Cincinnati Financial (CINF) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Jul. 24, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	0-4604
Entity Registrant Name	CINCINNATI FINANCIAL CORP
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-0746871
Entity Address, Address Line One	6200 S. Gilmore Road,
Entity Address, City or Town	Fairfield,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45014-5141
City Area Code	513
Local Phone Number	870-2000
Title of 12(b) Security	Common stock
Trading Symbol	CINF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		163,336,240
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments
Fixed maturities, at fair value (amortized cost: 2019—$10,832; 2018—$10,643)	$ 11,320	$ 10,689
Equity securities, at fair value (cost: 2019—$3,471; 2018—$3,368)	7,012	5,920
Other invested assets	271	123
Total investments	18,603	16,732
Cash and cash equivalents	803	784
Investment income receivable	130	132
Finance receivable	76	71
Premiums receivable	1,913	1,644
Reinsurance recoverable	515	484
Prepaid reinsurance premiums	70	44
Deferred policy acquisition costs	786	738
Land, building and equipment, net, for company use (accumulated depreciation: 2019—$267; 2018—$265)	207	195
Other assets	375	308
Separate accounts	859	803
Total assets	24,337	21,935
Insurance reserves
Loss and loss expense reserves	6,009	5,707
Life policy and investment contract reserves	2,798	2,779
Unearned premiums	2,896	2,516
Other liabilities	828	804
Deferred income tax	932	627
Note payable	37	32
Long-term debt and lease obligations	847	834
Separate accounts	859	803
Total liabilities	15,206	14,102
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2019 and 2018—500 million shares; issued: 2019 and 2018—198.3 million shares)	397	397
Paid-in capital	1,286	1,281
Retained earnings	8,566	7,625
Accumulated other comprehensive income	364	22
Treasury stock at cost (2019—35.0 million shares and 2018—35.5 million shares)	(1,482)	(1,492)
Total shareholders' equity	9,131	7,833
Total liabilities and shareholders' equity	$ 24,337	$ 21,935

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 10,832	$ 10,643
Available-for-sale Equity Securities, Amortized Cost Basis	3,471	3,368
Land, building and equipment, accumulated depreciation	$ 267	$ 265
Common stock, par value	$ 2	$ 2
Common stock, authorized	500	500
Common stock, issued	198.3	198.3
Common stock, outstanding	198.3	198.3
Treasury stock, shares	35	35.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Earned premiums	$ 1,384	$ 1,294	$ 2,717	$ 2,554
Investment income, net of expenses	160	154	317	304
Investment gains and losses, net	364	105	1,027	(86)
Fee revenues	3	4	7	8
Other revenues	2	1	4	2
Total revenues	1,913	1,558	4,072	2,782
Benefits and Expenses
Insurance losses and contract holders' benefits	936	883	1,796	1,737
Underwriting, acquisition and insurance expenses	430	395	841	798
Interest expense	13	13	26	26
Other operating expenses	4	3	12	7
Total benefits and expenses	1,383	1,294	2,675	2,568
Income Before Income Taxes	530	264	1,397	214
Provision (Benefit) for Income Taxes
Current	28	33	56	61
Deferred	74	14	218	(33)
Total provision for income taxes	102	47	274	28
Net Income	$ 428	$ 217	$ 1,123	$ 186
Per Common Share
Net income—basic	$ 2.62	$ 1.33	$ 6.89	$ 1.13
Net income—diluted	$ 2.59	$ 1.32	$ 6.81	$ 1.12

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Income	$ 428	$ 217	$ 1,123	$ 186
Change in unrealized gains on investments, net of tax (benefit) of $43, ($18), $93 and ($64), respectively	157	(62)	349	(237)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively	1	1	1	1
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of ($1), $1, ($2) and $2, respectively	(4)	1	(8)	6
Other comprehensive income (loss)	154	(60)	342	(230)
Comprehensive Income (Loss)	$ 582	$ 157	$ 1,465	$ (44)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 43	$ (18)	$ 93	$ (64)
Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Net Actuarial Loss And Prior Service Cost Arising During Period, Tax	0	0	0	0
Other Comprehensive Income, Change in Life Deferred Acquisition Costs, Life Policy Reserves and Other, Tax	$ (1)	$ 1	$ (2)	$ 2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common equities	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock	Previously ReportedRetained Earnings	Previously ReportedAccumulated Other Comprehensive Income
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				$ 2,503	$ (2,503)
Beginning Balance at Dec. 31, 2017		$ 397	$ 1,265	7,683	285	$ (1,387)	$ 5,180	$ 2,788
Share-based awards		0	(17)			16
Share-based compensation			16
Other			2			1
Net Income	$ 186			186
Dividends declared (per share of $0.56, $0.53, $1.12 and $1.06, respectively)				(173)
Other comprehensive income (loss)	(230)				(230)
Shares acquired - share repurchase authorization						(125)
Shares acquired - share-based compensation plans						(3)
Ending Balance at Jun. 30, 2018	7,916	$ 397	1,266	7,696	55	(1,498)
Beginning Balance (in shares) at Dec. 31, 2017		163.9
Share-based awards (in shares)		0.5
Shares acquired - share repurchase authorization (in shares)		(1.8)
Ending Balance (in shares) at Jun. 30, 2018		162.6
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				0	0
Beginning Balance at Mar. 31, 2018		$ 397	1,258	7,565	115	(1,389)	7,565	115
Share-based awards		0	0			2
Share-based compensation			7
Other			1			0
Net Income	217			217
Dividends declared (per share of $0.56, $0.53, $1.12 and $1.06, respectively)				(86)
Other comprehensive income (loss)	(60)				(60)
Shares acquired - share repurchase authorization						(110)
Shares acquired - share-based compensation plans						(1)
Ending Balance at Jun. 30, 2018	7,916	$ 397	1,266	7,696	55	(1,498)
Beginning Balance (in shares) at Mar. 31, 2018		164.1
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		(1.6)
Ending Balance (in shares) at Jun. 30, 2018		162.6
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				0	0
Beginning Balance at Dec. 31, 2018	7,833	$ 397	1,281	7,625	22	(1,492)	7,625	22
Share-based awards		0	(13)			16
Share-based compensation			16
Other			2			1
Net Income	1,123			1,123
Dividends declared (per share of $0.56, $0.53, $1.12 and $1.06, respectively)				(182)
Other comprehensive income (loss)	342				342
Shares acquired - share repurchase authorization						0
Shares acquired - share-based compensation plans						(7)
Ending Balance at Jun. 30, 2019	$ 9,131	$ 397	1,286	8,566	364	(1,482)
Beginning Balance (in shares) at Dec. 31, 2018	198.3	162.8
Share-based awards (in shares)		0.5
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Jun. 30, 2019	198.3	163.3
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				0	0
Beginning Balance at Mar. 31, 2019		$ 397	1,277	8,229	210	(1,483)	$ 8,229	$ 210
Share-based awards		0	1			3
Share-based compensation			7
Other			1			0
Net Income	$ 428			428
Dividends declared (per share of $0.56, $0.53, $1.12 and $1.06, respectively)				(91)
Other comprehensive income (loss)	154				154
Shares acquired - share repurchase authorization						0
Shares acquired - share-based compensation plans						(2)
Ending Balance at Jun. 30, 2019	$ 9,131	$ 397	$ 1,286	$ 8,566	$ 364	$ (1,482)
Beginning Balance (in shares) at Mar. 31, 2019		163.2
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Jun. 30, 2019	198.3	163.3

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 0.56	$ 0.53	$ 1.12	$ 1.06

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows From Operating Activities
Net Income	$ 1,123	$ 186
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36	32
Investment gains and losses, net	(1,022)	90
Share-based compensation	16	16
Interest credited to contract holders'	21	23
Deferred income tax expense	218	(33)
Changes in:
Investment income receivable	2	4
Premiums and reinsurance receivable	(231)	(129)
Deferred policy acquisition costs	(68)	(41)
Other assets	(47)	(14)
Loss and loss expense reserves	25	195
Life policy and investment contract reserves	52	47
Unearned premiums	292	174
Other liabilities	(8)	(85)
Current income tax receivable/payable	67	(1)
Net cash provided by operating activities	476	464
Cash Flows From Investing Activities
Sale of fixed maturities	52	5
Call or maturity of fixed maturities	625	674
Sale of equity securities	142	134
Purchase of fixed maturities	(765)	(905)
Purchase of equity securities	(212)	(149)
Investment in finance receivables	(17)	(16)
Collection of finance receivables	13	12
Change in other invested assets, net	(41)	(11)
Net cash used in investing activities	(216)	(265)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(175)	(166)
Shares acquired - share repurchase authorization	0	(125)
Proceeds from (Repayments of) Notes Payable	5	37
Proceeds from stock options exercised	7	5
Contract holders' funds withdrawn	(93)	(88)
Other	(29)	(41)
Net cash used in financing activities	(241)	(335)
Net change in cash and cash equivalents	19	(136)
Cash and cash equivalents at beginning of year	784	657
Cash and cash equivalents at end of period	803	521
Supplemental Disclosures of Cash Flow Information:
Contract holders' funds deposited	44	43
Investment in buildings and equipment	(13)	(9)
Interest paid	27	26
Income taxes received (paid)	13	(60)
Noncash Activities
Conversion of securities	0	3
Equipment acquired under capital lease obligations	7	8
Cashless exercise of stock options	7	3
Other assets and other liabilities	$ 28	$ 28

