||||||||
Other-than-temporary impairments | — | — | — | (2 | ) | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Gross realized gains | 59 | 15 | 93 | 64 | |||||||||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||||
Other-than-temporary impairments | — | — | (1 | ) | — | ||||||||||||||||||||
Other | — | 2 | 1 | 5 | |||||||||||||||||||||
Total | $ | 65 | $ | 22 | $ | 101 | $ | 77 | |||||||||||||||||
Change in unrealized gains and losses summary: | |||||||||||||||||||||||||
Fixed maturities | $ | (66 | ) | $ | (28 | ) | $ | 115 | $ | (335 | ) | ||||||||||||||
Equity securities | (54 | ) | 90 | 117 | 509 | ||||||||||||||||||||
Net change in pension actuarial loss and prior | 1 | 2 | — | 7 | |||||||||||||||||||||
service cost | |||||||||||||||||||||||||
Adjustment to deferred acquisition costs and life | 4 | 9 | (4 | ) | 38 | ||||||||||||||||||||
policy reserves | |||||||||||||||||||||||||
Other | 1 | (2 | ) | 9 | (7 | ) | |||||||||||||||||||
Income taxes on above | 40 | (25 | ) | (83 | ) | (74 | ) | ||||||||||||||||||
Total | $ | (74 | ) | $ | 46 | $ | 154 | $ | 138 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||||
Fair Value Hierarchy for Assets Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 2014, and December 31, 2013. We do not have any material liabilities carried at fair value. There were no transfers between Level 1 and Level 2. | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Fixed maturities, available for sale: | ||||||||||||||||||||||
Corporate | $ | — | $ | 5,542 | $ | 28 | $ | 5,570 | ||||||||||||||
States, municipalities and political subdivisions | — | 3,464 | — | 3,464 | ||||||||||||||||||
Commercial mortgage-backed | — | 254 | — | 254 | ||||||||||||||||||
Government-sponsored enterprises | — | 210 | — | 210 | ||||||||||||||||||
Foreign government | — | 10 | — | 10 | ||||||||||||||||||
Convertibles and bonds with warrants attached | — | 7 | — | 7 | ||||||||||||||||||
United States government | 7 | — | — | 7 | ||||||||||||||||||
Subtotal | 7 | 9,487 | 28 | 9,522 | ||||||||||||||||||
Common equities, available for sale | 4,488 | — | — | 4,488 | ||||||||||||||||||
Nonredeemable preferred equities, available for sale | — | 176 | 2 | 178 | ||||||||||||||||||
Separate accounts taxable fixed maturities | — | 694 | — | 694 | ||||||||||||||||||
Top Hat Savings Plan mutual funds and common | 17 | — | — | 17 | ||||||||||||||||||
equity (included in Other assets) | ||||||||||||||||||||||
Total | $ | 4,512 | $ | 10,357 | $ | 30 | $ | 14,899 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Fixed maturities, available for sale: | ||||||||||||||||||||||
Corporate | $ | — | $ | 5,531 | $ | 2 | $ | 5,533 | ||||||||||||||
States, municipalities and political subdivisions | — | 3,211 | — | 3,211 | ||||||||||||||||||
Government-sponsored enterprises | — | 200 | — | 200 | ||||||||||||||||||
Commercial mortgage-backed | — | 143 | — | 143 | ||||||||||||||||||
Convertibles and bonds with warrants attached | — | 17 | — | 17 | ||||||||||||||||||
Foreign government | — | 10 | — | 10 | ||||||||||||||||||
United States government | 7 | — | — | 7 | ||||||||||||||||||
Subtotal | 7 | 9,112 | 2 | 9,121 | ||||||||||||||||||
Common equities, available for sale | 4,213 | — | — | 4,213 | ||||||||||||||||||
Nonredeemable preferred equities, available for sale | — | 160 | 2 | 162 | ||||||||||||||||||
Separate accounts taxable fixed-maturities | — | 682 | — | 682 | ||||||||||||||||||
Top Hat Savings Plan mutual funds and common | 14 | — | — | 14 | ||||||||||||||||||
equity (included in Other assets) | ||||||||||||||||||||||
Total | $ | 4,234 | $ | 9,954 | $ | 4 | $ | 14,192 | ||||||||||||||
Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ' | |||||||||||||||||||||
The following tables provide the change in Level 3 assets for the three months ended September 30: | ||||||||||||||||||||||
(In millions) | Asset fair value measurements using significant unobservable inputs (Level 3) | |||||||||||||||||||||
Corporate | Commercial | States, | Nonredeemable preferred | Total | ||||||||||||||||||
fixed | mortgage- | municipalities | equities | |||||||||||||||||||
maturities | backed fixed maturities | and political | ||||||||||||||||||||
subdivisions | ||||||||||||||||||||||
fixed maturities | ||||||||||||||||||||||
Beginning balance, June 30, 2014 | $ | 9 | $ | — | $ | — | $ | 2 | $ | 11 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||||
Transfers into Level 3 | 19 | — | — | — | 19 | |||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||||
Ending balance, September 30, 2014 | $ | 28 | $ | — | $ | — | $ | 2 | $ | 30 | ||||||||||||
Beginning balance, June 30, 2013 | $ | 3 | $ | — | $ | 1 | $ | 2 | $ | 6 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||||
Sales | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 3 | $ | — | $ | — | $ | 2 | $ | 5 | ||||||||||||
The following tables provide the change in Level 3 assets for the nine months ended September 30: | ||||||||||||||||||||||
(In millions) | Asset fair value measurements using significant unobservable inputs (Level 3) | |||||||||||||||||||||
Corporate | Commercial | States, | Nonredeemable preferred | Total | ||||||||||||||||||
fixed | mortgage- | municipalities | equities | |||||||||||||||||||
maturities | backed fixed maturities | and political | ||||||||||||||||||||
subdivisions | ||||||||||||||||||||||
fixed maturities | ||||||||||||||||||||||
Beginning balance, January 1, 2014 | $ | 2 | $ | — | $ | — | $ | 2 | $ | 4 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||||
Transfers into Level 3 | 26 | 5 | — | — | 31 | |||||||||||||||||
Transfers out of Level 3 | — | (5 | ) | — | — | (5 | ) | |||||||||||||||
Ending balance, September 30, 2014 | $ | 28 | $ | — | $ | — | $ | 2 | $ | 30 | ||||||||||||
Beginning balance, January 1, 2013 | $ | 3 | $ | — | $ | 1 | $ | 1 | $ | 5 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in net income | — | — | — | — | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||||
Purchases | — | — | — | 1 | 1 | |||||||||||||||||
Sales | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 3 | $ | — | $ | — | $ | 2 | $ | 5 | ||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | |||||||||||||||||||||
This table summarizes the book value and principal amounts of our long-term debt: | ||||||||||||||||||||||
(In millions) | Book value | Principal amount | ||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | |||||||||||||||||||
Interest rate | Year of issue | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
6.9 | % | 1998 | Senior debentures, due 2028 | $ | 28 | $ | 28 | $ | 28 | $ | 28 | |||||||||||
6.92 | % | 2005 | Senior debentures, due 2028 | 391 | 391 | 391 | 391 | |||||||||||||||
6.125 | % | 2004 | Senior notes, due 2034 | 371 | 371 | 374 | 374 | |||||||||||||||
Total | $ | 790 | $ | 790 | $ | 793 | $ | 793 | ||||||||||||||
Fair Value of Life Policy Loans | ' | |||||||||||||||||||||
The following table shows the fair value of our life policy loans, included in other invested assets: | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Life policy loans | $ | — | $ | — | $ | 39 | $ | 39 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Life policy loans | $ | — | $ | — | $ | 45 | $ | 45 | ||||||||||||||
Debt | ' | |||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||||
Fair Values of Deferred Annuities, Structured Settlements and Other Items | ' | |||||||||||||||||||||
The following table shows fair values of our note payable and long-term debt: | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Note payable | $ | — | $ | 49 | $ | — | $ | 49 | ||||||||||||||
6.900% senior debentures, due 2028 | — | 33 | — | 33 | ||||||||||||||||||
6.920% senior debentures, due 2028 | — | 482 | — | 482 | ||||||||||||||||||
6.125% senior notes, due 2034 | — | 438 | — | 438 | ||||||||||||||||||
Total | $ | — | $ | 1,002 | $ | — | $ | 1,002 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Note payable | $ | — | $ | 104 | $ | — | $ | 104 | ||||||||||||||
6.900% senior debentures, due 2028 | — | 30 | — | 30 | ||||||||||||||||||
6.920% senior debentures, due 2028 | — | 458 | — | 458 | ||||||||||||||||||
6.125% senior notes, due 2034 | — | 399 | — | 399 | ||||||||||||||||||
Total | $ | — | $ | 991 | $ | — | $ | 991 | ||||||||||||||
Deferred Annuities, Structured Settlements, And Other | ' | |||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||||