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2019
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). Effective February 28, 2019, the company acquired MSP Underwriting Limited, a London-based, global specialty underwriter. MSP was rebranded as Cincinnati Global Underwriting Ltd. SM (Cincinnati Global) effective May 1, 2019, reflecting its new identity as a subsidiary of the corporation. Refer to Note 14, Acquisition, for additional information. The interim condensed consolidated financial statements include Cincinnati Global's results for the period from February 28, 2019, through June 30, 2019. Foreign exchange rates related to Cincinnati Global's operations did not have a material impact to our condensed consolidated financial statements. 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. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted. Our June 30, 2019 , condensed consolidated financial statements are unaudited. 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 2018 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. Adopted Accounting Updates ASU 2016-02, Leases (Topic 842) In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . The main provision of ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The effective date of ASU 2016-02 is for interim and annual reporting periods beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 and ASU 2018-11, Targeted Improvements to Topic 842 . ASU 2018-10 makes narrow-scope amendments to certain aspects of the new leasing standard while ASU 2018-11 provides relief from costs of implementing certain aspects of the new leasing standard. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. As of June 30, 2019, this ASU resulted in recognizing a right-of-use asset and lease liability each for $15 million recorded in other assets and long-term debt and lease obligations line items, respectively, on our condensed consolidated balance sheets. The company has elected the practical expedient package for carrying forward historical lease classifications, not re-evaluating for embedded leases and not reassessing initial direct costs. The company also elected additional practical expedients to not recognize short-term leases on the balance sheet and to only combine lease and nonlease components for certain asset classes. We also elected not to restate prior periods. In support of our insurance operations, the company leases real estate properties which qualify as operating leases and also leases equipment and autos which qualify as finance leases. The lease term for real estate properties is typically five years while the term for equipment and autos is three to six years . ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 amends guidance on the amortization period of premiums on certain purchased callable debt securities. The amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to beginning retained earnings. The effective date of ASU 2017-08 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-07, Compensation - Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation , which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for the acquisition of goods and services. The effective date of ASU 2018-07 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. Pending Accounting Updates ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In addition, through June 2019, the FASB issued ASU 2018-19, Codification Improvements to Topic 326 , ASU 2019-04, Codification Improvements to Topic 326 and ASU 2019-05, Targeted Transition Relief. These ASU’s amend previous guidance on the impairment of financial instruments by adding an impairment model that allows an entity to recognize expected credit losses as an allowance rather than impairing as they are incurred. The new guidance is intended to reduce complexity of credit impairment models and result in a more timely recognition of expected credit losses. The guidance is effective for reporting periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained earnings. These ASU's have not yet been adopted; however, they are not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit and income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered. The effective date of ASU 2017-04 is for interim and annual goodwill impairment tests performed in any fiscal years beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. The effective date of ASU 2018-12 is for interim and annual reporting periods beginning after December 15, 2020. The ASU has not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, cash flows and results of operations. ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 clarifies the fair value measurement disclosure requirements of ASC 820 by adding, eliminating and modifying disclosures. The effective date of ASU 2018-13 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 clarifies the guidance in ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The effective date of ASU 2018-14 is for annual reporting periods ending after December 15, 2020. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 amends ASC 350 to include implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The effective date of ASU 2018-15 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments [Abstract]
Investments	Investments The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Cost or amortized cost Gross unrealized Fair value At June 30, 2019 gains losses Fixed maturity securities: Corporate $ 5,815 $ 269 $ 13 $ 6,071 States, municipalities and political subdivisions 4,331 218 — 4,549 Commercial mortgage-backed 289 12 — 301 Government-sponsored enterprises 283 — 1 282 United States government 97 3 — 100 Foreign government 17 — — 17 Total $ 10,832 $ 502 $ 14 $ 11,320 At December 31, 2018 Fixed maturity securities: Corporate $ 5,712 $ 85 $ 87 $ 5,710 States, municipalities and political subdivisions 4,251 84 31 4,304 Commercial mortgage-backed 287 3 2 288 Government-sponsored enterprises 316 1 7 310 United States government 67 1 1 67 Foreign government 10 — — 10 Total $ 10,643 $ 174 $ 128 $ 10,689 The net unrealized investment gains in our fixed-maturity portfolio at June 30, 2019 , are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio. Our commercial mortgage-backed securities had an average rating of Aa1/AA at June 30, 2019 , and December 31, 2018 . At June 30, 2019 , Microsoft Corporation (Nasdaq:MSFT) was our largest single equity holding with a fair value of $336 million , which was 4.9 % of our publicly traded common equities portfolio and 1.8 % 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: (Dollars in millions) Less than 12 months 12 months or more Total At June 30, 2019 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed maturity securities: Corporate $ 78 $ 2 $ 294 $ 11 $ 372 $ 13 States, municipalities and political subdivisions 13 — 21 — 34 — Commercial mortgage-backed — — 5 — 5 — Government-sponsored enterprises 7 — 117 1 124 1 United States government 5 — 4 — 9 — Foreign government 1 — — — 1 — Total $ 104 $ 2 $ 441 $ 12 $ 545 $ 14 At December 31, 2018 Fixed maturity securities: Corporate $ 2,082 $ 51 $ 501 $ 36 $ 2,583 $ 87 States, municipalities and political subdivisions 823 18 340 13 1,163 31 Commercial mortgage-backed 77 — 64 2 141 2 Government-sponsored enterprises 49 1 211 6 260 7 United States government — — 33 1 33 1 Total $ 3,031 $ 70 $ 1,149 $ 58 $ 4,180 $ 128 Contractual maturity dates for fixed-maturities investments were: (Dollars in millions) Amortized cost Fair value % of fair value At June 30, 2019 Maturity dates: Due in one year or less $ 491 $ 496 4.4 % Due after one year through five years 3,004 3,097 27.4 Due after five years through ten years 3,750 3,929 34.7 Due after ten years 3,587 3,798 33.5 Total $ 10,832 $ 11,320 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Investment income: Interest $ 111 $ 112 $ 222 $ 222 Dividends 50 44 96 86 Other 2 1 5 2 Total 163 157 323 310 Less investment expenses 3 3 6 6 Total $ 160 $ 154 $ 317 $ 304 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 11 $ 4 $ 23 $ 7 Unrealized gains and losses on securities still held, net 355 101 999 (97 ) Subtotal 366 105 1,022 (90 ) Fixed maturities: Gross realized gains 1 3 3 7 Gross realized losses (2 ) (1 ) (2 ) (1 ) Subtotal (1 ) 2 1 6 Other (1 ) (2 ) 4 (2 ) Total $ 364 $ 105 $ 1,027 $ (86 ) During the three and six months ended June 30, 2019 and 2018 , there were no fixed-maturity securities 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 six months ended June 30, 2019 and 2018 . At June 30, 2019 , 100 fixed-maturity securities with a total unrealized loss of $12 million had been in an unrealized loss position for 12 months or more. Of that total, one fixed-maturity security had a fair value below 70% of amortized cost. At December 31, 2018 , 400 fixed-maturity securities with a total unrealized loss of $58 million had been in an unrealized loss position for 12 months or more. Of that total, no fixed-maturity securities had fair values below 70%

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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, 2018 , and ultimately management determines fair value. See our 2018 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 141, 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 June 30, 2019 , and December 31, 2018 . We do not have any liabilities carried at fair value. There were no transfers between Level 1 and Level 2. (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At June 30, 2019 Fixed maturities, available for sale: Corporate $ — $ 6,070 $ 1 $ 6,071 States, municipalities and political subdivisions — 4,545 4 4,549 Commercial mortgage-backed — 301 — 301 Government-sponsored enterprises — 282 — 282 United States government 100 — — 100 Foreign government — 17 — 17 Subtotal 100 11,215 5 11,320 Common equities 6,821 — — 6,821 Nonredeemable preferred equities — 191 — 191 Separate accounts taxable fixed maturities — 848 — 848 Top Hat savings plan mutual funds and common 43 — — 43 Total $ 6,964 $ 12,254 $ 5 $ 19,223 At December 31, 2018 Fixed maturities, available for sale: Corporate $ — $ 5,709 $ 1 $ 5,710 States, municipalities and political subdivisions — 4,300 4 4,304 Commercial mortgage-backed — 288 — 288 Government-sponsored enterprises — 310 — 310 United States government 67 — — 67 Foreign government — 10 — 10 Subtotal 67 10,617 5 10,689 Common equities 5,742 — — 5,742 Nonredeemable preferred equities — 178 — 178 Separate accounts taxable fixed maturities — 791 — 791 Top Hat savings plan mutual funds and common equity (included in Other assets) 34 — — 34 Total $ 5,843 $ 11,586 $ 5 $ 17,434 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 June 30, 2019 . Total Level 3 assets continue to be less than 1% 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. There were no changes in Level 3 assets for the three months ended June 30 . The following table provides the change in Level 3 assets for the six months ended June 30 : (Dollars in millions) Asset fair value measurements using significant unobservable inputs Corporate fixed maturities States, Total Beginning balance, January 1, 2019 $ 1 $ 4 $ 5 Total gains or losses (realized/unrealized): Included in net income — — — Included in other comprehensive income — — — Purchases — — — Sales — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Ending balance, June 30, 2019 $ 1 $ 4 $ 5 Beginning balance, January 1, 2018 $ 1 $ 5 $ 6 Total gains or losses (realized/unrealized): Included in net income (loss) — — — Included in other comprehensive income (loss) — (1 ) (1 ) Purchases — — — Sales — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Ending balance, June 30, 2018 $ 1 $ 4 $ 5 With the exception of the above table, additional disclosures for the Level 3 category are not material and therefore not provided. Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value The disclosures below are presented to provide 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: (Dollars in millions) Book value Principal amount Interest rate Year of issue June 30, December 31, June 30, December 31, 2019 2018 2019 2018 6.900 % 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920 % 2005 Senior debentures, due 2028 391 391 391 391 6.125 % 2004 Senior notes, due 2034 370 370 374 374 Total $ 788 $ 788 $ 793 $ 793 The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At June 30, 2019 Note payable $ — $ 37 $ — $ 37 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 502 — 502 6.125% senior notes, due 2034 — 476 — 476 Total $ — $ 1,049 $ — $ 1,049 At December 31, 2018 Note payable $ — $ 32 $ — $ 32 6.900% senior debentures, due 2028 — 32 — 32 6.920% senior debentures, due 2028 — 471 — 471 6.125% senior notes, due 2034 — 440 — 440 Total $ — $ 975 $ — $ 975 The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At June 30, 2019 Life policy loans $ — $ — $ 42 $ 42 Deferred annuities — — 778 778 Structured settlements — 205 — 205 Total $ — $ 205 $ 778 $ 983 At December 31, 2018 Life policy loans $ — $ — $ 40 $ 40 Deferred annuities — — 742 742 Structured settlements — 185 — 185 Total $ — $ 185 $ 742 $ 927 Outstanding principal and interest for these life policy loans totaled $33 million at June 30, 2019 and December 31, 2018 , respectively. Recorded reserves for the deferred annuities were $771 million and $787 million at June 30, 2019 and December 31, 2018 , respectively. Recorded reserves for the structured settlements were $152 million and $156 million at June 30, 2019 and December 31, 2018 , respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	6 Months Ended
	Jun. 30, 2019
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: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Gross loss and loss expense reserves, beginning of period $ 5,886 $ 5,293 $ 5,646 $ 5,219 Less reinsurance recoverable 266 184 238 187 Net loss and loss expense reserves, beginning of period 5,620 5,109 5,408 5,032 Net loss and loss expense reserves related to acquisition of MSP at February 28, 2019 — — 246 — Net incurred loss and loss expenses related to: Current accident year 947 852 1,804 1,691 Prior accident years (84 ) (31 ) (151 ) (79 ) Total incurred 863 821 1,653 1,612 Net paid loss and loss expenses related to: Current accident year 361 341 538 536 Prior accident years 437 354 1,084 873 Total paid 798 695 1,622 1,409 Net loss and loss expense reserves, end of period 5,685 5,235 5,685 5,235 Plus reinsurance recoverable 269 188 269 188 Gross loss and loss expense reserves, end of period $ 5,954 $ 5,423 $ 5,954 $ 5,423 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, claims, underwriting, loss prevention and accounting management. This committee 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 $55 million at June 30, 2019 , and $45 million at June 30, 2018 , for certain life and health loss and loss expense reserves. For the three months ended June 30, 2019 , we experienced $84 million of favorable development on prior accident years, including $58 million of favorable development in commercial lines, $14 million of favorable development in personal lines and $5 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $27 million for the workers' compensation line, $25 million for the commercial casualty line and $6 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $15 million in personal auto. For the six months ended June 30, 2019 , we experienced $151 million of favorable development on prior accident years, including $120 million of favorable development in commercial lines, $11 million of favorable development in personal lines and $7 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $56 million for the commercial casualty line, $42 million for the workers' compensation line, $9 million for the commercial auto line and $8 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $20 million in personal auto. We recognized unfavorable reserve development of $15 million for the homeowner line of business due primarily to higher-than-anticipated loss development on known claims. For the three months ended June 30, 2018 , we experienced $31 million of favorable development on prior accident years, including $42 million of favorable development in commercial lines, $17 million of unfavorable development in personal lines and $4 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $18 million for the workers' compensation line, $14 million for the commercial casualty line, $7 million for the commercial property line and $8 million for the other commercial lines due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $5 million for the commercial auto line. Within personal lines, we recognized unfavorable reserve development of $14 million for the homeowner line of business due primarily to higher-than-anticipated loss emergence on known claims. For the six months ended June 30, 2018 , we experienced $79 million of favorable development on prior accident years, including $77 million of favorable development in commercial lines, $16 million of unfavorable development in personal lines and $14 million of favorable development in excess and surplus lines. This included $7 million from favorable development of catastrophe losses. Within commercial lines, we recognized favorable reserve development of $31 million for the workers' compensation line, $28 million for the commercial property line, $10 million for the commercial casualty line and $12 million for the other commercial lines due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $4 million for the commercial auto line. Within personal lines, we recognized unfavorable reserve development of $17 million for the homeowner line of business due primarily to higher-than-anticipated loss emergence on known claims.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	6 Months Ended
	Jun. 30, 2019
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 deferred annuity, universal life 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: (Dollars in millions) June 30, December 31, 2018 Life policy reserves: Ordinary/traditional life $ 1,187 $ 1,149 Other 49 48 Subtotal 1,236 1,197 Investment contract reserves: Deferred annuities 771 787 Universal life 633 632 Structured settlements 152 156 Other 6 7 Subtotal 1,562 1,582 Total life policy and investment contract reserves $ 2,798 $ 2,779

Deferred Acquisition Costs

Deferred Acquisition Costs	6 Months Ended
	Jun. 30, 2019
Deferred Costs [Abstract]
Deferred Acquisition Costs	Deferred Policy 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. (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 485 $ 446 $ 464 $ 438 Capitalized deferred policy acquisition costs 280 251 534 483 Amortized deferred policy acquisition costs (239 ) (225 ) (472 ) (449 ) Deferred policy acquisition costs asset, end of period $ 526 $ 472 $ 526 $ 472 Life: Deferred policy acquisition costs asset, beginning of period $ 266 $ 245 $ 274 $ 232 Capitalized deferred policy acquisition costs 15 15 31 28 Amortized deferred policy acquisition costs (12 ) (11 ) (25 ) (21 ) Shadow deferred policy acquisition costs (9 ) 7 (20 ) 17 Deferred policy acquisition costs asset, end of period $ 260 $ 256 $ 260 $ 256 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 751 $ 691 $ 738 $ 670 Capitalized deferred policy acquisition costs 295 266 565 511 Amortized deferred policy acquisition costs (251 ) (236 ) (497 ) (470 ) Shadow deferred policy acquisition costs (9 ) 7 (20 ) 17 Deferred policy acquisition costs asset, end of period $ 786 $ 728 $ 786 $ 728 No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows: (Dollars in millions) Three months ended June 30, 2019 2018 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 288 $ 59 $ 229 $ 164 $ 35 $ 129 OCI before investment gains and losses, net, recognized in net income 199 43 156 (78 ) (18 ) (60 ) Investment gains and losses, net, recognized in net income 1 — 1 (2 ) — (2 ) OCI 200 43 157 (80 ) (18 ) (62 ) AOCI, end of period $ 488 $ 102 $ 386 $ 84 $ 17 $ 67 Pension obligations: AOCI, beginning of period $ (16 ) $ (2 ) $ (14 ) $ (12 ) $ (1 ) $ (11 ) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 1 — 1 1 — 1 OCI 1 — 1 1 — 1 AOCI, end of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (6 ) $ (1 ) $ (5 ) $ (4 ) $ (1 ) $ (3 ) OCI before investment gains and losses, net, recognized in net income (6 ) (1 ) (5 ) — — — Investment gains and losses, net, recognized in net income 1 — 1 2 1 1 OCI (5 ) (1 ) (4 ) 2 1 1 AOCI, end of period $ (11 ) $ (2 ) $ (9 ) $ (2 ) $ — $ (2 ) Summary of AOCI: AOCI, beginning of period $ 266 $ 56 $ 210 $ 148 $ 33 $ 115 Investments OCI 200 43 157 (80 ) (18 ) (62 ) Pension obligations OCI 1 — 1 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI (5 ) (1 ) (4 ) 2 1 1 Total OCI 196 42 154 (77 ) (17 ) (60 ) AOCI, end of period $ 462 $ 98 $ 364 $ 71 $ 16 $ 55 (Dollars in millions) Six months ended June 30, 2019 2018 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 46 $ 9 $ 37 $ 3,540 $ 733 $ 2,807 Cumulative effect of change in accounting for equity securities as of January 1, 2018 — — — (3,155 ) (652 ) (2,503 ) Adjusted AOCI, beginning of period 46 9 37 385 81 304 OCI before investment gains and losses, net, recognized in net income 443 93 350 (295 ) (63 ) (232 ) Investment gains and losses, net, recognized in net income (1 ) — (1 ) (6 ) (1 ) (5 ) OCI 442 93 349 (301 ) (64 ) (237 ) AOCI, end of period $ 488 $ 102 $ 386 $ 84 $ 17 $ 67 Pension obligations: AOCI, beginning of period $ (16 ) $ (2 ) $ (14 ) $ (12 ) $ (1 ) $ (11 ) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 1 — 1 1 — 1 OCI 1 — 1 1 — 1 AOCI, end of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (1 ) $ — $ (1 ) $ (10 ) $ (2 ) $ (8 ) OCI before investment gains and losses, net, recognized in net income (6 ) (1 ) (5 ) 6 1 5 Investment gains and losses, net, recognized in net income (4 ) (1 ) (3 ) 2 1 1 OCI (10 ) (2 ) (8 ) 8 2 6 AOCI, end of period $ (11 ) $ (2 ) $ (9 ) $ (2 ) $ — $ (2 ) Summary of AOCI: AOCI, beginning of period $ 29 $ 7 $ 22 $ 3,518 $ 730 $ 2,788 Cumulative effect of change in accounting for equity securities as of January 1, 2018 — — — (3,155 ) (652 ) (2,503 ) Adjusted AOCI, beginning of period 29 7 22 363 78 285 Investments OCI 442 93 349 (301 ) (64 ) (237 ) Pension obligations OCI 1 — 1 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI (10 ) (2 ) (8 ) 8 2 6 Total OCI 433 91 342 (292 ) (62 ) (230 ) AOCI, end of period $ 462 $ 98 $ 364 $ 71 $ 16 $ 55

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2019
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed risks as well as contracts from our reinsurance assumed operations, known as Cincinnati Re SM . Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and catastrophe bonds and retrocessions on our reinsurance assumed operations. 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. The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Direct written premiums $ 1,472 $ 1,336 $ 2,807 $ 2,583 Assumed written premiums 75 52 162 101 Ceded written premiums (71 ) (39 ) (112 ) (77 ) Net written premiums $ 1,476 $ 1,349 $ 2,857 $ 2,607 Direct earned premiums $ 1,319 $ 1,235 $ 2,585 $ 2,442 Assumed earned premiums 50 36 93 69 Ceded earned premiums (52 ) (41 ) (94 ) (81 ) Earned premiums $ 1,317 $ 1,230 $ 2,584 $ 2,430 Direct incurred loss and loss expenses $ 866 $ 821 $ 1,653 $ 1,602 Assumed incurred loss and loss expenses 25 13 50 29 Ceded incurred loss and loss expenses (28 ) (13 ) (50 ) (19 ) Incurred loss and loss expenses $ 863 $ 821 $ 1,653 $ 1,612 Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles. The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Direct earned premiums $ 86 $ 81 $ 169 $ 158 Ceded earned premiums (19 ) (17 ) (36 ) (34 ) Earned premiums $ 67 $ 64 $ 133 $ 124 Direct contract holders' benefits incurred 87 70 172 146 Ceded contract holders' benefits incurred (14 ) (8 ) (29 ) (21 ) Contract holders' benefits incurred $ 73 $ 62 $ 143 $ 125

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The differences between the 21 % statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Tax at statutory rate: $ 111 21.0 % $ 56 21.0 % $ 293 21.0 % $ 45 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (4 ) (0.8 ) (5 ) (1.9 ) (9 ) (0.6 ) (10 ) (4.7 ) Dividend received exclusion (4 ) (0.8 ) (5 ) (1.5 ) (8 ) (0.6 ) (8 ) (3.7 ) Other (1 ) (0.2 ) 1 0.2 (2 ) (0.2 ) 1 0.5 Provision for income taxes $ 102 19.2 % $ 47 17.8 % $ 274 19.6 % $ 28 13.1 % The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its subsidiaries. Unrecognized Tax Benefits As of June 30, 2019 and December 31, 2018 , we had a gross unrecognized tax benefit of $34 million . There were no changes to this amount during the first half of 2019. Acquisition of Cincinnati Global As more fully discussed in Note 1, Accounting Policies and Note 14, Acquisition, we closed on the acquisition of Cincinnati Global during the first quarter of 2019. As a result of this acquisition, $59 million of net deferred tax assets were acquired or established at the acquisition date with an offsetting valuation allowance of $55 million . Accounting guidance requires deferred tax assets to be reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. After considering all positive and negative evidence related to the Cincinnati Global operations, we believe it was appropriate to set up a valuation allowance for purposes of our opening Cincinnati Global balance sheet. The purchase price allocation to our Cincinnati Global deferred tax assets and corresponding valuation allowance is subject to further post-closing adjustments based on the actual net asset value (NAV) of Cincinnati Global and its subsidiaries at closing, pursuant to the procedures set forth in the sale and purchase agreement. As a result of the first half year operations, there were immaterial changes to the Cincinnati Global valuation allowance as of June 30, 2019 . As of June 30, 2019 , Cincinnati Global had operating loss carryforwards of $178 million which are subject to certain limitations. These Cincinnati Global losses can only be utilized within the Cincinnati Global group and cannot offset the income of our CFC group. Other than the Cincinnati Global loss carryforwards, we had no other operating or capital loss carryforwards as of June 30, 2019 .