Fair Values of Deferred Annuities, Structured Settlements and Other Items | ' | |||||||||||||||||||||
The following table shows fair values of our deferred annuities and structured settlements, included in life policy and investment contract reserves: | ||||||||||||||||||||||
(In millions) | Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | ||||||||||||||||||||
identical assets | (Level 2) | inputs | ||||||||||||||||||||
At September 30, 2014 | (Level 1) | (Level 3) | ||||||||||||||||||||
Deferred annuities | $ | — | $ | — | $ | 904 | $ | 904 | ||||||||||||||
Structured settlements | — | 220 | — | 220 | ||||||||||||||||||
Total | $ | — | $ | 220 | $ | 904 | $ | 1,124 | ||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Deferred annuities | $ | — | $ | — | $ | 911 | $ | 911 | ||||||||||||||
Structured settlements | — | 219 | — | 219 | ||||||||||||||||||
Total | $ | — | $ | 219 | $ | 911 | $ | 1,130 | ||||||||||||||
Property_Casualty_Loss_and_Los1
Property Casualty Loss and Loss Expenses (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Premiums Written, Net [Abstract] | ' | ||||||||||||||||
Consolidated Property Casualty Loss And Loss Expense Reserves | ' | ||||||||||||||||
This table summarizes activity for our consolidated property casualty loss and loss expense reserves: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gross loss and loss expense reserves, beginning | $ | 4,408 | $ | 4,219 | $ | 4,241 | $ | 4,169 | |||||||||
of period | |||||||||||||||||
Less reinsurance receivable | 282 | 333 | 299 | 356 | |||||||||||||
Net loss and loss expense reserves, beginning of | 4,126 | 3,886 | 3,942 | 3,813 | |||||||||||||
period | |||||||||||||||||
Net incurred loss and loss expenses related to: | |||||||||||||||||
Current accident year | 647 | 631 | 2,125 | 1,840 | |||||||||||||
Prior accident years | (25 | ) | (38 | ) | (120 | ) | (140 | ) | |||||||||
Total incurred | 622 | 593 | 2,005 | 1,700 | |||||||||||||
Net paid loss and loss expenses related to: | |||||||||||||||||
Current accident year | 353 | 329 | 859 | 699 | |||||||||||||
Prior accident years | 286 | 233 | 979 | 897 | |||||||||||||
Total paid | 639 | 562 | 1,838 | 1,596 | |||||||||||||
Net loss and loss expense reserves, end of period | 4,109 | 3,917 | 4,109 | 3,917 | |||||||||||||
Plus reinsurance receivable | 284 | 321 | 284 | 321 | |||||||||||||
Gross loss and loss expense reserves, end of | $ | 4,393 | $ | 4,238 | $ | 4,393 | $ | 4,238 | |||||||||
period | |||||||||||||||||
Life_Policy_and_Investment_Con1
Life Policy and Investment Contract Reserves (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Liability for Future Policy Benefits [Abstract] | ' | ||||||||
Reserve For Losses Loss Adjustment Expenses Table [Text Block] | ' | ||||||||
This table summarizes our life policy and investment contract reserves: | |||||||||
(In millions) | September 30, | December 31, 2013 | |||||||
2014 | |||||||||
Ordinary/traditional life | $ | 863 | $ | 815 | |||||
Universal life | 527 | 508 | |||||||
Deferred annuities | 864 | 862 | |||||||
Structured settlements | 184 | 189 | |||||||
Other | 46 | 16 | |||||||
Total life policy and investment contract reserves | $ | 2,484 | $ | 2,390 | |||||
Deferred_Acquisition_Costs_Tab
Deferred Acquisition Costs (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Deferred Costs [Abstract] | ' | |||||||||||||||
Deferred Policy Acquisition Costs And Asset Reconciliation, Including the Amortized Deferred Policy Acquisition Costs | ' | |||||||||||||||
The table below shows the deferred policy acquisition costs and asset reconciliation. | ||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Deferred policy acquisition costs asset, beginning | $ | 571 | $ | 546 | $ | 565 | $ | 470 | ||||||||
of period | ||||||||||||||||
Capitalized deferred policy acquisition costs | 208 | 211 | 630 | 612 | ||||||||||||
Amortized deferred policy acquisition costs | (195 | ) | (190 | ) | (598 | ) | (552 | ) | ||||||||
Amortized shadow deferred policy acquisition costs | 6 | 9 | (7 | ) | 46 | |||||||||||
Deferred policy acquisition costs asset, end of | $ | 590 | $ | 576 | $ | 590 | $ | 576 | ||||||||
period | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
(In millions) | Three months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Before tax | Income tax | Net | Before tax | Income tax | Net | |||||||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,687 | $ | 931 | $ | 1,756 | $ | 1,987 | $ | 686 | $ | 1,301 | ||||||||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | (55 | ) | (20 | ) | (35 | ) | 82 | 29 | 53 | |||||||||||||||||
Reclassification adjustment for realized investment gains, net, | (65 | ) | (22 | ) | (43 | ) | (20 | ) | (7 | ) | (13 | ) | ||||||||||||||
included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | (120 | ) | (42 | ) | (78 | ) | 62 | 22 | 40 | |||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,567 | $ | 889 | $ | 1,678 | $ | 2,049 | $ | 708 | $ | 1,341 | ||||||||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (19 | ) | $ | (6 | ) | $ | (13 | ) | $ | (96 | ) | $ | (33 | ) | $ | (63 | ) | ||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | — | — | — | — | — | — | ||||||||||||||||||||
Reclassification adjustment for amortization of actuarial loss and prior | 1 | — | 1 | 2 | 1 | 1 | ||||||||||||||||||||
service cost, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 1 | — | 1 | 2 | 1 | 1 | ||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (18 | ) | $ | (6 | ) | $ | (12 | ) | $ | (94 | ) | $ | (32 | ) | $ | (62 | ) | ||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (16 | ) | $ | (5 | ) | $ | (11 | ) | $ | (26 | ) | $ | (9 | ) | $ | (17 | ) | ||||||||
life policy reserves and other, beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | 5 | 2 | 3 | 9 | 2 | 7 | ||||||||||||||||||||
Reclassification adjustment for life deferred acquisition costs, | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||
life policy reserves and other, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 5 | 2 | 3 | 7 | 2 | 5 | ||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (11 | ) | $ | (3 | ) | $ | (8 | ) | $ | (19 | ) | $ | (7 | ) | $ | (12 | ) | ||||||||
life policy reserves and other, end of period | ||||||||||||||||||||||||||
Accumulated other comprehensive income, beginning of period | $ | 2,652 | $ | 920 | $ | 1,732 | $ | 1,865 | $ | 644 | $ | 1,221 | ||||||||||||||
Change in unrealized gains, net, on investments available for sale | (120 | ) | (42 | ) | (78 | ) | 62 | 22 | 40 | |||||||||||||||||
Change in pension obligations | 1 | — | 1 | 2 | 1 | 1 | ||||||||||||||||||||
Change in life deferred acquisition costs, life policy reserves | 5 | 2 | 3 | 7 | 2 | 5 | ||||||||||||||||||||
and other | ||||||||||||||||||||||||||
Effect on other comprehensive income | (114 | ) | (40 | ) | (74 | ) | 71 | 25 | 46 | |||||||||||||||||
Accumulated other comprehensive income, end of period | $ | 2,538 | $ | 880 | $ | 1,658 | $ | 1,936 | $ | 669 | $ | 1,267 | ||||||||||||||
(In millions) | Nine months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Before tax | Income tax | Net | Before tax | Income tax | Net | |||||||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,335 | $ | 808 | $ | 1,527 | $ | 1,875 | $ | 647 | $ | 1,228 | ||||||||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | 332 | 115 | 217 | 246 | 85 | 161 | ||||||||||||||||||||
Reclassification adjustment for realized investment gains, net, | (100 | ) | (34 | ) | (66 | ) | (72 | ) | (24 | ) | (48 | ) | ||||||||||||||
included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 232 | 81 | 151 | 174 | 61 | 113 | ||||||||||||||||||||
Accumulated unrealized gains, net, on investments available for sale, | $ | 2,567 | $ | 889 | $ | 1,678 | $ | 2,049 | $ | 708 | $ | 1,341 | ||||||||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (18 | ) | $ | (6 | ) | $ | (12 | ) | $ | (101 | ) | $ | (35 | ) | $ | (66 | ) | ||||||||
beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | — | — | — | — | — | — | ||||||||||||||||||||
Reclassification adjustment for amortization of actuarial loss and prior | — | — | — | 7 | 3 | 4 | ||||||||||||||||||||
service cost, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | — | — | — | 7 | 3 | 4 | ||||||||||||||||||||
Accumulated unrealized losses, net, for pension obligations, | $ | (18 | ) | $ | (6 | ) | $ | (12 | ) | $ | (94 | ) | $ | (32 | ) | $ | (62 | ) | ||||||||