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2019
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 June 30, Six months ended June 30, 2019 2018 2019 2018 Numerator: Net income—basic and diluted $ 428 $ 217 $ 1,123 $ 186 Denominator: Basic weighted-average common shares outstanding 163.3 163.2 163.1 163.6 Effect of share-based awards: Stock options 1.2 0.8 1.1 0.9 Nonvested shares 0.7 0.5 0.7 0.5 Diluted weighted-average shares 165.2 164.5 164.9 165.0 Earnings per share: Basic $ 2.62 $ 1.33 $ 6.89 $ 1.13 Diluted $ 2.59 $ 1.32 $ 6.81 $ 1.12 Number of anti-dilutive share-based awards 0.4 1.3 0.7 1.3 The sources of dilution of our common shares are certain equity-based awards. See our 2018 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 173, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three and six months ended June 30, 2019 and 2018 . These share-based awards were not included in the computation of net income per common share (diluted) because their exercise would have anti-dilutive effects.

Employee Retirement Benefits

Employee Retirement Benefits	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits The following summarizes the components of net periodic benefit cost for our qualified and supplemental pension plans: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Service cost $ 2 $ 2 $ 4 $ 5 Non-service costs (benefit): Interest cost 3 3 6 6 Expected return on plan assets (5 ) (6 ) (10 ) (11 ) Amortization of actuarial loss and prior service cost 1 1 1 1 Other — — 1 — Total non-service benefit (1 ) (2 ) (2 ) (4 ) Net periodic benefit cost $ 1 $ — $ 2 $ 1 See our 2018 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 166, for information on our retirement benefits. Service costs and non-service costs (benefit) are allocated in the same proportion primarily to the underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the condensed consolidated statements of income for both 2019 and 2018. We made matching contributions totaling $4 million to our 401(k) and Top Hat savings plans during both the second quarter s of 2019 and 2018 and contributions of $9 million and $10 million for the first half of 2019 and 2018, respectively. We made no

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2019
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 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 immaterial.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are: • Commercial lines insurance • Personal lines insurance • Excess and surplus lines insurance • Life insurance • Investments We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re, our reinsurance assumed operation, and Cincinnati Global, our London-based global specialty underwriter, which was acquired on February 28, 2019. See our 2018 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 176, 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: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Revenues: Commercial lines insurance Commercial casualty $ 277 $ 272 $ 545 $ 537 Commercial property 234 231 468 459 Commercial auto 175 166 345 327 Workers' compensation 74 85 151 165 Other commercial 63 58 124 114 Commercial lines insurance premiums 823 812 1,633 1,602 Fee revenues 1 — 2 2 Total commercial lines insurance 824 812 1,635 1,604 Personal lines insurance Personal auto 155 153 310 304 Homeowner 149 139 296 275 Other personal 44 39 86 77 Personal lines insurance premiums 348 331 692 656 Fee revenues 1 2 2 3 Total personal lines insurance 349 333 694 659 Excess and surplus lines insurance 67 57 130 113 Fee revenues — 1 1 1 Total excess and surplus lines insurance 67 58 131 114 Life insurance premiums 67 64 133 124 Fee revenues 1 1 2 2 Total life insurance 68 65 135 126 Investments Investment income, net of expenses 160 154 317 304 Investment gains and losses, net 364 105 1,027 (86 ) Total investment revenue 524 259 1,344 218 Other Earned premiums 79 30 129 59 Other 2 1 4 2 Total other revenues 81 31 133 61 Total revenues $ 1,913 $ 1,558 $ 4,072 $ 2,782 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 12 $ 47 $ 88 $ 62 Personal lines insurance 5 (32 ) 1 (41 ) Excess and surplus lines insurance 17 13 28 31 Life insurance (2 ) 8 (3 ) 10 Investments 499 235 1,295 170 Other (1 ) (7 ) (12 ) (18 ) Total income before income taxes $ 530 $ 264 $ 1,397 $ 214 Identifiable assets: June 30, December 31, 2018 Property casualty insurance $ 3,441 $ 3,285 Life insurance 1,536 1,424 Investments 18,464 16,741 Other 896 485 Total $ 24,337 $ 21,935

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisition	Acquisition On February 28, 2019 (closing date or acquisition date), pursuant to the agreement (the SPA) for the sale and purchase of the entire issued share capital of MSP Underwriting Limited, dated October 11, 2018, by and between the company and Münchener Rückversicherungs Gesellschaft AG (Munich Re), the company acquired from Munich Re all of the issued and outstanding share capital of MSP and its subsidiaries, including the Lloyd's managing agent, Beaufort Underwriting Agency Limited for Syndicate 318 (the acquisition). MSP was rebranded as Cincinnati Global Underwriting Ltd. (Cincinnati Global) effective May 1, 2019, reflecting its new identity as a subsidiary of the corporation. The acquisition of Cincinnati Global reflects progress toward our long-term objective of diversifying revenue and profitability by expanding our operations geographically and by line of business. As aggregate consideration for the purchase of the share capital of Cincinnati Global and its subsidiaries, the company paid £ 48 million , or $64 million , in cash to Munich Re at the closing of the acquisition. The amount paid at closing was calculated as the difference between the target NAV set forth in the SPA and the estimated NAV of Cincinnati Global and its subsidiaries at the closing date. The purchase price is subject to further post-closing adjustments based on the actual NAV of Cincinnati Global and its subsidiaries at closing, pursuant to the procedures set forth in the SPA. The allocation of the purchase price is based on information included in Cincinnati Global's financial statements at the closing date, which is subject to negotiation per the SPA. The purchase price allocation is subject to change if additional information becomes available within the measurement period, which cannot exceed 12 months from the acquisition date. The fair values of the assets acquired and liabilities assumed may be subject to adjustments, which may impact the amounts recorded for the assets acquired and liabilities assumed as well as the goodwill. The fair value of the assets acquired, liabilities assumed and the allocation of the purchase price on the acquisition date have been summarized in the following table: (Dollars in millions) Amount Assets Investments and other invested assets $ 198 Cash and cash equivalents 64 Premiums receivable 45 Reinsurance recoverable 42 Other assets 23 Total assets acquired $ 372 Liabilities Loss and loss expense reserves $ 277 Unearned premiums 88 Other liabilities 24 Total liabilities assumed $ 389 Fair value of identifiable intangible assets: Syndicate capacity - indefinite lived $ 31 Syndicate broker relationships - definite lived 12 Value of business acquired - definite lived 4 Internally developed technology - definite lived 3 Total fair value of identifiable intangible assets $ 50 Total purchase price paid $ 64 Total assets acquired (including fair value of identifiable intangible assets) 422 Total liabilities assumed 389 Fair value of net assets acquired prior to allocation of goodwill 33 Excess of purchase price paid over fair value of net assets acquired assigned to goodwill $ 31 Identifiable intangible assets and goodwill are included in other assets in the condensed consolidated balance sheets. The goodwill arose as the fair value of the consideration transferred exceeded the fair value of the net identifiable assets acquired at the acquisition date. The broker relationships and internally developed technology will be amortized straight-line over five and 15 years , respectively. Value of business acquired will be amortized over the remaining coverage period of the underlying insurance contracts. Goodwill and intangibles are tested for impairment on an annual basis or more frequently if events or circumstances indicate the assets might be impaired. The company will perform its annual impairment test on goodwill and intangibles on September 30 of each year. The financial results of Cincinnati Global are included in the condensed consolidated statements of income from the acquisition date and are deemed to be immaterial. In connection with the acquisition, the company incurred immaterial transaction related expenses.