end of period | ||||||||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (16 | ) | $ | (5 | ) | $ | (11 | ) | $ | (50 | ) | $ | (17 | ) | $ | (33 | ) | ||||||||
life policy reserves and other, beginning of period | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | 6 | 3 | 3 | 36 | 12 | 24 | ||||||||||||||||||||
Reclassification adjustment for life deferred acquisition costs, | (1 | ) | (1 | ) | — | (5 | ) | (2 | ) | (3 | ) | |||||||||||||||
life policy reserves and other, net, included in net income | ||||||||||||||||||||||||||
Effect on other comprehensive income | 5 | 2 | 3 | 31 | 10 | 21 | ||||||||||||||||||||
Accumulated unrealized losses, net, on life deferred acquisition costs, | $ | (11 | ) | $ | (3 | ) | $ | (8 | ) | $ | (19 | ) | $ | (7 | ) | $ | (12 | ) | ||||||||
life policy reserves and other, end of period | ||||||||||||||||||||||||||
Accumulated other comprehensive income, beginning of period | $ | 2,301 | $ | 797 | $ | 1,504 | $ | 1,724 | $ | 595 | $ | 1,129 | ||||||||||||||
Change in unrealized gains, net, on investments available for sale | 232 | 81 | 151 | 174 | 61 | 113 | ||||||||||||||||||||
Change in pension obligations | — | — | — | 7 | 3 | 4 | ||||||||||||||||||||
Change in life deferred acquisition costs, life policy reserves | 5 | 2 | 3 | 31 | 10 | 21 | ||||||||||||||||||||
and other | ||||||||||||||||||||||||||
Effect on other comprehensive income | 237 | 83 | 154 | 212 | 74 | 138 | ||||||||||||||||||||
Accumulated other comprehensive income, end of period | $ | 2,538 | $ | 880 | $ | 1,658 | $ | 1,936 | $ | 669 | $ | 1,267 | ||||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Reinsurance Disclosures [Abstract] | ' | ||||||||||||||||
Earned Consolidated Property Casualty Insurance Premiums On Assumed And Ceded Business | ' | ||||||||||||||||
Our condensed consolidated statements of income include earned consolidated property casualty insurance premiums on assumed and ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct earned premiums | $ | 1,067 | $ | 1,002 | $ | 3,134 | $ | 2,895 | |||||||||
Assumed earned premiums | 3 | 3 | 8 | 8 | |||||||||||||
Ceded earned premiums | (45 | ) | (51 | ) | (132 | ) | (150 | ) | |||||||||
Net earned premiums | $ | 1,025 | $ | 954 | $ | 3,010 | $ | 2,753 | |||||||||
Incurred Consolidated Property Casualty Insurance Loss And Loss Expenses On Assumed And Ceded Business | ' | ||||||||||||||||
Our condensed consolidated statements of income include incurred consolidated property casualty insurance loss and loss expenses on assumed and ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct incurred loss and loss expenses | $ | 633 | $ | 597 | $ | 2,026 | $ | 1,725 | |||||||||
Assumed incurred loss and loss expenses | 1 | 1 | 5 | 8 | |||||||||||||
Ceded incurred loss and loss expenses | (12 | ) | (5 | ) | (26 | ) | (33 | ) | |||||||||
Net incurred loss and loss expenses | $ | 622 | $ | 593 | $ | 2,005 | $ | 1,700 | |||||||||
Earned Life Insurance Premiums On Ceded Business | ' | ||||||||||||||||
Our condensed consolidated statements of income include earned life insurance premiums on ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct earned premiums | $ | 61 | $ | 52 | $ | 191 | $ | 166 | |||||||||
Ceded earned premiums | (15 | ) | (14 | ) | (44 | ) | (42 | ) | |||||||||
Net earned premiums | $ | 46 | $ | 38 | $ | 147 | $ | 124 | |||||||||
Life Insurance Contract Holders' Benefits Incurred On Ceded Business | ' | ||||||||||||||||
Our condensed consolidated statements of income include life insurance contract holders' benefits incurred on ceded business: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Direct contract holders' benefits incurred | $ | 80 | $ | 64 | $ | 228 | $ | 190 | |||||||||
Ceded contract holders' benefits incurred | (16 | ) | (15 | ) | (52 | ) | (49 | ) | |||||||||
Net contract holders' benefits incurred | $ | 64 | $ | 49 | $ | 176 | $ | 141 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Differences Between The 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate | ' | ||||||||||||||||||||||||||||
The differences between the 35 percent statutory income tax rate and our effective income tax rate were as follows: | |||||||||||||||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Tax at statutory rate | $ | 91 | 35 | % | $ | 64 | 35 | % | $ | 170 | 35 | % | $ | 191 | 35 | % | |||||||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||||||||||
Tax-exempt income from municipal bonds | (9 | ) | (3.5 | ) | (8 | ) | (4.4 | ) | (25 | ) | (5.2 | ) | (24 | ) | (4.4 | ) | |||||||||||||
Dividend received exclusion | (7 | ) | (2.7 | ) | (6 | ) | (3.3 | ) | (21 | ) | (4.3 | ) | (18 | ) | (3.3 | ) | |||||||||||||
Other | 1 | 0.5 | 1 | 0.7 | 3 | 0.7 | 3 | 0.5 | |||||||||||||||||||||
Provision for income taxes | $ | 76 | 29.3 | % | $ | 51 | 28 | % | $ | 127 | 26.2 | % | $ | 152 | 27.8 | % | |||||||||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculations For Basic And Diluted Earnings Per Share | ' | ||||||||||||||||
The table shows calculations for basic and diluted earnings per share: | |||||||||||||||||
(In millions except per share data) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income—basic and diluted | $ | 183 | $ | 131 | $ | 358 | $ | 395 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted-average common shares | 163.5 | 163.7 | 163.5 | 163.5 | |||||||||||||
outstanding | |||||||||||||||||
Effect of stock-based awards: | |||||||||||||||||
Stock options | 0.9 | 1.2 | 0.9 | 1.1 | |||||||||||||
Nonvested shares | 0.6 | 0.7 | 0.6 | 0.7 | |||||||||||||
Adjusted diluted weighted-average shares | 165 | 165.6 | 165 | 165.3 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.12 | $ | 0.8 | $ | 2.19 | $ | 2.42 | |||||||||
Diluted | 1.11 | 0.79 | 2.17 | 2.39 | |||||||||||||
Number of anti-dilutive share-based awards | 0.7 | 0.3 | 0.7 | 0.4 | |||||||||||||
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ||||||||||||||||
The following summarizes the components of net periodic costs for our qualified and supplemental pension plans: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 3 | $ | 4 | $ | 8 | $ | 10 | |||||||||
Interest cost | 4 | 4 | 11 | 10 | |||||||||||||
Expected return on plan assets | (5 | ) | (5 | ) | (13 | ) | (13 | ) | |||||||||
Amortization of actuarial loss and prior service | 1 | 2 | 2 | 7 | |||||||||||||
cost | |||||||||||||||||
Net periodic benefit cost | $ | 3 | $ | 5 | $ | 8 | $ | 14 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment information is summarized in the following table: | |||||||||||||||||
(In millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Commercial lines insurance | |||||||||||||||||
Commercial casualty | $ | 237 | $ | 221 | $ | 695 | $ | 636 | |||||||||
Commercial property | 186 | 161 | 537 | 460 | |||||||||||||
Commercial auto | 133 | 124 | 391 | 355 | |||||||||||||
Workers' compensation | 93 | 95 | 280 | 270 | |||||||||||||
Specialty packages | 27 | 38 | 93 | 114 | |||||||||||||
Management liability and surety | 32 | 30 | 94 | 89 | |||||||||||||
Machinery and equipment | 12 | 11 | 36 | 32 | |||||||||||||
Commercial lines insurance premiums | 720 | 680 | 2,126 | 1,956 | |||||||||||||
Fee revenue | 1 | 1 | 3 | 2 | |||||||||||||
Total commercial lines insurance | 721 | 681 | 2,129 | 1,958 | |||||||||||||
Personal lines insurance | |||||||||||||||||
Personal auto | 121 | 112 | 354 | 328 | |||||||||||||
Homeowner | 110 | 103 | 330 | 298 | |||||||||||||
Other personal lines | 32 | 29 | 91 | 86 | |||||||||||||
Personal lines insurance premiums | 263 | 244 | 775 | 712 | |||||||||||||
Fee revenue | 1 | — | 2 | 1 | |||||||||||||
Total personal lines insurance | 264 | 244 | 777 | 713 | |||||||||||||
Excess and surplus lines insurance | 42 | 30 | 109 | 85 | |||||||||||||
Life insurance premiums | 46 | 38 | 147 | 124 | |||||||||||||
Separate account investment management fees | 1 | 1 | 4 | 3 | |||||||||||||
Total life insurance | 47 | 39 | 151 | 127 | |||||||||||||
Investment operations | |||||||||||||||||
Investment income, net of expenses | 138 | 133 | 409 | 392 | |||||||||||||
Realized investment gains, net | 65 | 22 | 101 | 77 | |||||||||||||
Total investments | 203 | 155 | 510 | 469 | |||||||||||||
Other | 3 | 3 | 7 | 7 | |||||||||||||
Total revenues | $ | 1,280 | $ | 1,152 | $ | 3,683 | $ | 3,359 | |||||||||
Income (loss) before income taxes: | |||||||||||||||||
Insurance underwriting results | |||||||||||||||||
Commercial lines insurance | $ | 67 | $ | 43 | $ | 97 | $ | 135 | |||||||||
Personal lines insurance | 14 | 14 | (33 | ) | 33 | ||||||||||||
Excess and surplus lines insurance | 13 | 4 | 22 | 5 | |||||||||||||
Life insurance | (4 | ) | — | (5 | ) | 10 | |||||||||||
Investment operations | 182 | 134 | 448 | 409 | |||||||||||||
Other | (13 | ) | (13 | ) | (44 | ) | (45 | ) | |||||||||
Total income before income taxes | $ | 259 | $ | 182 | $ | 485 | $ | 547 | |||||||||
Identifiable assets: | September 30, | December 31, 2013 | |||||||||||||||
2014 | |||||||||||||||||
Property casualty insurance | $ | 2,434 | $ | 2,455 | |||||||||||||
Life insurance | 1,269 | 1,225 | |||||||||||||||
Investment operations | 14,322 | 13,618 | |||||||||||||||
Other | 449 | 364 | |||||||||||||||
Total | $ | 18,474 | $ | 17,662 | |||||||||||||
Investments_Analysis_of_Cost_o
Investments - Analysis of Cost or Amortized Cost, Gross Unrealized Gains and Losses and Fair Value for Investments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | $8,924 | $8,638 |
Gross Unrealized Gains | 627 | 558 |
Gross Unrealized Losses | 29 | 75 |
Fair Value | 9,522 | 9,121 |
Debt Securities | States, Municipalities And Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 3,294 | 3,107 |
Gross Unrealized Gains | 173 | 125 |
Gross Unrealized Losses | 3 | 21 |
Fair Value | 3,464 | 3,211 |
Debt Securities | Convertibles And Bonds With Warrants Attached | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 7 | 17 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7 | 17 |
Debt Securities | United States Government | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 7 | 7 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7 | 7 |
Debt Securities | Government-Sponsored Enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 222 | 227 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 12 | 27 |
Fair Value | 210 | 200 |
Debt Securities | Foreign Government | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 10 | 10 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 10 | 10 |
Debt Securities | Commercial Mortgage Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 250 | 148 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | 1 | 5 |
Fair Value | 254 | 143 |
Debt Securities | Corporate Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 5,134 | 5,122 |
Gross Unrealized Gains | 449 | 433 |
Gross Unrealized Losses | 13 | 22 |
Fair Value | 5,570 | 5,533 |
Equity Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 2,697 | 2,523 |
Gross Unrealized Gains | 1,976 | 1,856 |
Gross Unrealized Losses | 7 | 4 |
Fair Value | 4,666 | 4,375 |
Equity Securities | Common Stock | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 2,552 | 2,396 |
Gross Unrealized Gains | 1,942 | 1,818 |
Gross Unrealized Losses | 6 | 1 |
Fair Value | 4,488 | 4,213 |
Equity Securities | Preferred Stock | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 145 | 127 |
Gross Unrealized Gains | 34 | 38 |
Gross Unrealized Losses | 1 | 3 |
Fair Value | 178 | 162 |
Fixed Maturities And Equity Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 11,621 | 11,161 |
Gross Unrealized Gains | 2,603 | 2,414 |
Gross Unrealized Losses | 36 | 79 |
Fair Value | $14,188 | $13,496 |
Investments_Fair_Values_and_Un
Investments - Fair Values and Unrealized Losses by Investment Category and by Duration of Securities' Continuous Unrealized Loss Position (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | $431 | $1,516 |
Less than 12 months Unrealized Losses | 11 | 74 |
12 months or more Fair Value | 648 | 86 |
12 months or more Unrealized Losses | 25 | 5 |
Total Fair Value | 1,079 | 1,602 |
Total Unrealized Losses | 36 | 79 |
Fixed Maturities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 301 | 1,397 |
Less than 12 months Unrealized Losses | 9 | 70 |
12 months or more Fair Value | 551 | 86 |
12 months or more Unrealized Losses | 20 | 5 |
Total Fair Value | 852 | 1,483 |
Total Unrealized Losses | 29 | 75 |
Fixed Maturities | States, Municipalities And Political Subdivisions | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 28 | 490 |
Less than 12 months Unrealized Losses | 0 | 18 |
12 months or more Fair Value | 218 | 42 |
12 months or more Unrealized Losses | 3 | 3 |
Total Fair Value | 246 | 532 |
Total Unrealized Losses | 3 | 21 |
Fixed Maturities | United States Government | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 1 | 1 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or more Fair Value | 1 | 0 |
12 months or more Unrealized Losses | 0 | 0 |
Total Fair Value | 2 | 1 |
Total Unrealized Losses | 0 | 0 |
Fixed Maturities | Government-Sponsored Enterprises | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 11 | 199 |
Less than 12 months Unrealized Losses | 0 | 27 |
12 months or more Fair Value | 176 | 1 |
12 months or more Unrealized Losses | 12 | 0 |
Total Fair Value | 187 | 200 |
Total Unrealized Losses | 12 | 27 |
Fixed Maturities | Foreign Government Debt Securities [Member] | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 0 | 10 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or more Fair Value | 10 | 0 |
12 months or more Unrealized Losses | 0 | 0 |
Total Fair Value | 10 | 10 |
Total Unrealized Losses | 0 | 0 |
Fixed Maturities | Commercial Mortgage Backed Securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 37 | 125 |
Less than 12 months Unrealized Losses | 0 | 5 |
12 months or more Fair Value | 32 | 0 |
12 months or more Unrealized Losses | 1 | 0 |
Total Fair Value | 69 | 125 |
Total Unrealized Losses | 1 | 5 |
Fixed Maturities | Corporate Securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 224 | 572 |
Less than 12 months Unrealized Losses | 9 | 20 |
12 months or more Fair Value | 114 | 43 |
12 months or more Unrealized Losses | 4 | 2 |
Total Fair Value | 338 | 615 |
Total Unrealized Losses | 13 | 22 |
Equity Securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 130 | 119 |
Less than 12 months Unrealized Losses | 2 | 4 |
12 months or more Fair Value | 97 | 0 |
12 months or more Unrealized Losses | 5 | 0 |
Total Fair Value | 227 | 119 |
Total Unrealized Losses | 7 | 4 |
Equity Securities | Common Stock | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 105 | 77 |
Less than 12 months Unrealized Losses | 2 | 1 |
12 months or more Fair Value | 80 | 0 |
12 months or more Unrealized Losses | 4 | 0 |
Total Fair Value | 185 | 77 |
Total Unrealized Losses | 6 | 1 |
Equity Securities | Preferred Stock | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair Value | 25 | 42 |
Less than 12 months Unrealized Losses | 0 | 3 |
12 months or more Fair Value | 17 | 0 |
12 months or more Unrealized Losses | 1 | 0 |
Total Fair Value | 42 | 42 |
Total Unrealized Losses | $1 | $3 |
Investments_Realized_Investmen
Investments - Realized Investment Gains and Losses and Change in Unrealized Investment Gains and Losses and Other Items (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investment income summary: | ' | ' | ' | ' |
Interest on fixed maturities | $105 | $104 | $312 | $309 |
Dividends on equity securities | 35 | 30 | 101 | 87 |
Other investment income | 0 | 1 | 2 | 2 |
Gross investment income | 140 | 135 | 415 | 398 |
Less investment expenses | 2 | 2 | 6 | 6 |
Total | 138 | 133 | 409 | 392 |
Realized investment gains and losses summary: | ' | ' | ' | ' |
Other | 1 | -2 | 9 | -7 |
Realized investment gains, net | 65 | 22 | 101 | 77 |
Change in unrealized gains and losses summary: | ' | ' | ' | ' |
Unrealized gains (losses) on investments available-for-sale | -78 | 40 | 151 | 113 |
Adjustment to deferred acquisition costs and life policy reserves | 4 | 9 | -4 | 38 |
Amortization of pension actuarial loss and prior service cost | 1 | 2 | 0 | 7 |
Other | 1 | -2 | 9 | -7 |
Income taxes on above | 40 | -25 | 83 | 74 |
Other comprehensive income (loss), net of tax | -74 | 46 | 154 | 138 |
Fixed Maturities | ' | ' | ' | ' |
Realized investment gains and losses summary: | ' | ' | ' | ' |
Gross realized gains | 6 | 5 | 12 | 10 |
Gross realized losses | 0 | 0 | -4 | 0 |
Other-than-temporary impairments | 0 | 0 | 0 | -2 |
Change in unrealized gains and losses summary: | ' | ' | ' | ' |
Unrealized gains (losses) on investments available-for-sale | -66 | -28 | 115 | -335 |
Equity Securities | ' | ' | ' | ' |
Realized investment gains and losses summary: | ' | ' | ' | ' |
Gross realized gains | 59 | 15 | 93 | 64 |