Accounting Policies Pending Acc

Accounting Policies Pending Accounting Updates (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Adopted Accounting Updates and Pending Accounting Updates	Adopted Accounting Updates ASU 2016-02, Leases (Topic 842) In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . The main provision of ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The effective date of ASU 2016-02 is for interim and annual reporting periods beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 and ASU 2018-11, Targeted Improvements to Topic 842 . ASU 2018-10 makes narrow-scope amendments to certain aspects of the new leasing standard while ASU 2018-11 provides relief from costs of implementing certain aspects of the new leasing standard. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. As of June 30, 2019, this ASU resulted in recognizing a right-of-use asset and lease liability each for $15 million recorded in other assets and long-term debt and lease obligations line items, respectively, on our condensed consolidated balance sheets. The company has elected the practical expedient package for carrying forward historical lease classifications, not re-evaluating for embedded leases and not reassessing initial direct costs. The company also elected additional practical expedients to not recognize short-term leases on the balance sheet and to only combine lease and nonlease components for certain asset classes. We also elected not to restate prior periods. In support of our insurance operations, the company leases real estate properties which qualify as operating leases and also leases equipment and autos which qualify as finance leases. The lease term for real estate properties is typically five years while the term for equipment and autos is three to six years . ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 amends guidance on the amortization period of premiums on certain purchased callable debt securities. The amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to beginning retained earnings. The effective date of ASU 2017-08 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-07, Compensation - Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation , which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for the acquisition of goods and services. The effective date of ASU 2018-07 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. Pending Accounting Updates ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In addition, through June 2019, the FASB issued ASU 2018-19, Codification Improvements to Topic 326 , ASU 2019-04, Codification Improvements to Topic 326 and ASU 2019-05, Targeted Transition Relief. These ASU’s amend previous guidance on the impairment of financial instruments by adding an impairment model that allows an entity to recognize expected credit losses as an allowance rather than impairing as they are incurred. The new guidance is intended to reduce complexity of credit impairment models and result in a more timely recognition of expected credit losses. The guidance is effective for reporting periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained earnings. These ASU's have not yet been adopted; however, they are not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit and income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered. The effective date of ASU 2017-04 is for interim and annual goodwill impairment tests performed in any fiscal years beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. The effective date of ASU 2018-12 is for interim and annual reporting periods beginning after December 15, 2020. The ASU has not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, cash flows and results of operations. ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 clarifies the fair value measurement disclosure requirements of ASC 820 by adding, eliminating and modifying disclosures. The effective date of ASU 2018-13 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 clarifies the guidance in ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The effective date of ASU 2018-14 is for annual reporting periods ending after December 15, 2020. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations. ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 amends ASC 350 to include implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The effective date of ASU 2018-15 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
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 fixed-maturity securities: (Dollars in millions) Cost or amortized cost Gross unrealized Fair value At June 30, 2019 gains losses Fixed maturity securities: Corporate $ 5,815 $ 269 $ 13 $ 6,071 States, municipalities and political subdivisions 4,331 218 — 4,549 Commercial mortgage-backed 289 12 — 301 Government-sponsored enterprises 283 — 1 282 United States government 97 3 — 100 Foreign government 17 — — 17 Total $ 10,832 $ 502 $ 14 $ 11,320 At December 31, 2018 Fixed maturity securities: Corporate $ 5,712 $ 85 $ 87 $ 5,710 States, municipalities and political subdivisions 4,251 84 31 4,304 Commercial mortgage-backed 287 3 2 288 Government-sponsored enterprises 316 1 7 310 United States government 67 1 1 67 Foreign government 10 — — 10 Total $ 10,643 $ 174 $ 128 $ 10,689
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: (Dollars in millions) Less than 12 months 12 months or more Total At June 30, 2019 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed maturity securities: Corporate $ 78 $ 2 $ 294 $ 11 $ 372 $ 13 States, municipalities and political subdivisions 13 — 21 — 34 — Commercial mortgage-backed — — 5 — 5 — Government-sponsored enterprises 7 — 117 1 124 1 United States government 5 — 4 — 9 — Foreign government 1 — — — 1 — Total $ 104 $ 2 $ 441 $ 12 $ 545 $ 14 At December 31, 2018 Fixed maturity securities: Corporate $ 2,082 $ 51 $ 501 $ 36 $ 2,583 $ 87 States, municipalities and political subdivisions 823 18 340 13 1,163 31 Commercial mortgage-backed 77 — 64 2 141 2 Government-sponsored enterprises 49 1 211 6 260 7 United States government — — 33 1 33 1 Total $ 3,031 $ 70 $ 1,149 $ 58 $ 4,180 $ 128
Investments Classified by Contractual Maturity Date [Table Text Block]	Contractual maturity dates for fixed-maturities investments were: (Dollars in millions) Amortized cost Fair value % of fair value At June 30, 2019 Maturity dates: Due in one year or less $ 491 $ 496 4.4 % Due after one year through five years 3,004 3,097 27.4 Due after five years through ten years 3,750 3,929 34.7 Due after ten years 3,587 3,798 33.5 Total $ 10,832 $ 11,320 100.0 %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses	The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Investment income: Interest $ 111 $ 112 $ 222 $ 222 Dividends 50 44 96 86 Other 2 1 5 2 Total 163 157 323 310 Less investment expenses 3 3 6 6 Total $ 160 $ 154 $ 317 $ 304 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ 11 $ 4 $ 23 $ 7 Unrealized gains and losses on securities still held, net 355 101 999 (97 ) Subtotal 366 105 1,022 (90 ) Fixed maturities: Gross realized gains 1 3 3 7 Gross realized losses (2 ) (1 ) (2 ) (1 ) Subtotal (1 ) 2 1 6 Other (1 ) (2 ) 4 (2 ) Total $ 364 $ 105 $ 1,027 $ (86 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
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 June 30, 2019 , and December 31, 2018 . We do not have any liabilities carried at fair value. There were no transfers between Level 1 and Level 2. (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At June 30, 2019 Fixed maturities, available for sale: Corporate $ — $ 6,070 $ 1 $ 6,071 States, municipalities and political subdivisions — 4,545 4 4,549 Commercial mortgage-backed — 301 — 301 Government-sponsored enterprises — 282 — 282 United States government 100 — — 100 Foreign government — 17 — 17 Subtotal 100 11,215 5 11,320 Common equities 6,821 — — 6,821 Nonredeemable preferred equities — 191 — 191 Separate accounts taxable fixed maturities — 848 — 848 Top Hat savings plan mutual funds and common 43 — — 43 Total $ 6,964 $ 12,254 $ 5 $ 19,223 At December 31, 2018 Fixed maturities, available for sale: Corporate $ — $ 5,709 $ 1 $ 5,710 States, municipalities and political subdivisions — 4,300 4 4,304 Commercial mortgage-backed — 288 — 288 Government-sponsored enterprises — 310 — 310 United States government 67 — — 67 Foreign government — 10 — 10 Subtotal 67 10,617 5 10,689 Common equities 5,742 — — 5,742 Nonredeemable preferred equities — 178 — 178 Separate accounts taxable fixed maturities — 791 — 791 Top Hat savings plan mutual funds and common equity (included in Other assets) 34 — — 34 Total $ 5,843 $ 11,586 $ 5 $ 17,434
Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	The following table provides the change in Level 3 assets for the six months ended June 30 : (Dollars in millions) Asset fair value measurements using significant unobservable inputs Corporate fixed maturities States, Total Beginning balance, January 1, 2019 $ 1 $ 4 $ 5 Total gains or losses (realized/unrealized): Included in net income — — — Included in other comprehensive income — — — Purchases — — — Sales — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Ending balance, June 30, 2019 $ 1 $ 4 $ 5 Beginning balance, January 1, 2018 $ 1 $ 5 $ 6 Total gains or losses (realized/unrealized): Included in net income (loss) — — — Included in other comprehensive income (loss) — (1 ) (1 ) Purchases — — — Sales — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Ending balance, June 30, 2018 $ 1 $ 4 $ 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: (Dollars in millions) Book value Principal amount Interest rate Year of issue June 30, December 31, June 30, December 31, 2019 2018 2019 2018 6.900 % 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920 % 2005 Senior debentures, due 2028 391 391 391 391 6.125 % 2004 Senior notes, due 2034 370 370 374 374 Total $ 788 $ 788 $ 793 $ 793
Fair Values of Deferred Annuities, Structured Settlements and Other Items	The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At June 30, 2019 Note payable $ — $ 37 $ — $ 37 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 502 — 502 6.125% senior notes, due 2034 — 476 — 476 Total $ — $ 1,049 $ — $ 1,049 At December 31, 2018 Note payable $ — $ 32 $ — $ 32 6.900% senior debentures, due 2028 — 32 — 32 6.920% senior debentures, due 2028 — 471 — 471 6.125% senior notes, due 2034 — 440 — 440 Total $ — $ 975 $ — $ 975
Fair Value of Life Policy Loans	The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At June 30, 2019 Life policy loans $ — $ — $ 42 $ 42 Deferred annuities — — 778 778 Structured settlements — 205 — 205 Total $ — $ 205 $ 778 $ 983 At December 31, 2018 Life policy loans $ — $ — $ 40 $ 40 Deferred annuities — — 742 742 Structured settlements — 185 — 185 Total $ — $ 185 $ 742 $ 927

Property Casualty Loss and Lo_2

Property Casualty Loss and Loss Expenses (Tables)	6 Months Ended
	Jun. 30, 2019
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: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Gross loss and loss expense reserves, beginning of period $ 5,886 $ 5,293 $ 5,646 $ 5,219 Less reinsurance recoverable 266 184 238 187 Net loss and loss expense reserves, beginning of period 5,620 5,109 5,408 5,032 Net loss and loss expense reserves related to acquisition of MSP at February 28, 2019 — — 246 — Net incurred loss and loss expenses related to: Current accident year 947 852 1,804 1,691 Prior accident years (84 ) (31 ) (151 ) (79 ) Total incurred 863 821 1,653 1,612 Net paid loss and loss expenses related to: Current accident year 361 341 538 536 Prior accident years 437 354 1,084 873 Total paid 798 695 1,622 1,409 Net loss and loss expense reserves, end of period 5,685 5,235 5,685 5,235 Plus reinsurance recoverable 269 188 269 188 Gross loss and loss expense reserves, end of period $ 5,954 $ 5,423 $ 5,954 $ 5,423

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	6 Months Ended
	Jun. 30, 2019
Liability for Future Policy Benefits [Abstract]
Reserve For Losses Loss Adjustment Expenses Table	This table summarizes our life policy and investment contract reserves: (Dollars in millions) June 30, December 31, 2018 Life policy reserves: Ordinary/traditional life $ 1,187 $ 1,149 Other 49 48 Subtotal 1,236 1,197 Investment contract reserves: Deferred annuities 771 787 Universal life 633 632 Structured settlements 152 156 Other 6 7 Subtotal 1,562 1,582 Total life policy and investment contract reserves $ 2,798 $ 2,779

Deferred Acquisition Costs (Ta

Deferred Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2019
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. (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 485 $ 446 $ 464 $ 438 Capitalized deferred policy acquisition costs 280 251 534 483 Amortized deferred policy acquisition costs (239 ) (225 ) (472 ) (449 ) Deferred policy acquisition costs asset, end of period $ 526 $ 472 $ 526 $ 472 Life: Deferred policy acquisition costs asset, beginning of period $ 266 $ 245 $ 274 $ 232 Capitalized deferred policy acquisition costs 15 15 31 28 Amortized deferred policy acquisition costs (12 ) (11 ) (25 ) (21 ) Shadow deferred policy acquisition costs (9 ) 7 (20 ) 17 Deferred policy acquisition costs asset, end of period $ 260 $ 256 $ 260 $ 256 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 751 $ 691 $ 738 $ 670 Capitalized deferred policy acquisition costs 295 266 565 511 Amortized deferred policy acquisition costs (251 ) (236 ) (497 ) (470 ) Shadow deferred policy acquisition costs (9 ) 7 (20 ) 17 Deferred policy acquisition costs asset, end of period $ 786 $ 728 $ 786 $ 728

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows: (Dollars in millions) Three months ended June 30, 2019 2018 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 288 $ 59 $ 229 $ 164 $ 35 $ 129 OCI before investment gains and losses, net, recognized in net income 199 43 156 (78 ) (18 ) (60 ) Investment gains and losses, net, recognized in net income 1 — 1 (2 ) — (2 ) OCI 200 43 157 (80 ) (18 ) (62 ) AOCI, end of period $ 488 $ 102 $ 386 $ 84 $ 17 $ 67 Pension obligations: AOCI, beginning of period $ (16 ) $ (2 ) $ (14 ) $ (12 ) $ (1 ) $ (11 ) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 1 — 1 1 — 1 OCI 1 — 1 1 — 1 AOCI, end of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (6 ) $ (1 ) $ (5 ) $ (4 ) $ (1 ) $ (3 ) OCI before investment gains and losses, net, recognized in net income (6 ) (1 ) (5 ) — — — Investment gains and losses, net, recognized in net income 1 — 1 2 1 1 OCI (5 ) (1 ) (4 ) 2 1 1 AOCI, end of period $ (11 ) $ (2 ) $ (9 ) $ (2 ) $ — $ (2 ) Summary of AOCI: AOCI, beginning of period $ 266 $ 56 $ 210 $ 148 $ 33 $ 115 Investments OCI 200 43 157 (80 ) (18 ) (62 ) Pension obligations OCI 1 — 1 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI (5 ) (1 ) (4 ) 2 1 1 Total OCI 196 42 154 (77 ) (17 ) (60 ) AOCI, end of period $ 462 $ 98 $ 364 $ 71 $ 16 $ 55 (Dollars in millions) Six months ended June 30, 2019 2018 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 46 $ 9 $ 37 $ 3,540 $ 733 $ 2,807 Cumulative effect of change in accounting for equity securities as of January 1, 2018 — — — (3,155 ) (652 ) (2,503 ) Adjusted AOCI, beginning of period 46 9 37 385 81 304 OCI before investment gains and losses, net, recognized in net income 443 93 350 (295 ) (63 ) (232 ) Investment gains and losses, net, recognized in net income (1 ) — (1 ) (6 ) (1 ) (5 ) OCI 442 93 349 (301 ) (64 ) (237 ) AOCI, end of period $ 488 $ 102 $ 386 $ 84 $ 17 $ 67 Pension obligations: AOCI, beginning of period $ (16 ) $ (2 ) $ (14 ) $ (12 ) $ (1 ) $ (11 ) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income 1 — 1 1 — 1 OCI 1 — 1 1 — 1 AOCI, end of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (1 ) $ — $ (1 ) $ (10 ) $ (2 ) $ (8 ) OCI before investment gains and losses, net, recognized in net income (6 ) (1 ) (5 ) 6 1 5 Investment gains and losses, net, recognized in net income (4 ) (1 ) (3 ) 2 1 1 OCI (10 ) (2 ) (8 ) 8 2 6 AOCI, end of period $ (11 ) $ (2 ) $ (9 ) $ (2 ) $ — $ (2 ) Summary of AOCI: AOCI, beginning of period $ 29 $ 7 $ 22 $ 3,518 $ 730 $ 2,788 Cumulative effect of change in accounting for equity securities as of January 1, 2018 — — — (3,155 ) (652 ) (2,503 ) Adjusted AOCI, beginning of period 29 7 22 363 78 285 Investments OCI 442 93 349 (301 ) (64 ) (237 ) Pension obligations OCI 1 — 1 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI (10 ) (2 ) (8 ) 8 2 6 Total OCI 433 91 342 (292 ) (62 ) (230 ) AOCI, end of period $ 462 $ 98 $ 364 $ 71 $ 16 $ 55