Gross realized losses | 0 | 0 | 0 | 0 |
Other-than-temporary impairments | 0 | 0 | -1 | 0 |
Other | 0 | 2 | 1 | 5 |
Realized investment gains, net | 65 | 22 | ' | ' |
Change in unrealized gains and losses summary: | ' | ' | ' | ' |
Unrealized gains (losses) on investments available-for-sale | -54 | 90 | 117 | 509 |
Other | $0 | $2 | $1 | $5 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Fixed Maturities | Fixed Maturities | Fixed Maturities | Fixed Maturities | Equity Securities | Equity Securities | Equity Securities | Procter And Gamble Company, Exxon Mobile Corporation And Chevron Corporation [Member] | Common Stock | |||
security | security | security | security | security | security | ||||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Unrealized investment gains due to a net gain position | ' | ' | $627 | $627 | ' | $558 | $1,976 | $1,976 | $1,856 | $579 | ' |
Largest equity holdings to total equity portfolio | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Largest equity holdings to total portfolio | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Securities Other Than Temporary Impairment Losses1 | ' | ' | 0 | 1 | 7 | ' | 0 | 3 | ' | ' | ' |
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months | ' | ' | 212 | 212 | ' | 40 | 4 | 4 | ' | ' | ' |
Unrealized losses 12 months or more (equity investment less than $500,000) | $25 | $5 | $20 | $20 | ' | $5 | $5 | $5 | $0 | ' | ' |
Fixed maturity investments, Percentage of amortized costs | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | $9,522 | $9,121 |
Equity securities, at fair value | 4,666 | 4,375 |
Separate accounts | 730 | 692 |
Fair value of asset | 14,899 | 14,192 |
Multiemployer Plan, Plan Information, Not Available [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other investments | 17 | 14 |
Debt Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 9,522 | 9,121 |
Debt Securities | States, Municipalities And Political Subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 3,464 | 3,211 |
Debt Securities | Convertibles And Bonds With Warrants Attached | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 7 | 17 |
Debt Securities | United States Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 7 | 7 |
Debt Securities | Government-Sponsored Enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 210 | 200 |
Debt Securities | Foreign Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 10 | 10 |
Debt Securities | Commercial Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 254 | 143 |
Debt Securities | Corporate Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 5,570 | 5,533 |
Equity Securities | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 4,488 | 4,213 |
Equity Securities | Preferred Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 178 | 162 |
Taxable Fixed Maturities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts | 694 | 682 |
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of asset | 4,512 | 4,234 |
Quoted prices in active markets for identical assets (Level 1) | Multiemployer Plan, Plan Information, Not Available [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other investments | 17 | 14 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 7 | 7 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | States, Municipalities And Political Subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | Convertibles And Bonds With Warrants Attached | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | United States Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 7 | 7 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | Government-Sponsored Enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | Foreign Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | Commercial Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | Corporate Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Equity Securities | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 4,488 | 4,213 |
Quoted prices in active markets for identical assets (Level 1) | Equity Securities | Preferred Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Taxable Fixed Maturities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts | 0 | 0 |
Significant other observable inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of asset | 10,357 | 9,954 |
Significant other observable inputs (Level 2) | Multiemployer Plan, Plan Information, Not Available [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | Debt Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 9,487 | 9,112 |
Significant other observable inputs (Level 2) | Debt Securities | States, Municipalities And Political Subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 3,464 | 3,211 |
Significant other observable inputs (Level 2) | Debt Securities | Convertibles And Bonds With Warrants Attached | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 7 | 17 |
Significant other observable inputs (Level 2) | Debt Securities | United States Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant other observable inputs (Level 2) | Debt Securities | Government-Sponsored Enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 210 | 200 |
Significant other observable inputs (Level 2) | Debt Securities | Foreign Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 10 | 10 |
Significant other observable inputs (Level 2) | Debt Securities | Commercial Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 254 | 143 |
Significant other observable inputs (Level 2) | Debt Securities | Corporate Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 5,542 | 5,531 |
Significant other observable inputs (Level 2) | Equity Securities | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 0 | 0 |
Significant other observable inputs (Level 2) | Equity Securities | Preferred Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 176 | 160 |
Significant other observable inputs (Level 2) | Taxable Fixed Maturities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts | 694 | 682 |
Significant unobservable inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of asset | 30 | 4 |
Significant unobservable inputs (Level 3) | Multiemployer Plan, Plan Information, Not Available [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other investments | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 28 | 2 |
Significant unobservable inputs (Level 3) | Debt Securities | States, Municipalities And Political Subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | Convertibles And Bonds With Warrants Attached | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | United States Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | Government-Sponsored Enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | Foreign Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | Commercial Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Debt Securities | Corporate Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, at fair value | 28 | 2 |
Significant unobservable inputs (Level 3) | Equity Securities | Common Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 0 | 0 |
Significant unobservable inputs (Level 3) | Equity Securities | Preferred Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities, at fair value | 2 | 2 |
Significant unobservable inputs (Level 3) | Taxable Fixed Maturities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts | $0 | $0 |
Fair_Value_Measurements_Change
Fair Value Measurements - Change in Level 3 Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $11 | $6 | $4 | $5 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in net income | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 1 |
Sales | 0 | -1 | 0 | -1 |
Transfers into Level 3 | 19 | 0 | 31 | 0 |
Transfers out of Level 3 | 0 | 0 | -5 | 0 |
Ending balance | 30 | 5 | 30 | 5 |
Corporate Fixed Maturities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 9 | 3 | 2 | 3 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in net income | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 19 | 0 | 26 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 28 | 3 | 28 | 3 |
Commercial Mortgage Backed Securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 0 | 0 | 0 | 0 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in net income | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 5 | 0 |
Transfers out of Level 3 | 0 | 0 | -5 | 0 |
Ending balance | 0 | 0 | 0 | 0 |
States, Municipalities And Political Subdivisions Fixed Maturities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 0 | 1 | 0 | 1 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in net income | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | -1 | 0 | -1 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 |
Preferred Equities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 2 | 2 | 2 | 1 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in net income | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 1 |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $2 | $2 | $2 | $2 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Book value | $790 | $790 |
Principal amount of debt | 793 | 793 |
Senior Debentures 6.900% Due 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 6.90% | 6.90% |
Debt issuance year | '1998 | '1998 |
Book value | 28 | 28 |
Principal amount of debt | 28 | 28 |
Senior Debentures 6.920% Due 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 6.92% | 6.92% |
Debt issuance year | '2005 | '2005 |
Book value | 391 | 391 |
Principal amount of debt | 391 | 391 |
Senior Notes 6.152% Due 2034 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 6.13% | 6.13% |
Debt issuance year | '2004 | '2004 |
Book value | 371 | 371 |
Principal amount of debt | $374 | $374 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Values of Note Payable and Long-Term Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of note payable | $49 | $104 |
Total | 1,002 | 991 |
Senior Debentures 6.900 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate | 6.90% | 6.90% |
Debt instrument, year of maturity | '2028 | '2028 |
Fair value of senior debt | 33 | 30 |
Senior Debentures 6.920 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate | 6.92% | 6.92% |
Debt instrument, year of maturity | '2028 | '2028 |
Fair value of senior debt | 482 | 458 |
Senior Notes 6.125 % Due 2034 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate | 6.13% | 6.13% |
Debt instrument, year of maturity | '2034 | '2034 |
Fair value of senior debt | 438 | 399 |
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of note payable | 0 | 0 |
Total | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Senior Debentures 6.900 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Senior Debentures 6.920 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Senior Notes 6.125 % Due 2034 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 0 | 0 |
Significant other observable inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of note payable | 49 | 104 |
Total | 1,002 | 991 |
Significant other observable inputs (Level 2) | Senior Debentures 6.900 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 33 | 30 |
Significant other observable inputs (Level 2) | Senior Debentures 6.920 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 482 | 458 |
Significant other observable inputs (Level 2) | Senior Notes 6.125 % Due 2034 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 438 | 399 |
Significant unobservable inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of note payable | 0 | 0 |
Total | 0 | 0 |
Significant unobservable inputs (Level 3) | Senior Debentures 6.900 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 0 | 0 |
Significant unobservable inputs (Level 3) | Senior Debentures 6.920 % Due 2028 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | 0 | 0 |
Significant unobservable inputs (Level 3) | Senior Notes 6.125 % Due 2034 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior debt | $0 | $0 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements - Fair Value of Life Policy Loans (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of life policy loans | $39 | $45 |
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of life policy loans | 0 | 0 |
Significant other observable inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of life policy loans | 0 | 0 |
Significant unobservable inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of life policy loans | $39 | $45 |
Fair_Value_Measurements_Fair_V3
Fair Value Measurements - Fair Values of Deferred Annuities, Structured Settlements and Other Items (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | $1,124 | $1,130 |
Deferred Annuities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 904 | 911 |
Structured Settlements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 220 | 219 |
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Deferred Annuities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Structured Settlements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 220 | 219 |
Significant other observable inputs (Level 2) | Deferred Annuities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | Structured Settlements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 220 | 219 |
Significant unobservable inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 904 | 911 |
Significant unobservable inputs (Level 3) | Deferred Annuities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | 904 | 911 |
Significant unobservable inputs (Level 3) | Structured Settlements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of life insurance liabilities | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Repayments of Notes Payable | $55 | $55 | $0 | ' |
Finance receivable | 77 | 77 | ' | 85 |
Loss and loss expense reserves | 4,435 | 4,435 | ' | 4,311 |
Life Policy Loans | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Finance receivable | 30 | 30 | ' | 36 |
Deferred Annuities And Structured Settlements | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Liability for Future Policy Benefits, Individual and Group Annuities and Supplementary Contracts | 864 | 864 | ' | 862 |
Loss and loss expense reserves | $184 | $184 | ' | $189 |
Maximum | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Percentage Of Level 3 Assets To Total Financial Instruments Measured At Fair Value | 1.00% | 1.00% | ' | ' |
Property_Casualty_Loss_and_Los2
Property Casualty Loss and Loss Expenses - Consolidated Property Casualty Loss and Loss Expense Reserves (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward] | ' | ' | ' | ' |
Gross loss and loss expense reserves, beginning of period | $4,408 | $4,219 | $4,241 | $4,169 |
Less reinsurance receivable | 282 | 333 | 299 | 356 |
Net loss and loss expense reserves, beginning of period | 4,126 | 3,886 | 3,942 | 3,813 |
Current accident year | 647 | 631 | 2,125 | 1,840 |
Prior accident years | -25 | -38 | -120 | -140 |
Total incurred | 622 | 593 | 2,005 | 1,700 |
Current accident year | 353 | 329 | 859 | 699 |
Prior accident years | 286 | 233 | 979 | 897 |
Total paid | 639 | 562 | 1,838 | 1,596 |
Net loss and loss expense reserves, end of period | 4,109 | 3,917 | 4,109 | 3,917 |
Plus reinsurance receivable | 284 | 321 | 284 | 321 |
Gross loss and loss expense reserves, end of period | $4,393 | $4,238 | $4,393 | $4,238 |
Property_Casualty_Loss_and_Los3
Property Casualty Loss and Loss Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve for loss and loss expenses | $4,393 | $4,238 | $4,393 | $4,238 | $4,408 | $4,241 | $4,219 | $4,169 |
Prior accident years | 25 | 38 | 120 | 140 | ' | ' | ' | ' |
Life and Health Loss Reserves | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve for loss and loss expenses | 42 | 69 | 42 | 69 | ' | ' | ' | ' |
Commercial Lines | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | 24 | ' | 84 | ' | ' | ' | ' | ' |
Commercial Lines | Commercial Property | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | 8 | ' | 33 | ' | ' | ' | ' | ' |
Commercial Lines | Workers' Compensation | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | 15 | ' | 45 | ' | ' | ' | ' | ' |
Commercial Lines | Commercial Casualty | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | 8 | ' | 25 | ' | ' | ' | ' | ' |
Personal Lines | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | -5 | ' | 13 | ' | ' | ' | ' | ' |
Personal Lines | Commercial Auto | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | -12 | ' | -24 | ' | ' | ' | ' | ' |
Excess and Surplus Lines Insurance | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | 6 | ' | 23 | ' | ' | ' | ' | ' |
Consolidated Property and Casualty Insurance Entity | Catastrophe Development | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prior accident years | $5 | $9 | $19 | $24 | ' | ' | ' | ' |