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2019
Reinsurance Disclosures [Abstract]
Property Casualty Insurance Assumed And Ceded Business	The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Direct written premiums $ 1,472 $ 1,336 $ 2,807 $ 2,583 Assumed written premiums 75 52 162 101 Ceded written premiums (71 ) (39 ) (112 ) (77 ) Net written premiums $ 1,476 $ 1,349 $ 2,857 $ 2,607 Direct earned premiums $ 1,319 $ 1,235 $ 2,585 $ 2,442 Assumed earned premiums 50 36 93 69 Ceded earned premiums (52 ) (41 ) (94 ) (81 ) Earned premiums $ 1,317 $ 1,230 $ 2,584 $ 2,430 Direct incurred loss and loss expenses $ 866 $ 821 $ 1,653 $ 1,602 Assumed incurred loss and loss expenses 25 13 50 29 Ceded incurred loss and loss expenses (28 ) (13 ) (50 ) (19 ) Incurred loss and loss expenses $ 863 $ 821 $ 1,653 $ 1,612
Life Insurance Assumed and Ceded Business	The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Direct earned premiums $ 86 $ 81 $ 169 $ 158 Ceded earned premiums (19 ) (17 ) (36 ) (34 ) Earned premiums $ 67 $ 64 $ 133 $ 124 Direct contract holders' benefits incurred 87 70 172 146 Ceded contract holders' benefits incurred (14 ) (8 ) (29 ) (21 ) Contract holders' benefits incurred $ 73 $ 62 $ 143 $ 125

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Differences Between Statutory Income Tax Rate And Effective Income Tax Rate	The differences between the 21 % statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Tax at statutory rate: $ 111 21.0 % $ 56 21.0 % $ 293 21.0 % $ 45 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (4 ) (0.8 ) (5 ) (1.9 ) (9 ) (0.6 ) (10 ) (4.7 ) Dividend received exclusion (4 ) (0.8 ) (5 ) (1.5 ) (8 ) (0.6 ) (8 ) (3.7 ) Other (1 ) (0.2 ) 1 0.2 (2 ) (0.2 ) 1 0.5 Provision for income taxes $ 102 19.2 % $ 47 17.8 % $ 274 19.6 % $ 28 13.1 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, Six months ended June 30, 2019 2018 2019 2018 Numerator: Net income—basic and diluted $ 428 $ 217 $ 1,123 $ 186 Denominator: Basic weighted-average common shares outstanding 163.3 163.2 163.1 163.6 Effect of share-based awards: Stock options 1.2 0.8 1.1 0.9 Nonvested shares 0.7 0.5 0.7 0.5 Diluted weighted-average shares 165.2 164.5 164.9 165.0 Earnings per share: Basic $ 2.62 $ 1.33 $ 6.89 $ 1.13 Diluted $ 2.59 $ 1.32 $ 6.81 $ 1.12 Number of anti-dilutive share-based awards 0.4 1.3 0.7 1.3

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	The following summarizes the components of net periodic benefit cost for our qualified and supplemental pension plans: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Service cost $ 2 $ 2 $ 4 $ 5 Non-service costs (benefit): Interest cost 3 3 6 6 Expected return on plan assets (5 ) (6 ) (10 ) (11 ) Amortization of actuarial loss and prior service cost 1 1 1 1 Other — — 1 — Total non-service benefit (1 ) (2 ) (2 ) (4 ) Net periodic benefit cost $ 1 $ — $ 2 $ 1

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Revenues: Commercial lines insurance Commercial casualty $ 277 $ 272 $ 545 $ 537 Commercial property 234 231 468 459 Commercial auto 175 166 345 327 Workers' compensation 74 85 151 165 Other commercial 63 58 124 114 Commercial lines insurance premiums 823 812 1,633 1,602 Fee revenues 1 — 2 2 Total commercial lines insurance 824 812 1,635 1,604 Personal lines insurance Personal auto 155 153 310 304 Homeowner 149 139 296 275 Other personal 44 39 86 77 Personal lines insurance premiums 348 331 692 656 Fee revenues 1 2 2 3 Total personal lines insurance 349 333 694 659 Excess and surplus lines insurance 67 57 130 113 Fee revenues — 1 1 1 Total excess and surplus lines insurance 67 58 131 114 Life insurance premiums 67 64 133 124 Fee revenues 1 1 2 2 Total life insurance 68 65 135 126 Investments Investment income, net of expenses 160 154 317 304 Investment gains and losses, net 364 105 1,027 (86 ) Total investment revenue 524 259 1,344 218 Other Earned premiums 79 30 129 59 Other 2 1 4 2 Total other revenues 81 31 133 61 Total revenues $ 1,913 $ 1,558 $ 4,072 $ 2,782 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 12 $ 47 $ 88 $ 62 Personal lines insurance 5 (32 ) 1 (41 ) Excess and surplus lines insurance 17 13 28 31 Life insurance (2 ) 8 (3 ) 10 Investments 499 235 1,295 170 Other (1 ) (7 ) (12 ) (18 ) Total income before income taxes $ 530 $ 264 $ 1,397 $ 214 Identifiable assets: June 30, December 31, 2018 Property casualty insurance $ 3,441 $ 3,285 Life insurance 1,536 1,424 Investments 18,464 16,741 Other 896 485 Total $ 24,337 $ 21,935

Acquisition Acquisitions (Table

Acquisition Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
The fair value of assets acquired, liability assumed and the allocation of the purchase price	The fair value of the assets acquired, liabilities assumed and the allocation of the purchase price on the acquisition date have been summarized in the following table: (Dollars in millions) Amount Assets Investments and other invested assets $ 198 Cash and cash equivalents 64 Premiums receivable 45 Reinsurance recoverable 42 Other assets 23 Total assets acquired $ 372 Liabilities Loss and loss expense reserves $ 277 Unearned premiums 88 Other liabilities 24 Total liabilities assumed $ 389 Fair value of identifiable intangible assets: Syndicate capacity - indefinite lived $ 31 Syndicate broker relationships - definite lived 12 Value of business acquired - definite lived 4 Internally developed technology - definite lived 3 Total fair value of identifiable intangible assets $ 50 Total purchase price paid $ 64 Total assets acquired (including fair value of identifiable intangible assets) 422 Total liabilities assumed 389 Fair value of net assets acquired prior to allocation of goodwill 33 Excess of purchase price paid over fair value of net assets acquired assigned to goodwill $ 31

Accounting Policies (Details)

Accounting Policies (Details) $ in Millions	Jun. 30, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle
Right of use asset recognized	$ 15
Operating lease liability recognized	$ 15
Operating lease, term of contract	5 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle
Finance lease, term of contract	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle
Finance lease, term of contract	6 years

Investments - Analysis of Cost

Investments - Analysis of Cost or Amortized Cost, Gross Unrealized Gains and Losses and Fair Value for Investments (Detail) - Debt Securities - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 10,832	$ 10,643
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	502	174
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	14	128
Fair Value	11,320	10,689
Corporate
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	5,815	5,712
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	269	85
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	13	87
Fair Value	6,071	5,710
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	4,331	4,251
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	218	84
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	31
Fair Value	4,549	4,304
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	289	287
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	12	3
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	2
Fair Value	301	288
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	283	316
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	1
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	1	7
Fair Value	282	310
United States government
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	97	67
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3	1
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	1
Fair Value	100	67
Foreign government
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	17	10
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Fair Value	$ 17	$ 10

Investments - Fair Values and U

Investments - Fair Values and Unrealized Losses by Investment Category and by Duration of Securities' Continuous Unrealized Loss Position (Detail) - Fixed maturities - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments, Unrealized Loss Position
Less than 12 months Fair Value	$ 104	$ 3,031
Less than 12 months Unrealized Losses	2	70
12 months or more Fair Value	441	1,149
12 months or more Unrealized Losses	12	58
Total Fair Value	545	4,180
Total Unrealized Losses	14	128
Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	78	2,082
Less than 12 months Unrealized Losses	2	51
12 months or more Fair Value	294	501
12 months or more Unrealized Losses	11	36
Total Fair Value	372	2,583
Total Unrealized Losses	13	87
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	13	823
Less than 12 months Unrealized Losses	0	18
12 months or more Fair Value	21	340
12 months or more Unrealized Losses	0	13
Total Fair Value	34	1,163
Total Unrealized Losses	0	31
Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value	0	77
Less than 12 months Unrealized Losses	0	0
12 months or more Fair Value	5	64
12 months or more Unrealized Losses	0	2
Total Fair Value	5	141
Total Unrealized Losses	0	2
Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	7	49
Less than 12 months Unrealized Losses	0	1
12 months or more Fair Value	117	211
12 months or more Unrealized Losses	1	6
Total Fair Value	124	260
Total Unrealized Losses	1	7
United States government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	5	0
Less than 12 months Unrealized Losses	0	0
12 months or more Fair Value	4	33
12 months or more Unrealized Losses	0	1
Total Fair Value	9	33
Total Unrealized Losses	0	$ 1
Foreign government
Investments, Unrealized Loss Position
Less than 12 months Fair Value	1
Less than 12 months Unrealized Losses	0
12 months or more Fair Value	0
12 months or more Unrealized Losses	0
Total Fair Value	1
Total Unrealized Losses	$ 0

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Amortized cost
Due in one year or less	$ 491
Due after one year through five years	3,004
Due after five years through ten years	3,750
Due after ten years	3,587
Total	10,832	$ 10,643
Fair value
Due in one year or less	496
Due after one year through five years	3,097
Due after five years through ten years	3,929
Due after ten years	3,798
Total	$ 11,320	$ 10,689
% of fair value
Due in one year or less	4.40%
Due after one year through five years	27.40%
Due after five years through ten years	34.70%
Due after ten years	33.50%
Total	100.00%