Reserves_in_Addition_to_Accoun
Reserves in Addition to Account Balance, Based on Expected No-Lapse Guarantee Benefits and Expected Policy Assessments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ' | ' |
Life policy and investment contract reserves | $2,484 | $2,390 |
Ordinary/Traditional Life | ' | ' |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ' | ' |
Life policy and investment contract reserves | 863 | 815 |
Universal Life | ' | ' |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ' | ' |
Life policy and investment contract reserves | 527 | 508 |
Deferred Annuities | ' | ' |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ' | ' |
Life policy and investment contract reserves | 864 | 862 |
Structured Settlements | ' | ' |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ' | ' |
Life policy and investment contract reserves | 184 | 189 |
Other | ' | ' |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ' | ' |
Life policy and investment contract reserves | $46 | $16 |
Deferred_Acquisition_Costs_Def
Deferred Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' | ' |
Deferred policy acquisition costs asset, beginning of period | $571 | $546 | $565 | $470 |
Capitalized deferred policy acquisition costs | 208 | 211 | 630 | 612 |
Amortized deferred policy acquisition costs | -195 | -190 | -598 | -552 |
Amortized shadow deferred policy acquisition costs | 6 | 9 | -7 | 46 |
Deferred policy acquisition costs asset, end of period | $590 | $576 | $590 | $576 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, beginning of period | $1,658 | ' | $1,658 | ' | ' | $1,504 | ' | ' |
Accumulated other comprehensive income, net of tax, end of period | 1,658 | ' | 1,658 | ' | ' | 1,504 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss Before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, beginning of period | 2,687 | 1,987 | 2,335 | 1,875 | ' | ' | ' | ' |
Other comprehensive income before reclassification, before tax | -55 | 82 | 332 | 246 | ' | ' | ' | ' |
Reclassification adjustment, before tax | -65 | -20 | -100 | -72 | ' | ' | ' | ' |
Effect on other comprehensive income, before tax | -120 | 62 | 232 | 174 | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, end of period | 2,567 | 2,049 | 2,567 | 2,049 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, beginning of period | 931 | 686 | 808 | 647 | ' | ' | ' | ' |
Other comprehensive income before reclassification, tax | -20 | 29 | 115 | 85 | ' | ' | ' | ' |
Reclassification adjustment, tax | -22 | -7 | -34 | -24 | ' | ' | ' | ' |
Effect on other comprehensive income, tax | -42 | 22 | 81 | 61 | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, end of period | 889 | 708 | 889 | 708 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, beginning of period | 1,678 | 1,341 | 1,678 | 1,341 | 1,756 | 1,527 | 1,301 | 1,228 |
Other comprehensive income before reclassification, net of tax | -35 | 53 | 217 | 161 | ' | ' | ' | ' |
Reclassification adjustment, net of tax | -43 | -13 | -66 | -48 | ' | ' | ' | ' |
Effect on other comprehensive income, net of tax | -78 | 40 | 151 | 113 | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, end of period | 1,678 | 1,341 | 1,678 | 1,341 | 1,756 | 1,527 | 1,301 | 1,228 |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss Before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, beginning of period | -19 | -96 | -18 | -101 | ' | ' | ' | ' |
Other comprehensive income before reclassification, before tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Reclassification adjustment, before tax | 1 | 2 | 0 | 7 | ' | ' | ' | ' |
Effect on other comprehensive income, before tax | 1 | 2 | 0 | 7 | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, end of period | -18 | -94 | -18 | -94 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, beginning of period | -6 | -33 | -6 | -35 | ' | ' | ' | ' |
Other comprehensive income before reclassification, tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Reclassification adjustment, tax | 0 | 1 | 0 | 3 | ' | ' | ' | ' |
Effect on other comprehensive income, tax | 0 | 1 | 0 | 3 | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, end of period | -6 | -32 | -6 | -32 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, beginning of period | -12 | -62 | -12 | -62 | -13 | -12 | -63 | -66 |
Other comprehensive income before reclassification, net of tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Reclassification adjustment, net of tax | 1 | 1 | 0 | 4 | ' | ' | ' | ' |
Effect on other comprehensive income, net of tax | 1 | 1 | 0 | 4 | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, end of period | -12 | -62 | -12 | -62 | -13 | -12 | -63 | -66 |
Accumulated Net Unrealized Gain (Loss) on Deferred Costs, Reserves And Other | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss Before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, beginning of period | -16 | -26 | -16 | -50 | ' | ' | ' | ' |
Other comprehensive income before reclassification, before tax | 5 | 9 | 6 | 36 | ' | ' | ' | ' |
Reclassification adjustment, before tax | 0 | -2 | -1 | -5 | ' | ' | ' | ' |
Effect on other comprehensive income, before tax | 5 | 7 | 5 | 31 | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, end of period | -11 | -19 | -11 | -19 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, beginning of period | -5 | -9 | -5 | -17 | ' | ' | ' | ' |
Other comprehensive income before reclassification, tax | 2 | 2 | 3 | 12 | ' | ' | ' | ' |
Reclassification adjustment, tax | 0 | 0 | -1 | -2 | ' | ' | ' | ' |
Effect on other comprehensive income, tax | 2 | 2 | 2 | 10 | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, end of period | -3 | -7 | -3 | -7 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, beginning of period | -8 | -12 | -8 | -12 | -11 | -11 | -17 | -33 |
Other comprehensive income before reclassification, net of tax | 3 | 7 | 3 | 24 | ' | ' | ' | ' |
Reclassification adjustment, net of tax | 0 | -2 | 0 | -3 | ' | ' | ' | ' |
Effect on other comprehensive income, net of tax | 3 | 5 | 3 | 21 | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, end of period | -8 | -12 | -8 | -12 | -11 | -11 | -17 | -33 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss Before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, beginning of period | 2,652 | 1,865 | 2,301 | 1,724 | ' | ' | ' | ' |
Change in unrealized gains, net, on investments available for sale, before tax | -120 | 62 | 232 | 174 | ' | ' | ' | ' |
Change in pension obligations, before tax | 1 | 2 | 0 | 7 | ' | ' | ' | ' |
Change in life deferred acquisition costs, life policy reserves and other, before tax | 5 | 7 | 5 | 31 | ' | ' | ' | ' |
Effect on other comprehensive income, before tax | -114 | 71 | 237 | 212 | ' | ' | ' | ' |
Accumulated other comprehensive income, before tax, end of period | 2,538 | 1,936 | 2,538 | 1,936 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, beginning of period | 920 | 644 | 797 | 595 | ' | ' | ' | ' |
Change in unrealized gains, net, on investments available for sale, tax | -42 | 22 | 81 | 61 | ' | ' | ' | ' |
Change in pension obligations, tax | 0 | 1 | 0 | 3 | ' | ' | ' | ' |
Change in life deferred acquisition costs, life policy reserves and other, tax | 2 | 2 | 2 | 10 | ' | ' | ' | ' |
Effect on other comprehensive income, tax | -40 | 25 | 83 | 74 | ' | ' | ' | ' |
Accumulated other comprehensive income, tax, end of period | 880 | 669 | 880 | 669 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, beginning of period | 1,658 | 1,267 | 1,658 | 1,267 | 1,732 | 1,504 | 1,221 | 1,129 |
Change in unrealized gains, net, on investments available for sale, net of tax | -78 | 40 | 151 | 113 | ' | ' | ' | ' |
Change in pension obligations, net of tax | 1 | 1 | 0 | 4 | ' | ' | ' | ' |
Change in life deferred acquisition costs, life policy reserves and other, net of tax | 3 | 5 | 3 | 21 | ' | ' | ' | ' |
Effect on other comprehensive income, net of tax | -74 | 46 | 154 | 138 | ' | ' | ' | ' |
Accumulated other comprehensive income, net of tax, end of period | $1,658 | $1,267 | $1,658 | $1,267 | $1,732 | $1,504 | $1,221 | $1,129 |
Reinsurance_Earned_Consolidate
Reinsurance - Earned Consolidated Property Casualty Insurance Premiums on Assumed and Ceded Business (Detail) (Consolidated Property and Casualty Insurance Entity, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Property and Casualty Insurance Entity | ' | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' |
Direct earned premiums | $1,067 | $1,002 | $3,134 | $2,895 |
Assumed earned premiums | 3 | 3 | 8 | 8 |
Ceded earned premiums | -45 | -51 | -132 | -150 |
Net earned premiums | $1,025 | $954 | $3,010 | $2,753 |
Reinsurance_Incurred_Consolida
Reinsurance - Incurred Consolidated Property Casualty Insurance Loss and Loss Expenses on Assumed and Ceded Business (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' |
Net incurred loss and loss expenses | $686 | $642 | $2,181 | $1,841 |
Consolidated Property and Casualty Insurance Entity | ' | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' |
Direct incurred loss and loss expenses | 633 | 597 | 2,026 | 1,725 |
Assumed incurred loss and loss expenses | 1 | 1 | 5 | 8 |
Ceded incurred loss and loss expenses | -12 | -5 | -26 | -33 |
Net incurred loss and loss expenses | $622 | $593 | $2,005 | $1,700 |
Reinsurance_Earned_Life_Insura
Reinsurance - Earned Life Insurance Premiums on Ceded Business (Detail) (Life Insurance Segment, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Life Insurance Segment | ' | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' |
Direct earned premiums | $61 | $52 | $191 | $166 |
Ceded earned premiums | -15 | -14 | -44 | -42 |
Net earned premiums | $46 | $38 | $147 | $124 |
Reinsurance_Life_Insurance_Con
Reinsurance - Life Insurance Contract Holders' Benefits Incurred on Ceded Business (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' |
Insurance losses and policyholder benefits | $686 | $642 | $2,181 | $1,841 |
Life Insurance Segment | ' | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' |
Direct contract holders' benefits incurred | 80 | 64 | 228 | 190 |
Ceded contract holders' benefits incurred | -16 | -15 | -52 | -49 |
Insurance losses and policyholder benefits | $64 | $49 | $176 | $141 |
Income_Taxes_Differences_Betwe
Income Taxes - Differences Between 35 Percent Statutory Income Tax Rate and Effective Income Tax Rate (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Tax at statutory rate | $91 | $64 | $170 | $191 |
Increase (decrease) resulting from: | ' | ' | ' | ' |
Tax-exempt income from municipal bonds | -9 | -8 | -25 | -24 |
Dividend received exclusion | -7 | -6 | -21 | -18 |
Other | 1 | 1 | 3 | 3 |
Total provision for income taxes | $76 | $51 | $127 | $152 |
Tax at statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | ' | ' | ' | ' |
Tax-exempt income from municipal bonds | -3.50% | -4.40% | -5.20% | -4.40% |
Dividend received exclusion | -2.70% | -3.30% | -4.30% | -3.30% |
Other | 0.50% | 0.70% | 0.70% | 0.50% |
Provision for income taxes | 29.30% | 28.00% | 26.20% | 27.80% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Tax at statutory rate, percentage | 35.00% | 35.00% | 35.00% | 35.00% |
Net_Income_Per_Common_Share_Ca
Net Income Per Common Share - Calculations for Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income-basic and diluted | $183 | $131 | $358 | $395 |
Denominator: | ' | ' | ' | ' |
Basic weighted-average common shares outstanding (in shares) | 163.5 | 163.7 | 163.5 | 163.5 |
Adjusted diluted weighted-average shares (in shares) | 165 | 165.6 | 165 | 165.3 |
Earnings per share: | ' | ' | ' | ' |
Basic (in USD per share) | $1.12 | $0.80 | $2.19 | $2.42 |
Diluted (in USD per share) | $1.11 | $0.79 | $2.17 | $2.39 |
Number of anti-dilutive stock-based awards (in shares) | 0.7 | 0.3 | 0.7 | 0.4 |
Stock Options | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' |
Effect of stock-based awards (in shares) | 0.9 | 1.2 | 0.9 | 1.1 |
Nonvested shares | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' |
Effect of stock-based awards (in shares) | 0.6 | 0.7 | 0.6 | 0.7 |
Employee_Retirement_Benefits_C
Employee Retirement Benefits - Components of Net Periodic Costs for Qualified and Supplemental Pension Plans (Detail) (Qualified Pension Plans [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Qualified Pension Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | $3 | ' | $4 | $8 | $10 |
Interest cost | 4 | ' | 4 | 11 | 10 |
Expected return on plan assets | -5 | ' | -5 | -13 | -13 |
Amortization of actuarial loss and prior service cost | 1 | ' | 2 | 2 | 7 |
Net periodic benefit cost | 3 | ' | 5 | 8 | 14 |
Pension contributions | ' | 5 | ' | ' | ' |
Expected contributions by employer in the remainder of year | $0 | ' | ' | $0 | ' |
Employee_Retirement_Benefits_D
Employee Retirement Benefits - Defined Contribution Plan (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Matching contributions to 401(k) and Top Hat plans | $3 | $2 | $9 | $7 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Estimate for which the risk of loss is more than remote but not probable | $1 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | $1,071 | $992 | $3,157 | $2,877 | ' |
Fee revenues | 3 | 2 | 9 | 6 | ' |
Investment income, net of expenses | 138 | 133 | 409 | 392 | ' |
Realized investment gains, net | 65 | 22 | 101 | 77 | ' |
Other | 3 | 3 | 7 | 7 | ' |
Revenues | 1,280 | 1,152 | 3,683 | 3,359 | ' |
Income (loss) before income taxes | 259 | 182 | 485 | 547 | ' |
Identifiable assets | 18,474 | ' | 18,474 | ' | 17,662 |
Consolidated Property and Casualty Insurance Entity | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | 2,434 | ' | 2,434 | ' | 2,455 |
Life Insurance Segment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | 1,269 | ' | 1,269 | ' | 1,225 |
Investments Segment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | 14,322 | ' | 14,322 | ' | 13,618 |
Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 720 | 680 | 2,126 | 1,956 | ' |
Fee revenues | 1 | 1 | 3 | 2 | ' |
Revenues | 721 | 681 | 2,129 | 1,958 | ' |
Income (loss) before income taxes | 67 | 43 | 97 | 135 | ' |
Operating Segments | Personal Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 263 | 244 | 775 | 712 | ' |
Fee revenues | 1 | 0 | 2 | 1 | ' |
Revenues | 264 | 244 | 777 | 713 | ' |
Income (loss) before income taxes | 14 | 14 | -33 | 33 | ' |
Operating Segments | Excess and Surplus Lines Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 42 | 30 | 109 | 85 | ' |
Income (loss) before income taxes | 13 | 4 | 22 | 5 | ' |
Operating Segments | Life Insurance Segment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 46 | 38 | 147 | 124 | ' |
Fee revenues | 1 | 1 | 4 | 3 | ' |
Revenues | 47 | 39 | 151 | 127 | ' |
Income (loss) before income taxes | -4 | 0 | -5 | 10 | ' |
Operating Segments | Investments Segment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Investment income, net of expenses | 138 | 133 | 409 | 392 | ' |
Realized investment gains, net | 65 | 22 | 101 | 77 | ' |
Revenues | 203 | 155 | 510 | 469 | ' |
Income (loss) before income taxes | 182 | 134 | 448 | 409 | ' |
Corporate and Other Non-Segment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other | 3 | 3 | 7 | 7 | ' |
Income (loss) before income taxes | -13 | -13 | -44 | -45 | ' |
Identifiable assets | 449 | ' | 449 | ' | 364 |
Commercial Casualty | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 237 | 221 | 695 | 636 | ' |
Commercial Property | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 186 | 161 | 537 | 460 | ' |
Commercial Auto | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 133 | 124 | 391 | 355 | ' |
Workers' Compensation | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 93 | 95 | 280 | 270 | ' |
Specialty Packages | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 27 | 38 | 93 | 114 | ' |
Management Liability and Surety | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 32 | 30 | 94 | 89 | ' |
Machinery and Equipment | Operating Segments | Commercial Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 12 | 11 | 36 | 32 | ' |
Personal Auto | Operating Segments | Personal Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 121 | 112 | 354 | 328 | ' |
Home Owner Segment | Operating Segments | Personal Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | 110 | 103 | 330 | 298 | ' |
Other Personal Lines | Operating Segments | Personal Lines | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Earned premiums | $32 | $29 | $91 | $86 | ' |
Segment_Information_Narrative_
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2014 | |
segment | |
industry | |
Segment Reporting [Abstract] | ' |
Number of Industries Operating In | 2 |
Number of Reportable Segments | 5 |