Investments - Realized Investme

Investments - Realized Investment Gains and Losses and Change in Unrealized Investment Gains and Losses and Other Items (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment income:
Interest	$ 111	$ 112	$ 222	$ 222
Dividends	50	44	96	86
Other	2	1	5	2
Total	163	157	323	310
Less investment expenses	3	3	6	6
Total	160	154	317	304
Gain (Loss) on Sale of Investments			1,022	(90)
Investment gains and losses, net:
Investment gains and losses, net	364	105	1,027	(86)
Equity securities
Investment income:
Gain (Loss) on Sale of Investments	11	4	23	7
Unrealized Gain (Loss) on Investments	355	101	999	(97)
Investment gains and losses, net:
Other	(1)	(2)	4	(2)
Investment gains and losses, net	366	105	1,022	(90)
Fixed maturities
Investment gains and losses, net:
Gross realized gains	1	3	3	7
Available-for-sale Securities, Gross Realized Losses	(2)	(1)	(2)	(1)
Investment gains and losses, net	$ (1)	$ 2	$ 1	$ 6

Investments - Additional Inform

Investments - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)security	Jun. 30, 2018USD ($)security	Jun. 30, 2019USD ($)security	Jun. 30, 2018USD ($)security	Dec. 31, 2018USD ($)security
Gain (Loss) on Securities [Line Items]
Largest Single Common Stock Holding	$ 336,000,000		$ 336,000,000
Largest equity holdings to total equity portfolio	4.90%		4.90%
Largest equity holdings to total portfolio	1.80%		1.80%
Fixed maturity investments, Percentage of amortized costs			70.00%		70.00%
Fixed maturities
Gain (Loss) on Securities [Line Items]
Number Of Securities Other Than Temporary Impairment Losses1 | security	0	0	0	0
Provision for Other Credit Losses	$ 0	$ 0	$ 0	$ 0
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months | security	100		100		400
Unrealized losses 12 months or more (equity investment less than $500,000)	$ (12,000,000)		$ (12,000,000)		$ (58,000,000)
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months and Below 70 Percent of Amortized Cost	1		1		0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	$ 11,320	$ 10,689
Equity securities, at fair value	7,012	5,920
Separate accounts	859	803
Top Hat savings plan mutual funds and common equity (included in Other assets)	43	34
Fair value of asset	19,223	17,434
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	11,320	10,689
Debt Securities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	6,071	5,710
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	4,549	4,304
Debt Securities | Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	282	310
Debt Securities | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	301	288
Debt Securities | United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	100	67
Debt Securities | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	17	10
Equity securities | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	6,821	5,742
Equity securities | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	191	178
Taxable Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Separate accounts	848	791
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Top Hat savings plan mutual funds and common equity (included in Other assets)	43	34
Fair value of asset	6,964	5,843
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	100	67
Quoted prices in active markets for identical assets (Level 1) | Debt Securities | Corporate
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 | 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 | 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 | Commercial mortgage-backed
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	100	67
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) | Equity securities | Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	6,821	5,742
Quoted prices in active markets for identical assets (Level 1) | Equity securities | Nonredeemable preferred equities
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]
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	12,254	11,586
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	11,215	10,617
Significant other observable inputs (Level 2) | Debt Securities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	6,070	5,709
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	4,545	4,300
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	282	310
Significant other observable inputs (Level 2) | Debt Securities | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	301	288
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 | Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	17	10
Significant other observable inputs (Level 2) | Equity securities | Common equities
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 | Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	191	178
Significant other observable inputs (Level 2) | Taxable Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Separate accounts	848	791
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	5	5
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	5	5
Significant unobservable inputs (Level 3) | Debt Securities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	1	1
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	4	4
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 | Commercial mortgage-backed
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 | 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) | Equity securities | Common equities
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 | Nonredeemable preferred equities
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) | Taxable Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Separate accounts	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in Level 3 Assets (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5	$ 6
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	0	(1)
Purchases	0	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	5	5
Corporate Fixed Maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1	1
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	0	0
Purchases	0	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	1	1
States, Municipalities And Political Subdivisions Fixed Maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4	5
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	0	(1)
Purchases	0	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	$ 4	$ 4

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Book value	$ 788	$ 788
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	$ 27	$ 27
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 6.125% Due 2034
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%
Debt issuance year	2004	2004
Book value	$ 370	$ 370
Principal amount of debt	$ 374	$ 374

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Values of Note Payable and Long-Term Debt (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of note payable	$ 37	$ 32
Total	1,049	975
Loans and Leases Receivable, Net Amount	$ 76	$ 71
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	$ 34	$ 32
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	$ 502	$ 471
Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	6.125%	6.125%
Debt instrument, year of maturity	2034	2034
Fair value of senior debt	$ 476	$ 440
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	37	32
Total	1,049	975
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	34	32
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	502	471
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	476	440
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
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	$ 33	$ 33

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Value of Life Policy Loans, Deferred Annuities, and Structured Settlements (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life policy loans	$ 42	$ 40
Liabilities Related to Investment Contracts, Fair Value Disclosure	983	927
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
Liabilities Related to Investment Contracts, Fair Value Disclosure	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
Liabilities Related to Investment Contracts, Fair Value Disclosure	205	185
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life policy loans	42	40
Liabilities Related to Investment Contracts, Fair Value Disclosure	778	742
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	778	742
Deferred annuities | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Deferred annuities | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Deferred annuities | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	778	742
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	205	185
Structured settlements | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	0	0
Structured settlements | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	205	185
Structured settlements | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Related to Investment Contracts, Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivable	$ 76	$ 71
Loss and loss expense reserves	6,009	5,707
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivable	33	33
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss and loss expense reserves	771	787
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss and loss expense reserves	$ 152	$ 156
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%

Property Casualty Loss and Lo_3

Property Casualty Loss and Loss Expenses - Consolidated Property Casualty Loss and Loss Expense Reserves (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Feb. 28, 2019
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Gross loss and loss expense reserves, beginning of period	$ 5,886	$ 5,293	$ 5,646	$ 5,219
Less reinsurance recoverable	266	184	238	187
Net loss and loss expense reserves, beginning of period	5,620	5,109	5,408	5,032
Current accident year	947	852	1,804	1,691
Prior accident years	(84)	(31)	(151)	(79)
Total incurred	863	821	1,653	1,612
Current accident year	361	341	538	536
Prior accident years	437	354	1,084	873
Total paid	798	695	1,622	1,409
Net loss and loss expense reserves, end of period	5,685	5,235	5,685	5,235
Plus reinsurance recoverable	269	188	269	188
Gross loss and loss expense reserves, end of period	$ 5,954	$ 5,423	$ 5,954	$ 5,423
Cincinnati Global
Summary of Consolidated Property Casualty Loss and Loss Expense Reserves [Roll Forward]
Net loss and loss expense reserves related to acquisition of MSP at February 28, 2019					$ 246

Property Casualty Loss and Lo_4

Property Casualty Loss and Loss Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 5,954	$ 5,423	$ 5,954	$ 5,423	$ 5,886	$ 5,646	$ 5,293	$ 5,219
Prior accident years	(84)	(31)	(151)	(79)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	55	45	55	45
Commercial Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(58)	(42)	(120)	(77)
Commercial Lines | Commercial Casualty Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(25)	(14)	(56)	(10)
Commercial Lines | Workers' Compensation
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(27)	(18)	(42)	(31)
Commercial Lines | Commercial Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(6)	5	(9)	4
Commercial Lines | Other Commercial Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(8)		(12)
Commercial Lines | Commercial Property Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(7)	(8)	(28)
Personal Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(14)	17	(11)	16
Personal Lines | Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		14	15	17
Personal Lines | Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(15)		(20)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (5)	$ (4)	$ (7)	(14)
Consolidated Property and Casualty Insurance Entity | Catastrophe Development
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years				$ (7)

Reserves in Addition to Account

Reserves in Addition to Account Balance, Based on Expected No-Lapse Guarantee Benefits and Expected Policy Assessments (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 2,798	$ 2,779
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,236	1,197
Life policy reserves: | Ordinary/traditional life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,187	1,149
Life policy reserves: | Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	49	48
Investment contract reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,562	1,582
Investment contract reserves: | Deferred annuities
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves		787
Investment contract reserves: | Universal life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	633	632
Investment contract reserves: | Structured Settlement Annuity
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves		156
Investment contract reserves: | Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 6	$ 7

Deferred Acquisition Costs - De

Deferred Acquisition Costs - Deferred Policy Acquisition Costs and Asset Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 751	$ 691	$ 738	$ 670
Capitalized deferred policy acquisition costs	295	266	565	511
Amortized deferred policy acquisition costs	(251)	(236)	(497)	(470)
Shadow deferred policy acquisition costs	(9)	7	(20)	17
Deferred policy acquisition costs asset, end of period	786	728	786	728
Consolidated Property and Casualty Insurance Entity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	485	446	464	438
Capitalized deferred policy acquisition costs	280	251	534	483
Amortized deferred policy acquisition costs	(239)	(225)	(472)	(449)
Deferred policy acquisition costs asset, end of period	526	472	526	472
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	266	245	274	232
Capitalized deferred policy acquisition costs	15	15	31	28
Amortized deferred policy acquisition costs	(12)	(11)	(25)	(21)
Shadow deferred policy acquisition costs	(9)	7	(20)	17
Deferred policy acquisition costs asset, end of period	$ 260	$ 256	$ 260	$ 256

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	$ 364		$ 364			$ 22
Accumulated other comprehensive income, net of tax, end of period	364		364
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	288	$ 164	46	$ 385
Cumulative effect of change in accounting for equity securities, before tax						0		$ (3,155)
Other comprehensive income before reclassification, before tax	199	(78)	443	(295)
Reclassification adjustment, before tax	1	(2)	(1)	(6)
Effect on other comprehensive income, before tax	200	(80)	442	(301)
Accumulated other comprehensive income, before tax, end of period	488	84	488	84
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	59	35	9	81
Cumulative effect of change in accounting for equity securities, tax						0		(652)
Other comprehensive income before reclassification, tax	43	(18)	93	(63)
Reclassification adjustment, tax	0	0	0	(1)
Effect on other comprehensive income, tax	43	(18)	93	(64)
Accumulated other comprehensive income, tax, end of period	102	17	102	17
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	386	67	386	67	$ 229	37	$ 129	304
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax						0		(2,503)
Other comprehensive income before reclassification, net of tax	156	(60)	350	(232)
Reclassification adjustment, net of tax	1	(2)	(1)	(5)
Effect on other comprehensive income, net of tax	157	(62)	349	(237)
Accumulated other comprehensive income, net of tax, end of period	386	67	386	67
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(16)	(12)	(16)	(12)
Other comprehensive income before reclassification, before tax	0	0	0	0
Reclassification adjustment, before tax	1	1	1	1
Effect on other comprehensive income, before tax	1	1	1	1
Accumulated other comprehensive income, before tax, end of period	(15)	(11)	(15)	(11)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(2)	(1)	(2)	(1)
Other comprehensive income before reclassification, tax	0	0	0	0
Reclassification adjustment, tax	0	0	0	0
Effect on other comprehensive income, tax	0	0	0	0
Accumulated other comprehensive income, tax, end of period	(2)	(1)	(2)	(1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(13)	(10)	(13)	(10)	(14)	(14)	(11)	(11)
Other comprehensive income before reclassification, net of tax	0	0	0	0
Reclassification adjustment, net of tax	1	1	1	1
Effect on other comprehensive income, net of tax	1	1	1	1
Accumulated other comprehensive income, net of tax, end of period	(13)	(10)	(13)	(10)
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	(6)	(4)	(1)	(10)
Other comprehensive income before reclassification, before tax	(6)	0	(6)	6
Reclassification adjustment, before tax	1	2	(4)	2
Effect on other comprehensive income, before tax	(5)	2	(10)	8
Accumulated other comprehensive income, before tax, end of period	(11)	(2)	(11)	(2)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(1)	(1)	0	(2)
Other comprehensive income before reclassification, tax	(1)	0	(1)	1
Reclassification adjustment, tax	0	1	(1)	1
Effect on other comprehensive income, tax	(1)	1	(2)	2
Accumulated other comprehensive income, tax, end of period	(2)	0	(2)	0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	(9)	(2)	(9)	(2)	(5)	(1)	(3)	(8)
Other comprehensive income before reclassification, net of tax	(5)	0	(5)	5
Reclassification adjustment, net of tax	1	1	(3)	1
Effect on other comprehensive income, net of tax	(4)	1	(8)	6
Accumulated other comprehensive income, net of tax, end of period	(9)	(2)	(9)	(2)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	266	148	29	363
Cumulative effect of change in accounting for equity securities, before tax						0		(3,155)
Change in unrealized gains, net, on investments available for sale, before tax	200	(80)	442	(301)
Change in pension obligations, before tax	1	1	1	1
Change in life deferred acquisition costs, life policy reserves and other, before tax	(5)	2	(10)	8
Effect on other comprehensive income, before tax	196	(77)	433	(292)
Accumulated other comprehensive income, before tax, end of period	462	71	462	71
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	56	33	7	78
Cumulative effect of change in accounting for equity securities, tax						0		(652)
Change in unrealized gains, net, on investments available for sale, tax	43	(18)	93	(64)
Change in pension obligations, tax	0	0	0	0
Change in life deferred acquisition costs, life policy reserves and other, tax	(1)	1	(2)	2
Effect on other comprehensive income, tax	42	(17)	91	(62)
Accumulated other comprehensive income, tax, end of period	98	16	98	16
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	364	55	364	55	210	22	115	285
Cumulative effect of change in accounting for equity securities, net								(2,503)
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax					$ 0	0	$ 0	(2,503)
Change in unrealized gains, net, on investments available for sale, net of tax	157	(62)	349	(237)
Change in pension obligations, net of tax	1	1	1	1
Change in life deferred acquisition costs, life policy reserves and other, net of tax	(4)	1	(8)	6
Effect on other comprehensive income, net of tax	154	(60)	342	(230)
Accumulated other comprehensive income, net of tax, end of period	$ 364	$ 55	364	55
Previously Reported | Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period			46	3,540
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period			9	733
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period						37		2,807
Previously Reported | Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period			29	3,518
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period			$ 7	$ 730
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period						$ 22		$ 2,788

Reinsurance - Consolidated Prop

Reinsurance - Consolidated Property Casualty Insurance Assumed and Ceded Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property Casualty Insurance Assumed And Ceded Business [Line Items]
Incurred loss and loss expenses	$ 936	$ 883	$ 1,796	$ 1,737
Consolidated Property and Casualty Insurance Entity
Property Casualty Insurance Assumed And Ceded Business [Line Items]
Direct written premiums	1,472	1,336	2,807	2,583
Assumed written premiums	75	52	162	101
Ceded written premiums	(71)	(39)	(112)	(77)
Net written premiums	1,476	1,349	2,857	2,607
Direct earned premiums	1,319	1,235	2,585	2,442
Assumed earned premiums	50	36	93	69
Ceded earned premiums	(52)	(41)	(94)	(81)
Earned premiums	1,317	1,230	2,584	2,430
Direct incurred loss and loss expenses	866	821	1,653	1,602
Assumed incurred loss and loss expenses	25	13	50	29
Ceded incurred loss and loss expenses	(28)	(13)	(50)	(19)
Incurred loss and loss expenses	$ 863	$ 821	$ 1,653	$ 1,612

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reinsurance for Insurance Companies, by Product Segment [Line Items]
Insurance losses and contract holders' benefits	$ 936	$ 883	$ 1,796	$ 1,737
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment [Line Items]
Direct earned premiums	86	81	169	158
Ceded earned premiums	(19)	(17)	(36)	(34)
Earned premiums	67	64	133	124
Direct contract holders' benefits incurred	87	70	172	146
Ceded contract holders' benefits incurred	(14)	(8)	(29)	(21)
Insurance losses and contract holders' benefits	$ 73	$ 62	$ 143	$ 125

Income Taxes - Differences Betw

Income Taxes - Differences Between Statutory Income Tax Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (decrease) resulting from:
Tax at statutory rate	$ 111	$ 56	$ 293	$ 45
Tax-exempt income from municipal bonds	(4)	(5)	(9)	(10)
Dividend received exclusion	(4)	(5)	(8)	(8)
Other	(1)	1	(2)	1
Total provision for income taxes	$ 102	$ 47	$ 274	$ 28
Increase (decrease) resulting from:
Tax at statutory rate	21.00%	21.00%	21.00%	21.00%
Tax-exempt income from municipal bonds	(0.80%)	(1.90%)	(0.60%)	(4.70%)
Dividend received exclusion	(0.80%)	(1.50%)	(0.60%)	(3.70%)
Other	(0.20%)	0.20%	(0.20%)	0.50%
Provision for income taxes	19.20%	17.80%	19.60%	13.10%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Feb. 28, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Tax at statutory rate, percentage	21.00%	21.00%	21.00%	21.00%
Unrecognized Tax Benefits	$ 34		$ 34			$ 34
Cincinnati Global
Income Tax Contingency [Line Items]
Net deferred tax assets					$ 59
Valuation allowance					$ 55
Operating Loss Carryforwards	$ 178		$ 178

Net Income Per Common Share - C

Net Income Per Common Share - Calculations for Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income—basic and diluted	$ 428	$ 217	$ 1,123	$ 186
Denominator:
Basic weighted-average common shares outstanding (in shares)	163.3	163.2	163.1	163.6
Diluted weighted-average shares	165.2	164.5	164.9	165
Earnings per share:
Basic (in USD per share)	$ 2.62	$ 1.33	$ 6.89	$ 1.13
Diluted (in USD per share)	$ 2.59	$ 1.32	$ 6.81	$ 1.12
Number of anti-dilutive stock-based awards (in shares)	0.4	1.3	0.7	1.3
Stock Options
Denominator:
Effect of stock-based awards (in shares)	1.2	0.8	1.1	0.9
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.7	0.5	0.7	0.5

Employee Retirement Benefits -

Employee Retirement Benefits - Components of Net Periodic Costs for Qualified and Supplemental Pension Plans (Detail) - Qualified Pension Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2	$ 4	$ 5
Interest cost	3	3	6	6
Expected return on plan assets	(5)	(6)	(10)	(11)
Amortization of actuarial loss and prior service cost	1	1	1	1
Other	0	0	1	0
Total non-service benefit	(1)	(2)	(2)	(4)
Net periodic benefit cost	$ 1	$ 0	$ 2	$ 1

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 4,000,000	$ 4,000,000	$ 9,000,000	$ 10,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions	$ 0

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information
Assets	$ 24,337		$ 24,337		$ 21,935
Earned premiums	1,384	$ 1,294	2,717	$ 2,554
Fee revenues	3	4	7	8
Other revenues	2	1	4	2
Investment income, net of expenses	160	154	317	304
Investment gains and losses, net	364	105	1,027	(86)
Total revenues	1,913	1,558	4,072	2,782
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	530	264	1,397	214
Consolidated Property and Casualty Insurance Entity
Segment Reporting Information
Assets	3,441		3,441		3,285
Life Insurance Segment
Segment Reporting Information
Assets	1,536		1,536		1,424
Investments Segment
Segment Reporting Information
Assets	18,464		18,464		16,741
Corporate, Non-Segment
Segment Reporting Information
Assets	896		896		$ 485
Other revenues	2	1	4	2
Total revenues	81	31	133	61
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(1)	(7)	(12)	(18)
Corporate, Non-Segment | Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	79	30	129	59
Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	823	812	1,633	1,602
Fee revenues	1	0	2	2
Total revenues	824	812	1,635	1,604
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	12	47	88	62
Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	348	331	692	656
Fee revenues	1	2	2	3
Total revenues	349	333	694	659
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	5	(32)	1	(41)
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	67	57	130	113
Fee revenues	0	1	1	1
Total revenues	67	58	131	114
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	17	13	28	31
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums	67	64	133	124
Fee revenues	1	1	2	2
Total revenues	68	65	135	126
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(2)	8	(3)	10
Operating Segments | Investments Segment
Segment Reporting Information
Investment income, net of expenses	160	154	317	304
Investment gains and losses, net	364	105	1,027	(86)
Total revenues	524	259	1,344	218
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	499	235	1,295	170
Commercial Casualty | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	277	272	545	537
Commercial Property | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	234	231	468	459
Commercial Auto | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	175	166	345	327
Workers' Compensation | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	74	85	151	165
Other Commercial Lines | Operating Segments | Commercial Lines
Segment Reporting Information
Earned premiums	63	58	124	114
Personal Auto | Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	155	153	310	304
Home Owner Segment | Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	149	139	296	275
Other Personal Lines | Operating Segments | Personal Lines
Segment Reporting Information
Earned premiums	$ 44	$ 39	$ 86	$ 77

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2019segmentindustry
Segment Reporting [Abstract]
Number of Industries Operating In | industry	2
Number of Reportable Segments | segment	5

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Cincinnati Global £ in Millions, $ in Millions	Feb. 28, 2019USD ($)	Feb. 28, 2019GBP (£)
Business Acquisition
Aggregate consideration paid	$ 64	£ 48
Broker Relationships And Internally Developed Technology | Minimum
Business Acquisition
Useful life	5 years	5 years
Broker Relationships And Internally Developed Technology | Maximum
Business Acquisition
Useful life	15 years	15 years

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets and Liabilities Acquired (Details) - Cincinnati Global $ in Millions	Feb. 28, 2019USD ($)
Assets
Investments and other invested assets	$ 198
Cash and cash equivalents	64
Premiums receivable	45
Reinsurance recoverable	42
Other assets	23
Total assets acquired	372
Liabilities
Loss and loss expense reserves	277
Unearned premiums	88
Other liabilities	24
Total liabilities assumed	389
Fair value of identifiable intangible assets:
Indefinite lived intangible assets	31
Total fair value of identifiable intangible assets	50
Total purchase price paid	64
Total assets acquired (including fair value of identifiable intangible assets)	422
Total liabilities assumed	389
Fair value of net assets acquired prior to allocation of goodwill	33
Excess of purchase price paid over fair value of net assets acquired assigned to goodwill	31
Syndicate broker relationships
Fair value of identifiable intangible assets:
Definite lived intangible assets	12
Value of business acquired (VOBA)
Fair value of identifiable intangible assets:
Definite lived intangible assets	4
Internally developed technology
Fair value of identifiable intangible assets:
Definite lived intangible assets	$ 3